Chip stocks bounce back as OpenAI files for Wall Street float – business live

Guardian Business

Chip stocks bounce back as OpenAI files for Wall Street float – business live

Rolling coverage of the latest economic and financial news OpenAI confidentially files for initial public offering on US stock market Good morning and welcome to our rolling coverage of business, the financial markets and the world economy. For the second day running, circuit breakers have been triggered on the Seoul stock exchange. But this time, it’s because the market is rising unusually quickly, rather than tumbling like it did on Monday. A day with a rise or fall of less than 5% in the Kospi has become rare – a sign of just how volatile this market has become and, therefore, how much of the move is driven by speculation. Indeed, the Kospi’s volatility index keeps rising to unbelievable levels, suggesting that when the music stops, there will be carnage. Anyway, today we continue to observe the tech-versus-non-tech narrative play out – technology attracting flows while non-tech pockets of the market lag behind. The OpenAI news means that we will hear more about how much revenue it is generating and how much cash it is burning through in the coming weeks. 2026 is set to be the ‘brat summer’* for these AI names, with their soaring valuations and big promises for how AI will change the world and send their revenues soaring. 7am BST: German trade data 9:45am BST: Treasury Comittee hearing on Financial Inclusion Strategy 11am BST: NFIB’s US Business Optimism Index 1.30pm BST: US trade data for April Continue reading...

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