Oracle shares fall 4% as concerns about OpenAI growth trigger a selloff in the tech sector

Khey statistics for Oracle share

• Price change for Oracle Share: -4%
• $ORCL stock price as of April 28: $166
• 52-week high: $346
• $ORCL stock price target: $243

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What happened?

oracle (ORCL) The stock fell about 4% on Tuesday after a The Wall Street Journal report warned against OpenAI, one of Oracle’s largest customers.

• According to the report, OpenAI missed its internal goal of reaching 1 billion weekly active users by the end of 2025.
• The company also fell short of monthly sales targets earlier this year.
• Competition from Anthropic and Google’s Gemini has dented ChatGPT’s market share, which has fallen from 86.7% to 64.5% of generative AI web traffic in just one year.

Perhaps the most alarming detail:

OpenAI’s CFO has reportedly expressed internal concerns about whether the company can fulfill its computing contract…