AI Stocks Tumble as OpenAI Revenue Misses High Bar

The selloff is less about OpenAI's growth rate than about the absence of a valuation anchor for AI-linked equities: an operating loss of that scale sits awkwardly against the multiples the sector carries, and the move in long-dated yields removes the discount-rate cushion that has flattered those multiples. The BofA note on Nvidia suggests the debate is shifting from whether AI demand is real to how it should be priced. Whether the yield move or the earnings reality proves the more durable driver is the open question.