The country’s largest technology companies, from Atlassian to real estate listings giant REA, have been forced to reassure investors that sophisticated artificial intelligence will not pose an existential threat to the industry, after a week of turmoil that wiped billions of dollars from the market.
Worries that increasingly complex AI tools could replicate many of the services offered by software giants and consumer-facing tech businesses – leading to $8.8 billion being erased from the industry on the ASX – is already spreading to other sectors, weighing on private credit stocks and casting a pall across cryptocurrency markets and even uranium producers.
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Tess Bennett is a technology reporter with The Australian Financial Review, based in the Brisbane newsroom. She was previously the work & careers reporter. Message Tess on Signal: @tessbennett.02. Connect with Tess on Twitter. Email Tess at tess.bennett@afr.com
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