🚀 OpenAI Raises at $157B valuation

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. OpenAI closed a funding round valuing the company at $157 billion, raising $6.6 billion from investors including Thrive Capital, Microsoft, and Nvidia. This funding will support frontier AI research, computing capacity expansion, and product development. Despite explosive growth, including 250 million weekly ChatGPT users, OpenAI expects to lose $5 billion this year due to high infrastructure costs. The company is also grappling with key executive departures and discussions around restructuring its nonprofit segment.

2. President Biden has opted not to use the Taft-Hartley Act to force International Longshoremen's Association (ILA) workers back to East and Gulf Coast ports, balancing union support ahead of elections with concerns over economic impact. His administration has focused on criticizing ocean carriers for "price gouging" amid the strike. A significant wage increase sought by the ILA could risk renewed wage inflation, which might disrupt the Federal Reserve's inflation control efforts. Meanwhile, businesses are bracing for supply chain disruptions and higher costs.

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4. Headlines

   1. Tesla stock fell after announcing that deliveries in Q3 were lower than expected.

   2. LVMH has signed a 10-year deal with Formula One.

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