OpenAI Revenue Gap Triggers AI Stock Selloff

AI stocks fell sharply after the Financial Times reported OpenAI told prospective investors its annualized revenue was approaching $50 billion, roughly $20 billion below the $68 billion figure widely reported two months ago. The discrepancy rattled investors already skeptical of lofty AI valuations ahead of anticipated IPOs from OpenAI and Anthropic. The Nasdaq dropped 1.25% and the S&P 500 fell 0.5%. Oracle fell 5.5%, CoreWeave dropped 8%, and Nvidia declined 2.9%. OpenAI, valued at $852 billion, has pushed its IPO to 2027, while Anthropic is reportedly targeting a November 2026 debut at a $2 trillion valuation.