The Nasdaq 100 index lost more than 300 points in roughly 30 minutes on Thursday, extending an earlier decline that had already been fueled by higher bond yields, elevated oil prices, and renewed doubts over the pace of AI-related investments.

OpenAI Shares $50 Billion Annualized Revenue Estimate

OpenAI conveyed to investors that its annualized revenue was nearing $50 billion at the end of September. This figure fell short of the approximately $70 billion run rate that had been reported earlier in the month.

The company’s full-year 2025 revenue reached $13.07 billion, according to audited figures, yet the projected annualized pace at quarter-end showed robust expansion. The enterprise business run rate climbed 107 percent from the prior quarter, while overall growth hit 77 percent, signaling strong corporate appetite for its services.

Annualized revenue represents a forward-looking projection of current sales velocity over a full year rather than immediate cash bookings. The downward revision from prior estimates stemmed primarily from accounting differences with rival Anthropic, which recognizes revenue through cloud partners such as Amazon Web Services and Google Cloud. OpenAI’s approach does not include those partner contributions in the same way, creating a narrower measure that investors had adjusted upward when comparing the two firms.

Market Reaction and Broader Tech Selloff

AI infrastructure stocks fell sharply in response. Nvidia dropped about 3 percent, CoreWeave declined nearly 8 percent, Oracle lost more than 5 percent, AMD and Broadcom each declined around 4 percent, Intel shed 5 percent, and Super Micro Computer dropped nearly 5 percent.

The move amplified concerns that several AI companies are expanding capacity and valuations ahead of revenue realization. OpenAI’s own financing needs, including more than $50 billion in potential borrowing for custom chips developed with Broadcom, added to the pressure on sentiment.

OpenAI had previously guided that its annualized revenue would reach or exceed $70 billion by the end of 2026. The three-month increase from the September level was at least $20 billion, consistent with the enterprise segment’s momentum.

Industry Context and Infrastructure Outlook

Revenue metrics from leading AI firms serve as key indicators of demand and the capital flows required to build out data centers and computing power. The $20 billion variance between OpenAI’s and Anthropic’s reporting methods highlighted how different accounting practices can influence perceived growth trajectories and market valuations.

Earlier in the week, Nasdaq futures had already traded lower on rising 30-year Treasury yields at their highest level in more than two decades, Brent crude prices climbing above $100 a barrel, and broader worries about the cost of AI expansion. The OpenAI disclosure provided a fresh focal point that accelerated the session’s weakness.