Chipmakers fell 3.4% after a report put OpenAI's annualised revenue US$20 billion below previous projections. (Unsplash pic)

NEW YORK: US stocks dipped on Thursday as crude prices surged on a spike in Middle East tensions and a cut in US output that stoked inflation and rate-hike fears, while semiconductor stocks slumped.

Of the major US stock indexes, the Nasdaq closed with the steepest percentage loss, two days after the tech-heavy index reached a record closing high. The S&P 500's loss was more modest, while the blue-chip Dow eked out a nominal gain.

Chipmakers, which have soared over 80% so far this year, were clear underperformers on the day, falling 3.4% in the wake of a report from the Financial Times that OpenAI's annualised revenues were US$20 billion less than the company previously signaled.