Live: AI company quivers worry Wall Street and ASX

Concerns about two AI companies that have not yet listed are troubling markets: OpenAI in the US and Firmus in Australia. The growth of AI has outpaced previous booms in US GDP, such as railroads, highways, electrification, and telecom. The Reuters report on Firmus highlights that sentiment towards AI has changed in recent weeks due to high valuations, causing worries that the technology may be losing human control and that investments may not yield returns.

Australian data centre operator Firmus has delayed its planned initial public offering (IPO) and is now considering raising private capital instead, according to Bloomberg News. The company, backed by Nvidia, is in talks with existing investors and potential new investors to raise funds. Firmus is seeking to raise up to $5.5 billion through its IPO, which could be Australia's second-largest listing on record.

The company is valued at approximately $30.6 billion, but reports suggest that it and its advisors may lower the IPO size and per-share price from A$11 to A$8.25. The listing on the Australian Securities Exchange (ASX) is scheduled for October 23, but its future remains uncertain as investment banks have stopped taking bids and will determine the final listing price.