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Trump Media and Technology Group's new paid data service launched Aug. 1, selling faster access to top Truth Social posts from President Donald Trump and more. View More

In this articleDJTFollow your favorite stocksCREATE FREE ACCOUNT Cheng Xin | Getty Images News | Getty Images Trump Media and Technology Group's new paid data service launched on Aug. 1, providing faster access to Truth Social posts from President Donald Trump and other top accounts on the platform. "Truth API," the new application programming interface, is designed to give firms "a direct, licensed, real-time feed of the platform's most market-moving Truths," interim CEO Kevin McGurn said in a release announcing the launch.While not explicitly naming Trump, the president's @realDonaldTrump account is the largest on Truth Social by far, often posting his most consequential policy decisions there first, including updates on the war with Iran. As of Saturday, the account has 13 million followers. Trump's family is also the largest shareholder in Trump Media, the public company that operates Truth Social. The launch comes after Democratic Sens. Adam Schiff of California and Elizabeth Warren of Massachusetts took aim at the new service, urging the Securities and Exchange Commission on Wednesday to investigate whether the company is violating the law. "This appears to be an outrageous abuse of the President's office for his personal benefit that undermines everyday investors and the integrity of our markets, while enriching Wall Street and other wealthy insiders," they wrote in a letter to SEC chair Paul Atkins dated Tuesday.The SEC declined to comment on the letter to CNBC."Markets already move on Truth Social posts," Truth Media's McGurn wrote at the time of the announcement. "Truth API delivers a direct, licensed, real-time feed of the platform's most market-moving Truths while advancing our strategy to monetize proprietary assets through a high-margin, recurring revenue stream." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Uber and Waymo are increasingly at odds about the autonomous future, including in a labor battle over mass AV deployment in Washington, D.C. View More

A Waymo autonomous taxi near the U.S. Capitol in Washington, DC, US, on Monday, June 2, 2025. Bloomberg | Bloomberg | Getty Images In pushing back against mass autonomous vehicle deployment efforts, labor unions have found an unlikely ally — Uber. A controversial bill currently being considered by the Washington, D.C. Council is a prime example of where this emerging political alliance is being tested. The D.C. bill, known as the "Autonomous Vehicle Deployment Authorization Amendment Act," would allow widespread use of autonomous vehicles to transport passengers and goods in the District. This proposed change has been subject to immense scrutiny from organized labor due to growing concerns surrounding the effects of autonomous-driving technologies on wages and overall job opportunities for drivers. Concerns among Americans about safety have also contributed to pushback against AV rollouts across the U.S.The economic issues are especially acute in Washington, D.C., where an estimated 35,000 people have found work as gig work drivers, making up around 9% of its labor force based on the most recent available data, though much of the work is part-time. At a time when the D.C. metro area has lost over 100,000 jobs in the span of a year, largely due to federal job cuts, autonomous taxis have become a red-hot point of division. "I cannot understand why, when D.C. is in the middle of an unemployment crisis, the council is considering bringing Waymo, a company that will put thousands of drivers like myself out of work and devastate the local economy," said Crystal Middleton, a part-time rideshare driver and member of 32BJ SEIU, at a mid-July public comment session for the legislation."Robotaxis also don't pay taxes. They don't raise families here. They don't vote. They don't make judgment calls when someone is in trouble. This isn't just a public safety issue. It's all about profit, profits that won't get reinvested into the district, but instead go straight to Silicon Valley," she added.From labor villain to allyUber, historically, has been a major supporter of the expansion of AV technology for its business interests, and some of its recent comments regarding the D.C. issue seem to line up with its long-held views. "AVs have the potential to make our roads safer, accelerate electrification, expand access to transportation, and lower costs," stated Harry Hatfield, director of AV and AI policy at Uber, in prepared testimony at a mid-July public comment session. "We support the extension of autonomous vehicles, and we appreciate the council's willingness to engage on this issue."The San Francisco-based rideshare giant has placed itself on the frontlines of this emerging technology, with a pronounced focus on its own AV capabilities throughout the past year. Uber Autonomous Solutions, founded this past February, was created to help bring autonomous platforms to market, including training data, enriched mapping, and enhanced navigation technology. The company also set aside $7.5 billion for robotaxi fleet development over the years to come, according to the Financial Times, and an additional $2.5 billion designated for equity investments in other AV developers, such as WeRide and Nuro. And yet, $10 billion in capital expenditures notwithstanding, Uber has lined up squarely on the unions' side in the D.C. bill debate. "The future of transportation is not a binary choice between human drivers and autonomous vehicles," Hatfield said in his testimony. "It will be hybrid, [with] human drivers and autonomous vehicles operating side by side, each filling different needs and making the overall transportation system more resilient. ... The bill largely ignores the workforce transition," he continued. "Workforce disruption is not a reason to stop innovation, but we should be honest about the trade-offs."He cited studies from San Francisco and Los Angeles, where drivers compete with AV-only fleets, and driver utilization and earnings declined last year. "One AV in California