OpenAI's revenue shrinks by $18 billion, triggering a sharp decline in chip stocks

According to Woofun AI, the revision of OpenAI's annualized revenue data caused capital market shocks, and response from core targets such as NVDA.US (NVIDIA) declined.

On Thursday, Nvidia's stock price fell by 2.94%. The direct trigger was OpenAI's disclosure of about $50 billion in annualized revenue, down about $18 billion from the $68 billion commonly reported last month. Alex Kantrowitz, founder of “Big Tech,” explained in the CNBC “Closing Bell” program that this difference was mainly due to differences in accounting treatment. Nvidia closed at $230.48 on the same day, down about 5% from Tuesday's all-time high of $243.37. As a beneficiary of the multi-billion dollar cooperation agreement signed with OpenAI, AMD (AMD.US) shares fell 3.9% on the same day, and Oracle (ORCL.US) fell more than 5%.

Despite short-term pressure, data compiled by Woofun AI shows that Nvidia's increase this year is still 24%, the market capitalization is close to 5.6 trillion US dollars, and the last quarter's revenue of 96.22 billion US dollars exceeded expectations of 92.16 billion US dollars. The fundamentals are still strong.

At the macro level, Google's financial data shows that the top seven stocks in the S&P 500 index outperformed the remaining 493, the technology sector accounts for more than 40%, and market trends are highly dependent on the performance of OpenAI and Anthropic. Kantrowitz pointed out that AI investment sentiment is becoming cautious, and some spending is shifting to traditional models. In stark contrast to this, Wade Bush Securities analyst Dan Ives listed Nvidia in the top five most valuable technology stocks in 2027, believing that the market has underestimated the future AI investment scale of $4 trillion.

In terms of risk warning, Kantrowitz expects Anthropic to launch an IPO within a few weeks, and OpenAI may follow suit next year. Leaked US listing application documents reveal that Anthropic's loss rate has outpaced revenue growth. As the two companies' IPOs approach, the market is awaiting negative news to trigger further sell-offs. These documents will ultimately test whether AI revenue is sufficient to support Nvidia's current valuation.