Stocks are down more than -0.5% in premarket trading as a renewed sell-off in technology stocks and mounting concerns over elevated AI-related valuations are weighing on sentiment. Micron Technology (MU) is down about -5% despite reporting blowout earnings on Wednesday that actually underscored a deeper concern: AI demand is running headlong into a supply bottleneck, and memory chipmakers are getting paid first. The harder question now is who absorbs the cost next, whether Big Tech, cloud operators, device buyers, or ultimately the end user.
OpenAI IPO Delay Rattles Memory, AI Stocks
Memory and AI-related stocks fell broadly in premarket trading after reports that OpenAI is considering delaying its IPO to 2027. The news rattled global markets, with South Korea's Kospi slumping -6%, SK Hynix tumbling -8%, and SoftBank (SFTBY), an OpenAI stakeholder, plunging -13% in Tokyo. In the U.S., Micron Technology (MU) and Advanced Micro Devices (AMD) each fell around -5%, Nvidia (NVDA) dipped -1%, and chip equipment makers declined around -3%.
Unilever Eyes $4B Thorne Supplements Bid
Unilever (UL) is exploring a bid for Thorne, a U.S. dietary supplements maker being sold by private equity firm L Catterton in a deal that could value the business at up to $4B. Thorne is projected to generate $650M in revenue this year; L Catterton acquired it for $680M in 2023. The move would mark UL CEO Fernando Fernandez's latest wellbeing acquisition, following purchases of Liquid IV, Nutrafol, and Olly, with the division posting double-digit growth in 2025.
Lululemon Ends Wilson Proxy Fight
Lululemon (LULU) shareholders approved the company's board nominees today, formally ending founder Chip Wilson's proxy contest and clearing the way for incoming CEO Heidi O'Neill to focus on the retailer's turnaround. Under the settlement, Wilson agreed to refrain from publicly criticizing LULU for 18 months while three of his backed directors joined the board. Shares are down -46% YTD as O'Neill prepares to take the helm in September amid rising competition from Alo Yoga and Vuori.
DraftKings Launches Sports & Casino Super App
DraftKings (DKNG) merged its sportsbook and prediction markets into a "Sports & Casino" Super App with a single account and wallet, positioning the platform ahead of NFL season. In legal betting states the default is the sportsbook with prediction markets alongside traditional options; in non-betting states, the app routes to an events-contract experience. Analysts are bullish, pointing to accelerating download data and raising price targets to $36 as DKNG looks to lead the prediction market space.
