OpenAI urgently "puts out the fire": states that its business is "operating well," and that enterprise and advertising businesses are growing.

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OpenAI issued a strong response on Tuesday to concerns about its slowing revenue growth, but this public relations defense failed to prevent share price declines among several major investors and partners, further highlighting market doubts about a bubble in AI infrastructure investment.

According to the Wall Street Journal on Monday night local time, OpenAI has fallen short of several internal performance targets, and competitors are gradually eroding its market position.

OpenAI promptly released a statement characterizing the report as "typical clickbait," and emphasized that its enterprise and advertising businesses are still growing.It also stated it will continue pursuing stronger computing power to provide customers with a better product experience.

The report also cited sources saying that OpenAI's CFO, Sarah Friar, expressed concerns about whether the company can afford future computing power demands, believing that if sales don’t grow quickly enough, the funding pressure will become unsustainable.

This news had a direct impact on the market. On Tuesday, the share prices of SoftBank, Oracle, and CoreWeave all fell, reflecting OpenAI’s central role in the complex investment ecosystem of cloud computing, chips, and data centers. It also raised further questions about the sustainability of large-scale AI infrastructure expansion plans.

Expansion plans shift, signs of cautious investment appear

Although OpenAI insisted in its statement that continued expansion of computing power is the "core driving force" to "deliver higher quality products to customers," several specific indications show the company has already quietly tightened its pace of infrastructure investment.

OpenAI recently announced the suspension of a data center project in the UK. Meanwhile, Microsoft agreed to rent capacity at a Norwegian data center originally planned for OpenAI.

In March this year, due to stalled financing negotiations, Oracle and OpenAI jointly abandoned plans to expand a flagship AI data center in Texas.

Notably, earlier this month, OpenAI told investors its early large-scale computing resource deployment has formed a key advantage relative to competitor Anthropic.

Partners speak out, striving to stabilize market expectations

Faced with share price volatility, OpenAI’s main data center partner Oracle quickly issued a statement on Tuesday, saying it is "excited" about its collaboration with OpenAI and has "witnessed firsthand the accelerated adoption driven by its latest models."

Cloud computing power provider CoreWeave focused on downplaying reliance on any single client. The company stated in a release that its customer base now includes top tech firms such as Google, Meta, Anthropic, and Microsoft, and emphasized "continued growth in computing power demand."

These responses reflect that any minor business change in OpenAI could substantially impact related companies across the AI value chain due to valuation transmission and contractual dependencies.

Against the backdrop of already widespread debate over the prospects for AI capital expenditure, this incident will undoubtedly further intensify market scrutiny over whether the massive investments by tech companies in data centers and chips will deliver appropriate returns.

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