# Times lawsuit reshapes AI options trading

> Unsealed emails show OpenAI and Microsoft executives called their chatbots an existential threat to journalism, sparking options traders to bet on a settlement or trial victory.
- Title: Times lawsuit reshapes AI options trading · CNBC | Shortify
- Summary: Unsealed emails show OpenAI and Microsoft executives called their chatbots an existential threat to journalism, sparking options traders to bet on a…
- Keywords: new york times, openai, microsoft, copyright lawsuit, ai training, options trading, fair use defense, journalism, business, finance, Times, lawsuit
- Source: CNBC — https://cnbc.com/2026/09/21/historic-lawsuit-sparks-flurry-of-option-activity-in-ny-times-stock.html
- Author: Michael Khouw
- Published: 2026-09-21T15:22:45+00:00
- Read time: 1 min
- Topics: new york times, openai, microsoft, copyright lawsuit, ai training, options trading, fair use defense, journalism, business, finance
## Times sues over AI training
The New York Times is suing OpenAI and Microsoft in Lower Manhattan, claiming they copied millions of copyrighted articles to train chatbots without permission.
## Executives called it existential threat
Newly unsealed statements from Microsoft and OpenAI executives show they knew their chatbots were an existential threat to journalism, delivering information directly and eliminating the need to visit news sites.

> existential threat to journalism
## Microsoft director called it theft
Microsoft's director of applied science Brent Hecht described the training as the largest theft of labor in human history, according to the Washington Post.

> the largest theft of labor in human history
## OpenAI founder sought billions
OpenAI co-founder Greg Brockman wrote in twenty seventeen that he was deeply motivated by the gazillions he hoped to earn commercializing the technology, and allegedly replied ah nice when told of a paywall hack.

> deeply motivated by the gazillions
## Government backs AI companies
The Department of Justice asked the court to hold that training AI models on copyrighted work is fair use, citing national security concerns about ceding technological advantage to foreign adversaries.
## Stock flat but options heating up
New York Times shares have barely moved, but options traders are betting heavily on a settlement or trial victory within weeks, buying roughly four thousand four hundred October call spreads.
## Traders see asymmetric payoff
Options traders are using call spreads to risk just one point three percent of the stock price to win at least four point six percent by October expiration, potentially ten percent or more if the stock reaches the seventy seven point seventy three dollar analyst target.
## Key takeaway

The New York Times lawsuit against OpenAI and Microsoft gained momentum when unsealed statements revealed the companies knew their AI posed an existential threat to journalism, triggering significant options trading activity.