OpenAI Just Signaled It Might Delay Its IPO. AI Stocks Are Tumbling. Is the Bubble Bursting?

Reports that OpenAI is considering delaying its IPO until 2027 to achieve a $1 trillion valuation sparked a selloff in AI and chip stocks. OpenAI's $600 billion computing capacity commitments underpin much of the AI industry's expected demand, so hesitation to go public raises questions about the durability of AI spending. However, signed deals and strong recent chip demand suggest the AI build-out still has momentum, though valuations leave little room for error if spending slows.