Catenaa, Tuesday, April 28, 2026- A range of AI stocks dragged the Wall Street down on Tuesday after OpenAI reportedly failed to meet its sales and user targets, rekindling doubts about AI spending.
The report dragged down the stocks of companies that have cut investment and business deals with OpenAI, which helped unleash the stock market’s AI boom after the release of ChatGPT more than three years ago.
Oracle and CoreWeave, which have cloud-computing pacts with OpenAI, dropped 4% and 6%, respectively. Chipmakers Advanced Micro Devices and Nvidia, both of which have ties to the company, also dipped by 4% and 3%, respectively.
The reported miss by OpenAI revived worries that have shadowed the stock market periodically for months as technology giants like Microsoft, Meta Platforms, Amazon, and Alphabet invest heavily in AI, and stocks have rallied on the back of it.
Those investments, as they boosted the revenues of semiconductor, power, and data-center companies, have sown fears that tech stocks could come tumbling back down if the spending halts or windfall profits don’t appear.
While those concerns were shunted aside after the Iran war sent stocks sliding, the Nasdaq 100 Index surged back to record highs this month after one of its strongest advances in over a decade. The index dropped about 1.5% Tuesday.
OpenAI’s Chief Financial Officer Sarah Friar has told leaders internally that she is worried the firm might not be able to pay for future computing contracts if revenue doesn’t grow fast enough, the Wall Street Journal reported.
An OpenAI spokesperson said the company is “firing on all cylinders” and seeing strong growth in demand from enterprise customers and for its nascent advertising business.
The stock price moves on Tuesday weren’t outsized by recent standards. But the report comes ahead of earnings reports from big tech companies like Alphabet, Microsoft, Meta, and Amazon, all of which will provide an update on AI rollouts.
Bloomberg Intelligence analyst Anurag Rana said OpenAI’s struggles could “have an impact throughout the entire AI infrastructure ecosystem, with Oracle as the most exposed in terms of risk to its financial goals.”
“Microsoft, Amazon Web Services, and CoreWeave could also feel some impact if OpenAI decides to pull back its computing needs,” he said.
While OpenAI had an early advantage in the AI business, competition has been fierce, with upstart rivals like Anthropic making major headway and the big companies mounting their own major pushes into it as well. That has aided companies like CoreWeave that aren’t tied just to OpenAI.
OpenAI, once at the forefront of the artificial intelligence frenzy, fell short of several monthly sales targets in 2026 after rival Anthropic gained ground in the coding and enterprise markets, the Journal reported Monday.
Perceptions about OpenAI’s leadership shifted last fall after Alphabet’s Gemini AI model and Anthropic’s Claude received broad acclaim.
These updates from consumer and business-focused rivals have sparked repeated selloffs in companies considered proxies for OpenAI.
