Chipmakers Recover a $1 Trillion Selloff as SpaceX and OpenAI Advance Toward Record Listings

The market value tied to artificial intelligence (AI) changed by an extraordinary amount in a single week. On June 4 the Nasdaq Composite recorded its worst day since April 2025, as US-listed chipmakers lost about $1 trillion in value. By Monday, June 8, those same shares had recovered much of that decline. The S&P 500 closed at 7,405.73, up 0.30 percent. The Nasdaq rose 0.86 percent to 25,929.66. The Dow Jones Industrial Average fell 0.16 percent to 50,786.01. Micron Technology gained close to 10 percent and the Philadelphia Semiconductor Index advanced 6.7 percent, according to market data.

The recovery came as two enormous stock sales approached the market. SpaceX is scheduled to begin trading on the Nasdaq on Friday, June 12, under the ticker SPCX. It plans to sell shares at $135 each to raise roughly $75 billion at a valuation near $1.77 trillion, which would make it the largest initial public offering on record. One day before, OpenAI confirmed it had submitted a confidential draft registration to the US Securities and Exchange Commission, a step toward a listing at a roughly $852 billion valuation. The Tel Aviv Stock Exchange's Monday market summary noted the OpenAI filing alongside the recovery in chip shares. Anthropic has indicated a similar intention.

What matters most is the concentration of value. A small number of AI-linked companies now account for a large share of US stock index value, and those valuations depend on expectations formed during years of low interest rates. When the market revalues the future earnings of AI, as it did last week, the effect is magnified because so few companies hold that value. By the reasoning of the Austrian school of economics, the pattern resembles capital concentrated in a single set of expectations, in which a disappointment in real returns can force a rapid and widespread correction rather than a limited one.

Investors now face several of these tests within a few days. The SpaceX debut will measure investor demand for very large AI-related companies. OpenAI's eventual disclosures will reveal the finances behind one of the most closely watched private valuations. New US inflation data this week will help determine whether the Federal Reserve's policy supports or pressures these prices.