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

JUST IN: Nvidia, Oracle and CoreWeave lead AI stocks lower after OpenAI tells investors it hit roughly $50 billion in annualized revenue at the end of September, below the $68 billion widely reported last month.

Eighteen billion dollars of OpenAI revenue just evaporated, on paper anyway.

The company told investors it hit roughly fifty billion in annualized revenue at the end of September. Fine number, except last month everyone was passing around sixty eight billion. Turns out that bigger figure included gross revenue from OpenAI's partners, which flattered the comparison with Anthropic. Wall Street did not enjoy the correction. Nvidia dropped three percent, Oracle fell six, CoreWeave slid eight, and AMD, Broadcom, Intel and Super Micro all got dragged down with them.

And remember the backdrop here. OpenAI is sitting on an eight hundred fifty two billion dollar valuation, a confidential IPO filing, and talk of another thirty billion dollar raise. Sam Altman says now would be an ill advised moment to go public. On days like today, hard to argue.

When one private company's slide deck moves seven public stocks at once, that's not a sector anymore. That's a single trade.

This is Angel Manalo, reporting for HIT.