Oracle stock ORCL gained nearly 4% on Tuesday after a report said OpenAI’s annualized revenue run rate had risen to nearly $70 billion, supported by momentum in enterprise-focused sales.

According to Axios, OpenAI’s annualized revenue run rate has increased by more than 70% since the beginning of the third quarter.

Business-to-business revenue more than doubled over the same period, the report said.

The reported growth lifted Oracle and other stocks linked to OpenAI, outweighing news that OpenAI had scrapped a release plan for its next-generation AI model.

OpenAI growth supports Oracle outlook

The reported financial performance could bolster confidence in companies that count OpenAI as a partner.

Oracle has a $300 billion cloud-computing deal with OpenAI, which is central to the software company’s AI infrastructure push.

“Oracle’s fate is largely tied to the success of OpenAI, which represents around half of its compute backlog,” Gil Luria, managing director at equity research firm D.A. Davidson, said in a Reuters report.

“OpenAI accelerating growth is a very good sign for Oracle, as it reinforces OpenAI’s ability to live up to its expectations for compute capacity,” Luria added.

Oracle’s expanding AI cloud contracts, record remaining performance obligations and accelerating cloud infrastructure revenue are strengthening its revenue visibility.

In the first quarter of fiscal 2027, Oracle booked more than $30 billion in additional AI cloud contracts, lifting its remaining performance obligations, or RPO, to a record $664 billion.

That was an increase of $209 billion from a year earlier.

Management expects around half of the RPO to convert into sales over the next 36 months, creating a substantial multi-year revenue pipeline.

AI infrastructure spending remains high

Oracle’s AI-related growth comes as major technology companies continue to increase spending on computing infrastructure.

Capital expenditures from the primary hyperscalers — Microsoft, Google, Amazon, Meta and Oracle — are expected to reach $780 billion this year. That would be almost five times the amount spent in 2023.

Bain & Company estimates that artificial intelligence-related computing demand must reach $6 trillion in annual revenue by 2031 to justify the infrastructure build-out.

The scale of spending highlights the importance of sustained demand for AI computing capacity as companies expand data-center infrastructure and deploy more GPUs.

Oracle expands data-center capacity

Oracle said it delivered 850 megawatts of additional data-center capacity and had delivered more than 300,000 GPUs since the end of the fiscal fourth quarter.

AI infrastructure utilization remained high at 97.9%. GPUs that were up for renewal were renewed or resold at an average 20% premium.

Oracle also upgraded its fiscal 2027 guidance for total revenue to at least $90 billion, representing 34% year-over-year growth.

The company’s growing AI cloud contracts and higher revenue guidance provide greater visibility into future sales, while the significant capital requirements associated with expanding AI infrastructure remain an important consideration for investors.

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European stocks closed lower on Tuesday, reversing course after an earlier rally, as investors continued to weigh a spike in global bond yields against renewed optimism around artificial intelligence spending.

The pan-European STOXX 600 index fell 0.1%, having traded as much as 0.7% higher earlier in the session.

Germany’s DAX ended flat, while France’s CAC 40 and London’s FTSE 100 each slipped around 0.5%.

Technology and semiconductor stocks were the session’s clearest bright spot before the broader market faded.

Shares rose after Reuters reported that Anthropic’s IPO prospectus points to a sharp increase in spending on cloud, computing and infrastructure, a disclosure that has moved chip stocks across Europe and the US.

X-Fab Silicon Foundries rose 7.5% in Paris, while ams OSRAM gained 8.7% and Technoprobe climbed 6.8% in Milan.

Chip names lead, but broader gains fade

In Germany, Infineon Technologies rose 4.8%, Aixtron gained 4.3%, and Siltronic climbed 7.17%.

Amsterdam-listed ASML Holding rose 4.18%, ASM International gained 4.24%, and BE Semiconductor Industries added 4.42%.

STMicroelectronics gained 2.6%, and Soitec rose 9.08%.

