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Key Takeaways
- Shares of Figma, Expedia, Uber and others gained Monday after shoutouts from OpenAI during the ChatGPT maker’s developer conference.
- The moves helped power gains for the tech sector, helping to boost the S&P 500 and Nasdaq Composite to fresh closing highs.
These days, a shoutout from OpenAI is all it takes to send stocks higher.
Shares of design software provider Figma (FIG) gained more than 7% in the wake of a mention from the ChatGPT maker at its DevDay developer conference Monday, while Expedia (EXPE) added about 2% and Coursera (COUR) closed slightly higher after rising as much as 8% during today’s session. The companies were named as just a few of several launch partners for OpenAI’s “App SDK,” which allows users to access their apps through ChatGPT, as of today.
Uber (UBER) and DoorDash (DASH), which OpenAI CEO Sam Altman said would join the lineup in the weeks ahead, each rose nearly 4%, propelling both into the list of top performers in the S&P 500 Monday.
Shares of Advanced Micro Devices (AMD), which announced a massive chip deal with OpenAI ahead of the event, saw its stock soar 24% to lead the benchmark index.
Why This Matters for Investors
OpenAI’s expanding influence speaks to the strength of investor appetite for stocks linked to AI. These companies’ stock moves also highlight the sector’s growing impact on broader markets, which has raised some worries about a bubble in AI.
The moves helped power gains for the tech sector, helping to boost the S&P 500 and Nasdaq Composite to fresh closing highs. (See here for more reporting from Investopedia on the day’s market action.)
Though OpenAI isn’t publicly traded, the startup has become something of a “kingmaker” in the AI space, with the ability to drive optimism about the stocks of companies with close ties. Last week, shares of Etsy (ETSY) and Shopify (SHOP) soared after OpenAI said it launched an “Instant Checkout” feature in ChatGPT.
After recently finalizing a secondary share sale, OpenAI is reportedly worth an estimated $500 billion, making it the world’s most valuable private startup ever.
