The Wall Street Journal
What’s News
WEDNESDAY, MAY 20, 2026
5/20/2026 5:28:00 PMShare This Episode
OpenAI Is Making Plans to File to Go Public Very Soon
OpenAI、近く株式公開申請へ向け準備中
P.M. Edition for May 20. We’re exclusively reporting that ChatGPT maker OpenAI has been working with bankers to prepare to file for an initial public offering in the coming days or weeks. Reporter Berber Jin joins to discuss the timing of the possible IPO and what that could mean for OpenAI’s business. Plus, stocks of chipmakers like Intel, Micron and AMD have hit a volatile stretch after weeks of massive gains. We hear from WSJ reporter Jared Mitovich about why they’re now looking to Nvidia’s earnings for the path forward. The chip company reported its latest record quarter. And the Trump administration has charged former Cuban president Raúl Castro with murder as the U.S. continues its pressure campaign against the island nation’s Communist government. Alex Ossola hosts.
• initial public offering (IPO) /ɪˈnɪʃəl ˈpʌblɪk ˈɔːfərɪŋ/ 新規株式公開
• path forward /pæθ ˈfɔːrwərd/ 今後の方向性
Alex Ossola: OpenAI plans to file for an IPO maybe as soon as this week. Plus, the Trump administration charges Cuba's former president Raul Castro with murder, escalating its campaign against the country's communist regime.
Acting Attorney General Todd Blanche: For the first time in nearly 70 years, senior leadership of the Cuban regime has been charged in this country, in the United States of America, for acts of violence resulting in the deaths of American citizens.
Alex Ossola: And it's about to get a lot harder to earn an A at Harvard. It's Wednesday, May 20th. I'm Alex Ossola for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today.
• as soon as /æz suːn æz/ 早ければ～にも
• charge A with B /tʃɑːrdʒ eɪ wɪð biː/ AをBの罪で起訴する
It's about to get a lot harder to ～」「～するのがかなり難しくなりそうだ」。
We're exclusively reporting that OpenAI, the company behind ChatGPT, is preparing to file for an IPO very soon, possibly as soon as this Friday. The journal has learned that the company's goal is to be ready to go public as early as September. Berber Jin covers startups and venture capital and joins me now. Berber, a September IPO. Was this the timing that OpenAI had been expecting? What helped determine this timing?
Berber Jin: The timing came as a really big surprise to everyone because we knew from our reporting that OpenAI was targeting a listing by the end of this year. But to file a confidential prospectus as soon as this Friday, really suggests that they are looking to go basically as soon as possible. And it's hard to know exactly why they're rushing, but what we do know, more broadly speaking, is that they're competing against Anthropic and, to a certain extent, SpaceX to capture the mine share of big pockets of money in the public markets that are looking to invest in AI companies. And each of these different companies see the advantage of being the first or the second to go out and set the narrative around their business ahead of their rivals. There's a lot of pent-up demand amongst retail investors and institutional investors like hedge funds, pension funds, et cetera, to invest in these AI companies.
• confidential prospectus /ˌkɑːnfɪˈdɛnʃəl prɑːˈspɛktəs/ 非公開目論見書
• capture mind share /ˈkæptʃər maɪnd ʃɛr/ 市場の注目・認知を獲得する
• big pockets of money /bɪɡ ˈpɑːkɪts əv ˈmʌni/ 巨額資金
• pent-up demand /ˌpɛnt ʌp dɪˈmænd/ 抑え込まれていた需要
Alex Ossola: What other kinds of challenges does the business face?
Berber Jin: There's been a lot of uncertainty recently, about whether OpenAI will be able to pay for these giant data center spending commitments they've signed up for. Roughly $600 billion of spending that they're on the hook to pay through 2030. And we've reported that OpenAI has recently had some stumbles. They've missed a few internal revenue targets. They've come under very intense competition from Anthropic and Google. The really big question mark is whether they can get the business in a good enough shape and accelerate their revenue growth in order to tell a story to investors, to Wall Street, where people feel their finances are in good condition and that they will be able to pay for these giant computing contracts that they signed up for.
