Australian shares are set to open higher as Wall Street \u2013 paced yet again by Nvidia and Apple \u2013 reset records. The S&P 500 is poised to surpass 6700 points. The Nasdaq Composite briefly topped 22,800.<\/p>\n
Shares in Nvidia rose 4 per cent. The company said it would invest as much as $US100 billion ($150 billion) in OpenAI to support the building of new data centres and the infrastructure needed to power artificial intelligence workloads. Apple extended its one-month surge to nearly 12 per cent with a 4.3 per cent advance. Its stock is nearing a record high as its market cap moves towards the $US4 trillion mark.<\/p>\n
Iren, the Nasdaq-listed bitcoin miner founded by two former Macquarie executives, leapt 8.4 per cent, extending its rise over the last month to 95 per cent and lifting the market cap to $US11.4 billion.<\/p>\n
Evercore ISI\u2019s Julian Emanuel said that \u201codds that a bubble has begun are increasing\u201d. However, he said he thinks there\u2019s still a long way to go, given that AI adoption is modest, bullish sentiment is subdued, and cash on the sidelines, restrained use of margin and the gains in the markets\u2019 leaders are far from what happened in the dotcom boom.<\/p>\n
\u201cCore strategy for investing in an AI bubble is to outright own magnificent seven AI enablers, adopters and adapters, and \u2013 with option volatilities on many of these leaders near post-pandemic lows \u2013 owning June 2026 upside calls for limited risk\/theoretically unlimited reward participation.\u201d<\/p>\n
Market highlights<\/p>\n
ASX 200 futures are pointing up 19 points or 0.2 per cent to 8867.
All US prices near 5.15pm New York time:<\/p>\n
AUD +0.1% to US65.99\u00a2Bitcoin -2.1% to $US112,869On Wall St: Dow +0.1% S&P +0.4% Nasdaq +0.7%VIX +0.65 to 16.10Gold +1.7% to $US3746.70 an ounceBrent oil -0.1% to $US66.59 a barrelIron ore +0.1% to $US106.60 a tonne10-year yield: US 4.15% Australia 4.26%Today\u2019s agenda<\/p>\n
A raft of global PMIs, both manufacturing and services for September, will be released on Tuesday in France, Germany, the UK and Europe as well as the US.<\/p>\n
Top stories<\/p>\n
Explosive AI growth a threat to Labor\u2019s climate ambition<\/a> | The huge demand for power from data centres will limit Australia\u2019s emissions reduction goal, the Climate Change Authority says.<\/p>\n Nvidia to invest $150b in OpenAI for data centres<\/a> | The investment is intended to help the artificial intelligence company build data centres with a capacity of 10 gigawatts of power using Nvidia\u2019s chips to train and deploy models.<\/p>\n Regulator did not instruct La Trobe to halt online funds access<\/a> | Clients remain locked out of their accounts after the $20 billion firm said it was forced to take its platform down to comply with ASIC.<\/p>\n","protected":false},"excerpt":{"rendered":"Australian shares are set to open higher as Wall Street \u2013 paced yet again by Nvidia and Apple…\n","protected":false},"author":2,"featured_media":37143,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[72,61,60,123],"class_list":["post-37142","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-business","tag-ie","tag-ireland","tag-markets"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/37142","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=37142"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/37142\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/37143"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=37142"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=37142"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=37142"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}