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.
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OpenAI files confidential SEC paperwork for IPO, opening the door to a Wall Street debut
Wall Street held steadier and recovered some of its sell-off from last week. Oil prices, meanwhile, rose Monday following fighting between Israel and Iran, but they pared their biggest gains. The S&P 500 added 0.3%, coming off its 2.6% drop from 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 products fueling the AI boom. They had plunged Friday amid worries that their prices had shot too high amid AI euphoria.
AP Wire
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.
Donald Trump, Bernie Sanders and Sam Altman are all talking about public ownership in AI
AP Wire
The upcoming World Cup will feature 48 teams and 104 matches across the United, Mexico, and Canada. It also presents a massive security challenge. The World Cup involves more countries and games than ever before, and it kicks off next week amid global tensions and mounting political violence. In the U.S., a vast network of federal agencies, local police, and private entities will manage security. They'll use advanced tools such as hunter drones and artificial intelligence-powered cameras to secure stadiums and fan zones. Officials are confident in their preparations despite concerns about drones and AI misinformation.
Donald Trump, Bernie Sanders and Sam Altman are all talking about public ownership in AI
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.
Anthropic urges industry coordination to allow for a 'pause' in AI development if risks grow
The U.S. stock market had its worst day since October as a sell-off in big technology companies weighed down the broader market. Bond yields surged as a strong jobs report boosted expectations that the Federal Reserve will be forced to hike interest rates at some point this year. The S&P 500 slumped 2.6% Friday, finishing with its first losing week in the last 10. The Dow Jones Industrial Average fell 695 points, or 1.4%. The Nasdaq composite fell 4.2%. Nvidia and Broadcom were among the heaviest weights on the market. The Labor Department reported that employers added 172,000 jobs in May, roughly double what forecasters had expected. Oil prices fell.