ASX gains despite AI sell-off

The ASX 200 rose 1.28% this week, closing at a 20-day high and still 4.18% below its 52-week high, even as a global sell-off in tech stocks over doubts about AI spending cut into Friday’s gains. Brent crude climbed above US$112 a barrel, its highest since April, on signs the US may resume military strikes on Iran, while miners fell as copper and lithium prices slid.

This week’s best performers

Mesoblast (ASX:MSB) +27.32%
Mesoblast, the biotech behind the cell therapy Ryoncil, rose 27.32% after its September quarter update showed Ryoncil revenue of US$28m, up 44% on a year earlier, while net operating cash spend fell 86% to US$2.1m. For a biotech, earning more while spending less means fewer capital raises, which tend to weigh on the share price. It also finished treating all 350 patients in its final Phase 3 trial for chronic low back pain.

Zip Co (ASX:ZIP) +22.60%
A week after falling 32.72%, Zip Co, the buy now, pay later provider, bounced 22.60% as it extended its Best Buy partnership into every physical store in the US, putting its payment option at the checkout counter. One widely followed investor estimate puts fair value at about $4.03, against a share price of about $1.70 when the news landed, but that depends on the US push turning into steady earnings. Bad debts, the problem behind last week’s fall, are the risk as new products scale.

Iperionx (ASX:IPX) +21.13%
Iperionx, the titanium metal maker, rose 21.13% after a quarterly report that gave investors more to work with than usual. It showed validation of its GenX titanium production process and a US$18.5m US Army task order, an early sign of commercial demand. It also held US$63.0m in cash, which lowers the odds of another raise that waters down existing shareholders. The company is still losing money, so this is a bounce until it proves more.

This week’s worst performers

4DMedical (ASX:4DX) -35.19%
The respiratory imaging company 4DMedical fell 33.51% after a quarterly update showed strong growth alongside heavy spending. Scans rose 61% and revenue rose 66% to $2.3m, but it burned $15.2m in operating cash and its $10m loan facility is fully drawn. Investors are now asking how long its $242.8m of cash lasts before it has to sell more shares, after the stock rose about 800% in 2025.

Tuas (ASX:TUA) -29.95%
Tuas, the Singapore mobile operator, fell 29.95% after its subsidiary Simba received a Show Cause Notice from Singapore’s telecom regulator, the IMDA, alleging it used some radio spectrum without proper approval between 2022 and 2026. No findings have been made, but possible outcomes include fines of up to 10% of annual turnover and licence suspension or cancellation. Simba’s response is due 16 November.

Catalyst Metals (ASX:CYL) -17.47%
Catalyst Metals, the gold miner, fell 17.47% after cutting its FY27 outlook to 90,000 to 105,000oz from 130,000 to 150,000oz, as delays push two growth projects into FY28. Staffing shortages and a long plant shutdown also lifted all-in sustaining costs, the full cost of mining and selling an ounce, to $4,267 from $2,666. Catalyst is debt-free with $371m in cash and gold, but management said the extent of the schedule changes isn’t yet clear.