If Not Now, Then When Will These AI Companies Go Public?

Dan Nathan and Guy Adami reunite to preview the week, focusing on two late-week tech stories: a Nikkei report that Apple may have cut iPhone 18/18 Pro component orders, and market volatility sparked by questions around OpenAI’s revenue figures, including debate over annual run-rate calculations and implications for AI-linked stocks and “NeoCloud” customers. They discuss a macro backdrop of a 10-year yield around 5.24%, a firm dollar, subdued VIX, and sticky crude near $91 amid heightened Middle East tensions and election-related timing concerns. The pair critique Treasury Secretary Scott Bessent’s approach as yields rise despite policy aims, and debate what could bring rates down. They also discuss AI build-out financing, pulled IPOs, and upcoming CPI/PPI plus major bank earnings, emphasizing guidance, consumer delinquencies, and potential volatility into the midterms.

Show Notes

Inside Bessent’s Treasury: Tension, Turnover and Unmet Economic Goals (WSJ)

Bessent rips Wall Street Journal after report on ‘tension, turnover’ (The Hill)

Exclusive: Apple cuts iPhone 18 Pro orders due to soft demand (Nikkei)

OpenAI annualised revenues $20bn less than previously signalled (FT)

AI agents could cost banks $500bn — by winning savers better rates (FT)

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