U.S. stocks fell on Wednesday, with the Dow down 367 points, after Brent crude futures rose above $100 a barrel for the first time since July and WTI climbed to $95.73. The moves reignited inflation concerns. The 10-year U.S. Treasury yield briefly reached 4.806% and the 2-year rose to 4.415% as investors worried the Middle East conflict could keep energy prices elevated and prompt the Federal Reserve to keep raising rates.

PG&E said it plans to reduce its 2027 investments by about $2 billion, citing the rising financial burden of California’s wildfire liability rules. The decision follows California lawmakers ending their legislative session without an agreement to change how major investor-owned utilities cover wildfire costs. Assembly Utilities and Energy Committee Chair Cottie Petrie-Norris said utilities rely on borrowing to finance large construction projects, and higher borrowing costs can ultimately be passed on to customers, according to KCRA 3.

Southwest Airlines said it will open its first airport lounges in Austin, Nashville, Baltimore and Honolulu, with construction already underway. The carrier plans to launch a Chase-issued cobranded credit card in 2027 that will include access to its lounge network. Southwest expects the lounges to begin opening in late 2027. The move is aimed at attracting higher-spending premium travelers and expanding non-ticket revenue.

Billionaire heirs to Brown-Forman, the company behind Jack Daniel’s, have erupted into a public family dispute as an unsolicited $15 billion cash offer from rival Sazerac looms. Brothers W.L. Lyons Brown III and Stuart Brown accused the board of “rewarding failure,” saying the stock slid from the mid-$70s per share to the mid-$20s per share over the past three years, wiping out billions in family wealth. The company also cut 12% of its workforce last year and shut its Louisville cooperage. The Wall Street Journal reported the brothers circulated their claims in a July 10 letter to more than 130 relatives.

Morgan Stanley has selected Dallas as the focus of its expansion outside New York City, planning to anchor a new $1.3 billion, 709,000 square foot skyscraper. The Dallas City Council previously approved incentives including an $18.5 million grant and a 10-year, 90% property tax abatement, and the project has received final approval from the city’s Plan Commission. The bank will initially lease 255,000 square feet at Fountain Place and spend $97 million on interior renovations.

Anthropic is projecting 2028 revenue of about $190 billion to $200 billion, far above the $47 billion revenue run rate it disclosed in May, according to people familiar with its financials. The company said its revenue run rate was about $9 billion at the end of 2025 before climbing to more than $47 billion by May. It has also projected at least $10.9 billion of revenue for the second quarter of 2026, more than double the prior quarter. Anthropic expects that pace to put it on track for its first quarterly operating profit of $559 million.

OpenAI has said its chief revenue officer, Denise Dresser, is leaving less than a year after joining the company as it prepares for a public listing. The company said she will be replaced by Dali Rajic, the former president and chief operating officer of cybersecurity firm Wiz. The departure follows another senior exit within days and comes as OpenAI works to expand enterprise sales, a segment executives have said made up about 40% of its business in January and was expected to approach 50% by year-end.

Anthropic investors expect the AI company to seek an IPO valuation of at least $2 trillion, topping a record previously set by SpaceX. They also forecast annualized revenue of $100 billion to $120 billion by the end of 2026, more than tenfold higher than this year. Venture capital, hedge funds and other institutions have invested nearly $100 billion in Anthropic this year, according to a report.

Apple shares plunged nearly 10% on Friday, the company’s sharpest one-day drop since March 2020, erasing roughly $475 billion in market value. CEO Tim Cook said a “100year flood” in memory-chip pricing squeezed profit margins and that Apple underestimated demand for its iPhone and Mac lineup. Investor sentiment also turned after Apple guided September-quarter revenue growth of 9% to 11%, below Wall Street expectations of roughly 12%.