ASX set to fall as US tech stocks plunge on AI pullback fears

abc.net.au —

The Australian share market is expected to open lower Friday after US tech stocks plunged overnight, driven by predictions of an AI pullback. The ASX 200 futures dropped 33 points, or about 0.35%. The Nasdaq fell over 5%, its worst day since April 2025, with Nvidia down 9% and CoreWeave down 12%. The sell-off followed sweeping Democratic midterm victories, raising concerns about hurdles to AI expansion, as most data center ballot measures were rejected. The ASX is resource-heavy rather than tech-focused, so any drop is likely muted. The Australian dollar fell 0.94% to 69.38 US cents, while gold rose 1.12% and Brent crude climbed 4.06%.


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