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ASX rises as Coles dives more than 10pc on sales miss
The sharemarket opened higher on Friday morning, insulated from a sell-off in Wall Street technology stocks as Alphabet crashed more than 12 per cent after reporting weaker-than-expected earnings.
The S&P/ASX 200 Index rose 41.7 points, or 0.5 per cent, to 8933.5 as at 10.03am (AEDT), as nine of the 11 sectors opened in the green. On the other end, Coles dived more than 10 per cent at market open after a disappointing sales update, dragging consumer staples down nearly 4 per cent.
More than $US500 billion ($711 billion) in value was wiped from Google owner Alphabet over fears that artificial intelligence is eating into its main advertising business. It was the biggest one-day fall in the tech giant’s history, and is the latest sign of cracks in the artificial intelligence trade. The Nasdaq was down 1.6 per cent, and the semiconductor index fell 2.1 per cent.
Shares of Googleâs parent company tumbled more than 12% on Thursday, their worst day on record â a historic single-day decline bigger than any day during the Covid-19 pandemic or 2008 financial crisis.
The drop erased roughly half a trillion in Alphabetâs (GOOGL) market value, the second-largest single-day wipeout in history, after Nvidiaâs nearly-$600 billion slide in early 2025.
Investors are increasingly scrutinizing Big Techâs AI spending spree and how the technology is affecting their own businesses â and Alphabet is their latest target.
The companyâs shares dropped sharply as investors fretted over slowing growth in Googleâs search advertising business occurring alongside a continued ramp-up in spending on AI.
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Google parent Alphabet lost just over $500bn (£374bn) in value on Thursday after it rattled Wall Street with its last update of the year on its business operations.
Google spooked investors so badly that its stock hit a six-month low, after it revealed its artificial intelligence (AI) summaries on search were affecting ad revenue.
Microsoft and Amazon also updated investors this week, and joined Google in plans to keep spending astronomical sums of cash in an ongoing AI race.
But investors appeared dismayed at the impacts these plans are having on the ability of each to keep growing their core lines of business.
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