Market Movers

OpenAI's annualized revenue is about $50 billion, roughly $20 billion less than the $70 billion figure widely reported in September, Axios reports. The larger number was prepared for investors to compare OpenAI with Anthropic using Anthropic's method, which counts the full price of sales through cloud partners as revenue and the partner's cut as an expense; OpenAI books only its share of some partner sales. Both approaches are GAAP compliant. It's a difference in definitions, not a drop in sales.

SoftBank CEO Masayoshi Son is seeking to raise up to $100 billion from Gulf investors, including in the UAE, for a fund that would buy companies and improve them with AI and other technology, the Financial Times reported. Reuters could not verify the report, and SoftBank did not comment. SoftBank recently completed a $30 billion investment in OpenAI and sold $11.1 billion of high-yield bonds last month.

AI data-center builder Firmus withdrew its planned ASX listing after weak investor demand, citing market volatility and saying the offer would not reflect its long-term prospects; it will pursue private funding instead. Its founders had targeted a $44 billion valuation at $11 a share. Investors pushed back on the price, AI-bubble concerns, the company's debt and a lack of detail, ABC News reports. Nvidia owns 7.2% of Firmus, which lists two operating sites and five under development.

Tesla's European websites now call its driver-assistance software "Tesla Assisted Driving" instead of Full Self-Driving, days after Germany's transport ministry said the old name was misleading because the system never takes over the driving task, The Next Web reports. The U.S. site still sells Full Self-Driving (Supervised). Electrek found the new German page is otherwise a translation of the U.S. one. The bigger obstacle to EU approval is speed tolerance: Germany wants a cap at 10% over the limit.

Waymo closed a $5 billion term loan, its first debt financing, with PIMCO, Blackstone and Sixth Street as lead lenders and Goldman Sachs as sole bookrunner. Earlier this year it raised $16 billion in equity. Waymo says the money will speed expansion of its driverless ride-hailing service in the U.S. and abroad; it launched in its fifteenth U.S. city last month.

Samsung Electronics' preliminary guidance for the third quarter of 2026 is about 195 trillion won in consolidated sales and about 107.4 trillion won in operating profit. These are unaudited estimates (the midpoints of narrow ranges, as Korean rules require); final results come after the audit.

U.S. stocks set their first record highs since August early in the week, then chopped around on conflicting reports about possible U.S. strikes in the Middle East and renewed worries about AI spending and revenue, before rising into Friday, LPL Research reports. Its Friday-afternoon figures put the week at about +1.2% for the S&P 500, +1.1% for the Dow and +0.7% for the Nasdaq; the Russell 2000 fell about 0.8%. Consumer staples, utilities and energy led; tech was roughly flat. Bonds snapped a five-week losing streak.

SpaceX agreed to buy up to 14 MHz of paired 800 MHz spectrum nationwide from Grain Management, pending FCC approval; the Wall Street Journal reported the price at about $8 billion in cash. SpaceX says the low-band airwaves, which reach inside buildings, will let Starlink Mobile serve ordinary phones indoors and out. AT&T, Verizon and T-Mobile fell, together losing about $39 billion in market value, Benzinga reports, while tower owners Crown Castle and American Tower rose.

The jury in Qualcomm's second lawsuit against Arm deliberated about four hours on Friday without a verdict and will return on Tuesday. Qualcomm says Arm breached their license agreements by withholding software patches and tools and by violating a pricing provision, and that Arm leaked a 2024 breach notice to hurt Qualcomm's dealings with Meta. Arm says Qualcomm suffered no harm and is using the suit as leverage in licensing talks. A separate bench trial covers whether Arm is negotiating in good faith.