Category: 3. Business

By Joseph Adinolfi

The revival of the U.S.-China trade war has ended a streak of summer calm that had brought about the lowest volatility since January 2020

The stock market’s “fear gauge” is back above its long-term average.

After one of the quietest summers for the stock market in years, Wall Street’s fear gauge has once again shot higher as investors fret that a trade standoff between the U.S. and China could escalate further.

The Cboe Volatility Index VIX, better known as the VIX, or Wall Street’s “fear gauge,” traded as high as 22.76 on Tuesday, its highest intraday level since May 23, when it traded as high as 25.53, according to Dow Jones Market Data. By the time the market closed, the VIX had moved well off its earlier highs. The index ended the day above 20, a level with some significance.

Since the VIX’s inception in the early 1990s, its long-term average sits just below 20. As a result, investors tend to see this level as the line in the sand between a relatively calm market, and one that is starting to look a bit more panicked.

The level of the VIX is based on trading activity in options contracts tied to the S&P 500 SPX that are due to expire in roughly one month. It is seen as a proxy for how worried traders are about the possibility that stocks could be due for a nosedive. After all, volatility tends to rise more quickly when the market is falling.

A summer lull

Looking back, there were signs that investors were beginning to feel a bit too complacent.

Stocks trundled higher all summer with few interruptions. This placid trading ultimately sent the three-month realized volatility for the S&P 500 to its lowest level since January 2020 last week, according to FactSet data and MarketWatch calculations.

Realized volatility is a calculation that measures how volatile a given index or asset has been in the recent past. The VIX, which measures implied volatility, attempts to gauge how volatile investors expect markets will be in the immediate future.

For a while, the VIX trended lower alongside realized volatility for the S&P 500. But around Labor Day, the two started to diverge.

This could mean a couple of different things, according to portfolio managers who spoke with MarketWatch. The first is that investors increasingly preferred to bet on further upside in the stock market using call options instead of actual shares. Call options on the S&P 500 will deliver a payoff if the index rises above a predetermined level before a given time, which is known as the expiration date.

It might also mean that some traders were scooping up put options, which act like a form of portfolio insurance. Wary of myriad risks that could upset the apple cart following a record-setting rebound earlier in the year, some investors may have preferred to hedge their downside risk, while holding on to their stocks, so as not to miss out on any further gains.

Signs that the market might be bracing for some upcoming turbulence first started to emerge in late September. Between Sept. 29 and Oct. 3, the S&P 500 and the VIX rose simultaneously for five straight sessions. That hadn’t happened since at least 1996, according to an analysis from Carson Group’s Ryan Detrick.

Seeing both the VIX and S&P 500 trend higher hinted that the market’s streak of calm might soon be coming to an end, said Michael Kramer, portfolio manager at Mott Capital Management.

“The tinder was there for something like Friday to occur,” said Mike Thompson, co-portfolio manager at Little Harbor Advisors.

“You just needed that spark to trigger it,” Mott Capital’s Kramer said.

While the U.S.-China trade tensions remain far from settled, Thompson and his brother, Matt Thompson, also a co-portfolio manager at Little Harbor Advisors, are keeping an eye out for any indication that a bigger burst of volatility might lie ahead.

Investors have largely blamed the selloff for the revival of trade tensions between the U.S. and China. On Friday, President Donald Trump threatened 100% tariffs on all Chinese goods imported into the U.S. in retaliation for Beijing stepping up export controls on rare earth metals.

Then on Tuesday, Beijing sanctioned U.S. subsidiaries of a South Korean shipping firm, sparking a global stock-market selloff that had largely reversed by the time the closing bell rang out on Wall Street.

But according to the Thompson brothers, the U.S.-China tariff dance has started to feel a little too familiar for it to be a real cause for concern. Investors appear to be catching on to the pattern of escalation, followed immediately by de-escalation, as each side vies for maximum leverage.

