AI spending doubts bruise Asian tech stocks as FTSE 100 braces for a lower open
London's blue-chip index was set to open lower on Tuesday after a retreat in Asian stocks, where technology shares came under fresh scrutiny over AI spending and earnings.
Bank of America analysts pointed to sustained equity outflows from Korea and Taiwan, saying rising concerns about the sustainability of the tech cycle were dominating flows in those markets.
Oil held steady at $105 a barrel, with what the liveblog described as minor signs of diplomatic progress between the US and Iran, and ahead of US midterm results. Americans vote today in an election that will shape Donald Trump's presidency.
Should Democrats take control of either chamber of Congress, the AI trade could feel it: the party would gain greater powers over regulation and the ability to trigger investigations, which could add momentum to growing public opposition to data centres.
Among the morning's other headlines, Anthropic's growth was reported to be slowing ahead of its IPO as the AI spending bill approaches $900bn, and a global AI sell-off was said to have eased after a bruising end to the month.
