OpenAI's annualized revenue was about $50 billion at the end of last month, up from roughly $28 billion at the end of June, an OpenAI spokesperson told DealBook. That is significantly lower than the $70 billion figure given to investors last month, and the spokesperson said that earlier figure was not accurate. The Financial Times first reported the discrepancy.
The revision sent AI stocks lower. Shares in Nvidia, Oracle and Microsoft sank on Thursday's news. The episode highlights the interconnectedness and potential fragility of the AI boom, much of whose fortune rides on the continued success of OpenAI and Anthropic. It also underscores the risks of basing investment decisions on pro forma revenue measures, since investors increasingly turn to outside data from firms like Sensor Tower and Ramp to build their own models.
Safety concerns are adding to the pressure. Jacob Coxon, a former Anthropic researcher who has accused leading labs of not taking safety seriously enough, said recently on the PBD Podcast that he is "90 percent" certain China has spies inside Anthropic and OpenAI. His claim comes amid intense AI rivalry between the U.S. and China. President Trump has dismissed calls to more tightly regulate American AI companies, urging them to innovate faster to stay ahead of Chinese rivals. Anthropic and OpenAI are likely to push back on Coxon's claims.
Elsewhere, high interest rates are slowing U.S. home purchases. The average 30-year fixed-rate mortgage rose to 7.4 percent, the highest since November 2023, and sales of existing homes slipped 1.2 percent in August from a year earlier. Oil prices also rose, with Brent crude trading around $103 on Friday after tankers were struck near Qatar and the United Arab Emirates.
Source: New York Times Business · Summarized by HeadlinesBriefing