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Tech stocks today: OpenAI's growth disappoints, chip stock slide continues
Tech stocks slid Thursday, as bond market woes continued to hit equities on Wall Street. The Nasdaq fell 1%, following a slight rebound on Wednesday.
Anthropic is reportedly eyeing publicly filing its initial public offering paperwork as soon as the end of the month, according to Bloomberg, the company is also targeting a potential haul exceeding the $75 billion SpaceX brought in when it went public in June.
The next big test for the AI trade happens next week, when Nvidia reports its quarterly earnings on Aug. 26. The announcement will have a wide-ranging impact on everything from hyperscalers to fellow pick-and-shovel companies.
OpenAI is gaining on Anthropic with business users, new data indicates
Until both OpenAI and Anthropic get close enough to their planned IPOs to release their financials, we have to look to other sources for signs of how well their businesses are doing. One of those sources, Ramp, the corporate credit card and expense management company, has just released some surprising new data: OpenAI has started gaining on Anthropic with U.S. businesses.
OpenAI, which was once the runaway leader with both businesses and consumers, lost the lead among Ramp’s paying business users back in May. That’s when Anthropic hit 41% market share to OpenAI’s 39%. The ChatGPT maker has never regained that lead. As of July, Anthropic has nearly 44% to OpenAI’s nearly 40%.
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