Good Morning. This is the Investor Lookout with the daily digest.

Here’s what we got today:

• 💸 OpenAI CEO Sam Altman Received a Modest $76K Salary Last Year

• 🛒 Target's Port Strike Excuse For Its Earnings Miss Doesn't Convince Analysts

OpenAI CEO Sam Altman Received a Modest $76K Salary Last Year

OpenAI might be worth $157 billion, but its CEO comes at a bargain! OpenAI's CEO, Sam Altman, was paid $76,001 in 2023 as the CEO of one of the hottest startups in the world, as revealed in the company's tax filings. He received a 3.4% raise from his 2022 salary, which amounted to $73,546. That's less than San Francisco's median household income of $126,730, where Altman owns a $27 million mansion. Altman's personal fortune is estimated at 2$ billion, with a potential increase to $10 billion if a reported 7% equity stake is materialized.

• Ilya Sutskever, a co-founder, and Chris Clark, the treasurer, were paid the most in the company, $347,354 and $322,201, respectively.

• Open AI raised a record $6.6 billion in a funding round this year, pushing its valuation to $157 billion

Target's Port Strike Excuse For Its Earnings Miss Doesn't Convince Analysts

Target missed the mark, and their ports blame story is sinking. After its shares fell because of the Q3 major earnings miss, Target ($TGT) blamed the recent U.S. ports strike for the shortfall and the necessity to rush shipments before the strike in October. But the trade data tells a different story. The company's peak season imports were flat to down compared to 2023, barely showing signs of panic buying. Target imported $2.5 billion in goods versus Walmart's ($WMT) $1.3 billion, suggesting that the retailer misread consumer demand.

• The stock went down by 21% following the earnings report

• Target discounted 7,000 items this year and planning 10,000 total by the holiday season end

Sri Lanka expects IMF staff level agreement on Friday to release further bailout funds. The country anticipates securing the third review of its $2.9 billion IMF bailout program, which could release a further $337 million in funds. [Read]

Indian tycoon Adani's US indictment rattles stocks, Kenya spikes deal. Indian billionaire Gautam Adani and his nephew have been indicted for fraud by U.S. prosecutors over an alleged $265 million bribery scheme. [Read]

Trump is laying the groundwork for his 'drill, baby, drill' agenda. Trump is stacking his Cabinet with oil and gas supporters who plan to expand drilling in federal lands and roll back climate regulations. [Read]

Business

Elon Musk's Neuralink receives Canadian approval for brain chip trial. Elon Musk's Neuralink received approval to begin its first clinical trial in Canada for a device that helps quadriplegics use digital devices by thinking. [Read]

Chinese AI Pioneer Baidu Posts Biggest Sales Fall Since 2022. Baidu ($BIDU) reported a 3% revenue decline to $4.6 billion in Q3, its largest drop in over two years. The results reflect the underwhelming results of its AI-first growth strategy. [Read]

New York City FC, Etihad Airways agree to 20-year naming rights deal for new MLS stadium. The soccer club has partnered with Etihad Airways to name its new Queens venue 'Etihad Park'. [Read]

Invest For The Long Term. “The stock market's been the best place to be over the last 10 years, 30 years, 100 years. But if you need the money in 1 or 2 years, you shouldn't be buying stocks.” — Peter Lynch

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.