Top Stories This Morning: OpenAI Aims for $70 Billion in Revenue; Nvidia Invests in a Competitor

OpenAI expects to increase its annual revenue from $50 billion at the end of September to $70 billion by the end of 2026, driven by growth in its enterprise business. Nvidia plans to invest in AI chip developer d-Matrix, which previously raised funding at a $2 billion valuation and is now seeking $5 billion. Read about these and other topics in our roundup of key events as of the morning of October 9.

OpenAI expects its annual revenue to reach or exceed $70 billion by the end of 2026, driven by growth in its corporate business, Bloomberg reports, citing sources. As of the end of September, the figure stood at about $50 billion. The company disclosed this information to investors as part of negotiations to raise $30 billion or more at a valuation of $1.4 trillion, excluding new investments.

Media outlets had previously reported that OpenAI's annual revenue had already approached $70 billion; however, the agency explained that the discrepancy is due to different calculation methods.

Shares of the largest AI companies fell after OpenAI told investors that its annualized revenue as of the end of September had reached about $50 billion, rather than the previously reported $68 billion, according to CNBC. The latter figure included revenue from OpenAI’s partners. Nvidia’s stock fell 3%, Oracle’s nearly 6%, CoreWeave’s nearly 8%, and AMD’s and Broadcom’s 4%.

At the same time, OpenAI reported a 77% increase in revenue for the third quarter and a 107% increase in enterprise revenue. The company is preparing for an IPO in 2027 with a valuation of $852 billion and is discussing raising an additional $30 billion or so.

The U.S. Department of Labor has suspended the participation of Microsoft, Adobe, and several other companies—including Cognizant, Infosys, and Capgemini—in the labor certification program required for foreign workers to obtain permanent residency, according to CNBC. Several federal investigations are underway involving Microsoft and Adobe. According to U.S. Labor Secretary Keith Sonderling, these companies have requested to hire nearly 3 million foreign workers since 2009.

U.S. Vice President Jim Vance accused Microsoft of replacing American employees with foreign workers on H-1B visas following the layoff of 6,000 people in 2025. The company rejected the allegations, stating that the majority of its employees in the U.S. are American, and that 80% of the approximately 6,000 H-1B visa applications filed during the last fiscal year were for renewals or status changes for current employees.

Nvidia plans to invest in the American startup d-Matrix, which develops chips for running AI models, according to The Information, citing sources. The deal will be part of Nvidia’s strategy to integrate competitors’ solutions into its own ecosystem. The publication notes that the company previously formed partnerships with Intel, Marvell, and Amazon, and in December 2025 signed a $20 billion licensing agreement with AI chip developer Groq.

Nvidia and d-Matrix are already working on jointly using their chips to accelerate AI models. According to The Information, the startup had hoped to raise funding at a $5 billion valuation, but it is unclear whether Nvidia’s investment will be part of this round. In November 2025, d-Matrix raised $275 million at a $2 billion valuation.

Firmus, an Australian operator of data centers for artificial intelligence backed by Nvidia, has canceled its planned IPO due to market volatility and unfavorable market conditions, according to CNBC. The company had hoped to raise $5 billion at a valuation of $30.6 billion, which would have made the offering the second-largest in Australian history. The board of directors determined that the proposed terms did not reflect the business’s potential and decided to seek funding in the private market.

In August, Firmus raised $2 billion from investors, including Nvidia, Blackstone, and Coatue Management, at a valuation of more than $10.5 billion. In September, the company also signed agreements with Meta to provide computing power for the development and training of AI models in data centers across Southeast Asia.

— Japan's broad-based Topix index rose 0.1%, while the Nikkei 225 fell 0.2%.

— Hong Kong's Hang Seng Index rose 1.4%, while mainland China's CSI 300 Index fell 0.7%.

— In South Korea, the KOSPI fell 2.6%, and the KOSDAQ fell 0.7%.

— Australia's S&P/ASX 200 rose 0.6%.

— Nasdaq 100 futures rose 0.5%, S&P 500 futures rose 0.3%, and Dow Jones Industrial Average futures rose 0.2%.

This article was AI-translated and verified by a human editor