Crypto News: OpenAI keeps getting bigger

Good morning. OpenAI’s revenues soar. Voters question Donald Trump’s claims of a golden age for the American economy. And how much would you spend to help your pet live longer? Listen to the day’s top stories.

— Lucy Meakin

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OpenAI keeps on getting bigger. The ChatGPT maker is on track to generate annualized revenue of more than $40 billion, roughly doubling its run rate from the end of 2025, people familiar said. Revenue has accelerated in recent months thanks to subscription sales and its nascent advertising business, bolstering plans for an IPO.

Oil prices rose after Treasury Secretary Scott Bessent told Newsmax the US will step up economic pressure on Iran, promising to announce more measures next week. Supertankers attempting to get oil through the Strait of Hormuz and the Bab el-Mandeb strait are going dark for longer, with some turning off their transponders to avoid detection for a week or more.

The US kept its AA+ credit rating, but assessor Fitch warned the country is vulnerable to economic shocks due to high fiscal deficits. The influential rating agency said the government’s debt is more than double the median of similarly rated nations.

The US is imposing tariffs of as much as 100% on imported drones and their components, escalating efforts to reduce US reliance on foreign suppliers. The statement didn’t mention China, but the levies risk reinforcing a two-way separation with the world’s dominant drone manufacturer that’s already under way.

Drones Target Weather Blind Spot for Military and Trading Advantage

Deep Dive: America’s ‘Golden Age’

President Trump has argued that the “golden age” he promised for the US economy is already here, but voters seem unconvinced. With midterm elections less than three months away, the gap between his message and public sentiment is becoming harder to ignore.

The White House is confident the administration has a record to run on, but some concerned Republicans want him to offer fresh economic plans, such as further tax cuts.
The economic data itself offers a mixed picture. Unemployment is low, American consumers are buying plenty of stuff, and there are signs of a manufacturing revival. But inflation has been back above 3%.
That’s a problem given voters are laser-focused on the cost of living and seem to have concluded that Trump’s policies haven’t helped. Just 39% approve of the president’s job performance, according to RealClearPolitics.

The Big Take

Pet owners have always wanted their cats and dogs to live forever. Now they’re taking a cue from human biohackers, spending lavishly on experimental treatments they believe will help their beloved companions live better, longer lives.

Big Take Podcast

Rescue workers and volunteers clear debris

Colombia Quake Overtakes New Leader’s Agenda

Opinion

Small businesses hate Trump’s tariffs, Scott Lincicome writes. For big companies they’re a nuisance, but for most others they’re an existential threat hitting from multiple directions.

More Opinions

The Editors

As Wildfires Get Worse, California Needs to Face Reality

Lisa Jarvis

Is Lettuce Safe? Probably. Will Cyclospora Spur Change? Hopefully

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Before You Go

Be it needlework, scrapbooking or marathon running, if you’ve got a weekend of crafting or hobbies ahead, you’re not alone. Americans are dipping into their savings to fund them, pushing pastime spending to a record share of US goods consumption — above even pandemic-era highs.

A Few More

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Why will.i.am Says Human Creativity Will Survive AI

Studio Ghibli’s Biggest Secret Is What Comes Next

Bloomberg Power Players - New York: Set against the backdrop of the US Open Tennis Championships, Bloomberg Power Players returns to New York on Sept. 10, bringing together the leaders shaping this global industry. From athletes and team owners to commissioners and investors, this event will gather the most influential voices in the multitrillion-dollar sports economy. Learn more here.