Live: ASX looks set to fall as US tech stocks plunge on predictions of AI pullback

The Australian share market looks set to drop today after a bumper day yesterday.Overnight, there was a sell-off of shares on Wall Street as investors ditched the tech giants amid fears of regulation.ASX 200 futures were down 33 points, or 0.4 per cent, while the Nasdaq was down nearly 4 per cent.See how the trading day unfolds on our blog.Disclaimer: this blog is not intended as investment advice.Fri 6 Nov 2026 at 7:20amFri 6 Nov 2026 at 7:20amMarket SnapshotASX 200: +2.61% to 9,065.1 points Australian dollar: -.94% at 69.38 US centsWall Street: S&P 500 -3.6% Dow: -3.14%Nasdaq: -4.69%Spot gold: +1.12% to $US4,105/ounceOil: Brent crude $98.43US +4.06%/barrelIron ore: +0.7% to $US93.75/tonneBitcoin: -5.39% to $US75,855Prices current at 7:30am AEDTFri 6 Nov 2026 at 7:45amFri 6 Nov 2026 at 7:45amMore on the NasdaqNow you'd expect to see some big names among the top and bottom movers on the Nasdaq but outside Buzzfeed probably the only household name.And Krispy Kreme of course. Maybe investors needed a pick me up. But we do know:Nvidia (NVDA): Down 9.02% (closing near $182.08USD)Microsoft (MSFT): Down 3.92% (closing near $533.99)Meta Platforms (META): Down 3.9% (closing near $605.46)Alphabet (GOOGL): Down 1.54% (closing near $282.87)Amazon (AMZN): Down 2.52% (closing near $259.32)Apple (AAPL): Down 1.18% (closing near $345.37)(LSEG)Fri 6 Nov 2026 at 7:38amFri 6 Nov 2026 at 7:38amSo let's take a closer lookHere's a snapshot of what happened to the Nasdaq Composite Index overnight.It's now down over 5 per cent.(LSEG)Fri 6 Nov 2026 at 7:35amFri 6 Nov 2026 at 7:35amSo, what happened to the tech stocks?Well, most of the action centred on the Nasdaq and went from there.The Nasdaq was set to confirm a correction on November 5, setting up the index for its worst day since the April 2025 "Liberation Day" rout, according to Reuters.AI and data centre stocks were trading down, including Nvidia and CoreWeave, which fell 9% and 12%, respectively, by mid-afternoon.So why is it happening?The sweeping US midterms victory for Democrats in the House of Representatives, Senate and several state-wide races has raised concerns about potential hurdles to artificial intelligence's rapid expansion.Of the 41 data centre-related ballot measures voted on this week, all but one went against server farms, according to Ballotpedia.-ReutersFri 6 Nov 2026 at 7:32amFri 6 Nov 2026 at 7:32amSo what happened over night?Well, a quick look at the boards shows the US tech giants took a beating overnight.The S&P 500 is down more than 4% to 7378.23 ptsThe tech-heavy Nasdaq is leading the charge down, 5.175% as I write.And the Dow Jones Industrial Average is down 3.15% to 51,674 pts.Fri 6 Nov 2026 at 7:22amFri 6 Nov 2026 at 7:22amMorning allIt's been a big night on overseas markets, especially in the US, so let's get a big cup of coffee and get into it.Or do I feel like tea today? No, it's definitely a coffee kind of morning.