OpenAI Revenue Disclosure Weighs on AI Stocks as S&P Futures Hold Near Flat

  • OpenAI told investors its annualized revenue reached $50 billion in September.
  • $68 billion previously reported included gross revenue from partners, a person familiar said.
  • Nasdaq Composite fell more than 1%, its largest one-day loss since mid-August.

U.S. stock futures were little changed Thursday night after OpenAI told investors it had reached $50 billion in annualized revenue at the end of September, below the $68 billion figure widely reported last month. A person familiar with the matter said the earlier figure included gross revenue from partners, highlighting differences in how cloud-related sales are measured rather than confirming a $18 billion decline in revenue. The disclosure added pressure to an already weakening artificial-intelligence trade. The Nasdaq Composite fell more than 1% Thursday for its largest one-day loss since mid-August, while the S&P 500 declined 0.5% for a second straight session. The Dow finished slightly above flat. CoreWeave fell more than 7%, Oracle, Intel and Super Micro Computer lost about 5% each, Advanced Micro Devices dropped nearly 4% and Nvidia fell almost 3%. Nvidia CEO Jensen Huang’s estimated fortune fell below $200 billion, while Oracle co-founder Larry Ellison’s wealth also declined. SpaceX shares rose about 1% in extended trading after the company announced an agreement to buy a nationwide spectrum portfolio, sending AT&T, Verizon and T-Mobile lower as investors assessed the competitive implications. Investors will next watch Delta Air Lines earnings and October consumer-sentiment data.

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