08.10.202620:08:02UTC+00US Stocks Retreat on Tech Selloff

US stock indices finished broadly lower on Thursday after the Financial Times reported that OpenAI’s revenue was significantly below levels previously cited by other media. The S&P 500 declined 0.5%, and the Nasdaq fell 1.4%, while the Dow Jones Industrial Average bucked the trend to close 52 points higher. According to documents reviewed by the FT, OpenAI’s annualized revenue is about $50 billion, compared with earlier estimates of roughly $70 billion. The revision rekindled worries about the profitability of large language model developers and the durability of massive AI infrastructure spending—key drivers of both this year’s equity rally and US GDP growth.

Chipmakers led the pullback, with Nvidia down 2.9%, Broadcom off 4.6% and Micron losing 4.8%. Major cloud providers also retreated: Alphabet slipped 0.7%, Microsoft dropped 1.3% and Oracle sank 5.8%. At the same time, energy markets were volatile. Oil prices rebounded as Iran stepped up attacks on tankers passing through the Strait of Hormuz and a hurricane threatened US offshore production in the Gulf of Mexico.