On today’s episode of Asking for a Trend, Host Josh Lipton breaks down some of the top stories and themes of the trading day.
The “Magnificent Seven” that Wall Street usually talks about are Nvidia (NVDA), Alphabet (GOOG, GOOGL), Tesla (TSLA), Microsoft (MSFT), Amazon (AMZN), Meta (META), and Apple (AAPL). But there are seven private companies that investors are trying to cash in on too. According to Forge Global, those private Magnificent Seven are SpaceX, OpenAI, Stripe, Databricks, Fanatics, Scale, and Rippling. Forge Global CEO Kelly Rodriques says a lot of outsiders are trying to gain access, adding that these private Magnificent Seven companies are “staying private longer and longer. And they’re getting bigger and people want access to those names.”
The S&P 500 (^GSPC) closed at another record high on Thursday, and Yahoo Finance’s Markets Reporter Josh Schafer analyzes the trading day’s movement.
ChatGPT maker OpenAI is reportedly shifting from its nonprofit structure to a more traditional for-profit approach. Torch Capital founder and managing partner Jon Keidan tells Yahoo Finance, “As the competition has gotten more severe, OpenAI has shown a lot of success. They’ve developed product after product released successfully, and I think they’re just trying to equalize the playing field. I think they probably felt being a nonprofit was a bit of a weight on them, so they’re restructuring to be more competitive with Anthropic or xAI.” The for-profit shift would likely mean the OpenAI CEO Sam Altman would have equity in the company.
A new report from Bain & Company projects the market for AI-related hardware and software to expand 40-50% annually, reaching approximately $990 billion by 2027. Market Domination Host Julie Hyman dives into the details of the report and breaks down company spending on generative AI.
Costco (COST) reported mixed fiscal fourth quarter results after the market close on Thursday. Yahoo Finance Senior Reporter Brooke DiPalma explains that there was one other metric that missed expectations — membership fee income.
United Atlantic Ventures LLC sold 7.5 million shares of the Trump Media & Technology Group (DJT) shareholder, according to a regulatory filing. The company’s managing member is former “Apprentice” contestant Andrew Litinsky, who now owns just 100 shares.
This post was written by Melanie Riehl
Read More: Costco earnings, the private Magnificent 7: Asking for a Trend
