S&P Notches Record After PPI, OpenAI Tops $40B Run Rate, More
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News When You Want It with Bloomberg News Now, I'm Doug Krisner. Traders on Wall Street drove the S P five hundred to an all-time high in the Thursday session. This move followed more evidence of moderating inflation. Producer prices decelerated last month by more than estimated as energy and food cost fell. Month on month, PPI was flat, and on an annual basis, PPI rose at a rate of four point seven percent. That's down. So this reading reinforced bets on the Fed refraining from raising interest rates next month. Karen Manna is fixed income investment director at Federated Hermes.
We definitely have the Fed presidents that think that inflation is a problem that they need to use their policy rate to begin to push back on. But the governors are, I don't know if sanguine is the appropriate word, but they seem to be a little bit more measured. They say that they're ready to move when they have the evidence, but I don't think that this month's data is going to give them that evidence that they need.
Karen Manna there from Federated Hermes, she was a guest on Bloomberg surveillance. Now money markets are pricing in a less than forty percent chance of a Fed rate hike in September. Sources tell Bloomberg that OpenAI is on track to generate more than forty billion dollars in annualized revenue. Now that would roughly double its run rate from the end of last year. The growth is being driven by AI coding tools as well as the remote. As subscriptions and a small but growing advertising business. Here is Bloomberg News AI reporter Rachel Metz.
What's interesting here is it's not just across a piece of its business. It's not just in its enterprise business. We are seeing growth. Um, what we understand from talking to our sources is it's not just coming from enterprise and its coding product codex, uh, but it's also coming from ads related business and also its consumer business.
That is Bloomberg's Rachel Metz. Now OpenAI's positive momentum strengthens its case for a future initial public offering as competition with rival Anthropic intensifies. Both firms, by the way, have filed confidentially to go public with Anthropic expected to IPO as soon as this fall.
What caused the S&P 500 to hit a record high after the latest PPI data?
OpenAI declined a request for comment. The Trump administration is moving to restrict imports of drones and drone components, citing national security concerns. According to an executive order published late Thursday, the U.S. will impose tariffs of up to 100% on certain unmanned aircraft systems as well as docking stations and other key components. Smaller drones face a 25% duty. The administration says the move is aimed to be a very strong. aimed at reducing reliance on foreign supply chains and pushing more drone manufacturing to the U.S. Most of the new drone levies are slated to take effect on September 3rd. To earnings news next, after the bell, a lukewarm reception from investors following the latest earnings report from Applied Materials, more from Bloomberg's Charlie Pellet.
The company is the biggest American maker of chip equipment, making it central to a surge in demand for semiconductors. But after a rally that more than doubled the stock price, it's now harder for applied materials to meet expectations. Applied materials is a barometer for chip industry health because semiconductor makers buy its gear when they need to ramp up production. In New York, Charlie Pellet, Bloomberg Radio.
Luigi Mancioni is expected to plead guilty on Friday to resolve federal charges related to the fatal shooting of United Healthcare CEO Brian Thompson. More from Bloomberg's June Grosso.
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