Stocks Fall as Report on OpenAI Fuels Tech Jitters: Markets Wrap

A selloff in technology giants dragged down stocks as concerns resurfaced over whether vast investments in artificial intelligence will pay off just as traders gear up for a slew of megacap results.

The industry that has powered this month’s equity rally got hit on a news report that OpenAI failed to meet its own goals for new user acquisition and sales, fueling worries the firm may struggle to support its AI infrastructure spending. Partners such as Oracle Corp. and CoreWeave Inc. slumped, with the S&P 500 dropping from a record. The Nasdaq 100 lost 1%.