Hello, I'm Leonie Kidd from London. Welcome to another episode of CNBC's Daily Open.
When defending a company valued at over $850 billion, every metric matters.
CNBC confirmed that OpenAI's latest annual revenue estimate is lower than previously stated, causing concern among investors and impacting tech stocks.
Here's what you need to know today.
A difference of $20 billion between months is enough to attract negative attention.
OpenAI has informed investors that its annualized revenue reached $50 billion as of the end of September, a claim confirmed by CNBC. This figure is significantly lower than the $68 billion widely reported last month.
This discrepancy was first revealed by the Financial Times and caused investor unease, prompting them to sell off AI stocks ranging from Nvidia to Oracle and CoreWeave.
This occurs at a sensitive time for OpenAI. CEO Sam Altman has confirmed that the company will not attempt an IPO this year, but it is still working to justify its valuation of over $850 billion.
You can watch the full interview between Altman and CNBC’s Kate Rooney from last week’s DevDay event here.
Currently, futures are rebounding from Thursday’s decline, with all three major markets expected to open higher on Friday.
Public question
Meanwhile, it has been reported that Anthropic is seeking a $2 trillion valuation for its upcoming Nasdaq listing. Research firm New Constructs called it “the most absurd IPO of 2026” in a recent report, adding that the deal “carries significantly greater risks and is destined to be a greater plunder of the U.S. capital markets.”
In other IPO news, Firmus, an Australian AI company backed by Nvidia, has withdrawn its IPO due to market volatility. Had it succeeded, it would have been the second-largest initial public offering in Australian history.
Iran hits pause
Oil prices fell on Friday, following a sharp decline on Thursday, after U.S. President Donald Trump stated that the U.S. would not attack Iran before the midterm elections. The previous week, his remarks about resuming strikes had pushed Brent crude back above $104 per barrel.
Saudi travel disrupted
Houthi attacks on Riyadh, the capital of Saudi Arabia, have escalated, leading to flight cancellations and disruptions at workplaces and schools. This Iran-backed group in Yemen claims to have launched missiles at Riyadh’s airport and has threatened to shut down Saudi airspace.
CNBC continues to monitor the situation, which appears to impact two major events scheduled to take place in Riyadh over the coming weeks.
— Leonie Kidd
Finally...
“India’s Real Boss?”: As Starlink’s Launch Stalls, Elon Musk Targets Billionaire Ambani
SpaceX founder Elon Musk criticized Indian billionaire Mukesh Ambani on Thursday. The day before, he accused certain "oligarchs" of blocking his company Starlink from launching internet services in India.
Musk stated that despite having spent "five years complying with every government law and requirement," Starlink has still not been allowed to launch in India.
Is Ambani really India’s true boss?” Musk asked in a post. The day before, he had blamed India’s “oligarchs” for maintaining a stranglehold on the Indian people.
— Priyanka Salve