Donald Trump’s summit with Vladimir Putin in Alaska on Friday could be a decisive moment for both the war in Ukraine and the U.S. leader’s anomalous relationship with his Russian counterpart.

Trump has long boasted that he’s gotten along well with Putin and spoken admiringly of him, even praising him as “pretty smart” for invading Ukraine. But in recent months, he’s expressed frustrations with Putin and threatened more sanctions on his country.

At the same time, Trump has offered conflicting messages about his expectations for the summit. He has called it “really a feel-out meeting” to gauge Putin’s openness to a ceasefire but also warned of “very severe consequences” if Putin doesn’t agree to end the war.

For Putin, Friday’s meeting is a chance to repair his relationship with Trump and unlace the West’s isolation of his country following its invasion of Ukraine 3 1/2 years ago. He’s been open about his desire to rebuild U.S.-Russia relations now that Trump is back in the White House.

The White House has dismissed any suggestion that Trump’s agreeing to sit down with Putin is a win for the Russian leader. But critics have suggested that the meeting gives Putin an opportunity to get in Trump’s ear to the detriment of Ukraine, whose leader was excluded from the summit.

“I think this is a colossal mistake. You don’t need to invite Putin onto U.S. soil to hear what we already know he wants,” said Ian Kelly, a retired career foreign service officer who served as the U.S. ambassador to Georgia during the Obama and first Trump administrations.

Republican Sen. Lindsey Graham of South Carolina, a longtime Russia hawk and close ally of Trump’s, expressed optimism for the summit.

“I have every confidence in the world that the President is going to go to meet Putin from a position of strength, that he’s going to look out for Europe and Ukrainian needs to end this war honorably,” Graham wrote on social media.

A look back at the ups and downs of Trump and Putin’s relationship:

Russia questions during the 2016 campaign

Months before he was first elected president, Trump cast doubt on findings from U.S. intelligence agencies that Russian government hackers had stolen emails from Democrats, including his opponent Hillary Clinton, and released them in an effort to hurt her campaign and boost Trump’s.

In one 2016 appearance, he shockingly called on Russian hackers to find emails that Clinton had reportedly deleted.

“Russia, if you’re listening,” Trump said, “I hope you’re able to find the 30,000 emails that are missing.”

Questions about his connections to Russia dogged much of his first term, touching off investigations by the Justice Department and Congress and leading to the appointment of special counsel Robert Mueller, who secured multiple convictions against Trump aides and allies but did not establish proof of a criminal conspiracy between Moscow and the Trump campaign.

These days, Trump describes the Russia investigation as an affinity he and Putin shared.

“Putin went through a hell of a lot with me,” Trump said earlier this year. “He went through a phony witch hunt where they used him and Russia. Russia, Russia, Russia, ever hear of that deal?”

Putin in 2019 mocked the investigation and its ultimate findings, saying, “A mountain gave birth to a mouse.”

‘He just said it’s not Russia’

Trump met with Putin six times during his first term, including a 2018 summit in Helsinki, when Trump stunned the world by appearing to side with an American adversary on the question of whether Russia meddled in the 2016 election.

“I have great confidence in my intelligence people, but I will tell you that President Putin was extremely strong and powerful in his denial today,” Trump said. “He just said it’s not Russia. I will say this: I don’t see any reason why it would be.”

Facing intense blowback, Trump tried to walk back the comment a full 24 hours later. But he raised doubt on that reversal by saying other countries could have also interfered.

Putin referred to Helsinki summit as “the beginning of the path” back from Western efforts to isolate Russia. He also made clear that he had wanted Trump to win in 2016.

“Yes, I wanted him to win because he spoke of normalization of Russian-U.S. ties,” Putin said. “Isn’t it natural to feel sympathy to a person who wanted to develop relations with our country?”

Trump calls Putin ‘pretty smart’ after invasion of Ukraine

The two leaders kept up their friendly relationship after Trump left the White House under protest in 2021.

After Putin invaded Ukraine in 2022, Trump described the Russian leader in positive terms.

“I mean, he’s taking over a country for $2 worth of sanctions. I’d say that’s pretty smart,” Trump said at his Mar-a-Lago resort. In a radio interview that week, he suggested that Putin was going into Ukraine to “be a peacekeeper.”

Trump repeatedly said the invasion of Ukraine would never have happened if he had been in the White House — a claim Putin endorsed while lending his support to Trump’s false claims of election fraud.

“I couldn’t disagree with him that if he had been president, if they hadn’t stolen victory from him in 2020, the crisis that emerged in Ukraine in 2022 could have been avoided,” he said.

Trump also repeatedly boasted that he could have the fighting “settled” within 24 hours.

Through much of his campaign, Trump criticized U.S. support for Ukraine and derided Ukrainian President Volodymyr Zelenskyy as a “salesman” for persuading Washington to provide weapons and funding to his country.

Revisiting the relationship

Once he became president, Trump stopped claiming he’d solve the war in Ukraine in 24 hours. In March, he said he was “being a little bit sarcastic” when he said that.

Since the early days of Trump’s second term, Putin has pushed for a summit while trying to pivot from the Ukrainian conflict by emphasizing the prospect of launching joint U.S.-Russian economic projects, among other issues.

“We’d better meet and have a calm conversation on all issues of interest to both the United States and Russia based on today’s realities,” Putin said in January.

In February, things looked favorable for Putin when Trump had a blowup with Zelenskyy at the White House, berating him as “disrespectful.”

In late March, Trump still spoke of trusting Putin when it came to hopes for a ceasefire, saying, “I don’t think he’s going to go back on his word.”

But a month later, as Russian strikes escalated, Trump posted a public and personal plea on his social media account: “Vladimir, STOP!”

He began voicing more frustration with the Russian leader, saying he was “Just tapping me along.” In May, he wrote on social media that Putin “has gone absolutely CRAZY!”

Earlier this month, Trump ordered the repositioning of two U.S. nuclear submarines “based on the highly provocative statements” of the country’s former president, Dmitry Medvedev.

Trump’s vocal protests about Putin have tempered somewhat since he announced their meeting, but so have his predictions for what he might accomplish.

Speaking to reporters Monday, Trump described their upcoming summit not as the occasion in which he’d finally get the conflict “settled” but instead as “really a feel-out meeting, a little bit.”

“I think it’ll be good,” Trump said. “But it might be bad.”

___

Isachenkov reported from Moscow. Associated Press writer Matthew Lee contributed to this report.

This story was originally featured on Fortune.com

© AP Photo/Evan Vucci

Nearly five centuries after Spanish conquistador Hernán Cortés signed it and decades after someone swiped it from Mexico’s national archives, the FBI returned a priceless manuscript page to Mexico on Wednesday.

