Nasdaq Drops Over 300 Points After OpenAI's Revenue Comes In $20 Billion Short
Published Updated 3 new reports since it was first published
OpenAI disclosed an annualized revenue figure near $50 billion, below a $68 billion to $70 billion estimate that had been circulated previously. That disclosure was followed by a sharp move in AI-linked stocks and the Nasdaq 100 on Thursday afternoon, with Nvidia and CoreWeave both lower. One source also described the gap as an accounting issue discussed on CNBC’s Closing Bell.
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The Nasdaq 100 dropped more than 300 points in about half an hour on Thursday afternoon after a report said OpenAI’s revenue was running about $20 billion below a figure widely reported last month.
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OpenAI’s annualized revenue was reported at roughly $50 billion, about $20 billion below the previously cited $70 billion figure, and Oracle, Nvidia, AMD and Microsoft shares also fell on Thursday.
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Nvidia fell 2.94% on Thursday after OpenAI told investors its annualized revenue was roughly $50 billion, about $18 billion below the $68 billion figure that had circulated last month.
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OpenAI’s annualized revenue was described as roughly $50 billion, below a previously circulated $68 billion estimate, and Nvidia fell about 3% while CoreWeave dropped nearly 8% on Thursday.
Market reaction
-0.83 %
before publication
+1.32 %
after
$80,601price at publication
12series points
How the story was built
Every piece in order, with the time its news medium declares — if it is not believable we use ours and say so — and what it added to what was already known at that point. Arriving first is not the same as adding something.
first
BeInCrypto
scoop
Oct 8 17:43
BeInCrypto
scoop
Breaks the event: $70B
+4 h 51 m
Crypto Briefing
context
Oct 8 22:34
Crypto Briefing
context
Its angle: volatility, highlights, valuations
+9 h 21 m
BeInCrypto
adds
Oct 9 03:04
BeInCrypto
adds
Breaks the figures down; the largest, $5600B, with quotes
+17 h 24 m
Crypto Briefing
echo
Oct 9 11:07
Crypto Briefing
echo
No new facts: potentially, affecting, concerns
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