Live: ASX looks set to fall as US tech stocks plunge on predictions of AI pullback

live Markets live: ASX looks set to fall as US tech stocks plunge on predictions of AI pullback The Australian share market looks set to drop today after a bumper day yesterday. Overnight, there was a sell-off of shares on Wall Street as investors ditched the tech giants amid fears of regulation. ASX 200 futures were down 33 points, or 0.4 per cent, while the Nasdaq was down nearly 4 per cent. See how the trading day unfolds on our blog. Disclaimer: this blog is not intended as investment advice. Live updates Market Snapshot - ASX 200: +2.61% to 9,065.1 points - Australian dollar: -.94% at 69.38 US cents - Wall Street: S&P 500 -3.6% - Dow: -3.14% - Nasdaq: -4.69% - Spot gold: +1.12% to $US4,105/ounce - Oil: Brent crude $98.43US +4.06%/barrel - Iron ore: +0.7% to $US93.75/tonne - Bitcoin: -5.39% to $US75,855 Prices current at 7:30am AEDT So let's take a closer look Here's a snapshot of what happened to the Nasdaq Composite Index overnight. It's now down over 5 per cent. So what happened to the tech stocks Well most of the action centred on the Nasdaq and went from there. According to Reuters the Nasdaq was set to confirm a correction on November 5 setting up the index for its worst day since the April 2025 "Liberation Day" rout. AI and data center stocks were trading down including Nvidia and CoreWeave, which fell 9% and 12%, respectively in mid-afternoon. So why is it happening? Well, the sweeping US midterms victory for Democrats in the House of Representatives, Senate and several state wide races raised concerns about potential hurdles to artificial intelligence's rapid expansion. Of the 41 data center-related ballot measures voted on this week, all but one went against server farms, according to Ballotpedia. -Reuters So what happened over night? Well a quick look at the boards shows the US tech giants took a beating overnight. The S&P 500 is down more than 4% to 7378.23 pts The tech-heavy Nasdaq is leading the charge down 5.175% as I write. And the dow jones industrial average is down 3.15% to 51,674 pts. Morning all It's been a big night on overseas markets, especially in the US, so let's get a big cup of coffee and get into it. Or do I feel like tea today? No, it's definitely a coffee kind of morning. Loading [Image text:] _td P17su Metals Ltd bel Ltd d Mines Ltd Automotive Ltd -$0.01 $0.73 $0.71 $0.90 -3.40% $7.54N $0.02 $0.71 -$0.03 $0.03 -4.00% $21.24 -$0.00 $0.58 $0.02 $0.59 -4.84% $5.3 -$0.03 $2.96 $0.59 $3.36 -$0.38 -11.21% $11.6 $3.01 $0.03 -5.71% $0.04 -$0.00 $5 $0.03 $20.97 $20.23 -4.05% $20.87 -$0.88 $0.01 S $0.01 -$0.00 -14.29% $0.01 $016 S