Australian shares set to fall as US tech stocks tumble, oil hits five-month high

Australian shares are expected to fall following a sharp decline in US technology stocks driven by concerns over AI spending, while oil prices have reached a five-month high. The ASX 200 futures are down 0.2% to 8,803 points. The Nasdaq Composite suffered its worst day since June, dropping 2.87%, with Meta falling 7% after investors reacted negatively to increased AI capital expenditure. Nvidia fell 4%, AMD dropped 8%, and the 10-year Treasury yield fell below 5% as investors sought safe-haven assets. Chinese stocks have entered bear market territory, with the CSI 300 index falling 20% from its June peak amid concerns about the sluggish domestic economy and costly AI investments. Brent crude rose 4% to $US113.17 per barrel, while spot gold fell 2.85%.