OpenAI filed a confidential IPO prospectus valuing the company at more than $1 trillion, joining SpaceX and Anthropic in seeking 13‑figure market caps. SpaceX plans a public debut on Friday, offering investors a first look at how the market will digest three massive listings. The filings raise questions about who will profit most – shareholders or the banks underwriting the deals, and set a benchmark for future AI valuations.

Wall Street’s rally on Monday appeared thin; tech stocks that slumped after Friday’s jobs data recovered modestly, while the broader S&P 500 held steady at last month’s level. The semiconductor index, a leading gauge, showed similar volatility, underscoring a market that has broken its upward trend but not yet reversed. Short‑term yield‑curve turbulence adds to the uncertainty.

Stablecoins remain overwhelmingly dollar‑denominated, with over 99 % of the $320 billion supply tied to the greenback, dwarfing euro and pound alternatives. European regulators warn that widespread use could erode monetary sovereignty, while the Bank of England wrestles with a draft framework that may limit interest‑bearing tokens. The clash highlights how digital‑currency policy will intersect with the broader market volatility.