OpenAI annualized revenue set to hit $50B, ~$20B below earlier reports (FT); AI stocks sell off, Nasdaq -1.3%
What happened
The Financial Times reported Thursday that OpenAI's annualized revenue is on track to reach $50 billion, roughly $20 billion below earlier reported figures, based on financial documents shared with investors. The lower run-rate suggested the pace of growth for AI leaders is moderating rather than accelerating. Tech stocks fell in afternoon trading: the Nasdaq composite dropped 1.3%, the S&P 500 fell 0.6%, and AI-exposed names sold off hard - CoreWeave and Constellation Energy each fell about 6%, while Astera Labs and Arm Holdings each plunged roughly 8%. Futurum strategist Shay Boloor noted the $20B gap between OpenAI's real run-rate and reported number reflects sales flowing through AWS, Google Cloud, and Microsoft Azure rather than disappearing revenue.
Why it matters & what’s next are part of Pro, along with the audio summary.
Start your free 14-day trialWho’s affected & sources
Who’s affected
- {'exposure': 'Poster child of AI demand; a lower revenue trajectory raises questions about how fast cloud/neocloud capacity converts to cash and how quickly infrastructure partners (Microsoft/OpenAI Stargate builds, CoreWeave, Oracle) get paid back.', 'name': 'Nvidia (NVDA)'}
- {'exposure': "Largest OpenAI backer and compute partner; OpenAI's real run-rate vs reported figure is partly sales flowing through Azure, and a moderating OpenAI growth pace directly slows Azure AI services revenue growth.", 'name': 'Microsoft (MSFT)'}
- {'exposure': 'Reported earlier Thursday as needing $50B+ in financing for OpenAI custom chips; shares fell below the 50-day moving average as OpenAI revenue doubts met financing scrutiny.', 'name': 'Broadcom (AVGO)'}
- {'exposure': 'AI neocloud pure play; fell ~6% as investors marked down expected OpenAI contract growth.', 'name': 'CoreWeave (CRWV)'}
- {'exposure': 'AI data-center connectivity; fell ~8% in the AI-chain de-risking.', 'name': 'Astera Labs (ALAB)'}
- {'exposure': 'ARM-based AI compute exposure; fell ~8% alongside the AI complex.', 'name': 'Arm Holdings (ARM)'}
- {'exposure': 'Power infrastructure for AI data centers; fell ~6% as slower OpenAI growth implied slower data-center power demand ramp.', 'name': 'Constellation Energy (CEG)'}
