In late June 2026, rumors began to spread throughout the tech world that ChatGPT maker OpenAI was leaning toward delaying its IPO from late 2026 to 2027. While the regulatory review process, market volatility, and many other factors change IPO timelines for companies planning to go public, this update is very important. There has been a widespread sense of unease across the investor spectrum as AI appears to have taken over a range of other industries, with growing concern that an “AI bubble” may pop.
For investors considering their next plays in the technology space, it will be key to look at the companies responsible for the hardware that powers AI applications: the chip makers. Unease has reached chip stocks, with shares of major manufacturers such as NVIDIA Corp. NASDAQ: NVDAMicron Technology Inc. NASDAQ: MUand Marvell Technology Group NASDAQ: MRVL it all went down a lot last week. But will the IPO window open again, or is this a sign that the market is starting to recover from the incredible value of AI as a whole?
AI IPO Shakiness in Valuation Problems
The potential delay of OpenAI's IPO may be due to the tech market's shakiness and concerns that there may not be support for the $1 trillion valuation, which is reportedly the target of CEO Sam Altman.
A key test case for OpenAI, Anthropic, and other AI companies eyeing IPOs in the near future was SpaceX's. NASDAQ: SPCX IPO. The long-awaited IPO of Elon Musk's space company took place in mid-June, raising more than $85 billion in the process. However, SPCX shares slipped from over $225 to just $153 in a two-week period.
The catalyst for this SPCX selloff may hold more weight for AI companies as they consider IPO timing. With a $60 billion stock acquisition planned to launch the AI Cursor code later this year, Musk appears to be positioning SpaceX to make a dramatic pivot. Shareholders are facing disruptions and concerns about the effectiveness of AI as a key part of SpaceX's strategy. For existing AI companies, the news may be bad for at least two reasons: first, SpaceX's pivot toward AI may have helped scare off previously enthusiastic investors; and second, the company can quickly become a major competitor in an already crowded field.
Investors Should Watch Chips
Ultimately, AI companies rely on hardware and infrastructure to make their products work. Investors have been able to profit from focusing solely on these aspects, instead of focusing on the AI companies themselves—a good thing, too, since most of the big AI firms are pre-IPOs. But, similarly, if AI hardware makers or infrastructure providers are struggling, it could be a sign that there is little appetite in the market for many mega-cap AI companies.
With the selloff during the last few trading days of June, investors may interpret the movement in the overall ticker area as a sign of the market reprimanding the AI IPO timeline or prices. In retrospect, however, it is not clear whether the movements in stocks like NVDA or MU are directly linked to the news about OpenAI. Following a major six-week rally in mid-May 2026, NVDA has been reaching the price level it has traded at for most of the past year. The slowdown in late June may be less of a sign of AI issues and more of a continuation of the ongoing reset.
NVIDIA Corporation (NVDA) price chart for Monday, June 29, 2026
As time goes on, the picture may become clearer for investors looking at chip stocks. If rejection continues, for example, and especially when combined with other reviews surrounding AI IPOs, it can confirm that there is reason to be skeptical.
Micron Technology Today
Micron technology
- 52 week interval
- $103.38
▼
$1,255.00
- Dividend Yield
- 0.05%
- The P/E ratio
- 25.48
- Target Value
- $1,263.76
Although NVIDIA's next earnings report isn't due until the end of August, Micron recently provided an update that could strengthen investors' determination about the future of AI and chip makers. The company reported record Q3 fiscal results, including revenue up nearly 350% year-over-year (YOY), an impressive 84.9% margin, and a big beat in earnings per share.
This shows that one week's performance in the entire chip environment is probably not enough evidence to sue for or against AI firms that intend to go public soon. Instead, investors will need to keep a close eye on the proxies of AI companies—chip manufacturers, companies that operate and build data centers, energy providers, and so on—for a long time to get a full sense of the ecosystem.
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