Axios Closer

April 27, 2026
Monday โ .
Today's newsletter is 805 words, a 3-minute read.
๐ The dashboard: The S&P 500 closed up 0.1%.
๐ฅ Today's stock spotlight: Lionsgate Studios (+7.1%), after its movie "Michael" pulled in $97 million in U.S. ticket sales in its opening weekend.
1 big thing: OpenAI's busy day
OpenAI revised its Microsoft contract, floated a Qualcomm hardware deal and faced Elon Musk in court โ all before lunch.
Why it matters: OpenAI is rewriting the partnership that launched it while defending the legal premise on which it was built.
Driving the news: Microsoft is giving up its exclusive right to sell access to OpenAI's models while remaining the AI giant's primary cloud provider.
- That frees OpenAI to expand its efforts with Amazon, which CEO Andy Jassy indicated today is imminent.
- OpenAI could also sell its models through Google, assuming the two companies strike a deal.
- Under the new agreement, Microsoft will no longer share revenue with OpenAI, but OpenAI will still pay Microsoft 20% of its revenue through 2030, though those payments will now be capped at an undisclosed level.
Meanwhile, OpenAI is reportedly working on a deal with mobile chipmaker Qualcomm as OpenAI continues to plot its expansion into hardware.
- And in California, jury selection began in Elon Musk's lawsuit over OpenAI's founding mission.
Zoom out: OpenAI and rival AI lab Anthropic are locked in a race to define the enterprise AI market and to convince investors they deserve massive IPO valuations.
- Both companies are reportedly eyeing major public listings in late 2026.
- OpenAI's revised deal is widely viewed as IPO-friendly. It reduces perceived dependency risks on Microsoft, clarifies the financial relationship and frees the company to partner more broadly.
The bottom line: OpenAI is trying to make itself less dependent on Microsoft just as Musk is challenging how the company was built in the first place.
2. The fasten seatbelt sign is on
The chances of a megamerger in the airline industry appear slim, though a spike in jet fuel prices still has the weakest players scrambling for options.
Driving the news: United Airlines CEO Scott Kirby today said he was giving up hope for a deal with American Airlines, saying American "declined to engage."
- That's one piece of good news for budget airlines, which have already been slumping in competition with the likes of United and American.
- But they're still grappling with the spike in jet fuel prices, and a group of budget carriers are now seeking financing from the federal government.
The latest: "The White House is aware of outreach," WH spokesperson Kush Desai said in a statement, adding that any discussion about federal policymaking at this point "should be regarded as baseless speculation."
3. ๐ Delivering signals
Once upon a time, I covered Domino's Pizza as a business reporter in the company's corporate hometown of Ann Arbor, Michigan.
- Which is why I know that when carryout sales are rising and delivery sales are falling, that often means customers are looking to pinch pennies.
Zoom in: Domino's stock plunged today after its sales and earnings fell short of expectations.
- The company's carryout sales rose 2.4% on a comparable basis, while delivery sales fell 0.3%, CFO Sandeep Reddy said on an earnings call.
Yes, but: Part of the trend might be Domino's running carryout specials, aiming to appeal to lower-income consumers looking to save.
- "We have significant runway of growth on the carryout business that we can actually tap into," Reddy said.
The bottom line: Delivery is an easy place to cut back when the economy takes a turn for the worse.
4. Other happenings
๐จ๐ณ Chinese regulators ordered Facebook owner Meta to unwind its $2.5 billion acquisition of Manus AI, developer of a general AI agent that it claims can complete real-world tasks. It's an escalation of AI tensions between Beijing and D.C. (Axios)
๐ก The Supreme Court appeared divided during arguments in the RoundUp weedkiller case. (NYT)
๐ง Spotify is partnering with Peloton and launching a new fitness hub with guided workouts, curated playlists and content from wellness creators. (Axios)
5. ๐ฟ $50 movie tickets
This isn't a coming attraction, I'm afraid. $50 movie tickets are here.
- Regal Cinemas recently charged that amount for advance opening night seats at 70-millimeter IMAX screens to see "Dune: Part Three" in December, WSJ reports.
State of play: Nationwide, the average price for an adult ticket on a regular screen is $12.75, according to EntTelligence data.
- But premium screens like IMAX are growing in popularity โ and those tickets average $18 nationally.
๐ญ Nathan's thought bubble: I'm a big believer in the magic of the theatrical experience, but $50 can get you more than five months of Netflix.
๐๏ธ On this day in 1936, the UAW held its first constitutional convention, helping to solidify its identity as an industrial union independent of AFL control.
Today's newsletter was edited by Pete Gannon and copy edited by Sheryl Miller.
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