Chip stocks bounce back as OpenAI files for Wall Street float – business live

Key events The AI trade has continued to bounce back this morning, reports Deutsche Bank’s Jim Reid: double quotation mark The KOSPI (+7.35%) is sharply higher after its 9th worst day in 45 plus years of history yesterday (-8.29%). The Nikkei (+2.19%) is also benefiting from a recovery in technology stocks after a decline of over -3.5% yesterday . Chinese stocks are up just over half a percent and other markets are broadly flat. S&P 500 (+0.26%) and NASDAQ 100 (+0.54%) futures are also continuing to recover after a decent session yesterday. Full story: OpenAI confidentially files for initial public offering OpenAI has filed confidentially to go public on the US stock market, according to a company blogpost published on Monday. The artificial intelligence giant’s debut on Wall Street is expected to be one of the most highly valued listings in market history with a valuation at more than $850bn. “We recently submitted a confidential S-1. We expect it to leak so we’re just announcing it,” the company’s post reads. “We have not decided on timing yet; it may be a while because there are things we want to do that are likely easier as a private company. But it’s a complicated set of tradeoffs and this gives us the option to go public sooner if that ends up being best.” An S-1 is an investor prospectus submitted to the US Securities and Exchange Commission (SEC) in advance of an initial public offering (IPO). …