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Top stories today:
- OpenAI says nonprofit parent to keep $100B+ stake
- CPI (core) +0.4% (+0.3%) MoM as inflation lingers
- OpenAI said to spend $350B on servers by 2030
- Figure Technology shares +24% after $787.5M IPO
- Adobe Q3 revenue +11% YoY to $6.0B, net income +5% to $1.8B
- Alibaba launches Qwen3-Next, long-context optimized AI architecture
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 says nonprofit parent to keep $100B+ stake, signs non-binding MoU with Microsoft
Representational image generated using ChatGPT.
Capital raising remains possible for OpenAI under the new structure.
Microsoftās deal is specifically to outline the next phase of partnership.
ā[A]ctively working to finalize contractual terms in a definitive agreement,ā OpenAI said in a joint statement with Microsoft.
The AGI clause reportedly remains part of the new agreement but has been modified.
Working closely with the California and Delaware Attorneys General to establish its structure, OpenAI said.
As the seasons shift, your wardrobe should move seamlessly with you. Luca Faloniās mid-season collection is built around five versatile staples, crafted in Italy from the finest natural fabrics. Designed to layer, adapt, and elevate, these pieces bring comfort, refinement, and timeless style to every occasion.
From crisp mornings and warm afternoons to city weekends and evening gatherings, these are the essentials that form the foundation of a wardrobe that never feels out of place. Sophisticated, practical, and enduring, each piece embodies the essence of Italian craftsmanship, helping you transition with ease and elegance.
Luca Faloni - Five Core Mid-Season Icons:
Cotton PiquĆ© Shirt ā The Siena shirt combines soft natural stretch with sartorial details like a cutaway collar and mother-of-pearl buttons. Effortlessly versatile, it works just as well under a blazer as it does on its own.
Denim Shirt ā A year-round classic, crafted in premium washed denim for durability and comfort, designed to develop character and patina over time.
Cashmere-Cotton Polo ā Luxuriously lightweight and refined, this polo shirt blends breathable cotton with the softness of cashmere, perfect for both relaxed and business-casual looks.
Silk-Cashmere Crew Neck ā Finer than pure cashmere, this elevated knit is a transitional essential, equally elegant layered under tailoring or worn solo.
Suede Bomber Jacket ā Handcrafted from Italian goatskin suede with cashmere detailing, this smart-casual jacket is the ultimate statement in enduring style.
*Sponsored.
3. CPI (core) +0.4% (+0.3%) MoM as inflation lingers
CPI: 0.4% MoM / 2.9% YoY in Aug., vs. 0.3% / 2.9% expected, from 0.2% / 2.7% in Jul.
Core CPI: 0.3% MoM, 3.1% YoY, in line with forecasts and unchanged from Jul.
Coffee, auto repair, ground beef, apples, bananas, and used cars saw the sharpest price gains over the past year
The Fed is expected to cut rates by 25 bps at its Sep. 17 meeting
4. OpenAI said to spend $350B on servers by 2030, ~75% of revenue on compute, talent
2030: free cash flow from OpenAIās business is expected to start.
$100B of the 2030 revenue would be spent on renting servers to train and run models.
2025-2029: another $250B on renting cloud servers is projected to be spent.
OpenAIās R&D would be 45% of its $200B revenue in 2030, or ~$90B
Figureās shares closed at $31.11 each in New York on Thu., above the IPO price of $25 apiece.
~$6.6B of market value, based on the outstanding shares.
āBlockchain is a democratization of financial services,ā Figureās co-founder Mike Cagney said.
Summer camp is all about making new friends, learning new skills, and having a great time. This time, Auth0 is bringing camp to you! Swap the campfire songs for startup demos and the ghost stories for an expert AI panel, and you getā¦ Camp AI: SaaS, Startups, and Scale presented by Auth0, AWS, GitHub, and Vercel.
Meet us in San Francisco on September 18, 2025, for an evening packed with:
Startup demos by Acuvity AI, Traversaal AI, CircleCI, and CodeAnt AI
A panel discussion with AI GTM experts at Auth0, GitHub, AWS, and Vercel, sharing insights on how to build and secure the AI tools you may be working on
Networking with peers and the SF AI community
Are you ready for Camp AI?
*Sponsored.
7. Adobe Q3 revenue +11% YoY to $6.0B, net income +5% to $1.8B, beats estimates
