The New York stock market started mixed on the 28th local time on concerns about a slowdown in growth at OpenAI.
As of 9:58 a.m. on the 28th local time, the Dow Jones Industrial Average on the New York Stock Exchange (NYSE), which tracks blue chips, was up 84.39 points, or 0.17%, at 49,252.18 from the previous transaction day.
The Standard & Poor's (S&P) 500 index, focused on large caps, was down 34.32 points, or 0.48%, at 7,139.59 from the previous transaction day, while the tech-heavy Nasdaq was down 204.05 points, or 0.82%, at 20,483.05.
Concerns about a slowdown in OpenAI's growth are weighing on tech stocks across the board. The Wall Street Journal reported that OpenAI's recent revenue and growth in new users fell short of internal targets.
As a result, semiconductor stocks, which had been rallying on expectations of expanded artificial intelligence (AI) infrastructure, turned broadly lower. Nvidia was down more than 2%, and Broadcom was down in the mid-3% range. AMD and Intel were also down more than 4% and 2%, respectively. The potential slowdown in demand for AI servers and cloud services is seen as dampening investor sentiment across related sectors.
By contrast, the Dow was extending gains on strong results from Coca-Cola. Coca-Cola jumped more than 5% after reporting results that beat market expectations.