• spending commitment /ˈspɛndɪŋ kəˈmɪtmənt/ 支出契約、投資義務
• on the hook /ɑːn ðə hʊk/ 支払い義務を負って
• accelerate revenue growth /əkˈsɛləˌreɪt ˈrɛvənuː ɡroʊθ/ 売上成長を加速する
• tell a story to investors /tɛl ə ˈstɔːri tuː ɪnˈvɛstərz/ 投資家に説得力ある説明をする
• in good condition /ɪn ɡʊd kənˈdɪʃən/ 良好な状態で
• computing contract /kəmˈpjuːtɪŋ ˈkɑːntrækt/ 計算資源契約、コンピューティング契約
Alex Ossola: That was WSJ reporter, Berber Jin. Thanks, Berber.
Berber Jin: Thank you.
Alex Ossola: And breaking news this afternoon, the IPO paperwork for SpaceX was just made public, unveiling key financial details. Read more on wsj.com. Separately in tech, Meta has begun a big round of layoffs. The cuts of roughly 8,000 jobs or 10% of the company's staff are meant to offset the cost of Meta's AI build out. It's also reassigning thousands of other workers to AI-focused jobs.
The massive gains in chip manufacturers from South Korea to Silicon Valley have hit a volatile stretch. Over several weeks, the rally in chip stocks has helped pull the market out of its Iran war funk, but semiconductor stocks slid on Friday and Monday. Journal reporter Jared Mitovich says investors are now looking to NVIDIA for direction.
• hit a volatile stretch /hɪt ə ˈvɑːlətl strɛtʃ/ 不安定局面に入る
• pull the market out of /pʊl ðə ˈmɑːrkɪt aʊt əv/ 市場を～から脱却させる
• Iran war funk /ɪˈrɑːn wɔːr fʌŋk/ イラン戦争による沈滞ムード
「funk」は口語で「落ち込み気分・停滞ムード」。
Jared Mitovich: There's a lot on the line here. It's almost a make or break moment for whether this chip rally can continue or whether that blip that we saw ending earlier this week could be signs that this rally is petering out a little bit. Investors were really looking for what NVIDIA's outlook is, not only in 2027, but even beyond that, what their spending looks like and where they see their business going later on this decade. There's almost no question that the AI build out is succeeding and going to benefit companies like NVIDIA in the next 12 to 18 months, but now you're seeing traders scratch their heads and say, "What happens after then? Where does this go next?"
• a lot on the line /ə lɑːt ɑːn ðə laɪn/ 多くが懸かっている
• make-or-break moment /ˌmeɪk ɔːr ˈbreɪk ˈmoʊmənt/ 正念場、成否を分ける瞬間
• scratch one’s head /skrætʃ wʌnz hɛd/ 頭を悩ませる
Alex Ossola: Reporting after the bill, chip giant NVIDIA said it had record sales and profit in its most recent quarter. Sales rose 85% to $81.6 billion, beating Wall Street's expectations. Surging demand for data center computing and the astronomical rise of artificial intelligence agents drove its earnings.
Stock indexes climbed today as investors waited to hear those earnings from NVIDIA and for the SpaceX IPO paperwork to be publicly revealed. The NASDAQ led the gains and closed up 1.5%.
Coming up, Target reported its strongest sales gains in years as its new CEO's turnaround efforts take hold. So why was it stocked down today? More on that after the break.
Now for some legal news. The Trump administration has secured an indictment against Raul Castro, a leader of the Cuban Revolution and the country's former president. The charges relate to when the Cuban military shot down civilian planes flown by the humanitarian group Brothers to the Rescue in 1996. Castro was defense minister at the time. US Acting Attorney General Todd Blanche announced the charges, which include murder during a press conference in Miami this afternoon.
Acting Attorney General Todd Blanche: For the first time in nearly 70 years, senior leadership of the Cuban regime has been charged in this country, in the United States of America, for acts of violence resulting in the deaths of American citizens. Nations and their leaders cannot be permitted to target Americans, kill them, and not face accountability.
