OpenAI revenue report hits Nvidia and Oracle shares

A Financial Times report that OpenAI told financial backers its annualized revenue was close to $50 billion at the end of September hit AI-linked market names on Thursday, after earlier media reports had put the figure at about $68 billion to $70 billion based on investor information.

The Financial Times, citing documents shared with OpenAI's backers, reported the lower figure. A person familiar with the matter told CNBC that the earlier $68 billion figure counted gross revenue from partnerships with companies including Nvidia, a method meant to help investors compare OpenAI with Anthropic.

Nvidia was down 2.9%, SpaceX was down 4% and Oracle lost nearly 6% after the report. Investors watch annualized revenue at AI companies as a measure of demand, but the metric can be imprecise because it usually projects one period of sales across a full year.

The Financial Times also reported that OpenAI is negotiating a new private fundraising that could value it at about $1.4 trillion. OpenAI did not immediately respond to AFP's request for comment.