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Chapter 1: What recent events are causing panic in the tech stock market?
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It is Friday the 13th and yet more companies are being caught up in the so-called AI scare trade. Logistics stocks plunging on Wall Street after a former karaoke company unveiled a new AI-powered platform for the freight industry. The announcement from Algorithm triggered a sell-off that wiped 6.6% off the Russell 3000 trucking index.
Paul Dobson is our executive editor for Asia Markets, and he says it's just the latest example of the mounting anxiety over how AI is disrupting multiple sectors.
The market is in such a fragile sort of state of mind at the moment, given the other sell-offs we've seen in various industries where it's looked like AI could do those high labor intensive, high cost jobs at a fraction of the cost. Each different sector in turn is facing a little bit of a comeuppance where people are realizing, well, this is another thing that maybe AI can do.
And so maybe the companies that are doing it don't deserve the valuations they've currently got.
Paul Dobson speaking there as Asian stocks followed US indices lower and traditional safe haven assets, including gold and silver, also declined sharply on Thursday. The news comes as Anthropic announced it has completed a $30 billion funding round at a $380 billion valuation. Its technology has been at the heart of recent AI-related sell-offs that have shaken global markets.
US President Donald Trump is looking to scale back tariffs on steel and aluminium products. Bloomberg understands the White House is considering introducing more targeted measures as a way to cut the cost of living. Bloomberg's James Wolcock has more. Republicans are growing anxious.
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Chapter 2: How is AI impacting logistics and freight industries?
Hungary's opposition leader Peter Maier says he was secretly taped having sex and has accused the government of trying to blackmail him ahead of key elections. Maier's TISA party has a wide lead in polls over the incumbent Viktor Orban, who has been in power for 16 years. After rumours of the sex tape appeared in Hungarian media, the opposition leader said he was the victim of blackmail.
As you sow, so shall you reap. You will not be able to intimidate or blackmail me. Russian secret service help and a flood of fake videos will not be enough. Destroying my family will not be enough either. The vast majority of Hungarian people see through the OrbƔn government's lies and inhumanity.
Peter Maier speaking there in a video posted online, which the politician subtitled into English. A spokesman for OrbƔn's Fidesz party said in a Facebook post that Maier's comments implies the politician has been misleading the public. The alleged sex tape is the latest scandal in the country's election campaign ahead of the vote in April.
And the UK Defence Secretary John Healey says allies have pledged as much as $35 billion in new military aid for Ukraine. He said Kiev supporters have never been more determined to end the war.
We will step up military assistance to Ukraine. We will step up pressure on Russia. And we want to make 2026 the year this war ends, the year we secure peace.
Healy and other defence ministers across Europe are rushing to shore up the war-battered country as Moscow's full-scale invasion approaches its four-year mark. Washington has effectively ended its financial aid to Ukraine since President Trump returned to office.
With peace talks stalled, months of Russian airstrikes have left millions of Ukrainians to endure winter without steady heat or electricity supplies.
And those are your top stories on the markets. The stock 600 down a tenth of one percent. The FTSE 100 up by a tenth, perhaps being shielded, as Van Raam suggested on our Markets Live blog, from the lack of tech stocks in the UK index. Looking towards Wall Street, S&P E-mini futures are down by two tenths. Nasdaq futures a tenth lower.
The Bloomberg Dollar Spot Index is up by a tenth this morning. So the euro is trading at 118. And in commodities, after the sell-off we saw in gold and silver yesterday, both of which are rebounding a little, gold's up 1.1%, $4,979 an ounce.
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