CLOSING BELL
U.S. Markets
  • S&P 500+0.94%
  • Dow Jones Industrial Average+1.01%
  • Nasdaq Composite+1.07%

All three major indexes closed up about 1%, a broad advance that leaves the S&P 500 above 7,660 with the Dow past 52,500. Buyers showed up across large-cap value and tech alike.

OpenAI held image generation at $30 per million output tokens while raising quality, squeezing rivals who now have to match better output at an unchanged price.

GPT Images 2.5 are a material improvement in quality at the same price as GPT Image 2 OpenAI prices both new models at the same token rates as GPT Image 2: $30 per million image output tokens. This makes it the clear choice for the highest quality images, though the next model https://t.co/GvxSEkjj6p
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OpenAI just halved image generation time at the same price, resetting the cost-per-image bar rivals like Google and Midjourney have to match.

OpenAI’s GPT Images 2.5 takes the top two spots on the Artificial Analysis Image Arena, generating higher quality images in less than half the time, while keeping the same price as GPT Image 2 Nearly five months after GPT Image 2’s release, OpenAI has released GPT Image 2.5 https://t.co/B8BItbLs7H
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Biggest dividend payouts · Sep 11
ADPADP
$675M$1.70 per share
  • 2BKNGBooking Holdings$0.42/sh$316M
  • 3GLPIGaming & Leisure Properties$0.82/sh$239M
  • 4RYAAYRyanair$0.44/sh$230M
  • 5NDAQNasdaq$0.31/sh$173M

ADP is sending shareholders about $675 million, or $1.70 a share, with the money arriving October 1. Booking Holdings is next at roughly $316 million, followed by Gaming & Leisure Properties, Ryanair and Nasdaq.

AI researchers debate how close we are to recursive self-improvement

  • Panel steelmans failure: Moravec's paradox, no continual learning, a persistent sim-to-real gap blocking generalization
  • Schulman on distillation from Claude creating an open-weight monoculture, and Chinese labs closing the gap via router proxy data
  • Cursor already runs online RL off user acceptance signals every five hours
  • Rapid-fire: 1-3 years to drop-in AI remote workers, 2 years to 10x researcher uplift, 3-10 years to beating top experts

Frontier researchers, including Thinking Machines chief scientist John Schulman, put drop-in AI remote workers at one to three years away, which is the timeline underwriting the entire AI capex trade. Their bear case is technical: RL generalizes task length rather than reasoning across domains, even with task completion time doubling every three months per Edgebench.