Market UpdatesAug 14, 20262 Min
Global market wrap: Asian stocks trade mixed as gold heads for weekly loss; OpenAI’s revenue run rate exceeds $40 billion
We are back with quick updates on developments around global stock markets, commodities and companies that are creating buzz today.
Asian equities were trading mixed on Friday as investors weighed broad gains in US stocks and lower oil prices against a volatile geopolitical scenario between the US and Iran.
South Korea’s Kospi index continued its rally to trade 1.8% higher on Friday at 6,938. Japan’s Nikkei index rose 0.4% to 68,568.
However, China’s Shanghai Composite index slipped 0.3% to 3,914, while Hong Kong’s Hang Seng Index lost 1% to 25,144.
Singapore’s Straits Times was trading flat at 5,722. Australia’s S&P/ASX 200 was down 1.1% to 9,091.
US stock futures were trading flat on Friday ahead of the July retail sales figure to be released later in the day. S&P 500 futures were trading unchanged from the previous closing levels, Nasdaq 100 futures dipped 0.2%, while futures tied to the Dow were marginally up by 0.05%.
On Thursday, the S&P 500 index closed at a record after hitting an all-time high of 7,816.70. The Dow Jones Industrial Average inched up 0.13%, while the Nasdaq Composite added 0.81%.
Oil prices were steady on Friday as the US announced that it would be applying economic measures on Iran “that have never been seen before”.
The US crude oil futures for September delivery rose 0.2% to $81.38 per barrel by 0003 EDT, while Brent futures for October delivery were up 0.1% to $87.16 per barrel.
Gold prices slipped on Friday and were headed for a weekly loss even as lower-than-expected inflation weakened the case for a Federal Reserve rate hike next month. Spot gold slided 0.8% to $4,318 per ounce by 0403 GMT, while US gold futures for December delivery shed 1.1% to $4,372 per ounce.
Here’s a look at the key developments of the day:
OpenAI’s revenue run rate exceeds $40 billion ahead of IPO
According to a report, OpenAI is on track to generate annualized revenue of more than $40 billion based on its current performance. This is roughly double its run rate from the end of 2025, which augurs well for the company’s initial public offering (IPO) plans.
OpenAI’s revenue has seen a boost in part by the growth of its AI coding software, the report added. The gains also reflect momentum from subscription sales and its nascent advertising business, along with growth in the core consumer business.
Apple trains its own AI model for China market
Apple has trained a large language model specifically for the China market, instead of the company’s usual strategy to rely on third-party models for powering AI features in the country, according to a report.
The AI model was developed in partnership with Alibaba Group, the report mentioned. Apple Intelligence, the company’s suite of AI tools, is expected to launch in China in the coming months after an update to its iOS operating system.
PE firm Silver Lake may acquire software firm Workday
Private equity firm Silver Lake is in talks to acquire Workday in a deal that would rank among the largest software buyouts in history, according to a report. Workday is a US-based human-resources and financial management software company. Its stock jumped 18% on Thursday after the news of the potential acquisition hit the market.
The report mentioned that Silver Lake and Workday have held discussions about a potential deal in recent months. The talks are ongoing, but there is no guarantee a deal will materialise.
Uber partners with China’s Pony.ai for 2,000 robotaxis in Europe
US-based ride-hailing company Uber is partnering with operator Pony.ai to ramp up its global robotaxi coverage. The companies plan to deploy 2,000 of Pony.ai’s self-driving taxis across Europe. Later, they may expand the robotaxi partnership to the Middle East as well.
Uber and Pony.ai had launched a commercial robotaxi service in Croatia’s capital, Zagreb. The companies have announced that the partnership will now roll out robotaxis to four other European cities as well. However, they did not name the cities or share an exact timeframe.
Apple opens Houston manufacturing plant
Apple CEO Tim Cook on Thursday inaugurated the new manufacturing facility in Houston, Texas, along with government officials including Secretary of Commerce Howard Lutnick.
The new manufacturing facility will start manufacturing Mac Mini desktop computers later this year. AI servers for Apple will also be assembled at a portion of the location. Currently, it offers free training and educational classes for businesses in Houston.
China chip designer Kiwimoore may plan Hong Kong IPO at $2 billion valuation
Chinese chip designer Kiwimoore has confidentially filed for a Hong Kong initial public offering (IPO), targeting a valuation of about $2 billion, according to a report.
Kiwimoore plans to list in Hong Kong in the first half of 2027, the report added. The company reportedly raised about 700 million yuan ($103.79 million) in a July funding round with a valuation of 8 billion yuan.