A more plausible threat to market calm, in their view, would be the ructions in the credit market. On Tuesday, JPMorgan Chase & Co. (JPM) Chief Executive Jamie Dimon warned about the potential for more credit problems after the bank lost money on a loan to bankrupt subprime auto lender Tricolor. Trouble in the space could get worse after a long period where conditions in the credit market were relatively favorable.

On Friday, BlackRock (BLK) and other institutional investors asked for their money back from Point Bonita Capital, a fund managed by the investment bank Jefferies (JEF), after the bankruptcy of auto parts supplier First Brands Group saddled the fund with big losses.

“We’re keeping an eye out for whether there is another shoe to drop,” Matt Thompson said.

U.S. stocks were on track to finish mostly higher on Tuesday, until Trump dropped a Truth Social post accusing China of a “Economically Hostile Act” for refusing to purchase soybeans from American farmers. That caused the S&P 500 to finish 0.2% lower, while the Nasdaq Composite COMP ended down 0.8%. Of the three major U.S. indexes, only the Dow Jones Industrial Average DJIA managed to finish higher. Meanwhile, the Russell 2000 RUT, an index of small-cap stocks, quietly notched another record closing high.

-Joseph Adinolfi

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

  (END) Dow Jones Newswires

  10-14-25 1642ET
Copyright (c) 2025 Dow Jones & Company, Inc.

• We’re presenting Design for Sustainability,  a set of technical design principles for new designs of IT hardware to reduce emissions and cost through reuse, extending useful life, and optimizing design.
• At Meta, we’ve been able to significantly reduce the carbon footprint of our data centers by integrating several design strategies such as modularity, reuse, retrofitting, dematerialization, using greener materials, and extended hardware lifecycles, Meta can significantly reduce the carbon footprint of its data center infrastructure. 
• We’re inviting the wider industry to also adopt the strategies outlined here to help reach sustainability goals.

The data centers, server hardware, and global network infrastructure that underpin Meta’s operations are a critical focus to address the environmental impact of our operations. As we develop and deploy the compute capacity and storage racks used in data centers, we are focused on our goal to reach net zero emissions across our value chain in 2030. To do this, we prioritize interventions to reduce emissions associated with this hardware, including collaborating with hardware suppliers to reduce upstream emissions.

What Is Design for Sustainability? 

Design for Sustainability is a set of guidelines, developed and proposed by Meta, to aid hardware designers in reducing the environmental impact of IT racks. This considers various factors such as energy efficiency and the selection, reduction, circularity, and end-of-life disposal of materials used in hardware. Sustainable hardware design requires collaboration between hardware designers, engineers, and sustainability experts to create hardware that meets performance requirements while limiting environmental impact.

In this guide, we specifically focus on the design of racks that power our data centers and offer alternatives for various components (e.g., mechanicals, cooling, compute, storage and cabling) that can help rack designers make sustainable choices early in the product’s lifecycle. 

Our Focus on Scope 3 Emissions

To reach our net zero goal, we are primarily focused on reducing our Scope 3 (or value chain) emissions from physical sources like data center construction and our IT hardware (compute, storage and cooling equipment) and network fiber infrastructure.

While the energy efficiency of the hardware itself deployed in our data centers helps reduce energy consumption, we have to also consider IT hardware emissions associated with the manufacturing and delivery of equipment to Meta, as well as the end-of-life disposal, recycling, or resale of this hardware.

Our methods for controlling and reducing Scope 3 emissions generally involve optimizing material selection, choosing and developing lower carbon alternatives in design, and helping to reduce the upstream emissions of our suppliers.

For internal teams focused on hardware, this involves:

• Optimizing hardware design for the lowest possible emissions, extending the useful life of materials as much as possible with each system design, or using lower carbon materials.
• Being more efficient by extending the useful life of IT racks to potentially skip new generations of equipment.
• Harvesting server components that are no longer available to be used as spares. When racks reach their end-of-life, some of the components still have service life left in them and can be harvested and reused in a variety of ways. Circularity programs harvest components such as dual In-line memory modules (DIMMs) from end-of-life racks and redeploy them in new builds.
• Knowing the emissions profiles of suppliers, components, and system designs. This in turn informs future roadmaps that will further reduce emissions.
• Collaborating with suppliers to electrify their manufacturing processes, to transition to renewable energy, and to leverage lower carbon materials and designs.

