NASDAQ Composite declines over 1% on OpenAI revenue concerns; Nvidia, Oracle, Intel shares fall

The tech-heavy NASDAQ Composite declined more than 1% on Thursday after details regarding AI giant OpenAI's revenue raised concerns among investors.

NASDAQ fell 1.25% or 345.35 points to end at 27,193.34. The S&P 500 slipped 0.47% to 7,765.36. The Dow Jones Industrial Average rose 0.1% to close at 51,231.64.

NVIDIA Corp shares descended 2.94% to $230.48, Advanced Micro Devices declined 3.9% and Oracle shares slipped 5.48% on Thursday. Stocks of Broadcom, Intel and Super Micro Computer also saw a down tick of 4.35%, 5.34% and 4.83%, respectively.

Astera Labs, Amazon, Microsoft, CoreWeave, ARM Holdings, SanDisk Corporation, SpaceX, and Alphabet Class A shares also declined on Thursday.

Brent Crude fell 0.77% to $103.48 per barrel, while West Texas Intermediate dropped 0.57% to $90.97 a barrel after US President Donald Trump said that productive talks are being held with Iran. He also claimed that Iran is in very bad condition and oil is flowing in record numbers from the Strait of Hormuz.

Taking to Truth Social, he said, "We are having productive discussions with the Islamic Republic of Iran. I want to make it clear to everybody that, while Iran is in very bad condition, both Economically and Militarily, and while the Blockade will remain in full force and effect, with Oil flowing in Record Numbers of Barrels through the Hormuz Strait (22 Million Barrels, last night alone, with not one barrel coming from, or going to, Iran!), we will not be attacking Iran at any time prior to the Midterm Elections to be held in the United States on November 3rd. IRAN WILL NOT HAVE A NUCLEAR WEAPON!"

Chipotle Mexican Grill Inc shares advanced 6.21% to $32.68 apiece after reports claimed that coffee giant Starbucks is looking to buy the restaurant chain in a potential deal that could be the biggest restaurant acquisition of all time.

PepsiCo Inc shares surged 3.73% after the company reported adjusted revenue of $2.34 per share, with a revenue of $25.27 billion in the third quarter, beating analysts' expectations.