Stocks took a header yesterday, but they’re bouncing back in the early going. Helping matters out: Modest declines in oil prices and interest rates. Gold and silver are mixed, Bitcoin is up, and the dollar is flat.
About that Oura Inc. Initial Public Offering (IPO)? Never mind. The fitness ring company said it would delay its $2.2 billion offering, which previously was set to price today. A handful of other companies have delayed their IPOs, all citing “market conditions.” August and September have featured more volatility, as well as talk of delays for looming mega-IPOs like OpenAI’s.
MU (Green), SOXX (Blue), AIQ (Black) – YTD % Change
Source: TradingView
Speaking of OpenAI, the ChatGPT inventor suspended the rollout of its latest “GPT-6.1 Astra” model out of safety concerns. The firm’s head of safety systems, Saachi Jain, cited concerns about “alignment” (adhering to human guidance) and “scope authorization” (sticking to the parameters of a given task versus freelancing).
Government and industry experts are increasingly concerned about safety given how rapidly AI technology is advancing. Yet the Global X Artificial Intelligence & Technology ETF (AIQ) remains up 25.8% year-to-date, slightly ahead of the 20.1% rise in the Invesco QQQ Trust (QQQ).
Tech investors will be closely watching what Artificial Intelligence play Micron Technology Inc. (MU) has to say when it reports earnings tomorrow after the bell. The semiconductor company is a key supplier of memory chips, which are seeing extraordinary demand due to the AI capex and infrastructure boom.
The company is expected to report $31.59 per share on an adjusted basis, along with $51.2 billion in revenue. Those numbers would be up 943% and 353%, respectively. Micron stock is up 234% YTD, almost triple the 78.7% return of the iShares Semiconductor ETF (SOXX).
