Tech giants hit back as AI fears wipe out $9 billion on ASX in five days

The country’s biggest tech companies, from Atlassian to real estate giant REA, had to reassure investors that sophisticated artificial intelligence will not pose an existential threat to the industry after a week of turmoil drained billions of dollars from the market.

Fears that increasingly complex AI tools could replicate many of the services offered by software giants and consumer-focused technology companies – resulting in $8.8 billion being wiped out of the industry on the ASX – are already spreading to other sectors, weighing on private credit stocks and casting a shadow over cryptocurrency markets and even uranium producers.

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