The report said OpenAI told investors its annualized revenue was near $50 billion in late September, about $20 billion below its earlier $70 billion projection. Annualized revenue is calculated by taking revenue from a short period and multiplying it to estimate a full-year figure. The selloff extended beyond one company, reflecting how closely AI chip demand is tied to a small number of large technology customers, the report stated.
OpenAI Revenue Projection Report
FT reported the revenue shortfall, citing information provided to investors. The report compared OpenAI's annualized revenue pace with its prior projection, a gap of about $20 billion.
The disclosure drew attention because OpenAI is a major buyer of AI chips and a key driver of demand across the sector, according to market observers. OpenAI, led by CEO Sam Altman, reportedly told investors its annualized revenue was lower at the end of September than they were expecting – triggering the drop in tech stocks [1][2].
The company did not immediately issue a public response in the report, and the figures were described as annualized rather than audited full-year results. The report revealed OpenAI's annualized revenue is approximately $20 billion less than previously reported figures, with OpenAI telling investors its annualized revenue was nearing $50 billion, according to FT [3].
Market Reaction Across AI Chip Sector
Shares of Micron and Nvidia fell, and other AI-related chip makers also declined, according to market data cited in the report. Investors sold chip stocks as they assessed whether AI infrastructure spending and valuations are supported by current revenue trends.
The selloff extended beyond one company, reflecting how closely AI chip demand is tied to a small number of large technology customers, the report stated [4]. Trading volume and price moves indicated heightened sensitivity to news about OpenAI's financial performance, according to the report [5].
Investor Concerns and "Undue Concern" Debate
The report described the market reaction as causing "undue concern" among some observers, while others said the revenue gap raised questions about AI spending. The OpenAI report "caused undue concern in the market," D.A. Davidson managing director Gil Luria told MarketWatch, because the original report about the $70 billion revenue figure was likely misrepresentative of the situation [6].
The report stated that annualized revenue can fluctuate and may not reflect final audited results. Some investors said the decline reflected broader uncertainty about AI profitability rather than a definitive change in chip demand, according to the report. The dip reflects investor anxiety over the way AI-related revenue is reported rather than a genuine demand slowdown, pressuring AI-chip valuations [7].
The report did not include a public statement from OpenAI, Nvidia or Micron on the revenue projection.
What to Watch
Investors are expected to watch upcoming earnings reports from chip makers for signs of AI-related demand. Further disclosures from OpenAI or its investors could clarify whether the revenue projection gap affects spending plans.
Market analysts said the sector's response will depend on whether the revenue shortfall is temporary or signals a broader slowdown in AI investment, according to the report. The concern spread across semiconductor companies because OpenAI is a major customer and financial driver of the AI infrastructure expansion [8].
References
- Micron, Nvidia and AI chip stocks fall as report on OpenAI's .... https://www.morningstar.com/news/marketwatch/20261008469/micron-nvidia-and-ai-chip-stocks-fall-as-report-on-openais-revenue-causes-undue-concern
- Tech stocks drop after report that OpenAI's revenue is .... https://www.cnn.com/2026/10/08/investing/openai-nasdaq-stocks
- AI Chip Stocks Including Nvidia (NVDA) And Micron (MU) Slide After .... https://congress.net/ai-chip-stocks-including-nvidia-nvda-and-micron-mu-slide-after-openai-revenue-report-triggers-broad-tech-selloff/
- Micron, Nvidia shares fall after OpenAI revenue report raises concerns. https://cryptobriefing.com/micron-nvidia-fall-openai-revenue-report/
- Nvidia, Oracle, other AI stocks sink on OpenAI revenue report. https://www.cnbc.com/2026/10/08/open-ai-revenue-nvidia-oracle-coreweave.html
- Micron, Nvidia and AI chip stocks fall as report on OpenAI's revenue .... https://kessler-prod.reta52d8.eas.morningstar.com/news/marketwatch/20261008469/micron-nvidia-and-ai-chip-stocks-fall-as-report-on-openais-revenue-causes-undue-concern
- Micron, Nvidia and AI chip stocks fall as report on OpenAI’s revenue .... https://fnxt.app/news/article/macro-nvda-micron-nvidia-ai-chip-stocks-cu4m
- Nvidia and AMD Stocks Fall Over OpenAI's $20B Revenue Gap. https://coinpaper.com/37053/nvidia-and-amd-stocks-fall-over-openais-20b-revenue-gap
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