OpenAI Growth Miss Sends AI-Infra Stocks Lower

Shares of several companies tied to AI infrastructure fell Tuesday after a report said OpenAI missed internal targets for user growth and revenue. CoreWeave dropped more than 5%, SoftBank fell about 10% in Asian trading, Broadcom lost about 4%, Oracle slid roughly 4%, AMD declined about 3% and Nvidia eased just over 1%. Qualcomm dipped about 0.2% and finished above its weakest level, following news it is working with OpenAI on smartphone chips.

The report said OpenAI did not reach an internal goal of one billion weekly active ChatGPT users by the end of last year and missed predicted ChatGPT revenue targets. OpenAI finance chief Sarah Friar warned colleagues that slower sales could make it harder to fund future compute deals, according to the report.

OpenAI pushed back on claims it was scaling back purchases. Chief executive Sam Altman and Sarah Friar wrote, “We are totally aligned on buying as much compute as we can and working hard on it together every day.” Oracle also defended its role in the partnership. An Oracle spokesperson wrote, “We’re incredibly excited about our partnership with OpenAI and remain focused on building and delivering the capacity they need to support rapidly growing demand,” adding that OpenAI’s new 5.5 model should drive continued momentum.

Sources cited in the report estimate OpenAI is tied to roughly $600 billion in future spending commitments for computing. The company has also raised a large funding round this year, reported at $122 billion, and expects to draw heavily on those funds over the next three years. Some of that financing depends on partner arrangements rather than being fully guaranteed cash.

Internal product and cost changes were described in the report. Codex, the coding assistant, has gained users and OpenAI released GPT-5.5, which outperformed several industry benchmarks, according to the report. The company has trimmed projects such as Sora, a video-generation app, as part of cost controls. The report also linked revenue shortfalls in part to competition from growing alternatives, including Google’s Gemini and products from other AI firms.

Traders sold shares of companies that supply chips, networking equipment and cloud capacity after the report, reflecting concern about demand for large, long-term computing deals. CoreWeave, a cloud provider with high leverage tied closely to AI compute demand, was among the largest decliners. SoftBank is one of OpenAI’s largest investors and saw a notable drop in Asian markets.

The market moves followed details in the report about missed growth and revenue targets and comments from OpenAI finance staff about the potential impact on compute funding. Companies involved in compute partnerships with OpenAI issued statements reaffirming their commitments and the strength of their collaborations.