April 28 (Reuters) – The Nasdaq Composite opened lower on Tuesday, underperforming the benchmark S&P 500 and the blue-chip Dow, as investors questioned whether the artificial intelligence boom can deliver meaningful growth for technology stocks. The Wall Street Journal reported that AI heavyweight OpenAI had missed internal targets for weekly users and revenue, raising concerns […]
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Nasdaq opens lower as fresh concerns around AI pressure tech stocks
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April 28 (Reuters) – The Nasdaq Composite opened lower on Tuesday, underperforming the benchmark S&P 500 and the blue-chip Dow, as investors questioned whether the artificial intelligence boom can deliver meaningful growth for technology stocks.
The Wall Street Journal reported that AI heavyweight OpenAI had missed internal targets for weekly users and revenue, raising concerns over the ChatGPT parent’s ability to support its massive spending on data centers.
The Dow Jones Industrial Average rose 109.0 points, or 0.22%, at the open to 49,276.8. The S&P 500 fell 40.2 points, or 0.56%, at the open to 7,133.74, while the Nasdaq Composite dropped 277.5 points, or 1.12%, to 24,609.574.
(Reporting by Niket Nishant and Utkarsh Hathi in Bengaluru; Editing by Devika Syamnath)