US stocks swung as investor nerves around hefty AI spending sparked volatility, with Microsoft sliding after flagging a sharp jump in capital expenditure. That tech-led weakness spilled into Europe, where stocks were dragged lower by a broader sell-off in the sector. In commodities, gold eased as investors took profits following record highs, while copper surged to fresh all-time highs as speculative buying gathered pace. Back home, Aussie shares are set to open higher, supported by oil prices climbing to a five-month high.

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