NEW YORK — Global technology stocks tied to artificial intelligence (AI) saw a significant sell-off on Tuesday, April 28, 2026, following reports that OpenAI missed key internal growth and revenue targets. The news has reignited debates over the sustainability of the massive capital expenditure currently being poured into AI infrastructure.
A report from The Wall Street Journal revealed that the AI pioneer failed to reach several self-imposed milestones:
- User Growth: OpenAI reportedly missed its goal of reaching one billion weekly active users for ChatGPT by the end of 2025.
- Revenue Shortfalls: The company fell short of multiple monthly revenue targets in early 2026.
- CFO Warning: OpenAI Chief Financial Officer Sarah Friar reportedly cautioned leadership that the firm may struggle to meet future computing contract obligations if revenue growth does not accelerate soon.
The report triggered a ripple effect across major tech companies and AI infrastructure providers:
- Oracle & CoreWeave: Oracle shares dropped 4% to $166, while CoreWeave slid 3.7% to $107.70. Both companies have multibillion-dollar contracts to provide OpenAI with cloud computing power.
- SoftBank Group: The Japanese conglomerate, which holds a 13% stake in OpenAI, saw its shares plummet nearly 10% in Tokyo trading.
- Chipmakers: Industry giants including Nvidia, Broadcom, and AMD all saw declines as investors questioned the long-term demand for AI chips.
The stumble comes at a time of intensifying competition in the generative AI space:
- Google Gemini: Web traffic for Google’s Gemini has climbed sharply in recent months, challenging ChatGPT’s dominance.
- Anthropic: The Amazon-backed rival continues to see steady expansion, adding pressure to OpenAI’s market share.
- IPO Uncertainty: The reported setbacks come as OpenAI prepares for a highly anticipated initial public offering (IPO) that could value the company at up to $1 trillion.
Investors are now closely scrutinizing the capital expenditure (capex) plans of “Big Tech” firms. Amazon, Alphabet, Microsoft, and Meta—who have collectively committed roughly $645 billion to AI infrastructure for 2026—are scheduled to report their earnings this week.
The OpenAI report serves as a stark reminder of the “valuation gap” in the AI sector, where astronomical infrastructure costs must eventually be met by equally massive consumer and enterprise revenue. As the market awaits comments from OpenAI leadership, the tech sector remains on edge regarding the future trajectory of the AI boom.
