Good morning, CFOs. U.S. banks are poised for a strong third quarter; OpenAI and Broadcom forge a multibillion-dollar chip-development deal; plus, Salesforce’s multibillion investment to support AI innovation.

U.S. banks’ third-quarter earnings should be in solid shape, buoyed by a wave of deal activity and strong capital positioning, but analysts caution that early signs of consumer stress could slow momentum as the year ends, Connor Hart reports.

“Some of the indicators are flashing yellow at this point,” Raymond James analyst Michael Rose said, citing upticks in consumer delinquencies and corporate bankruptcies. “While nothing is flashing red, these are all things we’re keeping an eye on as potential headwinds for the sector.”

JPMorgan Chase, Wells Fargo, Goldman Sachs and Citigroup are scheduled to report before the opening bell today. PNC Financial, Bank of America, Morgan Stanley and more report their latest results on Wednesday.

📆 Earnings

• BlackRock
• Citigroup
• Domino’s Pizza
• Goldman Sachs Group
• Johnson & Johnson
• JPMorgan Chase
• Wells Fargo

📈 Economic Indicators

The National Federation of Independent Business releases its Small Business Optimism Index for September.

OpenAI and Broadcom are working together to develop and deploy 10 gigawatts of custom AI chips and computing systems over the next four years, a high-profile partnership aimed at satisfying some of the startup’s immense computing needs.

OpenAI plans to design its own graphics processing units, or GPUs, which will allow it to integrate what it has learned from developing powerful artificial-intellligence models into the hardware that underpins future systems. As part of the agreement announced Monday, the chips will be co-developed by OpenAI and Broadcom and deployed by the chip company starting in the second half of next year.

The new agreement will be worth multiple billions of dollars, people familiar with the matter said. The companies didn’t disclose financial terms.

📰 Other headlines

• Goldman Sachs to Acquire Industry Ventures for Up to $965 Million
• LendingTree CEO Dies in ATV Accident on Family Farm
• Polaris to Sell Indian Motorcycle Business to Private-Equity Firm
• Exclusive: Trump Allies Sold Sponsorships to What Appeared to Be a Treasury Event. It Wasn’t.
• First Brands Boss Resigns and Jefferies Seeks to Calm Its Investors
• JPMorgan to Invest $10 Billion in U.S. Companies Critical to National Security
• Beyond Meat Debt Deal Rattles Investors
• Silver Prices Just Hit Their First Record Since 1980
• The Agencies Hit Hardest by Shutdown Layoffs
• The New York City Office Market Is Roaring Back, and It’s Pricier Than Ever
• Inside Advertising’s Most Grueling New Genre: ‘You Have to Have Zero Social Anxiety’
• How China and the U.S. Are Racing to De-Escalate the Trade War

📈Earnings wrapup

• Tire Maker Michelin Slashes Guidance as North American Sales Slump
• Fastenal Posts Higher Revenue Despite Industry Slowdown
• LG Electronics Guides for Smaller-Than-Expected Earnings Setback

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Vertiv Holdings, the Columbus, Ohio-based digital-infrastructure provider, named Craig Chamberlin as its new executive vice president and CFO, effective Nov. 10. Chamberlin joins from Wabtec, where he most recently served as group vice president and finance chief of that company's transit segment, Vertiv said. David Fallon, who has been chief financial officer since 2017, planned to retire from the post and will serve as a consultant through the end of 2026, the company said in May.

—Colin Kellaher contributed to today’s Ledger.

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.

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