Broadcom · OpenAI · Intel · Semiconductor · Financial Times · Crypto Briefing
Chip stocks slide as fears mount over AI investment scale
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A softer-than-expected OpenAI revenue figure sent semiconductor shares lower as investors questioned how long the AI spending boom can last.
Key facts
- Goldman Sachs projects that US hyperscalers will spend approximately $800 billion on capital expenditures in 2026, rising to $1.1 trillion in 2027
- Investors will likely compare upcoming hyperscaler capex guidance against the roughly $800 billion expected for 2026 and the $1.1 trillion forecast for 2027
- On October 8, the Financial Times reported that OpenAI’s annualized revenue run rate was approaching $50 billion
- On October 12, Broadcom CEO Hock Tan and Intel CEO Lip-Bu Tan both pointed to access to capital and rising financing costs as potential constraints on the AI infrastructure buildout
Summary
On October 8, the Financial Times reported that OpenAI’s annualized revenue run rate was approaching $50 billion. Intel took one of the heaviest blows, dropping 5.3%. The logic behind the selling is fairly direct. TSMC, the contract manufacturer that produces chips for much of the industry, reported record third-quarter revenue of $46.7 billion, a 50% increase year-on-year.