Tech stocks drag Nasdaq lower on report of OpenAI revenue fall, high yields

Megacap technology stocks dragged US equity indexes lower as concerns grew that OpenAI’s revenue could disappoint investors already questioning the sustainability of the AI boom, Bloommberg reported. The Financial Times reported that ChatGPT-maker OpenAI’s annualised revenue was $20 billion below the amount it had previously indicated. The Nasdaq 100 fell 1.9%, while the S&P 500 declined 0.9% as of 1:26 p.

US equity indexes fell, influenced by megacap technology stocks and concerns regarding OpenAI's revenue performance. The Nasdaq 100 and S&P 500 saw declines as the yield on the 10-year Treasury rose. Additionally, increased oil prices and energy supply fears contributed to market pressure. Federal Reserve comments indicated potential for further interest rate increases, impacting credit sectors. A rise in economic-policy uncertainty reflects growing concerns among investors amid upcoming election dynamics.

Summarised by Agaah from ET Markets. Agaah aggregates 36 sources and removes duplicate coverage — all news, one place.