Growth Recast, Intact

The most likely outcome is that the miss reflects a definition gap between bookings, contracted revenue, and annualized run-rate revenue rather than a collapse in demand. Investors still mark down OpenAI modestly because the prior $70 billion signal had supported a very rich valuation and heavy infrastructure spending.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.