Market Overview

OpenAI is raising up to $30 billion in a funding round that values the artificial intelligence company at $1.25 trillion, CNBC reported. Investors from the United Arab Emirates are leading the round alongside Coatue, according to people familiar with the confidential discussions. The financing is structured as a bridge ahead of a potential initial public offering. OpenAI told investors on Thursday that it is aiming to secure signatures by the end of next week, although the final size of the round remains fluid. Alongside the equity investment, OpenAI is negotiating a commercial agreement to secure additional computing capacity from the UAE. The company told investors in February that it is targeting roughly $600 billion in total compute spend by 2030. OpenAI confidentially filed its prospectus with the Securities and Exchange Commission in June. CFO Sarah Friar told employees in August that the company will be a public company in 2027.

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London Stock Exchange Group has agreed to acquire credit intelligence provider Octus for $3.535 billion in cash from funds advised by Permira and management. The deal expands LSEG presence in private credit and bolsters its buy-side customer base among hedge funds and alternative investment managers. Octus is expected to generate over $300 million in revenue in 2026 with an adjusted EBITDA margin of around 40 percent. The target brings more than 900 employees, 750 customers, and 40,000 individual users to the buyer. LSEG will finance the purchase through external debt. The transaction is expected to complete in the first half of 2027, subject to regulatory approval. Upon closing, Octus will operate within LSEG's Data and Analytics division under founder and chief executive officer Kent Collier.

Thetradenews

Kroger is committing $5 billion through 2029 to lower prices and update stores as it tries to reclaim market share lost to Walmart and Costco. Chief Executive Officer Greg Foran presented the multi-year plan at an investor update in New York, backing the spending with roughly $4 billion in annualized cost savings by 2029. The grocery chain will cut about a third of its corporate roles over three years, reducing its corporate workforce from 8,200 employees to 5,200. CFO David Kennerley stated that the $5 billion customer value investment is entirely self-funded, though identical sales excluding fuel rose just 0.2% in the latest quarter. New everyday shelf prices will reach about 250 stores by year-end, expanding to roughly 450 more locations in 2027. The chain also plans to debut three new store formats across 110 new locations by 2029, featuring 99,000 square-foot, 75,000 square-foot, and 50,000 square-foot designs. Kroger expects the new stores to generate about $7 billion in annual incremental sales over three years. Gross margin stood at 22.4% in the latest quarter, down 10 basis points. The company is targeting adjusted EPS growth of 7% to 11% and adjusted EBITDA growth of 3% to 6% a year, while maintaining 2026 guidance of $5.10 to $5.30 in adjusted EPS. Kroger shares gained 1.83% on October 21 to close at $64.13, giving the company a market value of $37.87 billion.

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Japan core inflation in September surged to 2.1 percent, reaching its highest level this year and accelerating from 1.7 percent in the previous month, according to CNBC. The reading matched the 2.1 percent forecast by economists polled by Reuters, driven by elevated energy prices and higher import costs stemming from a weak yen. Headline inflation also came in at 2.1 percent, while core-core inflation, which excludes fresh food and energy, registered at 2.4 percent. The persistent price growth could prompt the Bank of Japan to pursue another rate hike following a 25 basis points increase in September that lifted rates to 1.25 percent. Finance Minister Satsuki Katayama stated in parliament that the country was shifting toward sustained inflation driven by rising wages, alongside import pressures. Oil import costs have increased as Japan pivots to U.S. suppliers away from the Middle East amid the Iranian conflict. Meanwhile, Japan's Lower House began debating a bill to reduce the consumption tax on food from 8 percent to 1 percent for two years, alongside worker support payments.

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Etsy banned merchants from selling artificial intelligence-generated recipes, patterns, and functional guides on its online marketplace. The company announced the restrictions in response to buyers who reported difficulty distinguishing AI content and sellers concerned about misleading listings. Under the new policies, sellers offering functional guides like sewing patterns or cooking instructions must use their own work and show an actual finished result made from the guide. Etsy also prohibited bot-generated listings created without human involvement. Every listing must now include at least one unedited photo of the actual item against a real background. The platform still permits sales of AI-generated art as long as merchants clearly disclose the use of the technology. Etsy continues to utilize artificial intelligence internally to build shopper profiles and power search features. Marketplace competitors including Amazon, Walmart, TikTok, Temu, and Shein have faced similar challenges with mass-produced items and AI-generated content.

