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Top stories today:
- OpenAI delays IPO to 2027 amid doubts over $1T valuation goal
- Apple -6% after raising Mac, iPad prices up to 25%
- Google seeks broad AI training rights from publishers
- Codex reaches 97.9% employee adoption at OpenAI
- General Intuition raises $320M at $2.3B valuation for spatial AI agents
- U.S. PCE inflation +4.1% YoY in May, most since Apr. 2023
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Listen to our AI-generated podcast summarizing today’s newsletter (beware of hallucinations):
1. OpenAI said to delay IPO to 2027 amid doubts over Sam Altman’s $1T valuation goal
Altman reportedly pushed for a $1T public valuation, up from OpenAI’s last private valuation of $825B:
Q3-Q4: OpenAI had eyed an IPO after hiring bankers and lawyers.
OpenAI advisers warned a $1T IPO may struggle to attract retail investors in current market conditions.
Wait until 2027 to go public at a $1T valuation or lower the target for an earlier IPO, advisers reportedly suggested.
A lower valuation was a nonstarter, Altman reportedly responded.
SoftBank stock -13%, most since Aug. 2024, on the report of OpenAI’s IPO delay
Kioxia stock -12% following the report, triggering an AI-related selloff.
Separately, the Trump admin reportedly asked OpenAI to stagger GPT-5.6’s rollout over security concerns
Altman informed staff about the update on Thu. after saying on Wed. that GPT-5.6 would get a limited release to a small group of partners.
The U.S. government would be “approving access customer by customer” during the preview period, he said.
Howard Lutnick reportedly cautioned OpenAI against launching GPT-5.6 before securing broader agency approvals.
Altman still hopes a general GPT-5.6 release will come a “couple of weeks later” if all goes well.
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3. Apple -6% after raising Mac, iPad prices up to 25%
Apple stock had its worst drop since Apr. 2025 after the price hike announcement:
iPhone prices remain unchanged — for now.
MacBook Neo now starts at $699, up from $599.
“[T]he rapid expansion of AI data centers has created an extraordinary surge in demand for memory and storage,” Apple said.
The U.S. AI build-out is driving up electricity and software costs, with 81% of economists expecting higher inflation in 2027.
Separately, Apple has reportedly planned to skip M6 Pro and Max chips in favor of an AI-focused M7 lineup.
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5. Google said to seek broad AI training rights from publishers
