Major Wall Street indices mostly fell today, with the Nasdaq closing down more than 1% as artificial intelligence (AI) stocks came under pressure following media reports that OpenAI’s annualized revenue was lower than previously circulated figures.
The Financial Times reported today, citing documents provided to OpenAI’s financial backers, that the company’s annualized revenue stood at approximately $50 billion as of the end of September. However, media reports late last month—based on information provided to investors—had indicated an annualized revenue of around $70 billion.
AFP noted that the latest figure is roughly $20 billion lower.
The Dow Jones Industrial Average rose 51.77 points, or 0.10%, to close at 51,231.64.
The S&P 500 index fell 36.41 points, or 0.47%, to close at 7,765.36.
The Nasdaq Composite Index dropped 345.35 points, or 1.25%, to close at 27,193.34.
The Philadelphia Semiconductor Index plunged 442.43 points, or 3.39%, to close at 12,623.72.