OpenAI playing puppeteer to tech stocks

Startup is not publicly traded, but it holds the market-moving sway of behemoths.

- BY RYAN VLASTELICA

INVESTORS are keenly focused on where OpenAI will go next and how disruptive it could be," one analyst said. Above, the venue for its Seoul news conference.

(SEONGJOON CHO Bloomberg)

OpenAI may not be publicly traded, but the world’s most valuable startup is increasingly making waves in the stock market.

Just last week, OpenAI sent shares of e-commerce companies Shopify Inc. and Etsy Inc. soaring after unveiling an instant buy option in ChatGPT. Then a blog post detailing new features the company is using internally sent a fresh wave of jitters through software stocks such as Atlassian Corp., already reeling from fears about artificial intelligence disruption.

On Monday, it inked a deal with Advanced Micro Devices Inc. that could generate tens of billions of dollars in revenue for the chip-maker. AMD shares soared and the news sent shock waves through the rest of the industry. Nvidia Corp. and Broadcom Inc. slid.