US chip stocks dip after report shows OpenAI falls short of performance targets

Lam Research

28/04/2026 15:37

Updates

** U.S. chip stocks fall after the Wall Street Journal reported that OpenAI missed sales targets and user acquisition goals for weekly users and revenue

** News raises concerns over the ChatGPT parent's ability to support its massive spending on data centers

** Nvidia NVDA.O drops 2%, Advanced Micro Devices AMD.O falls 3% and Arm Holdings ARM.O down 7.4%

** U.S.-listed shares of contract chipmaker Taiwan Semiconductor Manufacturing TSM.N and memory chipmaker Micron Technology MU.O down 3.3%  and 4.4%, respectively

** Shares of chip-making equipment companies like Applied Materials AMAT.O, Lam Research LRCX.O and KLA Corp KLAC.O also fall between 4.8% and 5.2%

** Microsoft MSFT.O up 0.4%; it announced a change to its partnership with OpenAI on Monday

** The Philadelphia Semiconductor Index .SOX drops 3.8%

** Ishares Semiconductor ETF SOXX.O fall 3.7% and Vaneck Semiconductor SMH.O ETF down 3.1%

 (Reporting by Ragini Mathur)

 ((Ragini.Mathur@thomsonreuters.com;))