Watch CNBC's full interview with Perplexity board members Cack Wilhelm and Pete Sonsini
In an extended conversation, CNBC's Kate Rooney sits down with IVP general partner Cack Wilhelm and Laude Ventures partner and co-founder Pete Sonsini. The two investors discuss where they're finding opportunity in AI and beyond, as well as how tariffs are impacting their portfolio companies. Wilhelm and Sonsini both sit on the board on AI engine Perplexity; they've bet on the technology as well as the startup's co-founder and CEO Aravind Srinivas, who for them, is an example of how this generation of founders is different from the cohort that came before.
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CNBC
4 hours ago
- CNBC
Investors are piling into big, short Treasury bets alongside Warren Buffett
Investors always pay close attention to bonds, and what the latest movement in prices and yields is saying about the economy. Right now, the action is telling investors to stick to the shorter-end of the fixed-income market with their maturities. "There's lots of concern and volatility, but on the short and middle end, we're seeing less volatility and stable yields," Joanna Gallegos, CEO and founder of bond ETF company BondBloxx, said on CNBC's "ETF Edge." The 3-month T-Bill right now is paying above 4.3%, annualized. The two-year is paying 3.9% while the 10-year is offering about 4.4%. ETF flows in 2025 show that it's the ultrashort opportunity that is attracting the most investors. The iShares 0-3 Month Treasury Bond ETF (SGOV) and SPDR Bloomberg 1-3 T-Bill ETF (BIL) are both among the top 10 ETFs in investor flows this year, taking in over $25 billion in assets. Only Vanguard Group's S&P 500 ETF (VOO) has taken in more new money from investors this year than SGOV, according to data. Vanguard's Short Term Bond ETF (BSV) is not far behind, with over $4 billion in flows this year, placing with the top 20 among all ETFs in year-to-date flows. "Long duration just doesn't work right now" said Todd Sohn, senior ETF and technical strategist at Strategas Securities, on "ETF Edge." It would seem that Warren Buffett agrees, with Berkshire Hathaway doubling its ownership of T-bills and now owning 5% of all short-term Treasuries, according to a JPMorgan report. "The volatility has been on the long end," Gallegos said. "The 20-year has gone from negative to positive five times so far this year," she added. The bond volatility comes nine months after the Fed's began cutting rates, a campaign it has since paused amid concerns about the potential for resurgent inflation due to tariffs. Broader market concerns about government spending and deficit levels, especially with a major tax cut bill on the horizon, have added to bond market jitters. Long-term treasuries and long-term corporate bonds have posted negative performance since September, which is very rare, according to Sohn. "The only other time that's happened in modern times was during the financial crisis," he said. "It is hard to argue against short term duration bonds right now," he added. Sohn is advising clients to steer clear of anything with a duration of longer than seven years, which has a yield in the 4.1% range right now. Gallegos says she is concerned that amid the bond market volatility, investors aren't paying enough attention to fixed income as part of their portfolio mix. "My fear is investors are not diversifying their portfolios with bonds today, and investors still have an equity addiction to concentrated broad-based indexes that are overweight certain tech names. They get used to these double-digit returns," she said. Volatility in the stock market has been high this year as well. The S&P 500 rose to record levels in February, before falling 20%, hitting a low in April, and then reversing all of those losses more recently. While bonds are an important component of long-term investing to shield a portfolio from stock corrections, Sohn said now is also a time for investors to look beyond the United States with their equity positions. "International equities are contributing to portfolios like they haven't done in a decade" he said. "Last year was Japanese equities, this year it is European equities. Investors don't have to be loaded up on U.S. large cap growth right now," he said. The iShares MSCI Eurozone ETF (EZU) is up 25% so far this year. The iShares MSCI Japan ETF (EWJ) Japan ETF is up 25% over the last two years.
