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Top stories today:
- OpenAI gives Microsoft 27% ($135B) stake in for-profit shift
- Fed expected to cut rates by 25 bps today at 2 PM ET
- NVIDIA takes $1B stake in Nokia, will supply AI chips
- Bryan Johnsonās Blueprint raises $60M for longevity platform
- Polymarket said to return to U.S. by late Nov., with sports betting focus
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 todayās newsletter (beware of hallucinations):
1. OpenAI gives Microsoft 27% ($135B) stake as it completes for-profit shift
Microsoft stock +2% on the news:
Microsoft receives a ~$135B stake in OpenAI as part of the restructuring.
Access through 2032 to OpenAIās technology, including future AGI models.
20% of OpenAIās revenue will continue going to Microsoft until AGI is verified by an expert panel.
The nonprofit now holds a 26% equity stake in the restructured entity, along with a warrant allowing it to claim additional undisclosed shares if the companyās value grows 10x in 15 years.
Relatedly, OpenAI intended to get to $1T a year in infrastructure spend, Sam Altman said.
OpenAIās restructure wonāt affect Elon Muskās lawsuit, but reversal may now be difficult, California AG said.
2027 IPO hopes get boost as OpenAIās California commitment clears regulatory path.
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3. Fed expected to cut rates by 25 bps today at 2 PM ET
2nd 2025 cut, after the 1st in Sep.
2:30 PM ET: Fed Chair Powell speaks at the FOMC press conference after the meeting ends.
FOMC members are likely to remain split, with a vocal minority warning of lingering inflation risks
4. NVIDIA takes $1B stake in Nokia, will supply AI chips for 5G/6G networks
Nokia stock +21% on the news ā its biggest gain since 2013:
