OpenAI’s annualized revenue is roughly $20 billion less than projected, according to a Thursday report by the Financial Times. The company told investors its annualized revenue approached $50 billion at the end of September, below the $70 billion estimate published in media reports last month.

Major AI stocks fell in afternoon trading after the report. Oracle dropped more than 4 percent, Nvidia slipped over 2 percent, Broadcom fell nearly 4 percent and Microsoft lost more than 1 percent. The Nasdaq Composite fell 1.4 percent, the S&P 500 dropped 0.7 percent and the Dow slipped 0.1 percent.

The Financial Times said the gap partly reflects an effort to make OpenAI’s figures comparable with rival Anthropic, which includes cloud-partner sales revenue while OpenAI does not. Analysts at Futurum Group called the reaction overblown but said the bigger questions are around AI demand and monetization. OpenAI declined to comment.

The selloff underlines market uncertainty around the AI trade. OpenAI and Anthropic, the industry’s two most important startups, are expected to go public in the coming months.