KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
Qualcomm CEO Cristiano Amon stated that the global surge in AI demand will not cause a chip shortage, thanks to increased production capacity since the pandemic. Speaking at the Web Summit in Lisbon, Amon explained that the pandemic-era shortages spurred major investments in semiconductor production, balancing today's demand and supply.
With governments worldwide backing semiconductor industries, Japan recently committed over $65 billion to support its chip and AI sectors. This aligns with the US, EU, and China's efforts to boost their capabilities.
As the largest seller of smartphone processors, Qualcomm anticipates steady demand for AI-enabled smartphones. Amon noted that users increasingly prefer upgraded phones with AI features, expecting this trend to continue as more AI capabilities become available in mobile devices.
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