Nvidia and AMD shares slid on October 8, 2026, after the latest AI news gave investors less to cheer about than they had hoped. The spark was a single number about a company neither chipmaker owns.
A Financial Times report said OpenAI’s annualized revenue run rate was around $50 billion at the end of September. That sits $20 billion below the $70 billion figure that had been circulating.
The damage, by the numbers
Nvidia shares fell approximately 2.9%, landing around $230.60. AMD took a harder hit, declining around 4.55% to approximately $616.48 intraday.
The selling did not stay contained to the two GPU giants. Oracle shares dropped approximately 4.7–5%, while Broadcom fell around 4.3%.
Memory maker Micron also lost about 4.3%. The Nasdaq Composite slipped approximately 1% for the session, with the decline reaching as much as roughly 1.25% by some measures.
Why one company’s revenue moved so many stocks
OpenAI has been a major buyer of hyperscale AI infrastructure, meaning the massive data center capacity that runs and trains large models.
Both chipmakers have direct exposure. Nvidia supplies GPUs to OpenAI, the chips that do the heavy computational lifting behind AI models.
AMD’s link is arguably more specific. The company has multi-gigawatt MI450 deployment commitments tied to OpenAI.
Oracle provides cloud infrastructure, and Broadcom makes networking and custom chips used in AI data centers. Micron supplies the memory those systems devour.
The accounting question
Analysts pointed to differences in accounting methodology as the main source of the revenue discrepancy, rather than a genuine slowdown in AI demand.
Analysts described the market’s reaction as reflecting “undue concern.” They highlighted OpenAI’s enterprise segment, which still showed strong growth, including a 107% run-rate increase.
What this means for the AI trade
The episode exposes a structural vulnerability in AI infrastructure stocks: customer concentration. A handful of model developers account for a large share of the spending that justifies chipmaker and cloud valuations, and OpenAI is among the most important.
AMD faces the most pointed version of this risk. Its multi-gigawatt MI450 commitments tied to OpenAI are a major part of its AI pitch.
Nvidia’s exposure is broader, which may explain its comparatively milder decline of 2.9% versus AMD’s 4.55%.
If the discrepancy truly stems from accounting methodology, and enterprise growth of 107% holds up, then the fundamental demand picture may not have changed much at all.
Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.