Nasdaq Weakens, AI Concerns Rise
Global stock markets weakened on Friday (June 26th) after reports emerged that OpenAI was considering postponing its initial public offering (IPO). The news increased pressure on technology stocks, particularly amid growing concerns about the high cost of developing artificial intelligence infrastructure.
On Wall Street, the S&P 500 index fell 0.7%, while the Nasdaq Composite fell 1.1%. The Dow Jones Industrial Average also fell 237 points, or around 0.5%. The greatest pressure came from technology and semiconductor stocks, as investors began to question whether massive spending on AI could continue to support the sector's valuation.
A New York Times report stated that OpenAI was considering postponing its IPO until next year. This news comes after SpaceX's post-debut performance was deemed less than solid and the AI stock market experienced high volatility. For investors, the delay in OpenAI's IPO could signal that capital market funding for major AI projects may not be as rapid as previously hoped.
JPMorgan traders believe the report raises concerns about the sustainability of AI infrastructure spending, especially if capital market funding is delayed. Meanwhile, Adam Crisafulli of Vital Knowledge said the delay in OpenAI's IPO could slow infrastructure spending, which has been a key driver of the rally in chip and data center stocks.
Semiconductor stocks were also hit hard. Micron Technology fell 5%, despite previously receiving a boost from strong earnings reports. Advanced Micro Devices fell 4%, Intel fell 3%, and Oracle, a software stock with exposure to AI infrastructure, also fell more than 1%.
The pressure wasn't limited to the United States. The selloff in technology stocks spread more strongly to Asia. SoftBank Group, a major backer of OpenAI, led the regional decline with a decline of more than 12%. This decline reflected investor concerns that the potential realization of profits from OpenAI's investment could be delayed if the IPO is indeed postponed.
The South Korean stock market also experienced sharp pressure. The Kospi plunged 5.81% to 8,411.21, while the Kosdaq dropped 4.10% to 851.37. The decline was triggered by widespread selling in technology and chip stocks, amid concerns about high valuations and the growing cost of AI infrastructure.
In Japan, the Nikkei 225 fell 4.15%, while the Topix weakened 1.32%. Hong Kong also suffered, with the Hang Seng down 1.76%, while mainland China's CSI 300 fell 3%. In Europe, similar sentiment weighed on the stock market, with the pan-European Stoxx 600 index down around 1%.
This situation suggests that investors are becoming more selective about stocks that previously benefited from the AI theme. Over the past two years, the technology and semiconductor sectors have been the main drivers of the global market rally. However, concerns about chip costs, data center needs, AI project financing, and the potential delay of OpenAI's IPO have caused the market to reassess these expectations.
While the AI trend hasn't completely lost its appeal, recent volatility signals that market euphoria is beginning to be tested. If concerns about funding and infrastructure costs continue to mount, pressure on tech stocks could persist. Instead, the market needs new evidence that AI spending can generate real and sustainable revenue growth. (arl)
Source: Newsmaker.id
