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OpenAI reportedly missed revenue targets. Shares of Oracle and these chip stocks are falling

CNBC·Yun Li·about 1 month ago
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Shares of companies tied to artificial intelligence infrastructure fell Tuesday after a report that OpenAI has fallen short of internal growth expectations, raising fresh questions about whether the pace of spending across the sector is sustainable. Oracle , which has a $300 billion, five-year partnership to supply computing power to OpenAI for AI operations, dropped 4%. Chipmakers including Broadcom and Advanced Micro Devices declined 4% and 3%, respectively. Shares of Nvidia fell more than 1%. Qualcomm dipped 0.2% Tuesday but closed off its lows. The stock had gotten a slight boost Monday on reports it is working with OpenAI on smartphone chips tied to the firm's hardware ambitions. Leveraged neocloud stock CoreWeave dropped more than 5%. In Asia, SoftBank Group , one of OpenAI's largest investors, sank about 10%. The Wall Street Journal reported that OpenAI has recently missed its own projections for user growth and revenue.…

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