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Top stories today:
- OpenAI IPO “not on the cards right now”, CFO says
- Apple said to pay Google $1B annually to power new Siri
- Anthropic said to be in talks with Google for new investment
- Snap +18% on $400M Perplexity AI’s search integration deal
- Ripple raises $500M at $40B valuation in new round
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 IPO “not on the cards right now,” CFO says
Representational image generated using ChatGPT.
“We are continuing to get the company into a state of constantly stepping up into the scale we are at,” OpenAI CFO Sarah Friar said.
2027: OpenAI reportedly discussed a public listing.
“I’m not overly focused on a break-even moment today,” Friar said.
Enterprise sales now account for ~40% of revenue, up from 30% at the start of the year, she noted.
OpenAI hopes the U.S. government might backstop financing for data center deals, Friar said.
ChatGPT Enterprise saw 9x YoY growth, OpenAI said.
2. Apple said to pay Google $1B annually to power new Siri with 1.2T-sized Gemini model
Alphabet stock was +2.4% after rising as much as 3.2% on the news:
The Google model will reportedly be used as an interim solution until Apple’s own models are powerful enough.
A cloud-based, 1T-parameter Apple model is reportedly in the works.
Early-2026: the model is expected to be ready for consumer applications.
Apple stock briefly jumped to a session high on the news but closed +0.03% at $270.14.
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4. Anthropic said to be in talks with Google for $350B+ valuation investment
