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OpenAI $50bn, Not $70bn: Chips −3.4%: Morning 10

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

The sell-off hit the build-out — Broadcom −4.4%, Micron −4.8%, Oracle −5.5%, CoreWeave −7.8% — while application software rose: Atlassian +4.0%, Adobe +3.6%, Snowflake +3.2%, cloud fund WCLD +1.5%. The equal-weight S&P 500 gained 0.6%. TSMC's September sales +54.6%; Korea and Taiwan closed; Delta reports before the open.

In this edition

SMH AVGO MU ORCL NVDA RSP QQQ SPY

The Morning 10 Fri, Oct 9, 2026 ~90 seconds 08:00 CET

The ten points

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 software that uses AI went the other way: Atlassian +4.0%, Adobe +3.6%, Snowflake +3.2%, Intuit +2.2%, ServiceNow and Salesforce +1.4%, the cloud-software fund WCLD +1.5%. The rest of the market rose as well — the equal-weight S&P 500 fund RSP +0.60%, energy +3.0%, financials +0.9% — so the S&P 500 lost only 0.47% to 7,765.36. The 10-year yield fell to 5.23%.

Overnight TSMC's September sales came in 54.6% above a year earlier. South Korea and Taiwan are closed for holidays; Hong Kong rises 1.5%, the Nikkei is flat, S&P 500 futures +0.3%. Delta reports before the US open, and Penguin Solutions' earnings window closes tonight.

  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. Two markets — Nasdaq-100 −1.39%, but the equal-weight S&P 500 +0.60% and the Dow +0.10%
  3. AI builders and power — CoreWeave −7.8%, Nebius −7.4%, Vicor −7.2%, Vistra −6.4%, Constellation −4.9%
  4. TSMC — September sales +54.6% to NT$511.9 billion, slightly below August
  5. Energy and oil — energy fund +3.0%, Brent above $100 for a third day
  6. Bonds rally — 10-year yield 5.23%, long-bond fund TLT +0.9%; gold +0.7%
  7. Application software rises — Atlassian +4.0%, Adobe +3.6%, Snowflake +3.2%, cloud fund WCLD +1.5%
  8. Asia — Korea and Taiwan closed; Hong Kong +1.5%, Nikkei flat, India +1.3%
  9. Print Record — Delta reports before the open; PepsiCo +3.7% on day one, Penguin's window closes tonight
  10. US futures +0.3%; bitcoin +0.8% at $82,360

  1. AI capex sold — OpenAI at $50 billion, not $70 billion: chip index −3.4%, Broadcom −4.4%, Micron −4.8%, Oracle −5.5%

    Structure

    SMHAVGOMUORCLNVDA

    What
    According to the Financial Times, OpenAI told investors its annualised revenue was about $50 billion at the end of September, well below the roughly $70 billion that had circulated (CNBC: $68 billion). The difference is how revenue is counted: OpenAI books only what it keeps and leaves out sales through cloud partners, while Anthropic counts revenue sold through AWS and Google Cloud — the higher figure had been estimated by investors to compare the two. OpenAI still reported run-rate growth of 77% in the third quarter, 107% in its enterprise business. The Wall Street Journal reported that Broadcom is arranging more than $50 billion of financing for an OpenAI custom-chip project. The market sold the companies that depend on OpenAI's spending: the Philadelphia chip index −3.4%, the chip fund SMH −2.8% to 607.27, Broadcom −4.4% to 360.14, Micron −4.8% to 1,035.84, SanDisk −4.9%, AMD −3.9%, Nvidia −2.9% to 230.48, TSMC's US shares −3.0%, Oracle −5.5% to 135.69. We could not read the original FT and WSJ articles; the figures are as reported.
    If
    the chip index falls again today despite TSMC's 54.6% sales rise
    Why
    then the market is pricing who pays for the build-out, not whether demand exists
    Then
    the Semicap / Test Pulse tracks the chip-equipment makers and the order data

    Open the detail →

  2. Two markets — Nasdaq-100 −1.39%, but the equal-weight S&P 500 +0.60% and the Dow +0.10%

    Structure

    RSPQQQSPYDIAIWM

    What
    The S&P 500 fell 0.47% to 7,765.36, now 0.7% below Tuesday's record and back under its old closing high of 7,798.99. The Nasdaq Composite lost 1.25% to 27,193.34. But the average stock rose: the equal-weight fund RSP gained 0.60%, the Dow 0.10% to 51,231.64 and the Russell 2000 0.03%. By sector, tech lost 1.8% (XLK) while energy gained 3.0%, financials 0.9% and industrials 0.3%. The volatility index VIX rose to 15.41.
    If
    the equal-weight fund keeps rising while the Nasdaq-100 falls
    Why
    a market in which most stocks rise while the leaders fall is rotating, not breaking — the question is whether the rotation lasts
    Then
    the market-structure page tracks breadth against the index

    Open the detail →

  3. Signals The live feed — what the book did and why, straight from the holdings diff. Open the feed →

  4. AI builders and power — CoreWeave −7.8%, Nebius −7.4%, Vicor −7.2%, Vistra −6.4%, Constellation −4.9%

    Structure

    CRWVNBISVICRVSTCEG

    What
    The companies that build or power AI data centres fell hardest. CoreWeave lost 7.8% to 81.58 and Nebius 7.4% to 219.71 — the builders that borrow to build. Vicor, which makes power modules for AI processors, fell 7.2% to 262.32, its third loss in a row and now 30.9% below its June high. The power generators that sell electricity to data centres fell too: Vistra −6.4%, Constellation −4.9%, giving back most of Tuesday's 12% jump after its Google deal. Vertiv lost 1.1%, Eaton 1.6%.
    If
    CoreWeave and Nebius fall further while the hyperscalers hold
    Why
    the borrowed-money builders would feel a funding squeeze first — our credit stress board already rates them as the most stretched group
    Then
    the AI credit stress board shows who funds the build-out, and how

    Open the detail →

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