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The former talk show host moved to Ireland after Trump won the 2024 presidential election.

'Chat Is Dead': OpenAI's Pre-IPO Makeover Into A "Superapp"

The year the private-AI complex finally has to show its work has arrived, and ChatGPT maker OpenAI is about to add some major garnishing to the prospectus before their upcoming IPO - in what FT is calling the "biggest overhaul of ChatGPT since launch."

"It will transcend the actual surface . . . what we’re building towards is where you have your own personal agent that is capable of helping you . . . across everything in your life, be it personally or at work," said Thibault Sottiaux, who previously ran Codex and now leads all of OpenAI’s core product and platform.

Context: Over the last three weeks, the three most valuable private companies in the space announced IPOs. SpaceX filed its S-1 in May, months after folding xAI into itself. Anthropic filed a confidential draft S-1 on June 1, reportedly targeting an October listing. And OpenAI filed its own confidential draft around May 22, aiming for a debut as soon as September at a private valuation of roughly $730 billion to $850 billion, with IPO chatter pushing toward $1 trillion. The back half of 2026 is now the first real test of whether public investors will pay the prices private rounds have set.

"Chat Is Dead"

"Chat is dead," one senior OpenAI employee told the FT - which is a crazy thing to hear given that ChatGPT is what brought us here, and still has nearly a billion users. The obvious interpretation: OpenAI is moving away from chat because chat does not pay, at least not quickly enough to support a near-trillion-dollar valuation.

Adoption was never the problem. ChatGPT has nearly a billion users, most of them on the free tier. The problem is that the flagship product remains a low-margin consumer chatbot while the company burns roughly $14 billion a year against revenue that crossed $20 billion by the end of 2025. Depending on how that revenue is annualized and what multiple investors apply, OpenAI's valuation range implies a price-to-sales multiple from the mid-30s to the low 60s. Walking into a roadshow near $1 trillion while presenting the golden goose as a beloved money-loser is not a viable option.

The company has also reorganized. ChatGPT, Codex, and other product teams have been consolidated under a single leader, Sottiaux, while several senior executives - including former product head Kevin Weil - have departed. Key-person churn in the weeks before an S-1 filing is, notable.

According to FT and other reporting, here's what's new:

• ChatGPT is being redesigned from a standalone chatbot into a gateway for higher-value products. The website and mobile apps are expected to be reworked so users are pushed toward coding tools, image generation, AI agents, and partner-built applications rather than simply returning to a general-purpose chat interface.
   
• OpenAI is adding prompts and interface features that steer users toward monetizable use cases. The company is expected to add new surfaces inside ChatGPT that direct users toward Codex, image tools, and apps from partners such as Canva and Booking.com. The partners themselves are not new; their more prominent placement inside the ChatGPT flow is.
   
• The company plans to remove that scaffolding over time. The longer-term goal is for OpenAI’s models to infer what users want without requiring explicit prompts, buttons, or routing cues. That roadmap detail appears to be one of the more specific new elements in the report.
   
• The “superapp” framing is being elevated as the new investor-facing story. OpenAI is increasingly presenting ChatGPT as a single interface that can absorb chat, coding, agents, search-like tasks, image generation, and third-party services. The underlying components have existed in pieces, but the report frames them as one consolidated product thesis.
   
• Codex is being pushed closer to the center of ChatGPT. OpenAI’s coding product is receiving greater prominence and resources as the company shifts attention toward products with clearer paid usage and enterprise demand. The Codex push was already underway, but the report makes it central to the ChatGPT overhaul.
   
• The personal-agent vision is being packaged as the next version of ChatGPT. OpenAI is positioning the product around a single assistant that can help across personal and work tasks, reachable through mobile, desktop, web, and voice. The company has been moving toward agents for some time; what is newly elevated is the idea that this agent becomes the primary ChatGPT experience.
   
• The enterprise pivot is being tied directly to the ChatGPT redesign. OpenAI’s push toward business customers and competition with Anthropic is not new. What is newly emphasized is the way the consumer interface is being reshaped to support that shift, turning ChatGPT into a funnel for higher-value, work-oriented products.

The revamp is expected to begin rolling out in the coming weeks - right inside the IPO window, when every interface change, resource shift, and product decision doubles as investor messaging meant to burnish the prospectus.

One issue with a 'superapp': structural coherence. A consumer funnel that routes users to third-party apps like Canva and Booking.com, an enterprise business built around Codex, and a long-horizon AGI bet are three different businesses with three different margin profiles, customer-acquisition dynamics, and capital requirements. OpenAI is now trying to staple them together within an agentic ecosystem - something that was always going to happen.

So OpenAI is building the only story that can survive diligence: enterprise seats, Codex, and agents that perform billable work. Codex's weekly active users have grown sixfold to more than five million since the February desktop launch, with the majority of users paying. Enterprise already accounts for around 40 percent of revenue and is expected to reach 50 percent by year-end. That sequencing is, almost line for line, the "make money first" approach Anthropic has followed for years. The convergence is no longer subtle.

That said, the revamp does not amount to panic. Agents and coding tools really are where the technical and commercial frontier is moving anyway. Codex's growth trajectory is real, and a majority-paying user mix is what you want going into an IPO. 

