OpenAI working on payment checkout system within ChatGPT, FT reports
Merchants that fulfill orders through the payment system will pay a commission to OpenAI, the report said.
The move would allow OpenAI to tap a new source of revenue, taking advantage of the heavy user traffic on ChatGPT, in addition to its traditional subscription model.
The checkout feature is still in development, but OpenAI and partners such as e-commerce platform Shopify have been presenting early versions of the system to brands and discussing financial terms, the report said.
OpenAI and Shopify did not immediately respond to Reuters requests for comment.
The two companies had announced a partnership earlier this year, shortly after the AI startup launched an enhanced shopping feature to better display products and reviews, the report added.
The Sam Altman-led company currently displays suggested products on ChatGPT through links that take users to online retailers' websites.
OpenAI said earlier this year that its annualized revenue run rate surged to $10 billion as of June, up from $5.5 billion in December 2024. The company, however, lost around $5 billion last year.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
23 minutes ago
- Straits Times
Trump administration to release over $5 billion school funding that it withheld
Find out what's new on ST website and app. FILE PHOTO: U.S. President Donald Trump speaks, as he meets with Bahrain's Crown Prince and Prime Minister Salman bin Hamad Al Khalifa (not pictured), in the Oval Office at the White House in Washington, D.C., U.S., July 16, 2025. REUTERS/Nathan Howard/File Photo WASHINGTON - President Donald Trump's administration will release more than $5 billion in previously approved funding for K-12 school programs that it froze over three weeks ago under a review, which had led to bipartisan condemnation. KEY QUOTES "(The White House Office of Management and Budget) has completed its review ... and has directed the Department to release all formula funds," Madi Biedermann, deputy assistant secretary for communications at the U.S. Education Department, said in an emailed statement. "The agency will begin dispersing funds to states next week," Biedermann added. Further details on the review and what it found were not shared in the statement. A senior administration official said "guardrails" would be in place for the amount being released, without giving details about them. The release of the more than $5 billion amount was reported earlier by the Washington Post. WHY IT'S IMPORTANT Early in July, the Trump administration said it would not release funding previously appropriated by Congress for schools and that an initial review found signs the money was misused to subsidize what it alleged was "a radical leftwing agenda." Top stories Swipe. Select. Stay informed. Singapore SMRT to pay lower fine of $2.4m for EWL disruption; must invest at least $600k to boost reliability Singapore MRT service changes needed to modify 3 East-West Line stations on Changi Airport stretch: LTA Singapore S'pore could have nuclear energy 'within a few years', if it decides on it: UN nuclear watchdog chief Asia 'Nothing like this has happened before': At least 16 dead as Thai-Cambodian conflict enters second day Life 'Do you kill children?': Even before independence, S'pore has always loved its over-the-top campaigns Singapore Lung damage, poor brain development, addiction: What vaping does to the body Singapore Tipsy Collective sues former directors, HR head; alleges $14m lost from misconduct, poor decisions Singapore Kopi, care and conversation: How this 20-year-old helps improve the well-being of the elderly States say $6.8 billion in total was affected by the freeze. Last week, $1.3 billion was released. CONTEXT After the freeze, a coalition of mostly Democratic-led states sued to challenge the move, and 10 Republican U.S. senators wrote to the Republican Trump administration to reverse its decision. Republican U.S. lawmakers welcomed the move on Friday, while Democratic lawmakers said there was no need to disrupt funding in the first place. The frozen money covered funding for education of migrant farm workers and their children; recruitment and training of teachers; English proficiency learning; academic enrichment and after-school and summer programs. The Trump administration has threatened schools and colleges with withholding federal funds over issues like climate initiatives, transgender policies, pro-Palestinian protests against U.S. ally Israel's war in Gaza and diversity, equity and inclusion practices. REUTERS
CNA
an hour ago
- CNA
US dollar rises, but on track for weekly drop ahead of Fed, BOJ
