Nasdaq opens lower as fresh concerns around AI pressure tech stocks

[NEW YORK] The Nasdaq Composite opened lower on Tuesday (Apr 28), underperforming the benchmark S&P 500 and the blue-chip Dow, as investors questioned whether the artificial intelligence boom can deliver meaningful growth for technology stocks.

The Wall Street Journal reported that AI heavyweight OpenAI had missed internal targets for weekly users and revenue, raising concerns over the ChatGPT parent’s ability to support its massive spending on data centres.

The Dow Jones Industrial Average rose 109.0 points, or 0.22 per cent, at the open to 49,276.8.

The S&P 500 fell 40.2 points, or 0.56 per cent, at the open to 7,133.74​, while the Nasdaq Composite dropped 277.5 points, or 1.12 per cent, to 24,609.574. REUTERS