AI worries have returned to Wall Street. Now come earnings.
Shares of Oracle, CoreWeave, and SoftBank dropped after a report that OpenAI missed its revenue and user targets, reviving worries about AI investments. The Nasdaq composite fell 0.9% as tech shares declined, ahead of earnings reports from major AI players.
AI-related stocks slumped on Tuesday after a report that OpenAI missed its revenue and user targets. Oracle, CoreWeave, and SoftBank dropped at least 4%, with SoftBank falling over 9% in Tokyo trading. The Nasdaq composite fell 0.9% as tech shares declined. Major AI players, including Alphabet, Amazon.com, Microsoft, and Meta Platforms, are set to report earnings this week. OpenAI has defended its financial footing, saying its business is performing well. Tech companies with less direct ties to OpenAI, such as Microsoft and Apple, performed better on Tuesday.
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