Monash University Media Release
Major US technology firms have lost hundreds of billions of dollars in market value following the US midterm elections, with investors concerned about increased regulation of artificial intelligence development.
A Monash University expert, Senior Lecturer Dr Yongxin Xu, Faculty of Business and Economics comments on what the downturn means for Australia, including the impact of AI regulation on consumers and the economy.
“The bigger story for Australia is not the ASX, which is resource-heavy and will feel only a muted hit. It is that Australia has no frontier Large Language Model of its own. Our firms and households rely on US-developed AI models, so changes to regulation could restrict what we can access.
“AI is unstoppable. It is now a race between nations and central to national security. With Democrats controlling Congress, regulation will escalate. Regulation is necessary: my research shows AI agents are not capable of providing quality financial recommendations, yet AI providers already offer them to consumers. This week’s sell-off re-prices that regulatory risk; but it doesn’t end the AI boom.”
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