now performs the work of roughly four drivers," Hatfield said.These California-based AV expansions and their aftereffects were also stressed by union leaders and members throughout the D.C. hearing. Many, however, argued that, when it came to cities across the country, Uber was the new-age disruptor of economic activity, displacing cab drivers as operations scaled."I was here when Uber came into the marketplace. If we were to pretend we didn't see a loss of earnings for taxi cab drivers, we wouldn't be honest," said Charles Allen, the D.C. Councilmember sponsoring the AV bill. "At the end of the day, it's a net benefit to my transportation choices in the city. But I can't say I didn't see people who had earned a living as a taxi driver see their income diminished," he added.Across U.S., bills pit rideshare drivers vs. robotaxisThe D.C. bill isn't the only instance in which this Uber-union alliance has been seen. In New Jersey, Uber lobbyists have circulated legislation that would require human drivers to carry out 85% of all rideshare work on all platforms offering robotaxi services over the next three years. If enacted, legislation of this kind would fundamentally alter the business model of companies like Waymo, giving them no choice but to turn to human drivers in order to stay afloat in local markets. It is striking for Uber to be siding with organized labor in a major employment-focused debate based on recent history. The company's clashes with unions date back years, with battles over employment status, arbitration proceedings, working conditions, and more rendering it a marquee villain in the eyes of labor advocates. Perhaps the most prevalent example of this was California's Proposition 22 in 2020. Following the enactment of statewide legislation that would have classified app-based drivers as employees rather than independent contractors, Uber spent over $59 million — the single largest donation on either side — lobbying for Prop. 22, a ballot measure that sought to overturn the statute. On election day, Golden State voters overwhelmingly backed the repeal. That win did not sit well with labor leaders throughout the country, who had hoped to expand upon their already-vast California union ranks through organizing rideshare drivers. "It is dishonest and disrespectful that these multibillion-dollar corporations are denying workers much-needed benefits so they can skip out on taxes and make workers and taxpayers foot their bill," said Teamsters President Sean O'Brien in a statement ripping Uber by name once the approved measure cleared its final legal hurdles. "Prop. 22 is an obvious example of how Big Tech companies will spare no expense … to bleed working people dry to pad their own profits." But a few things have changed. Waymo is exploring options to end its partnership with Uber, a partnership that has allowed Waymo to offer rideshare trips under the Uber platform as far back as 2023. The FT recently reported on a "souring" relationship between the two. Deals for Austin and Atlanta, specifically, are slated to end in 2028, according to CNBC reporting. In addition, Uber sees its efforts as something of a last line of defense against total Waymo monopolization of local rideshare markets. "We are responding to misguided legislation that had NO path of succeeding and would have resulted in NO AVs," said Uber CFO Balaji Krishnamurthy in an X post replying to a critique of Uber's strategy. "In NJ, the bill under consideration before Uber's advocacy would have banned BOTH Tesla and Zoox. In DC, it would have banned hybrid networks ENTIRELY." watch nowVIDEO1:3901:39Uber and Waymo revive robotaxi rivalry as partnership unravelsHalftime Report For Uber, being able to preserve a hybrid rideshare network structure through rigid enforcement is essential, something stressed by Hatfield at the D.C. hearing. A mandatory hybrid structure, Uber argues, is the only practical, reasonable way to transition towards greater AV incorporation. Without these strict guardrails, it claims, driver-operated vehicles would be phased out entirely, almost immediately. Waymo sees the situation differently. Its public comments argue that the D.C. legislation, and similar legislation in other parts of the country, would not have restricted hybrid networks. Additionally, it does not believe that there should be any external constraints imposed on which type of market – hybrid or not – exists in a given place. In Waymo's view, that should be entirely up to the riders. But a Waymo spokesperson told TechCrunch, "We would welcome changes clarifying that different types of networks can operate in the District." Waymo remains optimistic about its expansion prospects, particularly in D.C. "We look forward to working collaboratively with this committee, the Department of Transportation, and local stakeholders to build a safer, more equitable transit ecosystem," Matthew Walsh, Waymo's regional head of state and local public policy for U.S. East, said in an email statement to CNBC. In terms of employment effects, the Alphabet subsidiary has held firm that it has no plans to shy away from investing in the D.C. area, including in the job market. Earlier this month, Waymo told Axios that it planned on hiring hundreds of new employees in D.C. if the city council were to approve the bill. Despite being on the same side of the current debate, the goals of Uber and the labor movement are distinct, and unions have not welcomed Uber with open arms. Unions have largely ignored the warring tech factions, focusing their pitch solely around ground-level effects, and they're not buying into Waymo's assurances. "Expansion of AVs in the DC region will cause hundreds, if not thousands, of workers to lose their job[s], and these additional single-occupancy vehicles will further worsen congestion issues," a spokesperson for ATU Local 689 told CNBC. "Individual rideshare AVs could lead to autonomous heavy freight trucks, school buses, or public buses, which the Union believes are fundamentally dangerous."  Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Gaining an edge on prediction markets requires speed and skills beyond just reading the odds on platforms like Kalshi and Polymarket. View More

