OpenAI files confidential SEC paperwork for IPO, opening the door to a Wall Street debut
OpenAI has filed preliminary paperwork to potentially become a publicly traded company. The company announced Monday it has submitted confidential documents to the U.S. Securities and Exchange Commission. OpenAI says it hasn't decided on timing yet, as there are advantages to staying private. This move follows Anthropic's June announcement of its own IPO plans. Both companies are following SpaceX, which is also pursuing an IPO. OpenAI CEO Sam Altman mentioned last fall that an IPO was the “most likely path” due to the company's size and capital needs.
Federal judge strikes down Trump's $100,000 fee on new H-1B visas
BOSTON (AP) — A federal judge has struck down the Trump administration's $100,000 fee on new H-1B visas. The announcement of the fee in September set off confusion and panic among employers, students and workers in the United States and abroad. U.S. District Court Judge Leo Sorokin in Boston sided with 20 states and struck down the visa on Monday, saying the executive branch exceeded its authority. The ruling contradicts an earlier federal court decision in Washington, D.C. that denied the U.S. Chamber of Commerce's request to strike down the visa fee. There's still another case in San Francisco, setting up the possibility for appellate court clashes.
Asian shares are mixed as tech stocks rebound from sell-offs, while oil prices slip
Asian shares are mixed, with tech shares leading gains after Wall Street recovered some of its sell-off from last week. Oil prices fell back after surging on Monday following fighting between Israel and Iran. Tokyo's Nikkei 225 gained 1% and the Kospi in Seoul jumped 3.5% after Monday's loss of more than 8%. On Wall Street on Monday, the S&P 500 added 0.3%, coming off a 2.6% drop Friday that was its worst since October. The Dow Jones Industrial Average dipped 0.2%, and the Nasdaq composite climbed 0.9%. Some of the best performers were companies that sell computer chips, memory and other AI-related products that had plunged on worries their prices have shot too high.
Pentagon labels tech giant Alibaba and electric car maker BYD as aiding Chinese military
WASHINGTON (AP) — The Pentagon has added several prominent Chinese businesses to its list of Chinese military companies. The list includes tech giant Alibaba, electric car maker BYD and search engine Baidu. The move prevents them from securing U.S. defense contracts. The list, updated Monday, now sanctions well-known, non-state-owned Chinese companies that are not traditionally considered to be in the defense sector. This year's list includes 188 entities, up from about 130 last year. While the companies can still operate in the U.S., they face reputational damage and potential restrictions. The Chinese Embassy is accusing the U.S. of “overstretching the concept of national security and making discriminatory lists to go after Chinese companies.”
From unfilled gas tanks to fewer frills, retailers see US consumers rethink their spending
NEW YORK (AP) — U.S. consumers haven’t stopped spending since the Iran war drove up fuel prices. But company executives and retail analysts say many shoppers are reassessing what they buy and where. The behavior changes observed so far are subtle. They include drivers flocking to the fuel pumps at warehouse stores like Costco and Sam’s Club, but not filling up their tanks all the way. Market research firms say foot traffic is down at clothing and electronics stores. Executives from Walmart, McDonald’s and Dollar General have reported noticeable cutbacks by lower-income customers. Some economists and analysts expect a wider retrenchment as the cumulative impact of costlier gas, food and other products catches up with more people.
Donald Trump, Bernie Sanders and Sam Altman are all talking about public ownership in AI
WASHINGTON (AP) — OpenAI CEO Sam Altman has met with Sen. Bernie Sanders to discuss public ownership in AI companies — a meeting that highlighted the tension between AI powerhouses and policymakers. President Donald Trump also expressed interest in the idea, showing how the two politicians, fueled by populism, are embracing the concept. But concerns about AI's impact are growing, with backlash over data centers in local communities and job prospects. Policymakers are exploring AI regulation, with bipartisan efforts in Congress and oversight from the Trump administration.
FACT FOCUS: Is inflation a red state vs. blue state issue? It's increasing no matter how you cut it
WASHINGTON (AP) — Inflation is rising again, squeezing budgets and making essentials harder to afford. Inflation hit 3.8% in April, the highest in three years. Larry Kudlow asked Kevin Hassett about this on Fox Business. The director of the National Economic Council claimed inflation is “on a deep downward dive,” especially if blue states are excluded. However, experts say this is false. Inflation is high across all regions, driven by rising gas prices from Middle Eastern conflicts. The Labor Department’s data shows both blue and red states experiencing high inflation. Core inflation is also rising, contradicting Hassett’s claims of a downward trend.
Apple unveils an upgraded Siri voice assistant with new AI features at its annual conference
CUPERTINO, Calif. (AP) — Apple is unveiling new artificial intelligence features at its annual developers conference. The World Wide Developers Conference started Monday. It's the last one featuring CEO Tim Cook before he turns his post over to John Ternus in September. The conference attracts thousands of developers from some 65 countries to Apple’s Silicon Valley headquarters. It usually focuses on software, in contrast to the fall unveiling of the latest iPhones. Apple showed off updates on new AI features, including upgrades to its Siri assistant. Apple says it's focusing on day-to-day use and privacy.
US carriers spent $6.5B on fuel in April; global profit forecast is cut nearly in half
New government data released Monday shows U.S. airlines spent nearly $6.5 billion on jet fuel in April. The Bureau of Transportation Statistics says that's a 78% jump from a year earlier, even though the airlines used slightly less fuel. Global energy costs have climbed as the conflict in the Middle East squeezes global oil supplies. The airline industry’s main global trade group separately warned that the higher fuel prices could nearly halve global profits in 2026. The International Air Transport Association cut its forecast to $23 billion from $41 billion. The group says fuel prices could average $152 a barrel in 2026 and drive the industry’s collective fuel bill to about $350 billion.
Broken speaker? Finicky zipper? Anticonsumerist Repair Cafes urge you to fix it instead of pitch it
NEW PALTZ, N.Y. (AP) — Repair Cafes are part of a new brand of anticonsumerism. The cafes and other efforts try to offer an alternative to mass-produced, disposable goods that have dominated the economy for the last half-century. Repair Cafes are free events where volunteers with technical know-how help neighbors fix household items. They started in the Netherlands with a single cafe in 2009 and grew to a global nonprofit. At a recent event in New Paltz, New York, volunteers helped attendees fix items from lamps and knives to sound mixers and balky zippers. There’s also the Buy Nothing Project and a growing number of tool-lending libraries. All are dedicated to repairing, trading, and giving instead of buying and selling.
