Shares in AI infrastructure companies fall after Wall Street Journal reports OpenAI missed user and revenue targets

Oracle and CoreWeave fell 3.5% in premarket trading, while AMD dropped 2.7%, after a report revealed OpenAI missed an internal goal of reaching one billion weekly active users for ChatGPT by end-2024 and also missed its annual revenue target.

OpenAI CFO Sarah Friar has privately warned company leaders the firm may struggle to fund future computing contracts if revenue doesn't grow fast enough, and board directors have questioned CEO Sam Altman's efforts to secure more computing power despite the business slowdown.

OpenAI recently raised $122 billion in its largest-ever funding round but expects to burn through that sum within three years even if it meets its revenue targets, with some of the funding conditional on specific partner agreements.