Stan ChoeJuly 8, 2026 — 6:27amTensions in the Strait of Hormuz and worries about over-inflated AI stocks are expected to weigh on the Australian sharemarket on opening on Wednesday, with futures pointing to a slight fall.Three tankers were hit in the strait on Tuesday in a fresh burst of violence as the continuing roller-coaster ride for AI stocks on Wall Street saw key stocks snap lower, adding to concerns for investors.Worries about over-inflated AI stocks are expected to weigh on the sharemarket.Sitthixay DitthavongThe latest attacks threaten to choke off the world’s flow of energy just as countries hoped to restore normal shipping practices and ease the global economic strain of the war.Futures markets point to a 20-point, or 0.23 per cent, slide in the S&P/ASX 200 index, with the dollar edging lower against the US greenback to US69.32¢.In the US, the S&P 500 fell 0.4 per cent overnight, even though the majority of stocks within the index rose. The drops for stocks in the artificial intelligence industry dragged the Nasdaq composite down 1.2 per cent, while the Dow Jones Industrial Average dipped 0.2 per cent.AI stocks worldwide have been under pressure because of worries that their prices have shot too high and that AI may not produce enough productivity and profits to make all the investments in chips and data centres worth it. Stocks also felt pressure from rising oil prices.The weakness began in Asia, where Samsung Electronics tumbled 6.9 per cent in Seoul despite offering what analysts called a strong forecast for upcoming results.Analysts called the numbers surprisingly good, but they still weren’t enough for investors after its stock came into the day having more than doubled in the year so far.On Wall Street, Micron Technology fell 5 per cent and was the heaviest weight on the S&P 500. Intel sank 9.1 per cent and also weighed heavily on the market. Nvidia, which is the largest stock on Wall Street by value because of the AI boom, rose 1.1 per cent after slipping earlier in trading. That helped ease some pressure on the broader market.SpaceX, which owns the xAI business, fell 5.2 per cent in its first trading since being included in the Nasdaq 100 index.Outside of tech, Vertex Pharmaceuticals fell 1 per cent after saying it agreed to buy Crinetics Pharmaceuticals for $85 per share in cash. Crinetics, which develops therapeutics for endocrine diseases, soared 98.8 per cent.Rivian Automotive dropped 15.1 per cent after the electric vehicle company said it’s selling 75 million shares of its stock, which dilutes the ownership stakes of earlier shareholders.The attacks in the Persian Gulf saw Brent crude, the international standard, rise 2.9 per cent to $74.11.Higher oil prices put upward pressure on inflation, and Treasury yields climbed in the bond market. The yield on the 10-year Treasury rose to 4.52 per cent from 4.48 per centHigh yields worldwide have been rattling investors after oil prices burst above $100 per barrel earlier in the summer because of the war. The worry is that high inflation may force the Federal Reserve and other central banks to hike interest rates. High rates can keep a lid on inflation, but they also slow the economy and hurt prices for all kinds of investments.South Korea’s Kospi tumbled 4.9 per cent because Samsung Electronics alone makes up more than a quarter of the index. Japan’s Nikkei 225 fell 2.1 per cent, and Germany’s DAX lost 1.4 per cent for two of the world’s bigger moves.APMore:SharesInvestingAussie dollarBondsCommoditiesCurrenciesDividendsFrom our partners