Tech Stocks Slide as FT Reports OpenAI Revenue Near $50 Billion, Below Prior Estimates

Tech stocks fell Thursday after the Financial Times reported OpenAI's annualized revenue is nearing $50 billion, roughly $20 billion below figures previously cited by media based on investor information. A source familiar with the documents said the $70 billion figure did not originate from OpenAI and likely stemmed from firms comparing its numbers with Anthropic's, which counts gross revenue from cloud providers; OpenAI's figure is net revenue. OpenAI declined to comment. The Nasdaq Composite dropped 1.4%, on pace for its worst day since July, with declines accelerating after the report published midday. Selling spread across chipmakers and cloud providers: Nvidia (NVDA) fell 3%, while Intel (INTC) and Oracle (ORCL) each lost 6%. The discrepancy could rattle investors already questioning whether AI demand can justify the industry's massive buildout spending. CEO Sam Altman said in September OpenAI would postpone its IPO until at least next year, citing AI safety concerns. Anthropic is expected to launch its IPO later this fall.