US Equities Experience Modest Growth: OpenAI’s AI Timeline in Focus
This week has been eventful for tech stocks, with the market currently in a holding pattern ahead of the PCE report scheduled for tomorrow. While the Nasdaq saw a decline earlier in the week and late last week, it has been slowly recovering.
However, Nvidia shares have not rebounded in the same manner, remaining 10% below the record set last week. The tech giant faced setbacks with OpenAI announcing a delay in the release of GPT-4o. Initially promised to be launched in ‘weeks,’ the AI model will now be rolled out next month, with voice features accessible to all users in the autumn. Video and screen-sharing capabilities are set to follow at a later undisclosed date.
OpenAI explained, We’re enhancing the model’s ability to detect and reject certain content. We’re also focusing on improving the user experience and scaling our infrastructure to accommodate millions while delivering real-time responses.
Meanwhile, Nvidia’s shares are down by 1.3%, and Micron shares plummeted by 6% following the release of their earnings report late yesterday. Walgreen’s and Levi’s also experienced sharp declines after reporting earnings.
On a positive note, Adobe’s shares surged by 3.3%, with Google, Meta, and Amazon also witnessing moderate gains in the market.
As investors navigate through these fluctuations, all eyes are on OpenAI’s AI developments and the upcoming PCE report, which could potentially impact the market’s trajectory in the days to come.
