OpenAI Concerns Hit Tech Trade… And Fed Expectations Ahead Of Powell’s Last Dance 4/28/26

Tech-heavy markets face pressure as OpenAI’s reported revenue and user growth shortfalls trigger investor skepticism regarding AI infrastructure spending. While hyperscalers like Oracle and chipmakers including NVIDIA and Broadcom experience volatility, Seagate demonstrates significant pricing power in the data storage sector, reporting record margins and strong guidance. Macroeconomic headwinds remain a central concern, with rising global debt levels and persistent inflation fueling fears of a potential bond crisis and stagflation. Meanwhile, corporate earnings reveal a resilient consumer, as Starbucks, GM, and Coca-Cola report solid results, though Robinhood faces challenges in its core trading revenue. The disconnect between record-high equity valuations and bond market signals suggests a complex environment where investors must weigh AI-driven growth against broader fiscal and monetary risks.