These actions to reduce Scope 3 emissions from our IT hardware also have the additional benefit of reducing the amount of electronic waste (e-waste) generated from our data centers.

An Overview of the Types of Racks We Deploy 

There are many different rack designs deployed within Meta’s data centers to support different workloads and infrastructure needs, mainly:

1. AI – AI training and inference workloads
2. Compute – General compute needed for running Meta’s products and services
3. Storage – Storing and maintaining data used by our products
4. Network – Providing Low-latency interconnections between servers

While there are differences in architecture across these different rack types, most of these racks apply general hardware design principles and contain active and passive components from a similar group of suppliers. As such, the same design principles for sustainability apply across these varied rack types.

Within each rack, there are five main categories of components that are targeted for emissions reductions: 

1. Compute (i.e., memory, HDD/SSD)
2. Storage
3. Network
4. Power
5. Rack infrastructure (i.e., mechanical and thermals)

The emissions breakdown for a generic compute rack is shown below.

Our Techniques for Reducing Emissions

We focus on four main categories to address emissions associated with these hardware components:

We will cover a few of the levers listed above in detail below.

Modular Rack Designs

Modular Design which allows older rack components to be re-used in newer racks. Open Rack designs (ORv2 & ORv3) form the bulk of high volume racks that exist in our data centers. 

Here are some key aspects of the ORv3 modular rack design:

• ORv3 separates Power Supply Units (PSUs) and Battery Backup Units (BBUs) into their own shelves.
  This allows for more reliable and flexible configurations, making repairs and replacements easier as each field replaceable unit (FRU) is toolless to replace.
• Power and flexibility
  The ORv3 design includes a 48 V power output, which allows the power shelf to be placed anywhere in the rack. This is an improvement over the previous ORV2 design, which limited the power shelf to a specific power zone
• Configurations
  The rack can accommodate different configurations of PSU and BBU shelves to meet various platform and regional requirements. For example, North America uses a dual AC input per PSU shelf, while Europe and Asia use a single AC input. 
• Commonization effort
  There is an ongoing effort to design a “commonized” ORv3 rack frame that incorporates features from various rack variations into one standard frame. This aims to streamline the assembly process, reduce quality risks, and lower overall product costs 
• ORv3N
  A derivative of ORv3, known as ORv3N, is designed for network-specific applications. It includes in-rack PSU and BBU, offering efficiency and cost improvements over traditional in-row UPS systems 

These design principles should continue to be followed in successive generations of racks. With the expansion of AI workloads, new specialized racks for compute, storage, power and cooling are being developed that are challenging  designers to adopt the most modular design principles. 

Re-Using/Retrofitting Existing Rack Designs

Retrofitting existing rack designs for new uses/high density is a cost-effective and sustainable approach to meet evolving data center needs. This strategy can help reduce e-waste, lower costs, and accelerate deployment times. Benefits of re-use/retrofitting include:

• Cost savings
  Retrofitting existing racks can be significantly cheaper compared to purchasing new racks.
• Reduced e-waste
  Reusing existing racks reduces the amount of e-waste generated by data centers.
• Faster deployment
  Retrofitting existing racks can be completed faster than deploying new racks, as it eliminates the need for procurement and manufacturing lead times.
• Environmental benefits
  Reducing e-waste and reusing existing materials helps minimize the environmental impact of data centers.

There are several challenges when considering re-using or retrofitting racks:

• Compatibility issues
  Ensuring compatibility between old and new components can be challenging.
• Power and cooling requirements
  Retrofitting existing racks may require upgrades to power and cooling systems to support new equipment.
• Scalability and flexibility
  Retrofitting existing racks may limit scalability and flexibility in terms of future upgrades or changes.
• Testing and validation
  Thorough testing and validation are required to ensure that retrofitted racks meet performance and reliability standards.

Overall, the benefits of retrofitting existing racks are substantial and should be examined in every new rack design.

