As the IPO hits the market on October 21, it would pave the way for Rs 3.18 lakh crore in value unlocking for technology giants such as Meta Platforms and Google.

The cost of insuring against US tech defaults has hit record levels in the latest sign of credit stress building in the AI trade, especially for data centres dependent on future revenue. ...

Wirecutter, the product recommendation site owned by The New York Times, is reworking its business model to reduce its reliance on affiliate commissions. New editorial franchises have drawn more than 5 million page views. Hybrid deals have grown more than 300% year over year, and gross merchandise value topped $1 billion over the past year. The shift responds to AI search summaries that cut clicks on commercial-intent queries.

Japans Nikkei 225 plunged, while the broader Topix fell 2.5%, as AI-linked stocks led a broad selloff. Sentiment was hit by concerns over the financial health of US cloud-computing firm CoreWeave and fears of higher interest rates following hotter-than-expected US inflation data, Reuters reported. Chip equipment makers Advantest and Tokyo Electron tumbled 13.9% and 7.3%, respectively, while SoftBank Group slid 9.4%.

Australia's unemployment rate remained at 4.7% in September. Employment fell by 39,300 and the number of officially unemployed people rose by 8,900. The participation rate eased to 66.8% from 67%, leaving the September-quarter average at 4.63%, above the Reserve Bank's 4.5% forecast for the fourth quarter. Trend measures were steadier, with unemployment at 4.6%, participation at 66.9% and hours worked unchanged.

The Indian rupee opened at 94.92 against the US dollar, up 23 paise from the previous session's close of 95.15. The currency drew support as US Treasury yields pulled back after September inflation data came in stronger than expected, cooling expectations for a Federal Reserve rate hike in October. The Reserve Bank of India has introduced a 20% Foreign Exchange Risk Reserve requirement on specified rupee derivative contracts exceeding $2 million.

Most emerging Asian currencies came under pressure on Thursday after hotter-than-expected US inflation raised expectations for a Federal Reserve rate hike and strengthened the dollar. The Philippine peso fell to a record low of 63.09, while the South Korean won touched a two-week low. South Korean stocks tumbled 8%, Taiwan shares fell more than 3%, and an MSCI emerging market currency index posted its biggest one-day drop in two weeks.

CoreWeave shares dropped 15.5 per cent to $65.78 as investors questioned whether the data centre operator can carry $35.6 billion in debt in a rising interest rate environment. The US company listed in March 2025 and rallied on AI enthusiasm before giving back those gains. In Australia, AI data centre operator Firmus scrapped a planned $44 billion ASX listing after institutional investor demand fell short.