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Markets live updates: AI company quivers worry Wall Street and ASX
Concerns about two AI companies yet to list, Open AI in the US and Firmus in Australia, are worrying markets.
Follow the day's financial news and insights from our specialist business reporters on our live blog.
Disclaimer: this blog is not intended as investment advice.
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Will Firmus fly, or even float?
Firmus is the hottest company in Australia, an AI factory set to list with immense opportunity for growth and big questions around its finances and future.
It is preparing for an initial public offering (IPO) when it would debut on the Australian stock market and the public could buy and sell shares of the company.
After a flurry of reporting yesterday around a reduced asking price for the IPO, Fund manager and co-founder of Ten Cap Jun Bei Liu says it is unclear if the listing on October 23 will proceed.
"We are still to yet hear whether the IPO is going ahead," she said.
The bookbuild for the float closed today.
Investment banks have stopped taking bids for the initial public offering and will now determine what price the company lists on the Australian Securities Exchange.
It was initially expected the price would be set at $11 a share, valuing the company at close to $44 billion.
"Now it seems the price of $8.30 or even lower has been talked about," Jun Bei Liu told The Business.
She says Ten Cap is not investing in Firmus because "with this business, they are asking for too much faith and too much money upfront for something that they have yet to prove to be built … Firmus is probably one of the most polarising IPOs I have ever seen".
Firmus is not currently listed on the ASX "upcoming floats and listings" webpage.
Loading...Market snapshot
ASX 200 futures: +0.2% to 8,697 points
Australian dollar: -0.1% to 69.51 US cents
Dow Jones: +0.1% to 51,231 points
S&P 500: -0.5% to 7,765 points
Nasdaq: -1.3% to 27,193 points
FTSE: -0.2% to 10,441 points
EuroStoxx: -0.7% to 625 points
Spot gold: +0.2% to $US4,119/ounce
Brent crude: +2.6% to $US102.81/barrel
Iron ore: -0.1% to $US91.13/tonne
Bitcoin: -0.6% to $US82,864
Prices current around 7:30am AEDT.
Live updates on the major ASX indices:
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Hello, I'm Daniel Ziffer from the ABC business team and I'll be taking you through the morning on our business, finance and economics blog.
Overnight, Wall Street indices were mixed.
The blue-chip Dow Jones of 30 mega-companies like Boeing and Visa was +0.1% to 51,231 points.
The broader S&P 500 that covers 500 of the largest listed companies in the US -0.5% to 7,765 points.
The tech-heavy Nasdaq was -1.3% to 27,193 points.
Our market is set to lift, with the ASX 200 futures index tipping a rise of +0.2% or 15 points to 8,697 points.
There’s lots to get to, all of it news, analysis and information and none of it financial advice.
Let’s get started!
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