SpaceX spectrum deal weighs on US and European telecom stocks
Major US carriers fell between 5.5% and 7.4% before the market opened, while telecom tower stocks rose on expectations of greater infrastructure demand.
US stock futures rise after OpenAI revenue confusion hits AI shares
Reports of a revenue gap reflected different accounting methods, not lost sales or a missed company target.
Nasdaq 100 futures gained around 0.8% and S&P 500 futures advanced 0.4% in early trading after confusion about OpenAI’s revenue triggered selling in technology stocks. The selloff took the Nasdaq Composite down 1.25% to around 27,193, while the Philadelphia Semiconductor Index fell 3.4%. Higher oil prices also weighed on stocks.
According to a media report citing figures provided to investors, OpenAI’s annualized revenue was nearing $50 billion at September’s end. That measure projects recent sales across a full year. A roughly $70 billion estimate used a different accounting approach and was not a forecast issued by the company.
The higher estimate came from OpenAI’s backers adjusting sales to match Anthropic’s methodology, media reports said. Anthropic includes customer spending on its models through cloud providers such as Amazon Web Services and Google Cloud; OpenAI leaves those sales out. The discrepancy therefore did not represent lost revenue or a missed target. OpenAI had not publicly responded to the reports.
Companies with OpenAI ties were among those hit by the selling. Oracle, a supplier of computing capacity, dropped 5.5%, and AI cloud provider CoreWeave lost nearly 8%. Microsoft, Amazon, Alphabet and Meta each declined more than 1%. Nvidia fell almost 3%, AMD around 4% and Broadcom 4.35%.
OpenAI is reportedly pursuing at least $30 billion in additional funding at a valuation of $1.4 trillion. Its valuation in March was $852 billion.