AI sell-off drags Wall Street lower, ASX shrugs off tech downturn

ABC NEWS (Australia)

Thursday was a relatively steady day for Australia's share market, while Wall Street and Asian markets were dragged down by renewed selling across tech and artificial intelligence stocks.

Transcript

00:00Well there was another big tech sell-off overseas and worries about a potential AI bubble.

00:06Once again, Oracle was at the centre of it.

00:08The tech giant's share price plunged more than 5% after its financing partner decided

00:13not to fork out money for a $15 billion data centre that it plans to build in Michigan.

00:18Now those fears of AI overspending also weighed on Nvidia, Tesla and a few others, as well

00:23as markets in the US, Korea and Japan, which are dominated by tech companies.

00:28On the other hand, the Australian market was dead flat, so it actually did better because

00:32tech companies make up just 3% of the market here, so hardly anything, which can be a blessing

00:37on days like this where there's a global tech sell-off, but also a curse when tech stocks

00:42are actually going gangbusters.

00:43Meanwhile, shares of NetWolf jumped today after the financial services firm admitted it should

00:48have done more to prevent customers from pouring their life savings into a super fund called

00:53First Guardian, which has since collapsed.

00:55So NetWolf agreed to pay $100 million to more than a thousand burnt investors to avoid

01:00a lengthy courtroom battle with ASIC, the corporate regulator.

01:04Woodside Energy shares fell sharply after its CEO Meg O'Neill decided to jump ship and instead

01:09become the boss of BP.

01:12And Bendigo and Adelaide Bank didn't do so well either after two regulators, APRA and

01:16Oztrac, took action against it for failing to comply with anti-money laundering laws.

01:22And while there were solid gains for the price of gold, oil, iron ore and silver, which hit

01:26a new record, the Aussie dollar has slipped to 66 US cents.

01:30And that's finance.

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