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Record high to correction in 26 days: AI fears arrive all at once

The Australian Financial Review (AFR) •
October 30, 2026 • 09:54 PM
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The AI trade that has propped up markets for four years is suddenly fraying, with a string of bad news this week leading to a horror night on Wall Street.

Record high to correction in 26 days: AI fears arrive all at once

This was supposed to be the week when the artificial intelligence boom took a victory lap.

The release of Anthropic’s long-awaited prospectus. A string of earnings from tech giants such as Microsoft, Amazon and Alphabet. Profit numbers from Intel, the chipmaker in which the US taxpayer has a 10 per cent stake. Heck, Apple even had some cool new products on the shelf.

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