U.S. equity futures moved higher Friday morning, with technology names leading the rebound after a rough session for artificial intelligence shares, according to CNBC. Nasdaq-100 futures gained 0.8%, S&P 500 futures rose 0.4%, and Dow Jones Industrial Average futures added 82 points, or 0.2%. The State Street Technology Select Sector SPDR ETF traded about 1% higher, helped by a 4% jump in SpaceX. The recovery follows a Thursday decline that CNBC attributed to investor disappointment over OpenAI's revenue trajectory. The tech-heavy Nasdaq Composite fell more than 1% that day, its steepest single-day drop since mid-August and its second consecutive losing session after the index had touched fresh record highs earlier in the week. ## Why it matters The episode highlights how sensitive the market has become to any signal about the pace of AI spending and adoption. OpenAI has become a bellwether for the broader AI trade, and a revenue figure that landed below earlier expectations was enough to pull down a wide swath of related stocks. Adam Crisafulli of Vital Knowledge wrote that the pullback stemmed from stretched positioning that still has room to unwind, which in his view makes a quick, sharp recovery across AI-linked tech shares unlikely. He argued the central concern is not how OpenAI counts gross versus net recurring revenue, but rather that standalone frontier labs are looking like increasingly unattractive businesses, and that markets are showing growing resistance to the volume of AI-related debt and equity being issued. ## OpenAI's revenue figure comes in below earlier reports CNBC confirmed that OpenAI told investors it recorded $50 billion in annualized revenue at the end of September. A $68 billion figure had circulated widely last month, though a person familiar with the matter said that number also included gross revenue from partners, according to CNBC. Reuters reported, citing a source, that OpenAI's September annualized revenue approached $50 billion, short of what had previously been indicated. The Financial Times characterized the gap as roughly $20 billion below what the company had earlier signaled. Yahoo Finance, meanwhile, carried a report that OpenAI expects $70 billion in annualized revenue by the end of 2026. The conflicting headlines moved AI-exposed stocks sharply. CNN reported that tech shares dropped after the report that OpenAI's revenue was lower than expected. ## SpaceX spectrum deal pressures telecom carriers SpaceX shares rose nearly 4% early Friday after the Elon Musk-led space and satellite company struck a deal to acquire a nationwide spectrum portfolio. The move intensifies its push to compete as a mobile carrier in the United States. Investors reacted by selling telecom incumbents. AT&T, Verizon and T-Mobile all traded sharply lower as the market weighed whether the agreement would heat up competition. Deutsche Telekom, the parent of T-Mobile US, fell 7% in European trading, where telecommunications stocks dropped more than 2% overall. ## Delta cuts outlook after rare earnings miss Delta Air Lines shares fell 4% after the carrier posted its first earnings miss in two years and lowered its 2026 guidance. Adjusted earnings per share for the third quarter came in at $1.72 on revenue of $17.59 billion. Analysts surveyed by LSEG had projected $1.75 per share on $17.67 billion, according to CNBC. For 2026, Delta now expects adjusted earnings per share between $5.10 and $5.60, down from a July range of $6.50 to $7.50. The company attributed the revision to higher fuel prices. ## Apple, Humana and the bond market Apple shares were indicated about 2% lower in premarket trading after Nikkei Asia reported that the company has asked some suppliers to reduce production of components for its new iPhone 18 Pro and iPhone 18 Pro Max. CNBC said it had contacted Apple for comment. Humana jumped 14% after the insurer received an upgrade in closely watched Medicare Advantage quality ratings data. In fixed income, Treasury yields were little changed as traders digested President Donald Trump's commitment not to strike Iran before the midterm elections. The 10-year yield held at 5.2399%, the 30-year was flat at 5.6139%, and the 2-year rose more than 2 basis points to 4.7827%. Yields on the 10-year and 30-year remained near multi-decade highs, CNBC noted, amid worries about stubborn inflation and heavy government borrowing. ## European and Asian markets European equities opened higher, with the Stoxx 600 up 0.8% in London and several sectors gaining more than 1%. Mining stocks led with a 1.8% rise as investors tracked concerns about a copper supply squeeze tied to strikes at major operations. Retailers added 1.6%. In Asia, mainland China's CSI 300 edged up 0.16% to 4,317.26, while Hong Kong's Hang Seng climbed 1.4% in its final hour of trading. Japan's Nikkei 225 was roughly flat at 69,030.92, the Topix rose 0.33% to 4,104.81, and Australia's S&P/ASX 200 added 0.64% to 8,716.6. ## Airtel Money prepares London listing Airtel Money, the mobile banking arm of London-listed Airtel Africa, was set to begin conditional trading Friday ahead of its admission to the London Stock Exchange on Oct. 14. The company priced 270 million shares at £1.96 ($2.60), implying an estimated market capitalization of £5.3 billion at admission. It reported $1.35 billion in revenue and $676 million in adjusted earnings for the year to June 2026, with 53 million monthly active users. The float is expected to rank among the largest on the UK market since fintech Wise's £8.75 billion IPO in 2021. Wise has since shifted its primary listing to New York, a setback for London, which has seen a steady departure of mid- and large-cap companies in recent years. Dan Coatsworth, head of markets at AJ Bell, wrote in a September note that investors would welcome a UK IPO that is not a small natural resources company, though he pointed out that Airtel Money would not raise fresh capital. The sale consists of shares from existing minority holders, including TPG and the Qatar Investment Authority. ## Week to date The Dow and Nasdaq Composite were both roughly flat for the week, while the S&P 500 was on track for a 0.6% weekly gain. Investors will watch whether the AI complex can hold Friday's early bounce, and whether Delta's fuel-driven guidance cut signals similar revisions from other carriers.