A broad selloff engulfed global technology shares, with South Korea's Kospi index slumping 6% as chipmakers led the decline. The move followed a report that OpenAI is considering pushing its initial public offering to 2027, a delay that rattled investor confidence in the artificial intelligence boom that had powered recent rallies.
The catalyst emerged from a single report, but its impact was swift and severe. The technology-heavy Nasdaq Composite and the broader S&P 500 were both on track to end the week in the red, according to CNBC. In Asia, stocks slid across the board, with AI-related memory and chip stocks particularly hard hit as traders questioned the timeline for monetizing generative AI.
The rout extended beyond single names. South Korea's retail investors, known as the "ant army" and heavily exposed to AI-themed plays, faced significant losses. Meanwhile, the selloff reflected a broader profit-taking cycle, with the AP noting traders locking in gains after rallies driven by AI enthusiasm.
Yet the panic may be overdone. The IPO delay is still unconfirmed by OpenAI, and the company has not issued a formal statement. The broader tech selloff could present buying opportunities for long-term investors if the fundamentals of AI demand remain intact. Analysts cautioned that a single delay rumor does not alter the structural growth story for cloud computing and semiconductor demand.