In Vienna, AT&S gained 7.18%, while Brussels-listed Melexis rose 3.8%.

Eiffage shares fell 3%, and Vinci dropped 2.4% after the French government proposed a significant increase in the tax on motorway concessions and major airports.

Lindt & Sprüngli tumbled 8% after the Swiss chocolate maker cut its full-year organic sales growth forecast for the second time this year, citing subdued consumer sentiment and weak demand.

Julius Baer shares rose 7.2% after Switzerland’s financial regulator FINMA closed enforcement proceedings related to private debt loans and the bank’s client relationships with two Russian politically exposed individuals.

Legrand shares gained 6% after the French electrical and digital building infrastructure group raised its medium-term targets.

A rough month for European equities

September’s losses have snapped a six-month winning streak for the STOXX 600, which is down nearly 2% for the month and on track for its first monthly decline since March.

Equities have swung sharply throughout September, coming under pressure as sovereign bond yields touched their highest levels since the 2008 global financial crisis.

A fresh European Central Bank rate hike, persistent hawkish commentary from central bank policymakers, and warnings from AI industry figures about a potential development slowdown have all added to the selling pressure this month.

Rising sovereign yields act as the benchmark for pricing riskier assets, and as they climb, the discount rate applied to future corporate earnings expands, compressing equity valuations.

Middle East stalemate weighs on sentiment

A brief prospect of diplomatic breakthrough in the Middle East flared and quickly faded earlier this month, adding to investor fatigue.

Markets have effectively settled into a standoff following a sharp exchange of rhetoric between President Trump and Iranian leadership over the Strait of Hormuz.

With diplomacy stalled and military posture still tense, elevated energy prices continue to limit any broader relief rally in rate-sensitive sectors.

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OpenAI is seeking to raise at least $30 billion from investors in a new funding round at a valuation of about $1.4 trillion, as the ChatGPT maker delays plans for an initial public offering and steps up its competition with rival Anthropic, Bloomberg News reported on Tuesday.

The proposed valuation would be before the new capital is added and could put OpenAI above Anthropic’s latest private-market valuation.

Bloomberg previously reported that OpenAI was considering a funding round at a valuation of about $1.2 trillion.

The discussions remain at an early stage and the terms could change, according to people familiar with the matter who spoke on condition of anonymity because the information is not public, the publication said.

Investor demand is driving the fundraising effort, one of the people said.

OpenAI declined to comment.

Funding round could replace near-term IPO

The latest fundraising is expected to serve as a bridge round, giving OpenAI additional capital as it puts off a potential stock-market debut.

Chief Executive Officer Sam Altman recently said OpenAI would not go public this year, arguing that the company should concentrate on addressing concerns surrounding AI safety.

Altman described the current environment as an “ill-advised moment” for an IPO.

The company last raised $122 billion in March at an $852 billion valuation, including the money raised.

A new $30 billion-plus investment would therefore represent a substantial increase in the valuation investors are being asked to assign to the company just months later.

OpenAI and Anthropic are increasingly competing for corporate customers and revenue as both prepare for potential public listings.

Both companies have confidentially filed paperwork for IPOs, with Anthropic potentially moving ahead with a listing as soon as this fall.

OpenAI revenue accelerates

The proposed funding comes as OpenAI seeks to demonstrate that its rapid spending on artificial intelligence infrastructure can translate into sustained commercial growth.

The company’s revenue run rate surpassed $40 billion during the summer, Bloomberg reported in August.

OpenAI’s annualized revenue run rate is nearing $70 billion, up more than 70% since the start of the third quarter, as enterprise sales more than doubled since July, Axios reported on Tuesday.

OpenAI has also sought to sharpen its product strategy after facing a challenging period of competition in the AI market.

Coding-related products have emerged as an important source of renewed momentum, while the company continues to invest heavily in AI agents capable of performing more complex tasks for users.

