U.S. stocks plunge, $500B wiped

U.S. stocks fell early Tuesday, April 28, led by artificial-intelligence shares after a report said OpenAI missed internal goals for users and sales. (bloomberg.com) (cnbc.com) Bloomberg reported the Nasdaq 100 lost about 1.5% in early trading as Oracle Corp. and CoreWeave Inc. slumped on concerns that AI infrastructure spending may outrun demand. (bloomberg.com) CNBC said the Wall Street Journal report raised questions about whether OpenAI can keep funding its data-center buildout ahead of a planned initial public offering later in 2026. Oracle, Nvidia and Amazon have all committed billions to the company. (cnbc.com) The drop came one day after the S&P 500 closed at a record 7,173.91 and the Nasdaq Composite finished at a record 24,887.10, even as oil prices climbed on renewed tension around Iran and the Strait of Hormuz. (cnbc.com) That left traders weighing two forces at once: record-high index levels and a fresh hit to confidence in the trade that has powered much of the market’s gains. Charles Schwab said a long list of major chip stocks fell 3% or more at the open. (schwab.com) Nvidia had entered the week from a position of strength. Bloomberg reported on April 24 that its shares rose 4.3% to $208.26, setting the first record high since October 2025 after a broad semiconductor rally. (bloomberg.com) Tuesday’s move did not match the viral claims in the prompt about Nvidia reaching a $5.2 trillion valuation or gold and silver losing $1.2 trillion in one session. The reporting I found instead tied the stock selloff to the OpenAI growth report and to positioning ahead of a heavy week of megacap earnings. (bloomberg.com) (cnbc.com) The next test is earnings. CNBC said five Magnificent Seven companies are due to report this week, leaving investors to decide whether AI spending still looks justified at record market levels. (cnbc.com)