OpenAI has filed preliminary paperwork to potentially become a publicly traded company.

The company announced Monday it has submitted confidential documents to the U.S. Securities and Exchange Commission. OpenAI says it hasn’t decided on timing yet, as there are advantages to staying private. This move follows Anthropic’s June announcement of its own IPO plans. Both companies are following SpaceX, which is also pursuing an IPO. OpenAI CEO Sam Altman mentioned last fall that an IPO was the “most likely path” due to the company’s size and capital needs.

Pentagon: Alibaba, BYD aid Chinese military

The Pentagon has added several prominent Chinese businesses to its list of Chinese military companies. The list includes tech giant Alibaba, electric car maker BYD and search engine Baidu. The move prevents them from securing U.S. defense contracts.

The list, updated Monday, now sanctions well-known, non-state-owned Chinese companies that are not traditionally considered to be in the defense sector. This year’s list includes 188 entities, up from about 130 last year. While the companies can still operate in the U.S., they face reputational damage and potential restrictions. The Chinese Embassy is accusing the U.S. of “overstretching the concept of national security and making discriminatory lists to go after Chinese companies.”

Retailers see consumers rethinking their spending

U.S. consumers haven’t stopped spending since the Iran war drove up fuel prices. But company executives and retail analysts say many shoppers are reassessing what they buy and where. The behavior changes observed so far are subtle. They include drivers flocking to the fuel pumps at warehouse stores like Costco and Sam’s Club, but not filling up their tanks all the way.

Market research firms say foot traffic is down at clothing and electronics stores. Executives from Walmart, McDonald’s and Dollar General have reported noticeable cutbacks by lower-income customers. Some economists and analysts expect a wider retrenchment as the cumulative impact of costlier gas, food and other products catches up with more people.

Public ownership in AI being discussed

OpenAI CEO Sam Altman has met with Sen. Bernie Sanders to discuss public ownership in AI companies — a meeting that highlighted the tension between AI powerhouses and policymakers.

President Donald Trump also expressed interest in the idea, showing how the two politicians, fueled by populism, are embracing the concept. But concerns about AI’s impact are growing, with backlash over data centers in local communities and job prospects. Policymakers are exploring AI regulation, with bipartisan efforts in Congress and oversight from the Trump administration.

US air carriers spent $6.5B on fuel in April

New government data released Monday shows U.S. airlines spent nearly $6.5 billion on jet fuel in April. The Bureau of Transportation Statistics says that’s a 78% jump from a year earlier, even though the airlines used slightly less fuel.

Global energy costs have climbed as the conflict in the Middle East squeezes global oil supplies. The airline industry’s main global trade group separately warned that the higher fuel prices could nearly halve global profits in 2026. The International Air Transport Association cut its forecast to $23 billion from $41 billion. The group says fuel prices could average $152 a barrel in 2026 and drive the industry’s collective fuel bill to about $350 billion.