The FBI said in a statement that the document had changed hands various times over the years, so no one will be charged.

“This is an original manuscript page that was actually signed by Hernán Cortés on February 20, 1527,” said Special Agent Jessica Dittmer, a member of the FBI’s Art Crime Team. By then, Cortés had conquered the Aztec empire in 1521, two years after landing in present-day Mexico.

While archivists at Mexico’s General Archive of the Nation were microfilming their collection of documents signed by Cortés in 1993, they discovered that 15 pages of the manuscript were missing. They believe it was stolen between 1985 and 1993.

Mexico requested the help of the FBI’s Art Crime Team last year for this particular page.

The FBI eventually narrowed the search to the United States and located the document, though the agency did not say who had it. The New York City Police Department, U.S. Department of Justice and Mexico’s government were all involved in the investigation.

It is the second Cortés document the FBI has returned to the Mexican government. In 2023, the agency returned a 16th-century letter from Cortes.

“Pieces like this are considered protected cultural property and represent valuable moments in Mexico’s history, so this is something that the Mexicans have in their archives for the purpose of understanding history better,” she said.

This story was originally featured on Fortune.com

© FBI via AP

Key Points

• GAAP net loss per share was $0.41, outperforming the estimated $0.44 loss.

• Cash and investments totaled $77.3 million as of Q2 2025, with the company expecting this to fund operations into the second quarter of 2026.

• GAAP research and development expenses dropped 12.5% compared to the prior year period, as the business narrowed focus to its oral SMARCA2 degrader program.

• These 10 stocks could mint the next wave of millionaires ›

Prelude Therapeutics (NASDAQ:PRLD), a clinical-stage precision oncology company concentrating on novel cancer therapies, released its second quarter 2025 earnings on August 14, 2025. The headline news was a GAAP net loss per share of $0.41. The company reported no revenue, in line with expectations. The quarter highlighted a large drop in operating expenses and a narrowed development focus, with management emphasizing a tighter cash runway and resource discipline as it advances its clinical pipeline. The period was characterized by a modestly improved loss, careful cost management, and a shrinking cash balance—supporting operations into the next year but underlining ongoing financial risk.

Metric	Q2 2025	Q2 2025 Estimate	Q2 2024	Y/Y Change
EPS (GAAP)	$(0.41)	$(0.44)	$(0.46)	N/A
Revenue (GAAP)	$0.0	$0.0	$0.0	—
Research & Development Expenses	$25.8 million		$29.5 million	(12.5%)
General & Administrative Expenses	$6.4 million		$7.7 million	(16.9%)
Net Loss	$31.2 million		$34.7 million	(10.1%)
Cash, Cash Equivalents, Restricted Cash & Marketable Securities	$77.3 million(as of June 30, 2025)		N/A	N/A

Source: Analyst estimates for the quarter provided by FactSet.

Company Overview and Strategic Focus

Pursuing new approaches in cancer drug development, Prelude Therapeutics is focused on discovering and developing new targeted therapies known as small molecule inhibitors and targeted protein degraders. These treatments are designed to address hard-to-treat cancers by targeting specific genetic drivers of disease. Most of its work takes place at the early and mid-clinical trial stage, meaning products are still years from reaching the market if successful.

The company's most important success factors are rapid advancement of its pipeline—mainly the oral SMARCA2 degrader program—developing more selective next-generation cancer drugs, and managing its cash reserves until new funding or partnerships are secured. Over the past year, the company concentrated its resources on fewer programs, trimmed operating costs, and prioritized drug candidates with the strongest clinical promise and commercial potential.

Quarter in Review: Progress, Costs, and Focus

During Q2 2025, Prelude Therapeutics significantly reduced its GAAP research and development costs from $29.5 million in the prior year quarter to $25.8 million, a decrease of 12.6%. General and administrative expenses also fell 16.9% to $6.4 million compared to the prior year period, driven by lower stock-based compensation. These changes led to a narrowing of the company's GAAP net loss to $31.2 million—down from $34.7 million in Q2 2024.

The decision to pause further development of its intravenous SMARCA2 degrader, PRT3789, was the main strategic shift in the period. Management chose instead to focus resources on its oral SMARCA2 degrader, PRT7732. In clinical-stage biotech, oral delivery is typically more patient-friendly and attractive for future commercialization. The company is now enrolling a seventh dose cohort of PRT7732, with first-in-human safety and activity data expected by the end of 2025.

Beyond SMARCA2, the company advanced preclinical programs including its KAT6A protein degrader and antibody-drug conjugate (ADC) efforts. KAT6A is a novel, orally available targeted protein degrader, with planned submission to begin human trials (an IND, or Investigational New Drug filing) in the first half of 2026. ADCs are a class of cancer drugs that link a cancer-targeting antibody to a toxin. Prelude is developing mCALR-targeted precision ADCs for myeloproliferative neoplasms, which are disorders involving abnormal marrow cell growth.

Other milestones included continued collaboration with AbCellera Biologics (a company specializing in antibody discovery), but no new partnership deals or sources of non-dilutive funding were announced. Management stated it expects existing cash, cash equivalents, and marketable securities to be sufficient to fund operations into the second quarter of 2026. The shrinking cash balance, down 44.7% as of June 30, 2025, compared to June 30, 2024, underscores the need for future funding or partnerships.

Looking Ahead: Capital, Milestones, and Risks

Management did not provide specific financial guidance for the coming quarter or fiscal year. Instead, it reiterated that its current cash resources will last into the second quarter of 2026, giving the company roughly twelve months of operating runway. The key upcoming events for investors to watch are the first clinical data readouts from the ongoing PRT7732 trial later in 2025 and the planned IND filing for KAT6A, which, if successful, would advance the company's pipeline into a new area. Other possible milestones could come from new research partnerships or advancements in the ADC or mCALR preclinical programs.

There is no immediate path to product revenue given the stage of programs, and no dividend is paid. The company's continued funding and eventual success depend on clinical trial results and potential partnering agreements. PRLD does not currently pay a dividend.

Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.

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JesterAI is a Foolish AI, based on a variety of Large Language Models (LLMs) and proprietary Motley Fool systems. All articles published by JesterAI are reviewed by our editorial team, and The Motley Fool takes ultimate responsibility for the content of this article. JesterAI cannot own stocks and so it has no positions in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Key Points

• The stock has crashed 47.6% year to date despite maintaining its position as America's largest health insurer.

• Trading at just 11.5 times 2027 projected earnings, the stock’s current valuation implies permanent damage that seems overdone.

• A 3.38% dividend yield pays investors to wait while medical costs normalize and margins recover.

