Jensen Huang's Nvidia Lost $200 Billion in Value After OpenAI's Revenue Run Rate Came Up $18 Billion Below Expectations. Is This AI-Jitters Sell-Off a Buying Opportunity?

NVDA fell 4% in a single session, erasing roughly $200 billion in market value, after OpenAI disclosed a $50 billion revenue run rate, $18 billion below what the market expected.

The market read the shortfall as a warning on AI demand growth. Since OpenAI is a major consumer of AI compute, a revenue miss at that scale raised questions about the durability of chip purchases. That linkage is interpretation, but it explains why NVDA absorbed the hit rather than OpenAI's direct suppliers alone.

Bulls are pushing back on the valuation math. Following the drop, NVDA trades at less than 14x forward earnings. Analysts also point to 70% guidance for fiscal 2028, a growth figure that sits awkwardly beside a sub-14x multiple. The argument: the sell-off priced in a demand slowdown that the company's own outlook does not reflect.

The tension is clear. A $18 billion revenue gap at OpenAI is a customer-side data point, while the 70% guidance is a company-side projection. One is observed, the other is forward-looking. The 4% decline suggests traders weighted the former more heavily.