Nvidia, AMD dip after OpenAI miss
- Nvidia and AMD fell Tuesday after a Wall Street Journal report said OpenAI missed internal targets for revenue and new-user growth. - By midmorning, Nvidia was down about 2%, while Reuters said AI-linked chipmakers including AMD and Broadcom fell roughly 3% to 5%. - The pullback hit as investors questioned whether OpenAI can sustain planned compute spending ahead of an expected IPO. (cnbc.com)
Nvidia and Advanced Micro Devices fell on Tuesday after a report said OpenAI missed its own targets for revenue and new-user growth. (cnbc.com) (money.usnews.com) The Wall Street Journal report, cited by CNBC and Reuters, said OpenAI missed multiple monthly targets earlier in 2026 and lost ground to Anthropic in coding and enterprise markets. (cnbc.com) (money.usnews.com) Reuters said AI stocks fell in premarket trading on April 28, with Nvidia, Broadcom and Advanced Micro Devices among the names under pressure. CNBC reported those chipmakers were down roughly 3% to 5% early. (thestar.com.my) (cnbc.com) By 10:03 a.m. Eastern, Google Finance showed Nvidia at $212.40, down 1.94% on the session. By 10:09 a.m., Microsoft had turned positive at $426.48, up 0.39%. (google.com 1) (google.com 2) The report landed in the middle of a market bet that OpenAI’s demand would keep pulling through orders for chips, cloud capacity and networking gear. CNBC said Oracle, Nvidia and Amazon have all committed billions to the startup. (cnbc.com) Reuters said OpenAI Chief Financial Officer Sarah Friar warned internally that the company might not be able to pay for future computing contracts if revenue growth stayed too slow. OpenAI pushed back, with Sam Altman and Friar saying in a joint statement, “We are totally aligned on buying as much compute as we can.” (money.usnews.com) (cnbc.com) The selling was not uniform across the trade. Arista Networks was up at $165.53 by 10:00 a.m. Eastern, even as chip names weakened. (google.com) Analyst calls on Arista had already been moving higher before Tuesday’s drop. MarketScreener listed Susquehanna raising its price target to $200 from $160 on April 21, after earlier target increases from JPMorgan, Goldman Sachs and Wells Fargo in February. (marketscreener.com) The immediate question is whether Tuesday’s move was a one-day reset or the start of a broader repricing of AI infrastructure demand. For now, the market is trading OpenAI’s internal miss as a warning on how much spending its partners can count on. (cnbc.com) (morningstar.com)
