OpenAI's latest revenue data sparks market concerns, AI concept stocks broadly decline, NVIDIA Corporation (NVDA.US) falls nearly 3%.

As OpenAI's latest financial data comes to light, the market is once again questioning the relationship between revenue growth in the artificial intelligence (AI) industry and massive capital expenditures, with U.S. AI-related stocks broadly declining on Thursday. Shares of core companies in the AI supply chain, including NVIDIA Corporation (NVDA.US), Oracle Corporation (ORCL.US), and CoreWeave (CRWV.US), came under pressure as investors began reassessing the commercialization progress of the AI industry and the valuation levels of related companies. Media reports said OpenAI recently disclosed to investors that its annualized revenue run rate was approximately $50 billion as of the end of September, lower than the $68 billion widely reported by the market at the end of last month. People familiar with the matter explained that the previously reported $68 billion included a portion of total revenue generated by OpenAI's partners, while the $50 billion reflects a different revenue accounting basis. This distinction helps investors more directly compare OpenAI's business scale with that of its main competitor Anthropic. It should be noted that the $50 billion is not OpenAI's actual revenue over the past 12 months, but rather an annualized revenue scale extrapolated from its current revenue level. Although the latest disclosed figure is lower than the number widely circulated in the market previously, OpenAI's business is still growing rapidly. People familiar with the matter said OpenAI stated in financial materials presented to investors that its overall annualized revenue run rate grew 77% in the third quarter, with the annualized revenue run rate of its enterprise business growing 107%, indicating that enterprise customer demand remains an important driver of the company's growth. However, the adjustment to the revenue data still weighed on AI-related stocks. On Thursday, NVIDIA Corporation shares fell about 3%, Oracle Corporation dropped more than 5%, and AI cloud computing service provider CoreWeave fell more than 7%. Meanwhile, AMD (AMD.US) and Broadcom Inc. (AVGO.US) each fell more than 3%, while Intel Corporation (INTC.US) and Super Micro Computer, Inc. (SMCI.US) declined more than 4%. The selloff reflects the market's sensitivity to growth expectations for the AI supply chain. In recent years, technology companies have invested enormous sums in building AI data centers, purchasing high-performance chips, and expanding computing power supply, and revenue growth at AI model developers such as OpenAI is seen as one of the key indicators for judging whether these investments can generate sufficient returns. For OpenAI, the latest revenue data has also put its valuation of as much as $852 billion back in the spotlight. As the company prepares for a highly anticipated initial public offering (IPO), investors are closely assessing whether its revenue growth rate can support such a massive valuation. According to reports, OpenAI confidentially filed for listing with regulators in June this year, and company executives have previously said they are considering going public in 2027. However, the specific timing of the listing has not yet been determined. Meanwhile, OpenAI's main competitor Anthropic is also preparing for an IPO. The company has not officially announced a listing timetable, but it has begun approaching potential investors and is reportedly seeking a valuation of as much as $2 trillion. In terms of revenue growth, Anthropic previously told investors that its annualized revenue run rate had reached $65 billion as of the end of July this year, higher than the $50 billion OpenAI most recently disclosed. However, because the two companies' revenue structures and accounting methods may differ, the relevant figures still need to be compared on a like-for-like basis. As the potential valuations of the two AI companies continue to climb, market disagreement over their IPO pricing is becoming increasingly apparent. In a report released on Tuesday, independent financial research firm New Constructs strongly questioned Anthropic's potential IPO valuation, even calling it "the most absurd IPO of 2026," and argued that the company's fair valuation is only about $150 billion, far below the $2 trillion target reportedly circulating in the market. According to media reports citing a leaked Anthropic prospectus, the company's 2025 revenue was $4.6 billion, but its net loss for the same period was as high as $42 billion. The huge loss highlights that AI model developers still have to bear high research and development and operating costs while achieving rapid revenue growth. In addition to financial performance, AI safety issues have also become an important factor affecting the IPO prospects of OpenAI and Anthropic. As researchers continue to warn that advanced AI models may pose serious safety risks, the two companies' technology development and safety management are coming under increasing scrutiny. OpenAI has previously disclosed multiple incidents in which AI models exhibited unexpected behavior, and recently canceled its planned launch of the GPT-6.1 Astra model on the grounds that the model did not meet the company's safety standards. The company's CEO, Altman, said in September that given ongoing concerns including AI safety, now is not the right time for the company to go public. While waiting for the right moment to list, OpenAI is still exploring new financing opportunities. According to earlier reports, the company is in preliminary discussions with investors about a new funding round that could reach $30 billion. However, the relevant amount may still be adjusted, and formal investment terms have not yet been finalized. People familiar with the matter said the financing discussions are mainly driven by investor demand. OpenAI just completed a funding round of $122 billion in March this year, and its chief financial officer, Sarah Friar, said in an interview last week that the company still has very ample funds.