Good morning. OpenAI, Anthropic and SpaceX are moving toward IPOs, which would definitively push AI beyond the era of the startup. The companies are in their own ways anticipating a level of massive societal and economic change. 

To that end, OpenAI released policy proposals for a world with superintelligence—or artificial intelligence that far surpasses human capabilities, the WSJ's Amrith Ramkumar reports. 

"The ideas could represent trillions of dollars of new government programs. They were published as Congress prepares to debate AI legislation and the Trump administration tries to win support for its company-friendly tech policies ahead of the midterm elections," Amrith reports. Highlights of the article are below.

OpenAI says superintelligence could boost corporate profits and capital gains while cutting income and payroll taxes that fund government programs like Social Security. That may create the need for higher taxes on companies and capital gains for the wealthy, along with new ideas like taxing businesses that replace human workers with automated systems.

Some experts predict the industry could achieve so-called artificial general intelligence—or AI that matches human thinking—in the next few years. Superintelligence would follow that.

• The WSJ's Berber Jin and Nate Rattner take an inside look at OpenAI and Anthropic finances ahead of their IPOs and find an Achilles’ heel: the soaring costs needed to train new AI models.

McDermott: Leadership? I think you have got to be very steady, very controlled, feeling very, very confident in what's going on in your company. And what gives me tremendous confidence is the culture of our company. Change is the only constant, but we're absolutely built for this because … we have a culture that's been built around AI for multiple years. We've already adapted to the pricing realities and the hybrid nature of value creation for the customer in AI. The business model has already made the shift. So my only job right now is to be an educator and a leader and keep a steady hand and the focus on the customer. That's all we have got to do. Stay with the customer. We will meet the customer wherever they want to go.

OpenAI’s product and business chief Fidji Simo is taking medical leave from the company for several weeks, an absence that comes as the startup revamps its leadership ranks and prepares to make its public market debut, WSJ reports.

In an internal note to staff, Simo said a neuroimmune condition had worsened and that she had postponed medical tests and new therapies to stay focused at work since starting her job last August. More highlights:

• OpenAI is making other changes to its executive team, handing former Slack executive and revenue chief Denise Dresser commercial responsibilities that were previously the purview of operating chief Brad Lightcap.
• Lightcap will now focus on special projects. In that new role, he will work on an effort to partner with private-equity firms and sell AI tools to their portfolio companies, and report to CEO Sam Altman.
• OpenAI said President Greg Brockman would assume Simo’s product responsibilities while she is on leave. He will oversee the creation of the new superapp, which the company is hoping will help it regain its edge among business users.

Eko operates a “capture factory” in Bentonville, Ark., to create accurate, AI-ready digital product catalogs for retailers like Walmart. The initiative aims to improve online listing accuracy, which retailers struggle with, and prepare for AI platforms like ChatGPT and Gemini. Walmart has invested over $300 million in Eko since 2018, with Eko owning the product information it leases to brands, WSJ reports.

AI trainer Mercor offers to pay people for prior work—work employers might own. Mercor, which pays contractors to give feedback on the output of AI models recently began offering a new way to make money: selling their prior work materials, WSJ reports.

Microsoft to invest $10 billion in Japan on AI infrastructure, cybersecurity. The technology giant said Friday that the investment plan is aimed at helping advance Prime Minister Sanae Takaichi’s goal of improving the nation’s economic security and promoting growth investments in advanced technologies, WSJ reports.

Big banks seeking a piece of SpaceX's IPO must subscribe to Grok. Elon Musk is requiring banks, law firms, auditors and other advisers working on the IPO to buy subscriptions to Grok, his AI chatbot, which is part of SpaceX, sources told the NYT.

The U.S. and regional mediators are pushing for a ⁠45-day cease-fire that could lead to a permanent end to the ‌war with Iran, but the chances for a breakthrough remain slim, officials familiar with the matter said. (WSJ)

JPMorgan Chase CEO Jamie Dimon warned that the war in Iran could drive up inflation and depress financial markets if interest rates rise. (WSJ)

U.S. job growth blew past expectations last month, a resilient rebound that defied concerns about a pending downturn. The U.S. added 178,000 jobs in March, the Labor Department said Friday, the best month for job growth in more than a year. (WSJ)

President Trump on Friday released a budget proposal for the 2027 fiscal year, seeking $1.5 trillion in defense spending, by far the largest dollar amount in modern history. (WSJ)

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The WSJ CIO Journal Team is Steven Rosenbush, Isabelle Bousquette and Belle Lin.

The editor, Tom Loftus, can be reached at thomas.loftus@wsj.com.