"With Nvidia ( Nasdaq: NVDA) earnings just around the corner, technology stocks remain stuck in the doldrums amid a risk-off market climate. The broader markets are extending their losing streak, with all three of the major stock market indices trading in the red, including a near 400-point decline in the Dow Jones Industrial Average as well as fractional declines in the Nasdaq Composite and S&P 500."
"Nevertheless, AI is humming along. Most recently, OpenAI, the maker of ChatGPT, has inked a multi-year tie-up with Intuit ( Nasdaq: INTU) in which the finance giant will pour a reported $100 million into OpenAI models, bolstering applications like TurboTax. AI data cloud company Snowflake ( NYSE: SNOW) has struck a partnership with Nvidia to integrate the chip company's "most popular libraries for data science" to bolster Machine Learning on its platform."
Major U.S. indices opened lower, with the Dow down about 355 points to 46,235, the Nasdaq down 215.32 to 22,499.74, and the S&P 500 down 36.06 to 6,636.45. Technology stocks are under pressure, with the wider tech sector down about 1% and individual moves including Cloudflare falling 3% after an overnight outage. AI-related deals continue, including OpenAI's multi-year tie-up with Intuit involving a reported $100 million and Snowflake partnering with Nvidia to integrate popular data science libraries for machine learning. Analysts from Rothschild & Co cut Microsoft and Amazon to neutral amid Gen-AI skepticism. AMD and Micron fell on AI-related jitters.
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