Alex Ossola: Current and former officials don't expect Castro to be sent or taken by force to the US to stand trial, but the indictment is a sharp escalation of the Trump administration's efforts to pressure the Cuban government into economic and political concessions.
Two police officers who defended the Capitol during the attack on January 6th, 2021 filed a lawsuit today seeking to stop the Trump administration's quote, "anti-weaponization fund," which we told you about earlier this week. The fund has drawn skepticism and criticism for both sides of the aisle. The Acting Attorney General Todd Blanche defended it in front of Congress yesterday.
And speaking of Congress, Senate Republicans today said that they don't have the votes to preserve a billion dollars in funding tied to President Trump's ballroom project. The President has made clear he can make or break the career of any Republican in Congress. And in doing so, he's created a class of lawmakers who lost their primaries but are still in office. Republicans have begun referring to those outgoing senators as a quote, "YOLO caucus," because they have little to lose in going against Trump.
• lose a primary /luːz ə ˈpraɪˌmɛri/ 予備選で敗れる
• YOLO caucus /ˈjoʊloʊ ˈkɔːkəs/ 「人生一度きり派」議員グループ（皮肉表現）
And the House of Representatives has passed a new version of a major housing bill. It's a big win for the real estate industry. The bill, which was approved 396 to 13 includes restrictions on institutional investors buying single family homes, but it doesn't include a requirement that housing developers hated, forcing a sale of newly constructed rental homes within seven years of completing them. That provision was in a Senate version of the bill. The legislation now moves back to the Senate for final approval.
In retail today, Target reported strong quarterly sales, the first sign that its turnaround efforts are starting to take hold. Comparable sales are a key retail metric. They cover online sales and stores that have been open for at least a year and those sales rose 5.6%. It's the biggest quarterly increase since early 2022. For more on what's driving the growth, I'm joined now by Sarah Nassauer, who covers large retailers for the Journal. Sarah, this is the first quarter we're seeing results since Michael Fiddelke took over as Target's CEO in February. He promised big changes to the company's operations to help turn it around. What do the earnings show about whether his plan is working?
• turnaround effort /ˈtɜːrnəˌraʊnd ˈɛfərt/ 業績立て直し策
• take hold /teɪk hoʊld/ 定着し始める、効果を表し始める
• comparable sales /ˈkɑːmpərəbl seɪlz/ 既存店売上高
• retail metric /ˈriːteɪl ˈmɛtrɪk/ 小売指標
Sarah Nassauer: When Fiddelke took over, he was very clear that really, the number one thing they need to be doing is getting back to style and design and uniqueness in their product assortment. That they need to make sure that what they sell is differentiated from what you can get elsewhere. They've done some things in Baby and their toy department that they feel shoppers are responding to them in a positive way. They're also investing in supply chain and improving customer service, but they also did really poorly last year in the same period, right? And so they're comparing it to a quarter where it's an easy compare is what we say.
• easy compare /ˈiːzi kəmˈpɛr/ 比較しやすい前年実績（業績用語）
Alex Ossola: And the stock slid today, ending down about 4%. Why did investors react so negatively?
Sarah Nassauer: On the call, the executives were emphasizing also just some macroeconomic uncertainty and that they want to be cautious. Also, the changes that Target is making are expensive. So I think investors are dealing with a really uncertain environment and what Target was saying spoke to some of that.
Alex Ossola: That was WSJ reporter, Sarah Nassauer. Thanks, Sarah.
Sarah Nassauer: Thanks for having me.
Alex Ossola: Longtime Congressman Barney Frank has died at the age of 86. The Massachusetts Democrat was a force in the Capitol for 32 years. He helped reshape the US financial system after the 2008 financial crisis. The 2010 Dodd-Frank law that bears his name was Democrats' attempt to prevent another crisis, but Republicans and banking executives argued that the law stifled innovation. And in the year since, Congress and later administrations have narrowed the law's reach. Frank was also known for much of his career as the country's most prominent openly gay politician.
