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Markets Score 65 Bearish

AMD Shares Slide as OpenAI Growth Concerns Spook AI Investors

Apr 28, 2026 15:18 UTC
AMD, GOOG
Short term

Advanced Micro Devices saw its stock price drop nearly 5% following reports of slowing user growth at OpenAI. Despite the dip, analysts suggest the broader demand for AI hardware remains robust across multiple platforms.

  • AMD shares dropped 4.8% in morning trading
  • WSJ reports OpenAI missed 2025 revenue and user targets
  • ChatGPT failed to hit 1 billion weekly active users
  • User migration noted toward Anthropic and Alphabet's Gemini
  • Hardware demand remains high despite individual company slowdowns

Shares of Advanced Micro Devices (AMD) tumbled 4.8% during morning trading on April 28, as investors reacted to reports of slowing momentum at OpenAI. The sell-off follows a Wall Street Journal report indicating that OpenAI missed its 2025 targets for revenue and new user acquisition. Specifically, the report claims ChatGPT failed to reach the milestone of one billion weekly active users last year. While OpenAI has dismissed the report as "ridiculous," the market has reacted with caution. The report suggests a shift in user preference, with some users migrating toward competing AI models from Anthropic and Alphabet's Gemini. From a hardware perspective, the impact may be decoupled from the software growth. Despite the reported slowdown in user acquisition, OpenAI continues to procure AI chips aggressively. Furthermore, the growth of competing AI platforms suggests that the overall demand for high-performance semiconductor infrastructure remains high. Ultimately, while the news may be a setback for OpenAI's pre-IPO valuation, the broader AI revolution continues to drive demand for the chips produced by companies like AMD, regardless of which specific software provider leads the market.

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