Tech stocks tumble; $99m social media fines; Canberra's new world record
Published: June 28, 2026
Tech stocks tumble; $99m social media fines; Canberra's new world record
News in brief
Both the US and Iran have accused each other of violating an interim peace deal signed less than two weeks ago to end their four-month-old war, with attacks initiated by both sides over the weekend.
The preliminary auction clearance rate has come in under 50 per cent for the second week in succession, as higher interest rates and tax changes shift property to a buyer’s market.
Social media companies could face fines of up to $99 million for breaching Australia’s under-16s ban, double the previous penalty.
Australia’s headline inflation is expected to peak around 4.25 per cent mid-year, lower than previously forecast, as falling oil prices help reduce inflationary pressures, according to Treasurer Jim Chalmers.
An Australian town crier, whose day job is to clean air conditioners has been recognised by the Guinness World Records as the globe’s loudest person. Joseph McGrail-Bateup yelled the word “now” at 122.4 decibels
Fear-o-meter
Plenty of Australians, either individually or via their superannuation fund, invest in big technology companies in the US. Returns from those investments aren’t looking good with a “great rotation” out of tech, into other sectors, in full swing. It could result in some poor performing portfolios.
The local market is suffering collateral damage, and tech stocks were sold off again on Friday. The ASX Info Tech index is down 40 per cent over the last year. Xero, Wisetech Global, Technology One and LIFE360 have all been sold off. On Friday it was the turn of data centre operator NextDC, which fell five per cent.
The risk is greater on Wall St and Asian markets, because most of Australia’s AI related companies are data centre centric – companies like Goodman Group and Next DC.
Not all stocks are being dumped. Chip maker Micron delivered a cracking result late last week on Wall Street. Intel, another chip maker, has held up well in recent sessions and has doubled its share price over the past year.
But the era of buying big tech and riding the returns looks over.
Fear & Greed Q+A today
On the week ahead for the economy, and why oil prices returning to pre-war levels won't benefit consumers (beyond cheaper petrol at the bowser):
“We tend not to get prices falling when business input costs go down. They tend to rebuild margins. Some companies absorbed at least part of the fuel increase, so now they'll be breathing a sigh of relief that some of those input costs have fallen and they'll probably just keep their prices constant to recoup some of that margin pressure.
And if the economy is slowing down anyway, they'd probably want to be doing that. But steady prices — not putting prices up — is low inflation, and that's all part of the mechanism the Reserve Bank is banking on to get inflation lower.”
A major sell off in tech stocks, from Wall Street to Asian markets to the ASX200 has roiled shareholders, as investors ponder whether the AI boom has been overdone.
On Wall Street, where estimates suggest AI and related sectors comprise up to 50 per cent of the market, some big-name stocks have tumbled. Since their peak, Microsoft and Meta are off more than 30 percent. Oracle has fallen 40 per cent this month. Even the king of tech, Nvidia, is down more than ten per cent this month, as is Apple.
Investors are questioning when AI will pay off. Microsoft, Amazon, Alphabet, Meta Platforms and Oracle will spend $US1 trillion building AI infrastructure this year, and the same amount next year. But sales aren’t keeping up. A report from research firm Exponential View says AI sales (excluding China) are running at an annualised rate of $US175 billion.
Greed-o-meter
| Year | Men's Singles (£) | Women's Singles (£) |
|---|---|---|
| 1968 | 2,000 | 750 |
| 1976 | 12,500 | 10,000 |
| 1986 | 140,000 | 126,000 |
| 1996 | 392,500 | 353,000 |
| 2006 | 655,000 | 625,000 |
| 2016 | 2,000,000 | 2,000,000 |
| 2026 | 3,600,000 | 3,600,000 |
Forwarded from a friend? Sign up to our daily newsletter
Wimbledon kicks off this evening amid a protest from players, who want to receive a larger portion of tournament revenue. Currently 14.4 per cent of revenue is dedicated to prize money, and players would like to see that increased to 16 per cent, and then 22 per cent by 2030. Wimbledon officials have already bumped up the prize money on offer this year, with the winners to take home £3.6 million. Take a look at how the prize money has grown since 1968, when the 'Open Era' began.
Listen to today's episode 🎧
Source: Wimbledon.com
Last 48 hours to enter!
We’re running a short survey to hear from you – what you love about Fear & Greed, what we could improve on, and more. It only takes a few minutes, and just by taking part, you can enter the draw to win a $3,000 Luxury Escapes voucher. The survey is being run by research agency Fonto, and will end tomorrow night (June 30) - so get in quick!