Aug 5, 2026 – 6.06pmFor the last 12 months Australia’s sharemarket has been one of the dunces of global markets, languishing behind Wall Street and Asia because of its lack of exposure to artificial intelligence. Until this week, where a sudden melt up has pushed the bourse to a fresh record.That’s because the S&P/ASX 200 Index largely dodged the sudden unwind in the AI semiconductor trade that has combined with a dramatic scaling back of interest rate expectations and a Wall Street rally buoyed by hopes that the US-Iran war may be finally coming to an end.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
ASX emerges as the ‘Steven Bradbury of markets’ with all-time high
The Australian sharemarket missed out on the AI boom. But in the last month it has outperformed other tech-heavy indices as the trade unwound.
TL;DRAI
ASX 200 hits record high after 12-month underperformance, dodging AI-semiconductor selloff and riding Wall Street rally. Australia's AI-light market benefits from semiconductor sector consolidation post-hype, signaling rotation toward diversified tech exposure over pure-play AI bets.
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