Thursday Afternoon Links

[CNBC] Stocks are little changed with few market catalysts ahead of next week’s Fed decision: Live updates

[Bloomberg] Private Credit Profits Come Under Threat as Loan Margins Narrow

[Bloomberg] The Rise of AI Reasoning Models Comes With a Big Energy Tradeoff

[Bloomberg] Pulte Faces Federal Watchdog’s Probe After His Fraud Accusations

[FT] OpenAI’s ‘code red’ moment

[FT] How will a rise in Japanese interest rates affect global markets?

[FT] The US may be running the wrong AI race