Warnings about an AI bust are getting louder after OpenAI's real revenue came in far below what investors had been told — bad news for chip stocks and anyone whose portfolio leans on the AI trade.

• OpenAI's annualized revenue is running about $20 billion below the figure circulating among investors.
• Chip and AI infrastructure stocks fell on the news, including Nvidia, Oracle and Micron.
• Jefferies expects the AI boom to end in huge losses, with cheap open-source Chinese models taking market share.
• Most of the data center buildout is paid for with high-interest debt, not customer cash, so a revenue miss hits credit hard.
• Open-source clones of Adobe's main products, built with AI help, suggest software IP itself may be losing its value.

Outlook: If AI revenue keeps undershooting the promises, the debt behind the data center boom becomes the weak point — and the whole market feels it.