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Questions regarding the sustainability of artificial intelligence infrastructure spending intensified following reports that OpenAI missed internal growth and revenue targets. This news triggered a sharp decline in chipmakers and software providers, with Oracle and various semiconductor stocks falling between 1.6% and 4.4%. The divergence between high-performing chip sectors and struggling software firms continues to widen as the market reevaluates long-term AI prospects.

The Federal Reserve concluded its April meeting by holding the federal funds rate steady in the 3.5% to 3.75% range. Policymakers cited elevated energy costs and geopolitical uncertainty from the ongoing Iran conflict as significant factors complicating the inflation outlook. While the central bank maintains a forecast for one rate reduction later in 2026, the timing remains uncertain as energy-driven price pressures persist.

Global energy markets are reacting to the United Arab Emirates' decision to exit OPEC and continued disruptions near the Strait of Hormuz. Brent crude remains volatile around the $111 per barrel mark, as stalled U.S.-Iran talks suggest a prolonged period of elevated energy prices. Despite some oversupply in the broader oil market, the risk of a regional conflict continues to keep prices bid for the remainder of the year.