Android Authority
8 hours ago
- Android Authority
I gave Google's AI Mode a shot, but I'm still sticking with Perplexity
Joe Maring / Android Authority We've already seen AI creeping into Google Search, whether you liked it or not. AI Overviews started off as a frustrating product that marred the original Search experience with slow responses, inaccuracies, and occasional walls of unhelpful text. But it slowly got better, and for quick queries where you didn't want to scroll through forums or click on five different links, it actually became useful. That's what made me hopeful when, at I/O, Google announced a full-fledged AI Mode for everyday use. Now, I've relied on Perplexity for my AI-powered web searches for a while. I stopped 'googling' a lot of things long ago. So, if the same kind of AI capabilities could be baked into Google Search, why would I use another app, right? Turns out, it's not that simple. Once I actually started comparing the two, the results were far more complicated. Would you switch to an AI-first search engine as your default? 0 votes Yes NaN % No NaN % Google Search's AI Mode vs Perplexity Joe Maring / Android Authority To give both tools a fair shot, I asked them the same set of questions to see how well they performed. With Google's massive understanding of the web — and the fact that most of the internet is basically designed to work around Search — I assumed AI Mode would wipe the floor with Perplexity. But here's the thing: it's not about how much data you have, it's about what you do with it. It's not about how much data you have, it's about what you do with it. Logical lapses loom We talk about smartphones all day over here, so of course that's where I started. I imagined an average user who wants to upgrade their phone without doing intense research — reading long reviews, watching YouTube videos, and double-checking Reddit posts for credibility. So, I asked AI Mode to help. The prompt was simply to suggest the best phones from Samsung and Apple under $1,000. Google's AI Mode confidently came back with the Galaxy A56 and the iPhone 16e — solid phones, sure, but they're way below the budget. The rest of its suggestions weren't any better. It thinks the iPhone 14, a refurbished iPhone 13, Galaxy A35, and the Galaxy S23 Ultra are good phones for that kind of budget. It was basically a mess with a confusing mix of old and new, premium and budget handsets. Anyone relying on this to do actual market research would walk away misinformed. I tried to guide it further. I insisted on the latest models and asked for a side-by-side comparison. I did get the comparison, but the suggestions remained stuck in budget territory. It just wouldn't budge. Perplexity, on the other hand, gave me a table in its first response — clearly laid out, with each phone's standout features and who is the phone for. More importantly, it gave me what I actually expected for under $1,000: the Galaxy S25 Plus and iPhone 16/16 Pro. You know, the actual current-gen stuff. Also, Google's AI Mode felt like it was pushing for a sale. The entire results page was littered with shopping links like an overeager salesperson — that's when I was still trying to decide what I even wanted. User (mis)experience Google Perplexity Google Perplexity I love that these AI tools can save me from opening 20 tabs just to get one clear answer or create a decent travel plan. I asked both AI Mode and Perplexity to help me plan a budget seven-day trip to Vietnam, and AI Mode was again a mixed bag. Google's AI Mode was definitely fast. It gave me a full day-by-day plan in the first result itself. The results from both AI Mode and Perplexity curiously felt too similar, as if they were learning from the same source material. But the presentation is where the gap was actually glaring. AI Mode gave me a long, exhausting block of text broken up only by bullet points with their own blocks of text. So many words force you to skim the information that is already a summary of even more text, defeating the very purpose of intelligence, artificial or otherwise. Perplexity needed one follow-up for a detailed plan, but the answer was so much better — clean tables, well-spread-out text, and a table with itemized and total estimated expenses. I mostly use Perplexity for work on my desktop, and the big-screen experience was even better. Each suggested hotel had a photo for reference, a map view of its location, and some quick