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Tech led a retreat in US stocks before the bell on Friday, as a report of a potential delay to OpenAI's IPO added to the headwinds that have whipsawed markets this week.

Nasdaq 100 futures tumbled 1.2%, while those on the S&P 500 moved down 0.5% after both indexes closed lower Thursday for the fourth straight times this week.

Concerns are growing that the skyrocketing cost of memory and storage components could hit device makers, after Apple raised prices of its MacBooks and iPads. Memory chipmaker Micron's stellar earnings showed the squeeze is set to continue.

At the same time, a New York Times report that OpenAI is planning to push back it's mega IPO until 2027 is also dragging on appetite for techs.

Micron’s revenue more than quadrupled in the fiscal third quarter, the company said on Wednesday, as the memory maker continued to benefit from soaring demand tied to the artificial intelligence boom. The stock rose about 9% in extended trading.

Revenue increased from $9.3 billion a year earlier, Micron said in a statement. For the current quarter, the company said it expects revenue of about $50 billion, up from $11.3 billion a year earlier. Analysts were looking for a revenue forecast of $43.58 billion, according to LSEG.

Memory prices have skyrocketed in the last couple years as AI chips eat up all the production capacity of the small crop of vendors. With data center demand increasing by the day, prices are also rising for memory used in smartphones, laptops and other gadgets.

That’s turned Micron into a Wall Street darling as its technology is essential for chips made by Nvidia and Google, as well as the servers that house those companies’ processors. Micron’s stock price is up roughly 700% over the past year, lifting the company’s market cap past $1 trillion.

Micron’s gross margin, the profit left after accounting for the cost of goods sold, jumped to 81.2% in the third quarter from 69% in the prior period and 27% a year earlier.

Net income during the quarter was $28.24 billion, or $24.46 per share, versus $1.89 billion, or $1.68 per share in the year-ago period.

Cerebras said revenue almost doubled in the AI chipmaker’s first earnings report since its initial public offering last month. The stock fell 10% in extended trading as the company forecast a drop in its gross margin.

The company’s revenue increased 92% in the first quarter from $99.5 million a year earlier, according to a statement. Net loss narrowed to $14 million from $23.9 million, or 46 cents per share, a year ago.

During the first quarter, Cerebras said its chips will go inside Amazon Web Services’ data centers, and it announced a deal worth over $20 billion to supply OpenAI with computing power.

Asian share markets swung higher ​on Monday as Iranian negotiators said progress had been made in peace talks with the United States, helping calm fears the process ‌was breaking down.

Officials from Qatar and Pakistan also released a statement saying the first session of talks had concluded and progress was made on a roadmap to reach a final deal in 60 days.

The news saw Brent crude futures ⁠shed early gains to ease 0.4% to $80.17 a barrel, far away from its May peak of $126.41. U.S. crude remained 1.2% firmer at $77.52 a barrel.