Shares of Oracle and CoreWeave fell sharply on Tuesday after a report revealed that OpenAI had missed internal targets for user growth and revenue, reigniting doubts about the sustainability of massive AI infrastructure spending.
Oracle dropped 4% to $166, while CoreWeave slid 3.7% to $107.70. Chipmakers including Nvidia, Broadcom, and Advanced Micro Devices also declined. In Asia, SoftBank Group, which holds roughly a 13% stake in OpenAI, plunged nearly 10% in Tokyo trading.
According to a Wall Street Journal report, OpenAI failed to reach its goal of one billion weekly active users for ChatGPT by the end of 2025 and missed multiple monthly revenue targets this year. CFO Sarah Friar has privately warned company leaders that the firm may be unable to meet future computing contract obligations if revenue growth does not accelerate.
This setback comes as Google's Gemini and rival Anthropic both see rising web traffic. OpenAI is also laying groundwork for an IPO that could value it at up to $1 trillion. The company did not immediately respond to a request for comment.
The sell-off precedes a closely watched round of earnings reports from Amazon, Alphabet, Microsoft, and Meta, all due Wednesday. Investors will scrutinize their capital expenditure plans after the four companies committed to roughly $645 billion in AI infrastructure investment in 2026.