Tiwa Adebayo

News when you want it with Bloomberg News Now.

I'm Tiwa Adebayo.

OpenAI has filed confidentially for an IPO as it joins rivals in tapping public markets to fund ambitious growth plans.

Sources tell us that the maker of ChatGPT is working with Goldman Sachs and Morgan Stanley on a potential listing as soon as this autumn.

Though the company remains synonymous with the sector, OpenAI now faces increasing competition from rival Anthropic and others.

Michael Hyther is our U.S.

deals editor.

Michael Hyther speaking there as a growing number of chief technology officers push for greater AI cost efficiency.

Cheaper Chinese models are putting pressure on AI token pricing, raising questions about how much companies are willing to pay for premium models.

If that trend continues, it could challenge the economics behind the hundreds of billions of dollars US firms are investing in AI infrastructure.

Well, sticking with AI, some breaking news this hour that's just hit the Bloomberg terminal.

Sources tell us that China is preparing to spend the equivalent of $295 billion over the next five years on building data centers across the country.

Bloomberg understands that key government agencies are drafting a blueprint to create a network of interconnected computing hubs across the world's second largest economy.

The initiative would accelerate Beijing's efforts to strengthen its domestic AI sector and overtake the US in what is widely seen as a potentially game-changing technology.

And Iran and Israel have agreed not to strike each other as long as they are not attacked after a recent escalation in violence threatened peace talks.

After President Trump's appeal for de-escalation, Israel's leader Benjamin Netanyahu said his country would hold fire.

His remarks follow Iran also announcing an end to its military operations against Israel, though its central military command vowed much harsher action if Israel continued to attack.

Oil dipped on news of the agreement, with Brent crude slipping below $93 a barrel after closing slightly higher on Monday.

That's news when you want it with Bloomberg News Now.

I'm Tiwa Adebayo.