Report on OpenAI Revenue Hits the Chips, Musk vs. Altman Day 2, Earnings Parade Heats Up 4/28/26

Squawk on the Street

CNBC

News, Investing, Business

4.0 • 566 Ratings

🗓️ 28 April 2026

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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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 market reaction to earnings from Coca-Cola, General Motors and UPS — plus what their results are indicating about the state of the economy. Also in focus: Oil prices rise as the White House is skeptical about Iran's latest offer, the United Arab Emirates to leave OPEC, the high-flying stocks in pullback mode, Spotify's stock slump, Starbucks earnings preview. Squawk on the Street Disclaimer

Transcript

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0:00.0	It's Jim Kramer here.
0:01.3	You're listening to the opening bell of CNBC Squawk on the Street.
0:04.7	Don't miss a minute of the action.
0:13.5	Good Tuesday, good morning.
0:14.7	Welcome to Squawk on the Street.
0:15.8	I'm Carl Kingtony with Jim Kramer, David Fabrier, Post-N-9 of the New York Stock Exchange.
0:19.6	NASDAQ coming off a record close in the red, though, with some worries about Open AIs growth, has Oracle, Nvidia, AMD, in the red. Some solid old economy earnings, though, today. Oil near 100, close to the highest level since the ceasefire began. Retail gas 416, just a few cents from a multi-year high.
0:38.0	Our robot this morning begins with the Blue Chip earnings parade.
0:40.6	Coke, GM, UPS, all with results.
0:42.8	We'll dig through those numbers.
0:44.6	Plus, Open AI is reportedly missing some key targets for user numbers and revenue.
0:51.0	That is dragging down some of the names, of course, that are relying on the spending
0:55.5	from OpenAI. And a major shakeup for OPEC, the UAE, saying that it is leaving the oil
1:01.7	cartel that will take place next month. Let's begin with OpenAI. The journal today reports
1:07.5	the startup recently missed its own targets for new users and revenue,
1:11.3	raising concern among some company leaders about whether it will be able to support its massive
1:15.8	spending on data centers.
1:17.4	Paper says that CFO Sarah Fryer has told other company leaders she's worried.
1:21.4	OpenAI might not be able to pay for future compute if revenue doesn't grow fast enough.
1:27.7	All that said, Jim, I don't think you're a fan of this piece.
1:30.9	No, and look, first of all, I love good journalism.
1:34.8	Good journalism is something that makes you feel like you kind of, you're smarter than you were.
	...

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