Micron Technology, Nvidia and other artificial-intelligence-related chip stocks declined Thursday, Oct. 8, after investors reacted to a report on OpenAI’s revenue, according to the Financial Times (FT).
The report said OpenAI told investors its annualized revenue was near $50 billion in late September, about $20 billion below its earlier $70 billion projection. Annualized revenue is calculated by taking revenue from a short period and multiplying it to estimate a full-year figure. The selloff extended beyond one company, reflecting how closely AI chip demand is tied to a small number of large technology customers, the report stated.
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