Markets were mixed on Thursday as investors tried to assess the outlook for the global AI-fuelled rally, Federal Reserve interest rates and the US government shutdown.

News that Israel and Hamas had agreed to the first phase of a Gaza ceasefire provided some relief from geopolitical concerns, while gold retreated the day after hitting an all-time high above $4,000.

Technology firms have been riding to ever-higher levels this year — dragging equity markets with them as companies pump hundreds of billions of dollars into all things linked to AI.

But there is growing concern that the returns might not match the investment sums, leading to warnings that valuations may have gone too far.

“AI is clearly a bubble,” warned Neil Wilson at Saxo markets. “The question is when — not if — it blows

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