- OpenAI told investors it had $50 billion in annualized revenue at end-September, below the $68 billion widely reported the previous month, per CNBC.
- Nasdaq fell over 1% Thursday, a decline not seen on a single day since mid-August, according to CNBC.
- S&P 500 futures climbed to 7,846.75 Friday morning, nearing an all-time high after the Thursday selloff.
- Friday morning, the Nasdaq Composite rose 0.6%, the S&P 500 added 0.3%, and the Dow gained about 0.1%.
- Firmus Grid, an Nvidia-backed cloud computing company, scrapped Australia's largest IPO in nearly 30 years, per The Wall Street Journal.
- Analysts forecast 11.6% top-line growth and 30%-plus net earnings expansion across all 11 S&P 500 sectors in the Q3 earnings season.
Quotes
“the sell-off reflected extreme positioning imbalances that have further to unwind in our view, which is why the whole AI-linked tech stock complex is unlikely to simply stage a sharp, V-shaped rebound.”
“$20 billion discrepancy”