Chip, Cloud Stocks Edge Up Overnight After OpenAI’s $50B Revenue Figure Sparks Selloff: Analyst Calls Reaction ‘Overblown’

• NVDA, CRWV, ORCL and INTC inched higher overnight, after a sharp slide in Thursday’s regular session.
• The iShares semiconductor ETF (SOXX) gained 0.03% after sliding 3.4% in the regular session, its worst slide since Sept. 14.
• Analysts said OpenAI is simply accounting for revenue differently, and it does not affect sentiment for the AI lab or the wider industry.

Shares of Nvidia Corp. (NVDA), Oracle Corp. (ORCL) and CoreWeave (CRWV), as well as other chipmakers, edged higher in overnight trading late Thursday after OpenAI’s weaker-than-reported revenue disclosure triggered a sharp slide in the regular session.

NVDA rose 0.5%, while ORCL and CRWV inched up 0.7% and 0.3%, respectively. Additionally, shares of Advanced Micro Devices (AMD), Broadcom (AVGO), Intel Corp. (INTC), and Super Micro Computer (SMCI) rose 0.2% to 0.5%.

The iShares semiconductor ETF (SOXX) gained 0.03% after sliding 3.4% in Thursday’s regular session, its worst slide since Sept. 14.

OpenAI told investors it hit roughly $50 billion in annualized revenue at the end of September, The Financial Times reported, citing sources, lower than the $70 billion figure widely reported late last month. 

OpenAI’s ARR $20B Short Of What Was Previously Reported?

The discrepancy stemmed from OpenAI investors’ attempts to directly compare the company’s annualized revenue with Anthropic’s, according to FT. Anthropic includes revenue from sales through cloud partners such as Amazon Web Services (AWS) and Google Cloud, while OpenAI does not, the report said.

The $70 billion figure, first reported by Axios, added revenue from OpenAI’s partners to allow a more direct comparison with Anthropic.

The disclosure reignited AI bubble fears, rattling investors already questioning whether the industry’s massive infrastructure spending can generate sufficient returns. 

With OpenAI at the center of the AI boom and billions committed to computing infrastructure, questions over its revenue figures raised concerns that AI monetization isn't keeping pace with investment, dragging chip and cloud stocks lower. 

Analysts Shrug Off AI Fears

Still, some analysts shrugged off the fears and reiterated the bull case for OpenAI and the broader AI trade. 

“Jesus. The whole OpenAI drama today was people not knowing the difference between gross and net revenue,” The Futurum Group CEO Daniel Newman said in an X post. 

In a separate post, he said he sees no reason OpenAI couldn’t reach a $70 billion to $90 billion revenue run rate by year-end, given it was already at $50 billion in September. 

“Optics here are very negative but the ramp this year has been considerable. Broader reaction is overblown in my opinion,” he wrote.

CNBC’s Jim Cramer also dismissed the issue: “If there is nothing new and this is just how OpenAI is choosing to recognize revenue expect a big defense that this is a nothing burger,” he wrote on X.

Retail Investors Buying The Dip In AI Stocks 

In an ongoing Stocktwits poll, 48% of the approximately 6,000 who voted said they plan to buy into the AI-linked stocks that dipped following the new OpenAI revenue disclosure. 
 

“It’s in the first inning with this. It’s like bailing on Google or any other major player at the beginning of the Internet age,” a trader commented.

On Stocktwits, the retail sentiment was ‘bearish’ for NVDA, CRWV, INTC and SOXX, and ‘extremely bearish’ for ORCL as of late Thursday.

OpenAI, Anthropic IPO Watch 

Investors are closely watching the updates from OpenAI and Anthropic as both firms head towards initial public offerings (IPOs) that could rank among the largest ever. 

Anthropic's IPO will likely come after the U.S. midterm elections in November, Reuters reported previously. 

Anthropic's revenue grew twelvefold to nearly $4.6 billion in 2025, according to an IPO prospectus Reuters reviewed. OpenAI’s current private market valuation is $958.6 billion, while Anthropic’s is $1.34 trillion, according to Nasdaq Private Market.

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