OpenAI said Wednesday it was working to fix an outage after its popular ChatGPT assistant and Sora video generator were left inaccessible.

“We have identified the issue and are working to roll out a fix,” OpenAI said in a post on X.

Earlier this month, OpenAI CEO Sam Altman said the company’s technology was reaching 300 million active users each week. Earlier on Wednesday, Apple released new versions of its software for the iPhone, iPad and Mac that bring integrations with ChatGPT.

ChatGPT has been down for over three hours. An outage in June lasted for over five hours.

OpenAI was valued at $157 billion in a funding round in October that included participation from existing backer Microsoft as well as chipmaker Nvidia. The company’s rapid ascent began with the launch of ChatGPT in late 2022 and has been the biggest story in the tech industry over the last couple years.

On Monday OpenAI said it was releasing Sora to people in the U.S. and most other countries, but on Tuesday, Altman wrote on X that “we significantly underestimated demand for sora; it is going to take awhile to get everyone access.”

WATCH: iPhone’s ChatGPT upgrade: Here’s what to know

Alphabet and Tesla climbed to fresh records on Wednesday, closing at all-time highs alongside Amazon and Meta as the tech megacaps lifted the Nasdaq past 20,000 for the first time.

Tech’s seven trillion-dollar companies added roughly $416 billion in market cap for the day.

For Alphabet, the two-day 11% rally was driven by the company’s launch of its latest quantum computing chip, which it revealed on Monday and described as a “breakthrough” and “an important step in our journey to build a useful quantum computer with practical applications” in drug discovery, battery design and other areas.

Alphabet closed at $195.40 on Wednesday, topping its prior high of $191.18, which it reached on July 10.

Tesla had been below its previous record for much longer. Shares of the electric vehicle maker jumped almost 6% on Wednesday to $424.77, climbing above their prior closing high of $409.97 on Nov. 4, 2021. The stock has soared 69% since Donald Trump’s election victory last month, on Wall Street’s optimism that Tesla CEO Elon Musk’s cozy relationship with the incoming president will pay dividends.

Amazon, Apple and Meta have all been regularly reaching new highs, though Apple slipped 0.5% on Wednesday. Microsoft, meanwhile, is about 4% below its high reached in July, and chipmaker Nvidia is 6% off its record from last month.

The outsized weighting of tech’s megacaps has pushed the Nasdaq to a 33% gain for the year. The index rose 1.8% on Wednesday to close at an all-time high of 20,034.89.

The market has rallied since Trump’s victory on Nov. 4, partly on expectations that the new administration will dial down regulatory pressure on the tech industry and allow for more dealmaking.

On Tuesday, Trump named Andrew Ferguson as the next chair of the Federal Trade Commission, replacing Lina Khan, who is best known for blocking the top tech companies’ acquisition efforts. Ferguson, currently one of the FTC’s five commissioners, “will be the most America First, and pro-innovation FTC Chair in our Country’s History,” Trump wrote in a Truth Social post.

Tom Lee, managing partner at Fundstrat Global Advisors, told CNBC’s “Closing Bell” that investors see more gains in tech with the expectation that a Federal Reserve rate cut is coming this month. The consumer price index showed a 12-month inflation rate of 2.7% in November, the Bureau of Labor Statistics reported on Wednesday, further solidifying the market outlook for a cut.

“We know that when interest rates fall, the megacaps actually are very sensitive to that, and I think today was a day where the odds of a December cut increased,” Lee said. “That’s actually bullish for tech.”

WATCH: What Fundstrat’s Tom Lee expects from the markets in 2025

Meta’s family of apps including Facebook and Instagram were down on Wednesday, resulting in users being unable to access the services.

The widespread outages began around 9:57 a.m. PST and affected the social media company’s core apps as well as Threads, WhatsApp and Messenger, according to user-submitted reports gathered by the internet-monitoring site Downdetector.

More than 100,000 users experienced problems using the Facebook service at 10:11 a.m. PST, representing the peak of the outages, according to Downdetector.

Meta acknowledged the outage via a post on social media site X, saying =the company is “aware that a technical issue is impacting some users’ ability to access our apps.”

“We’re working to get things back to normal as quickly as possible and apologize for any inconvenience,” the X post said.

A separate Instagram-specific X post also acknowledged the outage, and said the company recognizes “there’s a technical issue impacting some people’s ability to access Instagram.”

Meta’s various apps experienced a roughly two-hour outage in March 2024, on the same day as the Super Tuesday U.S. presidential primaries.