The benchmark S&P/ASX200 index on Friday finished up 32.4 points, or 0.43 per cent, to 7,643.6, while the broader All Ordinaries had added 33.9 points, or 0.43 per cent, to 7,899.2.
For the week the ASX200 finished down 0.2 per cent, basically reversing its gains from the week before, as a global AI-fuelled rally in equities bypassed Australian shores.
Overnight on Wall Street, the S&P500 soared 2.1 per cent and the Nasdaq composite rallied 3 per cent, with both indexes finishing at all-time highs after AI chipmaker Nvidia smashed earnings forecasts.
The resulting surge in Nvida shares added $US277 billion ($A421 billion) to its market capitalisation, easily the biggest one-day gain in Wall Street history.
Markets in Germany, France and Japan also hit all-time highs overnight and Capital.com analyst Kyle Rodda said there was an "air of euphoria".
IG analyst Tony Sycamore wrote he had never seen anything like it.
While he could think of a number of stocks that had triggered market meltdowns, Mr Sycamore couldn't think of another that had single-handedly positively impacted global equities markets the way Nvidia that had.
Unfortunately for Australian investors the local bourse does not have much exposure to AI companies.
Brainchip did add 14 per cent to 49c, with shares up threefold in the past three weeks even though its "neuromorphic" AI chip has yet to catch on.
Appen climbed 13.0 per cent to 43.5c, with the AI dataset company's shares up by a third this week despite last month losing a major contract with Google.
The ASX's tech sector was the biggest gainer on Friday, rising 1.5 per cent as Xero added 2.8 per cent and Audinate climbed 3.8 per cent to a fresh all-time high of $21.30.
Aussie Broadband rose 18.6 per cent to a nearly two-year high of $4.53 after the internet provider announced operating cash flow was up 57.8 per cent to $40.7 million in the first half.
"Aussie continued to demonstrate positive operational performance," co-founder and managing director Phillip Britt said.
Afterpay owner Block was the biggest gainer in the ASX200, climbing 16.5 per cent to a seven-month high of $117.94 after Jack Dorsey's company reported its gross profit rose 22 per cent to $US2.03 billion in the fourth quarter.
Telix Pharmaceuticals dipped 4.1 per cent to $10.52 despite the Melbourne-headquartered radiation oncology business posting its first profit, $5.2 million, compared to a $104 million net loss a year previous.
In the heavyweight mining sector, Newmont dropped 8.1 per cent to $46.62 after the gold giant announced it generated $US2.8 billion in cash in the fourth quarter.
Newmont announced it would sell six gold mines, including Telfer and its majority stake in Havieron, both in WA, which it inherited from its acquisition of Newcrest Mining late last year.
Fortescue climbed 1.4 per cent to $28.21, Rio Tinto was flat at $124.40 and BHP added 0.6 per cent to $44.55.
The Big Four banks were all higher, with NAB gaining 1.1 per cent to $33.86, ANZ adding 1.0 per cent to $28.29 and CBA and Westpac both finishing up 0.3 per cent at $114.83 and $25.94 respectively.
PEXA Group rose 5.7 per cent to a two-month high of $12.16 after the property settlement platform announced its half-year operating earnings were up 12 per cent to $59 million, beating guidance.
The Australian dollar was buying 65.70 US cents, from 65.65 US cents at Thursday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Friday up 32.4 points, or 0.43 per cent, to 7,643.6
* The broader All Ordinaries rose 33.9 points, or 0.43 per cent, to 7,899.2.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 65.70 US cents, from 65.65 US cents at Thursday's ASX close
* 98.96 Japanese yen, from 98.63 yen
* 60.69 Euro cents, from 60.57 Euro cents
* 51.89 British pence, from 51.90 pence
* 105.98 NZ cents, from 105.88 NZ cents.
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