The Nasdaq Composite was down in late-morning trading Friday, while the S&P 500 Index and Dow Jones Industrial Average were roughly flat, as reports that Microsoft-backed (MSFT) OpenAI is considering pushing back its initial public offering date caused a tech sell-off.
In company news, OpenAI is weighing an initial public offering as early as in 2027, after the expected IPO of its rival, Amazon-backed (AMZN) Anthropic, Bloomberg reported Friday, citing people familiar with the matter. Earlier, The New York Times reported that the performance of Space(X) in the immediate aftermath of its IPO influenced OpenAI's decision. Microsoft's shares were up 4.6% around midday, while Amazon's were up 2.1%.
ON Semiconductor (ON) said late Thursday it will acquire Synaptics (SYNA) in an all-stock deal with an enterprise value of about $7 billion. Under the agreement, Synaptics shareholders will receive 1.35 ON shares for each Synaptics share. The deal is expected to close in mid-2027. ON shares were down 21.2%, while Synaptics shares were up 0.2%.
SpaceX plans to build a natural gas pipeline called "Starpipe" starting next month to help ramp up launches of its next-generation Starship rocket, Reuters reported late Thursday, citing court filings. Separately, SpaceX has told investors it's considering launching a Starlink retail mobile service for US consumers, the Financial Times reported Friday, citing people familiar with the matter. Lastly, Quantum Cyber (QUCY) said Friday its board has approved the engagement of investment banking professionals to pursue an equity stake in SpaceX. Shares of SpaceX were up 2.3%, while Quantum shares were up 26.4%.
Price: $94.00, Change: $-24.75, Percent Change: -20.84%