Stock futures are inching higher this morning after major indexes started the week with losses; Goldman Sachs is reportedly close to announcing a successor to CEO David Solomon; OpenAI is axing the launch of a new model over concerns with its behavior in testing; Anthropic’s IPO documents reveal AI risks and the company’s massive losses; and Oura, the maker of a popular health tracking ring, is postponing its IPO. Here’s what you need to know today.
Stock Futures Tick Higher After Monday Losses
Stock futures are slightly higher Tuesday after losing ground in yesterday’s session. Futures tied to the Dow Jones Industrial Average and the S&P 500 were recently up 0.2%, while tech-heavy Nasdaq futures added 0.4%. The major indexes pulled back yesterday while Treasury yields surged amid renewed worries about inflation caused by the Iran war, after President Trump rejected deal talks over the weekend. Crude oil futures were down 1.4% this morning at $91.30 per barrel, while gold futures ticked higher to $4,185 an ounce. The 10-year Treasury yield, which influences a variety of consumer interest rates including mortgages, was at 5.21%, down from yesterday’s close of 5.24%, which was a new 19-year high. Bitcoin traded at $84,400 recently, up from yesterday’s low of $82,500.
Goldman Sachs Weighs CEO Succession, Report Says
Goldman Sachs (GS) is considering a plan that involves naming COO John Waldron as its next CEO, replacing David Solomon in the top spot late next year or in 2028, The Wall Street Journal reported. Solomon, 64, would likely spend a year or two as executive chairman of Goldman’s board before departing, the report said. He has led Goldman since 2018, and oversaw an unsuccessful expansion of Goldman’s consumer lending efforts, including managing Apple’s (AAPL) credit card business, in recent years pivoting Goldman back to its key areas of investment banking and wealth management. Goldman shares, which have lagged the broader market this year with their 4% gain, were up slightly in recent premarket trading.
OpenAI Pauses New Model Over Safety Concerns
OpenAI is canceling the release of its latest AI model over concerns about actions it took in testing, according to reports. The newest model that was set to power ChatGPT, called GPT-6.1 Astra, will no longer be released as planned next month, The Wall Street Journal reported. The company said it had concerns about “alignment,” referring to the model’s ability to perform only a task it was requested to complete and whether it accurately informs a user of what actions it did or did not take, as well as “scope authorization,” or how often it will ask for permission before taking additional steps beyond what it was asked to do. Safety has been a key issue for OpenAI lately, as some agents made by the company have hacked into other companies and government websites recently while trying to complete tasks.
Anthropic Calls AI ‘Existential Risk’ in IPO Docs
Anthropic’s pre-initial public offering documents detail the risks that the company sees AI posing, and also reveals the staggering costs of building its products. Citing a copy of the company’s prospectus, Reuters reported last night that Anthropic said the technology could pose “catastrophic or existential risks to humanity,” and that it could deceive or blackmail in order to avoid being deactivated. Also detailed in the prospectus is Anthropic’s financial performance, which showed that the company posted a net loss of $42 billion last year on about $4.6 billion in revenue, the report said. Anthropic is looking to potentially value itself north of $2 trillion, the report said, while also laying out its plans to spend some $518 billion on hardware and compute capacity in the coming years.
Oura Postpones IPO, Citing Market Uncertainty
Oura is postponing its IPO, which could have come as soon as this month, citing “uncertainty in the IPO market.” The Finnish company, which makes health tracking rings, said Monday that it is delaying the IPO despite the company being profitable and seeing “strong demand” for its shares. The firm planned to debut on the Nasdaq soon with the “OURA” stock ticker, according to the IPO prospectus released earlier this month. In the prospectus, Oura said it generated $907.9 million in revenue in the fiscal year ending last September, and had already grown to $1.21 billion in sales through the first nine months of its current fiscal year, with $60.77 million in profits.
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