One thread ran through everything this week: the number everyone was trading on turned out to be counted differently than they thought. OpenAI's revenue, Delta's fuel bill, a Pokémon box nobody has opened. The ownership fights came right behind it.
📉 Finance
The S&P 500 closed above 7,800 for the first time on Tuesday, then fell two straight days to 7,765.36 by Thursday's close.
The Nasdaq dropped 1.25% Thursday to 27,193.34, its worst day since mid-August, after the FT reported OpenAI's annualized revenue was near $50 billion, not $70 billion.
The Philadelphia Semiconductor Index fell 3.4%, with Nvidia down nearly 3%, AMD nearly 4%, and Oracle more than 5%.
Delta posted $1.72 in adjusted EPS, saw fuel costs jump 62% to $4.1 billion, and cut full-year guidance to $5.10 to $5.60 from $6.50 to $7.50.
Brent sat near $103 and the 10-year Treasury yield at 5.23%, the two pressures squeezing every company with a fuel bill or a debt load.
Big bank earnings kick off reporting season Tuesday, Oct. 13.
Full story: The Market Hit a Record Tuesday. One OpenAI Number Took It Back by Thursday.
⚾ Sports
Tampa Bay swept the Yankees with a 4-3 win in the Bronx, powered by Victor Mesa Jr.'s go-ahead two-run homer off Max Fried.
Cleveland erased an 0-2 hole with 9-3 and 9-5 wins over the White Sox, setting up Game 5 Saturday at 8 p.m. ET at Progressive Field.
The Dodgers beat Atlanta 4-1 to close their series 3-1, with Andy Pages' bases-loaded single in the seventh breaking the tie.
Milwaukee beat San Diego 3-1 to win its series 3-1, setting up a 103-win vs. 100-win NLCS starting Sunday in Milwaukee.
Jacob Misiorowski, MLB's leader in ERA (1.80) and strikeouts (252), starts NLCS Game 1 against the two-time defending champs.
Bucky Irving ran for 165 yards and two touchdowns as the Bucs beat Dallas 24-16 for their first win of the season.
Full story: The Yankees Are Home. Cleveland and Chicago Play for Everything Saturday.
📡 Tech
SpaceX agreed to buy Grain Management's nationwide 800 MHz spectrum, reportedly for about $8 billion, pending FCC approval.
T-Mobile, Verizon, and AT&T each fell about 6% after hours, and T-Mobile had sold those same airwaves to Grain earlier this year.
The FCC also approved Starlink Mobile's Gen2 constellation of 15,000 satellites this week.
The OpenAI revenue gap comes down to definitions: Anthropic counts cloud partner sales in its run rate, OpenAI doesn't.
Bloomberg reported OpenAI now expects $70 billion or more in annualized revenue by year-end, and its IPO has reportedly slid to early 2027.
Microsoft's Surface Laptop Ultra with Nvidia's RTX Spark starts at $2,599 and ships Oct. 16.
Full story: SpaceX Bought the Airwaves That Go Through Walls. Verizon Noticed.
🐉 TCG
Delta Reign booster boxes are preordering at $209.99 at Miniature Market, roughly $50 over MSRP, and are already out of stock.
Delta Reign prereleases run Oct. 24 to Nov. 1, with retail release Nov. 6, headlined by Mega Rayquaza ex.
The CardTrack 100 fell 5.9% in 30 days while vintage ran, with Majestic Dawn up 34.0% and Plasma Storm up 29.6%.
Prismatic Evolutions ETB cases dropped 26.7% to $1,366 and Journey Together booster box cases dropped 21.4% to $1,403.
Dragapult ex holds 33.43% of the meta heading into the Louisville Regional, more than triple any other deck.
Boss's Orders appears in 92% of competitive decklists, the most-played card in the format.
Full story: Delta Reign Boxes Are Already $50 Over MSRP. Nobody Has Opened One Yet.
Stay sharp. Signal over noise. — The Bandicoots 🔥