5 things to know before the stock market opens Wednesday

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Here are five key things investors need to know to start the trading day:

Buzzy artificial intelligence startup Anthropic has found itself at odds with the White House over regulatory policy for the AI industry. CEO Dario Amodei jumped into the discourse yesterday to push back on claims that the company is “woke.”

Here’s what to know:

Anthropic has largely struck a different tone on AI regulation than its competitor OpenAI. The company opposed a proposed amendment to President Donald Trump’s “One Big Beautiful Bill Act.” that would have suspended state-level AI law.As a result, David Sacks — the venture capitalist serving as Trump’s AI and crypto czar — has chastised Anthropic. He said the company is running its regulatory strategy around “fear mongering” and has positioned “itself consistently as a foe of the Trump administration.”LinkedIn co-founder Reid Hoffman came to Anthropic’s defense on Monday, calling the company “one of the good guys.” Hoffman’s vote of confidence is particular noteworthy given his investments in rival OpenAI.Sacks shot back at Hoffman, writing on social media that Anthropic is looking to “backdoor Woke AI and other AI regulations.”Anthropic’s Amodei said yesterday that the company is aligned with the White House on “key areas of AI policy” and shares goals with the administration and lawmakers on both sides of the aisle.

Netflix missed analysts’ earnings per share estimates for the third quarter, pushing shares down more than 7% in overnight trading. The streamer placed blame for its weaker-than-expected report on an expense stemming from a dispute with Brazilian tax authorities.

The California-based company’s report comes after it announced on Tuesday that it will bring the hit animated film “KPop Demon Hunters” to the toy market. Netflix said it will partner with toymakers Hasbro and Mattel on various items tied to the movie.

Stock futures are slightly lower this morning after Netflix’s slide. Follow live markets updates here.

Warner Bros. Discovery said yesterday that it’s open to a sale, as the media giant gears up for a corporate split up. Investors appeared to like this news, with shares jumping 11% in the session.

The HBO and CNN parent said it will review all of its options after getting “unsolicited interest” from multiple parties. While the company previously announced plans to break its business into two, it has also seen takeover interest by fellow industry titan Paramount Skydance.

Speaking of HBO, Warner Bros. Discovery announced yesterday that it is hiking prices for the network’s streaming platform.

Shoppers are feeling “discount burnout” heading into Black Friday and Cyber Monday, according to consulting firm AlixPartners.

On average, the more than 9,000 U.S. consumers surveyed by the firm said price was less important to them than a year ago when deciding to buy new clothes. Additionally, fewer consumers listed sales and finding the top deal as “very important” compared to last year.

Overall, AlixPartners’ data shows fashion prices have risen $17 from last year on average. Some categories, including jackets and outerwear, saw larger price hikes than others, such as swimwear.

Activist investor firm Jana Partners linked up with an unexpected teammate for a stake in Six Flags: NFL star Travis Kelce. (You might also know Kelce as Taylor Swift’s fiancé.)

Jana and Kelce are part of an investment group that now holds an economic interest of around 9% in the amusement park operator. The group said it wants to work with the company’s board to improve shareholder value and guest experience.

Kelce said in a statement that he is a “lifelong” Six Flags fan and wants to ensure the company is “special for the next generation.” Shares of Six Flags are slightly lower before the bell this morning after rallying more than 17% yesterday.

— CNBC’s MacKenzie Sigalos, Ashley Capoot, Sarah Whitten, Luke Fountain, Alex Sherman, Sara Salinas, Gabrielle Fonrouge, Yun Li, Sean Conlon and Sarah Min contributed to this report. Josephine Rozzelle edited this edition.