What a $12,500 cocktail and a $78b EBay bid say about our red-hot markets |
What a $12,500 cocktail and a $78b EBay bid say about our red-hot markets
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The Australian and US economies are both red-hot, but our respective sharemarkets have diverged sharply.
If anyone needed a reminder why the local sharemarket has been down almost every session for a stretch that began well before Anzac Day, the Reserve Bank’s interest rate hike on Tuesday should have been a sharp reminder.
But this dour mood is not shared in the US, where AI euphoria has continued to drive shares to fresh highs.
Some of this exuberance is understandable. Global tech giants like Google, Microsoft and Amazon are driving an extraordinary lift in capital investment to more than $1 trillion this year to build more data centres.
This high-octane environment has also minted unthinkable fortunes for a colourful range of characters, including an Aussie/Kiwi who allegedly bought the world’s most expensive cocktail at Crown’s Melbourne casino in 2013 - right before he was banned for reasons that remain in dispute.
James Manning is one of the founders of Aussie AI startup Sharon AI, which started just two years ago but is already listed on the Nasdaq with a billion-dollar valuation. The firm is expected to launch a dual listing on the ASX as early as next month.
So it was not a great time for professional short seller Bleecker Street Research to drop a report this week alleging........