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AI revenue growth worries weigh on tech stocks premarket
OpenAI reported Q2 revenue of $6.7 billion, up 18% from the prior quarter, but investors reacted cautiously as Meta’s trial over social media harms continues in Oakland.
Tech stocks were flat in pre-market trading Wednesday after a slightly down session the prior day, when the Philadelphia Semiconductor Index fell nearly 5%, according to Yahoo Finance citing market coverage.
OpenAI’s latest revenue growth figures did not fully convince investors, with the company reporting Q2 revenue of $6.7 billion, up 18% from the prior quarter, the outlet said, adding that rival Anthropic is also drawing attention for its reported preliminary quarterly revenue jump.
The story also highlighted expectations around Anthropic’s potential public offering, with reports indicating the AI lab is preparing to go public in September or October and that some investors are targeting a $2 trillion valuation.
Meanwhile, Yahoo Finance noted that Meta’s social media addiction trial continued today in Oakland, California, after opening remarks Tuesday, with a group of 29 state attorneys general suing the company over claims it designed its services to keep children online longer and caused psychological harm. Meta, for its part, argued the trial could expose it to as much as $1.4 trillion in damages, a figure the attorneys general dispute.