Micron, Nvidia and AI chip stocks fall as report on OpenAI’s revenue causes ‘undue concern’

A report suggesting OpenAI's annualized revenue fell short of expectations rippled through semiconductor markets, pressuring shares of Micron, Nvidia, and other AI-linked chipmakers. The reaction illustrates how sensitive AI-related equities have become to any signal — real or perceived — about the pace of demand for the infrastructure underpinning large language models.

Analysts, however, pushed back on the selloff. They noted that the reported figure reflects differences in how annualized revenue is calculated rather than any deterioration in underlying AI demand. Annualized revenue extrapolates a shorter period's results across a full year, so methodology and timing choices can produce materially different headline numbers without a change in business momentum.

For investors, the episode is a reminder that AI trade narratives can swing sharply on incomplete data. What to watch going forward: how OpenAI and its partners characterize demand in upcoming disclosures, whether chipmakers' own guidance continues to support the AI buildout thesis, and whether similar reporting-method gaps trigger further volatility in semiconductor names.