Seoul Stocks Open Lower as OpenAI Revenue Concerns Weigh on Markets
KOSPI dips 0.33% amid AI sector worries; WSJ report says OpenAI executives fear computing contract payment issues
Quick Look
- Seoul stocks opened lower Wednesday with the KOSPI down 22.02 points (0.33%) at 6,619.00, driven by concerns over OpenAI's financial performance and rising oil prices.
- A Wall Street Journal report cited insiders saying some OpenAI executives worry the company might not afford future computing contracts if revenue doesn't grow fast enough.
AI-generated summary
Seoul stocks opened lower Wednesday as a report on OpenAI's poorer-than-expected performance renewed concerns over the artificial intelligence (AI) sector and rising oil prices. The benchmark Korea Composite Stock Price Index (KOSPI) opened down 22.02 points, or 0.33 percent lower at 6,619.00. Overnight, major stock indexes on Wall Street lost ground as concerns over the AI sector reemerged following a report warning that ChatGPT maker OpenAI was falling short of revenue and user targets. The Wall Street Journal said in a report published Tuesday (U.S. time) that some executives at OpenAI are worried that the company "might not be able to pay for future computing contracts if revenue doesn't grow fast enough," citing insiders familiar with the matter.
