It looks like we’re going to be talking about AI all through Week 39, with the artificial intelligence “gold rush” in the U.S. pushing all indexes up – including the ASX 200, which is now pointing towards a +24% advance.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
Most comes from Nvidia’s pledge to invest as much as US$100 billion in OpenAI to “support new data centres and other AI-geared infrastructure.” More and more analysts Down Under are taking a similar bullish stance on the future-tech, with the ABC‘s gurus likening it to the 1850s gold rush.
(And speaking of gold, more on this later, but there’s new records there, too.)
Whether this HotCopper writer would go that far still remains to be seen, but all the positive sentiments around any companies putting money in the sector are definitely drawing out green arrows on charts everywhere this week.
It’s been three straight record closes on Wall Street off the hype, though that has been bundled up with many betting on further Federal Reserve chops.
Even London, up +0.1%, and the tech-heavy Nikkei, +1%, both gained today.
The question now is how this will impact companies on Tuesday – here’s the news there.
ASX stocks to watch
AGL Energy (ASX:AGL) has warned Rio Tinto (ASX:RIO) it won’t subsidise uncommercial electricity for the miner’s Tomago aluminium smelter; the facility is under threat of closure over its huge monthly energy costs.
Elsewhere, Air New Zealand (ASX:AIZ) is looking for a new chief after Alex Marren, who has helmed the company since 2022, confirmed she’d be leaving.
Duketon Mining (ASX:DKM)is being watched on the HotCopper forums heading into Tuesday’s open after it unveiled plans to acquire 100% of the Boodanoo Gold Project south-south-east of Mount Magnet. It will pay Western Yilgarn (ASX:WYX) up to $7,500 for a 12-month buy option.
In the same sector, Hazer Group (ASX:HZR) has landed a key graphite patent in Singapore, which covers Hazer’s “innovative” process for controlling the morphology of graphite to produce carbon nano-onions.
And, Gumtree Australia (ASX:GUM) has signed a commercial partnership with Australian Community Media for “new opportunities.”
Buck and ore
Now – in forex, the Aussie buck is buying 65.9 U.S. cents.
Looking over in commodities, all in the greenback,
Iron Ore hasn’t really moved; is still selling at $106.60 a tonne in Singapore,
Brent Crude is at $66.56/bbl,
Gold has cracked new records all over again, to today sell at $3,748, and,
US natgas futures have dropped -3%, to $2.80 per gigajoule.
That’s HotCopper’s ASX Market Open, I’m Isaac McIntyre – good luck, happy trading.
Join the discussion. See what’s trending right now on Australia’s largest stock forum and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please clickhere.