Tech stocks sold off hard after a report that OpenAI's revenue is much smaller than investors thought — bad for AI shares short-term, but the drop looks like a misunderstanding rather than a real crack in AI demand.

• OpenAI's yearly revenue pace is closer to $50 billion, not the $70 billion figure circulating last month, and the Nasdaq fell sharply on the correction.
• The gap comes from accounting, not collapse: Anthropic counts sales made through cloud partners like AWS, OpenAI counts only what it keeps, so the two were never comparable.
• Revenue at the big AI labs and the job market are the two things that tell you if the AI boom is still healthy — neither has broken yet, though AI revenue growth is slowing in percentage terms.
• SpaceX fell on news it may need to raise $40 billion to keep paying for AI chips, while Apple held up because it doesn't need outside money.
• Government bond yields fell even as stocks dropped, a sign the selling was about AI worries, not interest rates.

Outlook: The Nasdaq has now failed twice to push through a key level, so expect more jitters until AI companies show their revenue growth is holding up.