Quick overview

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Although OpenAI is not publicly traded, it is gaining prominence in the stock market. Recently, OpenAI significantly influenced the shares of e-commerce companies like Shopify and Etsy following the introduction of ChatGPT’s instant buy option.

The industry was already on edge due to the disruptions caused by AI. Atlassian also signed an agreement with Advanced Micro Devices Inc., which could potentially bring the chipmaker tens of billions of dollars in new revenue. This development led to a substantial increase in AMD’s shares, which surged 38%, marking their largest intraday percentage gain since April 2016.

Such market-moving influence is typically associated with giants like Apple Inc. or Nvidia, making OpenAI’s growing impact on various stocks notable, especially since there is little indication that the $500 billion startup plans to go public anytime soon.

Consequently, traders need to pay close attention to OpenAI’s announcements and events, such as the developer conference it is hosting on Monday. According to UBS analyst Karl Keirstead, “investors in software and the internet are very interested in where OpenAI will go next and how disruptive it could be.

” He added, “The consensus is that OpenAI will need to diversify more aggressively beyond ChatGPT subscriptions as it continues to expand.”