US stock market opened lower as OpenAI IPO delay concerns weighed on AI stocks. Nasdaq, chip makers and SoftBank fell amid global tech sell-off.

US stocks closed lower as a global chip sell-off hit tech shares. The S&P 500 fell 1.3%, Nasdaq dropped 2%, while the Dow finished nearly flat.

Global markets fell due to AI demand concerns and OpenAI IPO delays. OpenAI's market cap less than $500B at IPO close now at 1.4% YES.