US Futures Rise as OpenAI Reports $50 Billion Annualized Revenue
US equity futures traded higher in pre-bell sessions Friday as investors evaluated new revenue figures from OpenAI, a key signal for demand in the artificial intelligence sector. Dow Jones Industrial Average futures gained 0.1%, S&P 500 futures rose 0.4%, and Nasdaq futures climbed 0.7%. OpenAI informed investors that its annualized revenue reached approximately $50 billion by the end of September, according to multiple reports published late Thursday. Bloomberg reported that the ChatGPT developer expects its annualized revenue to surpass $70 billion by the end of 2026.
US equity futures traded higher in pre-bell sessions Friday as investors evaluated new revenue figures from OpenAI, a key signal for demand in the artificial intelligence sector. Dow Jones Industrial Average futures gained 0.1%, S&P 500 futures rose 0.4%, and Nasdaq futures climbed 0.7%. OpenAI informed investors that its annualized revenue reached approximately $50 billion by the end of September, according to multiple reports published late Thursday. Bloomberg reported that the ChatGPT developer expects its annualized revenue to surpass $70 billion by the end of 2026.
President Donald Trump stated that the United States will not attack Iran before the November midterm elections. In a post on Truth Social, Trump said, "We are having productive discussions with the Islamic Republic of Iran." Traders also reviewed recent corporate earnings, noting that Delta Air Lines reported higher third-quarter adjusted earnings while its total revenue missed expectations. Delta Air Lines stock fell 2.8% following the release of its financial results.
Oil prices declined, with front-month North Sea Brent crude down 1.1% to $103.16 per barrel. US West Texas Intermediate crude dropped 0.3% to $91.21 per barrel. The University of Michigan consumer sentiment index for October is expected at 47.6, down from the previous reading of 48.1, according to estimates compiled by Bloomberg. The data was scheduled for release at 10 am ET.
In global markets, Japan's Nikkei index closed flat. Hong Kong's Hang Seng index ended the session 1.8% higher, while China's Shanghai Composite finished 0.1% higher. In Europe, the UK's FTSE 100 was up 1.1% and Germany's DAX index was 1.3% higher during the early afternoon session.
American Express shares fell 1.3% after US regulators fined the company $350 million for deficiencies in its anti-money laundering programs. Telecom stocks declined following SpaceX's acquisition of a low-band spectrum portfolio, which heightened concerns over competition from satellite-based mobile services. Verizon Communications shares dropped 5.7%, T-Mobile US stock fell 7.3%, and AT&T shares declined 6.9%. SpaceX stock rose 3.4% after agreeing to acquire a nationwide low-band spectrum portfolio from Grain Management to support its Starlink Mobile carrier ambitions.
Tesla stock increased 1.3% after a Reuters report cited China Passenger Car Association data showing the company sold 95,366 China-made electric vehicles in September, a 5% increase compared to the same period last year.