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LOL
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Euphoria met with raw fear as shares nosedived on Wall Street overnight. Technology stocks were the hardest hit, with the NASDAQ plunging 6.3 per cent. But the losses were widespread as the benchmark S&P 500 dived 4.3 per cent. The selling on all three of Wall Street’s main indices was unrelenting, and it accelerated throughout the session, “with the euphoria of Wednesday’s post-election rally rapidly evaporating”, according to Tapas Strickland from trading platform Moomoo.
the great redistribution begins
The thinking on election day was that it would be better managed under a Democrat-controlled Congress — that it would slow down to a point that major players such as OpenAI and Anthropic would be able to pay for their investments with cash rather than debt or equity (shares). That thinking turned on its head overnight. “What is clear is the Democrats’ election victory is the motivation,” Strickland said. “Investors believe their control of Congress and key states fundamentally alters the outlook for the artificial intelligence sector due to voters’ rejection of data centre developments in dozens of local ballots.”
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Montgomery Investment Management’s Roger Montgomery thinks some air has been let out of the AI tech bubble. “The latest technology bubble is meeting the same fate as previous bubbles,” he said. “Hype that leads to overproduction and overpricing is hitting the physical reality of limited resources and the financial reality of inferior returns on the trillions spent.”
we mean yes
The Australian share market is dominated by banking and mining stocks, so the flow-on effect to local investors seems muted at the time of writing this.