NEW YORK :The U.S. dollar advanced on Friday, bolstered by solid economic data that suggested the Federal Reserve could take its time in resuming interest rate cuts, while tariff negotiations showed more clarity that eased some uncertainty in the market. The U.S. currency showed little reaction to data showing new orders for key U.S.-manufactured capital goods unexpectedly fell in June while shipments of those products increased moderately. That suggested business spending on equipment slowed considerably in the second quarter. "The dollar regained some ground the past two days, after being on the defensive earlier in the week ... supported mostly by an encouraging set of U.S. economic data that argues for continued patience at the Fed," said Elias Haddad, senior markets strategist at Brown Brothers Harriman in London. The greenback was set for its biggest weekly drop in a month, ahead of more tariff dialogue and central bank meetings next week, while sterling dipped after softer-than-expected British retail sales data. Both the Fed and the Bank of Japan are expected to hold rates steady at next week's policy meetings, but traders are focusing on the subsequent comments to gauge the timing of the next moves. "We see some room for optimism at the (Fed) meeting," wrote BNP Paribas in a research note. "Economic uncertainty associated with trade policy, while not entirely resolved, has declined markedly." Politics is a factor for both central banks, most dramatically in the U.S., where President Donald Trump once again pressed for lower interest rates on Thursday as he locked horns with Fed Chair Jerome Powell. Brown Brothers' Haddad said the Fed's monetary policy is being "overshadowed by the political pressure to lower interest rates. That's one of the reasons why I think the dollar's upside is limited." The dollar managed to recover a touch against the euro late on Thursday, however, after Trump said he did not intend to fire Powell, as he has frequently suggested he could. "The market relief was based on the fact that Trump refrained from calling for Powell to go, although that was based on Trump's view that Powell would 'do the right thing'," said Derek Halpenny, head of EMEA research at MUFG. He added, however, that "the theme of Fed independence being undermined by the White House will unlikely go away and remains a downside risk for the dollar." BOJ MEETING Falls against the euro and yen leave the dollar index, which measures the dollar against six other currencies, at 97.45, on track for a drop of 0.8 per cent this week, its weakest performance in a month, though it bounced back 0.2 per cent to 97.663 on Friday. Meanwhile, in Japan, though the trade deal signed with the U.S. this week could make it easier for the BOJ to continue rate hikes, the bruising loss for Prime Minister Shigeru Ishiba's coalition in upper house elections on Sunday complicates life for the BOJ. The yen was softer, thanks in part to below-expectations Tokyo inflation data, with the dollar last up 0.4 per cent at 147.59 yen, though on course for a weekly 0.9 per cent fall, the lowest since June 23. The euro was flat at $1.1741, but set for a weekly gain of nearly 1 per cent, its best showing in a month. The common currency took some support Thursday from the European Central Bank meeting. Policymakers left the policy rate at 2 per cent, as expected, but the bank's relatively upbeat assessment of the economic outlook and signs that an EU-U.S. trade deal is near caused investors to reassess previous assumptions of one more rate cut this year. [GVD/EUR] In contrast, soft British data is supporting expectations of more Bank of England rate cuts, and causing euro zone bond yields to rise faster than British ones, supporting the euro against the pound. [GB/] The euro rose to 87.43 pence versus sterling on Friday, its highest since April, building on a 0.44 per cent gain the previous day.. It was last up 0.4 per cent at 87.42 pence. Data on Friday showed British retail sales data for June came in slightly below analysts' expectations, albeit rebounding from a sharp drop in May. Figures on Thursday showed business activity grew only weakly in July and employers cut jobs at the fastest pace in five months. Against the dollar, the pound fell 0.6 per cent to $1.3434. Currency bid prices at 25 July 07:31 p.m. GMT Descript RIC Last U.S. Pct YTD High Low ion Close Chang Pct Bid Bid Previous e Session Dollar 97.633 97.451 0.19 per cent -10.01 97.906 97. index per cent 426 Euro/Dol 1.1746 1.1748 -0.01 13.46 per cent $1.176 $1. lar per cent 1 170 4 Dollar/Y 147.56 146.915 0.45 per cent -6.22 per cent 147.89 146 en 5 .84 Euro/Yen 173.33 172.67 0.38 per cent 6.19 per cent 173.61 172 .52 Dollar/S 0.7947 0.7954 -0.08 -12.42 0.7979 0.7 wiss per cent per cent 948 Sterling 1.3436 1.3512 -0.56 7.43 per cent $1.351 $1. /Dollar per cent 341 7 Dollar/C 1.3707 1.3637 0.52 per cent -4.67 per cent 1.3725 1.3 anadian 639 Aussie/D 0.6564 0.6591 -0.39 6.1 per cent $0.659 $0. ollar per cent 9 655 2 Euro/Swi 0.9333 0.9341 -0.09 -0.64 per cent 0.9354 0.9 ss per cent 329 Euro/Ste 0.874 0.8693 0.54 per cent 5.64 per cent 0.8743 0.8 rling 691 NZ 0.6014 0.6029 -0.22 7.51 per cent $0.603 0.6 Dollar/D per cent 7 ollar Dollar/N 10.1581 10.1237 0.34 per cent -10.63 10.182 10. orway per cent 7 115 9 Euro/Nor 11.9327 11.889 0.37 per cent 1.39 per cent 11.946 11. way 886 Dollar/S 9.5126 9.528 -0.16 -13.66 9.5555 9.5 weden per cent per cent 118 Euro/Swe 11.1744 11.2135 -0.35 -2.55 per cent 11.215 11. den per cent 5 166
