AM Markets Need to Know: United CEO backs wealth tax, OpenAI seeks $30B, and more

Stock market futures were mixed before trading began on Tuesday. South Korea's stock market fell 4%, bringing back worries about investments in artificial intelligence (AI).

Here are five news stories investors should watch:

United CEO supports a national wealth tax: United Airlines (UAL) CEO Scott Kirby said he supports a national tax on wealth and inheritance taxes close to 100% to reduce the gap between rich and poor. He argued that taxes set by individual states do not work well because wealthy people can move elsewhere. His views match new research from Stanford that predicts California's proposed Proposition 40 wealth tax could bring in $70 billion less than expected because billionaires are continuing to leave the state.

U.S. will allow the sale of oil tankers under sanctions: Energy Secretary Chris Wright said the U.S. government will approve the sale of oil tankers under sanctions to approved businesses that operate legally. The goal is to bring down sharply rising shipping costs. Under an approval process, dozens to hundreds of these ships, which were previously used to carry oil from countries such as Iran, Russia and Venezuela, will be made ready to legally transport oil that is not under sanctions.

OpenAI seeks $30 billion before Anthropic's planned IPO: OpenAI (OPENAI) is moving quickly to secure $30 billion in new funding commitments from investors, at a huge company valuation of $1.4 trillion. It wants to secure the money before rival Anthropic (ANTHRO) is expected to go public in mid-November. OpenAI is moving faster to benefit from a sharp rise in revenue driven by its new GPT-6 Astra model. Meanwhile, Anthropic is under pressure to lower its expected IPO valuation after missing its earnings target for the third quarter (Q3).

Nvidia plans to invest nearly $10 billion in European AI: Nvidia (NVDA) plans to invest in four German startups as part of a wider commitment of nearly $10 billion to speed up AI development across Europe. The chipmaker is also building closer ties with the German government and major industrial companies such as Siemens. These partnerships aim to help more businesses use AI and greatly lower manufacturing costs.

Indonesian stocks recover as officials address MSCI concerns: Indonesia's stock market (EIDO) recovered from its lowest level in six years, rising more than 5%. The gain came after officials introduced new steps to prevent MSCI (MSCI) from possibly lowering Indonesia's status as an emerging market. To address concerns that it is hard to see who owns shares, the country's stock exchange will remove stocks with highly concentrated ownership from its main index and require companies to share clearer information about their owners.