By Timothy Moore
Publication Date: 2026-04-28 18:18:00
Australian shares are expected to open lower and post losses in New York. Tech stocks fell after worries about OpenAI’s prospects renewed worries about the hundreds of billions in planned AI spending.
ASX 200 futures fell 30 points, or 0.3 per cent, to 8701 around 4am AEST.
OpenAI pushed back against a Wall Street Journal report that sales missed internal targets, saying its consumer and enterprise businesses are “running at full speed.”
However, investors decided to sell. Five of the great seven megacap technology companies fell, although earlier losses were erased during the session.
“We believe recent concerns about OpenAI are overblown, as the company has enough capital to meet its computing capacity needs for at least the next three years,” Dan Ives of Wedbush Securities said in a note. “This is a decade-long build and we believe OpenAI will be the foundation of this AI revolution.
Market highlights
ASX 200 futures show 30 points or 0.3 per cent down…