OpenAI is currently livestreaming the launch of ChatGPT 4.5, which will be available to Pro users this week and Plus users next week. Deep Research has received positive reviews.

Today has been noteworthy in the market, as Nvidia reported earnings that exceeded expectations but experienced a 6.3% decline after hours. The simultaneous release of OpenAI’s new model and strong Nvidia results has not positively impacted the market.

Previously, combined positive announcements from OpenAI and Nvidia would result in a 3% market increase. OpenAI has also indicated that GPT 5 will be its final “non-chain-of-thought model.”

The release of OpenAI’s latest model alongside Nvidia’s quarterly results brought anticipation, yet the market’s response has been less optimistic than many had hoped. A drop of 6.3% in Nvidia’s stock after hours, despite surpassing earnings expectations, suggests that broader sentiment is not aligning with the strength of the reported figures. This comes as a contrast to previous instances where upbeat news from both companies led to upward movement.

We recognise a shift in how traders are positioning themselves. The assumption that favourable updates from OpenAI and Nvidia would lead the market higher is no longer holding. In past quarters, similar events resulted in an approximate 3% rise, but the current reaction implies adjustments in expectations or other forces at play. Nvidia’s continued outperformance in earnings no longer guarantees price gains, which suggests that participants are focusing on factors beyond revenue and guidance.

OpenAI’s confirmation that GPT-5 will be the last major release without chain-of-thought reasoning adds another layer to the equation. Forward-looking bets on artificial intelligence development will have to account for structural changes in model architecture rather than simply incremental improvements. Those familiar with past updates will recall that prior leaps in AI capability generated wide speculation, often fuelling short-term rallies.

Market conditions have deviated from the patterns seen over the last year. The reaction to Nvidia’s results suggests traders with large positions have started adjusting their strategies. If this week had played out as it did in previous quarters, we would have seen a rally. Instead, downward pressure dominated after hours.

With OpenAI pushing deeper into advanced reasoning and Nvidia still at the centre of AI hardware, their announcements remain highly relevant. However, the broader response suggests that expectations are not solely tied to earnings beats or new releases. Traders should remain mindful that prior behaviours in the market may not repeat, and any positions that rely on past trends continuing unchanged could be exposed to added risk.