Technology stocks came under renewed pressure Thursday after a report raised questions about the scale of OpenAI’s revenue, reigniting concerns over whether the artificial intelligence industry can generate enough commercial returns to justify its extraordinary investment requirements. The Nasdaq Composite fell 1.4%, putting the index on track for its weakest session since July as selling accelerated following the report.

OpenAI Revenue Figure Raises Questions

According to the source material, OpenAI recently told investors that its annualized revenue was approaching $50 billion. That figure is significantly below the $70 billion level previously reported by media outlets based on information from investors.

The difference has become important because investors are increasingly focused on whether the rapidly expanding AI industry can translate massive infrastructure spending into sustainable revenue and profits. Companies developing large AI models have attracted enormous amounts of capital, while their long-term economics remain a central question for technology investors.

Revenue Accounting Adds Complexity

A source familiar with the documents said the $70 billion figure did not originate from OpenAI and may have reflected an effort to compare the company with Anthropic. The source said Anthropic’s figure includes gross revenue from cloud providers, while OpenAI’s reported figure is based on net revenue.

That distinction means the two numbers may not be directly comparable. Nevertheless, the discrepancy was enough to trigger a broad market reaction as investors reassessed expectations surrounding AI companies and the technology ecosystem supporting them.

AI Stocks Absorb the Pressure

The selloff extended across multiple parts of the AI infrastructure chain. Nvidia shares fell 3%, while Intel and Oracle each declined 6%. Semiconductor manufacturers, cloud providers and other companies tied to the construction and deployment of AI infrastructure also came under pressure.

The market reaction suggests that investors are increasingly sensitive to evidence that could challenge the growth assumptions embedded in AI-related valuations. When revenue expectations for major AI developers change, the potential implications can extend to chipmakers, cloud providers and infrastructure companies whose businesses depend on continued expansion in AI computing demand.

IPO Expectations Add Another Layer

OpenAI’s position is also being watched closely because the company has not yet moved forward with an initial public offering. CEO Sam Altman announced in September that the company would postpone an IPO until at least next year, citing concerns about AI safety.

Anthropic, meanwhile, is expected to pursue an IPO later this fall, with reports indicating that it could seek a valuation of approximately $2 trillion. The source material also says Anthropic was on track to generate an annualized revenue run rate above $65 billion in August.

Can AI Spending Continue to Outrun Revenue?

The latest market reaction highlights a growing tension at the center of the AI boom. Investors have rewarded companies that provide the computing power, cloud infrastructure and models needed to build increasingly sophisticated AI systems, but the sustainability of that spending ultimately depends on strong commercial demand.

The immediate question is not whether AI revenue is growing, but whether revenue growth is keeping pace with the extraordinary investment required to develop and operate these systems. Future disclosures from OpenAI and other major AI companies will therefore be closely watched for evidence that rising computing costs are being matched by durable customer demand and improving economics.