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Story summary
- U.S. investors saw the Nasdaq 100 fall 5.5% after Australian datacentre firm Firmus failed its IPO.
- Firmus missed a multi-billion-dollar IPO that had projected a valuation above Telstra.
- Gerard Minack, founder of Minack Advisors, warned investors they overestimate AI returns and cannot pinpoint the market peak.
- Raisah Rasid, JP Morgan market strategist, called the sell-off a valuation reset and warned China-origin open-source AI could hurt economics.