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The Trading Day · Friday, October 9, 2026

AI Capex — chip index −3.4% after OpenAI's revenue comes in at $50 billion, not $70 billion; software rises

Thursday's sell-off hit one part of the AI trade: the build-out. The Financial Times reported that OpenAI told investors its annualised revenue was about $50 billion at the end of September — not the roughly $70 billion that had circulated. The gap is accounting: OpenAI counts only the revenue it keeps, without sales through cloud partners, while Anthropic includes them. Whatever the reason, the market heard less money at the biggest AI buyer. The chip index fell 3.4%, the Nasdaq-100 1.39%; Broadcom −4.4%, Micron −4.8%, Oracle −5.5%, the data-centre builders CoreWeave −7.8% and Nebius −7.4%, the power suppliers Vicor −7.2% and Vistra −6.4%.

The Morning 10

AI Capex — chip index −3.4% after OpenAI's revenue comes in at $50 billion, not $70 billion; software rises

  1. 1 AI capex sold — OpenAI at $50 billion, not $70 billion: chip index −3.4%, Broadcom −4.4%, Micron −4.8%, Oracle −5.5%
  2. 2 Two markets — Nasdaq-100 −1.39%, but the equal-weight S&P 500 +0.60% and the Dow +0.10%
  3. 3 AI builders and power — CoreWeave −7.8%, Nebius −7.4%, Vicor −7.2%, Vistra −6.4%, Constellation −4.9%
  4. 4 TSMC — September sales +54.6% to NT$511.9 billion, slightly below August
  5. 5 Energy and oil — energy fund +3.0%, Brent above $100 for a third day
  6. 6 Bonds rally — 10-year yield 5.23%, long-bond fund TLT +0.9%; gold +0.7%
  7. 7 Application software rises — Atlassian +4.0%, Adobe +3.6%, Snowflake +3.2%, cloud fund WCLD +1.5%
  8. 8 Asia — Korea and Taiwan closed; Hong Kong +1.5%, Nikkei flat, India +1.3%
  9. 9 Print Record — Delta reports before the open; PepsiCo +3.7% on day one, Penguin's window closes tonight
  10. 10 US futures +0.3%; bitcoin +0.8% at $82,360

The full Morning 10 →

Daily Pulse — AI Trade — Capex Sold, Apps Bought

OpenAI's revenue came in at about $50 billion, not the $70 billion that had circulated — and the AI build-out was sold: chips −3.4% on Thursday, the data-centre builders −7%. The software that uses AI rose. That is the hand-off we have described since spring: from AI capex to AI operating spend to AI applications.

The full Pulse →

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