Artificial Intelligence
OpenAI revenue report knocks AI stocks
Shares in Nvidia, Oracle, AMD and Microsoft fell after the Financial Times reported that OpenAI’s annualised revenue at the end of September was closer to $50 billion than $70 billion.
- The Financial Times reported that OpenAI told investors its annualised revenue was approaching $50 billion at the end of September.
- The FT said earlier reports had put the figure at about $70 billion, and that the gap came from different revenue calculations.
- Oracle, Nvidia, Advanced Micro Devices and Microsoft all fell on Thursday after the report.
- OpenAI was seeking at least $30 billion in new funding at a reported $1.4 trillion valuation.
AI shares fell on Thursday after new figures indicated that OpenAI’s annualised revenue was about $20 billion lower than earlier reports had suggested. The Financial Times said the company told investors the figure was near $50 billion at the end of September.
Bloomberg’s Lisa Abramowicz said the move showed how exposed the technology sector had become to OpenAI and Anthropic. Oracle dropped more than 5%, while Nvidia, Advanced Micro Devices and Microsoft also declined; the Nasdaq fell 1.4% in afternoon trading.
The FT said investors had adjusted OpenAI’s figures to make them comparable with Anthropic’s, which counts the full value of sales through cloud partners. Those adjustments had previously pushed reports of roughly $40 billion in August and later about $70 billion, after OpenAI said revenue had grown by more than 70%.
OpenAI declined to comment to the FT. The company was seeking fresh funding of at least $30 billion at a reported $1.4 trillion valuation, while Broadcom was reported to be arranging more than $50 billion in financing for custom chips made with OpenAI.
Sam Altman had ruled out an OpenAI IPO in 2026, leaving 2027 as a possible date. On Polymarket, traders assigned about 58% odds to the company listing by the end of 2027 and ending its first trading day with a market value of at least $1.5 trillion.
Named in this story
People
- Lisa Abramowicz
- pointed to the market reaction as evidence of dependence on OpenAI and Anthropic
- Sam Altman
- ruled out an OpenAI IPO in 2026
Companies
- OpenAI
- told investors its annualised revenue was near $50 billion and was seeking fresh funding
- Oracle Corp.
- its shares fell more than 5% after the report
- Nvidia Corp.
- its shares fell after the report
- Advanced Micro Devices Inc.
- its shares fell after the report
- Microsoft Corp.
- its shares fell after the report
- Anthropic
- served as the comparison point for how revenue was calculated
- Broadcom Inc.
- was said to be arranging financing for custom chips developed with OpenAI
- Polymarket
- its traders priced an OpenAI listing by the end of 2027
How the source tells it
The article was mostly a plain market report, with a speculative edge in the valuation and IPO discussion.
- speculation presented as fact Predictions and valuation comparisons were set out alongside the news as if they were firm indicators of OpenAI’s prospects.