Nvidia Falls 2.9% as OpenAI Revenue Discrepancy Rattles Chip Sector

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3▲0 ▼2Impact / 5
Summary · why it matters

Nvidia shares fell 2.9% in the afternoon session after new details suggested OpenAI's revenue growth may be lower than previously believed. OpenAI told its investors it hit roughly $50 billion in annualized revenue at the end of September, significantly below the $68 billion figure widely reported late last month, according to CNBC; a person familiar with the matter said the higher figure included gross revenue from OpenAI's partners to allow a more direct comparison with rival Anthropic. The Financial Times, which first reported the discrepancy, said the $50 billion annualized figure appeared in a recent investor presentation as OpenAI prepares for a highly anticipated 2027 initial public offering. Although CNBC noted OpenAI's enterprise business still achieved 107% run rate growth in the third quarter, the shortfall raised concerns across the semiconductor sector about whether the capital expenditures driving Nvidia's chip sales are sustainable at current valuations. The AI-specific weakness was compounded by a sharp rise in the 10-year Treasury yield, which briefly surged to 5.36%, and climbing crude oil prices. Nvidia shares later recovered some losses to trade at $230.76, down 2.8% from the previous close.

Impact on assets 2

Artificial Intelligence▼
NVIDIA Corporation
NVDA
▼ NegativeDemandMonetaryrelevance

OpenAI's lower-than-reported revenue growth raises doubts about whether the AI capex driving Nvidia's chip sales is sustainable.

Others▼

Off-coverage companies 2

OpenAIi
Private▼ NegativeCapitalrelevance

OpenAI told investors it hit roughly $50 billion in annualized revenue, below the widely reported $68 billion figure, ahead of a 2027 IPO.

Anthropici
Private± Mixedrelevance