Economic Information Daily, 9th - U.S. AI-related stocks suffered heavy losses overnight, dragging down tech shares with the Nasdaq falling 1.25% and the Philadelphia Semiconductor Index plunging 3.39%. Hong Kong-listed large model stocks faced selling pressure at market open; Zhipu (02513) dropped 2.6%, at HK$626.5, with around 30,000 shares traded involving HK$174.8 million; MiniMax (00100) declined 1.1%, at HK$205, with about 60,000 shares traded involving HK$132.1 million.
A significant gap emerged between OpenAI's revenue forecast and market expectations, triggering a sharp plunge of over 300 points in the Nasdaq within half an hour on Thursday (8th). According to a financial document provided to investors, OpenAI's annualized revenue as of the end of September was only close to US$5 billion, nearly 30% lower than the previously rumored US$7 billion estimate. The news prompted the market to reassess the revenue growth and profitability of AI companies.
The US$2 billion discrepancy mainly stems from different calculation methods. OpenAI's investors attempted to directly compare its annualized revenue with that of rival Anthropic. Anthropic includes sales from partners such as Amazon (US.AMZN) Web Services and Google Cloud in its revenue, whereas OpenAI does not. If OpenAI adopted the same standard, it could reach a higher valuation.
Despite the accounting differences, OpenAI emphasized that its year-on-year revenue growth during the period still exceeded 70%. According to Quartz, citing audit documents, the company's recognized revenue for the full year 2025 amounted to US$13.07 billion. Market analysts noted that OpenAI and Anthropic's revenue performance are seen as key indicators of AI demand and will directly impact the scale of related infrastructure investments.
Currently, the Hang Seng Index stands at 23,941, up 155 points or 0.7%, with main board turnover exceeding HK$7.7 billion. The Hang Seng China Enterprises Index is at 8,057, up 46 points or 0.6%. The Hang Seng Tech Index is at 4,085, up 11 points or 0.3%.
(hc)
A significant gap emerged between OpenAI's revenue forecast and market expectations, triggering a sharp plunge of over 300 points in the Nasdaq within half an hour on Thursday (8th). According to a financial document provided to investors, OpenAI's annualized revenue as of the end of September was only close to US$5 billion, nearly 30% lower than the previously rumored US$7 billion estimate. The news prompted the market to reassess the revenue growth and profitability of AI companies.
The US$2 billion discrepancy mainly stems from different calculation methods. OpenAI's investors attempted to directly compare its annualized revenue with that of rival Anthropic. Anthropic includes sales from partners such as Amazon (US.AMZN) Web Services and Google Cloud in its revenue, whereas OpenAI does not. If OpenAI adopted the same standard, it could reach a higher valuation.
Despite the accounting differences, OpenAI emphasized that its year-on-year revenue growth during the period still exceeded 70%. According to Quartz, citing audit documents, the company's recognized revenue for the full year 2025 amounted to US$13.07 billion. Market analysts noted that OpenAI and Anthropic's revenue performance are seen as key indicators of AI demand and will directly impact the scale of related infrastructure investments.
Currently, the Hang Seng Index stands at 23,941, up 155 points or 0.7%, with main board turnover exceeding HK$7.7 billion. The Hang Seng China Enterprises Index is at 8,057, up 46 points or 0.6%. The Hang Seng Tech Index is at 4,085, up 11 points or 0.3%.
| Stock (Code) | Current Price (HK$) | Change (%) |
|---|---|---|
| Zhipu (02513) | 626.5 | Down 2.57% |
| MiniMax (00100) | 205 | Down 1.06% |
| Baidu (09888) | 82.55 | Up 0.49% |
| Tencent (00700) | 415 | Up 0.88% |
| Alibaba (09988) | 104.5 | Up 0.19% |
| Kuaishou (01024) | 28.68 | Up 0.49% |
| SenseTime (00020) | 1.145 | Up 0.44% |
| Paradigm AI (06682) | 24.58 | No change |
