📊 The AI Listing That Could Change Everything

OpenAI, the company behind ChatGPT, is reportedly preparing for a potential IPO that could value the company at up to $1 trillion, making this one of the largest AI deals in history. The company is allegedly getting ready for an IPO filing with the U.S. Securities and Exchange Commission. Some advisers see trading as early as this year, though CFO Sarah Friar has more conservatively suggested it would be possible in 2027. The company, which expects a $20 billion annualized revenue run rate by year's end, highlights the scale of its operations, even as losses grow while the company expands its infrastructure.

CEO Sam Altman has said that going public is likely, given the massive funding required for the next phase of AI development. An IPO will give cheaper access to capital and the ability to use the company's shares for acquisitions to support the multi-trillion-dollar AI infrastructure build. Current ownership places about 26% with the OpenAI Foundation and roughly 27% with Microsoft.

The IPO would be pivotal to OpenAI and the broader tech market, where AI-linked companies are enjoying unprecedented growth. Nvidia recently reached a $5 trillion valuation, while CoreWeave shares have tripled since their IPO. Timing and the $1 trillion figure remain provisional, depending on growth and market conditions. Until a public listing, investor exposure is mainly through Microsoft’s stake, while it’s been noted that European “OpenAI” stock tokens do not represent actual equity.

U.S.-China tariffs and rare earths: Donald Trump said on October 30 that the United States will cut average tariffs on Chinese products to about 47% from 57% by reducing fentanyl-related tariffs by 10%. China, in turn, will delay new rare-earth export curbs for a year.

Japan interest rates: The Bank of Japan voted seven to two in favor on October 30 to keep the uncollateralized overnight call rate close to 0.5%, keeping investors' hedging costs and funding strategies in Japanese markets stable.

U.S. consumer confidence: The Conference Board reported on October 28 that its confidence index fell to 94.6 from 95.6 in September, as Americans grew more concerned about job availability. This suggests household spending momentum may be softening.

U.S. policy rates: The Federal Reserve cut its policy rate by 0.25 bp to a range of 3.75-4.00% on October 29 and set the interest on reserve balances at 3.90% from October 30. Chair Jerome Powell said another rate cut this December is far from certain.

U.S. jobless claims: Economists forecast on October 30 that initial jobless claims came in at around 219,000 for the week ending October 25. Official data were delayed because of the government shutdown, but the figures suggest the labor market is still steady.

U.S. shutdown impact: The Congressional Budget Office announced on October 29 that the federal shutdown could reduce fourth-quarter gross domestic product by as much as $7 billion to $14 billion. This would weigh on revenue growth for cyclicals.

Nokia and Nvidia: On October 28, Nokia announced that Nvidia has a deal to invest $1B for a 2.9% stake as well as collaborate on next-generation wireless technologies. That would likely give Nokia a boost in network and data center sales.

Apple and Microsoft: On October 28, Microsoft closed above a four-trillion-dollar market value, while Apple briefly crossed that level intraday. This reinforces the outsized influence of the largest platforms on index performance.

Roblox (RBLX): Goldman Sachs upgraded Roblox to Buy on October 31st and put a price target of $180, mentioning strong platform activity and a clearer path to long-term growth. The new target implies nearly 60% upside from recent trading levels.

PayPal (PYPL): On October 28, PayPal announced a partnership with OpenAI that will let users check out within ChatGPT directly beginning in 2026. This is a new channel for payments for merchants.

Crude Oil: Benchmark oil prices were little changed on October 30 in the wake of the Fed rate cut and U.S.-China tariff news. Energy input costs should remain broadly stable in the near term.

ExxonMobil’s cash: ExxonMobil reported third-quarter earnings of 7.5 billion dollars and operating cash flow of 14.8 billion dollars on October 31. These results support ongoing dividends and share repurchases.

AMD October surge: Advanced Micro Devices has gained 61.6% in October as of the 31st, putting it on track for its strongest month since 2001. The jump followed the company’s October 6 agreement to supply chips to OpenAI, which includes a potential 10% equity warrant and plans to deploy around six gigawatts of AMD systems starting in 2026.

