S&P 500 index(SPX.US) futures were lower on Friday as OpenAI is reportedly considering delaying its IPO and as a sell-off in tech gathered pace amid mounting concerns over the rising cost of artificial intelligence infrastructure.

Futures tied to the broad market index were down 0.3%, while NASDAQ-100(NDX.US) futures lost 1%. Dow Jones Industrial Average(DJI.US) futures rose 44 points, or 0.1%.

Chip stocks were weaker after a New York Times report that OpenAI is considering delaying its IPO to next year because of SpaceX(SPCX.US)’s poor performance following its debut and overall volatility in AI-related shares.

The report raised concerns about “sustainability of their infrastructure spending given the delay in funding from the capital markets,” wrote JPMorgan traders in a note.

The OpenAI IPO delay “could slow the pace of infrastructure spending,” said Adam Crisafulli of Vital Knowledge.

Shares of Micron Technology, Inc.(MU.US) declined nearly 5%, while Advanced Micro Devices, Inc.(AMD.US) and Intel Corporation(INTC.US) shed more than 3% each. Additionally, software stock Oracle Corporation(ORCL.US) dropped more than 2%.

In Thursday’s session, Apple Inc.(AAPL.US) lost 6% after announcing price hikes on its iPads and MacBooks, pointing to rising demand for memory and storage. Microsoft Corporation(MSFT.US) dropped more than 3% after announcing higher prices on its Xbox gaming consoles, citing surging component costs. Fellow tech giants Alphabet Inc. Class A(GOOGL.US) and Meta Platforms(META.US) also closed the session lower.

“This is a market that we think is quite set up to test conviction. We have this flavor of market leadership in specifically semiconductors and memory chip leaders,” said Julia Hermann, global market strategist New York Life Investment Management, on CNBC’s “Closing Bell” on Thursday afternoon. “This is a structurally more volatile flavor of tech than we saw in the Magnificent Seven for the past several years.”

Hermann added: “Then you pair that with an astonishing repricing in Fed expectations — not just the what, but the why of why the Fed might be hiking next — and you have this environment, which is candidly a recipe for volatility.”

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As of 03:55 PM Riyadh Time, top pre-market movements are as follows:

Saudi Oil Terminal Restarts After Shutdown

• Rastanura terminal resumed crude loading after four months; it exported about 6 million barrels daily in Q4.
• Iran's deputy foreign minister stated safe passage through the Strait of Hormuz requires Iranian coordination, dismissing outside decisions.
• Despite container ship attack, vessels kept passing through the Strait of Hormuz waterway on Friday.

US stocks see first net outflow in 3 months

• Bank of America reports US stocks had first net outflow since March, with tech funds seeing record outflows, signaling cooling AI trade.
• Investors boost long dollar positions at record speed, per CFTC data.
• Jeremy Grantham calls AI-driven US equities the "biggest bubble in American history," predicting a 70% price decline, unlike prior bubbles.

OpenAI Delays IPO Amid SpaceX Jitters

OpenAI postpones its IPO to next year after advisers cited volatile post-listing performance of SpaceX(SPCX.US) and tech stock weakness. Read in detail>>

Hormuz Crisis Reshapes Energy Markets

Strait of Hormuz closure over 100 days spurs Asian nations to prioritize energy security over cost with renewables. Read in detail>>

Market Turbulence Not a Crash Signal

Despite wild volatility, KOSPI, S&P 500 index(SPX.US) targets raised; analyst says bull market has legs until trigger emerges. Read in detail>>

ON Semi to Buy Synaptics

ON Semiconductor Corporation(ON.US) is acquiring Synaptics Incorporated(SYNA.US) in a US$7B all-stock deal; ON shares fell 7.6%, SYNA rallied 11.5%. Read in detail>>

SpaceX Pipeline To Launch Site

• SpaceX plans to start building a natural gas pipeline to its Texas Starship launch site next month.
• A report suggests SpaceX's Starlink now targets Verizon Communications Inc.(VZ.US) and AT&T Inc(T.US) as potential competitors in mobile.
• Triller Group Incorporation(ILLR.US) surged 297% Thursday, then rose 38% after-hours on a US$411M SpaceX treasury deal. Read in detail>>

Cathie Wood Buys Palantir, Sells Alibaba

• Ark Invest bought US$3.3 million of Palantir(PLTR.US) and Cerebras shares while dumping Alibaba Group Holding Ltd. Sponsored ADR(BABA.US) amid Anthropic controversy. Read in detail>>
• Palantir(PLTR.US) tops a list of oversold mega cap tech companies as investors dumped growth stocks amid risk-off sentiment.

CoreWeave CEO Sells US$11M in Shares

CoreWeave(CRWV.US) CEO Michael Intrator sold 200,000 Class A shares at US$~102.72–$111.80, reducing direct holdings to 3,276,815. Read in detail>>

Xbox Prices Jump As Microsoft Warns Memory Costs Will Double By 2027

Microsoft Corporation(MSFT.US) raised Xbox console prices due to AI-driven memory costs, with Series X 1TB Digital Edition now US$750. Read in detail>>

GameStop CEO Ditching US$35B Award for eBay Deal

GameStop Corp. Class A(GME.US) CEO Ryan Cohen cancelled a US$35B performance award to pursue a rejected US$55B eBay acquisition. Read in detail>>

INVO Fertility Buys Alabama Clinic

INVO Bioscience Inc Ordinary Shares(INVO.US) acquired HRCFG for US$175,001, gaining full control of its Alabama joint-venture clinic and consolidating its accounts. Read in detail>>

Memory Chipmakers Diverging

SK Hynix sells US$9.3B in stock on Nasdaq, intensifying competition risk for Micron Technology, Inc.(MU.US).

Russell Rebalance Sparks SpaceX Volatility

• SpaceX(SPCX.US) is expected to see a 3.6% stock swing on Friday as index funds will buy nearly US$3 billion in shares due to Russell and Nasdaq 100 additions. Read in detail>>
• Shares fell 32% from a US$225.64 high to US$152.81, with Polymarket bettors now seeing only 35% chance of closing above US$135 IPO price by June end. Read in detail>>

Gerber Tells Musk: Sell EVs Again

Ross Gerber suggests Tesla Motors, Inc.(TSLA.US) focus on electric vehicle sales, not just AI and chips. Read in detail>>

Trump Media Stock Down 96%

Peter Schiff warns Trump Media & Technology Group Corp.(DJT.US) 96% collapse from its all-time high is a cautionary tale for hype-driven stocks. Read in detail>>