• bear one’s name /bɛr wʌnz neɪm/ ～の名を冠する
• stifle innovation /ˈstaɪfəl ˌɪnəˈveɪʃən/ イノベーションを阻害する
• in the years since /ɪn ðə jɪrz sɪns/ その後何年にもわたり
• narrow the law’s reach /ˈnæroʊ ðə lɔːz riːtʃ/ 法律の適用範囲を縮小する
And finally, we go to Harvard where the era of the A grade may be nearing an end. Today, Harvard's faculty voted to cap the number of A's per course to 20%. The change is part of the college's years-long effort to curb grade inflation. In Harvard's last academic year, about 60% of grades were A's. The change comes even after strong backlash from Harvard students. However, the cap doesn't apply to A minuses, which are expected to take over as the most awarded grade.
And that's What's News for this Wednesday afternoon. Today's show is produced by Danny Lewis and Alexis Moore with supervising producer, Tali Arbel. I'm Alex Ossola for The Wall Street Journal. We'll be back with a new show tomorrow morning. Thanks for listening.
WSJ:20260521
• scald /skɔːld/
熱湯などでやけどを負わせる、熱傷
- He scalded his hand with boiling water.
→ 彼は熱湯で手をやけどした
名詞では a scald 「熱傷」。
burn は一般的な「やけど」だが、scald は特に “熱湯・蒸気によるやけど”。
• acumen /ˈækjəmən/
鋭い洞察力、判断力、才覚
- business acumen
→ 経営手腕 - political acumen
→ 政治的手腕
かなりフォーマルな語。
ニュース・ビジネス記事で頻出。
語源はラテン語 acuere「鋭くする」。
acute（鋭い）と同語源。
• exploit
【名詞】/ˈɛksplɔɪt/
武勇伝、功績、偉業
- tales of military exploits
→ 武勇伝
今回の記事はこの意味。
【動詞】/ɪkˈsplɔɪt/
利用する、搾取する
- Companies exploit cheap labor.
→ 企業は安価な労働力を搾取する
発音が違うのが重要。
- 名詞：EX-ploit
- 動詞：ex-PLOIT
• pressure into submission /ˈprɛʃər ˈɪntuː səbˈmɪʃən/
圧力をかけて屈服させる
- The regime tried to pressure the rebels into submission.
→ 政権は反乱勢力を屈服させようとした
submission は「降伏・服従」。
submit（屈服する）と同語源。
「pressure A into B」は超重要構文。
- pressure someone into signing
→ 無理に署名させる - pressure him into quitting
→ 辞職に追い込む
• caucus /ˈkɔːkəs/
（政党内の）議員グループ、党員集会
- the Congressional Black Caucus
→ 米議会黒人議員連盟 - a conservative caucus
→ 保守派議員グループ
アメリカ政治ニュース頻出語。
「派閥」「議員連盟」的なニュアンス。
また、米大統領選では caucus が「党員集会方式の予備選」を指すこともある。
• YOLO /ˈjoʊloʊ/
“You Only Live Once” の略
「人生一度きり」
- YOLO mentality
→ 「人生一度きりだし」という考え方
もともとは若者スラング。
今回の “YOLO caucus” はかなり皮肉っぽい表現で、
「どうせ一回きりだから好き勝手やる議員グループ」
みたいなニュアンス。
• first family /fɜːrst ˈfæməli/
