Overview

• Shares fell about 9% Tuesday to roughly $158, extending a five-session slide of around 15% from record highs.
• Andrew Left’s Citron Research reiterated a short thesis contending the stock is detached from fundamentals and, using OpenAI’s reported $500 billion valuation as a yardstick, could be worth about $40 per share.
• Selling pressure coincided with a broader pullback in highfliers as AI leaders like NVIDIA and Meta cooled and the Nasdaq dropped about 1.5%.
• Even after the retreat, the company remains up more than 100% in 2025 following its first-ever $1 billion revenue quarter and a raise to full-year guidance.
• Wall Street voices highlighted stretched metrics, with most tracked ratings at neutral and commentary noting forward valuation well above peers, while some reports also pointed to shifting geopolitical signals as an added headwind.