Technology news today centers on a widening test of the AI investment boom: investors are scrutinizing funding requirements ahead of Amazon, Alphabet and Microsoft earnings next week, while OpenAI reportedly lowered its proposed fundraising valuation. Apple began selling its first foldable iPhone, and reports of SpaceX pursuing a terrestrial wireless network rattled established telecom operators. Outside the U.S., Indian IT services shares advanced despite global technology-market volatility, while Ola Electric faced an analyst downgrade over financing and market-share concerns.
Today’s top company updates
- Apple — Sales of the iPhone Duo, Apple’s first foldable smartphone, began today. Strong preorders pushed estimated delivery dates into late January, although early reviews flagged camera compromises, unfinished app adaptations and the high price. The launch puts Apple into more direct competition with established foldable vendors Samsung Electronics and Huawei.
- Amazon, Alphabet (Google) and Microsoft — Their quarterly results next week have become a critical test of confidence in AI infrastructure spending. Alphabet and Microsoft report Wednesday, followed by Amazon on Thursday; investors will closely examine capital-expenditure forecasts and evidence that investment is translating into returns. These are upcoming earnings, not results released today.
- OpenAI — The company reportedly reduced the valuation sought in fundraising discussions from $1.4 trillion to $1.25 trillion after investor pushback, according to Financial Times reporting summarized by The Telegraph. OpenAI is reportedly seeking $30 billion ahead of a potential 2027 listing; these remain fundraising discussions rather than a completed financing.
- Anthropic — Investors are awaiting the company’s public IPO prospectus, which reporting indicated could appear as early as today. Reuters described the filing as forthcoming; the sources reviewed did not establish that the public prospectus had actually been released by this briefing’s cutoff.
- SpaceX — Reports that the company is seeking thousands of cell sites for a fourth U.S. wireless carrier sent incumbent telecom shares lower. AT&T and T-Mobile each fell nearly 8%, while SpaceX rose 1.9%; the reported network plans remain distinct from a confirmed commercial launch.
- Meta Platforms — Its financing plans helped trigger this week’s technology selloff. Reuters reported that Meta’s announcement of a new share class to help raise funds became a catalyst for renewed concern about the enormous capital requirements of AI development.
- Nvidia — CEO Jensen Huang’s warning that a “scarcity of capital” was hampering AI deployment added to investor anxiety over infrastructure financing. The concern is about funding the broader buildout, not simply whether demand for AI computing exists.
- Tata Consultancy Services (TCS), Infosys, Wipro, HCLTech and Tech Mahindra — Indian IT services stocks continued a strong October recovery despite weakness elsewhere in global technology markets. Fortune India reported one-month gains of approximately 23.2% for TCS, 16.6% for Wipro, 15.9% for Tech Mahindra, 14.8% for Infosys and 14.5% for HCLTech. These are monthly gains, not today’s individual returns.
- TCS, Infosys, HCLTech, Tech Mahindra and Wipro — A separate hiring report published today showed the five companies collectively added 16,055 employees in the first half of FY2026–27, compared with 3,097 a year earlier. Wipro was the exception in the September quarter, reducing headcount while the other four expanded their workforces.
- Ola Electric — Shares fell after Goldman Sachs downgraded the company from Neutral to Sell and reduced its target price to ₹23. The brokerage cited prolonged operating losses, financing requirements and difficulty sustaining market share, while lowering FY2027–FY2029 revenue estimates by up to 10%.
- MTN Group — Reporting today described a partnership with a UAE-backed investment platform to develop AI-ready data centers, initially targeting Nigeria and South Africa. Coverage put the first-phase capacity at approximately 150 megawatts; the partnership was announced Thursday, rather than today.ground+1
Recent developments still relevant today
- Apple, Intel and Samsung Electronics — An October 22 report said Apple held preliminary discussions with Intel and Samsung about potential U.S. chip manufacturing partnerships. The discussions could diversify Apple’s manufacturing options, but no production agreement was established in the reporting.
- Nokia — Its October 22 third-quarter update showed adjusted earnings of $0.10 per share, with AI and cloud customers driving growth. Sales to that customer segment rose 123% at constant currency, highlighting AI infrastructure demand beyond processors and data centers.
- IBM — IBM Ventures invested in Leena AI, according to reporting earlier this week. The investment supports autonomous agents that execute multistep human-resources, IT and finance workflows; the cited reporting did not disclose the investment amount.
- OpenAI — Separately from today’s valuation reporting, Reuters reported on October 21 that ChatGPT advertising was expanding into 26 additional countries, bringing its total reach to 89 countries as OpenAI develops additional revenue streams.
