--- title: "OpenAI's 'Ghost Story' Hits Stocks Hard, but Bond Market Remains Unfazed" type: "News" locale: "en" url: "https://longbridge.com/en/news/284467227.md" description: "OpenAI missed internal targets for users and revenue, triggering a market reassessment of AI investment returns. AI-related stocks such as Oracle, NVIDIA, and SoftBank fell collectively, with SoftBank plunging over 12%. However, yields on Oracle-related bonds rose only slightly by about 10 basis points, and newly issued CoreWeave bonds saw only a mild pullback. Market attention has now shifted to this week's earnings reports from tech giants, where performance data will serve as a key test for whether the bond market truly reacts" datetime: "2026-04-29T00:32:05.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284467227.md) - [en](https://longbridge.com/en/news/284467227.md) - [zh-HK](https://longbridge.com/zh-HK/news/284467227.md) --- # OpenAI's 'Ghost Story' Hits Stocks Hard, but Bond Market Remains Unfazed OpenAI triggers risk of collapsing AI narrative, hitting tech stocks hard, but the bond market remains largely unmoved. On Tuesday, Wallstreetcn mentioned that OpenAI failed to meet its internal targets for weekly active users and revenue, quickly prompting the market to reassess expectations for AI investment returns. The three major U.S. stock indices closed lower, with the Nasdaq falling 0.9% from its historical high. Shares of companies deeply tied to OpenAI, including Oracle, CoreWeave, SoftBank, and NVIDIA, declined collectively. (Intraday trends of U.S. benchmark stock indices) **However, the reaction in the bond market was notably calm.** Yields on Oracle bonds maturing in July 2036 rose only slightly by about 9 basis points, an increase far smaller than the bond market volatility triggered when the company announced plans to raise capital expenditure last December. Prices of CoreWeave's newly issued bonds also experienced only a mild pullback. Currently, market attention has turned to the cluster of earnings reports from tech giants scheduled for this week. Alphabet, Amazon, Microsoft, and Meta will disclose their results after the U.S. market close on Wednesday. ## Concentrated Sell-off in the AI Ecosystem The decline was highly concentrated among companies most closely associated with OpenAI. Oracle's stock fell 4%, cloud computing partner CoreWeave dropped 5.8%, NVIDIA slid 1.6%, while Broadcom and AMD each fell more than 3%. (Weak intraday trends for NVIDIA, Oracle, CoreWeave, and SoftBank ADRs) SoftBank plunged nearly 10% in the Japanese stock market, marking its largest single-day drop since last November. The decline intensified for its U.S. ADRs, which crashed more than 12%. SoftBank had previously committed to investing over $60 billion in OpenAI. Dan Morgan, portfolio manager at Synovus Trust, stated: > The ice is very thin, and the rope is pulled tight. Any news that raises doubts about OpenAI or Anthropic will trigger selling. Monitoring by Goldman Sachs' trading desk showed that the sell-off affected multiple levels of the AI industry chain. **Baskets of AI inference beneficiaries, data center themes, memory chips, AI semiconductors, and AI leaders all showed significant weakness.** **** (Decline in the AI inference beneficiary basket) High-beta momentum performance was particularly weak, with a decline reaching -2.4 standard deviations. **** (Intraday decline in the high-beta momentum portfolio) **Dan Morgan also noted that he did not adjust his positions on Tuesday and believes the current concerns are not spreading comprehensively, as companies like IBM, Texas Instruments, and Intel have recently reported strong earnings.** Tech companies with lower direct correlation to OpenAI performed relatively steadily. Microsoft rose slightly by 1%, Apple gained 1.2%, and software firms Adobe, Salesforce, and ServiceNow all closed higher. The Dow Jones Industrial Average fell less than 0.1%, while the energy sector rose 1.7% and the consumer staples sector gained 1%, indicating that the decline did not evolve into broad-based risk aversion. ## Why the Bond Market "Stood Still" The significant volatility in the stock market did not transmit to the bond market. According to LSEG data, the mid-price of Oracle bonds maturing in July 2036 dipped slightly from $83.02 to $82.36, corresponding to a yield increase from 6.133% on Monday to 6.232%, a rise of approximately 9.9 basis points. In comparison, when Oracle announced an increase in capital expenditure last December, the yield on the same bond jumped 12.8 basis points in a single day; since 2026, the average daily fluctuation of this bond has been around 0.5 basis points. **Analysts view Oracle bonds as a benchmark indicator for assessing debt risk among blue-chip AI companies.