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‘We might be witnessing a bust’: Wall Street hit by AI bloodbath

The Australian Financial Review (AFR) •
November 05, 2026 • 10:39 PM
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The Democratic Party’s huge midterms win has sparked a brutal sell-off in sharemarkets. It’s not easy to see what stops the pain.

‘We might be witnessing a bust’: Wall Street hit by AI bloodbath

New Zealand is one of the first places in the world to see the sun rise. This meant attendees at the Sohn Hearts & Minds conference in Queenstown got the bad news early: Wall Street’s precious artificial intelligence trade was blowing up.

There were plenty of smiles around the coffee cart. Queenstown’s stunning scenery and clean air will take the edge off just about anything, and the event’s track record of donating $100 million (and counting) to medical research ensures plenty of warm, fuzzy feelings.

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