OpenAI Shows $50 Billion Annualized Revenue as AI Stocks Sell Off

OpenAI’s annualized revenue reached about $50 billion through the end of September, below a previously circulated $68 billion figure and prompting a broad selloff in AI-related stocks Thursday.

Nvidia fell about 3%, while CoreWeave dropped nearly 8% and Oracle declined nearly 6%. AMD and Broadcom each lost about 4%, Intel fell 5% and Super Micro Computer declined nearly 5%.

The higher $68 billion figure included gross revenue from OpenAI’s partners, making the $50 billion figure a narrower measure of the company’s own annualized revenue. The gap renewed concerns that AI companies may be building infrastructure and valuations faster than they are converting demand into revenue.

OpenAI’s third-quarter overall run rate rose 77% from the prior quarter. Its enterprise business run rate increased 107% over the same period, indicating that corporate demand remained a significant part of the company’s growth.

The market reaction puts renewed focus on whether OpenAI can sustain rapid revenue growth while supporting its funding-backed valuation and large infrastructure commitments.