Good morning, CFOs. Oracle and OpenAI pen a massive deal; the bizarre sprint for next week’s Fed meeting; plus, SEC Chair Paul Atkins threatens changes.

The artificial-intelligence race has companies shelling out cash on everything from data centers to consulting services. While companies like Microsoft, Amazon and Meta are the biggest spenders of the AI age, a deal between OpenAI and Oracle marks one of the largest cloud contracts ever signed, according to Wall Street Journal reporter Berber Jin.

OpenAI signed a contract to purchase $300 billion in computing power over roughly five years from Oracle, people familiar with the matter said, a massive commitment that far outstrips the startup’s current revenue.

Why is this important? The deal reflects how spending on AI data centers is hitting new highs despite mounting concerns over a potential bubble. It will require 4.5 gigawatts of capacity, roughly comparable to the power produced by more than two Hoover Dams or the amount consumed by about four million homes.

Oracle shares initially surged by as much as 43% on Wednesday after the cloud company revealed it added $317 billion in future contract revenue during its latest quarter that ended in Aug. 31. Chief Executive Safra Catz told analysts that it had signed contracts with three different customers during the quarter.

The share price surge increased Oracle Chairman Larry Ellison’s wealth by more than $100 billion, pushing him into the range of Elon Musk as the world’s richest person, with a net worth of almost $400 billion.

The OpenAI and Oracle contract, which starts in 2027, is a risky gamble for both companies. OpenAI is a money-losing startup that disclosed in June it was generating roughly $10 billion in annual revenue—less than one-fifth of the $60 billion it will have to pay on average every year. Oracle is concentrating a large chunk of its future revenue on one customer—and will likely have to take on debt to buy the AI chips needed to power the data centers.

• Oracle’s Ellison Now Rivals Musk as World’s Richest Person. See How Their Wealth Compares.

📆 Earnings

• Adobe
• Kroger

📈 Economic Indicators

The BLS releases the consumer-price index for August.

The Securities and Exchange Commission could require foreign companies to reconcile their financial results with U.S. generally accepted accounting principles if an international rule-maker doesn't ensure "stable funding" goes to setting standards, SEC Chair Paul Atkins said at an event in Paris. Any such requirement would break from the flexibility companies have had for nearly two decades to choose how they report results—with many companies preferring the international standard.

The IFRS Foundation is a London-based organization that oversees the International Accounting Standards Board. "The IASB must promote high-quality accounting standards that are focused solely on driving reliable financial reporting and are not used as a backdoor to achieve political or social agendas," Atkins said. 

—Mark Maurer

President Trump’s unprecedented bid to wrest greater control of the Federal Reserve barreled toward a suspense-filled conclusion Wednesday when two parallel efforts further clarified who will be able to participate at next week’s interest-rate meeting.

Late Tuesday, a federal judge granted Fed governor Lisa Cook an injunction that temporarily halted Trump’s attempt to remove her. The decision was a crucial legal victory for Cook—and the central bank’s independence more broadly—because it allows her to remain in her job, at least for now. It clears the path for her to vote at a consequential Fed meeting next week, when officials are expected to make their first interest rate cut of the year.

On Wednesday morning, attention shifted to the Senate Banking Committee, where Republicans rushed to confirm a Trump adviser, Stephen Miran, to fill a separate vacancy on the Fed’s board, setting up the possibility of a Senate floor vote as soon as this week that would allow him to join the same meeting.

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The Securities and Exchange Commission, the Washington, D.C.-based securities regulator, named James J. Moloney as director of the agency’s corporate-finance division, effective next month. Cicely LaMothe, who has served as acting director, will return to her role as a deputy director of the corporate-finance division. Moloney previously served at the SEC for six years prior to joining Gibson Dunn & Cutcher, where he has worked the past 25 years, ascending from corporate associate to equity partner. He has served as a longstanding co-chair of the firm’s securities regulation and corporate governance practice.

Hubbell, a Shelton, Conn.-based manufacturer of electrical devices, appointed Joseph Capozzoli as chief financial officer. Capozzoli, who has been vice president of finance for the company's electrical solutions business, will succeed Bill Sperry on Jan. 1, 2026. Sperry plans to retire at that time after 17 years with the company. Capozzoli joined Hubbell in 2013 as controller. Before that, he worked for several multinational corporations, the utility manufacturer said Wednesday. Sperry will work with Capozzoli throughout this year to support the transition, Hubbell said

ATI, the Dallas-based maker of specialty materials and components, said finance chief Don Newman plans to retire from the company early next year. Newman, who joined the company as chief financial officer in 2020, will remain in his post until he retires on March 1, according to the company. ATI said it is engaging an executive-search firm to assist in identifying its next finance chief, adding that it will consider external and internal candidates. The company said Rob Foster, vice president of financial and operating strategies, will lead development of its 2026 financial plan.

—Katherine Hamilton and 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.

Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.

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