--- title: "SoftBank shares suffer largest drop in six months as OpenAI misses targets, dragging down Oracle and AMD" type: "News" locale: "en" url: "https://longbridge.com/en/news/284390715.md" description: "OpenAI's failure to meet its 2025 revenue and user targets has reignited market doubts about AI investment returns, putting pressure on \"OpenAI concept stocks.\" SoftBank plunged nearly 10% in a single day, while CoreWeave, Oracle, and AMD weakened in pre-market trading. The incident highlights the dilemma of AI capital expenditure: slowing down is bearish, while increasing spending raises concerns about returns. Coupled with intensifying competition and IPO uncertainties, the narrative of heavy AI investment is facing a reality check" datetime: "2026-04-28T22:15:14.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284390715.md) - [en](https://longbridge.com/en/news/284390715.md) - [zh-HK](https://longbridge.com/zh-HK/news/284390715.md) --- # SoftBank shares suffer largest drop in six months as OpenAI misses targets, dragging down Oracle and AMD A report on OpenAI's failure to meet internal targets has reignited market doubts about AI investment returns on the eve of earnings season, putting pressure on a batch of tech stocks deeply tied to the ChatGPT developer. An earlier article by Wallstreetcn mentioned that OpenAI failed to achieve its 2025 ChatGPT revenue target and also missed the goal of breaking through 1 billion weekly active users by the end of 2025. Following the news, SoftBank Group's stock price fell as much as 11% during trading in Tokyo, ultimately closing down 9.9%, marking its largest single-day drop in nearly six months; CoreWeave, Oracle, and AMD all fell about 3% to 5% in U.S. pre-market trading, while NVIDIA dropped about 1% in pre-market trading. CoreWeave subsequently issued a statement saying: > OpenAI is not our only partner; our business is supported by a diversified customer base. > > Demand in the artificial intelligence sector continues to exceed supply, and we still believe that demand exceeds supply across the entire ecosystem. This sell-off reflects deep-seated anxiety in the market regarding the outlook for AI infrastructure spending. Investors are closely watching whether tech companies can deliver on their previously announced large-scale capital expenditure plans, and OpenAI's missed targets have once again brought the sustainability of this narrative under scrutiny. Amanda Lyons, Head of Research at Energy Group Capital, stated, "The market needs to see this to maintain the current AI narrative. The key is that it is a very narrow path: any signs of spending slowdown will be seen as bearish for the entire ecosystem, but if spending increases significantly, it may raise questions about return rates and sustainability." ## SoftBank bears the brunt, shareholding structure amplifies risk In this decline, SoftBank was hit the hardest. SoftBank holds approximately 11% equity in OpenAI and has separate investments in the AI data center sector, making it the listed company most directly linked to OpenAI's success or failure in the eyes of the market. According to previous reports by Bloomberg, SoftBank is seeking to apply for a $10 billion loan using its OpenAI equity as collateral. Hedge fund Coatue categorized SoftBank, NVIDIA, Oracle, AMD, Microsoft, and CoreWeave into the so-called "OpenAI concept stocks," reasoning that these companies all have substantial business ties with OpenAI and are viewed by investors as alternative channels for indirectly betting on the ChatGPT developer. The chain reaction triggered by this report is a concentrated manifestation of this logic. ## Intensifying competition, internal pressures surface Behind OpenAI's missed targets, the competitive landscape is changing. Google's Gemini has eroded OpenAI's market share, while Anthropic continues to make progress in the programming and enterprise markets. Internally, OpenAI Chief Financial Officer Sarah Friar has expressed concerns to several executives that if revenue growth falls short of expectations, the company may struggle to fulfill its massive data center procurement contracts. Meanwhile, the board of directors has begun to subject CEO Sam Altman's strategy of continuously locking in computing resources to stricter review. ## IPO timeline in doubt These pressures have also added variables to OpenAI's listing plans. According to The Wall Street Journal, Sarah Friar has warned the board and executive management that the company is not yet ready to meet the strict information disclosure standards required for a public listing, creating more uncertainty about its IPO timeline within the year. Christophe Barraud, Discretionary Management and Research Director at Lior Global Partners, stated, "As OpenAI moves towards a potential IPO, the company currently faces a convergence of multiple risks: missed internal targets, intensifying global competition, and a high-stakes lawsuit that could fundamentally reshape its architecture." — referring to the lawsuit between Musk and OpenAI currently being heard in San Francisco. Microsoft, as OpenAI's largest shareholder, saw little change in its stock price in pre-market trading. 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