Firmus Technologies is preparing for one of the biggest floats in Australian history, giving local investors a rare opportunity for direct exposure to the AI boom.
The company is seeking to raise $US5.5 billion, or about $8 billion, at a valuation of $43.7 billion, with shares priced at $11 ahead of an expected ASX debut on October 23. Institutional bidding begins today, with a prospectus expected shortly.
Firmus rents specialised processing chips and data-centre capacity to major technology companies including OpenAI and Meta and has ambitious expansion plans in Indonesia and Malaysia.
The float comes after a brutal year for Australian technology stocks: while the Nasdaq 100 has risen 23 per cent over the past year, the ASX All Technology Index has fallen 35 per cent. Investors remain sharply divided over whether Firmus represents a major AI opportunity or an expensive bet on future growth.
The AFL Grand Final was Australia's most-watched sporting event of the year, reaching 6.5 million people. The Australian Open men's final reached 6.3 million, while the NRL Grand Final on Sunday reached just over 6.05 million.
Rank
Event
Reach
1
AFL Grand Final – Brisbane v Fremantle
6.501m
2
Australian Open Men’s Final – Alcaraz v Djokovic
6.302m
3
NRL Grand Final – Roosters v Knights
6.053m
4
State of Origin Game III
~6.03m
5
State of Origin Game II
6.0m+
6
FIFA World Cup Final – Spain v Argentina
5.262m
7
FIFA World Cup – Paraguay v Australia
4.869m
8
FIFA World Cup – Australia v Türkiye
4.851m
9
FIFA World Cup QF – Norway v England
4.409m
10
FIFA World Cup – Australia v Egypt
3.90m
Source: OzTAM/VOZ Total TV reach figures and network reporting.
Fear & Greed Q+A today
On how institutional investors think about crypto, the failure of the CLARITY Act to pass in the US, and why Bitcoin is mainstream, but investing in it still isn't.
“My mother knows what Bitcoin is. So in some sense, it’s mainstream in terms of people’s awareness of it, which is extraordinary given that my mother doesn’t know what swaps are, but she knows what Bitcoin is.
So I think in one sense, crypto and Bitcoin have become mainstream — they’ve become known. But certainly it’s still a niche, idiosyncratic alternative asset class when it comes to actual people taking positions. So I think we’re very, very early when it comes to adoption. We’re sort of middle of the road to later stage when it comes to awareness.
And now it just comes down to making the use case and, quite frankly, making the UIs and the onboarding easier, cheaper, faster. That’s why Coinbase talks about being the everything exchange and sort of demystifying.”
Tax cheats: Australians are dobbing in suspected tax cheats at a rate of about 1,000 a week. The ATO received more than 52,000 tip-offs last financial year, with construction, hospitality, and hair and beauty among the most commonly reported industries.
Retirement delayed: Cost-of-living pressures are keeping older Australians at work. A survey of more than 5,000 over-50s found 43 per cent of workers are delaying retirement, with most of that group expecting to work at least another three years.
KPMG seeks help: KPMG Australia is reportedly seeking up to $100 million in emergency funding from its global network as it deals with the fallout from a scandal in its audit division. The firm has lost major audit clients including ANZ, Lendlease and IAG.
When Australians die: Australia recorded 188,421 deaths last year, with the largest number of deaths for both men and women occurring between the ages of 85 and 89. Men recorded more deaths than women across almost every age group.
Keeping rogue AI agents contained: Nvidia has launched OpenShell, an open-source security system designed to stop AI agents accessing files, networks and systems they shouldn’t. More than 100 organisations are already using the technology, including Microsoft, Perplexity and JPMorgan Chase.
Fear-o-meter
A closer look at job vacancies in Australia:
Job vacancies fell to 325,000 in August 2026, according to new quarterly figures released by the Australian Bureau of Statistics.
Sean Crick, ABS head of labour statistics, said: “Job vacancies fell by 3,000, or 0.9 per cent, in the three months to August 2026. This followed a decline of 2.2 per cent in the previous three months.
“The decline in job vacancies was driven by the private sector, notably in business goods and services. This was offset somewhat by rises in customer facing roles including in Retail trade. Over the year, job vacancies declined by 1.3 per cent.”
The Wholesale trade industry had the largest quarterly percentage drop, with a fall of 18.0 per cent. This was followed by Professional, scientific and technical services, which was down by 17.3 per cent.
The largest percentage rises in job vacancies were in Retail trade, up by 24.5 per cent, followed by Financial and insurance services, up by 14.1 per cent.
Job vacancies fell in five of the eight states and territories over the three months to August 2026. The Australian Capital Territory had the largest decrease, down by 21.9 per cent. This was followed by the Northern Territory which fell by 8.0 per cent.
The largest percentage rises were in South Australia (5.8 per cent) and Victoria (1.4 per cent).
Job vacancies in the private sector decreased by 2.0 per cent, or 5,800 vacancies, in the three months to August 2026. At the same time vacancies in the public sector rose by 7.8 per cent, or 2,800.
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