Overview
- Microsoft and OpenAI finalized a restructuring that converts OpenAI into a public benefit corporation and gives Microsoft a 27% stake, removing fundraising constraints and setting up a likely listing.
- The Dow closed at 47,706, the S&P 500 at 6,890, and the Nasdaq at 23,827, with tech leaders driving fresh all-time highs.
- Apple and Microsoft joined Nvidia in the $4 trillion market value club, with Microsoft’s gain coinciding with its expanded OpenAI tie-up.
- PayPal said it will integrate payments into ChatGPT through a new "agent ready" solution that enables purchases and synced merchant catalogs.
- Amazon announced corporate headcount reductions, with the company citing about 14,000 roles and separate reports suggesting the total could be closer to 30,000, as markets look ahead to the Fed’s rate call.