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Economy & Finance

U.S. Stocks

U.S. stocks surged to record highs as tech shares rallied, driven by Salesforce's strong earnings and an optimistic economic outlook shared by Federal Reserve Chair Jerome Powell. Powell highlighted progress on inflation and a stronger-than-expected economy, suggesting caution on further rate cuts. The Fed's Beige Book showed modest economic growth, adding to market optimism. Tech leaders like Salesforce and Marvell Technology hit all-time highs, while indices for technology, communication services, and consumer discretionary sectors also set records. Major indexes—Dow, S&P 500, and Nasdaq—posted solid gains ahead of key jobs data later this week, reinforcing expectations of a December rate cut.

Technology

OpenAI

OpenAI, a leading artificial intelligence firm, has achieved a significant milestone of 300 million weekly active users, as shared by CEO Sam Altman at The New York Times’ DealBook Summit. This figure reflects a sharp increase from the 250 million reported recently and aligns with the company’s ambitious goal of reaching 1 billion users in the next year. Backed by Microsoft, OpenAI is intensifying its competitive efforts against rivals like Anthropic and xAI, while also targeting tech giants like Google and Meta in the burgeoning generative AI market projected to exceed $1 trillion within a decade. The company is ramping up marketing initiatives, including hiring Coinbase’s former marketing lead, Kate Rouch, and expanding ChatGPT features to challenge traditional search engines. With a valuation of $157 billion and recent funding from SoftBank and others, OpenAI is solidifying its market presence while navigating competitive dynamics.

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