AMD Shares Drop 6 Percent as OpenAI Revenue Gap Rattles AI Stocks

Shares of Advanced Micro Devices (AMD) fell 6.36% over three trading sessions through October 9, as a reported discrepancy in OpenAI's annualized revenue estimates unsettled investors and triggered declines across artificial intelligence stocks. The sell-off followed an October 8 Financial Times report indicating that OpenAI's revenue run rate was approximately $50 billion, below the $68 billion figure circulated the previous month.

AMD closed at $608.10 on October 9, down from its record closing price of $649.42 on October 6, according to figures published by Yahoo Finance. On October 8, the stock dropped as much as 4.55% intraday to $616.48 before finishing the session at $620.68, a decline of 3.90%.

The discrepancy also weighed on NVIDIA and Oracle shares. CNBC reported on October 9 that OpenAI had informed investors its annualized revenue reached $50 billion at the end of September. The difference between the two estimates has been attributed to how revenue was calculated, rather than evidence of lost sales, according to the Financial Times account cited by Yahoo Finance.

Bloomberg reported on October 9, citing unnamed sources, that OpenAI expected to reach at least $70 billion in annualized revenue by year-end. The differing figures have intensified scrutiny of AI companies and the infrastructure suppliers whose valuations depend partly on continued growth in demand for computing capacity.

OpenAI remains a significant commercial partner for AMD, which has disclosed three major customer relationships involving gigawatt-scale GPU deployments. OpenAI and Meta Platforms each signed agreements for 6 gigawatts of AMD Instinct GPUs, with initial deployments scheduled for the second half of 2026. Anthropic agreed to deploy up to 2 gigawatts beginning in the first half of 2027, bringing the combined potential commitments to 14 gigawatts.

AMD Chair and CEO Lisa Su described the company's expanding relationship with Anthropic as a strategic development for its computing business.

"thrilled to deepen our partnership with Anthropic and deploy AMD Helios at gigawatt scale."

The company has also acknowledged its concentration among major AI customers. At the Goldman Sachs Communacopia + Technology Conference on September 11, Dan McNamara, AMD's senior vice president and general manager of Compute Enterprise AI, discussed the company's customer exposure and deployment priorities.

"we're concentrated from an AI standpoint"

McNamara also described AMD's immediate operational focus as the company prepares to deliver its Helios systems to large customers.

"very focused on delivering to our top customers right now with Helios."

AMD's agreements also include warrants that could affect its share count. The company issued OpenAI and Meta warrants covering up to 160 million shares each, equivalent to approximately 20% of its 1,632.48 million outstanding shares for each award. OpenAI's final warrant tranche carries a $600 stock-price target, which AMD had already exceeded at its October 9 close. The timing of GPU deliveries remains central to the associated commercial arrangements, while slower deployment could postpone both revenue recognition and potential share dilution.

AMD has outlined a broader strategy to reduce reliance on a limited group of large customers by pursuing more major buyers of computing power. Matt Ramsay, the company's corporate vice president of financial strategy and investor relations, described its approach to prospective enterprise customers.

"how can we, at scale, be your high-performance computing partner."

Ramsay also reiterated AMD's analyst-day growth objectives, including expansion of its data center business and AI operations. The company expects the addressable market to reach approximately $2 trillion by 2030, with annual growth of 40%.

"more than 60% growth of the data center franchise, more than 80% of growth of the AI business."

CNBC reported that OpenAI CEO Sam Altman had confirmed the company would not pursue an initial public offering in 2026, despite a valuation exceeding $850 billion. The revenue discrepancy has therefore become a significant consideration for investors assessing the scale of OpenAI's business and the growth assumptions supporting valuations across the AI supply chain.