Elevated Risk Closes the Trading Week 09/10/2026
Market Wrap
U.S. stocks ended mixed Thursday, with technology shares leading declines as fresh concerns over OpenAI's revenue outlook weighed on the artificial-intelligence trade, while rising oil prices and elevated Treasury yields added to market uncertainty.
The Nasdaq Composite fell 1.25% to 27,193.34, while the S&P 500 declined 0.47% to 7,765.36. The Dow Jones Industrial Average bucked the trend, gaining 52 points, or 0.1%, to close at 51,231.64.
AI-related stocks came under pressure after reports suggested OpenAI's annualized revenue was below previously indicated levels, raising fresh questions about the pace of AI investment and its potential returns. Oracle (ORCL) dropped more than 5%, while Nvidia (NVDA) lost nearly 3% and Advanced Micro Devices (AMD) fell almost 4%.
Oil prices surged as escalating tensions between the U.S. and Iran revived concerns over potential supply disruptions. Brent crude climbed 4.1% to $104.28 a barrel, while West Texas Intermediate gained 3.6% to $91.49. Prices retreated from session highs after President Donald Trump indicated that the U.S. would not launch attacks on Iran before next month's midterm elections.
Treasury yields also remained in focus after the 10-year and 30-year benchmarks reached fresh multidecade highs earlier in the week, adding pressure to equity valuations.
Palantir Technologies (PLTR) was among the session's few technology winners, gaining 2% after Goldman Sachs upgraded the stock on expectations for continued AI-driven growth.
Meanwhile, SpaceX (SPCX) rose 2% in extended trading after announcing an agreement to acquire a nationwide wireless spectrum portfolio. Telecom stocks, including AT&T (T), Verizon (VZ) and T-Mobile (TMUS), declined amid concerns about increased competition.
Despite Thursday's selloff, the major indexes remain relatively steady for the week. The Dow and Nasdaq are little changed, while the S&P 500 is on track for a weekly gain of roughly 0.6%.
Attention now turns to Friday's earnings from Delta Air Lines (DAL) and the preliminary October consumer sentiment report, as investors assess whether economic resilience can offset pressure from rising yields, geopolitical risks and renewed uncertainty surrounding the AI trade.
AI Chip Stocks Slide on OpenAI Revenue Concerns
Artificial-intelligence chip stocks fell sharply Thursday after a report that OpenAI's annualized revenue was below earlier expectations triggered a broad selloff across the sector.
The Financial Times reported that OpenAI's annualized revenue reached approximately $50 billion in late September, compared with a previously circulated figure of nearly $70 billion. The discrepancy raised concerns about the pace of AI spending, although analysts said it largely reflected differences in revenue reporting rather than weakening demand.
The selloff hit major AI beneficiaries. Advanced Micro Devices (AMD) dropped 3.9%, Nvidia (NVDA) lost 2.9% and Broadcom (AVGO) declined 4.3%. Memory and storage stocks also came under pressure, with Micron Technology (MU) falling 4.8% and Sandisk (SNDK) sliding 4.9%. Intel (INTC) dropped 5.3%.
The Technology Select Sector SPDR Fund (XLK) fell 1.8%, marking its biggest one-day decline since September 14.
Analysts at D.A. Davidson and Neostellar suggested the market reaction may have been excessive, arguing that the revenue gap reflected differences in accounting and comparisons with rival Anthropic rather than a deterioration in OpenAI's underlying business.
OpenAI's annualized revenue reportedly climbed from $40 billion in August to $50 billion in September, indicating continued strong growth as enterprise adoption accelerates.
For investors, the episode highlights how sensitive AI valuations have become to revenue expectations. While demand for AI infrastructure remains strong, questions around revenue transparency, profitability and returns on massive capital investments could continue to drive volatility across the sector.
Stocks on the Move
- Wolfspeed (WOLF): Shares surged more than 15% after securing a conditional $1.5 billion Defense Department loan to expand domestic chip production. The proposed deal gives the Pentagon warrants for up to 7.5% of the company.
- Broadcom (AVGO): Shares fell nearly 2% in premarket trading following reports that the chipmaker is seeking more than $50 billion in financing for custom AI chips being developed with OpenAI.
- Taiwan Semiconductor Manufacturing (TSM): Shares slipped about 1% despite reporting a 54.6% jump in September revenue, pushing third-quarter sales to $16.03 billion, above expectations, as AI demand remained strong.
- Lululemon (LULU): Shares declined around 1% after the retailer appointed former Athleta CEO Maggie Gauger as chief product officer and Joseph Godsey as COO, part of efforts to revive growth in North America.
Watchlist: AMD, AVGO, NVDA, JPM, MSTR, XOM, CVX, SPCX, META, GOOGL, TSLA, DAL
Key Economic Events Today
Economic Data (EST)
- 10:00 AM — USD Consumer Sentiment
- 10:00 AM — USD Inflation Expectations
- 04:00 PM — USD FOMC Member Collins Speaks
Earnings
Before Market Open: Delta Air Lines (DAL), New Horizon Aircraft (HOVR)
