US Stock Movement: Corning Plunges on October 8 Due to AI Demand Concerns, Broad Tech Stock Decline, and High Valuation Correction

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03:51 PM EDT, 10/08/2026 (MT Newswires) -- Tech stocks were lower late Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 2.1% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 4.1%. The Philadelphia Semiconductor index shed 3.8%. In sector news, OpenAI's annualized revenue is about $20 billion less than previously signaled to investors, the Financial Times reported Thursday, citing financial documents shared with backers. The company recently told investors its revenue was approaching $50 billion on an annualized basis at the end of September, well short of the $70 billion reported late last month based on information investors had provided, the report said. In corporate news, Nvidia-backed (NVDA) Firmus Grid is poised to delay its initial public offering amid slack investor demand, Bloomberg reported. The Australian data center company had been looking to raise as much as $5.5 billion including an over-allotment option, indicating a $30.4 billion valuation, and may consider a private funding round instead, the report said. Nvidia shares were down 2.9%. Apple (AAPL) CEO John Ternus is naming his longtime lieutenant Steve Smith as the company's mergers and acquisitions chief, Bloomberg reported. Smith will succeed Adrian Perica, who has run the tech giant's M&A and corporate development function for over a decade, the report said. Apple shares rose 1.4%. Microsoft (MSFT) and Adobe (ADBE) are being suspended from the Permanent Labor Certification Program due to "multiple active federal investigations," US Secretary of Labor Keith Sonderling said Thursday at a press conference. Microsoft shares were down 1.4%, and Adobe was up 3.1%. GlobalFoundries (GFS) struck a multi-year $2 billion deal to supply silicon interposers to Taiwan Semiconductor Manufacturing (TSM) amid growing demand for AI. GlobalFoundries shares were up 2.4%, and Taiwan Semiconductor was falling 3.5%.

According to a related letter, US lawmakers have expressed concerns about Google's plan, under Alphabet (GOOG.US), to obtain employee data from the now-defunct Spirit Airlines to train its AI models.