Danske’s research team notes that global stocks fell on technology even as the CBOE Volatility Index (VIX) fell, suggesting that macro data was not behind the move. They attribute sector rotation to renewed concerns about artificial intelligence (AI) monetization following OpenAI’s revenue warning, while stressing that mixed signals from other AI companies argue against extrapolating a broad demand slowdown.

Concerns about the monetization of artificial intelligence are hitting the technology

“Yesterday, stocks fell, most regions were in the red, and sector rotation was more defensive. However, it is worth noting that technology contributed to the declines, while the VIX index actually fell. In other words, it was not primarily a classic negative macro sell-off.”

“This was at least as much about renewed concerns in the AI ​​space sparked by OpenAI’s revenue development warning.”

“This naturally brought to the surface one of the key concerns at the heart of the AI ​​narrative: monetization. However, investors should be careful not to extrapolate too aggressively. What we heard from OpenAI does not match what we heard from Anthropic.”

“In other words, this may be less a story of disappointment in demand for broad-based AI and more of a significant shift in user numbers from ChatGPT to Claude.”

(This article was created with the aid of an artificial intelligence tool and has been reviewed by an editor.)