There are reports that OpenAI failed to meet internal growth expectations, triggering a new round of market doubts about the sustainability of the overall high spending in the artificial intelligence industry. Affected by this, the stock prices of a number of artificial intelligence infrastructure-related companies fell sharply in early trading on Tuesday. Oracle shares fell about 7.5% in premarket trading Tuesday. The company signed a five-year, $300 billion cooperation agreement with OpenAI to provide computing power for the latter's artificial intelligence business.
The stock prices of chip manufacturers such as Nvidia, Broadcom, and AMD Semiconductor fell by about 2% to 5%.
Qualcomm shares retreated 3.5%. Earlier news said that Qualcomm is working with OpenAI to develop mobile phone chips that adapt to its hardware layout. The news slightly boosted its stock price on Monday. Shares of leveraged cloud computing startup CoreWeave fell 7%.
In the Asian market, the share price of SoftBank Group, one of OpenAI’s largest investors, plummeted by about 10%.
The Wall Street Journal reported that OpenAI’s recent user growth and revenue data have not met internal expectations. The performance gap has triggered internal concerns about whether the company can continue to afford the huge investment required to expand data centers and lock in long-term computing resources.
According to reports, the company’s chief financial officer Sarah Fryer has issued a warning to internal employees that if revenue growth cannot increase, the company may have difficulty fulfilling the computing power procurement cooperation agreement in the future.
Adam Crisafulli, a trader at Vital Information, a market research institution, said in a morning research report that this report "has caused the outside world to question whether OpenAI can fulfill its huge infrastructure construction performance commitments."