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MARKET BRIEFING · US

The Dow finished higher, yet in the same session the stocks leaning on AI capital spending fell one after another.

October 8, 2026 · Read the Korean original

Major indices

  • Dow 51,231.64 +0.10%
  • S&P 500 7,765.36 -0.47%
  • Nasdaq 27,193.34 -1.25%

What moved this session was not earnings but crude oil. Oil prices climbed again as Iran stepped up attacks on tankers transiting the Strait of Hormuz and a hurricane threatened production in the Gulf of Mexico. CNBC reported that Brent settled 4% higher at $104.28 a barrel and West Texas Intermediate rose 3.6% to $91.49. In the Gulf of Mexico, about 500,000 barrels per day, roughly a quarter of regional output, was shut in ahead of the storm. With oil reviving inflation worries, the 10-year Treasury yield stayed up near 5.3% and the dollar held firm. Crude did back off its intraday highs after President Trump said the United States would not strike Iran before the November midterm elections, which gave equities some room to breathe.

So the character of the session was divergence rather than decline. The Dow rose 0.10% to close at 51,231.64, while the S&P 500 fell 0.47% to 7,765.36 and the Nasdaq dropped 1.25% to 27,193.34, its second straight loss. The Associated Press noted that losses in technology shares overshadowed gains across a majority of S&P 500 members. Judged by the indexes alone this was a mild pullback, but the rotation underneath it was far sharper.

The weakness sat with companies leaning on AI capital spending. It started with a Financial Times report that OpenAI's annualized revenue stood near $50 billion at the end of September, some $20 billion below the $68 billion to $70 billion figures that had been widely cited. According to CNBC, most of that gap reflects whether partner-channel sales are counted gross or net rather than any downturn in the business, but the market's first reaction was to re-measure how much money will flow into AI. Oracle and CoreWeave were hit hardest, and the selling spread to NVIDIA, AMD, Broadcom, Intel and Micron. Refiners and energy names rose on the back of crude, and within semiconductors GlobalFoundries stood out after agreeing to supply TSMC with silicon interposers under a $2 billion deal. Bloom Energy fell for a separate reason, following a Bloomberg report that Oracle is trucking in natural gas to run some data centers while it waits for pipelines.

Today's Korean session therefore opens with cues pointing in different directions. Because Micron was swept up in the broad chip selling without company-specific bad news, large memory names may face pressure, and if the market keeps re-examining the scale of AI investment, power infrastructure and data center related shares could stay capped. The GlobalFoundries deal with TSMC, on the other hand, confirms demand in advanced packaging, which is a signal of the opposite kind for back-end materials and equipment. While crude holds above $100 a barrel, refining margins and chemical input costs move against each other, so it is better not to treat chemicals and refining as a single block.

It is worth separating the confirmed facts from the interpretation. The index moves, the oil settlements and the GlobalFoundries agreement with TSMC are confirmed by public reporting and company announcements. OpenAI's revenue figure comes from a Financial Times report relayed by other outlets, and whether that number implies a slowdown in the AI investment cycle remains at the stage of press and market interpretation.

Korean industries to watch today

  • Semiconductors · Micron's slide in the broad chip selloff may weigh on large memory names.
  • Power infrastructure · Re-measuring the scale of AI investment could cap data center power names.
  • Chemicals & refining · With crude above $100, refining margins and chemical input costs move in opposite directions.

Watchlist stocks in the news

  • NVIDIA (NVDA) · Sat at the center of the chip selloff as the OpenAI revenue report shook AI capex expectations. (CNBC)
  • AMD (AMD) · Deepened the chip decline as expectations for AI accelerator demand were repriced. (CNBC)
  • Broadcom (AVGO) · Slid with peers as the outlook for custom AI chip demand was questioned. (CNBC)
  • Intel (INTC) · Was swept up in broad risk-off across semiconductors without company-specific news. (CNBC)
  • Micron (MU) · Fell alongside the selloff in chips and AI infrastructure without company-specific bad news. (InvestingLive)
  • Oracle (ORCL) · Was hit hardest as the report of smaller-than-reported OpenAI revenue raised doubts about data center investment returns. (CNBC)
  • CoreWeave (CRWV) · Posted the steepest drop among AI infrastructure names as its reliance on OpenAI as a key customer came into focus. (CNBC)
  • Bloom Energy (BE) · Fell on a report that Oracle is trucking in natural gas to run data centers until pipelines are finished. (Investing.com)
  • Apple (AAPL) · Rose alone among the megacap technology names, standing apart from the AI capex debate. (InvestingLive)
  • Tesla (TSLA) · Edged lower with the broad weakness in technology shares, without company-specific news. (InvestingLive)
  • Coinbase (COIN) · Fell with crypto-linked peers as bitcoin slid to its lowest level in about three weeks. (Yahoo Finance)
  • Strategy (MSTR) · Declined as bitcoin's weakness weighed on the value of its holdings. (Yahoo Finance)
  • Robinhood (HOOD) · Slipped with crypto-trading peers as higher oil and yields cooled risk appetite. (Yahoo Finance)

Sources (Korean-language)

This market briefing was compiled by AI from this site's own price and filing data together with public news reports, and translated from the Korean original. Please check the sources below before relying on it.

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