AI stocks push Wall Street higher; Google’s new Gemini offerings, ASX set to rise
The Australian sharemarket rose as investors reacted to Wall Street's gains, driven by the AI boom and rising energy prices. Oil prices climbed amid escalating tensions in the Middle East and threats of further conflict involving Iran.
Why it matters
Global markets are showing volatility as energy supply risks from the Middle East conflict intersect with investor optimism regarding AI-related technology stocks.
— 6:10pm , first published July 22, 2026 — 5:13am
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Share A A A The Australian sharemarket advanced on Wednesday after Wall Street was pushed higher by gains in makers of computer chips and other winners of the AI boom, shrugging off inflation concerns amid the intensifying hostilities in the Middle East.
The S&P/ASX 200 finished up 29.7 points, or 0.3 per cent, at 8823, boosted by energy companies benefiting from the latest jump in oil prices and the mining giants. The local bourse closed flat on Tuesday. The Australian dollar was trading at 69.96 US cents.
Wall Street’s gains set the tone for the local market. AP Energy and materials stocks pushed the ASX higher, thanks to higher prices for oil, copper and gold overnight.
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