Crypto News: AI’s money rush

Good morning. The rush to raise money for AI is accelerating. Stock market indexes look set to hit new records. And why some sushi restaurants are swapping soft music for theatrical fish carving. Listen to the day’s top stories.

— Marcus Wright

Market Snapshot
S&P 500 Futures	7,849.25	+0.3%
Nasdaq 100 Futures	31,455.25	+0.4%
Bloomberg Dollar Spot Index	1,222.13	-0.1%
Market data as of 06:55 AM ET. Data is subject to provider delays.	Your watchlist

The rush to raise money for AI infrastructure shows no sign of letting up. OpenAI is in talks with multiple investment funds from the United Arab Emirates to help anchor a $30 billion financing round. In China, DeepSeek is close to securing about $12 billion in its latest financing, ahead of a landmark IPO planned for next year. And fellow Chinese tech champion Moonshot AI closed a fundraising at a valuation of about $50 billion.

Futures rose, putting the S&P 500 on track to move closer to its record high set in August. The Nasdaq 100 is poised to push further into record territory. Treasuries advanced, though they may soon be facing another pain point with billionaire Ray Dalio warning US debt is vulnerable to a pullback by key buyers China and Japan.

Wall Street’s traders and investment bankers are poised to generate $90 billion in profits this year, smashing last year’s total, New York’s state comptroller estimates. The bumper haul should translate into a record round of bonuses for finance professionals in 2027.

Supreme Court’s Alito Says a Democratic Senate Win Won’t Prompt Quick Retirement

Donald Trump signed an executive order to ease restrictions on the use of a tax-exempt diesel, his latest bid to pare costs for the fuel ahead of November’s midterms. The plan would allow more widespread use of red or dyed diesel, which is generally available for off-road purposes, such as in farm and construction equipment.

Brazilian President Lula da Silva’s second-place finish to Flávio Bolsonaro in the first round of the presidential election on Sunday leaves him facing one of the greatest challenges of his long career. Ahead of the runoff on Oct. 25, experts question if there’s enough time to reverse what some see as a deeper rejection of Lula and his party, known as the PT.

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Deep Dive: Canada’s Separatists

Parti Québécois supporters at an election night event. — Parti Québécois supporters.

Voters in Quebec handed the separatist Parti Québécois victory for the first time in more than a decade, setting the stage for more strained relations with Canadian PM Mark Carney’s government and a possible referendum on the province’s independence.

The PQ’s leader Paul St-Pierre Plamondon, set to become the French-speaking province’s new premier, has promised to hold such a referendum during a first four-year term — but not while Trump remains in office.
Attention now turns to Alberta, where a referendum on secession is set to take place on Oct. 19. A sense of unease hangs over the province even as polls show the stay-in-Canada side with a large lead.
Even in Quebec, support for independence is far from a majority, hovering at just over 30%. But the separatist tensions pose another challenge for Carney, already grappling with the US trade war and other chaos created by the Trump administration.

The Big Take

A gas flare burns behind homes in Texas. — A gas flare burns in Ector County, Texas.

The oil industry’s promise to curb routine flaring of natural gas by 2030 has become a common refrain among companies touting their sustainability efforts. But the claims mask a voluntary system riddled with loopholes that has made scant progress toward stamping out one of the industry’s dirtiest practices.

The Big Take Podcast

French firefighters protest against the government's budget.

The Global Bond Selloff is Getting Messy

Opinion

America’s automakers enjoy the refuge of an anti-Chinese wall, Liam Denning writes. But so do foreign, non-Chinese companies which also sell vehicles in America. With their portfolios of cheaper, more fuel-efficient and hybrid models, the Japanese and South Koreans are primed to do well.

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Before You Go

A Las Vegas chef carves tuna. — A chef in Las Vegas carves tuna.

Sushi restaurants are swapping soft music and carefully plated fish for the bloody spectacle of breaking down 200-pound bluefin tuna in front of customers. The theatrical carvings offer something new to diners wanting to go beyond omakase.

A Couple More