Quick take: One number moved the AI trade on Thursday. The Financial Times reported that OpenAI told investors its annualized revenue is approaching $50 billion, about $20 billion below the roughly $70 billion that circulated in late September. Chip and AI-infrastructure names sold off, and the Nasdaq led the market lower.
What happened and why it mattered
According to the FT, which cited financial documents shared with investors, the higher figure came from earlier information that investors used to compare OpenAI directly with Anthropic. The two companies count revenue differently: Anthropic includes sales made through its cloud partners, while OpenAI does not. So this is partly a definitions story, not proof that sales fell. A $50 billion run rate is still roughly double OpenAI’s level at the end of 2025, per the reporting.
Markets reacted anyway, because so much AI spending is built on expectations about OpenAI’s growth. Oracle had gained 5.3% when the $70 billion figure first appeared, so Thursday’s drop largely reversed that move.
Key numbers (intraday, around 1:50 pm ET)
Oracle was down 4.72% at $136.82. AMD fell 4.55% to $616.48. Nvidia lost 2.89% to $230.60, and Microsoft slipped 1.69% to $520.82. Micron and Intel also traded lower in the afternoon. On the indexes, the S&P 500 was near 7,755 (down about 0.6%), the Dow near 51,134 (down about 0.1%), and the Nasdaq Composite near 27,171 (down about 1.3%), after record highs earlier in the week.
The wider backdrop did not help. Brent crude hovered around $103 a barrel after topping $104 earlier, on Iran-related headlines and Gulf of Mexico production cuts. The 10-year Treasury yield was about 5.2% to 5.3%, near multidecade highs. Weekly jobless claims fell 2,000 to 197,000. Elsewhere, PepsiCo beat third-quarter estimates, with adjusted EPS of $2.34 against $2.29 expected, though it trimmed its core EPS growth outlook.
What to watch next
First, whether OpenAI or its partners clarify how revenue is measured, since a consistent yardstick would calm the comparison with Anthropic. Second, how AI-linked companies talk about demand in coming earnings calls. Third, the bond market: with yields this high, stocks priced on future AI growth have less room for disappointment. Reports that OpenAI’s IPO has slipped to early 2027 are another thread to follow.
Impact on Indian markets
Indian IT services stocks often take cues from Nasdaq sentiment, and a weak tech session can add to caution around global technology demand. Combined with elevated Brent crude and high US yields, it keeps pressure on foreign flows into emerging markets. Watch the Nifty IT index and FII data at Friday’s open.
Sources
- Yahoo Finance: Stock market today, October 8
- TechCrunch: OpenAI’s revenue is reportedly $20 billion less than previously projected
- OfficeChai: Oracle drops 5%, Nvidia, Microsoft also fall
Disclaimer: This post is for educational and informational purposes only and is not investment advice. Consult a licensed financial advisor before investing.
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