Tech Stocks Rebound Even As OpenAI Logs Heavy Losses

Dow Jones Newswires’ Joe Stoner reports that OpenAI’s third-quarter revenue nearly doubled to $10 billion, or roughly 50% quarter-over-quarter growth, but the company continues to record heavy operating losses. Anthropic, which was preparing for an IPO the following week, generated $17 billion in quarterly revenue—$7 billion more—and had much narrower losses. Stoner says enterprise customers who once favored ChatGPT have increasingly chosen Anthropic’s Claude. OpenAI is cutting model costs to regain market share and attract more paying subscribers.

Tech stocks received a boost from several developments. Taiwan Semiconductor Manufacturing Co.’s board backed plans to invest $500 million each in Anthropic and OpenAI, signaling confidence in both companies. Alibaba said it plans to list its semiconductor business in Hong Kong. CoreWeave shares surged before the market opened after the cloud provider reported better-than-expected third-quarter revenue. JPMorgan analysts said the results eased investors’ concern that CoreWeave could not finance the data centers needed to meet AI demand, a concern that had driven up the cost of its debt during the previous month’s AI sell-off.

Defense Secretary Pete Hegseth survived a House impeachment effort by a 211-204 vote, with Republican Thomas Massie the only Republican to join Democrats. President Trump said the vote exonerated Hegseth, but Massie said the effort was not over and that he planned to force another War Powers vote before leaving office. House Democratic Caucus leader Pete Aguilar said Democrats would revive the push after taking control of Congress in January, promising aggressive oversight and accountability.

Nine members of the Kennedy family joined a court challenge to President Trump’s planned triumphal arch between the Lincoln Memorial and Arlington National Cemetery. Their filing says the monument would permanently cast shadows over graves of fallen service members and relatives and obstruct the designed sightline from the Eternal Flame at John F. Kennedy’s gravesite. Veterans in Virginia and Washington, D.C., have filed separate lawsuits arguing that the administration lacks congressional approval. A federal judge temporarily blocked construction; Trump says the project honors the nation’s 250th anniversary and would include a military complex with snipers and drones.

President Trump’s deal for Russia to supply diesel to the United States has stalled: no Russian diesel has reached the country since the agreement was announced in early October. Energy reporter Rebecca Fung says U.S.-bound tankers changed course because buyers and financing banks fear sanctions from the European Union, United Kingdom, and Switzerland, despite a U.S. waiver; critics also call the carve-out illegal. U.S. companies do not face a domestic shortage and the country exports more than 1.5 million barrels daily. Diesel still costs more than $6 a gallon, nearly twice last year’s price, because U.S. prices track international markets.

At Web Summit in Lisbon, Reddit COO Jen Wong and BlueSky COO Rose Wang addressed a future in which AI agents already generate more web traffic than humans and could outnumber them 1,000 to 1 within five years. They said major platforms have homogenized online culture, while younger users are turning to group chats and communities. Wong argued Reddit’s community upvotes and downvotes filter posts through topic-specific human judgment; she compared AI-edited posts to spellcheck. Wang said BlueSky’s protocol uses encrypted signatures to establish provenance and lets users label AI-generated “slop.” Reddit hopes to license users’ human tastes and judgment to AI companies, while BlueSky plans to let creators and developers control communities and share in revenue, taking a small platform fee.