Good morning and welcome to Markets Desk.
OpenAI is making a strong case to Wall Street ahead of its anticipated public offering, announcing that its ChatGPT advertising business has reached one billion dollars in annualized revenue, and it did so in fewer than two hundred days since launch — a clip that will be hard for skeptics to ignore.
Shifting to the IPO landscape more broadly, China is having a banner year for new listings, with fifty-four billion dollars raised so far, driven by artificial intelligence enthusiasm and a growing preference for Hong Kong and Shanghai exchanges. Fast fashion giant Shein is set to debut Tuesday in Hong Kong, raising one point seven billion dollars in what is shaping up as the headline deal of the season.
And keeping an eye on commodities this morning, the agricultural complex is giving back some of last week's sharp gains. Soybeans are off four to five cents in early Monday trade after posting nearly fifty cents of weekly gains, while wheat is pulling back from three-year highs following a strong Friday session — classic month-end profit-taking behavior.
That's the tape. Markets Desk, signing off the floor.
