OpenAI reportedly missed revenue targets. Shares of Oracle and these chip stocks are falling

Shares of companies tied to AI infrastructure tumbled in early trading Tuesday following a report that OpenAI failed to meet internal growth expectations, raising new questions about whether the pace of spending across the industry is sustainable.

Seer It fell nearly 7% in premarket trading Tuesday. Oracle has a $300 billion, five-year partnership to provide computing power to OpenAI for its AI operations.

Including chip producers Nvidia, broadcom And Advanced Micro Devices It dropped roughly 2% to 5%.

Qualcomm 3.5 percent retreated. The stock gained a slight boost on Monday on reports that the firm was working with OpenAI on smartphone chips tied to hardware targets. Leveraged neocloud stock CoreWeave It fell 7%.

in Asia, SoftBank GroupOne of OpenAI’s biggest investors is down nearly 10%.

The Wall Street Journal reported OpenAI has recently missed its own forecasts for user growth and revenue. This shortage has raised concerns internally about whether the company can keep up with the large financial commitments needed to build data centers and secure long-term computing capacity.

Finance chief Sarah Friar warned colleagues that the company could struggle to finance future IT deals if revenue growth does not accelerate, according to the report.

OpenAI retracted the report.

“This is ridiculous. We’re completely on the same page about buying as much computing as we can and working hard on it together every day,” the company told CNBC.

The company, which kicked off the AI ​​boom with the launch of the ChatGPT chatbot in 2022, recently closed a record $122 billion funding round with a post-money valuation of $852 billion.

“You’d assume any slowdown would be known to investors, right? If not, shame on OAI,” Jordan Klein, TMT industry expert at Mizuho, ​​said in a note. “How recent can the update be since the round closes at the end of March as the quarter ends. And this isn’t even May 1. I highly doubt OAI fundamentals have slowed that quickly in less than 30 days.”

Meanwhile, competition in enterprise AI is intensifying. While Anthropic attracts interest from enterprise customers, Google’s Gemini models are also gaining momentum as companies adopt multiple vendors.

— CNBC’s Kate Rooney contributed reporting.