S&P 500 and Nasdaq slide as OpenAI revenue report sparks chipmaker selloff
AI Market Summary
Reports that OpenAI's annualized revenue may be ~\$50B versus higher expectations reignited concerns that AI capex returns are harder to justify as funding costs rise. The headline drove a sharp de-risking in semiconductors (chip index -3.4%) and pulled down major tech benchmarks, while Treasuries firmed after a strong 30-year auction. Fed commentary kept rate-hike risk in focus, reinforcing pressure on long-duration growth equities.
Impact level
● High
Affected assets
NCSKNVDA2USD/USDT-2.24%
AI Insight · NCSKNVDA2USD/USDTAI Insight
▼ Bearish
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The S&P 500 and the Nasdaq fell on Tuesday, led by declines in technology stocks. Reports said ChatGPT maker OpenAI’s annualized revenue is about $50 billion, below some market estimates of $70 billion. The news helped trigger a selloff in chip shares, pushing the Nasdaq 100 down 1.4% and the Philadelphia Semiconductor Index down 3.4%.
