Today’s Market Recap: OpenAI Revenue Concerns; Nasdaq Falls 1.25%, AAOI Drops 13.58%, Brent Gains 4.07%
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On October 8, Eastern Time, U.S. stock indices diverged as tech shares declined following reports that OpenAI’s annualized revenue of nearly $50 billion missed prior estimates, pressuring chip and AI infrastructure stocks. Meanwhile, Treasury yields fell amid strong auction demand, and oil prices rose due to Middle East tensions and hurricane risks. In geopolitical developments, President Trump stated the U.S. would not attack Iran before the midterm elections. Corporate highlights included Nvidia pledging $1 billion for U.S. scientific research, Apple scheduling new hardware releases, and Firmus shelving its Australian IPO amid market volatility.
Tracking the Market Trend
TradingKey - On October 8, Eastern Time, the three major U.S. stock indices posted mixed results. A decline in tech stocks dragged down the S&P 500 and the Nasdaq Composite, causing them to close lower for the second consecutive trading day, while the Dow Jones Industrial Average rose slightly.
At the close, the Dow rose 0.10% to 51,231.64 points; the Nasdaq fell 1.25% to 27,193.34; and the S&P 500 fell 0.47% to 7,765.36.
According to the Financial Times, documents provided by OpenAI to investors show that its annualized revenue as of the end of September was close to $50 billion, lower than the approximately $70 billion previously reported. Following the news, tech stocks extended their losses, with chip and AI infrastructure-related stocks coming under pressure.
Intel （INTC） closed down more than 5%, Broadcom（AVGO）fell more than 4%, Nvidia （NVDA） dropped nearly 3%, Oracle （ORCL） fell more than 5%, and CoreWeave （CRWV） fell 7.77%.
Optical communications stocks saw significant declines, with Coherent （COHR）down 9.63% and Applied Optoelectronics （AAOI）down 13.58%; fuel cell system supplier Bloom Energy （BE）fell 6.34%.
U.S. Treasury prices rebounded during the session, pushing yields lower, while the U.S. Dollar Index turned lower. Strong demand at Treasury auctions provided support to the bond market. Trump stated that he would not attack Iran before the midterm elections, prompting oil prices to give back some of their gains.
The situation in the Middle East and the threat posed by hurricanes to crude oil production in the U.S. Gulf of Mexico continue to support oil prices. WTI November crude oil futures closed up 3.64% at $91.49 per barrel; Brent December crude oil futures closed up 4.07% at $104.28 per barrel.
Precious metals showed mixed performance. COMEX October gold futures closed up 0.44% at $4,131.80 per ounce, while October silver futures closed down 1.39% at $59.064 per ounce. Bitcoin fell below $81,000 during intraday trading.
Market Headline
U.S. President Donald Trump said on October 8 that the United States would not attack Iran before the November 3 midterm elections but would maintain its naval blockade. In a Truth Social post, he said Washington was holding “productive discussions” with Tehran and reiterated that Iran would not be allowed to obtain a nuclear weapon.
Trump’s latest financial disclosure shows that accounts in his name purchased between $5 million and $25 million in Meta (META) shares and between $1 million and $5 million in SpaceX bonds in August. According to media calculations, the accounts made 517 securities purchases and sales that month, with a combined disclosed value ranging from approximately $74.3 million to $273.3 million. The SpaceX bonds were purchased on August 18, two days before Trump signed a policy document aimed at expanding commercial space transportation. The White House said third-party financial institutions independently manage his portfolio and that neither Trump nor his family participates in investment decisions.
OpenAI’s annualized revenue approached $50 billion at the end of September, below the roughly $70 billion previously reported by media outlets, with the discrepancy involving how sales through cloud partners are counted, according to the Financial Times. Investors derived the earlier estimate by adjusting OpenAI’s revenue methodology to make it comparable with Anthropic’s and applying growth information disclosed by the company. The two companies account for sales through cloud partners differently. OpenAI declined to comment on the report.
Nvidia-backed data center operator Firmus has shelved its Australian IPO and turned to private fundraising. The company cited recent market volatility and market conditions, saying it would consider alternative public and private financing options. Earlier reports indicated that Firmus had discussed lowering its offering price from A$11 per share to A$8–A$8.25, approximately 25%–27% below its original target.
Nvidia (NVDA) announced on October 8 that it would commit resources worth $1 billion over the next five years to support U.S. scientific research in quantum computing, healthcare and energy security. The commitments will support higher-education research institutions, advance quantum computing and assist cloud service providers serving U.S. government mission needs. Nvidia will also participate in the Genesis Mission’s second-phase projects covering quantum computing, fusion, accelerator design and microelectronics.
Apple (AAPL) plans to unveil its first touchscreen MacBook Pro and a new OLED iPad mini around October 27, alongside an M6-powered 14-inch MacBook Pro and iMac, Bloomberg reported. The touchscreen MacBook Pro is expected to feature an OLED display, a Dynamic Island interface and a thinner, lighter design. The report also said Apple plans to introduce a smart home hub, a new HomePod mini and an updated Apple TV on October 13.
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