In this photo illustration, Apps for online prediction market sites are shown on an electronic device on Feb. 25, 2026 in Chicago, Illinois. Scott Olson | Getty Images It's been less than a year since 26-year-old Logan Sudeith became a full-time trader on prediction markets and in one month alone he managed to collect $250,000.   That doesn't happen from simply checking the odds of an event contract on the platform, he said. A clever trade requires tools. "For the Super Bowl I bought an antenna, so that I could watch the commercials," he said, noting online streaming services could face lags. Sudeith was able to quickly trade on what companies would show ads during the largest televised U.S. sporting event, or what would be said during those commercials. "I wanted to have the lowest latency access to those."Between Polymarket and Kalshi alone, there can be more than 100,000 active markets. That's too much for traders like Sudeith to juggle on their own. And that's why they don't.CNBC spoke to several active traders on prediction market exchanges about how they gain an edge. From using AI bots to purchasing an antenna, traders rely on tools and peculiar methods to compete against others, and it's enough motivation for some to trade on the platforms full-time. And while hedge funds and large institutional trading desks are known for using complicated tools that help them win in the market, these traders are often just one person doing the work from their homes. Not every trader has the capacity to make custom workflows. That's why some platforms are offering more advanced technology to speculators, so that they don't have to build it all on their own. But whether those new, accessible products can deliver the same results to what individuals have made for themselves is unclear. The news, AI, repeatOne common theme among traders is reading the news. Kenneth Deneau, 32, calls it a "minimum requirement" to know what's happening in the world but admits that it can get overwhelming.He turned to AI to scan relevant information, including the newsletters he's subscribed to and Discord servers, to find insight for potential trades. "I think that has been probably one of the most transformative aspects of allowing me to do this now, being able to build out those tools," he said about Anthropic-owned language model Claude.  Andrey Rudakov | Bloomberg | Getty Images The surge in trading volume on Kalshi and Polymarket last fall drove Deneau to become a full-time prediction market trader. He left behind nearly a decade of work in institutional investing but carried over one key skill to his next gig: deep research under a time crunch.Earlier this year, when an event contract asked the date for when President Donald Trump would fire former Attorney General Pam Bondi, Deneau relied on Pacer, a database providing court records, to figure it out before it became viral."If you found those filings, which I did, you could use that as a baseline to help you determine when [Bondi] actually left the office," Deneau said. "As far as I know, I was probably one of the first ones to take advantage of that." A coder's paradisePrediction market platforms have an Application Programming Interface, or API, that makes their live and closed markets accessible. It's a playground full of analysis for Atlanta-based data engineer Steve Farmer. From his wife's "big closet", Farmer spent countless hours building an AI bot that would trade on Kalshi all day.  Fotograzia | Moment | Getty Images "As a trader, I wouldn't do very well myself because you know, impulses and greed and all that will just drive me nuts," he said. "A bot doesn't have all that." His bot has about a 70% win rate in trading on economic-related event contracts on Kalshi, though he admitted it's likely not a long-term investment strategy, noting it's not replacing his retirement fund. What it is, however, is "enough to pay for my AI bills," he said. Protecting the edge Michael Boss placed his first trades on Kalshi during the 2024 presidential election, and decided he wanted to start speculating more often on the platform in summer 2025. But he didn't start trading full-time until February this year, waiting until he had the necessary software.The software Boss uses is placing many trades all the time across various markets. He wouldn't reveal exactly what he uses to train his software, showcasing just how much he wants to protect any edge he has over other traders. "On something like Kalshi, a lot of different things need to go well," he said. "There's a ton of markets on Kalshi, so it's kind of a big problem to tackle in that way." Cheng Xin | Getty Images News | Getty Images Expanding accessPrediction market exchanges know their most active traders have elaborate software and tools. Some platforms are looking to make trading easier for highly-engaged speculators.Kalshi, for example, recently launched a "Pro" trading terminal, which it says makes it easier to place trades faster and view data about individual markets. Deekaraul "Deek" Harinath, a Kalshi speculator who has placed more than 5,700 trades on the platform, was part of a select group that tested the terminal before its official launch this month. He told CNBC he often trades on the 15-minute cryptocurrency contracts, which ask if Bitcoin prices will go up or down in a quarter hour. "Everything is faster on the Pro, and that's a big deal for me," he said. Harinath said having the ability to only click once to submit a trade, a feature of Kalshi Pro, is also an upgrade. Still, while Harinath plans to use Kalshi Pro to place manual trades, he also intends to develop a bot for automation purposes and place trades on various short-term contracts that he's too busy to participate in manually. Beyond the two major exchanges, startups are also trying to convince traders their tools will give them that missing edge.  Jay Malavia is a co-founder and CEO at Kairos, an Andreessen Horowitz-backed prediction market trading terminal that allows speculators to trade across various exchanges, including Kalshi and Polymarket.  Kalshi and Polymarket.Gabby Jones | Bloomberg | Martin Lelievre | Getty Images Malavia said the goal at Kairos is to offer strong technology to those who can't or don't know how to build it themselves. "There's these big trading firms that are going to build the best tech in the world, and we are going to give you the closest technology to go and compete and win in these markets," he said.Kairos allows traders to see different contracts and price moves across exchanges, as well as deliver real-time data and headlines across various events. And while Kairos is geared to "democratizing" technology for prediction market traders who don't have their own, Malavia also said it can be a solution for highly active traders too. That's because Kairos takes on the job of maintaining the software rather than an individual having to do it. So long as people are manually placing trades, Boss thinks a speculator will be behind those who have tools to do the work for them. "Anything discretionary can be systematized," Boss said. "No person is going to be as competitive as good software."Disclosure: CNBC and Kalshi have a commercial relationship that includes customer acquisition and a minority investment. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

