OpenAI Miss Delays $100B Data Center Plan, CoreWeave Shares Drop 5.8%
OpenAI missed internal revenue and user growth targets, jeopardizing its $100B+ data center expansion and pushing the Philadelphia Semiconductor Index down 3.6%. Oracle shares fell 4% and CoreWeave plunged 5.8% even as CoreWeave highlighted its diverse client base and ongoing compute demand.
1. OpenAI's Missed Targets
OpenAI missed several internal revenue and user growth targets, raising doubts about funding for its $100B+ data center expansion.
2. Market Reaction and Stock Impact
Following the report, the Philadelphia Semiconductor Index dropped 3.6%, while Oracle shares fell 4% and CoreWeave plunged 5.8% as investors reassessed AI infrastructure demand.
3. CoreWeave's Response
CoreWeave noted a diverse customer base—including Meta Platforms, Anthropic, Microsoft, Google, IBM and others—and stated that compute demand continues to exceed supply across its ecosystem.
4. Business Model Challenges
Jefferies highlighted that pure AI model companies face low customer stickiness, limited differentiation, high training costs and a lack of economies of scale in inference.