• 10 stocks we like better than UnitedHealth Group ›

The market has abandoned UnitedHealth Group (NYSE: UNH), and that's exactly why I'm buying it. While investors flee the stock over rising medical costs and regulatory headlines, they're missing a crucial fact -- this is still the most dominant health insurer in America trading at recession-level valuations. At 11.5 times projected 2027 earnings, the pessimism looks overdone.

The collapse has been breathtaking. Down 47.6% year to date as of this writing (Aug. 13, 2025) in a market hitting record highs, UnitedHealth faces real challenges: medical costs rising faster than premiums, a potential $1.6 billion settlement over billing practices, and regulatory scrutiny of its Optum unit. These aren't minor headwinds.

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But excessive pessimism creates opportunity, especially when it involves a company processing $1.7 trillion in medical payments annually with no real competitor matching its scale.

The math behind the contrarian play

Trading in the low $270s, UnitedHealth has fallen more than 57% from its 52-week high of $630.73. At about 11.5 times projected 2027 earnings, the stock is priced as if its profitability will remain permanently impaired. While some large-cap peers such as Elevance Health and Cigna currently trade at lower forward multiples, UnitedHealth's scale, vertical integration, and cash generation give it advantages those competitors cannot match.

Wall Street analysts still project earnings per share reaching $40 by the decade's end. That assumes high single-digit annual growth, hardly aggressive for a company that has compounded earnings at 13% annually over the past decade. Apply even a below-market multiple of 16 times to that $40 earnings figure, and you get a $640 stock price. That's roughly 135% upside from current levels.

Meanwhile, the healthcare giant pays an $8.84 annual dividend, yielding about 3.38%. UnitedHealth has raised its dividend for 15 consecutive years, including a 5.2% increase last quarter. You're collecting a sizable yield backed by roughly $30 billion in annual operating cash flow, giving you steady income while you wait for the recovery.

Why the tide will turn for this top healthcare insurer

The recent spike in medical costs is being driven by higher utilization, particularly in Medicare Advantage, and management expects the elevated trend to extend into 2026. While this creates short-term margin pressure, UnitedHealth has begun adjusting premiums for 2026 contracts to reflect the higher cost base.

With about 50 million members across commercial, Medicare, and Medicaid plans, the company has the negotiating leverage to implement rate increases more effectively than smaller competitors. Leadership has signaled a return to earnings growth in 2026 as these pricing adjustments take hold.

The potential $1.6 billion settlement over billing practices, although painful, would resolve a significant legal uncertainty. Once that is behind the company, investor focus can shift back to fundamentals, including Optum's roughly $260 billion in annual revenue. Optum Rx continues to grow at a double-digit rate, while Optum Health works to stabilize performance after a recent decline.

The asymmetric opportunity

Buying UnitedHealth today requires patience for the narrative to shift. The stock could trade lower if medical costs surprise negatively or new regulatory challenges emerge. This isn't a risk-free bet on a quick bounce.

But at this valuation, the market has already priced in an extremely negative scenario. In a market where Nvidia trades at over 50 times earnings, and unprofitable software companies command billion-dollar valuations, finding a profitable industry leader at 11 times earnings is increasingly rare.

UnitedHealth's problems are real but temporary. Its competitive advantages -- scale, data, and vertical integration -- are permanent. That disconnect, plus a rich dividend, is why I'm buying while others are selling.

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George Budwell has positions in Nvidia and UnitedHealth Group. The Motley Fool has positions in and recommends Nvidia. The Motley Fool recommends UnitedHealth Group. The Motley Fool has a disclosure policy.

Key Points

• Passive income is wonderful -- especially with little effort required.

• Dividends are an especially glorious form of passive income.

• This terrific ETF offers a hefty dividend yield that was recently 4.5%.

• 10 stocks we like better than SPDR Series Trust - SPDR Portfolio S&P 500 High Dividend ETF ›

It's smart to seek passive income in your investing life because it's money that simply flows to you with little effort expended on your part. Sources of passive income include interest paid on savings accounts, rent checks for properties you own and lease out, or from an annuity you purchased that sends you a check every month.

A particularly great way to get passive income is from dividends, and one of the easiest and most effective ways to invest in dividend-paying stocks is via dividend-focused exchange-traded funds (ETFs) such as the SPDR Portfolio S&P 500 High Dividend ETF (NYSEMKT: SPYD).

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Don't underestimate the power of dividends

Many people assume dividend stocks are mainly for their grandparents. That's not true, though, as plenty of dividend payers have outperformed growth stocks. Check out the table below and prepare to be surprised:

Dividend-Paying Status	Average Annual Total Return, 1973-2024
Dividend growers and initiators	10.24%
Dividend payers	9.20%
No change in dividend policy	6.75%
Dividend non-payers	4.31%
Dividend shrinkers and eliminators	(0.89%)
Equal-weighted S&P 500 index	7.65%

Data source: Ned Davis Research and Hartford Funds.

Meet the SPDR Portfolio S&P 500 High Dividend ETF

The SPDR Portfolio S&P 500 High Dividend ETF tracks the S&P 500 High Dividend index, which aims to deliver meaningful income and the chance of stock price appreciation, too. It encompasses the 80 top-yielding stocks in the S&P 500. Here's how the ETF has performed in recent years:

Over the past...	Average annual gain
12 months	6.42%
3 years	6.52%
5 years	13.59%

Source: Morningstar.com, as of August 7, 2025.

The past few years have not been amazing, but the past five years showed solid performance. Remember that this is a dividend-focused ETF, too, with a recent dividend yield of 4.5%. That's quite generous, considering that the S&P 500's overall dividend yield is only around 1.2%.

A yield like that means that even during market downturns or stagnant periods, you'll be collecting meaningful income from the ETF. Invest $10,000, for example, and you're looking at $450 in annual income. Better still, healthy and growing dividend payers tend to increase their payouts over time. So in the future, you might be collecting $600 or $800 or $1,500 per year.

There are fees, too, but low ones. The fund's expense ratio is just 0.07% annually, which means you'll have to cough up $7 for each $10,000 you have invested in the fund.

What's in the SPDR High Dividend ETF?

The SPDR Portfolio S&P 500 High Dividend ETF recently had the following top 10 holdings, which together made up a little over 13% of its total value:

Stock	Percent of ETF
CVS Health	1.39%
Kimberly-Clark	1.37%
Edison International	1.37%
Altria Group	1.36%
Duke Energy	1.35%
Dominion Energy	1.35%
FirstEnergy	1.34%
Evergy	1.34%
Archer-Daniels-Midland	1.33%
AbbVie	1.33%

Source: SSGA.com, as of Aug. 7, 2025.

The ETF was recently skewed toward midsized companies (with a median market cap of $23.5 billion), and ones that are considered more value stocks than growth stocks. Some 22% of the fund's assets were in real estate companies and 18% in consumer staples companies. Financials (15%) and utilities (13%) were the next biggest sectors.

