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MIB Daily: OpenAI’s $70B Saved Software but Not the Chips, Long-Run Inflation Expectations Hit 3.5% and Lifted the 2-Year, and Washington Set a Hearing on Firing Fed Governor Cook

Software lifted the S&P 500 0.59% back above 7,800 after Bloomberg said OpenAI expects at least $70B in annualized revenue by year-end, but Intel and AMD kept sliding. Michigan long-run inflation expectations hit 3.5%, the highest since May, while the 2-year yield rose 3.7 bps. The White House set a Nov 5 hearing on whether to remove Fed Governor Cook. Treasury licensed Russian diesel imports through April 2027. Apple reportedly cut iPhone 18 Pro component orders at least 15%.

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  ANNOUNCEMENT : The next generation WLEI3 had its first out-of-sample update! An auspicious moment for index builders.