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S&P 500, Nasdaq set for weekly fall as chip stocks slide

The S&P 500 and Nasdaq are positioned for weekly declines following a sell-off in AI-related chip stocks. Investors are questioning high valuations and the impact of massive AI spending. Gains in healthcare and staples have partially offset the tech weakness.

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What changed

Recent reports of a delayed OpenAI IPO and a global tech sell-off have intensified the downward pressure on Nasdaq futures.

Live updates

  1. S&P 500 and Nasdaq Face Weekly Losses as Chip Stocks Slide

    The S&P 500 and Nasdaq are positioned for weekly declines following a sell-off in AI-related chip stocks. Investors are questioning high valuations and the impact of massive AI spending. Gains in healthcare and staples have partially offset the tech weakness.

    What's confirmed:

    • The S&P 500 and Nasdaq were set for weekly losses on Friday.
    • Chip stocks experienced a slide following a rally led by Micron.
    • Nasdaq futures fell as a global tech sell-off deepened.
    • Micron, Nvidia, and Sandisk tumbled.
    • Asian shares plunged as traders sold to lock in profits after AI-driven rallies.

    Still unconfirmed:

    • OpenAI is considering holding off its IPO until next year.
    • The Philadelphia chips index is set for its worst week since March 2025.
    • A report of an OpenAI IPO delay rattled tech stocks.
    confidence 90%