A.M. Edition for Dec. 2. OpenAI declares “code red” in a memo to employees, as its lead in the AI race narrows. WSJ’s Berber Jin explains what has OpenAI CEO Sam Altman rattled and what this all means for investors. Plus, Democrats hope a tight special election in Tennessee today can flip a consistently Republican district in their favor. And, what will Disney look like without Bob Iger? WSJ entertainment reporter Ben Fritz has got the inside scoop on the top contenders jockeying to succeed him. Caitlin McCabe hosts. Sign up for the WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

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“What did the council decide on item 42?” — answered with the speaker and the moment.