Shares of prominent companies involved in artificial intelligence, including Oracle, Nvidia, and SoftBank Group, are experiencing declines this morning following reports that OpenAI, led by CEO Sam Altman, fell short of internal revenue and user growth targets. In pre-market trading, stock futures showed mixed performance, even as both the S&P 500 and Nasdaq Composite reached record highs yesterday.
A high-stakes trial is unfolding in California federal court involving Sam Altman and Tesla CEO Elon Musk. A jury was seated yesterday, with opening arguments set to commence today in a lawsuit valued at $134 billion. Musk’s lawsuit claims OpenAI, Altman, and the lab’s president Greg Brockman violated a prior commitment to maintain the organization as a nonprofit entity. The presiding judge, Yvonne Gonzalez Rogers, has structured the trial in two phases. The initial phase will establish whether any wrongdoing has occurred, while the subsequent phase will address potential remedies. Notably, the jury’s role will be advisory, as Judge Gonzalez Rogers will ultimately decide the case’s outcome.
In a separate political development, President Donald Trump discussed Iran’s proposal regarding the reopening of the Strait of Hormuz with his national security team. Should the U.S. lift its blockade in the region, Tehran has indicated it would open the critical passageway, although negotiations over Iran’s nuclear ambitions might be postponed. White House Press Secretary Karoline Leavitt clarified that Trump is not actively considering the offer, stating that he intends to keep the Strait closed until an agreement with Iran is fully realized. Brent crude oil futures crossed the $111 per barrel mark in response to these tensions, but investors remain largely unfazed, as evidenced by the recent record highs of the broader markets.
The Supreme Court’s recent decision to overturn Donald Trump’s tariffs has provided an unexpected boost to General Motors, prompting the automaker to raise its 2026 guidance by $500 million reflecting anticipated tariff refunds. Following an earnings report that slightly missed revenue targets but exceeded earnings expectations, GM shares climbed approximately 5% in pre-market trading.
In the realm of cryptocurrency, the popularity of perpetual futures—one of the most volatile trading options—has drawn interest from prediction market platforms like Kalshi and Polymarket. As these platforms expand into this risky segment, perpetual contracts now constitute over 70% of trading volume on centralized exchanges.
Lastly, Spotify is joining forces with Peloton, launching a new fitness category that will grant premium subscribers access to over 1,400 Peloton classes. This partnership aims to diversify Spotify’s content offerings beyond music and podcasts, while assisting Peloton in shifting away from a hardware-centric business model. Despite this collaboration, Spotify’s shares fell by over 10% after the company released its first-quarter earnings, which met revenue expectations but projected weaker operating income for the upcoming quarter.
In a broader economic commentary, billionaire investor Ray Dalio characterized the current U.S. economy as “stagflationary,” advising against potential interest rate cuts by the Federal Reserve.
