Oracle, AMD, Broadcom slide as OpenAI's $20B revenue revision rattles the AI trade
Tech and chip stocks fell on Oct 8 after the FT reported OpenAI's annualized revenue is approaching $50 billion, roughly $20 billion below what it had signaled before.
What happened
Shares of major technology companies fell on October 8 after the Financial Times reported that OpenAI's annualized revenue is roughly $20 billion less than it had previously signaled. Oracle deepened its losses for the day, down 4.9% at $136.50 midday Thursday. Microsoft fell 1.2% to $523.29. Micron slid 4.3%, SpaceX fell 3.9% and Dell Technologies lost 0.8%. Chip suppliers to OpenAI dropped too: Celestica fell 5.9% to $349.69, Advanced Micro Devices fell 3.3% to $624.65, Broadcom (which is collaborating with OpenAI on a custom chip) lost 3.2% to $364.58, and Taiwan Semiconductor Manufacturing was down 3.3% at $456.79.
What the FT reported
The Financial Times reported that OpenAI has told investors its revenues were approaching $50 billion on an annualized basis toward the end of last month, citing financial documents shared with investors. Earlier information OpenAI had shared with investors last month indicated roughly $70 billion in annualized revenue. The discrepancy stemmed from OpenAI's effort to produce a figure comparable with Anthropic's annualized revenues, which count cloud-partner sales that OpenAI excludes, per the FT, citing a person familiar with the matter. OpenAI declined to comment to the FT.
Why it matters
The selloff shows how much of the AI infrastructure trade is priced on OpenAI's growth story. The news comes as investors expect Anthropic to go public around November, followed by an OpenAI initial public offering next year.
Verified October 8, 2026. Sources: Morningstar (Dow Jones Newswires, by Elias Schisgall), TechCrunch.
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