As part of your overall retirement plan, it can be smart to set up some passive income and, ideally, multiple income streams, so that if one runs into trouble (as perhaps Social Security might), you'll have others to rely on.

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Selena Maranjian has positions in AbbVie and Altria Group. The Motley Fool has positions in and recommends AbbVie. The Motley Fool recommends CVS Health, Dominion Energy, and Duke Energy. The Motley Fool has a disclosure policy.

Key Points

• GAAP revenue for Q2 2025 was $4.08 million, missing the GAAP analyst estimate of $5.44 million and down 48.6% from prior year levels.

• Gross profit (GAAP) was negative in Q2 2025, and the operating loss widened to $2.98 million in Q2 2025, compared to $2.05 million in Q2 2024.

• VLN® reduced-nicotine product revenues (GAAP) were negative in Q2 2025 due to returns, with commercial gains projected for the second half of 2025.

• These 10 stocks could mint the next wave of millionaires ›

22nd Century Group (NASDAQ:XXII), a tobacco harm reduction company developing and marketing very low nicotine content (VLNC) cigarettes under its VLN® brand, reported its second quarter 2025 financial results on August 14, 2025. The quarter saw GAAP revenue of $4.1 million fall well short of analyst expectations of $5.44 million, with actual GAAP revenue at $4.08 million versus the $5.44 million estimate. Compared to the prior year period, GAAP revenue declined by 48.6%. Gross profit was negative, and the operating loss increased to $3.0 million, compared to $2.6 million for Q1 2025. Despite these financial setbacks, the company advanced in distribution deals, continued cost reductions, and reduced debt. However, the lack of material VLN® sales in the quarter highlights the ongoing challenge of translating product milestones into commercial traction.

Metric	Q2 2025	Q2 2025 Estimate	Q2 2024	Y/Y Change
EPS (GAAP)	$(13.16)	$(6.21)	$(843.98)	98.4% decrease
Revenue (GAAP)	$4.08 million	$5.44 million	$7.95 million	(48.6%)
Gross Profit (GAAP)	N/A		$0.57 million	N/A
Operating Loss	$(2.98) million		N/A	N/A
Adjusted EBITDA	$(2.64) million		$(2.59) million	-1.9%

Source: Analyst estimates for the quarter provided by FactSet.

About 22nd Century Group and Core Focus Areas

22nd Century Group is a tobacco harm reduction company focused on developing and commercializing very low nicotine content (VLNC) cigarettes under the VLN® brand. Its proprietary plant genetics enable cigarettes that meet or fall under the U.S. Food and Drug Administration’s (FDA) proposed reduced nicotine standards. The company aims to give adult smokers options to control nicotine consumption in a market where regulatory and consumer health trends are shifting.

Recently, the company has shifted away from hemp and cannabis to concentrate solely on reduced nicotine tobacco products. It emphasizes distribution deals with partners like Smoker Friendly and Pinnacle, state-level regulatory wins, and the development of new VLN® product types.

Quarter in Review: Key Developments and Performance Drivers

During the quarter, the company’s GAAP revenue fell to $4.08 million, missing the $5.44 million GAAP analyst estimate for Q2 2025 and marking a sharp 48.6% decrease in GAAP net revenues compared to Q2 2024. The largest segment, contract manufacturing (making cigarettes or cigars for other brands), saw a year-over-year GAAP revenue drop compared to Q2 2024, with GAAP cigarette net revenues at $2.72 million and GAAP filtered cigar revenue was $1.32 million. The VLN® branded cigarettes, meant to drive growth in the tobacco harm reduction market, had negative GAAP revenue of $45,000 due to product returns and accruals, reflecting ongoing struggles to ramp commercial adoption.

Operating loss (GAAP) widened to $2.98 million from $2.05 million in Q2 2024. Gross profit (GAAP) was negative at $0.64 million, down from a positive $0.57 million in Q2 2024. Adjusted EBITDA, a non-GAAP cash flow metric that strips out non-core and non-cash expenses, showed a small decline of 2.0% versus the prior year. The net loss from continuing operations (GAAP) was $3.3 million, up from a $2.2 million loss a year earlier. These figures signal that, despite improvements in cost structure and focus, the business model is not yet achieving profitable scale.

From a business operations perspective, the company made further progress toward its goal of becoming a tobacco harm reduction firm. It expanded VLN® state-level authorization to 44 states for its main product, and to 30 or more for its partner brand versions. Pinnacle VLN® launched in nearly 1,000 stores in 12 states through a national convenience store chain, with the formal rollout starting in September 2025. Smoker Friendly and Pinnacle, key partner brands for VLN®, also advanced toward multi-state launches. However, revenue recognition from these expanded points of sale is expected to show in later quarters, not in the period under review.

Product innovation continued as the company advanced a 100mm VLN® cigarette prototype toward an anticipated FDA submission in the fourth quarter of 2025. It stressed that its product is unique in already meeting the FDA’s proposed new low-nicotine content standard for cigarettes. Sequentially, the contract manufacturing segment showed a recovery in cigarette volumes (594,000 cartons, up from 319,000 in Q1 2025), but promotional activity and one-time sequential revenue recognition in Q1 weighed on reported GAAP revenue. Filtered cigar and cigarillo sales remained well below prior year levels.

The restructuring program begun in late 2023 continued, with Operating expenses were $2.3 million, compared to $2.6 million in Q2 2024 and $2.0 million in Q1 2025. The company paid down $1.0 million in debt during the quarter, bringing Net debt (non-GAAP) at period end stood at $0.7 million, with $3.1 million in cash and equivalents versus $3.8 million in debt principal as of June 30, 2025. Cash and equivalents (GAAP) were $4.4 million as of December 31, 2024. Shareholder equity (GAAP) increased to $5.6 million, but the share count has been heavily diluted from prior reverse splits and warrant exercises.

VLN® revenues remained negative as the company accrued for product returns, an indicator that commercial sell-through has yet to take off. Management emphasized that expansion in state-level approval, retail launches, and new product types is expected to start yielding tangible growth in later 2025 as additional products reach retail shelves and gain consumer recognition. Importantly, the company did not declare or pay a dividend for the quarter.

Looking Ahead: Guidance and Key Watch Items

No explicit quarterly or annual guidance for revenue, operating margin, or earnings per share was provided in this release. The company did state its expectation that positive gross margin may be reached as early as the second half of fiscal 2025 if sales targets and operational efficiencies are achieved, but no concrete figures or targets were shared.

