US stocks fall from peak as OpenAI sales miss report drags tech

Youkyung Lee / Bloomberg04-28 16:47

US stocks declined on Tuesday with the S&P 500 Index falling from record, as a report on OpenAI missing its internal sales goals fuelled worries about AI spending and dragged down tech stocks.(April ...

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record, as a report on OpenAI missing its internal sales goals fuelled worries about artificial intelligence (AI) spending and dragged down stocks linked to the technology.\n The S&P 500 Index fell 0.7% as of 12pm in New York with chipmakers Nvidia Corp and Broadcom Inc among the biggest drags. The tech-heavy Nasdaq 100 Index was down more than 1%. Brent crude rose 3% to around US$111 per barrel. \nOpenAI failed to meet its own targets for new user acquisition and sales for several months recently, fueling internal concerns that the ChatGPT operator may grapple with supporting its spending on AI infrastructure, The Wall Street Journal reported. \nThe news comes a day before four hyperscalers —  Amazon.com Inc, Alphabet Inc, Meta Platforms Inc and Microsoft Corp — are due to report their financial results during the busiest week for first-quarter earnings. Stocks linked to OpenAI, such as CoreWeave Inc and Oracle Corp slid by more than 3% even as OpenAI pushed back against concerns over its growth. \n“We are back to the circular financing concerns that we had before the Iran conflict,” said Brian Mulberry, chief market strategist at Zacks Investment Management, adding that the market’s reaction isn’t quite driven by fundamentals. “What you are seeing is the kind of connected effect of OpenAI’s spending commitments impacting directly a number of names that are out there, like Oracle and CoreWeave.” \n\nBefore Tuesday, tech stocks had charged the S&P 500 Index higher on revived optimism around AI trades even as high oil prices amid deadlocked Iran peace talks cast doubt on other sectors. While the tech stock rally paused this week, the S&P 500 information technology sector is still up 17% in April, on course for its best month since 2002. \nChip stocks, which ended their record winning streak this week, also sold off after the OpenAI report. The Philadelphia Semiconductor Index, known as SOX, dropped more than 4%, with all of its 30 members in the red. \nThe selloff seen in the semiconductor space including memory stocks may be overdone as “those businesses clearly have a backlog of orders outside of just OpenAI,” said Mulberry. “There is a moment here where you can start to participate in the rally if you’ve missed it.” \nAnalysts said the upcoming earnings by some of Wall Street’s largest technology companies could provide renewed momentum to the tech trade, with the pullback offering an opportunity to increase exposure because AI demand remains strong. \n“Overall, we believe OpenAI has been tracking very high demand on both the consumer and enterprise front and we strongly disagree with the notion that growth is weakening,” said Dan Ives, global head of technology research at Wedbush Securities. \nWhile the main US equity benchmark is hovering near its record level and eyeing its best month since 2020 on corporate earnings optimism, skepticism triggered by the Middle East conflict is feeding into US earnings, according to strategists at JPMorgan Chase & Co. Some companies are refraining from increasing forecasts despite a strong start to the year, they said.  \nMeanwhile, the Strait of Hormuz remained shut. US President Donald Trump said Iran wants to open the critical waterway as soon as possible while trying to figure out its leadership situation. CNN reported that mediators in Pakistan expect Iran will submit a revised proposal to end the war in the next few days. \nInvestors are also monitoring implications on oil and other assets after the United Arab Emirates decided to leave the Opec and Opec+ oil producer groups as of May 1 as part of a strategic realignment in the wake of the Iran war. \nWith Iran peace talks still at an impasse, “the idea of grinding higher without interruptions will be unrealistic,” said John Stoltzfus, chief investment strategist at Oppenheimer, adding that the depth of the market pullback will likely be “relatively mild compared with what the drama would imply”.\nOn the economic front, the latest reading on the Conference Board showed that US consumer confidence unexpectedly climbed this month to the highest in 2026 despite higher gasoline prices, thanks to a more optimistic outlook for the labor market. \nThe Federal Reserve is expected to hold interest rates steady on Wednesday. Chair Jerome Powell is likely to address uncertainty as his key message, according to Lindsey Piegza, chief economist at Stifel Financial Corp. \n“I think he’s going to underscore again the uncertainty that’s plaguing the economy not only because of the international conflicts but because of the nature of the recovery,” she said. “Given that I think he’s going to emphasize the need for patience.” \nIn single-stock moves, Spotify Technology SA plunged as much as 15% after the music streaming company forecast lower-than-expected operating income for the second quarter (2Q). Corning Inc sank as much as 11% after giving a slightly weaker outlook for 2Q earnings. \nUploaded by Felyx Teoh","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"dataReport","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2631550336","isCrawlerRequest":true}