- The Nasdaq 100 fell more than 300 points in about half an hour Thursday afternoon, right after the OpenAI revenue report.
- OpenAI told investors annualized revenue neared $50B at end-September, versus the $70B reported on September 29.
- The gap stems from accounting: Anthropic counts sales made through cloud partners such as Amazon Web Services and Google Cloud, while OpenAI does not.
- The index was already under pressure from 30-year Treasury yields at a two-decade high, Brent above $100, and AI debt concerns, including Broadcom seeking more than $50B in financing for a custom chip with OpenAI.
Quotes
“Open AI reports revenues differently from Anthropic. This number isn't apples to apples..”