CNA
an hour ago
- CNA
Wall Street gains, dollar firms ahead of a big week for market risk
NEW YORK :U.S. stocks and the dollar firmed on Friday as investors girded themselves for the week ahead, which includes a Federal Reserve policy meeting, crucial corporate results and U.S. President Donald Trump's August 1 deadline for negotiating trade deals. "There's increasing confidence that the economy won't be derailed by tariffs," said Thomas Martin, Senior Portfolio Manager at GLOBALT in Atlanta. "In the meantime, companies are reporting good earnings, the economic numbers are coming in within the range and people want to own stocks. They don't want to miss out." All three indexes were modestly green in early trading, and were on course for weekly gains. Gold lost some shine, pressured by the dollar as healthy risk appetites lured investors away from the safe-haven metal. With Trump's negotiating deadline just a week away, the U.S. and its trading partners are scrambling to reach trade agreements, with European negotiators heartened by the deal with Japan announced on Tuesday. Intel's shares INTC.O dropped 9.4 per cent after the chipmaker forecast steeper-than-expected quarterly losses and said it had halted or scrapped new factory projects in the U.S. and Europe. More than a third of the companies in the S&P 500 have posted results, 80 per cent of which have beaten estimates, according to LSEG data. Analysts now expect year-on-year second-quarter earnings growth of 7.7 per cent, compared with the 5.8 per cent estimate as of July 1. Four members of the Magnificent 7 group of Artificial Intelligence-related megacap stocks - Amazon, Apple, Meta and Microsoft are on next week's earnings docket, and market participants will scrutinize the companies' conference calls for signs that AI expenditures are beginning to pay off and whether tariff-related uncertainties continue to weigh on forward guidance. U.S. economic data released on Friday showed an unexpected decline in new orders for core capital goods, as companies hold back on big ticket purchases amid the fog of ongoing trade talks. The Fed is expected to convene next week for a two-day monetary policy meeting, which is expected to culminate in a decision to let its federal funds target rate stand in the 4.25 per cent to 4.50 per cent range. The meeting comes at a moment in which Fed Chair Jerome Powell is facing criticism from Trump for not cutting rates. "The Fed is going to do what it's going to do and Powell is going to stay in his job," Martin added. "The economy is doing great, so they really don't need to lower short-term interest rates." "Inflation is still a question, so they're better off not lowering rates if they don't have to," Martin said. The Dow Jones Industrial Average rose 227.98 points, or 0.51 per cent, to 44,921.89, the S&P 500 rose 30.79 points, or 0.48 per cent, to 6,394.14 and the Nasdaq Composite rose 84.09 points, or 0.40 per cent, to 21,141.65. European shares settled lower as market participants parsed mixed corporate earnings and awaited developments in the U.S.-EU trade negotiations. MSCI's gauge of stocks across the globe rose 0.47 points, or 0.05 per cent, to 941.82. The pan-European STOXX 600 index fell 0.29 per cent, while Europe's broad FTSEurofirst 300 index fell 5.79 points, or 0.27 per cent Emerging market stocks fell 10.43 points, or 0.82 per cent, to 1,256.86. MSCI's broadest index of Asia-Pacific shares outside Japan closed lower by 0.93 per cent, to 661.15, while Japan's Nikkei fell 370.11 points, or 0.88 per cent, to 41,456.23. U.S. Treasury yields drifted higher in a subdued trading as investors braced for a data-heavy week, updates on U.S. trade talks, and a Federal Reserve policy meeting. The yield on benchmark U.S. 10-year notes fell 2.4 basis points to 4.384 per cent, from 4.408 per cent late on Thursday. The 30-year bond yield fell 2.3 basis points to 4.9265 per cent from 4.949 per cent late on Thursday. The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, fell 1 basis points to 3.915 per cent, from 3.925 per cent late on Thursday. The dollar gained strength but remained on course for its biggest drop in a month as investors focused on economic data, tariff negotiations and central bank meetings on the calendar for next week. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.25 per cent to 97.69, with the euro down 0.14 per cent at $1.1738. Against the Japanese yen, the dollar strengthened 0.42 per cent to 147.62. In cryptocurrencies, bitcoin fell 1.94 per cent to $116,468.56. Ethereum declined 2.42 per cent to $3,649.42. Oil prices softened as investors mulled downbeat economic news and signs of growing supply, despite optimism that U.S. trade deals could boost global economic growth. U.S. crude fell 1.32 per cent to $65.16 per barrel, while Brent fell to $68.44 per barrel, down 1.07 per cent on the day. Gold prices dropped in opposition to the firming dollar, amid signs of progress in U.S.-EU trade talks. Spot gold fell 0.87 per cent to $3,338.54 an ounce. U.S. gold futures fell 1.24 per cent to $3,329.10 an ounce.
