Oracle and CoreWeave shares slipped sharply in early trading after fresh concerns emerged around OpenAI’s recent growth performance, raising questions about the broader AI ecosystem.
According to a report from The Wall Street Journal, the ChatGPT maker has fallen short of its internal targets for both new user growth and revenue in recent months — a development that appears to have rattled investor confidence.
The report also indicated that OpenAI’s CFO, Sarah Friar, has voiced concerns internally about the company’s ability to sustain large-scale computing commitments if revenue growth does not accelerate.
The impact was immediate in the market. Shares of Oracle dropped nearly 8% in premarket trading. The company is closely tied to OpenAI through a massive cloud agreement reportedly valued at around $300 billion over five years, making it one of the largest AI infrastructure deals to date.
Meanwhile, CoreWeave — an AI infrastructure provider backed by NVIDIA — also saw its stock fall by more than 7%. The company recently signed a $11.9 billion contract with OpenAI to supply computing power, further linking its performance to OpenAI’s trajectory.
The ripple effects extended beyond U.S. markets. Shares of SoftBank Group, one of OpenAI’s largest investors, dropped nearly 10% in Tokyo trading. At the same time, Arm Holdings — in which SoftBank holds a significant stake — also declined over 8%.
SoftBank has already committed substantial funding to OpenAI, with plans to invest up to $22.5 billion by the end of the year. Reports suggest the company has been exploring multiple financing options, including leveraging its stake in Arm Holdings to support the investment.
With multiple companies now financially tied to OpenAI’s growth, the latest developments highlight how closely the AI ecosystem is interconnected — and how quickly sentiment can shift when expectations are not met.