Good morning. OpenAI is on its way to becoming the world’s biggest startup. Political violence in the US is at the highest on record. And even high earners are getting priced out of NYC's rental market. Listen to the day’s top stories.

— Angela Cullen

Sam Altman, chief executive officer of OpenAI. Photographer: David Paul Morris/Bloomberg

No pain, no gain. OpenAI is edging closer to becoming a for-profit entity after at-times tortuous negotiations with top shareholder Microsoft. The contours of a deal that would grant its nonprofit parent a $100 billion-plus equity stake are slowly taking shape. The soon-to-be world’s biggest startup is wasting no time in spreading its footprint, either, as a multi-billion dollar UK data center push with Nvidia will reveal next week.

Talks between the US and China are heating up, with Treasury Secretary Scott Bessent set to meet Vice Premier He Lifeng in Madrid in the coming days. Trade, security and money-laundering are on the agenda, as is TikTok. Will the diplomatic outreach smooth the path to an all-important meeting between Xi Jinping and Donald Trump? Things with India appear to be moving along as well.

Russian and Belarusian paratroopers during the Zapad military exercise in Belarus in 2021. Source: Anadolu

Moscow’s wargames are feeding anxiety in NATO after a volley of Russian attack drones breached Polish territory. This year’s installment of the maneuvers with Belarus—known as Zapad—will probably be a lot smaller than four years ago, but come on the heels of what Poland called an “act of aggression.” Russia has made little comment about the four-day operation, which started today, while Minsk said the exercises were “strictly defensive.”

Giorgio Armani flirted with selling his fashion house during his lifetime, and had clear designs on who any potential buyers should be. His will directed his heirs to sell a 15% stake in the fashion house to one of three preferred buyers—LVMH, EssilorLuxottica or L’Oreal—or a company of similar standing within 18 months. A fierce protector of his empire until his death last week, Armani didn’t rule out an IPO or a sale once he was gone.

Speaking of IPOs, Via—maker of the Citymapper app—and some of its shareholders reaped more than they’d targeted in an offering this week, taking in almost $500 million. It debuts on the NYSE today. And Gemini Space Station—the cryptocurrency firm led by the Winklevoss twins—raised $425 million in its IPO, also above the marketed range.

Bloomberg Green New York: Join us Sept. 25 for a solutions-focused look into a new era of climate action during Climate Week NYC. Following the 80th United Nations General Assembly, we’ll hear how top leaders in business, finance and government are approaching climate issues during times of geopolitical uncertainty. Learn more here.

Deep Dive: Polarizing Forces

Donald Trump and Charlie Kirk in 2024. Photographer: Josh Edelson/AFP/Getty Images

The killing of conservative activist Charlie Kirk underscores an alarming rise in political violence in the US, with the past five years marking the highest rate of assassinations and attempts on the lives of politicians in records dating back to the 1960s, a Bloomberg Geo-Economic analysis finds.

• It’s the antithesis of a healthy democracy whose causes belie easy explanations, and its perpetrators and victims cross ideological lines. Yet one factor stands out: deepening political polarization across society and among elected leaders.
• Kirk’s slaying at an event at Utah Valley University prompted several historically Black colleges to place students and staff under lockdown on Thursday, citing potential threats.
• Law enforcement believes it’s identified a person of interest in the shooting, CBS reported, as the manhunt continues.
• Kirk galvanized a generation of young conservatives. Listen to Bloomberg’s White House reporter Josh Wingrove, who joined host Sarah Holder to discuss the political legacy he leaves behind.

The Big Take

The Queensboro Bridge in front of buildings in the Long Island City neighborhood of Queens, New York. Photographer: Gabby Jones/Bloomberg

Sky high. To understand why residents of New York City, the epicenter of American capitalism, are supporting a democratic socialist candidate for mayor, look no further than its warped rental market. In some of the city’s wealthiest enclaves, even high earners are struggling to keep up with ballooning costs.

Opinion

President Donald Trump and Ukrainian President Volodymyr Zelenskiy pose for a photo with European leaders following a meeting in the Oval Office at the White House on Aug. 18. Photographer: Win McNamee/Getty Images North America

Donald Trump is treating America’s allies with such contempt that the consequences will be lasting and ugly, writes Andreas Kluth. The president is isolating the country to the point where it’s doubtful whether its friends will ever trust the US again.

Before You Go

Source: Little Lager

Last call for IPA? Crisp, light, and back in fashion—Pilsners are having a moment as craft brewers trade heavy hops for the clean elegance of the “original pale lager.” And Italy may be putting the Czechs, Germans and Americans in the shade.