Reports of OpenAI missing revenue and user targets have triggered a selloff in semiconductor and AI stocks, including SOXX, which recently saw 18 consecutive green days. The author suggests the miss may be due to compute supply constraints rather than low demand, noting that ARM had reached a high valuation of 70 price-to-sales. Sentiment remains focused on upcoming Big Tech earnings for NVDA, AMD, MSFT, META, ORCL, and GOOGL to gauge future capex and growth.