Nasdaq Drops Over 300 Points After OpenAI’s Revenue Comes In $20 Billion Short
The Nasdaq 100 fell greater than 300 factors in about half an hour on Thursday afternoon. The slide got here proper after a report that OpenAI’s income is working about $20 billion beneath the determine extensively reported final month.
The tech index was already below stress earlier than the report. Bond yields at a two-decade high, oil above $90 and worries about AI borrowing had pushed futures decrease since early buying and selling.
OpenAI’s Revenue Reportedly $20 Billion Short
On September 29, experiences indicated that OpenAI annualized income reached $70 billion. On Thursday, nevertheless, a brand new report from the Financial Times, citing a be aware to OpenAI buyers, stated the Sam Altman-led agency has instructed buyers its annualized income was approaching $50 billion on the finish of September.
Annualized income takes an organization’s present gross sales tempo and stretches it over a full yr. It is a projection, not cash already booked.
The distinction comes all the way down to accounting, in accordance with the FT. Anthropic, which is making ready its own Nasdaq listing, counts gross sales made via cloud companions similar to Amazon Web Services and Google Cloud.
OpenAI doesn’t.
Investors who adjusted OpenAI’s numbers to match Anthropic’s methodology arrived on the increased estimate.
OpenAI nonetheless instructed buyers its income grew greater than 70% over the interval. The firm booked $13.07 billion in income for all of 2025, in accordance with audited documents cited by Quartz.
What Else Was Dragging Tech Stocks Lower
Nasdaq 100 futures had been already down 0.5% early Thursday. The 30-year US Treasury yield hit its highest stage in additional than twenty years. Brent crude climbed above $100 a barrel on Middle East provide worries.
AI debt was a 3rd weight. Broadcom is in search of greater than $50 billion in financing for a customized chip it’s constructing with OpenAI, the Wall Street Journal reported.
Skeptics similar to Michael Burry have already stated markets ought to fall far sufficient to block the AI IPOs.
Revenue at OpenAI and Anthropic is a key gauge of AI demand and drives infrastructure spending, the FT famous. On Thursday, two methods of counting it sat $20 billion aside.
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