Crypto News: Pre-war levels

Good morning. Middle East oil flows are recovering. OpenAI’s valuation may reach $1.4 trillion. And we take a deep dive into succession plans at Goldman Sachs. Listen to the day’s top stories.

— Tiago Ramos Alfaro and Harry Black

Market Snapshot
WTI crude oil futures	$90.29	+1.0%
Nasdaq 100 Futures	30,596.75	-0.1%
Bloomberg Dollar Spot Index	1,216.88	-0.1%
Market data as of 06:24 AM ET. Data is subject to provider delays.	Your watchlist

Middle East crude oil flows are returning toward normal despite continued risks to shipping, according to separate estimates from JPMorgan and Goldman Sachs. The 10-day average of exports has rebounded to 17.5 million barrels a day, or 98% of pre-war levels, JPMorgan analysts said in a note. That comes as Saudi Arabia restored flows through its East-West pipeline, after drone strikes halted the key export route earlier this month, according to people familiar with the matter. For a refresher, read why the Strait of Hormuz is the world’s oil flashpoint and how a single Saudi pipeline is crucial to world supply.

Donald Trump shot down the idea of new federal AI regulations after meeting industry leaders at the White House amid growing concerns about risks posed by the technology. Instead, the president endorsed outside auditors to assess the safety of AI systems in a pact with Silicon Valley executives.

Next in AI news: OpenAI. The ChatGPT maker is seeking to raise at least $30 billion in fresh funding at a roughly $1.4 trillion valuation, people familiar said. Sam Altman, who recently warned his firm would refrain from going public this year, said Tuesday that investors will be “patient” with its IPO plans amid heightened AI safety concerns. The fundraising talks are at an early stage and may change.

Now, hardware. Apple is set to sell about 6 million units of the iPhone Duo this year, Counterpoint Research said, offering the first estimate for how the company’s inaugural foldable device will fare. That kind of figure is more typical of the niche foldable segment than Apple’s usual smartphone sales. Separately, the company now led by John Ternus is expected to make its long-delayed push into the smart-home market on Oct. 13, marking a critical product expansion for the new CEO, people familiar said.

Griffin Commits $3 Billion to Carnegie Mellon in Largest Single Gift Ever

Have you got what it takes to land a job at SpaceX? For one, you’ll need to be a US citizen or lawful permanent resident — rockets share designs similar to that of ballistic missiles, and so the technology is highly regulated by the government. You’ll also be expected to work weekends. And be prepared for Elon Musk to personally review your resume as well. The firm, started in 2002 with a vision no less grandiose than making humans a multiplanetary species, is now the most prolific rocket launcher in the world. As a point of comparison, here’s what it takes to get a job at Anthropic.

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Deep Dive: Goldman’s Succession

Goldman’s succession picture is sharpening around John Waldron, but his toughest job may be keeping a deep bench of senior executives from heading for the exits.

The bank’s president and chief operating officer has long been viewed as the preferred candidate to succeed his boss, CEO David Solomon.
A year after Goldman’s board offered Waldron $80 million to stay at the firm, executives close to Solomon expect him to step down no later than 2028, while the Wall Street Journal has reported Waldron could take over as early as next year. Goldman says there’s no definitive succession timeline.
How the next CEO will keep Goldman’s most senior executives happy is the next key question for the succession plan. The challenge: keeping top deputies onside as rival banks, buyout firms and hedge funds look to poach those passed over for the CEO job.
Waldron will have to lean on Solomon’s advice — and his own reputation as a corporate diplomat.

The Big Take

Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed Al Nahyan’s $300 billion wealth fund is a key player in the UAE’s “Zero Hormuz” strategy, spending heavily on ports and infrastructure to redraw trade routes in the Gulf.

Big Take Podcast

China’s Epic Tax Grab

Opinion

Why is oil still above $100 a barrel? President Trump has the advantage in the battle over Hormuz and, as much as Tehran says the opposite, the strait is effectively wide open, Javier Blas writes. But the oil market is waiting to see whether Iran will soften its negotiating position or escalate attacks, a decision that could send prices sharply lower or higher.

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Before You Go

Don’t be surprised if you don’t see an anchor when you turn on your local news program. At one station in Green Bay, Wisconsin, traditional broadcasting has been replaced by prerecorded segments, which play on a loop online. The shift reflects a new vision for local news at E.W. Scripps Co., one of the largest US TV station owners, which is putting more reporters in the field.

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