Nasdaq 100 Drops 1.4% as OpenAI Revenue Fears Hit AI and Chip Stocks
Updated
Updated · Bloomberg · Oct 8
Nasdaq 100 Drops 1.4% as OpenAI Revenue Fears Hit AI and Chip Stocks
3 articles · Updated · Bloomberg · Oct 8
Summary
The Nasdaq 100 fell 1.4% on Oct. 8, its worst one-day drop in seven weeks, as megacap tech shares led a broad retreat.
OpenAI revenue worries spilled across AI-linked stocks and chipmakers, reinforcing investor fears that heavy spending on artificial intelligence may be outrunning demand.
The Philadelphia Semiconductor Index plunged 3.4%, while the S&P 500 lost 0.5% and the Cboe Volatility Index rose for a second straight day.
The selloff followed reports that OpenAI told investors annualized revenue was nearing $50 billion rather than the roughly $70 billion previously cited, sharpening debate over AI valuations.