S&P 500 Heads for 1% Weekly Loss as OpenAI IPO Delay Hits Chip Stocks
Updated
Updated · CNBC · Jun 25
S&P 500 Heads for 1% Weekly Loss as OpenAI IPO Delay Hits Chip Stocks
3 articles · Updated · CNBC · Jun 25
Summary
The S&P 500 rose 0.3% Friday but still tracked for a weekly decline of more than 1%, while the Nasdaq was headed for a 4% drop.
A New York Times report that OpenAI may delay its IPO until next year—after weak SpaceX post-debut performance and AI-share volatility—sparked worries that AI infrastructure spending could slow.
Chipmakers led the retreat: Micron and AMD each fell 2%, Intel lost more than 3%, and Asia sold off sharply with SoftBank down over 12% and South Korea’s Kospi tumbling 5.81%.
Money rotated into defensive sectors instead, lifting healthcare, consumer staples, financials and utilities; Eli Lilly jumped nearly 6% and Johnson & Johnson gained more than 3%.
Better consumer-sentiment and inflation data supported Friday’s rebound, but strategists said the tech rotation could last into July even as they remained bullish on AI and chip demand over 12 months.