OpenAI revenue shrinks by 18 billions USD, triggering a plunge in chip stocks

According to Woofun AI, OpenAI's revised annual revenue data has triggered turbulence in the capital markets, with core stocks such as NVIDIA (NVDA.US) falling in response.

On Thursday, NVIDIA’s stock price dropped by 2.94%. The direct cause was OpenAI disclosing its annualized revenue to be about $50 billion, which is around $18 billion less than last month’s widely reported $68 billion. Alex Kantrowitz, founder of Big Technology, explained on CNBC's "Closing Bell" that this difference mainly stems from variations in accounting practices. NVIDIA closed that day at $230.48, a drop of about 5% from the all-time high of $243.37 set on Tuesday. As a beneficiary of a multibillion-dollar cooperation agreement with OpenAI, AMD (AMD.US) shares also fell by 3.9%, while Oracle (ORCL.US) saw an even larger decline of over 5% on the same day.

Despite short-term pressure, data compiled by Woofun AI shows that NVIDIA is still up 24% this year, with its market value approaching $5.6 trillion, and last quarter’s revenue reaching $96.22 billion, beating expectations of $92.16 billion, indicating a fundamentally strong performance.

On a macro level, data from Google Finance shows that the top seven stocks in the S&P 500 have outperformed the remaining 493, with the technology sector accounting for more than 40%. Market trends are highly dependent on the performance of OpenAI and Anthropic. Kantrowitz noted that AI investment sentiment is becoming more cautious, with some spending shifting back toward traditional models. In sharp contrast, Wedbush Securities analyst Dan Ives has listed NVIDIA as one of the five most valuable tech stocks for investment in 2027 and believes the market is underestimating the $4 trillion scale of future AI investment.

On the risk warning front, Kantrowitz expects that Anthropic will launch its IPO within a few weeks, and OpenAI may follow suit next year. Leaked US listing application documents reveal that Anthropic’s losses are outpacing its revenue growth. As both companies’ IPOs approach, the market is waiting for negative news that could trigger further sell-offs. These documents will ultimately test whether AI revenues are sufficient to support NVIDIA’s current valuation.