Meanwhile, what's Dario gonna do? Anthropic also burns substantial cash and has told investors it may not reach break-even until 2028. Both companies are walking into the same public-market daylight this year. 

Tyler Durden Mon, 06/08/2026 - 15:40

The two American pilots who died when a private jet crashed in the Dominican Republic on the way to pick up St. Louis Cardinals legend Yadier Molina have been identified.

Cops investigating a mass shooting at an Ohio music festival on Monday took a teenager into custody for questioning, according to his father.

Sabrina Ionescu won’t join the Liberty for the start of their two-game road trip Monday night in Connecticut as she works her way back from a back issue. 

A 5-year-old boy from the UK died after doctors at the hospital diagnosed him with the flu, despite a sore throat, fever and red rash on his body.

The board of flashy fashion tech startup CaaStle discovered its CEO had defrauded investors out of $283 million – and then allowed her to stay on as the top exec for three months, according to a report.

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Lizzo stopped by Page Six Radio to chat about her new album “Bitch,” spills a secret about the Sports Illustrated Swimsuit runway show, and says she feels like a liberated woman whose feelings don’t get hurt easily, especially after being roasted by Kevin Hart. The hitmaker told SiriusXM’s Page Six Radio hosts Evan Real and Danny...

Judge Blocks Trump's $100,000 Fee For H-1B Visas

Authored by Zachary Stieber via The Epoch Times,

President Donald Trump's $100,000 fee for H-1B visas is not legal, a federal judge said on June 8.

President Donald Trump speaks before signing an executive order in the South Court Auditorium in the Eisenhower Executive Office Building in Washington on Aug. 5, 2025. Win McNamee/Getty Images

The fee for visas for specialty foreign workers "imposes a tax on H-1B petitions without the requisite delegation by Congress," U.S. District Judge Leo Sorokin said in a 42-page decision.

While the president is able to restrict noncitizen entry into the United States, Congress has the power to tax, and federal law does not delegate it, the judge said.

He also ruled that the fee violated a law called the Administrative Procedure Act because it was issued without allowing the public to comment before it took effect, and ordered officials to vacate the policy in its entirety.

The White House did not immediately respond to a request for comment.

The ruling came in response to a lawsuit filed by Massachusetts and 19 other states. They challenged the fee, which Trump announced in September as a way to reduce taxes and bring better people into the country.

A different judge in late 2025 had upheld the fee, finding that Trump had the authority to increase the fee from between $2,000 to $5,000 to the $100,000 level. An appeal is pending in that case.

This is a developing story that will be updated.

Tyler Durden Mon, 06/08/2026 - 15:20

The photos posted by the comedian were labeled "super weird" and "creepy AF" by concerned and angry social media users.

The photos posted by the comedian were labeled "super weird" and "creepy AF" by concerned and angry social media users.

As more mail-in votes were counted over the weekend, Raman gained ground and is now leading by 0.4 percentage points, or 3,113 votes, with nearly 83% of the votes counted.

Officials said emergency crews rushed to the General Dynamics NASSCO shipyard at 2798 Harbor Drive just after 8:30 pm Saturday.

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UBS Warns America's Restaurants Locked In "Difficult Cycle" As Tax-Refund Sugar-High Fades

There is certainly a growing consensus on Wall Street that the tax-refund sugar high is fading just as consumers' financial profiles deteriorate. The latest read-through comes from UBS analyst Dennis Geiger, the bank's U.S. restaurants equity research analyst, who warns that a toxic cocktail of macro pressures is likely to crimp restaurant spending in the second half of the year.

Geiger warned in a note that elevated gas prices at the pump appear to be offsetting tax-rebate benefits, while lower-income, younger, and Hispanic consumers remain among some of the weakest demand cohorts.

"Challenged traffic and sales trends likely largely reflect depressed consumer sentiment across several cohorts, elevated gas prices, and other macro headwinds," the analyst said, adding, "We are more cautious on restaurant industry trends into 2H26, assuming near-term headwinds persist, rebate check benefits fade, and risk that gas prices stay elevated."

He said that margin pressure will likely persist for restaurants through summer and into fall as commodity inflation remains a problem.

Despite the negative backdrop, he pointed out valuations for restaurant stocks look attractive:

Despite challenged fundamentals, negative investor sentiment, and valuation pressure, we believe restaurants are in a difficult cycle currently, rather than a longer-term structurally challenged position. Valuations appear attractive relative to history, but with shares likely needing a positive inflection in sales / demand trajectory or favorable macro developments / headlines to realize notable upside.

His top picks are Dutch Bros, Brinker International, and Yum! Brands, while his least favorite restaurant stocks are Cheesecake Factory and Cracker Barrel Old Country Store.

Geiger's chartpack visualizing restaurant trends:

Sales Trends 

QSR Sales and Traffic Trends

Casual Dining Trends

Dismal Consumer Sentiment still a Problem 

The full chart pack can be viewed by Professional subscribers here at our new Marketdesk.ai portal.

Geiger's caution for the restaurant industry adds to our theme of emerging consumer stress (read the latest here).

Tyler Durden Mon, 06/08/2026 - 15:00

Jemaine Clement and Nicola Walker star in this comedy about best friends who become enemies.