Good afternoon and welcome to Markets Desk.
OpenAI made it official today, filing confidential IPO paperwork with the SEC and choosing to announce it publicly, in their words, because they expected it to leak anyway. The move positions ChatGPT's parent as the third major AI company racing toward a public listing, a signal of just how hungry this market remains for AI exposure despite elevated valuations across the sector.
Shifting to geopolitics with direct market implications, President Trump said a nuclear deal with Iran could be finalized in as little as two or three days, and that the Strait of Hormuz would reopen immediately upon agreement. That corridor handles roughly a fifth of global oil flows, so any credible resolution would put meaningful downward pressure on crude prices and ease the risk premium that's been baked into energy markets for weeks.
And in a story that caught the Street's attention for different reasons, Eloxx Pharmaceuticals priced a sixty-six million dollar public offering and announced an uplisting to Nasdaq. Shares dropped more than thirty-one percent on the news, a reminder that dilutive capital raises in clinical-stage biotech remain a punishing trade for existing holders, regardless of the longer-term strategic rationale.
That's the tape. Markets Desk, signing off the floor.
