Evening Scan

The OpenAI IPO delay broke overnight. By Friday, markets had fully digested it — SoftBank down double digits, Kioxia following. Apple's price hikes from Thursday bled into today's conversation. The White House added a new wrinkle to the OpenAI saga.

OpenAI Leans Toward Delaying Its IPO Until 2027

Sam Altman's $1T valuation target apparently isn't clearing the bar in current market conditions. SoftBank fell 12.53% and Kioxia slid 12% on Friday alone. (New York Times)

The White House Is Asking OpenAI to Slow-Roll Its New Model

Washington wants GPT-5.6 released first to a short list of trusted partners — customer by customer. This represents a shift for an administration that has spent a year attacking AI safety concerns as overblown. (TechCrunch)

Apple Stock Had Its Worst Day in More Than a Year

Apple fell 6.15% Thursday after raising prices $200+ on some Macs and iPads, citing surging memory and storage costs. Tim Cook flagged the hikes were coming last week, but the market needed to see the receipts. (CNBC)

Onsemi Buys Synaptics in a Nearly $7B All-Stock Deal

The "physical AI" acquisition thesis moved hardware — ON dropped 9%+ and SYNA jumped 11%+ after hours. The deal isn't expected to close until mid-2027. (CNBC)

“Advances in AI and automation are letting us operate with leaner teams.” — Elastic, announcing a ~7% workforce reduction