US stock-index futures rose with Asian shares after more details emerged about Open AI's estimated revenue, suggesting the weakness in Wall Street technology shares may be contained. Brent crude also declined, adding relief to markets.
Contracts for the S&P 500 Index gained 0.3% and those for the Nasdaq 100 Index climbed 0.4%. Open AI expects to reach or exceed $70 billion in annualized revenue by year-end driven largely by growth in its enterprise business, according to people familiar with the matter.
US shares had retreated Thursday and a gauge of chipmakers slid 3.4% following a Financial Times report that Open AI's annualized revenue was $20 billion below previously signaled levels. Brent crude dropped 1% to $103.24 a barrel after President Donald Trump said the US won't attack Iran ahead of November's midterm elections.
The start of the earnings season next week will provide a key test, with investors seeking evidence that revenue and profits can keep pace with the capital required to develop and run AI models.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing