OpenAI's revenue shortfall sends AI and tech stocks lower

OpenAI told investors its annualized revenue at the end of September was roughly $18 billion below previously reported figures, CNBC confirmed, and AI-linked stocks fell, with CoreWeave down nearly 8%, Oracle down almost 6%, and Nvidia down 3%.

The Nasdaq Composite dropped more than 1%, its worst day since mid-August, as the company faces pressure to justify its valuation ahead of a potential IPO.