The Nasdaq 100 index plunged by more than 300 points in approximately 30 minutes on Thursday afternoon following reports that OpenAI's annualized revenue reached nearly $50 billion at the end of September, coming in $20 billion lower than previously reported figures.
Accounting Differences Reveal $20 Billion Revenue Gap
The sudden drop followed September 29 reports indicating that the Sam Altman-led artificial intelligence firm had achieved $70 billion in annualized revenue. However, a new report from the Financial Times, citing an internal note sent to OpenAI investors, revealed that annualized revenue was actually approaching $50 billion at the end of September.
According to the Financial Times, the $20 billion discrepancy stems from accounting methods between industry competitors. Rivals like Anthropic include sales made through cloud infrastructure partners such as Amazon Web Services and Google Cloud, whereas OpenAI excludes third-party cloud partner channels from its annualized revenue calculations. Despite the adjustment, OpenAI told investors its annualized revenue grew by over 70% during the period, after booking $13.07 billion in revenue for full-year 2025, according to audited documents cited by Quartz.
Treasury Yields and AI Debt Load Weigh on Tech Stocks
Equity markets were already facing selling pressure prior to the report, with Nasdaq 100 futures down 0.5% in early trading on Thursday. Macroeconomic headwinds contributed to the downturn as the 30-year US Treasury yield reached its highest level in over two decades, adding pressure alongside reports that elevated bond yields create risks for broader market valuations. Concurrently, Brent crude oil surged above $100 a barrel amid supply concerns in the Middle East.
Rising capital expenditure burdens for AI infrastructure also dampened market sentiment. The Wall Street Journal reported that semiconductor company Broadcom is seeking more than $50 billion in debt financing to build a custom processor alongside OpenAI. Market skeptics such as Michael Burry have warned that heavy capital expenditures and aggressive valuations pose risks to tech listings, mirroring previous market commentary regarding lofty AI valuations and market bubble risks.
Key Takeaways
- The Nasdaq 100 fell over 300 points in 30 minutes following updated OpenAI revenue data.
- OpenAI annualized revenue approached $50 billion in late September, compared to earlier reports of $70 billion.
- Audited documents show OpenAI booked $13.07 billion in total revenue for 2025.
- Broadcom is pursuing over $50 billion in financing for a joint custom chip project with OpenAI.
Why It Matters
This rapid market reaction illustrates how acutely major tech indexes depend on monetization metrics from leading AI developers. Because top-tier AI revenues dictate future infrastructure orders and hardware demand, any perceived variance in top-line growth impacts the entire tech supply chain, from chipmakers to cloud vendors. As elevated Treasury yields continue to tighten corporate borrowing conditions, investors are increasingly demanding clear earnings visibility to justify massive ongoing infrastructure spending.
