Ed Elson

It seems like Microsoft might be pulling back, or at least compared to Meta in terms of investments in AI, or is that the wrong read?

All right.

Big week.

Gil Luria, head of technology research at DA Davidson.

Gil, always appreciate your time.

Thank you.

Thank you.

Well, the big story for investors this week is, of course, big tech earnings.

The four companies we just discussed make up for nearly a fifth of the entire S&P 500.

So naturally, it's those four companies that we care about.

But there is another company that is also proving to be systemic to the stock market, a company that actually isn't even traded on the stock market.

And that company is OpenAI.

Indeed, the AI startup that is yet to go public is proving to be one of the most structurally critical companies in the market, to the point where even small details about the business are eliminating hundreds of billions of dollars of market value.

Yesterday, for example, the Wall Street Journal reported that OpenAI had missed its revenue target in 2025.

And as a result, we saw huge declines not in OpenAI stock, which isn't public, but in other stocks, some of which are the most important companies in the world.

NVIDIA, for example, fell 4% on the news.

Oracle fell 6%.

CoreWeave fell 7%.

And SoftBank fell 12%.

In fact, when you add up the market value that was erased, it comes out to nearly $400 billion, all because of one report about one company that isn't even publicly traded.