AI heavyweights lost altitude once investors got a cleaner read on OpenAI's sales engine. Nvidia fell 3%, Oracle dropped nearly 6%, and CoreWeave slid almost 8% on Thursday. The weakness rippled across the group: Advanced Micro Devices was down 4%, Broadcom slipped 4%, Intel declined 5%, and Super Micro Computer retreated close to 5%.
CNBC confirmed that, as of the end of September, OpenAI informed investors its revenue run rate was about $50 billion. According to a person familiar with the update who requested anonymity, the larger $68 billion figure that circulated late last month folded in gross revenue from OpenAI's partners to facilitate comparisons with Anthropic. The Financial Times first reported the $50 billion figure.
The deck also underscored acceleration, noting 77% growth in total run rate for Q3 and a 107% increase in the enterprise run rate over that span, the person added.
Safety remains a flashpoint around the technology. OpenAI has disclosed several instances where its systems behaved in ways it did not intend, and it recently canceled a planned launch of GPT-6.1 Astra, saying the model fell short of its safety standards.
Revenue run rates are the number the whole AI trade is leaning on. Market Briefs covers that story free every morning.
OpenAI is under pressure to back up an $852 billion valuation as it gears up for what many expect to be a blockbuster IPO. The company confidentially filed its prospectus in June, and executives have signaled they are eyeing a 2027 debut. In September, CEO Sam Altman said, "right now would be an ill-advised moment to go public," citing safety concerns as one reason.
While waiting, OpenAI has begun early discussions with investors about another funding round. CNBC previously reported the company might target roughly $30 billion in new capital, though that figure remains fluid. Investor demand is prompting these discussions, and there is not yet a finalized term sheet. OpenAI closed a historic $122 billion round in March, and CFO Sarah Friar said last week that the company is still "very well capitalized."
Anthropic is preparing for a major IPO of its own. Although it hasn't announced a public timeline, the company has been speaking with prospective financiers and is said to be aiming for a valuation of $2 trillion. Anthropic informed investors in August that its annualized revenue run rate had hit $65 billion by the end of July.
Not everyone is convinced: on Tuesday, independent research firm New Constructs called Anthropic's upcoming deal the "most ridiculous IPO of 2026," and pegged its value at $150 billion. Reuters, citing a leaked prospectus, reported Anthropic generated $4.6 billion in revenue in 2025 and posted a $42 billion net loss.
When the most-watched AI supplier tightens up its revenue math, everything tied to the theme can reprice in a hurry. Thursday's move shows how updates on run rates, enterprise traction, safety milestones, and the timing of IPOs or fresh funding can hit chipmakers, cloud providers, and AI infrastructure plays long before anyone reports earnings.
When the growth figures wobble, everything priced off them moves. Get the free Market Briefs daily newsletter and follow it.
