US Stocks Retreat on Tech Selloff

2026-10-08 20:08 By Isabela Couto 1 min. read

US stock indices closed lower on Thursday after the Financial Times reported that OpenAI's revenue was sharply below figures previously published by other outlets.

The S&P 500 fell 0.5% and the Nasdaq slipped 1.4%, while the Dow closed 52 points higher.

The report cited documents indicating annualized revenue of $50 billion rather than the $70 billion previously estimated.

This reignited concerns over profitability for LLM developers and the sustainability of their soaring investments in AI infrastructure, which have supported both the stock market and US GDP growth this year.

Chipmakers posted sharp losses, with Nvidia down 2.9%, Broadcom shedding 4.6% and Micron losing 4.8%.

Hyperscalers also traded lower, with Alphabet falling 0.7%, Microsoft down 1.3% and Oracle tumbling 5.8%.

Meanwhile, energy prices were volatile, with oil rebounding as Iran ramped up attacks on tankers transiting the Strait of Hormuz and a hurricane threatened US offshore production in the Gulf of Mexico.



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2026-10-08
US Stocks Retreat on Tech Selloff
US stock indices closed lower on Thursday after the Financial Times reported that OpenAI's revenue was sharply below figures previously published by other outlets. The S&P 500 fell 0.5% and the Nasdaq slipped 1.4%, while the Dow closed 52 points higher. The report cited documents indicating annualized revenue of $50 billion rather than the $70 billion previously estimated. This reignited concerns over profitability for LLM developers and the sustainability of their soaring investments in AI infrastructure, which have supported both the stock market and US GDP growth this year. Chipmakers posted sharp losses, with Nvidia down 2.9%, Broadcom shedding 4.6% and Micron losing 4.8%. Hyperscalers also traded lower, with Alphabet falling 0.7%, Microsoft down 1.3% and Oracle tumbling 5.8%. Meanwhile, energy prices were volatile, with oil rebounding as Iran ramped up attacks on tankers transiting the Strait of Hormuz and a hurricane threatened US offshore production in the Gulf of Mexico.
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