OpenAI confirmed approximately $50 billion in annualized revenue at the end of September, below the previously reported $68 billion figure, triggering a sell-off in AI stocks including $NVDA NVIDIA, $ORCL Oracle and $CRWV CoreWeave. • Revenue clarification: The earlier $68B figure included gross revenue from OpenAI’s partners to provide a more comparable measure against Anthropic. The $50B figure reflects a different reporting basis, not a confirmed $18B revenue decline. • Growth metrics: OpenAI reported 77% total annualized revenue run-rate growth during Q3, with enterprise revenue run-rate growth reaching 107%, according to its investor presentation. • Stock reactions: NVIDIA fell 3.07%, Oracle dropped 5.53%, and CoreWeave declined 7.26% as investors reassessed AI revenue expectations and infrastructure spending. • Valuation and IPO: OpenAI faces scrutiny over its $852B valuation as it prepares for a potential 2027 IPO, having confidentially filed its prospectus in June. • Fundraising: OpenAI is exploring a potential $30B funding round, although discussions remain preliminary and no term sheet has been finalized. The company previously raised $122B in March.

MUSK: THIS IS THE LAST PUZZLE PIECE NEEDED FOR SPACEX PHONE COVERAGE. $SPCX SPECTRUM IS GOING TO PROVIDE COMPLETE PHONE COVERAGE ACROSS AMERICA. $VZ Verizon, $T AT&T and $TMUS T-Mobile plunged in after-hours trading after $SPCX SpaceX announced a nationwide low-band spectrum acquisition to expand Starlink Mobile, following FCC approval for 15,000 next-generation direct-to-cell satellites. • *After-hours performance:* Verizon fell 5.16% to $43.96, AT&T dropped 5.91% to $23.40, and T-Mobile declined 3.01% to $166.15. SpaceX rose 0.63% after hours to $161.58, following a 4.19% regular-session decline. • *Spectrum acquisition:* SpaceX agreed to acquire up to 14MHz of paired spectrum in the 800MHz frequency band, improving indoor coverage and enabling a hybrid satellite-terrestrial mobile network. The purchase remains subject to final FCC approval. • *Satellite authorization:* The FCC approved deployment of 15,000 next-generation Starlink Mobile satellites using 2GHz spectrum, designed to deliver more than 100 times the bandwidth of the current system. • *Broadband expansion:* The FCC also authorized additional backhaul spectrum for Starlink V3 broadband satellites, allowing integration with its existing gateway network. • *Competitive implications:* The expansion could reduce Starlink’s dependence on traditional wireless carriers and position SpaceX to compete more directly with Verizon, AT&T and T-Mobile.