Major miners drag down ASX200 as investors pivot back to AI boomAustralia’s major miners have dragged the ASX200 lower as investors rotated back into technology stocks, amid renewed confidence in the AI trade.Jackson Robb2 min readAugust 14, 2026 - 6:40PMNewsWireAustralia’s sharemarket slumped on a mixed day of trading, as some of the major miners shed more than 3 per cent and investors turned back into the AI boom.The benchmark ASX200 slumped 73.30 points or 0.80 per cent to 9115.20, while the broader All Ordinaries dragged 68.20 points, or 0.73 per cent to 9313.20. The Australian dollar is buying 70.68 US cents. On a mixed day of trading, six of the 11 sectors finished in the red, led by falls in the major miners. BHP, Rio Tinto and Fortescue have all dropped. Photo: NewsWire/ Gaye GerardLeading the falls were BHP which declined 3.3 per cent to $61.35, Rio Tinto which slumped 3.14 per cent to $167.59 and Fortescue dragged 1.34 per cent to $17.64. The gold miners also fell on Friday, with Northern Star Resources dropping 2.25 per cent to $22.52, Evolution Mining plunged 3.43 per cent to $13.12 and Newmont dropped 2.4 per cent to $161.41. Others you may likenewsnewsGlobalX investment strategist Justin Lin described the slump in the Materials sector as a “rotation from materials into information technology” as fears around AI uncertainty dissipate. “The biggest thing for today is a pivot to more international names and rotation out of Australia overall to other regions in Asia,” he said.Mr Lin said adding to the falls in the Materials sector was investors selling their stock due to high prices. The healthcare sector also dragged, with vaccines giant CSL dipped 0.74 per cent to $136.50, Pro Medicus dropping 2.64 per cent to $178.86 and Fisher and Paykel offset the trend by 0.28 per cent to $35.36. The materials sector has taken a hit as people flock towards AI driven markets. Picture: SuppliedOffsetting the falls in materials, WiseTech rose by 5.55 per cent to $43.38, while accounting software provider Xero increased 5.54 per cent to $81.48 and Technology One added 3.20 per cent to $33.82. Mr Lin said the shift away from Materials can be attributed to the fear around the “previously shaky” AI trade disappearing. “A lot of investors were getting worried about the return on investment in terms of AI, but now that we have the data come through, we have rotated back into the AI trade,” he said.“Australia was kind of a safe haven away from AI … so now that the proof of concept is there, in terms of US names and now Korean names as well, I think we’re seeing a little bit of weakness from the Australian deck side and going back to international.In company news, shares in QBE fell 1.61 per cent to $23.09 after announcing full year results which showed adjusted net profits after tax came in at $1.03bnMore Coverage‘Whingers’: Premier rages over GST ‘attack’Ria Pandey and Nathan SchmidtKPMG scandal: ‘Many, many more’ make claimsCameron MicallefSpecialty retailer Baby Bunting shares jumped 5.81 per cent to $1.27 due to total sales reaching $556m while Pro Forma net profits after tax came in at $16.1m. Shares in Block Inc outperformed, rising 6.07 per cent to $117.75 after announcing several growth initiatives over its American businesses, including Cash app and Square.Jobs provider Seek recovered 9.13 per cent to $15.18 following a shaky full year result released earlier in the week showing a weak economic outlook.Read related topics:ASXMore related storiesAustralian MarketsASX slumps on ‘disappointing’ Telstra resultsThe Australian sharemarket has closed lower after Telstra’s disappointing earnings and profit-taking among major miners dragged the ASX 200 down 0.23 per cent.Read moreInterest RatesHousing slump may stop future RBA rate hikesThe RBA has signalled a slowing housing market could reduce the need for further interest rate rises, even as Governor Michele Bullock insists property prices don’t drive cash rate decisions.Read moreDrinksIconic winemaker posts eye-watering lossFull-year profits of one of Australia’s iconic luxury wine brands have plummeted, but the result was not unexpected.Read more