S&P 500 fell 0.49%, Nasdaq Composite dropped 0.90%, and Dow Jones Industrial Average slipped 0.05% as AI stocks struggled following reports about OpenAI missing revenue and user targets.

The S&P 500 (^GSPC 0.49%) fell 0.49% to 7,138.80, the Nasdaq Composite (^IXIC 0.90%) dropped 0.90% to 24,663.80, and the Dow Jones Industrial Average (^DJI 0.05%) slipped 0.05% to 49,141.93. AI stocks tied to OpenAI, such as Oracle and CoreWeave, struggled particularly. A Wall Street Journal report said OpenAI had missed revenue and user targets; OpenAI denied the claim this morning.

Software and chip names felt pressure as concerns about OpenAI triggered a pullback in AI-focused stocks. General Motors and Coca-Cola both gained following solid quarterly earnings, while energy stocks such as Chevron and ExxonMobil finished in the green.

With big names such as Nvidia trading close to all-time highs, investors are worried about whether the huge investment in AI infrastructure will pay off. Several mega-cap tech companies, including Alphabet, Amazon, Meta Platforms, and Microsoft, are due to report earnings this week, with AI spending vs. revenue generation under scrutiny.