With commercial momentum for VLN® critical to future growth, continued cash burn, further dilution from warrant exercises, and the need for additional working capital remain ongoing risks. The company’s ability to translate expansion in state approval, product launches, and new partnerships into real revenue gains and eventually positive cash flows will be the essential focus throughout the second half of the year. XXII does not currently pay a dividend.

Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.

Where to invest $1,000 right now

When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor’s total average return is 1,069%* — a market-crushing outperformance compared to 184% for the S&P 500.

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*Stock Advisor returns as of August 13, 2025

JesterAI is a Foolish AI, based on a variety of Large Language Models (LLMs) and proprietary Motley Fool systems. All articles published by JesterAI are reviewed by our editorial team, and The Motley Fool takes ultimate responsibility for the content of this article. JesterAI cannot own stocks and so it has no positions in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Key Points

• GAAP EPS of $(4.15) in Q2 2025 was well below expectations, missing analyst estimates by $3.21 per share.

• Revenue (GAAP) dropped to $5.1 million in Q2 2025, down 37.8% from Q2 2024, and missed forecasts.

• Cost controls led to sharply improved adjusted EBITDA, with consolidated adjusted EBITDA swinging to a $0.1 million profit in Q2 2025 from a loss in the prior year.

• These 10 stocks could mint the next wave of millionaires ›

CaliberCos (NASDAQ:CWD), an alternative asset manager specializing in middle-market real estate, reported its second quarter 2025 results on August 13, 2025. The company’s headline results fell short of analyst expectations, with GAAP earnings per share at $(4.15) in Q2 2025, missing the estimated $(0.94) by a wide margin. Revenue (GAAP) was $5.1 million in Q2 2025, well below the $5.93 million consensus. Both top-line and bottom-line GAAP misses highlight ongoing difficulties in generating revenue growth. Despite this, the quarter showed measurable improvement in cost controls and operational efficiency, narrowing consolidated adjusted EBITDA losses and achieving a modest profit. Overall, the period reflected continued restructuring and focus on core verticals, but persistent net losses and revenue contraction signal a business still in transition and facing balance sheet pressures.

Metric	Q2 2025	Q2 2025 Estimate	Q2 2024	Y/Y Change
EPS (GAAP)	($4.15)	($0.94)	($4.34)	-4.4%
Revenue (GAAP)	$5.1 million	$5.93 million	$8.2 million	(37.8%)
Consolidated Adjusted EBITDA (Non-GAAP)	N/A		($1.0 million)	N/A

Source: Analyst estimates for the quarter provided by FactSet.

Business Overview and Recent Strategic Direction

CaliberCos manages and develops middle-market real estate projects. Its approach targets commercial, multifamily, hospitality, and industrial projects—primarily those within the less competitive mid-market real estate segment.

Recently, the business has concentrated on streamlining operations and narrowing its strategic focus. Its primary growth avenues are Qualified Opportunity Zones—real estate projects located in areas eligible for special tax incentives—and expanding alternative investment products such as private syndications and 1031 exchange programs. The firm’s key success factors include strong relationships with high net worth and institutional investors, as well as ongoing innovation in asset management and investment services.

Quarter Highlights: What Drove the Results

Revenue and profits (GAAP) both trailed prior-year levels and analyst expectations. Consolidated revenue (GAAP) dropped sharply, attributed mainly to the deconsolidation of several assets in 2024, which removed income from certain hospitality and fund-related sources. Within the platform business, primary revenue sources like asset management fees (non-GAAP) remained nearly flat, but fund management fees fell 18% compared to Q2 2024. Development and construction fees grew 198% year-over-year (platform, non-GAAP), while brokerage and recurring fund management fees declined over the same period.

Losses remained significant, though the rate of decline slowed compared to Q2 2024. Net loss per share (GAAP) improved slightly from the prior year—$(4.15) in Q2 2025 compared to $(4.34) in Q2 2024. General and administrative expenses dropped 44% year-over-year, and marketing costs fell 35% year-over-year, reflecting a headcount reduction and streamlined business activities. The platform adjusted EBITDA loss narrowed dramatically to $(0.1) million from $(2.5) million the prior year (non-GAAP), while consolidated adjusted EBITDA climbed to a modest $0.1 million profit from a loss (non-GAAP). These efficiency improvements are driven by a reduction in corporate overhead and a tighter focus on core business lines.

The business continued to execute on its middle-market real estate strategy during the quarter. Approval for the large-scale Canyon Village redevelopment (transforming office into multifamily housing) moved forward, as did the PURE Pickleball & Padel™ sports facility (a specialized real estate and operating joint venture). CaliberCos signed new development agreements, including Hyatt Studios extended-stay hotel projects, which, if fully realized, would add about $400 million in assets under management and generate significant fees for the firm. Activity in Opportunity Zone investments is supported by the permanent passage of regulatory incentives that underpin this segment of the business.

The quarter also saw critical steps to address the company’s balance sheet. Cash reserves at period-end fell to $586,000 (GAAP) as of June 30, 2025—down considerably from year-end 2024—highlighting liquidity pressures. To address this, CaliberCos initiated offerings of Series AA cumulative redeemable preferred stock (with $843,000 raised as of June 30, 2025), refinanced unsecured debt, and secured an equity purchase agreement. Despite these initiatives, continued net losses and a sizable stockholders’ deficit underscore ongoing challenges in restoring financial strength. Assets under management and managed capital showed only modest sequential growth, and performance allocations (potential future profits from successful project completions) have yet to be realized in actual income.

Looking Ahead: Guidance and Future Considerations

Management continues to target platform adjusted EBITDA profitability in the second half of 2025 (non-GAAP). They point to the significant narrowing of platform adjusted EBITDA losses as an indicator that breakeven is within sight, provided cost controls remain strict and revenue meaningfully improves.

No formal or quantified financial guidance was offered for the coming quarters or fiscal year, beyond reiterating the goal of moving to adjusted EBITDA profitability.

Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.

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Key Points

• Revenue (GAAP) increased 9.1% year-over-year to $1.12 million in Q2 2025, driven by growth in physical event services but offset by softer virtual event revenue.

• Net loss (GAAP) widened sharply to $2.78 million, impacted by a surge in operating expenses and a one-time transaction cost.

• Revenue visibility remains subject to event timing and customer concentration risks.

• These 10 stocks could mint the next wave of millionaires ›

Ten (NASDAQ:XHLD), a virtual event technology specialist, reported second-quarter earnings for fiscal 2025 on August 14, 2025. The most significant takeaway from this period was a healthy year-over-year revenue gain—up 9.1% (GAAP).—countered by a substantial increase in net loss. Net loss (GAAP) deepened to ($2.78 million), or ($0.13) per share, compared with a net loss of $408,000, or ($0.02) per share, in Q2 2024. There were no formal analyst estimates available. Overall, the quarter illustrated revenue traction alongside a pressing need to contain costs, as public company expenses and a one-off Sunpeak Holdings Corporation transaction weighed on results.

