Apple, Micron, OpenAI and A.I.s Rough Summer

ImageAndrew here.We’re following the ongoing wild ambitions in the A.I.

race to go public.The latest: Sam Altman appears to be drawing a hard line, wanting a valuation of at least $1 trillion for OpenAI’s stock market debut.Separately, Wall Street is dissecting a huge shake-up in JPMorgan Chase’s succession contest, with Marianne Lake, a longtime contender to succeed Jamie Dimon as C.E.O., retiring.

Two other insiders, Doug Petno and Troy Rohrbaugh, were promoted to co-president, making it a two-man race.(Only a few years ago, it was a two-woman race: Lake and Jenn Piepszak.)The critical detail everyone is whispering about: the age gap.

Rohrbaugh, 56, is five years younger than Petno.When you’re planning for someone to replace a seminal leader like Dimon for the long term, that extra runway might just tell us how this final lap will play out.

ImageA bearish pivot Market volatility is jolting artificial intelligence bellwethers again on Friday as investors in the sector reckon with a tough new economic reality.A.I.giants already faced high interest rates, rising input costs and corporate customers rethinking their A.I.

spend.Now, The Times reports, OpenAI is weighing holding off its I.P.O.

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