Chip stocks bounce back as OpenAI files for Wall Street float – business live

Rolling coverage of the latest economic and financial news, as the AI trade bounces back

OpenAI confidentially files for initial public offering on US stock market

London’s stock market is slipping in early trading, down almost 0.5% or 48 points at 10,323.

Pharmaceuticals group GSK are the top faller, down 2.7%, after striking a $10.6bn (£7.9bn) deal to buy US cancer specialist Nuvalent.