Chip companies listed in Amsterdam dropped early on Friday following reports that revenue at ChatGPT owner OpenAI fell short of expectations. The lower performance revived worries over high valuations across the semiconductor sector driven by the AI boom. Equipment makers ASML, ASMI, and Besi all fell by up to 1 per cent after the Financial Times reported that OpenAI’s annualised revenue at the end of September reached close to $50 billion, significantly below the $70 billion figure previously reported.
Despite the pressure on tech shares, the wider Dutch market traded higher. The benchmark AEX opened 0.5 per cent up at 1,126.49 points, following a 0.3 per cent gain on Thursday, while the MidKap index added 0.7 per cent to 1,054.22 points. Bourses in Frankfurt and Paris also recorded advances of up to 0.8 per cent. ArcelorMittal led the gainers on the main index with a 3.6 per cent rise following a buy rating from UBS, while telecoms group KPN was the worst performer, down 1.6 per cent.
Oil prices slipped after US President Donald Trump announced on Truth Social that the United States would not launch attacks against Iran before the November midterm elections, referring to “productive talks” between both nations. US crude fell 0.9 per cent to $90.67 per barrel, and Brent crude lost 1.1 per cent to reach $103.13. Lower crude prices weighed on energy giant Shell, which dropped 1.4 per cent in Amsterdam after jumping 3.5 per cent during the previous session.
In mid-cap stocks, builder BAM eased 0.8 per cent, giving back part of Thursday’s 1 per cent gain following its announcement to acquire underground infrastructure specialist A.Hak in a deal valuing the business at over €500 million. Electric bus manufacturer Ebusco plummeted 14.5 per cent after warning again of acute financial distress. The company stated that its business continuity remains in serious doubt unless fresh funding is secured within weeks to cover day-to-day costs, noting that a recent €5.9 million injection from a key shareholder is strictly ring-fenced for order completion rather than general operations.
@anp | NEWS BRAINPORT
