OpenAI Cuts Revenue Forecast, Wall Street Tech Stocks Tumble

US stock markets were volatile again on Thursday (8/10) after a disappointing OpenAI revenue report triggered a sell-off in technology shares. The Nasdaq Composite plunged more than 1%, its biggest daily drop since mid-August, while the S&P 500 fell 0.5% and the Dow Jones managed to hold in slightly positive territory. S&P 500 futures were flat on Friday morning, signaling investors are still waiting for clarity on market direction.

OpenAI reportedly posted annual revenue of $50 billion through the end of September, far below the $68 billion figure that circulated widely last month. A source familiar with the matter said the $68 billion figure included gross revenue from partners. The news immediately shook market confidence in the valuations of companies closely tied to the artificial intelligence ecosystem. CoreWeave shares tumbled more than 7%, while Oracle, Intel, and Super Micro Computer each fell nearly 4%. Nvidia, until now a market darling, lost almost 3% of its market value.

"If we have a few days like this, we could see a massive sell-off in AI-related stocks," said Kristina Hooper, chief market strategist at Man Group, on CNBC's "Closing Bell: Overtime." "That could make investors lose their appetite." The concern comes amid a long rally in technology stocks driven by optimism over AI. Earlier, the Nasdaq index had hit an all-time high early this week, but two consecutive days of declines have eroded some of those gains.

Outside the technology sector, the market was also surprised by corporate action from SpaceX. The company owned by Elon Musk announced an agreement to buy a national 800 MHz spectrum portfolio from Grain Management. The move aims to strengthen Starlink Mobile's capabilities. SpaceX shares rose nearly 3% in after-hours trading, but telecom operator shares came under pressure: T-Mobile fell 6%, AT&T plunged 7%, and Verizon weakened more than 6%. Investors worry the deal will intensify competition in an already tight telecommunications market.

Meanwhile, health insurance company shares swung wildly after the Centers for Medicare & Medicaid Services released 2027 Star ratings for the Medicare Advantage program. Humana jumped 12% as the rating for its largest contract improved, while Alignment Healthcare instead tumbled 23%. On the other hand, Park Aerospace reported earnings per share of 21 cents with revenue of $20.8 million in the second quarter, up from 12 cents and $16.4 million in the same period last year, though its shares closed down 1%.

For Indonesian investors, the turmoil on Wall Street deserves attention because the domestic capital market is often affected by global sentiment. A decline in US technology shares could affect the domestic technology sector, especially issuers in digital and e-commerce. In addition, the weakening of the US dollar due to expectations of looser monetary policy could be a tailwind for the rupiah, but it also has the potential to increase volatility in foreign capital flows. Investors are advised to remain cautious about US economic data releases, including October consumer sentiment due on Friday, as well as the corporate earnings season that will be the next catalyst.

Looking ahead, the big question is whether this technology stock correction is temporary or the start of a deeper correction. If OpenAI and other AI companies do not soon show improved financial performance, selling pressure could continue. On the other hand, traditional sectors such as banking and energy may become destinations for fund rotation. Market participants will await clues from economic data and statements by Federal Reserve officials to gauge the direction of interest rates. Has the AI rally run out of steam, or is this just a pause before the next climb?