Report Claims OpenAI Missed Sales Targets, Related Stocks Plunge
Shares of OpenAI partners such as SoftBank Group and Oracle have fallen after reports that the AI startup recently failed to meet sales and new user targets, reigniting market concerns about the spending outlook for tech companies ahead of earnings season.
SoftBank fell as much as 11% in Tokyo, while CoreWeave, Oracle, and AMD fell about 3% in pre-market trading in the U.S. Despite OpenAI having partnerships with dozens of companies, the market typically focuses on a small number of core partners, including Nvidia, SoftBank, Oracle, Microsoft, CoreWeave, and AMD, and views them as proxies for investing in the ChatGPT developer.
Investors are highly focused on whether there are signs that tech companies are still sticking to previously announced large capital expenditure plans to build AI infrastructure.
Amanda Lyons, head of research at Energy Group Capital, said, “The market needs to see this to sustain the current AI narrative. The key is that it’s a very narrow path: any sign of slowing spending will be seen as negative for the entire ecosystem, but a significant increase in spending could raise questions about returns and sustainability.”
A basket of companies related to OpenAI has noticeably underperformed peers in recent months. Since the end of 2024, these stocks have collectively risen about 75%, while a group of stocks related to Alphabet has risen more than 300%.
The reporter cited sources on Monday, reporting that OpenAI, once at the forefront of the artificial intelligence boom, failed to meet several monthly sales targets in 2026, while competitor Anthropic made progress in programming and enterprise markets.