OpenAI's annualized revenue forecast gap of about $20 billion sparks panic, A-share computing hardware sector falls across the board

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4▲1 ▼4Impact / 5
Summary · why it matters

On October 9, the A-share computing hardware sector suffered a deep correction. The STAR 50 Index fell nearly 4% intraday, and the semiconductor index dropped more than 4%. AI hardware segments such as MLCC, PCB, and CPO led the decline. Multiple stocks including Fenghua Advanced Technology and Jinan Guoji hit the daily limit down. Zhongji Innolight fell more than 5%, and a batch of PCB stocks such as Wus Printed Circuit and Shennan Circuits dropped more than 6%. Overnight in the US, the Philadelphia Semiconductor Index tumbled 3.39%, with Nvidia, AMD, Broadcom, and Intel all falling. Applied Optoelectronics dropped more than 13%, and Coherent fell 9.63%. In Asian markets, Japan's SoftBank fell more than 4%, and Kioxia dropped nearly 2%. According to market sources, financial documents disclosed by OpenAI to investors show that as of the end of September, its annualized revenue run rate was about $50 billion, significantly lower than the previously widely circulated expectation of nearly $70 billion, a gap of about $20 billion, triggering market panic. On the industry fundamentals side, MLCC demand has not weakened. On October 6, Samsung Electro-Mechanics announced a supply contract for AI server MLCCs with a large global enterprise, worth about 285.611 billion Korean won, approximately 1.427 billion yuan. Since June 2026, Samsung Electro-Mechanics has disclosed four AI server MLCC orders totaling about 2.11 trillion Korean won, approximately 10.519 billion yuan, all long-term agreements extending to the end of 2027. Last night, Dongshan Precision issued a statement responding to rumors about restrictions on optical chip procurement, saying that the claim of a 65% US-origin material ratio is an unofficial market rumor, and that some of the optical chips used in its optical modules are self-developed and self-produced, accounting for no more than 10% of BOM costs. CITIC Securities released a fourth-quarter technology strategy research report yesterday, arguing that the current global tech stock correction mainly reflects valuation contraction rather than earnings downgrades, and that capital expenditure growth from 2027 to 2028 will support upward earnings in the computing power supply chain.

Impact on assets 19

Artificial Intelligence▲
Semiconductors▲
Samsung Electro-Mechanics
009150
▲ PositiveDemandrelevance

Samsung Electro-Mechanics announced a ~1.427 billion yuan AI server MLCC supply contract with a large global enterprise, part of four AI server MLCC orders totaling ~10.5 billion yuan through end-2027.

Digital Finance & Tokenization▲
Others▼
Shennan Circuits Co Ltd Class A
002916
▼ Negativerelevance

Fell more than 6% as part of the broad PCB/computing hardware selloff driven by OpenAI's revenue miss; no company-specific development.

Off-coverage companies 1

OpenAIi
Private± Mixedrelevance