Report on OpenAI Revenue Hits the Chips, Musk vs. Altman Day 2, Earnings Parade Heats Up 4/28/26
Squawk on the Street
- Published
- April 28, 2026
- Duration
- 43:10
- Summary source
- description
- Last updated
- May 8, 2026
Discusses openai, investing.
Summary
Carl Quintanilla, Jim Cramer and David Faber led off the show with the AI Trade: Semiconductor stocks took a hit and pulled the Nasdaq down from a record high, in reaction to a report that said OpenAI recently missed its revenue and user targets. The Elon Musk-Sam Altman trial enters day two, with opening arguments set to begin. The anchors also explored …
Cramer and crew debate a WSJ report questioning OpenAI's revenue targets, weigh old-economy earnings from Coke, GM, and UPS, and track rising oil prices as the UAE exits OPEC.
Key takeaways
- A Wall Street Journal report claiming OpenAI missed user and revenue targets rattled AI-adjacent stocks (Oracle, Nvidia, AMD), but OpenAI called the piece 'ridiculous' and CFO Sarah Fryer's recent public statements contradicted the narrative, highlighting the tension between media skepticism and insider confidence.
- Old-economy blue chips (Coca-Cola, GM, Nucor) demonstrated resilience amid high oil prices and tariff uncertainty, with Coke near 10-year highs and Nucor benefiting from reduced Chinese steel imports—underscoring a quiet rotation into defensive and industrial names.
- The Elon Musk vs. Sam Altman trial opened in Oakland with up to $134 billion in damages sought and potential testimony from Musk, Altman, and Satya Nadella, adding legal and governance risk to OpenAI's already scrutinized path toward profitability and IPO.
Why this matters
For B2B investors and enterprise technology buyers, the convergence of OpenAI revenue concerns, surging compute infrastructure commitments (Oracle, Coreweave, Related Digital), and a high-stakes legal battle over AI governance signals that the AI infrastructure buildout remains structurally intact but faces near-term credibility and profitability tests that will shape enterprise AI vendor selection and capital allocation strategies.
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Show notes
Carl Quintanilla, Jim Cramer and David Faber led off the show with the AI Trade: Semiconductor stocks took a hit and pulled the Nasdaq down from a record high, in reaction to a report that said OpenAI recently missed its revenue and user targets. The Elon Musk-Sam Altman trial enters day two, with opening arguments set to begin. The anchors also explored market reaction to earnings from Coca-Cola, General Motors and UPS — plus what their results are indicating about the state of the economy. Als
Themes
- openai
- investing