OpenAI's plan to postpone its IPO has caused concerns about a cooling of the heat in the AI capital market. Shares of Morgan Stanley (MS.US) and Goldman Sachs Group, Inc. (GS.US) dropped more than 4% at one point.

Due to market rumors that OpenAI is considering postponing its initial public offering (IPO) until next year, concerns about the cooling of the AI capital market have increased. The stock prices of Morgan Stanley (MS.US) and Goldman Sachs Group, Inc. (GS.US) fell by over 4% on Friday. As of the time of publication, Morgan Stanley's decline had narrowed to 2.77%, while Goldman Sachs Group, Inc. had narrowed to 2.87%. It is reported that OpenAI is considering postponing its planned IPO for this fall until next year. Insiders say that due to recent fluctuations in tech stocks, the company is reevaluating its schedule for going public. Currently, OpenAI is working with Goldman Sachs Group, Inc. and Morgan Stanley to advance potential IPO matters, with both investment banks being major underwriters of the IPO plan. Previously, with the continuous increase in capital market financing activities and the intensive preparations for IPOs by AI companies, the stock prices of Goldman Sachs Group, Inc. and Morgan Stanley had been performing strongly. Industry research analyst Herman Chan stated that Goldman Sachs Group, Inc. and Morgan Stanley had significantly lagged behind their peers that day, as the two companies have been major beneficiaries of the AI capital market boom. He pointed out that in addition to being responsible for the potential IPO of OpenAI, both banks also acted as the lead underwriters for SpaceX's first public offering, making the market particularly sensitive to the IPO process of AI-related companies. At the same time, OpenAI had also been in contact with Citigroup (C.US) and JPMorgan Chase (JPM.US) regarding IPO collaborations. In addition, insiders previously revealed that OpenAI's competitor, Anthropic, had also chosen Morgan Stanley and Goldman Sachs Group, Inc. as the lead underwriters for its IPO, with JPMorgan Chase also participating in the project. Truist analyst Brian Finneran stated that if OpenAI delays its listing, it may temporarily raise concerns in the market about the cooling of the AI capital market, affecting investors' optimistic expectations for the future prospects of investment banking businesses such as Goldman Sachs Group, Inc. and Morgan Stanley. However, he believed that in the longer term, a moderate staggered IPO schedule might not necessarily be a bad thing. Finneran said that the capital market financing window is still open, and if large AI companies spread out their IPOs over different times, it could help alleviate market pressure from concentrated issuances and potentially improve the performance of capital market businesses in 2027. In recent years, the AI industry has become an important force driving the revival of the American IPO market. The IPO plans of star tech companies like OpenAI, Anthropic, and SpaceX have not only attracted high investor attention, but are also seen as a significant driver of global investment banking business growth in the coming years. Therefore, any adjustment to the timing of OpenAI's IPO could have a certain impact on market sentiment and the capital market business expectations of major investment banks.