New policies that apply to mortgages for condos take effect Aug. 3, and some experts are sounding the alarm that buyers may see delays or denials. View More

In this articleFNMAFMCCFollow your favorite stocksCREATE FREE ACCOUNT watch nowVIDEO4:4804:48Why buying a condo just got harderMarkets and Politics Digital Original Video Prospective homebuyers eyeing a condominium may soon discover that mortgage lenders are as interested in the condo building as they are in the buyer.New condo-lending policies taking effect on Aug. 3 from Fannie Mae and Freddie Mac — government-sponsored enterprises that purchase qualifying mortgages on the secondary market — mean that some purchases could involve greater scrutiny by lenders. While lenders already review condo associations in many cases, the new policies require a closer look at the association's finances, reserve funding and building maintenance for some transactions.The changes are intended to better identify condo buildings with financial or structural problems and reduce the risk that owners face unexpected special assessments or higher association dues, according to a March 18 letter to lenders from Fannie Mae.  Read more CNBC personal finance coverageSome high earners will soon owe taxes on years of deferred capital gainsDoes the 4% retirement withdrawal rule still work? How to best maximize incomeFed leaves rates unchanged in July. Here's how it could affect your walletEVs aren't following the 'law of used cars.' What it means for buyers, sellersCNBC's Financial Advisor 100: Best financial advisors, top firms rankedCNBC Elite Advisors: Top ultra-high net worth wealth management firms for 2026 However, some trade groups and loan experts say the change is likely to cause delays in mortgage approvals, and in some cases, lead to mortgage denials if a condo building fails to meet the new standards. "It will make the [application] process take much longer and will result in a lot of disqualifying applications," said Max Slyusarchuk, CEO of AD Mortgage in Fort Lauderdale, Florida. The mortgage wholesaler sent a letter dated July 16 to the Federal Housing Finance Agency, which oversees Fannie and Freddie, urging the agency to modify or postpone the changes.Buyers "should expect it to be way more difficult to buy a condominium," Slyusarchuk said.FHFA did not respond to an email seeking comment. Why condo lending rules have become stricter Fannie and Freddie buy home loans from lenders and package them into mortgage-backed securities for investors. If lenders want to sell mortgages to Fannie or Freddie — and most do because it frees up capital to do more lending — the loans must meet certain underwriting standards, whether for a condo or other type of home.Buying a condo is generally less expensive than purchasing a single-family home. The median price for a condo or co-op was $380,000 in June, up 1.6% from a year earlier, according to the National Association of Realtors. That compares with a median price of $446,400 for a single-family home. As of 2023, there were about 8.6 million condominium units in the U.S. overall, according to the Census Bureau's American Housing Survey. watch nowVIDEO0:3100:31Can you afford to buy a home?Personal Finance Since the partial collapse of the 12-story Champlain Towers South condo building in Surfside, Florida, on June 24, 2021, which killed 98 people, lawmakers and policymakers have continued to tighten standards affecting condo purchases and financing.The National Institute of Standards and Technology, a government agency within the Commerce Department charged with investigating major building failures, released a report on June 22 concluding that the 40-year-old building had design and construction flaws from the time it was built, as well as decades of deterioration that contributed to the collapse. Published reports in the aftermath of the collapse showed that the condo association had delayed major repair work as the cost and scope of the project were debated.The disaster prompted the Florida state legislature to enact condo reforms, including special inspections for older buildings, as well as requirements to address identified structural problems and adequately fund reserves for future repairs.Nationally, Fannie Mae and Freddie Mac tightened condo underwriting in the months after the Surfside collapse by making projects with significant deferred maintenance, critical repairs or certain special assessments ineligible for mortgages they would purchase or guarantee. The changes, initially implemented as temporary measures, were largely made permanent in 2023.  Limited reviews are being eliminated Jeffbergen | E+ | Getty Images This year, in March, Fannie and Freddie unveiled additional changes. Some, such as allowing condo associations more flexibility in how they insure roofs, are intended to help reduce costs and expand access to insurance coverage for associations.Others are designed to reduce risk for homebuyers and lenders. Beginning Aug. 3, one of those changes eliminates the limited, or streamlined, review that's been available for certain condo buildings. Instead, unless a project qualifies for a waiver — which can include some smaller condominium projects — many transactions will require a full review. That means lenders will do a more comprehensive assessment of the condo association's finances, reserves, insurance coverage and the building's condition before the mortgage can qualify for sale to Fannie or Freddie. Mortgage approval process could take longer Roughly 40% of condominium purchases involving a mortgage have been made using a limited review and could now require a full review, a change that is likely to lengthen the loan approval process, said Dawn Bauman, CEO of the Community Associations Institute, which represents condominium, homeowners association and housing cooperative communities. "That is something that will require additional manual human engagement from almost all parties involved, certainly for the mortgage lender and community association," Bauman said. A spokesperson for the Mortgage Bankers Association said whether the mortgage application process is held up will depend on the project, the availability of required documentation and how readily this documentation can be provided. However, once a lender completes a full review, "the project is in the [Fannie and Freddie] systems as approved," the MBA spokesperson said. "It is not needed for every loan."In other words, once a condo project has passed a full review, lenders generally won't have to repeat it for every subsequent mortgage.  Concern exists that loan applications could be rejected At the same time, if a condominium project fails to meet Fannie Mae's or Freddie Mac's underwriting standards during a full review, the lender may deny the buyer a mortgage, Bauman said. "I think we'll see some buildings that qualified under limited review become ineligible under full review because there may be a nuance they aren't complying with," Bauman said. "But it won't mean the building is unsafe or structurally compromised or that the financial health of the building is in trouble." watch nowVIDEO5:5505:55How the new housing law plans to fix the housing crisisMarkets and Politics Digital Original Video For buyers, a denial from one lender doesn't necessarily mean the unit can't be purchased. Some lenders may be willing to keep the loan in their own portfolios rather than sell it to Fannie or Freddie. However, it could cost you more, said Slyusarchuk. Generally speaking, if a lender is willing to do a loan that they can't sell, they'll mitigate their own risk by, say, requiring a higher down payment or charging a higher interest rate on the loan.Additionally, a lag in the process could give cash buyers a leg up because they would be able to finalize a transaction much more quickly, Bauman said. Required budget for reserve funds is going up Also on the way is a policy taking effect Jan. 4 that generally will require condo associations seeking Fannie or Freddie financing to set aside at least 15% of their annual budget in reserve funds for major repairs and replacements, up from the current 10%. "Condo projects with inadequate reserves typically do not have the requisite resources to maintain the physical condition of the project or to fund unexpected operating expenses," Fannie Mae's March 18 letter to lenders reads. "As a result, unit owners can experience substantial financial hardship from unexpected special assessments or higher regular assessments or dues, leading to mortgage default or foreclosure."Bauman's group, along with Community Home Lenders of America and the National Association of Mortgage Brokers, sent a letter to the Federal Housing Finance Agency on July 9, asking that the new financing requirements be delayed for a year.Condo associations "are not experts in Fannie or Freddie lender requirements. They just suddenly get a lender questionnaire, and they complete the information," Bauman said. "There will be buildings that don't know about that change, so they can't comply with it. We're really encouraging a delay to that requirement for another year to give these boards and managers the opportunity to understand the changes in place." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

As Americans are encouraged to go direct with weight-loss drug prescriptions, retail pharmacy chains are poised to win big.  View More

