Closing Bell: ASX rocks on while NextDC goes unplugged

• ASX ekes out 0.16% as banks and telcos mop up tech’s mess
• NextDC falls through the floor after slashing FY27 guidance
• RBA hike talk is back. Splendid

The ASX spent Wednesday trying to look relatively normal while one corner of the market was being punted into a skip.

By the closing clang the index had scraped 0.16% higher, with banks and defensives doing enough to stop the whole thing turning ugly.

Tech had other ideas, though.

As Eddy noted over a deliciously flaky pork and fennel sausage roll with sauce, NextDC (ASX:NXT) fell more than 40% after slashing FY27 revenue and earnings guidance because its Melbourne M3 data centre can’t get enough power.

The pain spread straight through the data-centre food chain, with SKS Technologies (ASX:SKS), Southern Cross Electrical Engineering (ASX:SXE) and GenusPlus Group (ASX:GNP) all getting dragged into it.

Which was awkward timing, because Wall Street is already feeling pretty twitchy about AI infrastructure.

Firmus has pulled its float, DayOne is reportedly thinking about shrinking or delaying its US IPO, CoreWeave is still nursing a spectacular comedown, and South Korea’s Elice managed to fall 32% on debut before bouncing the next day.

Then the RBA wandered in and made everyone feel even better.

Deputy governor Andrew Hauser warned the inflation outlook had become “materially worse”, sending November rate-hike odds higher. Cheers, Andrew.

TLDR on all that? Data centres short of power, tech short of friends, and borrowers possibly short of another few hundred bucks a month.

Here’s what else caught our eye…

• Anthropic reportedly posted an eye-watering US$80.7bn first-half loss ahead of a possible IPO, although about US$72bn of that was accounting noise tied to financing. Still, it spent nearly US$9bn on compute in six months and could eventually fork out US$750bn on the stuff. Bit spendy, much?
• SpaceX, meanwhile, smashed quarterly expectations, with revenue up 161% to US$14.6bn and its AI computing business doing a frankly ridiculous amount of the work. Elon Musk is now floating a possible SpaceX-Tesla merger. Just weld everything together?
• Oil eased back to around US$109 a barrel as Qatar and Pakistan tried to revive US-Iran talks. Nobody seems especially convinced a deal is close, but at this point “slightly less terrible than yesterday” counts as good news.
• Aussie house prices could have a rougher time than previously thought, with Morgan Stanley now tipping a peak-to-trough fall of 10–15%. More than 10% would be the worst downturn on record. Houses – get ’em while they’re hot.
• And… Firmus might not be dead yet. Nvidia is reportedly in talks to pump hundreds of millions into the Australian AI cloud outfit after its $5.5bn float landed in the bin. Maybe a shedload of Jensen Huang cash will fix the vibes.

Movers and Shakeouts

The ASX 200 eventually managed a 0.16% gain to 8,831.3, which is still not exactly Chad-stockbrokers-high-fiving territory, but does at least qualify as movement.

Eight sectors finished higher, led by telecommunications (+2.23%), while industrials added 0.99% and financials 0.96%. Energy, discretionary, staples, utilities and healthcare also finished in the green.

Tech was still where the furniture got broken, down 3.32% as NextDC’s collapse did its bit for sector morale. Materials fell 1.04% and real estate lost 0.49%.

The index split told much the same story: the ASX 200 Banks index gained 1.09%, while the Resources index fell 0.90%, the All Technology Index lost 0.47% and gold stocks dropped 0.72%. Small caps managed a 0.11% gain.

TLDR on that? Banks and telcos kept the lights on while tech gnawed through the wiring.

ASX Leaders

Today’s best-performing stocks (including small caps) intraday:

Code Name Last % Change Volume Market Cap EGY Energy Tech Ltd 0.046 130% 21697024 $12,493,981 MQR Marquee Resource Ltd 0.003 50% 780744 $2,271,593 LNQ Linqmineralslimited 0.52 41% 5759753 $34,163,789 FRB Firebird Metals 0.14 40% 576455 $18,236,140 MAY Melbana Energy Ltd 0.004 33% 2646500 $11,345,906 OSX Osteopore Limited 0.004 33% 91500 $2,080,779 WRX Westridgeres Ltd 0.06 33% 1401183 $8,635,683 CRR Critical Resources 0.01 25% 31077089 $27,506,284 HYT Hyterra Ltd 0.005 25% 550000 $8,571,512 SOM SomnoMed Limited 0.29 23% 55194 $51,645,539 PGM Platina Resources 0.022 22% 1060272 $12,430,001 AVE Avecho Biotech Ltd 0.017 21% 11183884 $54,092,162 BSX Blackstone Ltd 0.029 21% 1243450 $41,319,837 EXT Excite Technology 0.006 20% 5268114 $13,815,824 HYD Hydrix Limited 0.003 20% 3794708 $3,627,373 IMI Infinitymining 0.006 20% 1731215 $2,911,990 IVG Invert Graphite Ltd 0.035 19% 1553314 $14,090,880 1AD Adalta Limited 0.0035 17% 37595 $9,636,507 BNL Blue Star Helium Ltd 0.0035 17% 1129484 $18,458,745 NWM Norwest Minerals 0.007 17% 1002886 $8,111,317 TSL Titanium Sands Ltd 0.007 17% 586691 $14,068,483 X2M X2M Connect Limited 0.0035 17% 4578982 $7,783,644 ZEU Zeus Resources Ltd 0.007 17% 9422774 $6,306,384 ODA Orcoda Limited 0.065 16% 195112 $10,500,796 FMR FMR Resources Ltd 0.66 16% 1172381 $39,799,671 In the news… 

