Disputed OpenAI revenue figure sparks AI chip selloff as Nasdaq falls 1.25%

An FT report that OpenAI's annualised revenue was about $50 billion, roughly $20 billion below a $70 billion figure that had circulated, sent the Philadelphia Semiconductor Index down 3.4% while money rotated into so-called AI losers.

Deepakshi

Kristal Research & Marketing team

9 Oct2 min

Key takeaways — AI summary

The Nasdaq Composite fell 1.25% to 27,193.34 and the S&P 500 slipped 0.47% to 7,765.36, though the equal-weight S&P 500 rose 0.6% and the Dow edged up 0.10%; the Philadelphia Semiconductor Index dropped 3.4%.
The selloff was triggered at 12:45 PM New York time by an FT report that OpenAI's annualised revenue was about $50 billion at end-September, roughly $20 billion below the $70 billion figure that had circulated; CNBC clarified the gap is about counting sales through cloud partners, and revenue still grew about 70% in two months on the new base.
AI-spending names fell hard — Broadcom -4.3%, Oracle -5.6%, chip-cloud renter Hut 8 -10.9% — while 'AI victim' stocks surged, with IT services, online marketplaces and seat-based software rising; energy led sectors up 2.92% and consumer staples gained 2.12% on PepsiCo's results.
Oil jumped on Iran strike reports, with WTI settling up 3.64% at $91.49 and Brent up 4.07% to $104.28, before easing after Trump pledged no strike before the November 3 midterms; gold rose 1.01% to $4,174 and bitcoin hit a three-week low near $81,700.
The 10-year Treasury yield fell 0.06 points to 5.23% on haven buying and a strong 30-year auction; Fed Governor Waller said more hikes are likely but need not be back-to-back, with futures pricing about an 18% chance of a hike on October 28.

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