Tech stocks live: Tech sells off as OpenAI weighs delaying IPO until 2027

A sell-off in tech stocks intensified on Friday as Micron (MU) and other memory stocks declined and the New York Times reported that OpenAI (OPAI.PVT) may delay its initial public offering.

According to the report, the reaction to SpaceX’s (SPCX) IPO is one reason for OpenAI’s caution. After soaring nearly 60% above its IPO price, shares of Elon Musk’s rocket and satellite company have since given up nearly all their post-IPO gains.

Tech stocks have generally experienced a lot of volatility in recent weeks too, as strong AI demand runs up against supply chain bottlenecks. On Thursday, Apple stock (AAPL) fell 6% after the company said it was raising prices on iPads and MacBooks due to the memory shortage. That weighed on the Nasdaq Composite (^IXIC), which is on track for weekly losses.

But on the other side of that trade, Micron stock jumped over 15% after the chipmaker’s third quarter earnings on Wednesday delivered a powerful signal to AI trade skeptics. Micron beat analysts’ expectations on the top and bottom lines and surpassed estimates for the company’s Q4 revenue outlook.

Qualcomm (QCOM) also rose after the company raised its non-handset revenue target to $40 billion by fiscal year 2029.