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Stock futures edge higher after OpenAI's revenue report prompts tech sector turmoil: Live updates
U.S. stock futures edged higher early Friday after an underwhelming revenue report from OpenAI took some steam out of the high-flying artificial intelligence trade.
S&P 500 futures were up 0.4%, while Nasdaq 100 futures added 0.83%. Dow Jones Industrial Average futures advanced 0.15%.
Shares of SpaceX rose 2% in extended trading after the rocket company announced a deal to buy a nationwide spectrum portfolio. Shares of AT&T, Verizon and T-Mobile slid as investors wondered worried the agreement could drive up competition.
AI stocks dropped on Thursday after CNBC confirmed that OpenAI told investors that it saw $50 billion in annualized revenue at the end of September. Last month, a $68 billion figure was widely reported, though a person familiar with the matter said it also included gross revenue from partners.
OpenAI revenue gap report rattles AI stocks
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OpenAI is bringing in about $20 billion less in annualized revenue than investors had been led to believe, the Financial Times reported Thursday, raising questions about the solidity of the AI business.
Citing documents shared with OpenAI's financial backers, the FT said the company put its annualized revenue at close to $50 billion as of the end of September.
Media reports late last month had pegged the figure at $70 billion based on information given to investors.
Investors track annualized revenue at OpenAI and Anthropic as the clearest signal of demand for artificial intelligence, and the figures help justify enormous spending on data centers as well as the AI-fueled stock market rally.
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OpenAI Expects $70 Billion in Annualized Revenue by End of 2026
(Bloomberg) — OpenAI is expecting to reach or exceed $70 billion in annualized revenue by the end of the year, according to people familiar with the matter, driven largely by growth in its enterprise business.
S&P 500 Falls as Reports on OpenAI Sink Chipmakers: Markets Wrap
The ChatGPT-maker's annualized revenue was roughly $50 billion at the end of September, the people said. The figure represents a projection of OpenAI's yearly sales based on a shorter period.
The company shared the numbers with investors as part of discussions for its latest fundraising effort, said the people, requesting anonymity to discuss private information. The company is in talks to raise $30 billion or more at a $1.4 trillion valuation before the new money, Bloomberg first reported in September.
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