Market Perspectives
Axios reported that OpenAI's annualised revenue is about $50 billion, roughly $20 billion below the figure widely published in September. Nothing was restated: OpenAI books only its share of certain partner sales while Anthropic books the gross amount and expenses the cloud provider's cut, and the higher figure was an attempt to present OpenAI on Anthropic's basis. AI shares fell on Thursday, with Nvidia alone shedding $170 billion, before recovering on Friday. SpaceX agreed to buy Grain Management's nationwide low-band spectrum for about $8 billion to build a standalone Starlink mobile carrier, taking roughly $36 billion off AT&T, Verizon and T-Mobile. The 10-year Treasury touched 5.3645%, its highest since April 2002, in the same week the S&P 500 set a record intraday high of 7,844.52.…
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BONDS & MACROECONOMICS
Treasury yields rose across most maturities, with the largest gains at the short end in the 2- and 3-year notes. The 10-year touched 5.3645% during the week, its highest since April 2002, before settling back to around 5.24%; the 2-year closed at 4.80% and the 30-year fixed mortgage stands at 7.40%. Equities absorbed the move, with the S&P 500 setting a record intraday high of 7,844.52 in the same week, leaving the reconciliation to third-quarter earnings, which begin with the banks. Markets are positioned for the September CPI report on 14 October. The euro fell for a fifth consecutive week to 1.1199 and the yen weakened past 158. Gold recovered 1.81% to $4,216.30 as yields eased off their highs late in the week. In Europe, UK yields rose the most over the week at 6.7 basis points while Italian yields fell 3.5 basis points.
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