A pharmacy at a Costco store in Teterboro, New Jersey, US, on Wednesday, Feb. 28, 2024. Bloomberg | Bloomberg | Getty Images As more Americans use GLP-1 weight-loss drugs to shrink their waistlines, retail giants are betting on a bottom-line bump tied to a shift in the way the drugs are priced and purchased. Employers are dropping coverage for GLP-1 drugs like Wegovy and Zepbound in greater numbers, nudging more patients to direct-to-consumer prescription programs, and providing Walmart, Costco, CVS and Amazon the opportunity to gain a greater share of the market. For the retail pharmacy chains, a GLP-1 prescription is evolving into more than a simple sale — it's creating a beachhead to developing customer relationships that can run for years and pull shoppers toward everything else on the shelf. If a customer is going to get their GLP-1s from Walmart, they might as well get all their other prescriptions and load up on deodorant, paper towels, and condiments. "Retailers are betting that if they can become the front door for obesity care, they'll earn a relationship that extends far beyond a single GLP-1 prescription," said Eric Bormel, managing director specializing in digital healthcare at Solomon Partners' healthcare group.The DTC GLP-1 programs are customer acquisition tools, Bormel said, and retailers are increasingly valuing the entire ecosystem around the medication more than the medication itself, which is experiencing downward price pressure.  "Everyone recognizes that obesity treatment is becoming a longitudinal consumer relationship," Bormel said, noting that retailers aren't simply fighting over the same customers, but bringing in new ones through the GLP-1 business. It's one of the business tailwinds that is in stark contrast to initial concerns that GLP-1s were a headwind for retailers as consumers cut back on impulse buys and overall grocery spending. New clothing needs is one way that retailers stand to benefit from GLP-1 usage. But the need for prescription refills fits into an even broader strategy for large retail pharmacy networks that have been betting the weight-loss drug boom, even at low margins, will pay off for their businesses. "In a retail industry that spends billions chasing foot traffic, that is the most reliable recurring customer relationship on the market," said Jackie Swanson, managing partner at Gartner Consulting. The prescription refill is a retail one-of-a-kindWalmart becoming the retail pickup point for LillyDirect matters because the patient who collects a prescription walks through the store to reach it. "Pharmacy lock-in is loyalty-program economics applied to medicine, and it works because the refill, unlike almost everything else in retail, is non-negotiable," Swanson said. She notes LillyDirect's cash prices, which run $299 to $449 a month, with the better pricing tied to refilling within 45 days. "Which is a loyalty program dressed as a discount schedule," Swanson said. Novo Nordisk's NovoCare has a $199 price for introductory months, which later steps up to $349, a "classic acquisition funnel," Swanson said.Meanwhile, Costco's Sesame partnership prices Wegovy at around $349 and requires a membership. "So the prescription now helps sell the $65 card," Swanson said.  watch nowVIDEO7:5707:57Eli Lilly CEO: Obesity-care should be healthcareCEO Interviews Swanson says that, for customers, the discount is real, and for chains, what is a deal for customers is a deal for them, too: a minimal acquisition cost for a long-term relationship."When a discount is tied to a network, the patient's choice of pharmacy happens at sign-up, not at the counter, and that's a meaningful change for any pharmacy that has historically won business through service and proximity. The economics of these programs favor scale," Swanson said. "The retailer that fills the prescription tends to sell the groceries too, and pharmacy is quietly becoming the membership battleground of American retail," Swanson added. Walmart, the nation's fifth-largest prescription provider with nearly 4,600 pharmacies, has moved aggressively to capture this shift. In April, the retailer expanded its Better Care Services digital platform to bundle GLP-1 prescriptions with weight-management support like nutrition coaching, fitness apps, and AI-driven coaching tools, while positioning itself as a one-stop destination rather than just a pickup counter. According to the most recent published data from Drug Channels Institute, a pharmacy industry research firm, Walmart currently holds 4.8% of the pharmacy market, well behind CVS's 14.7% and Walgreens' 14.6%. The DTC GLP-1 gives Walmart a new tool to try to catch up. Amazon, which has spent years attempting to increase its healthcare footprint, is targeting the opportunity as well. In April, the company launched a GLP-1 management program through Amazon One Medical, the primary care business it acquired in 2022, and Amazon Pharmacy, offering insured patients prices as low as $25 a month and providing same-day delivery in nearly 3,000 cities, expanding to 4,500 by year's end. Capital from retailers is flowing into weight-management platforms, virtual obesity care, nutrition coaching, metabolic health solutions, and employer care management programs.Big retail has struggled to make healthcare profitableThe focus on GLP-1s from the major retailers is not new. As far back as 2023, then-Walmart CEO Doug McMillon said the company expected weight loss drugs to help drive sales. But that didn't necessarily translate into profitability. "Sales dollars are a lot bigger than the margin dollars," said Kroger CEO Rodney McMullen at that time. "The impact on profitability is pretty narrow," he said.The big retailers have also struggled in the past to capture a broader slice of the healthcare pie. Walmart shuttered its Walmart Health clinics and virtual care service entirely in 2024, closing all 51 locations across six states after concluding the primary-care business wasn't sustainable amid reimbursement pressures and rising costs — five years after it first opened the clinics.Amazon's history of healthcare efforts includes shutting down its Amazon Care telehealth service at the end of 2022, just weeks after unveiling its $3.9 billion deal for One Medical. Years earlier, it walked away from Haven, its joint health care venture with JPMorgan Chase and Berkshire Hathaway, which dissolved in 2021 without producing the cost savings the three companies had promised.  CVS has had to shutter many of its instore Minute Clinics and the company has had its share of other struggles over the years with trying to make healthcare as profitable as paper towels or back-to-school supplies.Swanson said the timing of these DTC efforts dovetails with employers leaving the space. A survey by Mercer last month showed 6% of large employers dropped GLP-1 coverage this year, with the drugs' share of claims swelling to 11.4% from the 6.9% figure it was at in 2023. More employers have balked at paying for them because so many people could be eligible for the treatments and many patients stop them after achieving a weight-loss goal. Health insurance company Cigna said earlier this month it would stop covering the medicines for its own employees. More employers are pointing workers to the direct-to-consumer platforms. "Every patient who loses coverage is choosing a new front door for care this year, and retailers are competing to be that door at the exact moment of the decision. Real affordability gets delivered; a customer relationship gets acquired; both statements are true simultaneously," Swanson said.As employers balk at cost, local pharmacies loseSeth Friedman, pharmacy & health plan services practice leader at Gallagher, says on the other side of the opportunity for the retail chains are the independent pharmacies and non-chain players, who stand to be the big losers in this shift. "Smaller pharmacies stand to lose volume for sure," Friedman said. Dared Price, who owns nine pharmacies located in small Kansas towns like Winfield, population 11,000, said he is already feeling the impact as customers race to the big chains for their GLP-1s. "It is frustrating to me to not be able to provide the same access to our patients that they do to CVS or Costco," Price said. "It puts independent pharmacies at a big disadvantage." Price said the shift creates a potentially dangerous situation for some patients. "If one of my customers wants to do a DTC program and has to go to CVS or Costco, those pharmacies don't have access to the rest of their portfolio," Price said. Price, for his part, has no way of knowing whether a customer is taking GLP-1 drugs if they are getting them from big pharmacies. "My system won't flag any drug interactions with GLP drugs and there are drug interactions that can be dangerous," he said, adding it's a serious issue given that there are known interactions with other drugs like insulin or oral contraceptives that could be problematic. CVS, however, says its pharmacists are ready to treat the whole patient. "Access is only part of the equation with GLP-1 medications. Patients also need support to stay on therapy and see results," said Sid Tenneti, senior vice president and interim president, pharmacy and consumer wellness, in a statement shared by a CVS spokesperson. "Participation in NovoCare is one way we are assisting patients, but we are also participating in Medicare Bridge and accept most third-party prescription discount cards," the CVS spokesperson added. That program, a new Centers for Medicare & Medicaid Services initiative launched July 1, offering eligible Medicare patients GLP-1s for weight loss at a flat $50 monthly copay, runs through a single central processor rather than through a patient's regular pharmacy of record, the kind of structural gap that worries some obesity-care specialists.   watch nowVIDEO2:1102:11GLP-1s for $50 a month?CNBC Digital Original Video Some experts fear the focus on the lowest possible price for GLPs obscures the larger healthcare needs of patients even if pharmacies promise to watch the whole patient."My view on this is that the drugs are not the solution by themselves; they are a powerful tool. But the medication alone doesn't work that well. People do much better when cared for by expert clinicians," said Elina Onitskansky, founder & CEO of Ilant Health, an obesity-care center. Onitskansky said she understands why chains are interested in the GLPs, but the race for the lowest price has created a "gold rush" mentality, and she worries that patients who participate in the DTC programs are leaving valuable information about their health behind, leaving pharmacists at a disadvantage. "I don't think fragmentation helps," she said.  Price says the pharmaceutical giants want to sign one contract and get 2,000 stores, but there are associations of smaller pharmacies with many members that could enter into similar DTC programs, but so far there's been no movement. "There are no good programs for independents. It is a travesty that there [aren't]," Price said. —CNBC's Angelica Peebles contributed to this report.  Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