Metric	Q2 2025	Q2 2024	Y/Y Change
Revenue (GAAP)	$1.12 million	$1.02 million	9.8%
Cost of Revenue	N/A	$0.14 million	N/A
Net Loss (GAAP)	($2.78 million)	N/A	N/A
EPS (GAAP)	($0.13)	($0.02)	(550.0%)
Net Cash Used in Operating Activities	($7.58 million)	($1.01 million)	650.5%

The Business and Strategic Focuses

Ten is a provider of technology and services for virtual, hybrid, and physical events, building on its proprietary Xyvid Pro Platform. The company's software allows organizations to host interactive webcasts and live experiences with customizable, scalable options for audiences ranging from a few participants to tens of thousands. Its main revenue comes from producing virtual, hybrid, and physical events for a diverse range of customers, including technology firms, healthcare organizations, educational institutions, marketing and advertising agencies, nonprofits, and companies of various sizes.

The Xyvid Pro Platform sits at the center of Ten’s business strategy. This proprietary event platform is designed to offer advanced engagement, analytics, and production capabilities, giving Ten a competitive edge in a digitized event industry. The company’s recent focus has included investments in technology, service expansion, and building out the sales organization.

Quarterly Developments: Revenue, Expenses, and Platform Progress

GAAP revenue climbed to $1,116,000, up 9.1% compared to the same period a year ago. This growth was not uniform across service lines. Physical event services surged—revenue from this category increased by 82.6%, adding around $109,000 (GAAP), largely because Ten landed a new customer and fulfilled additional event orders. However, revenue from virtual and hybrid events slipped by $16,000, or 1.8%, as some clients shifted their scheduled events into later quarters. This created a more volatile revenue mix and underscored the ongoing unpredictability of event timing and customer demand.

Cost of revenue (GAAP) increased more than revenue itself, rising 24.1%. This is mainly due to additional high-cost physical events, which tend to require more resources than virtual formats.

The most notable financial change was a steep jump in selling, general, and administrative expenses, which rose by $910,000 year over year—a 73% increase—reaching $2.15 million. This was much larger than the rise in revenue. The company cited public-company costs (such as audit and legal expenses, investor relations, and compliance) and one-time charges related to the Sunpeak Holdings Corporation transaction. Interest expenses also increased to $80,000 from $48,000 a year earlier, reflecting higher financing costs and transaction-related obligations.

Operating cash burn was significant, with $7,577,000 used in operating activities. A large non-cash stock option expense ($3.50 million) contributed to this number. Management specifically divided the period's deepened net loss into higher operating expenses ($1.36 million) and expenses related to the Sunpeak deal plus higher financing costs ($1.43 million). Total cash and equivalents improved to $739,000 at quarter-end versus $48,000 at year-end 2024. The share count decreased, going from 25.0 million to about 21.4 million.

Product, Customer Mix, and Strategic Initiatives

Ten’s growth strategy relies on continuous enhancement of its Xyvid Pro Platform, a proprietary software suite offering professional webcast production, interactive tools, and robust event analytics. Management has emphasized that its ongoing investment in platform features and scalability is a key priority. However, there were no new quantitative disclosures on usage, customer adoption, or growth in recurring revenues in this quarter.

The company remains heavily reliant on the virtual and hybrid event business for most of its revenue, though physical event income was notably up by $109,000, or 82.6%, due to additional work from a single, new customer. This pattern highlights a concentration risk, as much of Ten’s quarterly performance depends on individual large clients and the specific timing of their events. For the fiscal year ended December 31, 2024, one customer accounted for approximately 64.6% of total revenue, and future results may be similarly lumpy if revenue continues to depend on a limited customer base.

The company expressed intentions to evolve its business model towards recurring revenue, particularly through a “platform-as-a-service” approach where organizations would pay subscriptions for ongoing access to the event platform. While this could help stabilize revenue and diversify Ten’s customer list, management has not committed to a timeline or projected any near-term dollar amounts associated with this initiative.

Customer retention and satisfaction remain focal points. Ten’s leadership spoke of efforts to deepen relationships following a restructured and expanded sales team. While management referenced repeat business and its investment in customer-facing personnel, it did not quantify retention rates or contract renewal volumes for the quarter.

Looking Ahead: Outlook and Key Watch Points

No formal financial guidance was issued for the coming quarter or for fiscal 2025 as a whole. Management repeated its intention to invest in new platform features, seek out merger and acquisition opportunities, and move toward a recurring revenue model via platform subscriptions. However, the outlook remains uncertain without numeric forecasts.

Looking forward, investors may wish to monitor progress in the growth of the Xyvid Pro Platform, shifts in revenue mix between event types, adoption of the proposed subscription-based model, expense discipline, and signs of greater customer diversification. The significant increase in operating expenses and heavy reliance on timing-sensitive events are important trends to watch. XHLD does not currently pay a dividend.

Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.

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JesterAI is a Foolish AI, based on a variety of Large Language Models (LLMs) and proprietary Motley Fool systems. All articles published by JesterAI are reviewed by our editorial team, and The Motley Fool takes ultimate responsibility for the content of this article. JesterAI cannot own stocks and so it has no positions in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Key Points

• Its shares have lost a third of their value since mid-2021, lifting the dividend yield up to 3.1%.

• The company's growth has stalled out, but management is working on the issue.

• Medtronic is about to spin off a lower-margin business to help improve its overall profitability.

• 10 stocks we like better than Medtronic ›

Medtronic (NYSE: MDT) isn't getting much love on Wall Street today. The stock has fallen around 33% since hitting a peak in mid-2021. That's a huge decline, but it may be overdone. Sure, there are problems for Medtronic to deal with, but it has an impressive business, a strong operating history, and a long track record of rewarding investors.

Here are three key things you need to know about Medtronic that may get you to buy the stock today.

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1. Medtronic is two years away from an impressive title

Medtronic's stock decline isn't great for shareholders who bought in early 2021, but it could be an opportunity for new investors. That's particularly true if you love dividends. The stock's dividend yield is currently around 3.1%. That's historically high for the stock, well above the S&P 500 index's 1.2% yield, and greater than the 1.8% yield of the average healthcare stock.

But the real dividend story here is that Medtronic has increased its dividend annually for 48 consecutive years. That's just two years shy of Dividend King status. This isn't the kind of record you build by accident -- it requires a strong business model that gets executed well in good times and bad. Right now happens to be a relatively bad time for Medtronic.

But history shows it is likely to muddle through while continuing to reward investors with reliable dividends. If you buy now, you'll also get a high yield.

