Nasdaq Drops as OpenAI Annualized Revenue Trails Expectations by $20 Billion

The Nasdaq 100 plunged more than 300 points in approximately 30 minutes following reports that OpenAI's annualized revenue missed market expectations by roughly $20 billion. OpenAI reportedly told investors its annualized revenue reached nearly $50 billion at the end of September, well below prior market estimates of around $70 billion. The shortfall was attributed to accounting differences regarding cloud distribution partner sales compared to rival Anthropic. The report triggered heavy selling across semiconductors, software, and AI infrastructure stocks, exacerbating pressure from 30-year US Treasury yields at 20-year highs and Brent crude topping $100 per barrel.