US Stock Futures Rise on OpenAI Revenue, Oil Drops: Markets Wrap

(Bloomberg) — US stock-index futures rose and Asian shares edged up after more details emerged about OpenAI’s estimated revenue, suggesting the weakness in Wall Street technology shares may be contained. Relief also came as Brent declined.

Contracts for the S&P 500 Index gained 0.3% and those for the Nasdaq 100 Index climbed 0.4%. OpenAI expects to reach or exceed $70 billion in annualized revenue by year-end, driven largely by growth in its enterprise business, according to people familiar with the matter.

That lifted sentiment after US shares retreated Thursday and a gauge of chipmakers slid 3.4%, following a Financial Times report that OpenAI’s annualized revenue was $20 billion below previously signaled levels. Asian shares edged up 0.2% and European equities were set to gain at the open.

Brent crude dropped 1.2% to $102.95 a barrel after President Donald Trump said the US won’t attack Iran ahead of November’s midterm elections. Treasuries held their gains from the US session, while a Bloomberg gauge of the dollar edged lower.

Questions over returns from AI put spending under greater scrutiny, with elevated borrowing costs making vast investments in data centers and computing infrastructure harder to justify. The start of earnings season next week will provide a key test, with investors seeking evidence that revenue and profits can keep pace with the capital required to develop and run AI models.

“It’s been a jittery few weeks for the AI trade and with US yields sitting near multi-year highs, investors’ appetite for risk has cooled,” said Josh Gilbert, lead Asia Pacific analyst at eToro. “The big test comes as earnings season gets going over the next few weeks, when the companies writing the biggest checks for AI tell us whether they’re still prepared to keep writing them.”

Elsewhere, gold advanced after long-dated US Treasury yields pulled back from their highest levels in more than two decades. Bullion rose more than 1% to about $4,175 an ounce.

In Japan, the 10-year bond yield fell 5.5 basis points to 3.025%.

OpenAI, Anthropic and other AI firms have often touted their annualized revenue — a projection of annual sales based on a shorter period — as a key growth metric.

However, not all companies measure it the same way. Anthropic’s annualized revenue hit $65 billion by the end of July, Bloomberg previously reported.

OpenAI shared the numbers with investors as part of discussions for its latest fundraising effort, said the people, requesting anonymity to discuss private information.

On Thursday, tech shares led losses in the S&P 500 after reports that OpenAI’s annualized revenue would be lower than some previous estimates.

In the last 18 months, there have been “waves of bad news” around AI, which settles down after a couple of days and markets revert back to optimism, Seema Shah, chief global strategist at Principal Asset Management, said in an interview with Bloomberg TV.

“These waves are getting closer and closer together. They’re becoming more and more frequent,” she said. “It is having a bit of an impact on the investor sentiment side. This is a concern.”

Corporate Highlights:

Firmus Grid Ltd., an Australian data center company backed by Nvidia Corp., abandoned its IPO plan. The Trump administration accused Microsoft Corp., Adobe Inc. and a half-dozen other companies of abusing a US worker visa program and suspended them indefinitely from a longstanding immigration initiative that’s served as a crucial talent pipeline for Silicon Valley and Wall Street. Elon Musk’s SpaceX said it acquired low-band spectrum that will enable it to use its Starlink satellites to become a “major mobile carrier” in the US, sending shares in incumbent cell providers AT&T Inc., T-Mobile US Inc. and Verizon Communications Inc. lower. Some of the main moves in markets:

Stocks

S&P 500 futures rose 0.3% as of 12:59 p.m. Tokyo time Japan’s Topix was little changed Australia’s S&P/ASX 200 rose 0.5% Hong Kong’s Hang Seng rose 1.1% The Shanghai Composite fell 1.2% Euro Stoxx 50 futures rose 0.5% Currencies

The Bloomberg Dollar Spot Index was little changed The euro rose 0.1% to $1.1227 The Japanese yen fell 0.1% to 158.05 per dollar The offshore yuan was little changed at 6.6974 per dollar Cryptocurrencies

Bitcoin rose 0.7% to $82,359.2 Ether rose 0.7% to $2,491.65 Bonds

The yield on 10-year Treasuries was little changed at 5.23% Japan’s 10-year yield declined 5.5 basis points to 3.025% Australia’s 10-year yield declined five basis points to 5.34% Commodities

West Texas Intermediate crude fell 1.2% to $90.43 a barrel Spot gold rose 1.1% to $4,177.97 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Winnie Hsu, Aya Wagatsuma and Bernadette Toh.

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