Nasdaq Drops 1% After OpenAI Revenue Misses Prior Report by $18 Billion
Updated
Updated · CNBC · Oct 8
Nasdaq Drops 1% After OpenAI Revenue Misses Prior Report by $18 Billion
3 articles · Updated · CNBC · Oct 8
Summary
OpenAI told investors its September annualized revenue was about $50 billion, roughly $18 billion below the previously reported figure, jolting AI-linked stocks.
CoreWeave fell nearly 8%, Oracle almost 6% and Nvidia 3%, while AMD, Broadcom, Intel and Super Micro Computer also closed lower.
The selloff pushed the tech-heavy Nasdaq Composite down more than 1% for its worst session since mid-August, though it remains near record highs set earlier this week.
The revenue shortfall adds pressure on OpenAI to justify its enormous valuation as it heads toward a potential IPO.