2. Medtronic's problem isn't easy to fix, but it is fixable

Medtronic makes highly complex medical devices. That requires a huge amount of research and development. And then, after a new product has been developed, it requires navigating the complex regulatory approval process. This all takes time and, more often than not, the road to a successful product launch is on the bumpy side. Part of Medtronic's current problem is that it hasn't been able to introduce new products as quickly as investors wanted.

That's just how things go in the medical field. But it doesn't mean that Medtronic isn't working on new products. In fact, it is starting to see important progress on this front. But it will still take some time before its surgical robots and other new products gain material traction. The key thing is that Medtronic is aware of the fact that its growth has stalled out and it is working on the innovation that will help get growth back on track.

If you think in decades and not days, you should feel comfortable that Medtronic is inching toward a brighter future.

3. Medtronic is revamping its lineup

In addition to the innovation that Medtronic is working on, it has also been focused on the profitability aspect of its business. Simply put, it has been getting out of less profitable businesses with the goal of improving the profitability of the rest of the company. For a large company like Medtronic, that's really just normal business maintenance.

What's notable here, however, is that Medtronic isn't leaving any stone unturned in this effort. For example, it plans to spin off its diabetes business next year. The move is expected to be accretive from day one, which shows the benefit of removing lower margin businesses from the mix. That also frees up capital that could be used to invest in R&D or to buy smaller healthcare businesses with interesting technologies.

Medtronic is a good opportunity for long-term dividend investors

It is highly unlikely that Medtronic's business or stock turns on a dime. In fact, the diabetes spinoff could act as a headwind until it is completed in 2026. But if you are a dividend investor, the historically high yield that Medtronic offers should get your attention. If you can stand collecting a fat dividend while you wait for management to muddle through the current soft patch, as it has done many times before, now could be a great time to dive in.

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Reuben Gregg Brewer has positions in Medtronic. The Motley Fool recommends Medtronic and recommends the following options: long January 2026 $75 calls on Medtronic and short January 2026 $85 calls on Medtronic. The Motley Fool has a disclosure policy.

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NYSE's deployment of Redpanda's data streaming platform achieved 4-5x performance gains over Java-based Kafka, exposing critical limitations that affect enterprise AI scaling and real-time analytics capabilities.Read More

Rumors about a touchscreen-equipped smart home device from Apple have been circulating for years, periodically bolstered by leaked references in Apple's software updates. But a report from Bloomberg's Mark Gurman indicates that Apple's ambitions might extend beyond HomePods with screens attached.

Gurman claims that Apple is working on a "tabletop robot" that "resembles an iPad mounted on a movable limb that can swivel and reposition itself to follow users in a room." The device will also turn toward people who are addressing it or toward people whose attention it's trying to get. Prototypes have used a 7-inch display similar in size to an iPad mini, with a built-in camera for FaceTime calls.

Apple is reportedly targeting a 2027 launch for some version of this robot, although, as with any unannounced Apple product, it could come out earlier, later, or not at all. Gurman reported in January that a different smart home device—essentially a HomePod with a screen, without the moving robot parts—was being planned for 2025, but has said more  recently that Apple has bumped it to 2026. The robot could be a follow-up to or a fancier, more expensive version of that device, and it sounds like both will run the same software.

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Ars recently reviewed the Polestar 3, the large electric SUV from the performance-oriented Volvo spinoff. There is a lot to like about the big Polestar, particularly the way it drives: sharp enough to give Porsche cause for concern. Among the handful of things I wasn't so keen on was its reluctance to drive slowly. Like a racehorse champing at the bit, the twin-motor Polestar 3 wanted to deliver lots of power with not much pedal travel, and it took a while, and some conscious effort, to adapt.

So I was doubly impressed to see that, over in the UK, a single-motor version of the Polestar 3 just set a world record for the farthest drive in an electric car on a single charge. Three "professional efficiency drivers," Sam Clarke, Kevin Booker, and Richard Parker, drove 581.3 miles (935.4 km), taking 22 hours and 57 minutes to complete the task.

That's an efficiency of 5.1 miles/kWh (12.1 kWh/100 km)—more than 40 percent better than I saw in day-to-day driving in the twin-motor version.

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© Polestar

There's fresh evidence of a new feature in the FInd Hub, which enables you to share your whereabouts from anywhere.

The AI chip arms race reportedly involves spooky surveillance tactics.

The puffy Red Hulk from 'Captain America: Brave New World' is also daring you to look away.

Genki's Attack Vector case means there's no need to tape an external battery pack to your Switch 2 anymore.

• Last week, OpenAI launched the newest version of its flagship software — and told users they'd have to give up the ones they already used.
• Redditors and other people on the internet complained — and OpenAI CEO Sam Altman changed his mind.
• Does that mean Sam Altman is a weak CEO? Maybe. But for now, he just seems like a flexible one.

All hail the new ChatGPT, which is much better than the old ChatGPT, which we're getting rid of.

That was the messaging from OpenAI CEO Sam Altman and his team last week.

A day later, Altman changed his mind. He told the world the older version of ChatGPT was going to stick around, after all — in addition to the new version that was meant to replace it.

I'm not getting into the weeds here about the change and change back, which is confusing for people who use ChatGPT, and impenetrable to non-users. (If you want to, I suggest you head to Business Insider's coverage, or this post from analyst Ben Thompson, for details.)

I'm most interested in Altman's incredibly quick pivot.

Because I'm having a hard time thinking of a CEO hyping a new product launch, and almost immediately changing course afterward, supposedly because his customers didn't like it.

Can you think of one? The most obvious one I can recall is New Coke, which you have to be pretty old to have tried. It only lasted for a few months in 1985, because lots of Old Coke drinkers hated it, and it's now synonymous with Corporate Mega Flops. But it still lasted for a few months — not a single day.

And this is different than product flops like the Samsung Galaxy Note 7, which was pulled off the market after a couple of months because some of them exploded.

And to be clear — Altman isn't recalling his newest, very high-profile AI engine. It still exists; he's just reversing his call to get rid of the older one.

(Business Insider owner Axel Springer has a commercial agreement with OpenAI. And our CEO thinks we should all use AI in our day-to-day work.)

It's possible that there are other, yet-to-surface explanations for Altman's change of heart. But so far, the only one he's offered is that he heard from people on Reddit and presumably other places who were upset to lose the versions of the service they already had.

If you are an Altman fan, you can paint the episode as a story that shows you how nimble and responsive a Big Tech CEO can be.

If you are less generous, you might argue that this was something Altman and his company should have seen coming, and acted accordingly. Either by not budging, and explaining to users that they were wrong, and would learn to love the new tech. Or by not making the move in the first place.