大統領一家、国家元首一家
- the First Family arrived at the White House
→ 大統領一家がホワイトハウスに到着した
アメリカ政治ニュースの定番表現。
first lady（大統領夫人）とセットで覚えやすい。
• investor prospectus /ɪnˈvɛstər prɑːˈspɛktəs/ 投資家向け目論見書
• defy /dɪˈfaɪ/ ～を覆す
• blistering /ˈblɪstərɪŋ/ 猛烈な、急激な
• peter out /ˈpiːtər aʊt/ 徐々に勢いを失う
• testy /ˈtɛsti/ 神経質な、険悪な
• rail against /reɪl əˈɡɛnst/ 激しく非難する
• pact /pækt/ 協定
• scald burn /skɔːld bɜːrn/ 熱湯によるやけど
• sustain injuries /səˈsteɪn ˈɪndʒəriz/ 負傷する
• blunt force trauma /blʌnt fɔːrs ˈtrɔːmə/ 鈍的外傷
• militant /ˈmɪlɪtənt/ 武装勢力メンバー
• exploit /ˈɛksplɔɪt/ 武勇伝、功績
• acumen /ˈækjəmən/ 洞察力、鋭さ
• retribution /ˌrɛtrəˈbjuːʃən/ 報復
• indictment /ɪnˈdaɪtmənt/ 起訴
• pressure into submission /ˈprɛʃər ˈɪntuː səbˈmɪʃən/ 屈服させる
• reality TV villain /riˈæləti tiː viː ˈvɪlən/ リアリティ番組の悪役
• savior /ˈseɪvjər/ 救世主
• biting /ˈbaɪtɪŋ/ 辛辣な
• social-media-savvy /ˈsoʊʃəl ˈmiːdiə ˈsævi/ SNSに精通した
• spark backlash /spɑːrk ˈbæklæʃ/ 反発を招く
• in doubt /ɪn daʊt/ 不透明な
• caucus /ˈkɔːkəs/ 議員グループ
• first family /fɜːrst ˈfæməli/ 大統領一家
• tax immunity /tæks ɪˈmjuːnəti/ 税務上の免責
WSJ: 20260520
• buck /bʌk/ 逆らう・反抗する
• rout /raʊt/ 総崩れ・大敗・暴落
• rigid /ˈrɪdʒɪd/ 硬直した・柔軟性のない
• stark /stɑːrk/ 厳しい・明白な・際立った
• pitched battle /pɪʧt ˈbætəl/ 激戦・激しい争い・軍事用語で「本格的な会戦」
• nuclear threshold /ˈnuːkliər ˈθrɛʃˌhoʊld/ 核保有寸前の段階
• stir thoughts of ~ /stɜːr θɔːts əv/ 〜への考えを呼び起こす
• run-in /ˈrʌnˌɪn/ 衝突・対立
• want someone gone /wɑːnt ˈsʌmwʌn ɡɔːn/ 誰かを排除したがる
• runoff /ˈrʌnˌɔːf/ 決選投票
• flurry /ˈflɜːri/ 相次ぐ出来事・殺到
• parse /pɑːrs/ 詳細に分析する
• war powers measure /wɔːr ˈpaʊərz ˈmɛʒər/ 戦争権限関連法案
• switch sides /swɪʧ saɪdz/ 陣営を変える
• buck /bʌk/ 逆らう
• embolden /ɪmˈboʊldən/ 勢いづかせる
• addendum /əˈdɛndəm/ 追加条項
• stipulate /ˈstɪpjəˌleɪt/ 規定する
• cease /siːs/ 中止する
• tax inquiry /tæks ɪnˈkwaɪri/ 税務調査
• bond rout /bɑːnd raʊt/ 債券市場の急落
• erosion of trust /ɪˈroʊʒən əv trʌst/ 信頼の低下
• rigid viewpoint /ˈrɪdʒɪd ˈvjuːpɔɪnt/ 固定化した見方
• stark political divide /stɑːrk pəˈlɪtɪkəl dɪˈvaɪd/ 深刻な政治的分断
• pitched battle /pɪʧt ˈbætəl/ 激しい争い
• nuclear threshold /ˈnuːkliər ˈθrɛʃˌhoʊld/ 核保有寸前ライン
• on the watch of ~ /ɑːn ðə wɑːʧ əv/ 〜の監督下で
• strings attached /strɪŋz əˈtæʧt/ 条件付きで
• stir thoughts of ~ /stɜːr θɔːts əv/ 〜への考えを呼び起こす
• notch gains /nɑːʧ ɡeɪnz/ 利益・成果を上げる