Daily Brief United States: Cathay Pacific, OpenAI and more

• Total US border crossings in July 2026 were up just 0.6% Y/Y (and down 5% vs July 2024)
• July 2026 crossings by aircraft were down over 3% Y/Y, and down 2% Y/Y in US West
• The figures from peak Summer travel period seem to confirm sluggish US tourism activity

• OpenAI maintains clear market leadership in frontier artificial intelligence, underpinned by unmatched brand equity, expanding enterprise monetization across its API and ChatGPT Enterprise tiers, and accelerating developer mindshare as Codex B2B adoption surges ~550% YoY.
• The company’s commercial trajectory is driven by multi-tiered monetization spanning consumer subscriptions, developer compute tokens, and deep distribution partnerships, generating exponential revenue expansion while requiring massive compute infrastructure investments.
• While developer migration to next-generation models such as GPT-5.6 demonstrates immense platform pull (+300.9% MoM in GitHub mentions), high compute capex, rapid legacy model obsolescence, and aggressive rivalry from Anthropic and open-source models remain primary operational headwinds.

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