Green Steel

Steel is a significant portion of a rack and chassis and substituting traditional steel with green steel can reduce emissions. Green steel is typically produced using electric arc furnaces (EAF) instead of traditional basic oxygen furnaces (BOF), allowing for the use of clean and renewable electricity and a higher quantity of recycled content. This approach significantly reduces carbon emissions associated with steel production. Meta collaborates with suppliers who offer green steel produced with 100% clean and renewable energy.

Recycled Steel, Aluminum, and Copper

While steel is a significant component of rack and chassis, aluminum and copper are extensively used in heat sinks and wiring. Recycling steel, aluminum, and copper saves significant energy needed to produce hardware from raw materials. 

As part of our commitment to sustainability, we now require all racks/chassis to contain a minimum of 20% recycled steel. Additionally, all heat sinks must be manufactured entirely from recycled aluminum or copper. These mandates are an important step in our ongoing sustainability journey.

Several of our steel suppliers, such as Tata Steel, provide recycled steel. Product design teams may ask their original design manufacturer (ODM) partners to make sure that recycled steel is included in the steel vendor(s) selected by Meta’s ODM partners. Similarly, there are many vendors that are providing recycled aluminum and copper products.

Improving Reliability to Extend Useful Life

Extending the useful life of racks, servers, memory, and SSDs helps Meta reduce the number of hardware equipment that needs to be ordered. This has helped achieve significant reductions in both emissions and costs. 

A key requirement for extending useful life of hardware is the reliability of the hardware component or rack. Benchmarking reliability is an important element to determine whether hardware life extensions are feasible and for how long. Additional consideration needs to be given to the fact that spares and vendor support may have diminishing availability. Also, extending hardware life also comes with the risk of increased equipment failure, so a clear strategy to deal with the higher incidence of potential failure should be put in place.

Dematerialization

Dematerialization and removal of unnecessary hardware components can lead to a significant reduction in the use of raw materials, water, and/or energy. This entails reducing the use of raw materials such as steel on racks or removing unnecessary components on server motherboards while maintaining the design constraints established for the rack and its components. 

Dematerialization also involves consolidating multiple racks into fewer, more efficient ones, reducing their overall physical footprint. 

Extra components on hardware boards are included for several reasons:

1. Future-proofing
   Components might be added to a circuit board in anticipation of future upgrades or changes in the design. This allows manufacturers to easily modify the board without having to redesign it from scratch.
2. Flexibility
   Extra components can provide flexibility in terms of configuration options. For example, a board might have multiple connectors or interfaces that can be used depending on the specific application.
3. Debugging and testing
   Additional components can be used for debugging and testing purposes. These components might include test points, debug headers, or other features that help engineers diagnose issues during development.
4. Redundancy
   In some cases, extra components are included to provide redundancy in case one component fails. This is particularly important in high-reliability applications where system failure could have significant consequences.
5. Modularity
   Extra components can make a board more modular, allowing users to customize or upgrade their system by adding or removing modules.
6. Regulatory compliance
   Some components might be required for regulatory compliance, such as safety features or electromagnetic interference (EMI) filtering.

In addition, changes in requirements over time can also lead to extra components. While it is very difficult to modify systems in production, it is important to make sure that each hardware design optimizes for components that will be populated. 

Examples of extra components on hardware boards include:

• Unpopulated integrated circuit (IC) sockets or footprints
• Unused connectors or headers
• Test points or debug headers
• Redundant power supplies or capacitors
• Optional memory or storage components
• Unconnected or reserved pins on ICs

In addition to hardware boards, excess components may also be present in other parts of the rack. Removing excess components can lead to lowering the emissions footprint of a circuit board or rack. 

Productionizing New Technologies With Lower Emissions

Productionizing new technologies can help Meta significantly reduce emissions. Memory and SSD/HDD are typically the single largest source of embodied carbon emissions in a server rack. New technologies can help Meta reduce emissions and costs while providing a substantially higher power-normalized performance. 

