U.S. equity futures rebounded on Friday following a sharp selloff in technology and semiconductor stocks, which was triggered by concerns over OpenAI's revenue figures. Dow Jones futures rose by 0.05% to around 51,520, S&P 500 futures gained 0.33% to approximately 7,840, and Nasdaq 100 futures climbed 0.82% to near 31,220 during European trading hours [1]. This recovery came after OpenAI communicated to investors that its annualized revenue reached $50 billion at the end of September, a figure confirmed by CNBC [1][2]. This number is significantly lower than the widely reported $68 billion from the previous month, resulting in a perceived $20 billion shortfall that unsettled investors [1][2].
The discrepancy in OpenAI's revenue estimates led to a late-day selloff on Thursday, with the S&P 500 dropping 0.47%, the Nasdaq Composite falling 1.25%, and the Dow Jones Industrial Average managing a modest 0.1% gain [1]. Major AI and tech stocks, including Nvidia and Oracle, were among those hit hardest as investors reacted to the revenue miss [2]. The Financial Times was the first to reveal the revenue gap, which heightened scrutiny on OpenAI as it seeks to justify a valuation exceeding $850 billion [2]. CEO Sam Altman has confirmed that OpenAI will not pursue an IPO this year, despite ongoing efforts to support its high valuation [2].
Market sentiment improved after reports emerged that OpenAI expects its annualized revenue to reach or exceed $70 billion by year-end, helping to calm investor nerves and spark a rebound in futures [1]. However, persistently high U.S. Treasury yields continue to weigh on the broader market outlook [1].
In related news, Anthropic is reportedly targeting a $2 trillion valuation in its upcoming Nasdaq listing, which research firm New Constructs criticized as 'the most ridiculous IPO of 2026,' warning of significant risks [2]. Meanwhile, Nvidia-backed Australian AI group Firmus withdrew its IPO due to market volatility, which would have been the second-largest new share sale in Australia's history [2].
Oil prices also retreated after U.S. President Donald Trump stated that the U.S. would not take military action against Iran before the midterm elections, easing inflation concerns tied to energy costs [1][2].
CONCLUSION
OpenAI's revenue shortfall initially triggered a sharp selloff in technology stocks, but markets rebounded as the company projected stronger year-end revenue. While investor concerns remain over high valuations and market volatility, especially in the AI sector, the immediate market reaction has stabilized. Persistent macroeconomic factors, such as high Treasury yields, continue to influence the broader outlook.