OpenAI pushes back on report that company missed revenue targets

Summary

CNBC's Kate Rooney reports on a Wall Street Journal story that OpenAI missed revenue and user growth targets, leading to a selloff in AI-related stocks like Oracle, Nvidia, Broadcom, and AMD. OpenAI pushes back with a joint statement from CEO Sam Altman and CFO Sarah Friar, emphasizing their $122 billion fundraise and the strategic importance of compute spending. The report also highlights a potential disconnect between Altman and Friar on IPO timing, though sources say the company is still aiming to list as soon as the end of this year.

• WSJ reports OpenAI missed revenue and user growth targets.
• AI stocks including Oracle, Nvidia, Broadcom, and AMD fall on the news.
• OpenAI issues a joint statement calling the report 'ridiculous' and reaffirming alignment on compute spending.
• OpenAI's $122 billion fundraise is the largest ever in private markets.
• CFO Sarah Friar views compute spending as a strategic moat against rivals.
• Sources say OpenAI is still on track to IPO as soon as the end of this year, despite reported differences on timing.
• The report raises questions about OpenAI's ability to fulfill spending commitments if revenue growth slows.