Examples of such technologies include:

• Transitioning to SSD from HDD can reduce emissions by requiring fewer drives, servers, racks, BBUs, and PSUs, as well as help reduce overall energy usage. 
• Depending on local environmental conditions, and the data center’s workload, using liquid cooling in server racks can be up to 17% more carbon-efficient than traditional air cooling.

Teams can explore additional approaches to reduce emissions associated with memory/SSD/HDD which include:

• Alternate technologies such as phase-change memory (PCM) or Magnetoresistive Random-Access Memory (MRAM) that have the same performance with low carbon.
• Use Low-Power Double Data Rates (LPDDRs ) for low power consumption and high bandwidth instead of DDR.
• Removing/reusing unused memory modules to reduce energy usage or down-clocking them during idle periods.
• Using fewer high capacity memory modules to reduce power and cooling needs. Use High Bandwidth Memory (HBM) which uses much less energy than the DDR memory.

Choosing the Right Suppliers

Meta engages with suppliers to reduce emissions through its net zero supplier engagement program. This program is designed to set GHG reduction targets with selected suppliers to help achieve our net zero target. Key aspects of the program include:

• Providing capacity building: Training suppliers on how to measure emissions, set science-aligned targets, build reduction roadmaps, procure renewable energy, and understand energy markets. 
• Scaling up: In 2021 the program started with 39 key suppliers; by 2024 it expanded to include 183 suppliers, who together account for over half of Meta’s supplier-related emissions. 
• Setting target goals: Meta aims to have two-thirds of its suppliers set science-aligned greenhouse gas reduction targets by 2026 . As of end-2024, 48% (by emissions contribution) have done so. 

The Clean Energy Procurement Academy (CEPA), launched in 2023 (with Meta and other corporations), helps suppliers — especially in the Asia-Pacific region — learn how to procure renewable energy via region-specific curricula. 

The Road to Net Zero Emissions

The Design for Sustainability principles outlined in this guide represent an important step forward in Meta’s goal to achieve net zero emissions in 2030. By integrating innovative design strategies such as modularity, reuse, retrofitting, and dematerialization, alongside the adoption of greener materials and extended hardware lifecycles, Meta can significantly reduce the carbon footprint of its data center infrastructure. These approaches not only lower emissions but also drive cost savings, e-waste reductions, and operational efficiency, reinforcing sustainability as a core business value.

Collaboration across hardware designers, engineers, suppliers, and sustainability experts is essential to realize these goals. The ongoing engagement with suppliers further amplifies the impact by addressing emissions across our entire value chain. As Meta continues to evolve its rack designs and operational frameworks, the focus on sustainability will remain paramount, ensuring that future infrastructure innovations support both environmental responsibility and business performance.

Ultimately, the success of these efforts will be measured by tangible emissions reductions, extended useful life of server hardware, and the widespread adoption of low carbon technologies and materials.

ENGLEWOOD, Colo.–(BUSINESS WIRE)–
Liberty Media Corporation (“Liberty Media”) (Nasdaq: FWONA, FWONK, LLYVA, LLYVK) will hold a virtual special meeting of its Series A Liberty Live common stock (“LLYVA”) and Series B Liberty Live common stock (“LLYVB”) holders on Friday, December 5, 2025 at 8:30 a.m. Mountain time. At the special meeting, such stockholders will be asked to consider and vote on a proposal related to Liberty Media’s proposed transaction to separate the Liberty Live Group by means of a redemptive split-off (the “Split-Off”) into a separate public company, Liberty Live Holdings, Inc. (“SplitCo”).

Prior to the completion of the Split-Off, certain assets and liabilities will be reattributed between the Formula One Group and the Liberty Live Group (the “Reattribution”). Additional information regarding the values of the assets and liabilities included in the Reattribution will be provided via press release in connection with the closing of the Split-Off.

Information regarding the Split-Off and matters on which holders of LLYVA and LLYVB are being asked to vote will be available in the definitive proxy materials to be filed by Liberty Media with respect to the special meeting, which are expected to be filed November 4, 2025. Assuming satisfaction of all conditions to closing, the Split-Off is expected to be completed as soon as practicable following the stockholder vote, and we currently expect closing to occur on December 15, 2025.