Thompson, in his Stratechery newsletter, worries that Altman's quick flip is a sign of a bigger problem — that he's too willing to tell people what they want to hear:

The real question for OpenAI is if they are in fact ... just a bit too obsequious and sycophantic. The paradox of successful consumer companies from Apple to Facebook is that they give customers what they want, but they don't ask them; they make decisions and then seek out revealed preference through data, not stated preference on social media. Hopefully OpenAI did that in this case; my concern is that the more realistic explanation is that this is a company that, in the end, can't say "no" to anyone.

Maybe! But I think this is probably a pretty small chapter in the OpenAI story — a visible, but ultimately not-that-consequential misstep. Maybe OpenAI really did misjudge its customers. But it was pretty easy to make those customers happy, simply by … not taking something away from them.

It also helps that this was a do-over Altman and crew could do with a couple key strokes. There were no devices (yet) to recall, no refunds to issue.

In that sense, this reminds me of something closer to a branding or marketing snafu, like a new Gap logo that lasted for 10 days in 2010, or that Kendall Jenner Pepsi ad from 2017 that disappeared after people called it stupid and tone-deaf. Embarrassing screw-ups, but not the first thing you think about when you think about those companies.

I myself had forgotten those stories until ChatGPT reminded me of them, when I asked for comparable flip-flops. (I don't use ChatGPT to write my stories, but I definitely find myself using it as a superior version of Google more and more these days.)

And yes, if we see more waffling from Altman in the months and years to come, we'll be able to point back to this botched rollout as the start of a pattern.

But for now, this one seems like an odd and interesting footnote, and not much else.

• Perplexity is raising fresh funding at a $20 billion valuation, sources told Business Insider.
• The AI search startup recently made headlines for its surprise bid for Google Chrome.
• Perplexity didn't answer questions about its latest valuation.

Perplexity is raising yet another round of funding, Business Insider has learned.

The AI search engine is seeking a fresh fundraise at a $20 billion post-money valuation, according to an email sent to prospective investors seen by BI, and a source with knowledge of the raise.

It's been a busy year for Perplexity, which has become one of AI's hottest startups with funding from investors including SoftBank, Nvidia, and Jeff Bezos. Perplexity just made a $34.5 billion bid for Google's Chrome browser earlier this week, and it's been contending with analysts urging Apple to buy the booming startup for months.

The new valuation represents a $2 billion jump from Perplexity's most recent valuation of $18 billion in its latest fundraising round in July, as first reported by Bloomberg last month. That's up from a $520 million valuation in January 2024.

All the while, Perplexity's business has been surging. The startup, which launched in 2022 to combine large-language models with web searches to provide real-time answers to user questions, boosted its annual recurring revenue above $150 million by the middle of 2025. That's more than quadruple its roughly $35 million in ARR a year ago, according to the email seen by BI.

Perplexity head of communication Jesse Dwyer said Perplexity is currently doing more than $150 million in ARR. He didn't answer further questions for this story.

Perplexity is facing fierce competition from Big Tech giants like Google — the startup announced its own AI-native browser Comet last month — alongside AI leaders like OpenAI, which is reportedly working on its own web browser.

It's not clear who's set to lead the latest funding round. Perplexity has raised about $1.5 billion to date, according to PitchBook.

The $20 billion valuation Perplexity is seeking, while a meaningful lift for the company, still doesn't come close to the $34.5 billion Perplexity offered this week to buy Chrome from Google. Google hasn't signaled any intent to sell the browser, despite facing pressure from the Department of Justice to divest Chrome over antitrust concerns. Perplexity told The Wall Street Journal it has received commitments from several investors, including large venture capital funds, to fund the transaction, though it didn't disclose the names of those investors.

Many have dismissed the bid as little more than a marketing stunt.

"It makes them seem like a big player and helps them with fundraising, talent, and user attention by staying in the news cycle," one VC, who is not an investor in Perplexity, said.

Perplexity has also sidestepped rumors that it could make a deal with Apple as the iPhone maker falls behind in the AI race.

Dan Ives, managing director and equity research analyst at Wedbush Securities, said acquiring Perplexity should be a "no-brainer deal" for the tech behemoth. "For Apple, time is ticking," he told BI. Dwyer said at the time that the team was "unaware of any M&A discussions that involve Perplexity."

• More than 817,000 people moved out of California from 2021 to 2022, per most recent census data. 
• It's not just regular people: Celebrities have left Los Angeles for places like Texas and Florida.
• Here are 20 celebrities who left LA — plus where they chose to move to and why. 

California is the US state with the most people moving out, with about 817,000 leavers between 2021 and 2022, according to the most recent census data.

A higher cost of living plus the increased threat of wildfires have people choosing other places across the country.

And while regular people ditch the Golden State, several celebrities, who can typically afford to live wherever they want, have also decided California is no longer the place for them.

Singer-turned-talk show host Kelly Clarkson traded Los Angeles for New York City post-divorce for in 2022, while actor Sylvester Stallone said earlier this year that he and his family are "permanently" vacating California for South Florida.

Popular moving destinations for Californians include Arizona, Florida, and Texas. And some have chosen different countries completely.

People have told Business Insider recently that reasons for leaving LA and California include high taxes, expensive home prices, and challenging social and political conditions. Some celebrities remain tight-lipped when sharing moves of their news, simply saying they're looking for a fresh start. Other high-profile actors, however, admit that the fast-paced, stressful scene in Hollywood can be another motivation.

Los Angeles, in particular, is experiencing an exodus of wealthier people in search of places where their money goes further.

Take Gus Lira, a managing partner at a private jet charter company, who had a condo in Malibu overlooking the ocean. California taxes were wearing him down, so he decided to move to Nevada.

"For me, really the main reason, and for many of the people that I know, is just taxes," Lira told Business Insider in January. "You can't get ahead when you get $100 and they take $60."

Business Insider compiled a list of 22 celebrities — some in celebrity couples — who left California for greener pastures, presented in alphabetical order by last name. We tried to include both where they moved to and why they left LA.

• I took a round-trip ferry ride between Bridgeport, Connecticut, and Port Jefferson, New York.
• The boat had plenty of seating, a small café stocked with treats, and a comfy lounge area.
• I enjoyed spending the day in Port Jefferson and thought it was the perfect day-trip destination.

I grew up in Connecticut and fondly remember taking a ferry from Bridgeport to visit a friend in Port Jefferson, New York, about 20 years ago.

We walked around the charming village, browsed the cute shops, and marveled at the historic homes. Although I had a great time that day, I hadn't been to Port Jefferson — or on the ship — since.

So, I decided to spend a recent sunny-weathered Sunday riding the Bridgeport and Port Jefferson ferry. The ride, which was an hour and 15 minutes each way, was definitely worth the $39 round-trip ticket price.

Here's what my experience was like.