Chip Stocks Fall on Reports OpenAI Missed ChatGPT Growth Targets

Shares of Nvidia and several other major technology firms faced downward pressure today following market reports indicating that OpenAI Group PBC fell short of its projected annual growth targets.

Citing insider sources, The Wall Street Journal reported Monday that the AI pioneer's 2025 user acquisition and revenue metrics underperformed internal expectations. OpenAI swiftly dismissed the claims as "click-driven sensationalism," issuing a statement to Bloomberg today that the company remains "fully dedicated" to its strategic roadmap.

Nvidia shares slid over 3% in response to the disclosure. Advanced Micro Devices (AMD), which finalized a multi-billion-dollar semiconductor supply agreement with OpenAI last year, plummeted by 11%. Strategic partners including Arm Holdings plc, Oracle, and several other tech sector players also experienced notable market corrections.

According to The Wall Street Journal, ChatGPT's user expansion momentum began to decelerate toward the end of last year. Consequently, OpenAI reportedly failed to hit its target of one billion weekly active accounts by late 2025, with no available metrics indicating the milestone has been achieved.

The slowdown in user acquisition is reportedly exerting downward pressure on OpenAI's revenue pipeline. Sources familiar with the matter indicate the firm is grappling with subscription retention challenges and has fallen short of multiple ChatGPT monetization targets this year. Market analysts suggest this underperformance is partly driven by Anthropic PBC's expanding market footprint.

OpenAI Chief Financial Officer Sarah Friar reportedly warned the executive team that stagnant revenue growth could jeopardize funding for the company's massive data center buildout. In response, the board of directors has escalated its oversight of critical infrastructure contracts.

OpenAI has thus far committed to securing $600 billion in data center infrastructure capacity. Approximately 50% of this expenditure is linked to a five-year partnership established with Oracle last year. Following the news, the enterprise software provider's stock declined by over 7% in today's market session.

The focal point of the OpenAI-Oracle alliance is a sprawling data center complex in Abilene, Texas. According to Bloomberg, two out of eight planned facilities were fully operational as of last month. However, recent reports indicate that expansion initiatives have been temporarily halted amid disputes regarding financial structuring.

The disclosure of recent revenue shortcomes coincides with OpenAI's preparations for an initial public offering. CNBC reports suggest the AI innovator aims to debut on public markets as early as Q4, with market expectations pointing toward a valuation approaching $1 trillion.

Slowing momentum at OpenAI may inadvertently accelerate Anthropic's path to a public listing. The Financial Times previously noted in December that the competing AI developer had engaged legal advisors to structure its equity market debut and was actively negotiating with potential underwriting banks.

Earlier this month, Anthropic disclosed that its annualized revenue run rate skyrocketed from $9 billion at the close of 2025 to $30 billion. Conversely, OpenAI's run rate was recorded at $24 billion annually as of late March. The creator of ChatGPT anticipates that enterprise segment revenue will comprise 50% of its total gross sales by the end of the fiscal year.