Another day, another signal — and we’ve got the highlights.
OpenAI’s recent valuation of $500 billion solidifies its position as a major player. This impressive milestone now places them ahead of SpaceX as the world’s most valuable startup.
Following the closing of an impressive funding round, will OpenAI truly be able to push forward in the AI race by outspending its competition? Or will this valuation prove to be an overestimation of the company’s future growth?
In today’s financial recap:
OpenAI valued at $500B, surpassing SpaceX
Berkshire Hathaway to acquire Occidental’s chemicals business
CME Group to enable 24/7 crypto futures trading
Tesla delivers record Q3 as US tax credits sunset
OpenAI Valued at $500B, Surpasses SpaceX in Private Stock Sale
The TradeWatch: OpenAI now boasts a $500 billion valuation after a $6.6 billion secondary stock sale, overtaking SpaceX as the world’s most valuable startup.
Unpacked:
OpenAI’s valuation soared after current and former employees sold $6.6 billion in shares to firms like SoftBank, Dragoneer Investment Group, and T. Rowe Price.
OpenAI’s fundraising success underscores its ability to fund ambitious infrastructure plans, including a commitment to spending $300 billion on Oracle Cloud Services over five years.
The share sale acts as a powerful retention tool amidst competition from companies like Meta, who have been actively recruiting OpenAI engineers with lucrative offers.
Bottom line: This record-breaking valuation reflects strong investor confidence in OpenAI’s vision. It signals a major leap forward in the AI race and sets the stage for further expansion and innovation.
Berkshire Hathaway to Acquire Occidental’s Chemicals Business for $9.7B
The TradeWatch: Berkshire Hathaway is set to acquire Occidental Petroleum’s petrochemical unit, OxyChem, for $9.7 billion in cash, marking its largest deal since 2022 and signaling a deeper investment in the chemicals sector.
Unpacked:
The deal, valuing OxyChem near $10 billion, would be one of the largest standalone petrochemical transactions globally, with OxyChem specializing in producing chemicals for water infrastructure and medical supplies.
Occidental plans to allocate $6.5 billion from the $9.7 billion deal with Berkshire Hathaway to reduce its debt, which has been a priority since acquiring Anadarko in 2019.
If the deal closes, it would be the biggest purchase for Berkshire since its $11.6 billion buyout of insurance firm Alleghany Corporation in 2022, and expand its chemical portfolio beyond Lubrizol.
Bottom line: This acquisition allows Occidental to refocus on its oil and gas business, further unlocking resources. Berkshire Hathaway’s move signals a strategic allocation into the chemicals business and showcases Warren Buffet’s continued conviction in Occidental.
CME Group to Enable 24/7 Crypto Futures Trading
The TradeWatch: CME Group will launch 24/7 trading for its cryptocurrency futures and options products in early 2026, to meet the rising institutional demand for continuous digital asset risk management.
Unpacked:
The move to 24/7 trading will apply to CME’s cryptocurrency futures and options, pending regulatory review.
This expansion follows a year of record growth in CME’s crypto derivatives, with open interest reaching $39 billion in September 2025.
CME’s cryptocurrency futures and options will trade continuously on the CME Globex platform, except for a two-hour weekly maintenance pause on weekends.
Bottom line: CME’s expansion into continuous crypto trading signifies the growing maturity of digital assets, and strengthens CME’s position bridging traditional finance with the crypto economy. This evolution aligns regulated markets with the always-on nature of cryptocurrency, meeting the demands of institutional investors.
Tesla Delivers Record Q3 As US Tax Credits Sunset
The TradeWatch: Tesla broke its quarterly delivery record, handing over 497,099 vehicles in Q3 2025—up 7.4% from a year ago—fuelled by a last-minute rush as federal EV tax credits approach expiration.
Unpacked:
Buyers hurried to lock in the expiring $7,500 federal EV tax credit, boosting Tesla’s U.S. sales; automotive executives, including Ford’s Jim Farley, warn demand could drop sharply post-expiry.
Despite the U.S. boom, Tesla’s European registrations dropped 22.5% in August, underperforming the broader European EV market, which grew 26.8%.
Investors are focusing on Tesla’s next act beyond cars, with optimism around AI and robotaxis; as noted by Gene Munster at Deepwater Asset Management, EV sales lay the groundwork for autonomous and robotics-driven growth.
Bottom line: Incentives still matter in the auto industry, and Tesla’s delivery surge could be tough to repeat in a post-tax-credit world. The company is betting its future on AI, autonomy, and robotics to expand beyond auto sales.
The Shortlist
Cheers,
— Michael & the TradeWatch.io editorial team
