Wall Street selloff hits AI stocks, Australian shares set to open lower

Wall Street suffered a major selloff as AI-related stocks plummeted, erasing the previous day's gains, with the S&P 500 falling 3.9 percent and the Nasdaq dropping 5 percent. The Dow Jones fell 1,670 points, while Nvidia dropped 8.4 percent and Advanced Micro Devices tumbled 15 percent. Losses were driven by concerns that high borrowing costs and Democratic midterm victories could slow AI data centre construction. Australian shares are set to open lower, with futures pointing to a 0.5 percent loss. Treasury yields eased to 4.83 percent, while Brent crude rose 2.6 percent to $US97.11 per barrel.