Nasdaq Plunges 300 Points After OpenAI Revenue Report Falls $20 Billion Short

The Nasdaq 100 fell by more than 300 points following a report indicating that OpenAI’s annualized revenue is running roughly $20 billion below figures reported the previous month. OpenAI reportedly informed investors in a note that its annualized revenue was approaching $50 billion at the end of September, down from earlier September 29 reports citing $70 billion. The discrepancy stems from accounting differences, with analysts noting that higher estimates reflected adjusted methods similar to Anthropic counting sales made through cloud partners like Amazon Web Services and Google Cloud. Broadcom is seeking more than $50 billion in financing for a custom chip built with OpenAI, adding to market pressures alongside two-decade-high bond yields and oil climbing above $100 a barrel. "OpenAI recently told investors its annualized revenue was approaching $50B at the end of September, roughly $20B below the figure widely reported last month." — Financial Times