The one that matters
OpenAI's revenue is $20B less than everyone thought, and the whole AI trade flinched
Investor documents show OpenAI's annualized revenue neared $50B at the end of September - well under the $70B figure that circulated from earlier reporting. CNBC's source says the larger number included revenue-sharing from partners like Microsoft and Amazon. Nvidia, Oracle, CoreWeave, AMD and Microsoft all fell on the news.
Why it matters
One FT story about one private company's unaudited numbers knocked more than 5% off Oracle and dragged the chip complex with it - a live demo of how leveraged the sector is to OpenAI and Anthropic. The tell is definitional: 'annualized revenue' included partner revenue-sharing in one telling and not the other. Until GAAP numbers hit public filings, price your dependency on any lab accordingly.
