Tech stocks slide following report on OpenAI missing key targets
Tech stocks slid on Tuesday after a report that OpenAI was falling short of revenue and user targets, with SoftBank leading the declines, down 10% in Tokyo trading. OpenAI's representative pushed back on the report, calling it 'clickbait' and stating the business was 'firing on all cylinders'.
Tech stocks declined on Tuesday following a report that OpenAI was missing key revenue and user targets. SoftBank, a Japanese tech conglomerate that has committed to investing $60 billion in OpenAI, led the declines, dropping 10% in Tokyo trading. Other companies linked to OpenAI, including CoreWeave and Oracle, also saw significant sell-offs. Nvidia, which had an agreement with OpenAI worth up to $100 billion, was down about 3%. The Nasdaq composite index declined 1%. OpenAI's representative disputed the report, stating the business was on a steep growth curve. Several major tech companies are set to report quarterly earnings on Wednesday.
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