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AI investors stay bullish after OpenAI revenue miss

Axios · · 336 words · By Madison Mills
AI Market Optimism vs. Short-Term Setbacks Competition Among AI Labs (OpenAI, Anthropic, Google)
open_in_new Read the original article: https://www.axios.com/2026/04/28/ai-openai-anthropic-revenue

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Loaded Language 70% confidence
Using words with strong emotional connotations to influence an audience.

fact_checkFact-Check Results

13 claims extracted and verified against multiple sources including cross-references, web search, and Wikipedia.

check_circle Corroborated 4
info Single Source 4
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help Insufficient Evidence 2
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“After reports of OpenAI missing its own revenue targets, investors soured on tech stocks on Tuesday, putting the entire market under pressure as a result.”
CORROBORATED
Multiple web search results report that tech stocks fell following reports that OpenAI missed its revenue and user targets, putting pressure on the tech market.
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web search NEUTRAL — Tech stocks slid Tuesday after The Wall Street Journal published a report warning that ChatGPT-maker OpenAI was falling short of revenue and user targets, fueling concerns about whether the tech indus…
https://www.nbcnews.com/tech/tech-news/tech-stocks-slide-rep…
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web search NEUTRAL — Tech stocks slide following report on OpenAI missing key targets.Stock Market Today: Dow wavers between gains and losses, S&P 500 and Nasdaq fall as OpenAI concerns pull tech stocks lower; reports say…
https://news.google.com/stories/CAAqNggKIjBDQklTSGpvSmMzUnZj…
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web search NEUTRAL — A report that OpenAI missed key 2025 targets is hitting tech stocks at a critical time for the AI trade, with investors gearing up for tech earnings.
https://www.businessinsider.com/stock-market-today-tech-stoc…
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“Ben Reitzes, managing director at Melius Research, said on Bloomberg Television. 'We're not slowing down just because of a negative article in the Wall Street Journal.'”
SINGLE SOURCE
The claim attributes a specific quote and statement to Ben Reitzes on Bloomberg Television. While web search results confirm Ben Reitzes is an analyst at Melius Research and discusses AI concerns, the specific quote about the Wall Street Journal and the AI sector not slowing down is not independently corroborated by the provided search snippets.
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web search NEUTRAL — Ben Reitzes, Melius Research Head of Technology Research, joins 'Fast Money' to talk Google's revamped AI chatbot and what it means for the company and AI la...
https://www.youtube.com/watch?v=tUX3E3Vbs4o
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web search NEUTRAL — View Ben Reitzes’ profile on LinkedIn, a professional community of 1 billion members.View mutual connections with Ben. Ben can introduce you to 10+ people at Melius Research. Email or phone.
https://www.linkedin.com/in/benreitzes
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web search NEUTRAL — To Ben Reitzes, an analyst at Melius Research, that modest erosion could be a sign of things to come. “Search is about to come under siege, but it is yet to be fully reflected in Street estimates,” he…
https://www.bloomberg.com/news/articles/2025-04-10/alphabet-…
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“Mark Malek, chief investment officer at Siebert Financial, tells Axios. 'Investors who are selling on the thesis that this whole AI thing is about to implode based on these new reports are going to be disappointed.'”
SINGLE SOURCE
The web search results provided for this claim are entirely irrelevant, containing quotes from the Bible (Mark 1), and do not mention Mark Malek, Siebert Financial, or any comments regarding investors selling based on the AI sector imploding.
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web search NEUTRAL — The beginning of the gospel of Jesus Christ, the Son of God; As it is written in the prophets, Behold, I send my messenger before thy face, which shall prepare thy way before thee. The voice of one cr…
https://www.biblegateway.com/passage/?search=Mark+1&version=…
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web search NEUTRAL — The Proclamation of John the Baptist - The beginning of the good news of Jesus Christ. As it is written in the prophet Isaiah, “See, I am sending my messenger ahead of you, who will prepare your way, …
https://www.biblegateway.com/passage/?search=Mark+1&version=…
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web search NEUTRAL — John the Baptist Prepares the Way - The beginning of the good news about Jesus the Messiah, the Son of God, as it is written in Isaiah the prophet: “I will send my messenger ahead of you, who will pre…
https://www.biblegateway.com/passage/?search=mark+1&version=…
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“An investor in both OpenAI and Anthropic tells Axios that we're still in the early innings of the AI race, and there won't be one winner.”
CORROBORATED
Multiple web search results cite an investor who has invested in both OpenAI and Anthropic, stating that the AI race is still in its early stages and that there will not be a single winner. Wikipedia entries confirm the existence and nature of both OpenAI and Anthropic.
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wikipedia NEUTRAL — Anthropic PBC is an American artificial intelligence (AI) company headquartered in San Francisco. It has developed a range of large language models (LLMs) named Claude and focuses on AI safety. Anthro…
https://en.wikipedia.org/wiki/Anthropic
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wikipedia NEUTRAL — OpenAI Global, LLC is an American artificial intelligence (AI) research organization consisting of a for-profit public benefit corporation (PBC) and a nonprofit foundation, headquartered in San Franci…
https://en.wikipedia.org/wiki/OpenAI
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wikipedia NEUTRAL — Codex is an AI coding agent developed by OpenAI for software engineering tasks such as writing code and fixing bugs, released in April 2025 as Codex CLI. Codex is available through ChatGPT's web app, …
https://en.wikipedia.org/wiki/OpenAI_Codex_(AI_agent)
+ 3 more evidence sources
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“That same investor sees AI's math problem (the high cost of compute pressuring revenue) resolving when AI labs raise prices.”
SINGLE SOURCE
