Stock Market Recap — Oct 8, 2026
Chip stocks slide on OpenAI revenue concerns
AI monetization concerns outweighed strong semiconductor demand, while energy-driven inflation fears eased late in trading. After-hours news shifted attention to wireless competition and Medicare reimbursement. • AI/Technology: TSMC’s 51% revenue growth supported the early setup, but an FT report putting OpenAI’s annualized revenue near $50 billion triggered a chip selloff. Nvidia and several peers fell at least 3%; the Nasdaq closed down 1.25%. Bloomberg later reported a $70 billion year-end projection, a different time point rather than a revision to current revenue. • Oil/Rates: Slower Hormuz flows pushed Brent above $105 and the 10-year Treasury yield near 5.33%, pressuring equity futures. Oil and yields retreated after Trump ruled out attacks on Iran before November 3. Brent still closed up 4.1%; the yield ended at 5.232%, with solid demand at the 30-year auction supporting Treasuries. • Wireless Competition: AT&T, Verizon and T-Mobile fell 6.7%–7.5% after hours after SpaceX agreed to buy spectrum for a combined terrestrial and satellite mobile service. The plan requires FCC approval. • Medicare Ratings: Humana surged 15% after hours after its largest Medicare Advantage contract cleared the quality-rating threshold required for bonus payments.
Intraday Updates
- 02:26 ET: TSMC revenue jumps 51% on resilient AI demand (48 stories)
- 07:00 ET: Oil jumps after flows through Hormuz slow (100 stories)
- 11:23 ET: Chipotle jumps after report Starbucks explored takeover (100 stories)
- 16:06 ET: Chip stocks slide after report puts OpenAI revenue below earlier estimates (72 stories)
- 20:55 ET: US telecom stocks tumble after SpaceX agrees to buy spectrum for mobile service (47 stories)