At its developer event on Tuesday, OpenAI introduced an always-on AI agent called Dots, putting it in direct competition with products such as Meta Platforms’ Muse.

The company is also changing its subscription structure, introducing a $500-a-month premium tier offering higher usage limits and faster processing.

At the same time, it is reducing certain usage limits on its $200 plan.

Anthropic targets potentially larger IPO

Anthropic is meanwhile preparing for a potential IPO that could value the company at more than $2 trillion, according to information reported by Reuters.

Such a valuation would make the listing a significant test of how public markets value leading AI companies and could provide an important benchmark for OpenAI.

Anthropic’s IPO prospectus argues that artificial intelligence could reshape the global economy more profoundly than industrialization, electricity and the internet.

The scale of investment required to achieve that transformation is also enormous.

Anthropic reported a net loss of $42 billion in 2025 and expects to spend $518 billion on cloud, computing and infrastructure obligations in the coming years, according to the prospectus.

Revenue nevertheless increased 12-fold in 2025 to nearly $4.6 billion.

The company recorded an operating loss of more than $8 billion, excluding write-downs of liabilities largely connected with previous fundraising, Reuters reported.

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OpenAI is seeking at least $30 billion in fresh funding at a valuation of about $1.4 trillion, while the 30-year US Treasury yield climbed above 5.61% to its highest level since 2002.

Oil prices fell as Middle East exports improved, while gold recovered from a more than seven-week low.

OpenAI seeking $30 billion funding

OpenAI is seeking to raise at least $30 billion from investors at a valuation of about $1.4 trillion, according to Bloomberg News.

The discussions remain at an early stage, and the terms could change, the report said, citing people familiar with the matter.

The proposed valuation would be before the new capital is added. Bloomberg previously reported that OpenAI was considering a funding round at a valuation of about $1.2 trillion.

The fundraising could serve as a bridge round as OpenAI delays a potential initial public offering.

CEO Sam Altman recently said the company would not go public this year, describing the current environment as an “ill-advised moment” for an IPO and saying the company should focus on AI safety concerns.

OpenAI last raised $122 billion in March at an $852 billion valuation, including the money raised.

The company’s annualized revenue run rate is now nearing $70 billion, according to Axios, after enterprise sales more than doubled since July.

OpenAI also introduced an always-on AI agent called Dots at its developer event on Tuesday and launched a $500-a-month premium subscription tier.

Anthropic, meanwhile, is preparing for a potential IPO that could value the company at more than $2 trillion, according to Financial Times.

Treasury yields hit new highs

The 30-year US Treasury yield rose for a sixth consecutive day, surpassing 5.62% and reaching a level last seen in 2002, according to Bloomberg.

The 10-year Treasury yield reached a new high of 5.29%.

The move comes amid a broader selloff in global government bonds, with elevated energy prices adding to inflation concerns and heavy corporate-debt issuance weighing on the market.

The latest rise in yields also reflects expectations that central banks, including the Federal Reserve, could keep interest rates higher for longer.

However, those expectations moderated after New York Fed President John Williams said “one further upward adjustment” to the Fed’s target range “may be appropriate late this year” to contain inflation.

The two-year Treasury yield, which is more sensitive to changes in the Fed outlook, surged to 4.96%.

Oil prices fall as Middle East exports recover

Oil prices declined on Tuesday as investors focused on signs of recovering crude exports from the Middle East and ongoing concerns about supply disruptions linked to the war on Iran.

Brent crude futures fell 2.5%, to $102.62 a barrel, while West Texas Intermediate crude dropped 3.6%, to $89.27.

Saudi Arabia resumed oil tanker loadings from its Red Sea port of Yanbu after restarting operations on the East-West Pipeline, according to trade sources and shipping data.

Crude exports from key Middle Eastern producers reached 16.328 million barrels per day in September, the highest level since the war began in late February, according to Kpler data.

