OpenAI growth concerns trigger selloff in AI infrastructure stocks

A Wall Street Journal report that OpenAI missed internal revenue and user growth targets triggered a broad selloff on Tuesday among companies whose business models depend on the AI lab's expansion. The report said OpenAI missed a goal of one billion weekly active ChatGPT users by the end of 2025, reaching 900 million by February 2026. It also said the company missed multiple monthly revenue targets in early 2026 and is losing ground to Google's Gemini in consumer markets and to Anthropic in coding and enterprise. OpenAI called the report "prime clickbait" and said its business is "firing on all cylinders." CEO Sam Altman and CFO Sarah Friar issued a joint statement declaring they are "totally aligned." The market reaction was sharp. Oracle, which has a $300 billion five-year partnership to supply computing power to OpenAI, dropped 7.7 percent. CoreWeave, with an $11.9 billion infrastructure contract with OpenAI, fell 7.4 percent. SoftBank, which has committed $60 billion to OpenAI, sank almost 10 percent in Tokyo. Nvidia, Broadcom, AMD, and Arm all declined between 2 and 6 percent. The report also said OpenAI CFO Sarah Friar warned colleagues internally that if revenue growth does not accelerate, the company could face difficulty funding future compute agreements. Friar has also reportedly told colleagues that OpenAI is not organisationally ready for the IPO Altman wants to pursue in the fourth quarter of 2026, preferring a 2027 listing instead. OpenAI's annualised revenue is approximately $25 billion. Anthropic crossed $30 billion in annualised revenue in April, passing OpenAI for the first time, according to the report.