Finance

Semiconductor and memory chip stocks faced sharp sell-offs following reports that OpenAI may delay its initial public offering until 2027. This news, combined with concerns over the sustainability of AI infrastructure spending, led to double-digit percentage drops for companies like Sandisk and Seagate Technology, despite recent blockbuster earnings from Micron.

Bitcoin fell below the $60,000 threshold as more than $1 billion in crypto positions were liquidated over a 24-hour period ending June 26. Risk-off sentiment has been exacerbated by massive outflows from spot Bitcoin ETFs and concerns regarding major corporate holders like Strategy, which has seen its stock price nearly halve over the past month.

U.S. crude oil prices stabilized near $70 per barrel as supply concerns related to the conflict with Iran began to ease following a memorandum of understanding to halt naval blockades. Despite this moderation, domestic energy firms have increased their rig counts to the highest levels since mid-2022 to meet surging electricity demand from AI data centers.