Nasdaq Plummets After CoreWeave Collapse and OpenAI Revenue Miss

The Nasdaq experienced its worst trading day since June on October 15, driven by the collapse of AI infrastructure provider CoreWeave and intensifying volatility across the artificial intelligence sector.

This market downturn follows a previous dip on October 8. That decline was triggered by a Financial Times report stating that OpenAI informed investors its annualized revenue was nearing $50 billion as of late September, a figure approximately $20 billion lower than previous estimates.

Bank of America's derivatives team suggests these events signal an eventual AI market unwind. The firm predicts a scenario where both stocks and yields tumble, marking a shift from the previous trend of falling stocks accompanied by rising yields.