On Friday, President Trump announced that Russia will supply large volumes of diesel to the U.S. and global markets after a phone call with Vladimir Putin, and the Treasury Department waived sanctions on Russian diesel the same day. With diesel prices at record levels, the headline numbers sound big. Here is what is confirmed and what isn't. What Was Announced Trump wrote on Truth Social that Russia will immediately supply more than 300,000 tons of diesel, followed by 500,000 tons in November and 1 million tons right after that. A further 3 million tons would follow within a short period, he said, depending on the condition of Russia's refineries. Added together, the four tranches come to 4.8 million tons, while CNBC reported the total as more than 4 million. Trump predicted diesel prices would be "coming down, in record numbers, and fast," according to Axios. The Sanctions Waiver Shortly afterward, the Treasury's Office of Foreign Assets Control issued General L...
AI stocks had their worst day in weeks on Thursday, and the trigger wasn't a Fed decision or a missed earnings report. It was a single revenue figure from a company that isn't even publicly traded. Here is what was reported, why the numbers differ, and what the market reaction actually tells us. What Was Reported The Financial Times first reported, and CNBC later confirmed, that OpenAI told investors its annualized revenue run rate was roughly $50 billion at the end of September. Media reports in recent weeks had circulated a much higher figure: about $68 billion according to CNBC, and about $70 billion according to CNN. Why the Numbers Differ The buildout is [financed heavily with borrowed money]: CNBC cited JPMorgan’s estimate of $4.1 trillion in AI-related debt through 2030. According to CNBC, a person familiar with the matter said the higher figure included gross revenue from OpenAI's partners, a method that makes comparison with rival Anthropic more direct. CNN ...