10-10
Dow rises 0.8% as investors look to bank earnings and inflation data
U.S. stocks ended higher on Friday, with the Dow up 0.8% and the S&P 500 and Nasdaq each rising about 0.6%. Investors turned their focus to next week, when third-quarter earnings season begins and key inflation data are expected. Analysts are looking for big banks to help drive overall S&P 500 profit growth of 30%. Separately, U.S. consumer sentiment weakened this month and near-term expectations fell to a record low, according to the University of Michigan.
10-10
10-9
South African rand eyes weekly gain, poised to end four-week losing streak
South Africa’s rand strengthened on Friday and was set to break a four-week run of declines. A more than 1% rise in gold prices and a softer U.S. dollar helped support the currency. Lower oil prices also provided relief. The rand traded at 16.5275 per dollar in early dealings, up about 0.7% on the week, while the Top-40 index gained 1.4% and the 2035 benchmark bond yield fell 7 basis points to 8.795%.
10-9
10-9
Tech shares slide after report says OpenAI annualized revenue neared $50 billion
Technology stocks fell on Thursday as investors weighed concerns about the profitability of artificial intelligence. The Financial Times reported that OpenAI told investors its revenue was approaching $50 billion on an annualized basis toward the end of last month. Nvidia, seen as an AI bellwether, slipped nearly 3%. Oracle, which has borrowed heavily to supply computing capacity to OpenAI and other firms, dropped more than 5%, adding to the sector’s decline.
10-9
10-9
FT: OpenAI annualized revenue is about $20 billion below earlier indications
OpenAI recently told investors its annualized revenue was approaching $50 billion at the end of September, below the $70 billion figure reported by some media outlets late last month, the Financial Times reported, citing investor documents. The gap stems from efforts by OpenAI investors to make a direct comparison with Anthropic’s annualized revenue, according to a person familiar with the matter. The report said the two companies calculate the metric differently, and noted that annualized revenue run rate can be misleading.
10-9