U.S. stock market recap for the overnight session (October 8): OpenAI revenue falls short of expectations; tech stocks plunge across the board, with the Nasdaq down more than 3%; crypto markets also tumble
The latest data shows that OpenAI’s annualized revenue in the third quarter was only $50 billion, far below market expectations and $20 billion short of the $70 billion previously reported by the media, raising serious concerns about the AI sector.
Tech stocks then fell across the board: Oracle dropped more than 5%; Micron Technology, SanDisk, Broadcom and others fell more than 4%; and Nvidia lost nearly 3%. Their combined market capitalization shrank by more than $168.4 billion. ARM fell more than 6%, while optical communications stocks also declined across the board, with Corning down more than 6% and Lumentum down more than 5%.
The broader market was weak: the Dow Jones Industrial Average rose 51.770 points, or 0.10%; the Nasdaq Composite fell 345.350 points, or 1.25%; and the S&P 500 fell 36.410 points, or 0.47%. The Nasdaq Composite and the Philadelphia Semiconductor Index led the declines as tech stocks plunged, with both indexes down more than 3%.
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The latest data shows that OpenAI’s annualized revenue in the third quarter was only $50 billion, far below market expectations and $20 billion short of the $70 billion previously reported by the media, raising serious concerns about the AI sector.
Tech stocks then fell across the board: Oracle dropped more than 5%; Micron Technology, SanDisk, Broadcom and others fell more than 4%; and Nvidia lost nearly 3%. Their combined market capitalization shrank by more than $168.4 billion. ARM fell more than 6%, while optical communications stocks also declined across the board, with Corning down more than 6% and Lumentum down more than 5%.
The broader market was weak: the Dow Jones Industrial Average rose 51.770 points, or 0.10%; the Nasdaq Composite fell 345.350 points, or 1.25%; and the S&P 500 fell 36.410 points, or 0.47%. The Nasdaq Composite and the Philadelphia Semiconductor Index led the declines as tech stocks plunged, with both indexes down more than 3%.
#FollowBack# #FollowAndI’llFollowBack#