Market analysis: Fed stable, oil high and tech under pressure

This was a significant week for the US Nasdaq index as several tech companies released their results. While the index remained near record highs, news regarding OpenAI renewed investor scepticism about the return on investment in AI. The company missed its revenue and user growth targets, causing a ripple effect of scepticism across the ecosystem, with stocks like Oracle, Broadcom, AMD and Nvidia retreating. Investors were primarily looking for confirmation that massive AI investment is translating into real revenue and profit growth, with particular focus on cloud and advertising businesses. This scrutiny is driven by the nearly 600 billion dollars in combined infrastructure investment planned by the four major tech groups for 2026. Meanwhile, the Federal Reserve kept interest rates unchanged at 3.50%-3.75%. The market remains uneasy due to oil prices trading near record highs, the ongoing conflict in the Middle East, and the Fed's upward revision of its 2026 inflation projections, which limits the scope for future rate cuts.