AI stocks fall after OpenAI pegs annualized revenue at $50 billion
What's new: The figure was below the widely cited $68 billion because that earlier number included partner gross revenue.
Nvidia, Oracle, CoreWeave and other AI-linked stocks dropped Thursday after investors got a clearer look at OpenAI's revenue. OpenAI told investors it reached about $50 billion in annualized revenue at the end of September, lower than the $68 billion figure that circulated late last month. A person familiar with the presentation said the higher figure included gross revenue from partners, making the lower number a cleaner comparison with rival Anthropic. Nvidia fell 3%, Oracle nearly 6% and CoreWeave almost 8%, while AMD, Broadcom, Intel and Super Micro Computer also declined. OpenAI also told investors its total run rate grew 77% in the third quarter and its enterprise run rate grew 107%.