tl;dr: OpenAI told investors it hit roughly $50 billion in annualized revenue at end of September, well below the $68 billion figure widely reported last month (which included partner gross revenue). The disclosure sent AI-related stocks tumbling, with Nvidia, Oracle, CoreWeave, AMD, and Broadcom all falling significantly as the company tries to justify its $852 billion valuation ahead of an expected 2027 IPO. Rival Anthropic, meanwhile, reported a $65 billion annualized run rate in July and is reportedly seeking a $2 trillion valuation.