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Opendoor Technologies Stock Plummets Amid Inflation and AI Valuation Concerns
Opendoor Technologies Stock Plummets Amid Inflation and AI Valuation Concerns
20
2
BTCCSquare news:
Opendoor Technologies (OPEN) shares tumbled as much as 13% during Wednesday's trading session, extending recent volatility. The real estate platform's stock now sits 8.2% lower at midday, despite lacking company-specific catalysts.
The selloff reflects broader market anxieties. Inflationary pressures resurfaced after last week's hotter-than-expected Producer Price Index report. Simultaneously, an MIT study questioning generative AI's business applicability triggered sector-wide reevaluations of tech valuations.
Notably, OPEN remains up 333% over three months following last week's explosive rally. This parabolic MOVE left the stock vulnerable to profit-taking amid shifting macroeconomic conditions.
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