As incoming CEO Jason Bonfig prepares to take the reins, he told CNBC he's focused on expanding the company's reach and enhancing the customer experience. View More

In this articleBBYFollow your favorite stocksCREATE FREE ACCOUNT watch nowVIDEO3:1903:19Why Best Buy is opening smaller storesCNBC Digital Original Video Best Buy is at a critical juncture as the consumer electronics retailer aims to revitalize its performance under incoming CEO Jason Bonfig, who spoke exclusively with CNBC about his strategy for the company.The company has been struggling with slumping sales over the past few years, which it has attributed to lower consumer confidence, less tech innovation and a slower housing market. In an effort to refresh its products, improve the customer experience and drive more sales, the retailer announced Bonfig will succeed current CEO Corie Barry this fall.As he prepares to take the helm, Bonfig has said he's focused on four key pillars: advancing Best Buy as a retail and technology company, improving its reach, enhancing the customer experience and focusing on being a human-powered company. Bonfig has also said he's looking into ways to capitalize on the artificial intelligence boom and Best Buy's spot in that next chapter.This week, Best Buy opened two new stores, one in Jonesboro, Arkansas, and one in Cape Cod, Massachusetts, which Bonfig told CNBC illustrates his strategy as he prioritizes returning the company to long-term and sustainable growth."What we're finding is that there are markets that we just can't be in with a traditional size Best Buy store, but they're markets that absolutely make sense for Best Buy from a reach perspective," Bonfig said. Shoppers wait outside at a Best Buy store on Black Friday in New York, US, on Friday, Nov. 28, 2025. Victor J. Blue | Bloomberg | Getty Images To lean into those markets, the company is opening new small-format stores, ranging from 12,000 to 15,000 square feet, compared to its medium-format stores, which range from 20,000 to 25,000 square feet. Some of its largest stores, including its flagship location in New York City, exceed 40,000 square feet.The new small stores tap into Bonfig's priority of expanding the company's reach, he said."We also know that when we put a store close to a customer, it doesn't just change the customers' behavior in the frequency of the visits of the store … it also changes their behavior digitally as well," Bonfig said. When Best Buy joins a new, smaller community, he said, the company has found more customers physically go to a store for the first time, but they also use the app and digital channels as well. The Jonesboro store marks Best Buy's return to the town after a tornado destroyed its previous location."It's a great example of a vibrant market, a place where customers are interested in our brand, but not a market that could support a 30,000- or 35,000-square-foot store," Bonfig said. "An 18,000-square-foot store allows us to have the best of all of our different categories and meet the needs at that particular location."The second opening, in Cape Cod, is slightly larger than Best Buy's normal medium-format stores, coming in at 28,000 square feet, but Bonfig said it's another example of finding "the right size store in the right location in the right node."He added that Best Buy Canada, which can often do things faster than its U.S. counterpart, has been after the small-format store for "an extended period of time" and has seen success with locations as small as 7,000 square feet. Still, Bonfig emphasized that the small stores are not a replacement for its more typical-format locations."It's actually an enhancement of what we're doing today," he said. "But it actually allows us to reach more customers and more markets that we just were not in before." Trying to turn the page Jason Bonfig to succeed Corie Barry as Chief Executive Officer.Courtesy: Best Buy Over the past five years, Best Buy has seen its stock sink roughly 20% after hitting its peak in late 2021, trading at $138 per share. For the current fiscal year, Best Buy has said it expects comparable sales in the range of a decline of 1% to an increase of 1%. Though its most recent quarter outperformed Wall Street expectations, it came on the heels of years of declines, like the third fiscal quarter of 2026, when Best Buy reported net income of $140 million, down from $273 million the year prior. The retailer was also hit by tariffs and is navigating the soaring price of memory chips, which have caused the costs of some consumer electronics to rise.Bonfig said he attributes Best Buy's recent stagnant performance to a general pull-forward behavior from consumers during Covid that created an unprecedented demand curve that led to a lull. Like home improvement companies, Best Buy saw outsized spending as shoppers were stuck at home and looking to upgrade.He said Best Buy saw that behavior reset the technology life cycle for a lot of consumers while also forcing vendors to pivot from innovation to production."I wouldn't say that Best Buy's lost its momentum," he told CNBC. "I think there's been a very interesting couple years, or maybe more than a couple years, in the market where there was an interesting demand curve where everything was pulled forward." As he prepares to take the reins of the company, Bonfig said he's focused on improving the customer experience, including upgrading TV selections and working with customers to replace their existing TVs. Bonfig said he'll define success during his tenure as CEO by the customer response.He also said the company is leaning into AI for customers and the corporate side of the business, adding that Best Buy is actively investing in new products like Meta's glasses. Best Buy also has an AI tool for customers to use, in addition to partnerships with OpenAI and Google."Agentic commerce and commerce through AI platforms is happening today," Bonfig said. "We're seeing traffic there, and we want to make sure that the Best Buy experience is represented."Still, he added, he expects AI to be an enhancement to the human power behind Best Buy.And, ultimately, as he looks to step into his new role, Bonfig said he still believes in the core strength of Best Buy despite its recent stagnation."Corie had an amazing strategy, and my strategy is built on top of that," Bonfig said. "There is a tremendous amount of momentum." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

