Sources: OpenAI has cut its valuation target to $1.25T, down from the $1.4T valuation it pitched earlier this month, after facing resistance from some investors (Financial Times)

More in Finance

• Japan is not yet officially out of deflation, economy minister says

  Japan's economy minister has not yet declared the end of deflation, stating the decision will be made after considering various factors, including whether Japan has not experienced persistent price falls. The Bank of Japan may signal that underlying inflation has reached the 2% target at the next policy meeting.

  1 min read
• Commentary: Which G7 economy is the poster child for debt woes?

  The G7 countries are grappling with escalating debt crises, with France and the US on the brink of fiscal collapse, while Canada and Germany are shielded from market turmoil. The IMF warns of escalating deficits, predicting a 6% deficit by 2031, which could force at least one G7 country into crisis. Italy's high debt levels are offset by persistent primary surpluses, while the UK is likely to show budget slippage. The IMF emphasizes the urgency of fiscal reforms, noting that the crisis is predictable but the momen…

  3 min read
• S&P 500, Nasdaq end sharply lower as revived AI doubts ignite tech selloff

  The S&P 500 and Nasdaq ended sharply lower on Thursday, with the tech-heavy Nasdaq experiencing its steepest daily drop since early June. The decline was primarily driven by high-profile earnings reports, particularly those related to AI spending. Meta Platforms' earnings exceeded expectations, but the company's stock fell 7.0% due to cash outflows and plans to issue non-voting shares. Tesla's earnings were also positive, but the company's stock fell 3.1% despite the positive results. The Philadelphia Semiconducto…

  3 min read