Theverge

Warhound emerged from stealth on Thursday with $200 million in funding from investors including In-Q-Tel, Sequoia, and 8VC, TechCrunch reported. The round values the defense robotics startup at $1.2 billion. The company was founded by Colossal Biosciences chief Ben Lamm and Anduril co-founder Palmer Luckey to genetically engineer working dogs for the U.S. military, law enforcement, and emergency response teams. More than 80% of working dogs currently used by the U.S. military come from Europe, and less than half of them are fit for service. Colossal plans to use its cell lines from Belgian Malinois and German Shepherds to edit genes for health, longevity, speed, and enhanced olfactory sensors. Anduril will supply software and hardware enhancements, including protective vests and data sensors, to improve situational awareness for the dogs and their handlers. Viagen, another company owned by Colossal, is partnering with Warhound to clone the animals. The first batch of dogs is scheduled to be born early next year and is expected to enter service within the next two years. Warhound has not yet determined pricing for the dogs. The startup is working under the guidance of the American Humane Society to certify its training program.

Techcrunch

Andreessen Horowitz renamed its digital asset unit from a16z Crypto to a16z Frontier, broadening its investment mandate to artificial intelligence, robotics, and other emerging technologies. The practice has raised nearly $10 billion across five funds since launching in 2018, including a $2.2 billion fund announced in May. Chris Dixon will lead the rebranded fund alongside general partners Eddy Lazzarin and Guy Wuollet. Meanwhile, Ali Yahya has departed the firm after joining the crypto strategy in 2017. The firm previously led a $33 million seed round for Ornn in June and co-led a funding round for Kalshi in October 2025. Despite the broader mandate, the unit will continue backing crypto startups and advocating for regulatory frameworks.

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China Mineral Resources Group reached a new annual iron ore supply agreement with Rio Tinto. CMRG verbally informed Chinese steelmakers of the accord on October 21 and began collecting required purchasing volumes from mills on October 22. The volume covered by the contract remained undisclosed, and both companies declined immediate requests for comment. CMRG instructed domestic mills in August to suspend negotiations with Rio Tinto for shipments from September to strengthen its bargaining position. Established in 2022, Beijing created the state-owned procurement platform to centralize iron ore buying and secure better terms amid weak domestic demand and thin steelmaker margins.

Mining

The National Energy System Operator said Britain's electricity system is prepared and resilient for the winter months, the BBC reported, following an independent investigation into engineer concerns. The probe, conducted by law firm Eversheds Sutherland after a whistle-blower alleged information was hidden during a June heatwave, found high levels of stress and concern among control room staff over balancing renewable and gas-fired power generation. Eversheds stated the investigation did not substantiate whistle-blower allegations of concealed records, but identified significant cultural and governance issues, including a disconnect between frontline workers and leadership. Deborah Petterson, director of whole energy system resilience at NESO, stated that households and businesses can be confident the electricity system remains secure. NESO acknowledged there could be tight days requiring routine notices to power producers, while National Gas separately reported it expects sufficient supply to meet winter demand.

Bbc

L'Oreal sales in the three months to September rose by 7.7%, beating analyst expectations, even as the company noted that the spread of weight loss drugs is altering beauty and skin care consumption, the BBC reported on Thursday. Chief executive Nicolas Hieronimus told an investor call that the popular use of GLP-1 medications is a major phenomenon affecting demand, particularly in skin care. While appetite-suppressing drugs like Ozempic, Wegovy, and Mounjaro treat diabetes and induce rapid weight loss, they frequently leave patients with skin sagging around the face. L'Oreal is positioning brands such as SkinCeuticals and Kiehl's to target those specific side effects. The French beauty giant has also expanded deeper into the clinical aesthetic sector by raising its stake in dermatology firm Galderma to 20% last December. Both companies are testing products on GLP-1 users concerned with facial volume loss through separate clinical trials. Galderma manufactures injectable aesthetic treatments including Sculptra and Restylane.

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