{
  "id": 13026512,
  "title": "Tech stocks in Asia struggle on AI spending worries, elevated yields",
  "url": "https://urgent.news/2026/10/09/tech-stocks-in-asia-struggle-on-ai-spending-worries-elevated-yields",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-09T04:04:53.000Z",
  "source": {
    "name": "The Business Times - Companies & Markets",
    "slug": "the-business-times-companies-markets",
    "url": "https://www.businesstimes.com.sg/companies-markets/capital-markets-currencies/tech-stocks-asia-struggle-ai-spending-worries-elevated-yields"
  },
  "original_language": "en",
  "account": "Asian stocks experienced a decline on Friday, Oct 9, with further weekly losses anticipated as investors grappled with concerns over rising energy prices, bond market instability, and the substantial funds required for AI investments. Brent crude futures reached US$103.70 per barrel in Asian hours, following a more than 4% surge in the previous session due to war-related concerns in the Middle East that heightened inflation worries and led to global rate hikes.\n\nUS President Donald Trump assured on Thursday that the US would not launch an attack on Iran before the November midterm elections. However, traders remained skeptical about progress in ending the conflict, questioning whether Trump would follow through with his promise if Iranian attacks escalated. Nick Twidale, chief market strategist at ATFX Global, suggested that any indication of a change in Trump's stance could trigger a significant spike in oil prices, especially given the already tense situation in the Strait of Hormuz.\n\nTech stocks dragged down the main Wall Street indexes overnight, following OpenAI's revelation that its annualized revenue was US$20 billion lower than initially reported. This information caused market sentiment to sour, with Chris Weston, head of research at Pepperstone, noting that the decline in tech stocks served as the catalyst for investors to reduce exposure. Currently, investors appear more selective about their investments and cautious about the price they'd be willing to pay for future growth.\n\nMoreover, a massive fundraising drive seemed imminent, with major tech companies such as SpaceX, Broadcom, and Oracle set to raise billions to acquire high-end AI chips. Australia's data centre operator, Firmus, backed by Nvidia, canceled its US$5 billion IPO, citing market volatility and conditions, and decided to proceed with a private fundraising round instead. Rising energy expenses, anticipated interest rate hikes by central banks, and worries about mounting government debts contributed to a global bond sell-off, resulting in borrowing costs reaching multi-decade highs. This trend has made capital both more expensive and more selective, putting the quality of future earnings and balance sheets under scrutiny.",
  "summary": "Investors are weighing a massive round of fundraising that appears to be on the way",
  "key_points": [],
  "editors_take": null,
  "illustration": "https://urgent.news/ill/13026512.png",
  "coverage": {
    "outlets": 5,
    "also_reported_by": [
      {
        "outlet": "Malay Mail",
        "title": "AI hype meets revenue reality: OpenAI figures fall US$20b short of earlier reports",
        "url": "https://urgent.news/2026/10/09/ai-hype-meets-revenue-reality-openai-figures-fall-us-20b-short-of",
        "published": "2026-10-09T02:03:39.000Z"
      },
      {
        "outlet": "The Hindu - Sci-Tech",
        "title": "OpenAI revenue gap report rattles AI stocks",
        "url": "https://urgent.news/2026/10/09/openai-revenue-gap-report-rattles-ai-stocks",
        "published": "2026-10-09T03:54:21.000Z"
      },
      {
        "outlet": "Investing.com",
        "title": "Asia stocks mixed; chipmakers slide on OpenAI revenue concerns",
        "url": "https://urgent.news/2026/10/09/asia-stocks-mixed-chipmakers-slide-on-openai-revenue-concerns",
        "published": "2026-10-09T04:08:11.000Z"
      },
      {
        "outlet": "Seeking Alpha News",
        "title": "OpenAI reportedly targets $70B annualized revenue by end of 2026",
        "url": "https://urgent.news/2026/10/09/openai-reportedly-targets-70b-annualized-revenue-by-end-of-2026",
        "published": "2026-10-09T04:12:09.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}