Wall Street: opens lower (S&P -0.6%), tech sell-off continues amid rumours of a delay to OpenAI’s IPO
(Il Sole 24 Ore Radiocor) - Wall Street opens lower, with another day of sell-offs in the tech sector. The sell-off has been fuelled by rumours that OpenAI is considering postponing its IPO and by growing concerns over rising infrastructure costs for artificial intelligence. Semiconductor shares, in particular, are down after the New York Times reported that OpenAI is considering postponing its IPO until next year due to SpaceX’s poor performance following its stock market debut and the general volatility of AI-related shares. The article has raised concerns about “the sustainability of infrastructure spending, given the delay in funding”, JPMorgan traders wrote in a note. The postponement of OpenAI’s IPO “could slow the pace of infrastructure spending”, said Adam Crisafulli of Vital Knowledge. At the start of trading, the Dow Jones is down 116.85 points (-0.23%), the S&P 500 is down 46.22 points (-0.63%), the Nasdaq was down 281.38 points (-1.11%). WTI crude oil on the NYMEX fell by 2.74% to $69.95 per barrel.
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