U.S. stock futures are pointing mostly lower after major indexes hit new all-time-highs yesterday; ChatGPT maker OpenAI says its nonprofit parent will own a stake in the company worth more than $100 billion; Adobe (ADBE) shares are gaining in premarket trading as AI demand helps push sales higher; Warner Bros. Discovery (WBD) is surging on a report that Paramount Skydance (PSKY) is preparing a takeover bid; and RH (RH) shares are dropping after the furniture maker lowered its revenue growth outlook. Here’s what investors need to know today.

1. US Stock Futures Point Mostly Lower After Indexes Hit New Record Highs

U.S. stock futures are pointing mostly lower after indexes closed at fresh record highs on Thursday. Dow Jones Industrial Average futures are lower by 0.2% after the blue-chip index rose by 1.3% in the prior session. S&P 500 futures also are pointing lower and Nasdaq futures are fractionally higher. Bitcoin (BTCUSD) is moving higher to trade at more than $115,000. The yield on the 10-year Treasury note is inching higher. Oil and gold futures also are up.

2. OpenAI’s Nonprofit Parent to Hold $100 Billion-Plus Stake in Company

Microsoft (MSFT) and ChatGPT maker OpenAI signed a non-binding memorandum of understanding that would allow the nonprofit to restructure as a for-profit company. OpenAI’s nonprofit parent would hold an equity stake in the for-profit company exceeding $100 billion, which OpenAI said would make it “one of the most well-resourced philanthropic organizations in the world.” Shares of Microsoft are higher by more than 1% in premarket trading as the tech giant avoided a European Union fine with the bloc agreeing to its plan to unbundle Teams from Word, Excel, PowerPoint, and Outlook for business customers.

3. Adobe Gains as AI Sales Drive Revenue, Earnings Growth

Adobe (ADBE) shares are up 3% in premarket trading after the graphics software maker reported better-than-expected revenue and profit as sales of its AI products topped company targets. Adobe posted fiscal third-quarter adjusted earnings per share of $5.31 on revenue that jumped 11% year-over-year to a record $5.99 billion, above analysts’ projections compiled by Visible Alpha. CEO Shantanu Narayen said that Adobe has already surpassed its “AI-first” revenue goals for the year, leading the company to raise its sales and profit outlook.

4. Warner Bros. Discovery Stock Jumps on Report of Paramount Skydance Takeover Bid

Warner Bros. Discovery (WBD) shares are 6% higher in premarket trading after surging 29% yesterday following a report of a takeover bid. The Wall Street Journal reported that Paramount Skydance (PSKY) is preparing a majority cash bid for all of Warner Bros. Discovery, which had proposed splitting its studios and streaming businesses from its cable-TV networks. Paramount shares are higher by 1% in early trading.

5. RH Stock Sinks on Cut Revenue Growth Outlook

Shares of furniture seller RH (RH) are down by 8% in premarket trading after its second-quarter results came up short of analysts’ expectations and it lowered its revenue outlook. RH said it now expects full-year revenue growth of 9% to 11% in 2025, down from its prior projection of 10% to 13%. The company pointed to $30 million in tariffs costs for the trimmed outlook, and said it was delaying the launch of a new product line due to the increased costs. RH’s adjusted EPS of $2.93 on revenue that increased 8% to $899.2 million came in below estimates.