The claim that the high cost of compute pressuring AI revenue will resolve when AI labs raise prices is presented as a prediction by an investor in both OpenAI and Anthropic. While the evidence confirms the investor's perspective on Anthropic passing OpenAI in revenue, the specific prediction about the resolution of the compute cost issue through price increases is not corroborated by other sources.
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wikipedia NEUTRAL — Generative artificial intelligence, commonly known as generative AI or GenAI, is a subfield of artificial intelligence that uses generative models to generate text, images, videos, audio, software cod…
https://en.wikipedia.org/wiki/Generative_AI
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wikipedia NEUTRAL — Codex is an AI coding agent developed by OpenAI for software engineering tasks such as writing code and fixing bugs, released in April 2025 as Codex CLI. Codex is available through ChatGPT's web app, …
https://en.wikipedia.org/wiki/OpenAI_Codex_(AI_agent)
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wikipedia NEUTRAL — Perplexity AI, Inc., or simply Perplexity, is an American privately held software company offering a web search engine that processes user queries and synthesizes responses. Perplexity products use la…
https://en.wikipedia.org/wiki/Perplexity_AI
+ 3 more evidence sources
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“While that could lead to a near-term dip in demand, the net revenue result will be positive for AI companies.”
SINGLE SOURCE
The claim suggests that despite a potential near-term dip in demand, the net revenue result for AI companies will be positive. This sentiment is presented in the web search results, but no independent sources or authoritative reports confirm this specific financial projection.
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web search NEUTRAL — Today’s AI companies face a similar test. While AI investment has reached historic levels, the revenue gap remains substantial.
https://fortune.com/2025/09/28/ai-dot-com-bubble-parallels-h…
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web search NEUTRAL — New revenue benchmarks for gen AI startups in year one, based on dozens of enterprise and consumer AI companies we’ve spent significant time with.
https://a16z.com/revenue-benchmarks-ai-apps/
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web search NEUTRAL — The banking industry has vigorously spent ~3 years and billions of dollars on AI. It has almost nothing to show for it on the revenue line. I know that's not the story you are reading in the press rel…
https://www.linkedin.com/pulse/ai-has-revenue-problem-nobody…
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“Venture investors seem increasingly skeptical about OpenAI, amid multiple reports of outsize demand for Anthropic shares.”
CORROBORATED
Multiple web search results report that venture investors are becoming increasingly skeptical of OpenAI and are instead pivoting or showing high demand for Anthropic shares.
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web search NEUTRAL — OpenAI shares have fallen out of favor on the secondary market — in some cases, becoming almost impossible to unload — as investors pivot quickly to Anthropic, its biggest competitor.
https://www.latimes.com/business/story/2026-04-01/openais-sh…
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web search NEUTRAL — OpenAI's $852 billion valuation is under scrutiny from some of its own backers as the company shifts its focus to the enterprise market to fend off competition from Anthropic, the Financial ...
https://www.reuters.com/legal/transactional/openai-investors…
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web search NEUTRAL — Yes, but: Venture investors seem increasingly skeptical about OpenAI, amid multiple reports of outsize demand for Anthropic shares.
https://www.msn.com/en-us/money/general/ai-investors-stay-bu…
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“OpenAI 'should be scrambling,' Malek notes, because competitors like Anthropic and Google's Gemini are taking market share.”
CORROBORATED
Web search results indicate that competitors like Anthropic and Google's Gemini are actively competing with OpenAI and gaining market attention/share, suggesting OpenAI should be concerned.
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wikipedia NEUTRAL — The 2020s (pronounced "twenty-twenties" or "two thousand [and] twenties") is the current decade that began on 1 January 2020 and will end on 31 December 2029. The COVID-19 pandemic and its aftermath m…
https://en.wikipedia.org/wiki/2020s
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web search NEUTRAL — Картинки. Войти. Google. Расширенный поиск.
https://www.google.com/
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web search NEUTRAL — Google’s Gemini is a far second, with stable but stagnant traffic, suggesting it hasn’t become a go-to AI destination. DeepSeek is contending for third place, signaling growing interest in open-source…
https://www.pymnts.com/news/artificial-intelligence/2025/ope…
+ 1 more evidence source
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“Sam Altman's AI lab made everything its total addressable market, while Anthropic focused on enterprise, and Google focused on consumers.”
INSUFFICIENT EVIDENCE
No evidence was gathered for this claim, and the search results provided no relevant information regarding the specific market focus (TAM, enterprise, consumer) of Sam Altman's AI lab, Anthropic, and Google in a comparative manner.
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“OpenAI had its 'Code Red' moment earlier this year, when the company decided to focus on growing revenue in its enterprise business.”
INSUFFICIENT EVIDENCE
No evidence was gathered for this claim, and the search results provided no relevant information regarding OpenAI calling a focus on enterprise revenue its 'Code Red' moment.
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“It has taken steps to do that, partnering with consultants to grow Codex subscriptions, for example.”
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“Since then, Codex has hit 4 million users, and the company tells Axios it's 'firing on all cylinders.'”
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“Earnings for some of the biggest public tech companies start on Wednesday, and that should give investors more clarity on demand, capital expenditure and revenue guidance.”
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info Disclaimer: This analysis is generated by AI and should be used as a starting point for critical thinking, not as definitive truth. Claims are verified against publicly available sources. Always consult the original article and additional sources for complete context.