AI Optimism Fails to Lift US Stocks Amid Higher Oil Prices
US stocks opened mostly in the red on Monday as investors weighed renewed optimism around artificial intelligence against higher oil prices and continued tensions in the Middle East.
The Dow Jones Industrial Average fell 167 points or 0.3%, while the S&P 500 dropped 0.12%. In contrast, the Nasdaq Composite was slightly in the green by 0.01%.
Technology shares were among the stronger performers in trading as investors responded to reports of strong revenue growth at Anthropic. The AI company is preparing for an initial public offering and expects revenue of roughly $190 billion to $200 billion in 2028, according to people familiar with its financials.
Nvidia's shares also edged higher after a report that it had scaled back plans to support a proposed OpenAI data center project in Ohio. The recent strength in technology stocks comes after concerns about the returns from massive AI investments had weighed on the sector.