OpenAI triggers a selloff in tech stocks; Bitcoin briefly fell below 76K. Novogratz: It’s difficult to get back to $100,000.

Reports say OpenAI failed to achieve its new user and sales targets, triggering a selloff in tech stocks and pulling the three major U.S. stock indexes back from historical highs. Brent crude oil futures (BRENT) rose to 111 dollars, while Bitcoin’s lowest point yesterday reached 75,666 dollars. Galaxy Digital founder Michael Novogratz said in a call that it will be difficult for Bitcoin to return to 100,000 dollars.

OpenAI triggers a tech stock selloff; investors focus on interest-rate decisions and tech earnings reports

The Wall Street Journal reported that OpenAI’s failure to meet its new user and sales targets has heightened concerns that the company may struggle to support its spending on artificial intelligence infrastructure, and also caused partner companies such as Oracle and CoreWeave to see their stock prices plunge.

(OpenAI ChatGPT missed revenue targets; the CFO admitted compute spending may not be able to be paid)

Tuesday’s trading came after the S&P 500 index and the Nasdaq index hit historical highs on Monday. Because U.S.-Iran peace negotiations appear to be deadlocked, market gains were limited.

U.S. President Trump said Iran has asked the U.S. to lift the blockade of the Strait of Hormuz so that both sides can negotiate to end the war that has been ongoing for two months. According to reports, Pakistan’s mediator is expected to submit a revised proposal from Tehran within the next few days.

Oil prices rose. U.S. (WTI) crude oil futures and (BRENT) crude oil futures rose by nearly 3%, closing at 99.93 dollars per barrel and 111.26 dollars per barrel, respectively.

The Federal Reserve will hold a two-day interest rate decision meeting, while tech giants Alphabet, Microsoft, Amazon, and Meta will release earnings reports on Wednesday (Thursday early morning, Taiwan time). Apple will release its earnings the next day.

(Powell’s final dance? The Middle East conflict lifts inflation; the Fed is expected to stand pat this week)

Bitcoin briefly fell below 76K; Novogratz: returning to 100,000 dollars is difficult

In the past 24 hours, the cryptocurrency market fell by 0.61% to 2.55 trillion dollars. Bitcoin failed in its attempt to challenge the 80,000-dollar mark the day before, and prices quickly dropped, with yesterday’s low reaching 75,666 dollars. Bitcoin ETF fund flows reversed outflows, ending nine consecutive days of inflows. Ahead of the Fed meeting and earnings reports, investors chose to temporarily stand by.

Galaxy Digital founder and CEO Michael Novogratz said on Tuesday during a call that, under the current macroeconomic environment, a full recovery for the cryptocurrency industry may be very difficult. For Bitcoin to rise back to levels from early November ( above 100,000 dollars), “some conditions need to be met. The most important is that central banks ease monetary policy.”

Galaxy Digital is working to deal with the lull in the digital asset market while also moving into artificial intelligence data center operations. Its reported first-quarter loss was lower than expected, and revenue was higher than analysts’ expectations, mainly due to an increase in data center operations in its business mix.

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