Oracle, CoreWeave shares drop after report of OpenAI missing growth targets
Shares of AI-related companies fell after reports indicated that OpenAI missed its growth targets for users and revenue. Concerns were raised about OpenAI's ability to meet future computing contracts, impacting the stock prices of firms like Oracle and CoreWeave. This situation has led to broader declines in the semiconductor sector and among major tech companies.
- ▪OpenAI reportedly missed its goals for new users and revenue, raising concerns about its growth prospects.
- ▪Oracle's shares dropped 3.4% as investors worried about funding its data-center plans.
- ▪CoreWeave's shares fell 2.8% after signing an $11.9 billion contract with OpenAI.
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ShareSave for laterPlease log in to bookmark this story.Log InCreate Free Account Shares of artificial intelligence-related firms dropped on Tuesday after the Wall Street Journal reported that OpenAI had missed its goals for new users and revenue in recent months, raising concerns over the ChatGPT creator’s growth prospects.OpenAI CFO Sarah Friar expressed concerns to other leaders over the company’s ability to pay for future computing contracts if its revenue did not grow fast enough, the report said, citing people familiar with the matter.Oracle’s (ORCL-N) shares dropped 3.4 per cent to USUS$167.3 in morning trading.
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