OPENAI REVENUE AT $50 BILLION : WHAT WALL STREET GOT WRONG

What happened: OpenAI told investors its annualized revenue was just under $50 billion at the end of September, about $20 billion below the nearly $70 billion figure reported a week earlier. The gap reflects gross versus net counting, not lost sales. Key numbers: About $68 billion to $70 billion gross run rate reported Sept. 29. Just under $50 billion net run rate reported Oct. 8. Why it matters: AI stocks fell on the report, with Oracle and CoreWeave dropping more than Nvidia. The year-end target implies about 40% fourth-quarter growth, roughly half the 70% to 77% third-quarter pace.

OpenAI told investors its annualized revenue was just under $50 billion at the end of September, about $20 billion below the nearly $70 billion figure reported a week earlier. The gap reflects gross versus net counting, not lost sales.

AI stocks fell on the report, with Oracle and CoreWeave dropping more than Nvidia. The year-end target implies about 40% fourth-quarter growth, roughly half the 70% to 77% third-quarter pace.