OpenAI concerns drag tech stocks lower ahead of big market earnings

A selloff in technology giants dragged down stocks as concerns resurfaced over whether vast investments in artificial intelligence will pay off just as traders gear up for a slew of megacap results.

The industry that’s powered this month’s equity rally got hit on a news report that OpenAI failed to meet its own goals for new user acquisition and sales, fuelling internal concerns the firm may struggle to support its artificial intelligence infrastructure spending.