Highlights for this morning: Apple disappointed, Musk's xAI has debt problems, OpenAI has $10 billion in debt

Apple unveiled a major design update to all operating systems called Liquid Glass at WWDC, but failed to impress investors, with shares down 1.2% amid expectations of a more radical breakthrough in AI. OpenAI doubled its annual revenue to $10 billion thanks to demand for ChatGPT. Elon Musk's xAI faced slowing demand for its $5 billion debt offering, which is partly attributed to the entrepreneur's conflict with Donald Trump. On these and other topics - in our review of key events by the morning of June 10.

Apple's annual developer conference on Monday didn't feature the high-profile announcements that WWDC fans are used to, wrote CNBC. There was nothing big like a Vision Pro presentation in 2023 or an Apple Intelligence announcement in 2024.

However, the company has unveiled a major software update that will change the look of all of Apple's key devices - from iPhones and Mac laptops to the Vision Pro virtual reality headset - as early as this year. We are talking about a new design that unites all Apple's operating systems. It's called Liquid Glass. For the company, this is the first major visual update to the iOS interface since 2013, when iOS7 was introduced. 

The premiere did not impress Wall Street - Apple's shares fell 1.2%. Investors are demanding more decisive steps from it in the field of artificial intelligence, expecting it to catch up with competitors such as Google and OpenAI in terms of capabilities.

«Many of the AI features presented appear to us to be more of incremental improvements and are already available in competitors' apps,» UBS analyst David Vogt wrote Monday. He maintains a neutral recommendation on Apple shares.

Morgan Stanley is expanding its investor base to support demand for a $5 billion debt offering for artificial intelligence startup xAI, owned by Elon Musk, wrote Bloomberg. The deal sheds light on the fallout from the billionaire's conflict with US President Donald Trump.

When Morgan Stanley launched the offering last week, bids had already topped $3.5 billion. Some investors took that as a signal that the deal was about to be oversubscribed - as is often the case with Musk's other projects. By Monday, however, demand had only reached $5 billion, and the bank began reaching out to smaller investors who had not previously accessed the deal, sources familiar with the situation said.

Morgan Stanley still intends to finalize the investor pool by June 17, as planned. Usually banks seek a significant excess of demand over supply to provide themselves with flexibility in pricing and terms of the offering, the agency points out.

Morgan Stanley declined to comment to Bloomberg. xAI also did not respond to a request.

The attempt to raise funding for xAI, a startup now valued at $94 billion, provides one of the first insights into how the disagreement between Musk and Trump could affect Musk's other companies, including SpaceX and Neuralink, the agency notes. The market capitalization of his largest company, Tesla, has fallen by about $75 billion since last Thursday, when Musk and Trump exchanged harsh statements on social media.

The situation is in stark contrast to how Morgan Stanley had no trouble placing debt on a deal to buy Twitter just a few months ago, Bloomberg writes. Back then, Musk's relationship with Trump helped find buyers quickly;

OpenAI's annual recurring revenue (ARR, annual recurring revenue) nearly doubled to $10 billion amid sustained demand for its ChatGPT artificial intelligence tool, wrote the Financial Times. The company said the figure for expected subscription revenue increased from $5.5 billion at the end of last year.

Since launching ChatGPT in late 2022, OpenAI has seen rapid growth: the chatbot has become the fastest growing consumer app, gaining 100 million weekly active users, and the total number now exceeds 500 million.

Other leading AI companies are seeing similar take-offs: programmer service Cursor, for example, has increased its ARR from less than $100m in 2024 to $500m this year. Anthropic tripled its annual subscription revenues to $3bn between January and May 2025, a source familiar with the situation told the FT.

The growth in subscription revenue indicates that AI tools are beginning to live up to the hype of the past two years - both consumers and businesses are willing to pay to use them.

However, all three companies (OpenAI, Cursor and Anthropic) remain unprofitable. They are growing largely thanks to unprecedented amounts of funding: OpenAI plans to raise $40 billion from SoftBank and other investors, Anthropic is backed by Google, Amazon and leading venture funds, and Cursor's parent company Anysphere recently raised $900 million from Thrive Capital, Accel and Andreessen Horowitz.

Australia's corporate regulator is taking steps to speed up the listing process in a bid to stem the biggest slump in initial public offerings in more than a decade, reports the Financial Times.

Over the past three years, the Australian Securities Exchange (ASX) has seen only a handful of major IPOs as companies preferred to raise funds in the private markets. Moreover, the number of delistings has increased as mergers and acquisitions have intensified.

The Australian Securities and Investments Commission (ASIC) on Tuesday announced the start of a two-year pilot project in which it will informally review company prospectuses before they are formally filed. This is expected to speed up the process of going public by up to a week and reduce the risk of regulatory intervention once the document is formally registered.

ASIC chief executive Joe Longo has previously said the decline in IPOs does not mean there are structural problems in the market, but he is exploring possible measures to encourage more companies to go public. «Our IPO market is at its lowest level in more than a decade and companies are exiting the exchange en masse,» Longo said. - Increased confidence in deals should help increase the number of listings, and therefore more investment opportunities for businesses.»

Last year, only three companies with a market capitalization of more than A$1 billion (about $650 million) placed on the ASX: burrito chain Guzman y Gomez, data center operator DigiCo Infrastructure and mining company Mac Copper. The latter is already a takeover target. IPOs among smaller players were also virtually non-existent. The only notable IPO planned for the near future is the listing of Virgin Australia, which is owned by Bain Capital and Qatar Airways. It is expected by the end of June.

Asia-Pacific markets rose Tuesday in anticipation of the outcome of trade talks between the U.S. and China, which continue into a second day, reports CNBC. Representatives from both countries met in London on Monday, with Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamison Greer on the U.S. side and Vice Premier He Lifeng on the Chinese side.

- Japan's Nikkei 225 index rose 0.92%, while the Topix index gained 0.43%. 

- In South Korea, the Kospi added 0.42%, while the Kosdaq added 0.77%. 

- In mainland China, the CSI 300 index was up 0.16 percent, while Hong Kong's Hang Seng index was up 0.33 percent. 

- Australia's S&P/ASX 200 was up 0.73%. 

- Indian indices Nifty 50 and BSE Sensex started the day with no significant change.

- U.S. stock futures rose during the Asian session after Donald Trump said talks with China are «going well» and he gets «nothing but good news.»