Welcome to Markets Desk, your midday read on what's moving markets and the broader economy.
The AI spending story is shifting fast. OpenAI and Anthropic are feeling pressure as corporate clients pull back on AI budgets and demand measurable returns. The era of scaling models at any cost is giving way to efficiency-first thinking, and that pivot could meaningfully slow revenue growth at both firms in the near term.
Turning to the broader labor market, a new analysis highlights what researchers are calling the ambition penalty — the persistent dynamic where women who negotiate for higher pay or greater responsibility face professional blowback that their male peers do not. Closing the gender pay gap entirely, the data suggests, could add twelve trillion dollars to global GDP, yet structural and cultural resistance continues to stall meaningful progress.
And in the ETF space, an interesting comparison is drawing attention heading into two thousand twenty six. State Street's Energy Select Sector SPDR fund is being stacked against Vanguard's energy offering, with State Street showing a lower expense ratio and a higher distribution yield — two metrics that matter considerably for income-focused investors navigating a volatile energy sector.
That's the tape. Markets Desk, signing off the floor.
