Chip stocks drop on report OpenAI missed ChatGPT growth targets

Shares of Nvidia Corp. and other tech firms dropped today following a report that OpenAI Group PBC had missed its growth targets last year.

The Wall Street Journal late Monday cited sources as saying that the company’s 2025 user base gains and revenue fell short of expectations. OpenAI pushed back against the report, calling it “prime clickbait” in a statement issued to Bloomberg today. The company added that it’s “firing on all cylinders.” 

Shares of Nvidia dropped more than 3% on the news. Advanced Micro Devices Inc., which inked a multibillion-dollar chip deal with OpenAI last year, is down 11%. Arm Holdings plc, Oracle and other tech firms that maintain partnerships with the artificial intelligence provider also logged declines.

According to the Journal, ChatGPT’s growth started slowing late last year. As a result, OpenAI reportedly missed its goal of growing the chatbot’s user base to 1 billion weekly active accounts by the end of 2025. There’s no indication that the company has reached that milestone since.

OpenAI’s slowing user base momentum is reportedly weighing on its topline growth. According to the Journal’s sources, the company “has struggled” with churn among subscribers and missed multiple revenue targets for ChatGPT this year. It’s believed that OpenAI’s weaker-than-expected momentum partly stems from market share gains made by rival Anthropic PBC.

OpenAI Chief Financial Officer Sarah Friar has reportedly told executives that OpenAI may struggle to finance its data center buildout “if revenue doesn’t grow fast.” The company’s board, in turn, has reportedly stepped up its scrutiny of infrastructure contracts.

The company has to date committed to purchasing $600 billion worth of data center capacity. About half the sum is tied to a five-year deal that the company signed with Oracle last year. Shares of the database maker dropped by more than 7% in today’s trading session.

The centerpiece of the OpenAI-Oracle partnership is a sprawling data center campus in Abilene, Texas. According to Bloomberg, two of the eight buildings at the site were operational as of last month. It’s believed that the companies recently shelved a plan to expand the campus over disagreements about financing terms.

The report that OpenAI missed recent revenue goals comes against the backdrop of the company’s preparations to go public. According to CNBC, the AI provider is expected to list its shares as soon as the fourth quarter. OpenAI will reportedly seek a valuation of about $1 trillion.

A slowdown in the company’s growth may add momentum to the public offering of Anthropic. In December, the Financial Times reported that the OpenAI rival had hired a law firm to prepare its stock market listing. The company is also believed to have launched discussions with potential underwriters.

Earlier this month, Anthropic disclosed that its annualized run rate had jumped to $30 billion from $9 billion at the end of 2025. OpenAI’s run rate stood at $24 billion per year in late March. The ChatGPT developer expects enterprise customers’ revenue contribution to reach 50% of its total sales by year’s end. 

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