pros and cons of the place (pictured below). That kind of little touch goes a long way. Meanwhile, the world's biggest search engine struggled to even include images in its AI results despite explicitly asking for them. AI Mode = Awkward Implementation Mode I've already mentioned how text-heavy AI Mode feels, especially on a phone screen. The layout needs more love from Google's designers because right now, it looks dense and, honestly, even a bit off-putting. Joe Maring / Android Authority Beyond the visuals, the actual workflow is a tad clunky too. You have to go to the AI Mode section from the Google Search page or app, and only then can you start typing your query. You can't start talking to AI Mode straightaway like Perplexity lets you. Add to that, the presence of AI Overviews and AI Mode on the Search results page, both trying to serve the same purpose: adding to the clutter. There's a clear difference between a product built for AI from the ground up, and one where AI was just an add-on. And don't get me started on chat history's location — it's again a multi-step process because you have to enter AI Mode first. AI Mode doesn't give you an easy way to revisit past threads, which is kind of the whole point of AI search tools that work around follow-ups and context, which would get lost if you can't continue in the same thread. Why my muscle memory still prefers Perplexity Ryan Haines / Android Authority There's a clear difference between a product built for AI from the ground up, and one where AI was just an add-on. Perplexity feels more intentional and logically sound. The results are better laid out, the interactions are more fruitful, and it doesn't seem to have a hidden motive, like getting you to click the 'Buy Now' button. It's not perfect, but it feels mature, like an old wine. Google's AI Mode is a little rough around the edges, but given it's still a new feature, I can already see where it could reach with some polish. Knowing Google and the pace at which it's iterating with its Gemini models and cross-app AI integrations, I wouldn't be surprised if I came back in a few months and switched over completely. Just not today.
Newsweek
12 hours ago
- Newsweek
List of Walgreens Stores Closing This Month
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Walgreens is closing more than 20 stores this month as the drug store giant looks to boost revenue and shutter underperforming locations. The closures arrive after Walgreens announced in October it would be closing roughly 1,200 underperforming stores across the U.S. over the next three years. In 2025, 500 locations will say goodbye to shoppers. Why It Matters Many retail giants have slimmed down their national footprint in the years following the COVID-19 pandemic. Lower brick-and-mortar demand as a result of online shopping as well as inflationary effects on spending have played a role. Malls have long been falling out of favor, with almost 25 percent of America's largest anticipated to close by 2027, according to research from real estate services firm Green Street Advisors. Facade of a Walgreens store in Laurel Heights, San Francisco, on April 30, 2025. Facade of a Walgreens store in Laurel Heights, San Francisco, on April 30, 2025. Smith Collection/Gado/Getty Images What To Know While Walgreens operates roughly 8,500 stores nationwide, the pharmacy and drug store chain has closed about 2,000 locations over the past decade. Why is Walgreens Closing Stores? The closures arriving this month as CEO Tim Wentworth said Walgreens is embarking on a "turnaround plan." "We are confident it will yield significant financial and consumer benefits over the long term," Wentworth previously said. Because more consumers are using online prescription services like pharmacies have felt pressure on their bottom line as costs rise. In the last quarter of fiscal year 2024, Walgreens reported a $3 billion loss, an increase from $180 million the year before. Only 6,000 of its stores are still profitable, Wentworth said. "This solid base supports our conviction in a retail pharmacy-led model that is relevant to our consumers, and we intend to invest in these stores over the next several years," he said. Walgreens had sales of $37.55 billion for the fourth quarter, a year-over-year increase of 6 percent and fourth-quarter sales and adjusted profit above Wall Street expectations, according to CNBC. The $3 billion loss reflects the so-called