International markets update:
Technology stocks are facing scrutiny following a notable revenue discrepancy from OpenAI, although major market futures are showing signs of a rebound after recent declines.
- OpenAI’s confirmed annual revenue estimate of $50 billion significantly missed a previously reported $68 billion figure, triggering investor concern and a sell-off in AI-related technology stocks.
- Major U.S. stock futures are showing a rebound, indicating a higher open for all three major markets on Friday, recovering from previous day’s declines.
- AI startup Anthropic is reportedly targeting an audacious $2 trillion valuation for its Nasdaq listing, drawing strong criticism from analysts who label it as potentially overvalued.
- Australian AI group Firmus, backed by Nvidia, has cancelled its initial public offering due to market volatility, which would have been the second-largest in Australia’s history.
- Oil prices are retreating after a significant drop, following former U.S. President Trump’s comments easing fears of imminent attacks on Iran, though Houthi attacks in Saudi Arabia continue to pose regional risks.
- Elon Musk criticized Indian billionaire Mukesh Ambani and other “oligarchs,” alleging they are obstructing Starlink’s launch in India despite the company’s compliance efforts.
Stock Market News summarised for the Wall Street Investors Club community.