Nvidia, Oracle, CoreWeave and other AI stocks sink on OpenAI revenue report

Shares of Nvidia, Oracle, CoreWeave and other AI infrastructure stocks fell sharply Thursday after OpenAI disclosed that its annualized revenue reached $50 billion at the end of September, well below the $68 billion figure circulated widely last month.

OpenAI shared the updated figure in an investor presentation. A person familiar with the matter said the higher $68 billion number included gross revenue from OpenAI's partners, which inflated the top-line comparison. The Financial Times first reported the $50 billion figure.

Despite the revenue miss, OpenAI reported strong growth metrics. The company posted 77% total run rate growth in the third quarter and 107% run rate growth for its enterprise business during the same period, according to the person.

Market reaction was swift. Nvidia shares fell 3%, Oracle dropped nearly 6%, and CoreWeave slipped nearly 8%. Advanced Micro Devices, Broadcom, Intel and Super Micro Computer all declined between 4% and 5%.

The disclosure puts pressure on OpenAI to justify its $852 billion valuation ahead of an expected initial public offering. OpenAI confidentially filed its prospectus with regulators in June. CEO Sam Altman said in September that "right now would be an ill-advised moment to go public," citing safety concerns around AI models. Executives have signaled a 2027 debut.

OpenAI is engaging in early-stage discussions about a potential new funding round that could raise around $30 billion, though CNBC reported that figure could change and no term sheet has been finalized. The company closed a $122 billion funding round in March.

Rival Anthropic is also preparing for a major IPO and is reportedly seeking a $2 trillion valuation. Anthropic told investors its annualized revenue run rate hit $65 billion at the end of July. However, independent research firm New Constructs called Anthropic's offering the "most ridiculous IPO of 2026" and valued the company at $150 billion. Reuters reported that Anthropic's 2025 revenue was $4.6 billion against a net loss of $42 billion, citing a leaked prospectus.