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Markets · Investing · Business
Finance
Why SandiskStock Dropped on Thursday
An OpenAI revenue announcement sparked panic among memory stock investors today.
Sandisk (NASDAQ:SNDK) stock tumbled in Thursday trading, closing the day down 4.9%. And why?
Bond yields declined Thursday, and minutes released from the last meeting of the Federal Reserve Open Markets Committee suggest there's little appetite for continued interest rate hikes. Both these developments should be good news for Sandisk if they help lower the cost Sandisk customers pay when financing their purchases of computer memory chips.
Details
Unfortunately for Sandisk investors, that wasn't all the news that came out Thursday. As CNBC reports, OpenAI just confirmed that its annual recurring revenue as of the end of September was only $50 billion -- not the $68 billion previously posited.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.
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