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Australian shares are set for a cautious start as investors brace for further fallout from Nvidia’s leadership crisis and question the durability of the artificial intelligence boom.
Futures indicate the S & P/ASX 200 will open 2 points lower, following a weak session on Wall Street on Friday. The S & P 500, the Nasdaq 100 and the Philadelphia semiconductor index finished in the red. The soft Australian open would follow three straight weeks of gains, leaving the benchmark 215 points away from a record high set in August.
At the centre of the technology sell-off is Nvidia, whose shares fell 13 per cent last week – marking the sixth straight week of declines. The slump followed the resignation of chief executive Jensen Huang after revelations of an extramarital affair with a businesswoman suspected by the US of spying for China.
The leadership crisis comes at an awkward juncture. Nvidia is due to report its third-quarter results on Tuesday after the market close (Wednesday AEDT).
