On October 8, 2026, shares of Nvidia and AMD declined following a report from the Financial Times regarding OpenAI. The report stated that OpenAI's annualized revenue run rate reached $50 billion by the end of September, which is $20 billion lower than previously circulated figures.
Nvidia shares fell by approximately 2.9% to $230.60, while AMD shares dropped by about 4.55% to $616.48. The market downturn extended to other technology companies, with Oracle shares falling by 4.7–5%, Broadcom by 4.3%, and Micron by 4.3%. The Nasdaq Composite index declined by roughly 1% to 1.25%.
Analysts attributed the revenue discrepancy to differences in accounting methodology rather than a decrease in demand for AI. They noted that OpenAI's enterprise segment continues to show growth, with a 107% increase in its run rate.
The market reaction highlights the risks of customer concentration for AI infrastructure providers. Nvidia supplies GPUs to OpenAI, while AMD has multi-gigawatt MI450 deployment commitments tied to the company. Oracle, Broadcom, and Micron also maintain significant exposure to AI data center infrastructure.
