OpenAI's Growth Falls Short of Expectations; Meta Faces Trial Over Social Media Addiction Claims
Tech stocks saw a slight rise in early trading on Wednesday, following a decline the previous day that included nearly a 5% drop for the Philadelphia Semiconductor Index. OpenAI reported Q2 revenue of $6.7 billion, representing an 18% increase from the prior quarter; however, this growth did not impress investors as much as expected. In contrast, rival AI firm Anthropic is reportedly experiencing explosive growth with preliminary quarterly revenue surging to $11.5 billion — a 14x jump compared to last year's $787 million. The company plans an IPO in September or October and has drawn investor interest for a potential valuation of up to $2 trillion. Meanwhile, Meta is continuing its trial in Oakland, California, where it faces legal action from state attorneys general alleging that the platform was designed to maximize children’s screen time at their expense. The case could result in damages as high as $1.4 trillion according to Meta's estimates.
Tickers: $META
Topics: anthropic_growth meta_trial openai_revenue tech_stocks