Asian shares tumble and oil rises while investors await Big Tech results after Wall Street's AI rebound

Asian equities fell and oil prices climbed as investors held their breath ahead of Big Tech earnings following Wall Street's AI-driven recovery.

The Nasdaq 100 shed 5.5% last week, stoking fears that this year's estimated $US1tn wager on artificial intelligence is built on shaky foundations. Some point to the failed ASX listing of Australian datacentre company Firmus as the moment sentiment began to sour. Tech stocks managed to recover some lost ground on Monday. With the AI boom looking fragile, investors are now rushing into credit default swaps as a hedge against a broader unravelling.

Analyst Gerard Minack: AI returns will 'disappoint', but he can't call the top.

European markets dropped after cost-of-living protests across the continent turned violent.