** This is because, compared to major hyperscale cloud providers like Amazon, Meta, Microsoft, and Alphabet, Oracle carries a relatively heavier debt burden. **By the end of 2025, Oracle's total debt-to-EBITDA ratio was 4.1x, whereas Microsoft's ratio for the same period was only 0.22x, and the ratios for the other three hyperscale cloud providers were all below 1x.** Despite this, Oracle bonds maintain an investment-grade rating, possessing relatively stable credit quality. **CoreWeave's situation is similar.** The mid-price of its bonds, issued on April 14 and maturing in October 2031, fell slightly from $100.55 to $99.94, with yields rising modestly from 9.64% to 9.81%, an increase of about 17 basis points, reflecting a similarly mild reaction. **The overall calmness of the bond market reflects that fixed-income investors' views on the credit fundamentals of AI-related companies have not undergone substantial changes.** **However, analysts point out that the dense release of earnings reports from large tech companies this week will be a key test; only performance data can prompt a true stance from the bond market.** ### Related Stocks - [NVDA.US](https://longbridge.com/en/quote/NVDA.US.md) - [OpenAI.NA](https://longbridge.com/en/quote/OpenAI.NA.md) - [ONEQ.US](https://longbridge.com/en/quote/ONEQ.US.md) - [NDAQ.US](https://longbridge.com/en/quote/NDAQ.US.md) - [.IXIC.US](https://longbridge.com/en/quote/.IXIC.US.md) - [QQQ.US](https://longbridge.com/en/quote/QQQ.US.md) - [ORCL.US](https://longbridge.com/en/quote/ORCL.US.md) - [CRWV.US](https://longbridge.com/en/quote/CRWV.US.md) - [9984.JP](https://longbridge.com/en/quote/9984.JP.md) - [SFTBY.US](https://longbridge.com/en/quote/SFTBY.US.md) - [GOOGL.US](https://longbridge.com/en/quote/GOOGL.US.md) - [GOOG.US](https://longbridge.com/en/quote/GOOG.US.md) - [AMZN.US](https://longbridge.com/en/quote/AMZN.US.md) - [MSFT.US](https://longbridge.com/en/quote/MSFT.US.md) - [META.US](https://longbridge.com/en/quote/META.US.md) - [AVGO.US](https://longbridge.com/en/quote/AVGO.US.md) - [AMD.US](https://longbridge.com/en/quote/AMD.US.md) - [AXHU.US](https://longbridge.com/en/quote/AXHU.US.md) - [NA.US](https://longbridge.com/en/quote/NA.US.md) - [GS.US](https://longbridge.com/en/quote/GS.US.md) - [IBM.US](https://longbridge.com/en/quote/IBM.US.md) - [TXN.US](https://longbridge.com/en/quote/TXN.US.md) - [INTC.US](https://longbridge.com/en/quote/INTC.US.md) - [AAPL.US](https://longbridge.com/en/quote/AAPL.US.md) - [ADBE.US](https://longbridge.com/en/quote/ADBE.US.md) - [CRM.US](https://longbridge.com/en/quote/CRM.US.md) - [NOW.US](https://longbridge.com/en/quote/NOW.US.md) - [1546.JP](https://longbridge.com/en/quote/1546.JP.md) - [.DJI.US](https://longbridge.com/en/quote/.DJI.US.md) - [DIA.US](https://longbridge.com/en/quote/DIA.US.md) - [SNV.US](https://longbridge.com/en/quote/SNV.US.md) - [LSEG.UK](https://longbridge.com/en/quote/LSEG.UK.md) - [CLIG.UK](https://longbridge.com/en/quote/CLIG.UK.md) - [LSC.UK](https://longbridge.com/en/quote/LSC.UK.md) - [ORCL-D.US](https://longbridge.com/en/quote/ORCL-D.US.md) - [NVD.DE](https://longbridge.com/en/quote/NVD.DE.md) - [W4VR.SG](https://longbridge.com/en/quote/W4VR.SG.md) - [SNV-E.US](https://longbridge.com/en/quote/SNV-E.US.md) - [SNV-D.US](https://longbridge.com/en/quote/SNV-D.US.md) ## Related News & Research - [As OpenAI Drags Down Chip Stocks, Should You Buy the Dip in Oracle Stock?](https://longbridge.com/en/news/284439377.md) - [Cramer Calls OpenAI Report A 'Hitjob' As AI Stocks Sink](https://longbridge.com/en/news/284422260.md) - [OpenAI’s struggles aren’t weighing heavily on bond market](https://longbridge.com/en/news/284461078.md) - [What smart people are saying after a report that OpenAI missed key growth targets](https://longbridge.com/en/news/284436188.md) - [This bank CEO let his AI clone handle an earnings call — now he's signing an OpenAI deal](https://longbridge.com/en/news/284210986.md)