AI Stocks Rebound on OpenAI's $70 Billion Revenue View as S&P 500 Gains 1.2%
Updated
Updated · CNBC · Oct 10
AI Stocks Rebound on OpenAI's $70 Billion Revenue View as S&P 500 Gains 1.2%
3 articles · Updated · CNBC · Oct 10
Summary
$70 billion in projected year-end annualized revenue helped AI stocks recover Friday after a Financial Times report had triggered a sharp Thursday selloff by suggesting OpenAI's September run rate was about $20 billion below expectations.
Broadcom dropped 4.4% in Thursday's rout before the AI trade bounced back, showing how quickly sentiment can swing even as demand for computing power remains strong.
The S&P 500 still finished the week up 1.2% and closed above 7,800 for the first time, while the Nasdaq gained 0.6% despite the midweek tech shock.
That volatility reinforced a diversification case for investors, with money rotating into non-AI names as Treasury yields eased and selective buying extending to Kimberly-Clark, FedEx and Bank of New York.