The New York stock market, led by a decline in technology stocks, has once again drawn investors' attention to the future of the AI industry. Reports that OpenAI has failed to meet revenue targets and acquire new users have caused semiconductor and related company stocks to plummet. This is being interpreted as another signal of market uncertainty regarding AI demand. Simultaneously, the lack of progress in resolving the Middle East conflict and President Trump's skeptical stance toward Iran's peace proposal have been factors driving oil prices up for the seventh consecutive day. The Bank of Japan's more aggressive interest rate policy than expected has also pushed U.S. Treasury yields to record highs, creating a chilly overall market atmosphere. These complex factors have led investors to wait and see how major big tech companies will perform in their earnings report to be released tomorrow and the Federal Open Market Committee decision by the Federal Reserve.
Concerns that OpenAI is not keeping up with its expected growth rate have triggered a chain reaction in the semiconductor and cloud computing sectors. The Wall Street Journal reported that there are significant internal concerns about whether OpenAI can handle its data center investments, noting that the company has missed monthly revenue targets several times. Consequently, it is reported that CFO Sarah Friar warned the executive management that if revenue growth slows, it will become difficult to afford future computing costs. These negative developments have led to a stock price plunge for SoftBank, which holds OpenAI shares, and a sharp decline in the stocks of major partners such as Oracle and CoreWeave. Semiconductor companies like NVIDIA, Broadcom, and AMD also saw their stock prices fall by 3% to 7%, shaking investor sentiment. In particular, rumors that Google is directly moving to produce its own semiconductors became a major cause of Broadcom's stock decline.
However, this report does not mean a slowdown in the growth of the entire AI industry. On the contrary, OpenAI is ending its exclusive contract with Microsoft and seeking new growth drivers by gaining opportunities to collaborate with other companies such as Amazon. Amazon CEO Andy Jassy also stated that AWS plans to provide OpenAI models, emphasizing that AI demand exceeds supply. OpenAI strongly denied the claims of reduced computing investment, asserting that its business is progressing actively in all areas, leading to a partial reduction in the decline of related stocks like Oracle and CoreWeave. Wedbush analyst also dismissed the OpenAI demand slowdown theory and recommended buying AI-based technology stocks. Meanwhile, a large-scale civil lawsuit filed by Elon Musk against OpenAI began today, raising concerns that it could have a negative impact on future IPO plans.
In contrast, Seagate's earnings report has brought relief to investors and supported the market. Seagate recorded third-quarter revenue far higher than expected, and its earnings per share surged. CEO Cade Metcalf stated that AI applications are amplifying data generation, signaling the start of structural growth. Seagate's stock price rose by more than 16% in after-hours trading, with attention also focused on the earnings reports of Western Digital and Seagate to be released on Thursday. Meanwhile, oil prices continued to rise for the seventh day, pushing U.S. gasoline prices to their highest level since 2022. Negotiation stalemates with Iran and the UAE's exit from OPEC have intensified supply anxieties, causing interest rates to maintain their upward trend. High bond yields are not functioning as a defense mechanism against stock market declines, suggesting significant volatility in the market during tomorrow's trading session.