valuation allowance that is meant to reduce deferred tax assets mainly related to opioid settlements, CNBC reported. Which Walgreens Locations Are Closing in June? In June, Walgreens is closing stores across several states, including: California Salinas, N. Sanborn Road – June 25 Florida Jacksonville, Dunn Avenue – June 26 Miami, NW 7th Avenue – June 25 Illinois Chicago, N. Sheffield Avenue (Northstar Health Care) – June 23 Massachusetts Brockton, Pleasant Street – June 23 Fall River, S. Main Street – June 26 Gloucester, Eastern Avenue – June 23 Springfield, Boston Road – June 24 Swansea, Wilbur Avenue – June 23 Webster, Main Street – June 24 Worcester, Grafton Street – June 25 New Jersey Pleasantville, N. Main Street – June 23 New York New York City, Lexington Avenue (Duane Reade) – June 24 Syracuse, Genesee Street – June 26 North Carolina Durham, Broad Street – June 24 Raleigh, Wake Forest Road – June 26 Ohio Garfield Heights, Turney Road – June 24 Reynoldsburg, Brice Road – June 10 Washington Bremerton, State Highway 303 NE – June 23 West Virginia Clendenin, Elk River Road N. – June 25 Follansbee, Main Street – June 11 Mullens, Moran Avenue – June 23 New Martinsville, 3rd Street – June 10 Oceana, Cook Parkway – June 26 Whitesville, Lewis Street – June 24 Which Stores Have Already Closed? Walgreens shuttered many other locations in 2025 so far. The full released list is: California Hayward, Jackson Street – May 22 Los Gatos, Blossom Hill Road – May 22 Colorado Lakewood, 7665 W. Jewell Avenue – May 22 Connecticut East Hartford, Silver Lane – May 20 East Haven, Main Street – May 22 New Britain, Stanley Street – May 19 New Milford, Danbury Road – May 21 Florida Jacksonville, Soutel Drive – May 19 Georgia Decatur, Hairston Road – May 22 Lawrenceville, Old Norcross Road – May 19 Macon, Mercer University Drive – May 21 Snellville, Hewatt Road – May 20 Stone Mountain, Memorial Drive – May 19 Indiana Indianapolis, E. Thompson Road – May 20 Maryland Essex, Marlyn Avenue – May 20 Massachusetts Framingham, Waverly Street – May 19 Lakeville, Main Street – May 21 Peabody, Andover Street – May 20 Salem, Boston Street – May 19 New Jersey Cherry Hill, Kings Highway N. – May 19 New York Brooklyn, 5th Avenue – May 21 Middletown, Fitzgerald Drive – May 21 North Carolina Richlands, Richlands Highway – May 21 Sanford, Spring Lane – May 20 Pennsylvania Norristown, Dekalb Pike – May 19 Southampton, 2nd Street Pike – May 22 West Chester, E. Street Road – May 22 Wyncote, W. Cheltenham Avenue – May 15 Texas Dallas, Camp Wisdom Road – May 21 Newsweek reached out to Walgreens for comment via email. What People Are Saying Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "Walgreens is just the latest casualty in the private equity game of cost-cutting. This is about reducing retail footprint, shrinking lease obligations, and driving return on equity. It's textbook: slash costs, close underperforming stores, and try to recoup the investment." Drew Powers, the founder of Illinois-based Powers Financial Group, told Newsweek: "Not that long ago it seemed like there was a drugstore on every corner, and many of those were Walgreens. But foot traffic has slowed for Walgreens as more big-box stores and online outlets added pharmacy services. Add to slower sales the evermore stringent regulations, decreased reimbursements, and increased cost of staff and Walgreens posted a $3 billion loss in the 4th quarter of 2024. While they can weather that storm for a while, the only survival plan is to close more retail locations." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "Walgreens is encountering what many other large nationwide retailers are: higher prices combined with more online competition, particularly in groceries and pharmaceuticals, have meant some locations are less profitable. After trying to turn business around at these locations the last few years, Walgreens has made the decision to close them." What Happens Next Thompson said more store closures are likely in the months ahead. "Consumers should prepare for fewer nearby locations, longer drive times or in some areas, no local access at all," he said. Powers said Walgreen's financial situation is indicative of the larger pharmacy industry, and a shift is already underway. "It's an unfortunate situation that's not limited to their stores," Powers said. "Other pharmacies will more than likely have to make similar tough decisions in the years ahead."
