The Nasdaq Composite (^IXIC) is down sharply to start the session, giving back yesterday’s record-setting gains. A Wall Street Journal report revealed that OpenAI fell short of its 2026 sales and user targets rattled the AI infrastructure trade ahead of megacap earnings. For the month of April, the Nasdaq Composite (^IXIC) is on pace for a 14% advance as Big Tech companies gear up to report Q1 2026 results and update any AI capex spending plans. Oil prices are higher, with WTI Crude now within striking distance of $100/barrel once again. In a striking development, the UAE unveiled plans to leave OPEC to give it more independence over supply.
The OpenAI Crack in the AI Trade
The selloff is concentrated in OpenAI’s commercial ecosystem. Oracle (ORCL) is down 7% in premarket, weighed by its $300 billion data-center deal with OpenAI, while SoftBank tumbled almost 10% in Tokyo and CoreWeave (CRWV), GE Vernova (GEV), Vertiv (VRT), and Caterpillar (CAT) all slid on capex pullback fears. Bloomberg Intelligence’s Anurag Rana called Oracle “the most exposed in terms of risk to its financial goals,” with Microsoft (MSFT), AWS, and CoreWeave next in line if OpenAI throttles compute spending. OpenAI-linked names are up only 75% since the end of 2024, while Alphabet (GOOGL)-tied stocks have gained more than 300%.
CoreWeave pushed back on any notion that its fortunes are tied to a single client. The AI infrastructure firm reportedly called OpenAI “a terrific partner” but wants to set the record straight: it’s far from the only one, pointing to a diversified customer base and demand that continues to outpace supply across the AI ecosystem.
Meta Platforms (Nasdaq: META) is bracing for a forced breakup. China’s ban on the social media giant’s acquisition of AI startup Manus has left Meta preparing to unwind the deal entirely.
Needham is standing behind Joby Aviation. The firm reiterated its Buy rating and $18 price target after attending the air taxi company’s New York City debut event, where Joby flew its S4 eVTOL aircraft live from JFK Airport to Blade’s West Side hub
Earnings, Oil, and the Fed Pile On
The macro backdrop pressures the Nasdaq. Alphabet, Amazon, Meta, and Microsoft report Wednesday, with Apple following Thursday, meaning roughly a third of the index’s market cap will reprice in 48 hours. WTI crude is at $91 a barrel after touching $114 on April 7, and Brent has pushed past $108 on news the UAE will leave OPEC and OPEC+ as of May 1 while Strait of Hormuz transits remain near zero. The Fed begins a two-day meeting today with a rate decision Wednesday, and the 10-year Treasury yield is near 4.3%, reflecting persistent inflation concerns and tighter financial conditions.
What It Means for Nasdaq Investors
Today’s move is a narrow tape repricing on a single news catalyst. The Nasdaq 100 proxy is still up 18% over the past month and 41% over the past year, and the VIX sits near 19, well off its March peak above 31. AI capex is no longer a one-way bet, and the Mag 7 prints will decide whether the OpenAI report was an isolated stumble or the leading edge of a hyperscaler reset.
Watch this week: capex guidance from Microsoft and Amazon, any commentary on OpenAI exposure, Powell’s tone Wednesday, and whether oil holds above $90 if the UAE’s OPEC exit firms up.
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