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Nasdaq posts worst day in seven weeks as FT report puts OpenAI revenue $20B below expectations
The Financial Times reported that OpenAI told investors its September annualized revenue was approaching $50 billion, about $20 billion below the $70 billion previously signaled — a figure Reuters independently confirmed via a person familiar with the matter. The S&P 500 fell 0.5% and the Nasdaq dropped 1.3% overnight, with the Nasdaq 100 logging its worst session in seven weeks and the Philadelphia semiconductor index down 3.4%.
Why it matters
The AI trade is the core engine of this equity rally, and OpenAI's revenue figure is read as a barometer of AI monetization. The shortfall triggered a chip-stock selloff — but money rotated into consumer staples, with more than two-thirds of S&P 500 members finishing higher, which points to sector rotation rather than broad panic.
Full report
On Oct. 8, the Financial Times reported that OpenAI told investors its September annualized revenue was approaching $50 billion, roughly $20 billion below the $70 billion previously signaled; Reuters independently confirmed the figure via a person familiar with the matter.
Market reaction (overnight): the S&P 500 fell 0.5% and the Nasdaq Composite dropped 1.3%; the Nasdaq 100 fell 1.4%, its worst session in seven weeks. The Philadelphia semiconductor index sank 3.4%, with Nvidia, AMD, Broadcom and Micron all lower; Oracle also fell on a separate report that it is trucking natural gas to its data centers (Dow Jones Newswires).
Counterbalance: more than two-thirds of S&P 500 members finished higher as money rotated into consumer staples; solid demand at a 30-year Treasury auction pushed the 10-year yield down to 5.22%; Brent eased below $103 after President Trump said the US would not attack Iran before the Nov. 3 midterms.
Policy backdrop: Fed officials kept a hawkish tone — Governor Waller said more rate hikes are likely needed; Musalem said further tightening is required over the next 6–9 months. All figures above are published data and on-record statements, not forecasts.
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