Micron Technology logo 2024.svg via Wikimedia Commons (Public domain)
Micron, Nvidia shares fall after OpenAI revenue report raises concerns
A roughly $50 billion run-rate figure for OpenAI, well below prior estimates, sent AI chip and infrastructure stocks lower on October 8
AI chip stocks had a rough Wednesday. Shares of Nvidia, Micron Technology and other AI-linked names slid on October 8, 2026, after OpenAI’s annualized revenue run rate came in at approximately $50 billion as of the end of September.
That number landed well short of prior estimates in the $68ā70 billion range.
What spooked the market
The damage spread quickly. Nvidia shares dropped around 3%, while Oracle fell by roughly 5% to 6%.
Other chip names took it on the chin too. AMD, Broadcom and Intel each saw declines in the 4% to 5% range.
The broader market felt it as well. The Nasdaq Composite fell approximately 1.25% on the day.
A smaller number, not necessarily a smaller business
The gap between the roughly $50 billion run rate and earlier estimates was attributed to differences in how OpenAI and rival Anthropic account for revenue. Comparing them side by side had apparently inflated expectations for OpenAI, rather than signaling that its business had stalled.
AI, tech, and the markets they move—in one daily briefing.
Daily. Free. Join 34,000+ readers across crypto, finance, and policy.
OpenAI’s overall third-quarter run rate grew 77%. Its enterprise segment did even better, with run-rate growth of 107%.
Micron’s awkward position
Micron’s slide stands out because its own fundamentals have been tied directly to AI demand. The company reported record gross margins of 84.9% in one quarter, driven by demand for high-bandwidth memory and DRAM used in AI applications.
Background: a volatile year for AI stocks
The AI infrastructure market is already under heightened scrutiny because of high valuations and rising interest rates.
OpenAI itself is reportedly in discussions over large funding rounds and is considering a potential IPO in 2027.
What this means for investors and the AI trade
The October 8 selloff shows how concentrated the AI trade has become. A single revenue disclosure from one private company was enough to move Nvidia, Oracle, AMD, Broadcom, Intel, Micron and the Nasdaq in the same direction on the same day.
The accounting angle also deserves attention. If OpenAI and Anthropic measure revenue differently, investors comparing the two have been working with mismatched figures.