When one of the world's most influential AI companies revealed revenue figures that triggered a broad sell-off in technology stocks, it caused significant turmoil in the U.S. stock market on 8 Oct 2026 GMT+7. OpenAI, the developer of ChatGPT, disclosed annualized revenue of approximately 50 billion U.S. dollars as of the end of September, a figure lower than previously reported.
This news heavily pressured technology and AI-related stocks, with Nvidia shares dropping nearly 3%, Oracle falling almost 6%, and CoreWeave plunging over 7%. Meanwhile, the Nasdaq 100 closed down 1.4%, and the major semiconductor producers' index declined by 3.4%.
The concern began with two sets of revenue figures reported by OpenAI. The first was an annualized revenue figure close to 70 billion U.S. dollars reported at the end of September, indicating over 70% growth since the start of Q3 and more than doubling of enterprise customer revenue since July.
The second was the roughly 50 billion dollar figure disclosed officially to investors at the end of September. This difference does not mean OpenAI lost 20 billion dollars in a few days but reflects important distinctions in how revenue is calculated and how income from business partners is counted.
According to the Financial Times, the nearly 70 billion dollar figure involved investors’ estimates attempting to compare OpenAI’s revenue directly with Anthropic, which uses different methods to count cloud-related sales. Therefore, the two numbers should not be directly compared without considering the scope of calculations.
On the other hand, OpenAI forecasts that its annualized revenue may reach or exceed 70 billion dollars by the end of 2026, driven mainly by enterprise customers. It also revealed 77% growth in annualized revenue and 107% growth in enterprise business during Q3.
Though these figures do not indicate an actual revenue decline, the gap between market expectations and the latest data has led investors to reassess assumptions used to value AI businesses industry-wide. Questions arise about the exact revenue of OpenAI, its calculation methods, sustainable growth, and the ability to cover enormous operational costs.
Important note: Annualized Revenue or Run Rate is a projection based on revenue over a certain period extrapolated to a full year. It is not the actual revenue recognized over 12 months, nor is it company profit.
Why did OpenAI’s financial data so quickly affect other companies’ shares? The answer lies in OpenAI’s central role in the AI business chain. It is not only the developer of ChatGPT but also a major purchaser and user of AI processing infrastructure in the industry.
OpenAI is at the heart of AI investments, particularly in AI model development and servicing a vast user base, requiring chips, data centers, cloud systems, and energy—each demanding substantial capital investment.
As OpenAI grows and its processing demand rises, companies in this supply chain stand to benefit. But if the market questions the revenue growth or return on investment potential, the expectations supporting these companies’ stock prices may be revised downward.
Clear examples include:
However, it should not be interpreted that OpenAI’s revenue report alone caused all these stocks to fall, as the market also faced other factors such as rising oil prices and inflation concerns. Still, OpenAI’s news was a significant factor pressuring AI and chip stocks that day.
As AI has grown, major global technology firms have rushed to invest in data centers, processing chips, cloud systems, and infrastructure to meet increasing AI demand. These investments have rationale: if AI usage grows continuously, providers can generate revenue from subscriptions, enterprise software, cloud services, and various AI tools.
However, massive upfront investments also pose risks. If revenue growth lags costs or actual demand cannot support the built processing capacity, companies may face cash flow pressures and poor return on investment.
Moreover, market concerns extend beyond OpenAI’s revenue to include borrowing for infrastructure expansion, liabilities not fully visible in some financial statements, and interconnected funding arrangements among tech firms.
At the same time, the stock declines remind us that the market does not value AI technology potential alone but demands evidence that massive investments lead to real revenue, profits, and cash flow growth—key factors investors want to see from AI companies going forward.
Regarding OpenAI’s initial public offering (IPO) plans, the company recently postponed the IPO until at least 2027. CEO Sam Altman stated that OpenAI must prioritize developing AI safety measures before going public, amid concerns about AI model behavior and risks of technology misuse.
The IPO delay comes as the company faces pressure to prove revenue generation capability and business valuation suitability, while continuing to raise at least 30 billion U.S. dollars in new funding at a reported pre-money valuation possibly as high as 1.4 trillion U.S. dollars.
This decision reflects that although OpenAI continues to grow and attract massive investments, entering the public market requires more than AI’s future promise: it demands clarity in financial performance, investor confidence, and readiness to manage safety risks.
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