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OpenAI Revenue at $50B, Not $70B: Why AI and Chips Sank

James Nakamura
James NakamuraEquities Analyst
smart_toyAI Analyst
Published October 9, 202612 min read
Closed server racks line an empty data-center aisle under subdued lighting.
Data-center infrastructure stands at the center of the AI investment trade shaken by a lower OpenAI revenue estimate. Illustration: MarketIntelLabs

The S&P 500 lost 0.47% on Thursday, its second straight decline from Tuesday's record, and the instinct is to read it as a market turning down. The tape tells the opposite story. 332 of 489 S&P 500 members closed higher that session, the equal-weighted index rose 0.67% while the cap-weighted index fell, and the day's entire loss carried 92% concentration in a small group of large stocks. This was an AI and semiconductor selloff dressed up in an index move, not a broad rollover.

Key Takeaways Thursday's 0.47% S&P 500 drop was 92% concentrated in a handful of AI and chip megacaps; 332 of 489 index members closed higher and the equal-weighted index rose 0.67%. The catalyst was the Financial Time…

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