Morning Commentary
The market turned abruptly yesterday after the Financial Times (FT) reported that OpenAI’s annual run rate is closer to $50.0 billion than the $70.0 billion several media outlets reported on and after September 29th.

The hottest names of 2026, all tied to artificial intelligence (AI), took it on the chin.

Heck of a Pace

Even at $50.0 billion, this is one of the greatest revenue runs in history, starting from zero. At this point, however, the company can't afford to rest on its laurels.
The Street expects growth to continue at the speed of light. Perhaps this could be a wake-up call for OpenAI and Anthropic to cool it with that AI death cult nonsense.
With the latter planning to go public via an initial public offering (IPO) soon, all the numbers will face greater scrutiny.

Frontier Models Raking in the Chips
You keep reading about open models gobbling up market share, but that's mostly free stuff, while the frontier twins have a strong lock on enterprise and the riches that come with it.


Tangled Web
I admit the tangled web of circular financing is worrisome. Thus far, it is justified in this race for dominance and opportunity. Everyone knows this story, which the media has flogged to death, especially those who seem to relish the potential demise of the AI trade.

One such entity is the Financial Times, which has a lot of egg on its face. Maybe they know the difference, but if not, here is a reminder: Generally Accepted Accounting Principles (GAAP) versus non-GAAP accounting.

Today’s Session
Futures are pointing to a higher open led by the Nasdaq, while oil edges lower.

SoftBank CEO Masayoshi Son is seeking up to $100 billion from Gulf investors, including talks with senior figures in the United Arab Emirates, for a new fund that would acquire companies and overhaul their operations with AI.

Money on the Move
Foreign investors dumped a record ¥2.24 trillion of Japanese stock index futures in the latest week of Tokyo Stock Exchange data, even as they kept buying cash equities. Japan equity funds also saw $3.3 billion in outflows in the week ended October 7th, the most since May.

Money market funds took in $166.4 billion in the week ended October 7th, the biggest weekly inflow since April 2020.

| Comments |
| The Democrats FAKE NEWS to win an election is killing us The stories they make up are hurting the country they are trying to bring down the country financially (spend then forfeit on bonds(let the rich bond holders pay)) so they can put there communist agenda in place. All common people make nothing and the government employees live in luxury look at Russia joseph Ryzak on 10/9/2026 8:15:29 AM |
| Tweet |
| 10/9/2026 1:17 PM | AI Trade is Back |
| 10/9/2026 9:51 AM | FAKE NEWS STRIKES |
| 10/8/2026 1:16 PM | A Thursday Dip |
| 10/8/2026 9:51 AM | INTERNAL INFERNO |
| 10/7/2026 1:17 PM | High Yield Fears Return |
| 10/7/2026 9:35 AM | NEW HIGHS BEGET NEW HIGHS |
| 10/6/2026 1:24 PM | Reaching New Highs |
| 10/6/2026 9:33 AM | AIN’T AFRAID OF SKYROCKETING YIELDS |
| 10/5/2026 1:29 PM | Broad Participation |
| 10/5/2026 9:35 AM | LOOKING FOR BREAKOUTS |
| 10/2/2026 1:08 PM | A Friday Lift |
| 10/2/2026 9:41 AM | A GENTLE WAVE |
| 10/1/2026 1:15 PM | Volatile Start |
| 10/1/2026 9:28 AM | THE SILENT BEAR & RAGING BULL |
| 9/30/2026 1:35 PM | Waiting on Micron |
| 9/30/2026 9:42 AM | SALAD DAYS FOR SUPER INTELLIGENCE |
| 9/29/2026 1:38 PM | Weak Tone |
| 9/29/2026 9:35 AM | STRANGE DAYS INDEED |
| 9/28/2026 1:15 PM | A Soft Start to the Week |
| 9/28/2026 9:35 AM | BOND MARKET HISTORY LESSON HELPS |
| 9/25/2026 1:21 PM | Diplomatic Hopes Set the Mood |
| 9/25/2026 9:38 AM | THE LEAD HORSES ARE BACK |
| 9/24/2026 1:20 PM | Yields Set the Tone |
| 9/24/2026 9:35 AM | TOO HOT? |
| 9/23/2026 1:09 PM | Rate Hike Fears |
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