A report that OpenAI's revenue run rate is about $50 billion, not $70 billion, knocks the Nasdaq down 1.25 percent

The Financial Times reported Thursday that OpenAI told investors its annualized revenue was close to $50 billion at the end of September, roughly $20 billion below the figure near $70 billion that circulated late last month. CNBC and Reuters, each citing a person familiar with the matter, confirmed the roughly $50 billion figure.

AI-linked stocks slid after the report landed midday. The Nasdaq Composite fell 1.25 percent to 27,193.34 and the S&P 500 lost 0.47 percent to 7,765.36, while the Dow edged up 0.1 percent to 51,231.64, all as of the prior close. Nvidia fell 2.9 percent, Broadcom 4.3 percent and Micron 4.8 percent, according to AP.

Bonds moved the other way. The 10-year Treasury yield closed at 5.22 percent on Thursday, down from 5.28 percent a day earlier, according to Treasury's daily curve, after a $22 billion 30-year auction drew buyers. "This has become a much narrower market that's dependent on the AI names to keep it afloat," said Ross Mayfield of Baird.