Gold: Gold prices rose about 2% on October 30 to just above 4,000 dollars per ounce following the rate cut, then fell about 0.3% on October 31 as the dollar strengthened. Interest rates and the dollar remain the main drivers of gold’s recent movements.

Getty Images (GETY): Getty Images and Perplexity announced a multiyear licensing deal on October 31 that will allow the latter's AI search tools to display Getty's images. The integration will use Getty's API and will be properly attributed.

United Parcel Service (UPS): UPS reported on October 28 that it has shed around 48,000 jobs so far this year, including about 34,000 operations positions. Third-quarter results topped consensus, reinforcing a lower cost base heading into peak season.

Brighthouse Financial (BHF): The Financial Times on October 30 reported that Aquarian Holdings is in advanced talks to take Brighthouse private for about $4 billion, potentially valuing the company at $70 per share, Reuters said. Neither Brighthouse nor Aquarian would comment.

Other interesting reads:

Charles Cuts Off Andrew to Shield the Throne: King Charles stripped Prince Andrew of his royal title on October 30 and told him to vacate Royal Lodge in Windsor. The palace said it wanted to preserve the integrity of the monarchy and that the king and queen were thinking of those who had been abused. The move was welcomed by campaigners and a few politicians, while others said it should have happened years ago. (The Royal Drama)

Trump’s nuclear reactor plan raises safety questions: On October 31, Washington reached a deal with Westinghouse owners Cameco and Brookfield to support about 80 billion dollars in new reactor projects. In return, the government could gain 20% of future profits and an equity stake if the company’s value tops 30 billion dollars by 2029. Safety groups warned of weaker oversight, though the White House said rules remain unchanged. (The Not-So-Safe Plan)

Netflix is keeping an eye on Warner Bros Discovery: Netflix (NFLX) hired Moelis & Co. and, as of October 30, got access to the financial data room of Warner Bros Discovery to consider a potential offer for its studio and streaming assets. The chief executive, Ted Sarandos, signaled that Netflix is still not interested in buying traditional cable networks. The review comes a week after Warner Bros Discovery rebuffed an offer of approximately $24 per share from Paramount Skydance. (The Promising Future)

🟩 Up this week

Alphabet (GOOGL) +7.58% WTD: Revenue for the third quarter came in 16% higher compared to last year at $102.3 billion, boosted by gains from Search, YouTube, and Cloud. Strong results and continued capex investment reinforced confidence in the company's long-term momentum. (The Solid Gains)

Caterpillar (CAT) +11.13% WTD: Third-quarter results beat expectations, driven by strong generator demand from data centers. Reuters noted the stock’s record one-day jump following the earnings release. (The Strong Demand)

Avidity Biosciences (RNA) +42.17% WTD: Novartis announced it will acquire Avidity Biosciences for approximately $12 billion, or $72 per share. (The Mega Deal)

Intel (INTC) +4.91% WTD: Revenue of $13.7 billion marked a return to profitability, and the fourth-quarter outlook brought some clarity on Altera’s accounting treatment. (The Release)

🟥 Down this week

Meta Platforms (META) −11.79% WTD: Third-quarter revenue reached $51.24 billion, but a large tax charge weighed on earnings, and higher 2026 expense guidance pressured sentiment. (The Expense Guidance)

Texas Instruments (TXN) −4.69% WTD: The company's revenue of $4.74 billion and earns per share of $1.48 came alongside cautious commentary on end markets, which dampened investor confidence. (The Confidence)

Delta Air Lines (DAL) −5.76% WTD: With fuel prices stabilizing and demand trends remaining solid, management’s outlook indicated limited near-term upside to Revenue per Available Seat Mile. (The Near-Term Upside)

UnitedHealth (UNH) −6.13% WTD: Deutsche Bank lowered the stock to Hold with a $333 price target following the quarterly update, citing limited near-term upside. (The Hold)

That’s the wrap for this week’s market movements. We’ll be back next week with more updates on our live portfolio.

Until then, happy investing!
— The Investogy Team, Kätlin & Siimon

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