SoftBank shares slide as OpenAI revenue report cools AI optimism
SoftBank Group shares fell sharply Friday amid a broader selloff in AI-related stocks after a report revealed OpenAI's annualized revenue was significantly lower than previously presented to investors. SoftBank shares dropped as much as 7.3% to 5,600.0 yen in Tokyo trading, following a Financial Times report that OpenAI's annualized revenue was about $50 billion at the end of September, roughly $20 billion below the earlier reported $70 billion figure. The discrepancy reflects differences in how OpenAI and rival Anthropic account for revenue generated through cloud partners. SoftBank is particularly sensitive to OpenAI developments, having completed a $10 billion additional investment on October 1, bringing its total investment to $64.6 billion for about a 13% stake. The report also dragged US tech stocks Thursday, with the Nasdaq Composite falling 1.3% and the Philadelphia semiconductor index dropping 3.4%.