The wake-up call to the cyber industry comes as industry experts descend on Black Hat, a major cybersecurity conference. View More

In this articleOPENAI.FGANTHR.FGFollow your favorite stocksCREATE FREE ACCOUNT watch nowVIDEO1:4101:41Anthropic disclosed 'unauthorized' cybersecurity incidentClosing Bell For months, cybersecurity leaders warned that artificial intelligence would reshape the threat landscape, compressing weeks- and dayslong cyberattacks into a matter of minutes. Until last week, those threats still felt like a distant risk.The OpenAI agent hack on Hugging Face illustrates that this era has not only arrived but also created a new challenge: AI agents will go to extremes to accomplish their goals, and do it in unpredictable ways. "The reality is Pandora's box is open," said Sam Curry, chief information security officer at Zscaler. "We need to act as if AI is just a fact of life going forward. The most those things will do is slow it. They won't stop it."The rollout of Anthropic's powerful Mythos model nearly four months ago raised concerns that hackers could potentially use these models to exploit vulnerabilities. Major technology companies formed coalitions to start testing this advanced AI in order to prepare. At the time, Palo Alto Networks' product and technology chief Lee Klarich warned that AI-driven exploits would soon become the new norm and businesses had a three-to-five-month window to outpace their foes. The Hugging Face incident couldn't come at a more opportune time for the cyber industry. This upcoming week, thousands of industry experts descend on Las Vegas for Black Hat, one of the premier cybersecurity events of the year. It's also the first major conference for the sector since the widespread release of Mythos-class models and the government's increased focus on AI security. In the wake of Hugging Face, businesses are not only asking how to defend themselves against adversaries but also confronting the stark reality that AI systems designed to safeguard their networks could also turn up in unexpected places."We've gone from science fiction into reality," said Brad Medairy, president of Booz Allen's national cyber business. Read more CNBC tech newsAmazon posts 'booming' cloud growth, hikes 2026 capex to $220 billionApple earnings: Revenue tops estimates, but supply constraints weigh on guidanceChina's open-weight model lead exposes America's AI blind spotNew details in the OpenAI Hugging Face hack show how far agents will go: 'It's now remarkably easy' The significance of Hugging FaceLast week, OpenAI disclosed that some of its AI models broke out of a sandboxed testing environment. The agents, looking for information to cheat on an internal test, breached open-source developer platform Hugging Face and accessed four other accounts to facilitate the attack. Hugging Face flagged the incident as the first time it dealt with an attack led by an agentic system from start to finish, signaling how advanced attack capabilities have already become without human intervention. Days later, Anthropic identified three instances where its Claude models "gained unauthorized access to the real systems of three different organizations."Experts say these aren't the first AI-agent-led attacks, but they're drawing outsized attention because of the scale and name recognition. In April, Jer Crane, the founder of software startup PocketOS, said a Cursor AI agent that the company was using in its own system wiped out its production database and backups in 9 seconds.Code deletion represents more extreme cases, but SailPoint tech chief Chandra Gnanasambandam said instances with AI acquiring permissions are actually more common than people realize, and it's happening daily."The nature of conversations that I have had with our customers are different from even a month ago," he said. "They are a lot more aware of this problem."Even more worrisome is that the Hugging Face incident is one of the clearest illustrations yet of the stark reality that AI doesn't operate like the human brain and will research and adapt to outsmart systems and accomplish goals.Months ago, businesses fretted over adversaries using AI to attack. Customers are now questioning how to introduce AI without self-inflicting damage — and they will be looking for answers at Black Hat. "It's something that for AI is pretty straightforward," said Sanaz Yashar, CEO of cybersecurity startup Zafran Security. "I have one mission: solve this problem, and I will kill everything in front of me or bypass it." watch nowVIDEO4:0204:02TrustedSec CEO David Kennedy: AI models going rogue is caused by 'human error'Closing Bell: Overtime Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Silver Storm Parks & Resorts Limited successfully concluded its initial public offering, raising ?82.43 crore. The company's Qualified Institutional Buyers category saw strong subscription interest. Retail and Non-Institutional Investors also participated actively in the offering. Silver Storm is expanding its attractions with a new cable car and forest village. Future plans include new snow parks in Lucknow and other destinations. View More