Additional Special Meeting Details

The special meeting will be held via the Internet and will be a completely virtual meeting of stockholders. LLYVA and LLYVB stockholders of record as of the record date for the special meeting will be able to listen, vote and submit questions pertaining to the special meeting of stockholders by visiting www.virtualshareholdermeeting.com/LMC2025SM. The record date for the special meeting is 5:00 p.m., New York City time, on Thursday, October 9, 2025. Stockholders will need the 16-digit control number that is printed in the box marked by the arrow on the stockholder’s proxy card for the special meeting to enter the virtual special meeting website. A technical support number will become available at the virtual meeting link 10 minutes prior to the scheduled meeting time.

In addition, access to the special meeting will be available on the Liberty Media website. All interested persons should visit https://www.libertymedia.com/investors/news-events/ir-calendar to access the webcast. An archive of the webcast will also be available on this website after appropriate filings have been made with the SEC.

About Liberty Media Corporation

Liberty Media Corporation operates and owns interests in media, sports and entertainment businesses. Those businesses are attributed to two tracking stock groups: the Formula One Group and the Liberty Live Group. The businesses and assets attributed to the Formula One Group (NASDAQ: FWONA, FWONK) include Liberty Media’s subsidiaries Formula 1, MotoGP, Quint and other minority investments. The businesses and assets attributed to the Liberty Live Group (NASDAQ: LLYVA, LLYVK) include Liberty Media’s interest in Live Nation and other minority investments.

Forward-Looking Statements

This communication includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including certain statements relating to the Split-Off and Liberty Media’s definitive proxy statement for the special meeting and other matters that are not historical facts. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws. These forward-looking statements generally can be identified by phrases such as “possible,” “potential,” “intends” or “expects” or other words or phrases of similar import or future or conditional verbs such as “will,” “may,” “might,” “should,” “would,” “could,” or similar variations. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, the satisfaction of conditions to the Split-Off. These forward-looking statements speak only as of the date of this communication, and Liberty Media expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Media’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of Liberty Media, including its most recent Forms 10-K and 10-Q, as such risk factors may be amended, supplemented or superseded from time to time by other reports Liberty Media subsequently files with the SEC, for additional information about Liberty Media and about the risks and uncertainties related to Liberty Media’s business which may affect the statements made in this communication.

Additional Information

Nothing in this press release shall constitute a solicitation to buy or an offer to sell shares of common stock of Liberty Media or SplitCo. The proposed offer and issuance of shares of SplitCo common stock in the Split-Off will be made only pursuant to an effective registration statement on Form S-4, including a proxy statement and a notice of meeting and action of Liberty Media and prospectus of SplitCo. LIBERTY MEDIA STOCKHOLDERS AND OTHER INVESTORS ARE URGED TO READ THE REGISTRATION STATEMENT, TOGETHER WITH ALL RELEVANT SEC FILINGS REGARDING THE PROPOSED TRANSACTION, AND ANY OTHER RELEVANT DOCUMENTS FILED AS EXHIBITS THEREWITH, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. After the registration is declared effective, the proxy statement/notice/prospectus and other relevant materials for the proposed transaction will be mailed to all holders of Liberty Media’s LLYVA and LLYVB common stock. Copies of these SEC filings will be available, free of charge, at the SEC’s website (http://www.sec.gov). Copies of the filings together with the materials incorporated by reference therein will also be available, without charge, by directing a request to Liberty Media Corporation, 12300 Liberty Boulevard, Englewood, Colorado 80112, Attention: Investor Relations, Telephone: (877) 772-1518.

