OpenAI hit $10B and still bled cash

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Before The Bell

Change over the last 24 hours · as of Nov 11, 2026, 6:09 AM ET

OpenAI revenue jumps 50% to $10B in Q3 LINK

• OpenAI's third-quarter revenue climbed roughly 50% to $10 billion, though the company kept bleeding cash with steep operating losses, according to a Wall Street Journal report on Tuesday.
• Operating losses widened to $10.9 billion from about $10 billion the prior quarter, even as its margin on spending versus revenue narrowed its shortfall.
• The figures land as investors scrutinize AI firms' profitability, with rival Anthropic on a roadshow for an IPO that could value it near $1.4 trillion, a potential benchmark for the sector.

US inflation rose 0.4% in October above forecasts LINK

• US consumer prices rose 0.4% in October, cooler than September's 0.6% but above the 0.3% forecast and still well over the Fed's 2% target, tightening the squeeze on household budgets.
• Core inflation, which strips out food and energy, climbed 0.3% against expectations of 0.2%, reinforcing bets on another Fed rate hike at next month's final meeting of the year.
• Markets sold off as rates jumped: the 2-year Treasury yield rose 14 basis points to 4.69% as traders priced a small chance of a 50-basis-point December move, while Nasdaq 100 futures fell 1.15% and Bitcoin slipped to $73,600.

Anthropic's IPO could value it up to $1.4T LINK

• Anthropic set a price range of $70 to $78 a share for its IPO, which at the top end would value the company at up to $1.405 trillion on a fully diluted basis, up from the $965 billion it carried in May.
• The offering of 825 million shares would raise about $64.4 billion at the top of the range, with pricing expected on November 18 and trading to begin on November 19 on the Nasdaq under the ticker "ANT."
• The range lands below the roughly $2 trillion Anthropic eyed in September after a sell-off in AI stocks, though its order book is already covered; seven suppliers including Google and Nvidia will separately buy $26 billion of non-voting stock.

🇨🇳 Nvidia faces fresh China chip smuggling claims LINK

• US lawmakers are moving to tighten oversight of Nvidia's China chip sales after dual smuggling scandals and revelations that CEO Jensen Huang had an affair with a woman tied to a key customer and allegedly recruited by Chinese intelligence.
• Two cases are driving the scrutiny: $2.5 billion in Supermicro servers packed with Nvidia chips allegedly routed to China, and customer Megaspeed, which reportedly bought over $4.8 billion of Nvidia chips, much of it allegedly serving Chinese clients remotely.
• Huang faces analysts at Nvidia's third-quarter earnings on November 17 and a closed-door House briefing the next day, while Senator Elizabeth Warren is expected to use Banking Committee subpoena power in January after Democrats retook the Senate.

Report ties Huang affair to $7.5B China chip flow LINK

• A report from The Information says a relationship between Nvidia CEO Jensen Huang and a Chinese businesswoman, alleged to be a Beijing spy, helped move at least $7.5 billion of the company's chips into China.
• Alice Huang and relatives built a network of firms across China and Singapore, centered on Shanghai Century Litong, which won preferred Nvidia cloud-partner status in 2023 to funnel about 240,000 high-end chips past US export curbs.
• Nvidia shares closed down more than 4% on Monday after its board opened an internal probe into whether Huang, 63, was targeted by a foreign intelligence operation, a matter the FBI is also examining.

Macro News

• Bessent says US and China must recognize differences while managing AI risks. LINK
• Microsoft lobbies against transceiver ban, warning it could hinder US AI buildout. LINK
• Oil prices rebounded as traders grew pessimistic about US-Iran peace prospects. LINK
• ECB warns digital euro launch could slip without EU legislation by year-end. LINK
• Orlen became QatarEnergy's first long-term customer to cancel an LNG contract. LINK
• Senate advances bill to accelerate permitting for energy infrastructure and power projects. LINK
• White House vows to expand tariffs throughout Trump's term, citing manufacturing revival. LINK
• Bowman says broadening inflation warrants further rate increases. LINK
• National US gasoline prices fell below $4 for first time since July. LINK

Corporate News

• Anthropic launched productivity tools challenging Microsoft Office and Google Workspace. LINK
• Global banks commit $270 million to launch dollar-pegged stablecoin challenging crypto incumbents. LINK
• CoreWeave beat revenue estimates amid investor concerns over debt-funded AI expansion. LINK
• SoftBank reported a $7 billion loss as data-center costs and debt mounted. LINK
• Alibaba plans Hong Kong listing for chip unit T-Head after exchange clearance. LINK
• Costco shares rose after retailer declared record $30-per-share special dividend. LINK
• CFTC warned Kalshi of imminent charges over notification of new prediction-market contracts. LINK
• Oura agreed to buy AI primary-care startup Counsel Health for $625 million. LINK
• Mercor raised $750 million at a $20 billion valuation for AI expansion. LINK
• Siemens will buy Lauterbach to expand semiconductor design software capabilities. LINK

Stocks

▲ Biggest winners

Charter Communications rose 11% after announcing a $2 billion annualized cost savings plan. LINK

Take-Two Interactive Software rose 8% after CEO said Grand Theft Auto VI preorders were running 'far in excess' of expectations. LINK

Rocket Lab rose 7% after Q3 revenue of $267.8 million beat estimates and record $3.57 billion backlog. LINK

▼ Biggest losers

Pershing Square fell 15% after Ackman revealed a 29% stake in Nike and investors questioned the strategy. LINK

AST SpaceMobile fell 9% after Q3 2026 revenue of $42.3 million missed $47-48 million consensus. LINK

Research & Reports

• Driverless trucks could match human-driven trucking costs per mile by 2028. LINK
• Limited used turbines and engines won't significantly ease AI data-center power shortages. LINK
• US public pensions have up to $707 billion invested in AI-linked companies. LINK
• Bitcoin may bottom before central-bank rate cuts if global hikes keep slowing. LINK
• Credit card delinquencies surged, widening the gap between poorer and wealthier neighborhoods. LINK
• SEC enforcement actions fell to 348, the lowest annual total since 1991. LINK

Market Calendar

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