The S&P 500 fell 0.5% and the Nasdaq dropped 1% as Nvidia slid 2.8%, Oracle 4.9%, and CoreWeave 6.3%, while Brent crude rose to $111.31 amid the Iran war.
OpenAI’s missed revenue and user targets fueled concerns about AI industry spending, further pressuring tech shares. Oil prices surged as the Strait of Hormuz remained closed, and US gasoline hit $4.18 per gallon.
The Federal Reserve is expected to hold rates steady, while the Senate Banking Committee votes on Trump’s Fed Chair nominee. Global markets also declined, with Japan’s Nikkei 225 down 1% after the Bank of Japan’s rate decision.
With OpenAI's partners' stocks falling, is the AI investment bubble finally starting to burst?
OpenAI is cutting major projects. Are its grand ambitions colliding with harsh financial reality?
SoftBank has bet over $64 billion on AI. Was this a visionary move or a historic blunder?
Trillions invested for billions in revenue: What is the true systemic risk of the AI boom?
OpenAI is burning through billions. Can it survive without a radical new business model?
AI's runaway costs are crippling companies. Is self-hosting the only path to sustainable profit?