Participants in a Solicitation

Liberty Media anticipates that the following individuals will be participants (the “Liberty Media Participants”) in the solicitation of proxies from holders of Liberty Media’s LLYVA and LLYVB common stock in connection with the proposed transaction: John C. Malone, Chairman of the Liberty Media Board of Directors, Robert R. Bennett, Chase Carey, Brian M. Deevy, M. Ian G. Gilchrist, Evan D. Malone, Larry E. Romrell, and Andrea L. Wong, all of whom are members of the Liberty Media Board of Directors, and Derek Chang, Liberty Media’s President and Chief Executive Officer and a member of the Liberty Media Board of Directors, Brian J. Wendling, Liberty Media’s Chief Accounting Officer and Principal Financial Officer, and Renee L. Wilm, Liberty Media’s Chief Legal Officer and Chief Administrative Officer. Information regarding the Liberty Media Participants, including a description of their direct or indirect interests, by security holdings or otherwise, can be found under the caption “Security Ownership of Certain Beneficial Owners and Management—Security Ownership of Management” contained in Liberty Media’s proxy statement on Schedule 14A (the “Proxy Statement”), which was filed with the SEC on March 28, 2025 and is available at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001560385/000110465925029081/tm252442-2_def14a.htm. To the extent that certain Liberty Media Participants or their affiliates have acquired or disposed of security holdings since the “as of” date disclosed in the Proxy Statement, such transactions have been or will be reflected on Statements of Change in Ownership on Form 4 or amendments to beneficial ownership reports on Schedules 13D filed with the SEC, which are available at: https://www.sec.gov/edgar/browse/?CIK=1560385&owner=exclude. Additional information regarding the Liberty Media Participants in the proxy solicitation and a description of their interests is contained in the proxy statement for Liberty Media’s special meeting of stockholders and other relevant materials filed with the SEC in respect of the Split-Off. These documents can be obtained free of charge from the sources indicated above.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251014514078/en/

Liberty Media Corporation

Shane Kleinstein, 720-875-5432

Source: Liberty Media Corporation

Released October 14, 2025

OpenAI is partnering with Walmart to allow shoppers to make purchases directly within ChatGPT, furthering the artificial intelligence company’s push to turn its chatbot into a virtual merchant as it seeks to boost revenue

NEW YORK — NEW YORK (AP) — OpenAI is partnering with Walmart to let shoppers make purchases directly within ChatGPT, furthering the artificial intelligence company’s push to turn its chatbot into a virtual merchant as it seeks to boost revenue.

In an Tuesday announcement, Walmart said the new offering will give customers the option to “simply chat and buy.” That means the retailer’s products would be available through instant checkout in ChatGPT — allowing users to buy anything from meal ingredients or household items, to other goods they might be discussing with the chatbot.

“For many years now, eCommerce shopping experiences have consisted of a search bar and a long list of item responses,” Walmart CEO Doug McMillon said in a prepared statement. “That is about to change.”

Sam Altman, cofounder and CEO of OpenAI, added that the partnership would “make everyday purchases a little simpler.”

The companies didn’t immediately specify when ChatGPT users would be able to start purchasing Walmart products within the platform. Tuesday’s announcement from Walmart just noted that the offering would be available “soon.”

But the partnership marks OpenAI’s latest expansion into online commerce. The company has recently launched similar offerings for Shopify and Etsy sellers.

Teaming up with Walmart — the nation’s largest retailer — marks an even more sizeable leap for OpenAI in this space. And competing with the likes of Amazon and Google for purchase fees from digital shopping could be a new source of money for the company. OpenAI hasn’t made a profit and has relied on investors to back the costs of building and running its powerful AI systems.

When announcing its Etsy and Shopify partnerships last month, OpenAI said it worked with payments company Stripe on the technical standards to enable purchases through its “Instant Checkout” system.

Separately, Walmart has worked to boost its own integration of AI across operations and its consumer-facing offerings in recent years. On Tuesday, the Bentonville, Arkansas-based company pointed to its AI shopping assistant named Sparky — as well as other uses of AI technology in product catalogues and customer care for both Walmart and Sam’s Club. Members of Sam’s Club, which is owned by Walmart, will also be able to shop through the coming ChatGPT offering.

Shares of Walmart were up more than 5% by Tuesday afternoon trading.

NEW YORK, October 14, 2025 – The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $15.18 billion and net earnings of $4.10 billion for the third quarter ended September 30, 2025. Diluted earnings per common share (EPS) was $12.25 and annualized return on average common shareholders’ equity (ROE) was 14.2% for the third quarter of 2025.