Brent and WTI remained on track for monthly gains of about 15% and 5.7%, respectively.

Gold rebounds from seven-week low

Gold prices rose on Tuesday after falling nearly 4% in the previous session, although the metal remained below its 100-day moving average.

Spot gold was up 1.4% at $4,171.98 an ounce, while US gold futures settled about 0.82% higher at $4,202.60.

Gold had fallen to $4,110.55 on Monday, its lowest level since August 5, amid higher Treasury yields, a stronger dollar, elevated energy prices and expectations for further Fed rate increases.

Higher Treasury yields increase the opportunity cost of holding non-yielding gold, while a stronger dollar makes bullion more expensive for overseas buyers.

Markets were pricing in a 68% probability of a Fed rate hike in October and a 95% probability of an increase in December, according to the CME FedWatch Tool.

Investors are awaiting ADP employment and PCE inflation data on Wednesday, followed by nonfarm payrolls on Friday.

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Shares in Greggs jumped over 6% on Wednesday after the British bakery chain reported stronger sales and issued a “modestly improved” outlook for 2026.

The company said total sales rose 7.7% in the 13 weeks to September 26 from the same period a year earlier, with trading gaining momentum through the quarter.

Greggs said its performance benefited from new product launches and “more settled weather” during August and September, helping it navigate continued pressure on consumer finances and challenging conditions across the retail sector.

The company now expects a “modestly improved” outcome for 2026.

It had previously indicated that underlying pretax profit would be broadly similar to the £172 million recorded last year.

Production closures to deliver savings

Alongside the sales update, Greggs said it had begun a consultation over the proposed closure of four manufacturing sites.

The closures could result in around 740 job losses and are part of an effort to reshape its manufacturing network as the company expands its store estate.

Greggs currently operates 2,796 shops and is targeting at least 3,500 locations.

The company said consolidating production would allow it to meet future capacity requirements more efficiently.

“We believe such changes, whilst difficult, are necessary to ensure Greggs continues to meet capacity requirements for growth in the years ahead in the most cost-efficient manner,” it said.

The restructuring is expected to cost about £60 million but generate annual operating cost savings of around £20 million once completed.

The move comes as Greggs continues to contend with inflationary pressures while investing in its expansion and product range.

Like-for-like sales accelerate

Like-for-like sales at company-managed shops increased 3.4% in the 13 weeks to September 26, accelerating from a 2.1% increase in the first half.

Aarin Chiekrie, equity analyst at Hargreaves Lansdown, said the latest figures showed improving momentum for the retailer.

“Greggs served up a tasty trading update, with total sales growth accelerating to 7.7% over the third quarter.”

“This was driven by more settled weather in recent months, alongside ongoing menu development and product innovation. New store openings also played their part, with the group on track for 100-110 net openings this year, excluding 12 Express locations, making it easier for more customers to tuck into their freshly baked goods,” he said.

Chiekrie added that cost inflation remained manageable at around 2%, while the full-year outlook had modestly improved from previous guidance.

Greggs refreshes menu as high street remains pressured

Greggs, known for its sausage rolls, steak bakes, vegan offerings and sweet treats, has increasingly sought to broaden its appeal with new products while retaining its value-focused proposition.

“Greggs has spent much of the past year answering a single awkward question; has Britain finally had enough sausage rolls? This morning’s update, and the jump in the shares at the open, suggests the answer is still no,” said Adam Vettese, Market Analyst at investment platform eToro.

“Like-for-like sales accelerating to 3.4% is not a boom. It is, however, the first convincing sign that the brand’s value offer and a more interesting menu are cutting through a tired high street. Matcha lattes and chicken rolls will not transform the P&L on their own, but they show Greggs can still refresh itself without abandoning the customers who made it ubiquitous.”

Greggs’ combination of store expansion, menu innovation and cost controls will now be tested against persistent inflation and pressure on household spending as it moves through the remainder of 2026.

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