300B contract: OpenAI signed a contract with Oracle to purchase $300 billion in computing power over roughly five years, people familiar with the matter said, a massive commitment that far outstrips the startup’s current revenue. The deal is one of the largest cloud contracts ever signed, reflecting how spending on AI data centers is hitting new highs despite mounting concerns over a potential bubble. Read more from The Wall Street Journal.
On the rise: Applications for U.S. unemployment benefits jumped last week to the highest level in almost four years, indicating layoff activity may be on the rise amid a sharp slowdown in hiring. Initial claims rose by 27,000, to 263,000, in the week ended Sept. 6, the highest since October 2021, according to Labor Department data released Thursday. The median forecast in a Bloomberg survey of economists called for 235,000 applications. Read more from Bloomberg. A subscription may be required.
State leaders comment: Louisiana officials are reacting to the fatal shooting of conservative activist Charlie Kirk at Utah Valley University. Gov. Jeff Landry, House Speaker Mike Johnson and others praised Kirk as a patriot and condemned political violence. Democrats including Reps. Troy Carter and Cleo Fields also urged unity and denounced the attack. Read more from Louisiana Illuminator.