BUSINESS

US stocks suffered their sharpest sell-off in more than a year, with technology and chip shares leading a $3 trillion decline amid concerns over AI spending, regulation and interest rates.

Japan's Nikkei 225 plunged 5.96% into bear-market territory as investors reassessed AI valuations, sending chipmakers, equipment suppliers and SoftBank Group sharply lower.

Chinese stocks declined amid a global technology sell-off led by Wall Street, with AI shares hit hardest while mainland markets proved more resilient than regional chip-heavy exchanges.

Indian stocks rose for a seventh consecutive session despite sharp declines in Japan and South Korea, supported by foreign inflows, lower AI exposure and gains among large-cap companies.

South Korea's KOSPI fell 6.02% and briefly dropped below 5,000, triggering a circuit breaker as global concerns over AI spending battered Samsung Electronics and SK Hynix.

European shares closed lower after a US chip sell-off reversed early gains, with technology stocks tumbling as investors assessed AI regulation concerns, rate rises and corporate results.

Tesla and SpaceX lost up to $456 billion in combined market value after the US midterm elections, while Elon Musk's wealth fell by about $90 billion in a week.

QBE Insurance shares rose 3.3% to a session high of A$26.75 as investors sought defensive stocks amid a sell-off in Australian technology and mining shares.

National Australia Bank shares rose 2.7% after a steep sell-off, despite weaker full-year earnings, higher bad debt charges, planned job cuts and divided broker views.

Amcor shares rose 4.7% in Sydney after falling sharply in New York, as stronger revenue and improving volumes were offset by an earnings miss, higher costs and reduced guidance.

NextDC shares rose 5.6% to A$10.40, extending a record rebound after Goodman Group and Digital Realty Trust bought stakes of up to 9.9% in the company.

TPG Telecom shares gained 2.2% to A$4.10 as investors favoured defensive sectors during a market sell-off, despite the company releasing no price-sensitive news.

Chinese technology stocks rallied as US and Asian chip shares sold off, but analysts say America retains major advantages in AI investment, computing infrastructure and capital.

SpaceX shares dropped 9.3% as investors weighed potential regulatory obstacles to Elon Musk's merger, AI infrastructure and data centre ambitions following the US election.

Kenvue has stopped trading as an independent company after Kimberly-Clark completed its acquisition, converting each Kenvue share into cash and Kimberly-Clark stock.

IREN shares fell nearly 19% to a fresh 52-week low after reports linked delays at its Texas AI data centre campus to deferred Microsoft spending.

Intel shares fell nearly 8% as a broad semiconductor sell-off overshadowed CEO Lip-Bu Tan's $9.7 million stock purchase and renewed concerns about PCs and manufacturing constraints.

Nvidia shares fell 7.64% in a broad sell-off across AI and semiconductor stocks, pushing the Nasdaq sharply lower as investors assessed AI spending concerns and awaited the company's quarterly results.

AppLovin shares surged nearly 33% after record third-quarter revenue and profit, a stronger-than-expected forecast and expanded buybacks eased concerns following the stock's earlier sell-off.

Xeris Biopharma shares surged nearly 29% after quarterly revenue rose 44%, Recorlev sales nearly doubled, profitability improved and the company raised its financial targets.

Warby Parker shares surged 23% after the eyewear retailer reported double-digit revenue growth, stronger margins and adjusted EBITDA above guidance, despite slightly missing revenue expectations.

ADMA Biologics shares rose 23% after the company reported stronger third-quarter profit, record gross margins and raised full-year earnings guidance, driven by Asceniv growth.

Vericel reported record third-quarter revenue of $85.4 million, a sharp rise in net income and stronger full-year guidance, sending its shares 21% higher.

Coles and Woolworths have stopped stocking Sara Lee's one-litre ice cream tubs, but the range remains available at IGA and independent supermarkets across Australia.

Victoria's October 2026 owners corporation reforms could make apartment investments easier to manage, but they do not guarantee lower costs, stronger capital growth or better returns than houses.

Oil prices fell for a fourth consecutive session as traders anticipated reduced war risks and possible US-Iran talks, while rising supply and regional tensions continued to cloud the outlook.

Intel CEO Lip-Bu Tan bought 150,000 shares worth nearly US$10 million, but Intel's stock continued falling after a record monthly decline and disappointing forecast.

NextDC shares surged 48% after Goodman Group and Digital Realty Trust sought up to 9.9% of the data centre operator at a substantial premium, reviving speculation about a potential takeover.

Neuren Pharmaceuticals shares rose nearly 17% after stronger Daybue sales and a US$35 million milestone payment prompted the company to raise its 2026 royalty income guidance.