- Nasdaq 100 futures fell 1.2% and S&P 500 futures dropped 0.4% as chipmakers sold off for a second straight session, with a second trading halt triggered in Seoul for Samsung and SK Hynix; investors pulled money from US equities for the first time in three months, with record outflows from tech.
- A New York Times report that OpenAI could delay its IPO until 2027 rattled AI-linked stocks globally, sending SoftBank tumbling and Japan’s Nikkei 225 down 4.2%, with Europe’s Stoxx 600 on track for its worst week since mid-May.
- Apple and Microsoft price increases intensified fears that surging chip costs could undermine consumer demand for AI-powered devices — a “negative externality” Bloomberg’s macro strategist called difficult to wave away once it materializes.
- Brent crude fell 3.5% below $73 a barrel despite Thursday’s IRGC drone strike in Hormuz as oil traffic continued to flow; gold rose 0.5% to $4,046 an ounce and Bitcoin gained 0.7% to $59,789.
What Happened?
Global stocks fell Friday as tech sentiment deteriorated sharply. Nasdaq 100 futures slid 1.2% and S&P 500 futures fell 0.4%, with semiconductor names including Micron and optical stocks broadly lower in premarket trading. In Seoul, a second trading suspension in days was triggered for Samsung Electronics and SK Hynix. Japan’s SoftBank tumbled after a New York Times report said OpenAI may push its IPO back to 2027, dragging the Nikkei 225 down 4.2%. Europe’s Stoxx 600 was on course for its worst weekly performance since mid-May. Investors pulled money from US equities for the first time in three months, with record withdrawals from tech specifically.
Why It Matters?
The week exposed a fragile consensus around the AI trade: the same chips that power the AI boom are now making products more expensive for consumers, with Apple raising Mac and iPad prices by up to $300 and Microsoft following suit. That creates a demand feedback loop — higher prices could slow device sales, which could dampen chip orders. Meanwhile, an OpenAI IPO delay, if confirmed, removes a marquee catalyst that had underpinned sentiment in AI-adjacent stocks. As Bloomberg’s macro strategist Cameron Crise noted, AI’s negative externalities — soaring chip costs rippling through the broader consumer electronics stack — are “difficult to just wave away once they materialize.”
What’s Next?
Earnings season kicks off in roughly two weeks, and strategists are watching for corporate results to serve as a positive catalyst. Samsung and SK Hynix are expected to announce hundreds of billions in new investment plans on Monday, which could stabilize chip-sector sentiment. Fed Chair Kevin Warsh’s price-stability focus continues to support the dollar, which is on track for one of its best months in a year. Oil’s decline despite the Hormuz attack suggests energy markets are not yet pricing in prolonged disruption. Bitcoin trades near $59,789 as the broader risk-off mood continues to weigh on crypto.
Source: Bloomberg
