The bell's bringing an end to the trading day at the NYSC. 3M ringing the bell and at the NASAC. Nicola Mining doing the honors. Welcome to closing bell overtime. Live from Studio B at the NASDAQ market site. I'm Melissa Lee along with Mike Santoli. Sox mostly lower today. The doubt basically flat, half a percent loss for the S&P 500. NASAC getting hit a little bit. I'm concerned about OpenAI missing its own targets. We'll have much more on that coming up. But the big focus this hour will be earnings. Our team of reporters is standing by for results from Visa, Robin Hood, Starbucks, and Seagate, among others. That's just the beginning because tomorrow we get Alphabet, Amazon, Microsoft, Meta, Apple reports on Thursday, of course. So this is sort of off to the races today. But, Mike, you know, given the news from the Wall Street Journal this morning in Open AI, you could have foreseen a big drawdown. There was every excuse to test the semi-trade, for instance, especially the memory trade, the names, the pockets of hotness that have existed in the AI trade. Yeah, they skimmed a bit off the top, most of those plays. You know, it was on Friday when we were talking. I said, you know, the semis seemed like they were getting close to an enough for now moment. That was just because of how overbought it was. Yesterday down a little bit, now down a little bit more. So I do think it's a decent test.

At the same time, the rest of the market managed to mostly hang in there, although I'll

continue to point out, it's not as if we're oblivious to the macro and the oil prices and

treasury yields. You know, WTI back at $100, $4.35 on tens, and equal weight of consumer's discretion, down another

1% today. It's 8% off its highs from February. So market so far is using this rotation

to hang in there, even if the S&P's at levels we first got to a week ago Friday.

But it's almost like, I don't want to sell yet because the morning season is expected to be

very good.

The strength of that theme is too strong and we have all these companies that are, you know,

basically writing the checks reporting tomorrow.

Yep.

Let's get to Sima Modi now for more on all the market moves.

Sima.

Melissa, we've been focusing on the AI trade coming under pressure today. The trigger being that Wall Street Journal report that Open AI missed

its internal growth goals, that sort of set off a big drowndown in semiconductors, the second day

of losses for the index.

Though that does follow a big rally we've seen over the past two weeks.

Memory stocks, Western Digital Micron also trading sharply lower on concerns around the health

of the AI buildout, given that OpenAI is such a big consumer of chips.

Oracle was at the center of the conversation, though, coming out and defending its biggest customer, OpenAI, saying effectively there is no slowdown.

Share is ending lower by 4% on the day, so off the lows.

As in Corweave, which also counts Open AI as a key customer

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