Energy Technologies (ASX:EGY) rocketed 130% after its Cogenic subsidiary struck a binding deal with SYNCH that could lead to up to US$10m in smart-glasses orders over a year.

It starts with a US$250,000 trial involving 10 smart-glasses units for field operations, but the bigger orders depend on successful testing and aren’t guaranteed.

CurveBeam AI (ASX:CVB) had its best first-quarter sales result yet, booking orders for five HiRise medical scanners, while also securing US approval for its bone-density scanning technology.

It’s also secured Chinese regulatory approval, unlocking a $1m milestone payment, although quarterly customer receipts slipped to $1.8m.

Infinity Metals (ASX:INF) has fired up the drill rigs at its Yambacoona tin project in NSW, with up to 35 holes planned to hunt for signs of tin-related mineralisation beneath the surface.

The early stage project sits near Sky Metals’ Doradilla discovery area and shares similar geology, although it’s still very much in the exploration game.

ASX Laggards

Today’s worst-performing stocks (including small caps) intraday:

Code Name Price % Change Volume Market Cap AYM Australia United Min 0.001 -50% 18147 $3,685,155 NXT Nextdc Limited 5.35 -42% 46310703 $6,973,373,088 ENV Enova Mining Limited 0.001 -33% 124000 $3,416,414 SKN Skin Elements Ltd 0.002 -33% 1500099 $10,528,002 TXR Talonxresources Ltd 0.006 -25% 900000 $7,455,975 ZMM Zimi Ltd 0.003 -25% 17032 $4,599,348 BWF Blackwall Limited 0.092 -23% 363735 $20,506,271 RCL Readcloud 0.041 -23% 127233 $8,141,847 TGH Terragen 0.014 -22% 21762 $14,817,582 SLD Saluda Medical, Inc. 0.265 -21% 1013479 $84,427,976 EMU EMU NL 0.012 -20% 761757 $6,082,465 AXP AXP Energy Ltd 0.004 -20% 1093594 $2,248,668 PPY Papyrus Australia 0.008 -20% 1039484 $6,488,817 RFT Rectifier Technolog 0.004 -20% 1000000 $6,909,920 NYM Narryermetalslimited 0.045 -18% 485879 $11,619,014 RWL Rubicon Water 0.22 -17% 91042 $64,749,672 AS2 Askarimetalslimited 0.005 -17% 970850 $5,195,072 BPH BPH Energy Ltd 0.0025 -17% 394763 $4,061,547 CR3 Core Energy Minerals 0.005 -17% 1000000 $5,402,326 FEL Forte Energy Ltd 0.005 -17% 45000 $5,196,023 M2M Mtmalcolmminesnl 0.005 -17% 2730810 $4,760,800 PL9 Prairie Lithium Ltd 0.005 -17% 565590 $34,681,887 YAR Yari Resources 0.0025 -17% 2465664 $4,426,932 PWN Parkway Corp Ltd 0.008 -16% 16126449 $26,375,900 FXG Felix Gold Limited 0.135 -16% 830701 $82,615,552

In Case You Missed It

Ariana Resources (ASX:AA2) has picked up an analyst valuation of up to 79c a share, with its Dokwe gold project NPV in focus.

Buxton Resources (ASX:BUX) is preparing the first drill test of its Wolverine copper target.

Frontier Energy (ASX:FHE) has strengthened the financial outlook for its Waroona energy project.

Green360 Technologies (ASX:GT3) has improved kaolin performance as its MKX technology gains traction.

Kantra Copper (ASX:KAN) is generating more cash as higher copper output flows through.

Locksley Resources (ASX:LKY) has moved into action on copper-gold targets across Greater Tottenham.

LTR Pharma (ASX:LTP) has passed 2000 dispensed SPONTAN units under the TGA scheme.

Orpheus Uranium (ASX:ORP) has mapped a new uranium target after rock chips returned grades of up to 4.1% U3O8.

Pioneer Minerals (ASX:PMM) has identified five new gold-copper targets to chase in Argentina.

Xpedra Resources (ASX:XPD) is drilling at Springfield as it chases further gold growth.

Trading Halts

Botala Energy (ASX:BTE) – proposed capital raise
Garda Property Group (ASX:GDF) – material divestment transaction

One More Thing…

Apparently America is observing the exciting-sounding National Bulk Foods Week.

Finally, lentils get their moment.

At Stockhead we tell it like it is. While the companies listed in In Case You Missed It are all Stockhead advertisers at the time of writing, they did not sponsor this article. 

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