After Wall Street’s nasty fall on Friday night, it’s no bad thing the ASX is closed on Monday for the King’s Birthday public holiday. All of a sudden, it seems we’re getting a preview of the most likely way the bubble that’s built up around artificial intelligence will end.
The two most likely bubble poppers have always been rising interest rates – or even the threat of rising interest rates, expressed through the bond market – and the hubris of AI giants betting trillions of dollars on a deeply uncertain future. Both are now in play, but it was the former that did the most damage on Friday night.
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