European markets down and Asian chipmakers tumble in global stock sell-off amid worries over AI bubble – business live

Jim Reid, analyst at Deutsche Bank, said there is talk of whether we are “on the verge of an equity correction”.The last 24 hours have brought a clear risk-off move, as concerns over lofty tech valuations have hit investor sentiment. Markets compounded these losses in the early hours of Asian trading but have been rallying back in the couple of hours prior to going to print with US futures clawing back towards flat with the Kospi rallying back a couple of percentage points from early -5% plus losses.On Wall Street yesterday, the S&P 500 closed down 1.17%, losing ground because of sharp losses among tech stocks, and there was a big slump for Palantir (-7

Global stock markets fall sharply over AI bubble fears

Global stock markets have fallen sharply amid concerns that a boom in valuations of artificial intelligence (AI) companies could be rapidly cooling.Markets in the US, Asia and Europe have fallen after bank bosses warned a serious stock market correction could lie ahead, after a run of record stock market highs led some companies to appear overvalued.In the US, the tech-focused Nasdaq and the S&P 500 on Tuesday suffered their largest one-day percentage drop in almost a month.Technology shares pulled the Nasdaq lower, which resulted in it closing 2% down. Meanwhile, there were one-day falls for all of the “magnificent seven” AI-related stocks, including the chipmaker Nvidia, Amazon, Apple, Microsoft, Tesla, Alphabet (the owner of Google) and Meta (the owner of Facebook, Instagram and WhatsApp)

Google plans to put datacentres in space to meet demand for AI

Google is hatching plans to put artificial intelligence datacentres into space, with its first trial equipment sent into orbit in early 2027.Its scientists and engineers believe tightly packed constellations of about 80 solar-powered satellites could be arranged in orbit about 400 miles above the Earth’s surface equipped with the powerful processors required to meet rising demand for AI.Prices of space launches are falling so quickly that by the middle of the 2030s the running costs of a space-based datacentre could be comparable to one on Earth, according to Google research released on Tuesday.Using satellites could also minimise the impact on the land and water resources needed to cool existing datacentres.Once in orbit, the datacentres would be powered by solar panels that can be up to eight times more productive than those on Earth

Elon Musk’s $1tn Tesla pay deal to be rejected by huge Norway wealth fund

Norway’s sovereign wealth fund has said it will vote against a $1tn (£765bn) pay package for the Tesla chief executive, Elon Musk.The fund, which is the biggest national wealth fund in the world, said that while it appreciated the “the significant value created under Mr Musk’s visionary role” it would vote against his performance award.“We are concerned about the total size of the award, dilution and lack of mitigation of key person risk – consistent with our views on executive compensation,” it said. “We will continue to seek constructive dialogue with Tesla on this and other topics.”The warning from Norges Bank, which is the seventh biggest single shareholder in Tesla with a stake worth $17bn, comes two days before the carmaker hosts its annual shareholder meeting

The Spin | Times are bleak for Pakistan cricket but Test game offers hope of salvation

Pakistan have a new captain. This, admittedly, evokes the same response as learning Watford have hired another manager. A lack of surprise to go with, um, wait, hasn’t he done this before? And so it goes that Shaheen Afridi, the left-arm quick now in charge of the 50-over side, was sacked as their Twenty20 captain last year after only one series at the helm.Pakistani cricket being volatile is just another Tuesday. Go back 15 years and you’ll find a spot-fixing scandal that sent three star players to prison, unfolding while they were unable to host international matches, the exile prompted by a terrorist attack on the Sri Lanka men’s team in Lahore

Mountain bike world champion Kate Courtney: ‘In pushing your edge, you find you’re capable of more’

A broken wrist and time away from the sport helped Kate Courtney find new purpose – and the freedom that led to another world titleIn early September, Kate Courtney lined up at the UCI Mountain Bike World Championships for the 12th time in her career, but the first time targeting the marathon distance. A figure at the front of the pack in the shorter cross country and short track distances, Courtney would surprise everyone by winning the 77-mile race, claiming the second rainbow jersey of her nearly decade-long career.“The competition at the sharp end is so high and the course was brutal, so I was productively intimidated,” said the 30-year-old Courtney, “I didn’t think much about the pressure of winning, which let me just focus on myself.”Despite a final climb that took an agonizing hour, a 20-minute hiking section over a boulder field, and flat tire on the final descent that could have ended her race, Courtney stayed calm, thanks to a different mental approach this season.“In the past, I felt like I had to be on every podium to feel success,” said Courtney