OpenAI Revenue Miss Triggers Tech Selloff; Nasdaq Falls 1.4%
IXIC sits 31% above its 52-week low of $20,690.249.
Summary
The Nasdaq Composite fell 1.25% and the Nasdaq 100 dropped 1.4% on Thursday after OpenAI disclosed an annualized revenue run-rate of $50 billion, well below the $68 billion previously reported. The disclosure hit AI-linked chipmakers: Nvidia fell 3%, Oracle 6%, CoreWeave 8%, and AMD, Broadcom, Intel, and Super Micro each dropped 4-5%. The Dow Jones recovered from a 300-point intraday loss to close up 50 points, helped by Trump's Truth Social post indicating productive Iran discussions and no attack before the November 3 mid-term elections, plus a strong 30-year bond auction that cooled yields. Brent crude remained elevated around $104 as Hurricane Isaias approached the Gulf of Mexico, with 1.3 million barrels per day of production offline. This follows the September jobs report miss and recent oil-driven market volatility; the tech selloff is a fresh negative catalyst for AI-related names.
At the time of this announcement, IXIC was trading at $27,193.34 on NASDAQ in the Technology sector. The 52-week trading range was $20,690.25 to $27,722.75. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: CNBC TV18.