Nasdaq Drops Over 300 Points After OpenAI's Revenue Comes In $20 Billion Short

BeInCrypto2026/10/08 18:33

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The Nasdaq 100 fell more than 300 points in about half an hour on Thursday afternoon. The slide came right after a report that OpenAIs revenue is running about $20 billion below the figure widely reported last month. The tech index was already under pressure before the report. Bond yields at a two-decade high, oil above $90 and worries about AI borrowing had pushed futures lower since early trading. Nasdaq 100 (US Tech 100 Cash) 5-minute chart. Source: TradingView OpenAIs Revenue Reportedly $20 Billion Short On September 29, reports indicated that OpenAI annualized revenue reached $70 billion. On Thursday, however, a new report from the Financial Times, citing a note to OpenAI investors, said the Sam Altman-led firm has told investors its annualized revenue was approaching $50 billion at the end of September. Annualized revenue takes a companys current sales pace and stretches it over a full year. It is a projection, not money already booked. The difference comes down to accounting, according to the FT. Anthropic, which is preparing its own Nasdaq listing, counts sales made through cloud partners such as Amazon Web Services and Google Cloud. OpenAI does not. Investors who adjusted OpenAIs numbers to match Anthropics method arrived at the higher estimate. Open AI reports revenues differently from Anthropic. This number isn't apples to apples. OpenAI still told investors its revenue grew more than 70% over the period. The company booked $13.07 billion in revenue for all of 2025, according to audited documents cited by Quartz. What Else Was Dragging Tech Stocks Lower Nasdaq 100 futures were already down 0.5% early Thursday. The 30-year US Treasury yield hit its highest level in more than two decades. Brent crude climbed above $100 a barrel on Middle East supply worries. AI debt was a third weight. Broadcom is seeking more than $50 billion in financing for a custom chip it is building with OpenAI, the Wall Street Journal reported. Skeptics such as Michael Burry have already said markets should fall far enough to block the AI IPOs. Revenue at OpenAI and Anthropic is a key gauge of AI demand and drives infrastructure spending, the FT noted. On Thursday, two ways of counting it sat $20 billion apart. Read the article at BeInCrypto

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The U.S. Federal Communications Commission (FCC) has approved Starlink Mobile Gen2's application to launch 15,000 satellites. Low-frequency radio waves can expand coverage and enhance signal penetration through walls and tree canopies, improving indoor reception. The share prices of T-Mobile, Verizon, and AT&T each fell by nearly 7% in after-hours trading. On October 8, Reuters reported that SpaceX reached an agreement on Thursday to acquire a nationwide portfolio of low-frequency spectrum, enabling Elon Musk's satellite company to directly challenge giant traditional wireless carriers across the United States from orbit. While Starlink Mobile’s existing global 2 GHz mid-band spectrum offers high bandwidth capacity, the new spectrum will allow signal penetration through obstacles. Financial terms of the deal were not disclosed. Low-frequency bands are favored for their longer transmission ranges and ability to penetrate dense structures like walls and tree cover—addressing a major technical challenge previously faced by satellite-based mobile networks. By combining nationwide low-frequency radio coverage with high-frequency space transmission, SpaceX is positioning Starlink Mobile to entirely bypass traditional cell towers, challenging the wireless oligopoly both in wide-area coverage and indoor signal reliability. This deal also increases competitive pressure on traditional operators, shifting direct-to-device satellite technology from a supplementary feature for remote dead spots to a comprehensive commercial rival to terrestrial cellular networks. The share prices of T-Mobile US, Verizon, and AT&T each dropped nearly 7% in after-hours trading. “Incumbent wireless carriers have been publicly skeptical, arguing that SpaceX’s network quality could not match theirs,” said analysts at William Blair. “We expect SpaceX to launch very attractive bundled packages of Starlink broadband with Starlink Mobile, and the company may include Grok in these bundles.” The deal involves acquiring 100% of a nationwide 800 MHz spectrum portfolio from private equity firm Grain Management, pending regulatory approval from the FCC. Earlier this year, Grain had acquired this spectrum from T-Mobile. Crucially, most existing, unmodified mobile phones already support the 800 MHz band, so consumers will not need to purchase special satellite phones. This week, the FCC also approved Starlink Mobile’s application for its second-generation satellite constellation, authorizing SpaceX to launch 15,000 satellites worldwide optimized for the 2 GHz band. This new satellite array will operate in very low Earth orbit, providing regular smartphones with higher bandwidth and low-latency connections.

路透社•2026/10/08 22:36