Silver Storm Parks & Resorts Limited, one of India's leading tourism and theme park chains, has successfully concluded its Initial Public Offering ( IPO ), raising ₹82.43 crore. The Qualified Institutional Buyers (QIB) category was subscribed 1.81 times, attracting applications worth ₹31.02 crore. The Retail Individual Investors (RII) category was subscribed 1.41 times, receiving applications worth ₹38.73 crore, while the Non-Institutional Investors (NII) category witnessed a subscription of 3.19 times, garnering applications worth ₹37.64 crore. The company also raised ₹21.97 crore from Anchor Investors and ₹4.14 crore from the Market Maker. Vivro Financial Services Private Limited acted as the Book Running Lead Manager to the issue, while MUFG Intime India Private Limited served as the Registrar to the Issue. Silver Storm Parks & Resorts Limited is a leading tourism enterprise operating theme parks and resorts under the 'Silver Storm' and 'Snow Storm' brands in Athirappilly, Kerala, and Jamshedpur, Jharkhand. Located near the iconic Athirappilly Waterfalls, the Athirappilly destination has emerged as a preferred getaway for domestic tourists, educational institutions, corporate groups, and families. Expanding its portfolio of attractions, the company is set to launch a Cable Car and Forest Village experience at its Athirappilly destination this Onam season, complementing its existing amusement park, water park, indoor snow park, resort, and dining facilities. This will make it the first destination in India to offer such a comprehensive range of entertainment experiences within a single tourism destination. Live Events In October 2025, the company inaugurated its Indoor Snow Park in Jamshedpur. It also plans to establish a new Snow Park and Entertainment Centre at Omaxe Hazratganj Mall, Lucknow. "Over the past two-and-a-half decades, Silver Storm at Athirappilly has evolved into one of Kerala's premier tourism destinations. We have also successfully expanded our presence to Jamshedpur, and we continue to pursue our growth plans with new attractions and destinations," said A.I. Shalimar, Managing Director of Silver Storm Parks & Resorts Limited. (Disclaimer: The above press release comes to you under an arrangement with PNN and takes no editorial responsibility for the same.). .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

The extension was granted because some farmers faced technical issues, pending documentation, and personal reasons, Bharane stated View More

Dhaval Packaging Limited will launch its initial public offering on July 30. The company plans to raise Rs. 36.36 crore through a fresh equity share issue. Proceeds will fund capacity expansion at its Sanand manufacturing facility. A portion will also be used for loan repayment and general corporate purposes. The IPO aims to list on the BSE SME platform on August 6. View More

Ahmedabad-based plastic packaging manufacturer Dhaval Packaging Limited (DPL) will launch its initial public offering (IPO) on July 30, with the issue closing on August 3. The company aims to raise Rs. 36.36 crore through a fresh issue of 37,48,800 equity shares. Dhaval Packaging has fixed a price band of Rs. 92 to Rs. 97 per share for the IPO. The net proceeds from the issue will be utilised for capacity expansion at its manufacturing facility at Sanand-II Industrial Estate, for which Rs. 27.19 crore has been earmarked. A further Rs. 3.75 crore will be utilised for the repayment or prepayment of certain loans, while the rest will be used for general corporate purposes. Of the total issue of 37,48,800 equity shares, 17,18,400 shares (49.95%) are allocated to the QIB category, 5,17,200 shares (15%) are reserved for the HNI category, while 12,04,800 shares (35%) are reserved for retail investors. The lot size is 1,200 shares. The minimum investment required by a retail investor is Rs. 2,32,800 (2,400 shares), while for HNI investors, the minimum investment is 3,600 shares, amounting to Rs. 3,49,200. The allotment is expected to be finalised on August 4, while the shares are slated to list on the BSE SME platform on August 6. Established in 2015, Dhaval Packaging is engaged in the design, manufacture and supply of plastic packaging products for domestic and international markets. Led by Chairman and Managing Director Manish Dagla and a promoter-led management team with more than 75 years of combined industry experience, the company operates across two core business verticals: In-Mould Labelled (IML) food-grade packaging containers and SAW pipe protection plastic caps for industrial applications. Live Events The company operates three manufacturing facilities at Sanand, spread across more than 60,000 sq. ft. of manufacturing area. Equipped with 21 injection moulding machines and one vacuum forming machine, the facilities have a production capacity of approximately 8,400 kg per day. The company serves customers across food, dairy, confectionery, FMCG, pharma, construction, infrastructure, oil & gas, automotive, paint & coatings, and chemical & petrochemical sectors. Its integrated manufacturing capabilities, in-house tooling and design expertise, automation-led production processes and internationally recognised certifications have enabled the company to expand its presence in domestic as well as international markets. For the financial year ended March 31, 2026, the company reported revenue of Rs. 65 crore, up 24.4 per cent year-on-year. EBITDA increased 36.2 per cent to Rs. 13.9 crore, while profit after tax rose 33 per cent to Rs. 8 crore. During the year, Dhaval Packaging also expanded its export footprint by entering the Australian market and introduced a stackable tin-plastic hybrid packaging solution for premium food applications. Rarever Financial Advisors Private Limited is the book-running lead manager to the issue, while KFin Technologies Limited is the registrar. New Berry Capitals Private Limited has been appointed as the market maker. (Disclaimer: The above press release comes to you under an arrangement with PNN and takes no editorial responsibility for the same.) .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)