Nvidia, Oracle, CoreWeave and other AI stocks sink on OpenAI revenue report — SkimNews
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- OpenAI told investors it hit roughly $50 billion in annualized revenue at end of September, well below the $68 billion figure widely reported late last month; a person familiar said the $68 billion included gross partner revenue to make a more direct comparison with Anthropic.
- Nvidia shares fell 3%, Oracle dropped nearly 6%, and CoreWeave slipped nearly 8% on Thursday, while AMD, Broadcom, Intel, and Super Micro Computer each fell roughly 4-5%.
- OpenAI also touted 77% total Q3 run rate growth and 107% enterprise run rate growth in the same investor presentation, per a person familiar with the numbers.
- OpenAI is under pressure to justify an $852 billion valuation ahead of its widely expected IPO, having confidentially filed its prospectus with regulators in June while executives eye a 2027 debut.
- Anthropic is courting investors for its own IPO at a reported $2 trillion target valuation, but independent researcher New Constructs called it the "most ridiculous IPO of 2026" and valued the company at $150 billion; Reuters cited a leaked prospectus showing $4.6 billion in 2025 revenue and a $42 billion net loss.
- Sam Altman said in September that "right now would be an ill-advised moment to go public," citing safety concerns, and OpenAI recently pulled its GPT-6.1 Astra launch after saying the model did not meet its safety standards.
- Sarah Friar told CNBC OpenAI remains "very well capitalized" even as it engages in early-stage discussions for a potential $30 billion new funding round, following its $122 billion round in March.
Why it matters: The roughly $20 billion gap between OpenAI's reported $68 billion and disclosed $50 billion revenue undermines the AI infrastructure trade that banks on the company's growth narrative, hitting Nvidia (-3%), Oracle (-6%), and CoreWeave (-8%) in a single session. With OpenAI ($852 billion target) and Anthropic ($2 trillion sought) both pursuing record IPOs despite wide analyst skepticism, investors are stress-testing whether any AI company's economics can justify these multiples.
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