Please view printable versions of the Third Quarter 2025 Earnings Results [PDF] and the Third Quarter 2025 Earnings Results Presentation [PDF].

David Solomon, Chairman and CEO of Goldman Sachs, said, “This quarter’s results reflect the strength of our client franchise and focus on executing our strategic priorities in an improved market environment. Across our business, clients continue to turn to us for their most complex and consequential matters. We know that conditions can change quickly and so we remain focused on strong risk management. Longer term, we are prioritizing the need to operate more efficiently to seamlessly deliver the firm to our clients helped by new AI technologies.”

A conference call to discuss the firm’s financial results, outlook and related matters will be held at 9:30 am (ET) on the date noted above. The call will be open to the public.

Members of the public who would like to listen to the conference call should dial +1-800-289-0459 (in the U.S.) and +1-323-794-2095 (outside the U.S.) passcode number 7042022. The number should be dialed at least 10 minutes prior to the start of the conference call. The conference call will also be accessible as an audio webcast through the Investor Relations section of the firm’s website, www.goldmansachs.com/investor-relations. There is no charge to access the call. For those unable to listen to the live broadcast, a replay will be available on the firm’s website beginning approximately three hours after the event.

Please direct any questions regarding obtaining access to the conference call to Goldman Sachs Investor Relations, via e-mail, at gs-investor-relations@gs.com.

CHICAGO, Oct. 14, 2025 /PRNewswire/ — CME Group, the world’s leading derivatives marketplace, announced its new options on Solana (SOL) and XRP futures suite are now available for trading. Clients will now have the ability to trade options on SOL, Micro SOL, XRP, and Micro XRP futures, with daily, monthly and quarterly expiries available.

The first trade for options on XRP futures took place on Sunday, October 12 and was executed between Wintermute and Superstate. The first trade for options on SOL futures took place on Monday, October 13 and was executed between Cumberland DRW and Galaxy.

“As the crypto market continues to mature, market participants increasingly are looking to manage their exposure and pursue new opportunities across a wider range of crypto instruments,” said Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group. “With the deep liquidity we’ve built in our Solana and XRP futures markets, these new options provide traders with additional tools to further enhance their growing cryptocurrency investment and hedging strategies. We are pleased with the early support we’ve seen from a wide range of clients for these new contracts.”

“Wintermute is proud to execute the first block trade in CME Group’s XRP options with Superstate,” said Ethan Ren, Head of Options at Wintermute Group. “The launch marks an important extension of listed crypto derivatives beyond BTC and ETH, reflecting growing sophistication in how market participants manage exposure. We see this as a positive signal for the continued evolution and depth of crypto options markets.”

“We’re pleased to have participated in the first CME Group XRP options block trade alongside Wintermute,” said Saahith Pochiraju, Portfolio Manager at Superstate. “The launch of options on XRP futures expands the instruments available to manage and hedge digital asset exposure within strategies like our Superstate Crypto Carry fund. This development reflects growing institutional depth in crypto derivatives, and we’re glad to support CME Group’s ongoing efforts to broaden liquidity and market access.”

“Cumberland is thrilled to facilitate the first block trade for options on SOL futures, which highlights the strong and growing demand for more ways to trade digital assets,” said Roman Makarov, Head of Cumberland Options Trading at DRW. “Institutional participants are clearly seeking greater choice and depth in crypto markets — a trend that will continue to drive innovation across the ecosystem.”

“We’re proud to facilitate the first block trade on CME Group’s SOL options, expanding institutional access to one of the fastest growing blockchain ecosystems,” said Jason Urban, Global Head of Trading at Galaxy. “The addition of SOL and XRP options marks another important step in the evolution of regulated crypto derivatives, deepening liquidity and broadening the tools available to market participants.”

For more information on these products, please visit www.cmegroup.com/cryptooptions.

As the world’s leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world’s leading central counterparty clearing providers, CME Clearing. 

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SOURCE CME Group