OpenAI's $50B revenue report sinks Nvidia, Oracle, CoreWeave stocks

AI stocks including Nvidia, Oracle, and CoreWeave fell Thursday after OpenAI reported roughly $50 billion in annualized revenue for September, below the widely cited $68 billion figure. The $68 billion estimate included gross revenue from OpenAI's partners, according to a person familiar with the matter, making it more comparable to rival Anthropic. OpenAI also reported 77% total run rate growth and 107% enterprise run rate growth in the third quarter. OpenAI faces pressure to justify its $852 billion valuation ahead of a potential 2027 IPO, having confidentially filed with regulators in June. It is in early talks for a new funding round that could raise around $30 billion, following a $122 billion round in March.