Meanwhile, Reuters reported on Friday that Anthropic, which is preparing for its IPO, forecast 2028 revenue of roughly $190 billion to $200 billion, according to two people familiar with the company's financials.
Chipmakers took the lead, with Micron Technology and Sandisk rising 4.5% and 6.7%, respectively. Technology stocks on the S&P 500 rose 0.1%, limiting broader declines and keeping the tech-heavy Nasdaq flat.
Markets will keep a close eye next week on results from chipmaker Nvidia, the most valuable company in the world, for signs on whether the tech-driven momentum can last. Its shares rose 0.2% in early trading.
Danni Hewson, head of financial analysis at AJ Bell, said more clarity on AI investments and the source of returns was allaying immediate fears of a "potential AI boom then bust".
At 09:40 a.m. ET, the Dow Jones Industrial Average fell 164.46 points, or 0.31%, to 53,567.95, the S&P 500 lost 10.71 points, or 0.14%, to 7,775.01, and the Nasdaq Composite shed 2.43 points, or 0.01%, to 26,726.73.
Declines in UnitedHealth and McDonald's weighed on the Dow.
Concerns over the payoff from AI investments have battered chip stocks recently, but robust quarterly results and forecasts signaling resilient demand have brought the tech-heavy Nasdaq closer to record highs.
The S&P 500 closed at a record peak on Thursday after a batch of soft inflation data helped traders dial back the odds of an interest-rate hike by the U.S. Federal Reserve at its September meeting.
Traders are pricing in a nearly 31% chance the Fed will raise rates by 25 basis points next month, sharply lower than the near-even chances of a hike versus a hold a week ago, according to CME's FedWatch tool.
Still, Wells Fargo Investment Institute changed its Fed call and expects a 25-basis-point increase to rates this year, versus no change anticipated earlier.
Quarterly results from retail bellwether Walmart and home improvement retailer Home Depot, among the few names left to report in the current earnings season, will be watched this week.
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