This was after the Wall Street Journal reported Thursday that OpenAI Chief Executive Sam Altman was in talks with investors to raise funds for a tech initiative intended to boost chip-building capacity for power AI, among other things.
The S&P 500 receded, with megacaps Microsoft, Apple , Nvidia and Amazon dipping over 1%, pressured by higher U.S. Treasury yields, which made returns on stocks less attractive.
Seven megacap stocks Apple, Microsoft, Alphabet, Amazon, Nvidia, Tesla and Meta Platforms have led broader markets higher this year. As of Tuesday, these stocks accounted for more than 80% of the S&P 500 s total return for 2023.