AI stocks faced a reality check as OpenAI revenue concerns rattled chipmakers.
- OpenAI revenue concerns spark a sell-off in Nvidia, AMD and Micron.
- SoftBank reportedly seeks $100 billion from Gulf investors for a new AI fund.
- Microsoft expands AI push with new Surface Laptop Ultra.
U.S. tech had a volatile week, with Nvidia reaching a record high before tumbling on macro cues. Meanwhile, concerns about OpenAI’s revenue trajectory weighed on semiconductor stocks, highlighting investors’ growing scrutiny of whether massive AI investments can deliver sustainable returns.
Still, the AI race continued on multiple fronts. SoftBank is reportedly seeking $100 billion from Gulf investors for a new AI-focused fund, and Microsoft expanded its AI ambitions across Windows and computing hardware, with its new Nvidia-powered Surface Laptop Ultra going on sale later this month.
Here’s the roundup for the top tech and AI news from the past week.
OpenAI Revenue Concerns Trigger AI Stock Sell-Off
The Financial Times reported that OpenAI’s annualized revenue was around $50 billion, below the previously indicated $70 billion figure, rattling AI stocks on Thursday.
Nvidia fell 2.9%, AMD dropped 3.9%, and Micron slid 4.8%, while the Nasdaq Composite lost 1.3%. Although the stocks edged up later, the sell-off highlighted investors’ growing sensitivity to signs that AI monetization may not meet lofty expectations.
Nvidia Pushes Toward $6 Trillion Valuation
NVDA stock closed at a record $230.48 on Tuesday, giving the company a $5.77 trillion market capitalization according to TradingView, before shares tumbled amid market pressure triggered by a fresh escalation in the U.S.-Iran war.
Nonetheless, Nvidia’s gains, which now total 24% year to date, reflect continued confidence in AI infrastructure spending and expectations of strong corporate earnings growth.
Goldman Sachs estimated that consensus forecasts implied 27% growth in S&P 500 earnings, with more than half of that growth coming from companies benefiting from AI infrastructure investment, Reuters reported.
Microsoft Event Keeps AI And Computing In Focus
Microsoft opened preorders for its Surface Laptop Ultra on Tuesday, powered by Nvidia’s RTX Spark Arm-based chip and priced at $2,599. Shipments begin on Oct. 16.
Microsoft also said it is bringing local versions of models including DeepSeek V4 Flash, its own MAI Code 1.1 Flash and Nvidia’s upcoming Nemotron to Windows and preparing a native Meta Muse app for Windows.
SoftBank Seeks $100B From Gulf Investors For New AI Fund
SoftBank CEO Masayoshi Son is reportedly seeking to raise up to $100 billion from Gulf investors to finance a new fund focused on acquiring companies and improving their operations using AI, The Financial Times reported on Thursday.
The effort follows SoftBank’s $30 billion investment in OpenAI and a $11.1 billion high-yield bond sale.
OpenAI Expands ChatGPT Ads, Anthropic Launches Claude Haiku 5.5
OpenAI announced plans to test visual advertisements in ChatGPT in the U.S., expanding efforts to monetize its consumer AI platform.
Meanwhile, Anthropic launched Claude Haiku 5.5, a model designed for fast, cost-efficient AI workloads.
The developments underscore intensifying competition as OpenAI and Anthropic seek to expand adoption beyond premium subscriptions.
How Did Tech Stocks Move This Week?
Autodesk, Inc. (ADSK) and Shopify, Inc. (SHOP) were among the top gainers in the Nasdaq-100, rising 10.6% and 10.4%, respectively.
The Invesco QQQ Trust Series 1 (QQQ) declined 0.3%. Seagate Technology Holdings (STX) was the Nasdaq-100’s worst performer, down 18.1%, followed by Western Digital Corp. (WDC), Intel Corp. (INTC) and SanDisk Corp. (SNDK).
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