09/10/2026
Concerns triggered by OpenAI’s revised revenue outlook dragged down Asian stocks amid thin holiday trading, while US tech shares also came under pressure. Oil prices fell.
Japan’s Nikkei Index dropped 1%, and SoftBank Group, an investor in the developer of ChatGPT, saw its shares tumble roughly 4.4%. The MSCI Asia Pacific Index edged down 0.2%, while South Korea and Taiwan, bellwethers for the region’s chip sector, were closed for holidays.
Reports stated OpenAI’s annualized revenue is projected to be USD 20 billion lower than prior forecasts. The current revenue estimate for the company stands at about USD 50 billion, according to people familiar with the matter. Driven by this news, the tech-heavy Nasdaq 100 fell 1.4%, and the US chipmaker index slid 3.4%. Separately, Australian data center firm Firmus Grid Ltd., backed by NVIDIA, scrapped its IPO plans.
In other markets, Brent crude declined 0.6% to around USD 103.70 a barrel. The move followed remarks by US President Trump that the United States would not launch an attack on Iran before the November midterm elections. US Treasury prices held on to gains from the US trading session, and the Bloomberg Dollar Spot Index remained steady.
OpenAI’s revenue setback amplified worries over AI spending, as high borrowing costs make it harder to justify massive investments in data centers and computing infrastructure. Earnings reports due next week will serve as a critical test. Investors will look for evidence showing revenue and profits can keep pace with the capital outlays required to build and run AI models.
OpenAI, Anthropic and other AI firms frequently use annualized revenue — projected annual sales derived from shorter-period results — as a key growth metric. Not all players adopt the same measurement standards, however. Bloomberg previously reported that Anthropic hit an annualized revenue of USD 65 billion as of the end of July.
Meanwhile, across Asian early trading hours, the US Treasury yield curve stayed stable across tenors. Investors weighed whether yields near multi-year highs present buying opportunities.
Strong demand emerged at Thursday’s 30-year US Treasury auction, signaling some buyers stepping in and suggesting markets may have priced in excessive Fed rate-hike expectations.
Still, the interest-rate outlook remains pressured as Federal Reserve officials signaled additional monetary tightening ahead. Fed Governor Christopher Waller said further rate hikes may be needed to curb inflation. Alberto Musalem, President of the St. Louis Fed, stated rates should rise over the next six to nine months, though he does not support a rate increase this month.
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