
AI Startup Led by 21-Year-Old Thiel Fellow Lands $2 Billion Valuation
The startup, which investors valued at $250 million in September, raised $100 million in the deal, which was led by Felicis, with participation from General Catalyst, DST Global, Benchmark and Menlo Ventures. Previous investors include Peter Thiel, Jack Dorsey and Larry Summers.

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Axios
22 minutes ago
- Axios
Trump deportations could hurt Illinois businesses, raise prices
President Trump's campaign to deport millions of noncitizens, including those with legal status, could take a serious toll on Illinois industries, including construction, hospitality and food. Why it matters: In addition to hurting businesses, a worker shortage could further boost costs for goods and services amid rising inflation and a 40% increase in vegetable prices last month. The big picture: Recent U.S. Census figures say foreign-born noncitizens make up 17% of the workforce in construction, agriculture and mining and 11% in the hospitality sector, with those percentages being even higher in Chicago. Reality check: These self-reported figures could drastically underrepresent the actual percentage of foreign-born workers in these fields. About 40% of all crop workers lack legal status, per USDA estimates. One in five food and hospitality workers is foreign-born, according to an analysis combining Department of Labor and Census figures. Zoom out: 21% of small business owners said labor quality was their most important problem, according to a July NFIB survey. That's up 5 points from June and the largest monthly increase since August 2022. The problem was particularly acute in construction, wholesale and transportation. The latest: Last week, the Chicago-based American Business Immigration Coalition, the Illinois Restaurant Association, the James Beard Foundation and other hospitality groups launched an initiative called Seat at the Table, urging the White House to approve "work permits for long-term law-abiding immigrants in essential jobs." What they're saying: "Voters across party lines are demanding action," ABIC CEO Rebecca Shi said in a statement, citing a recent ABIC poll showing that 83% of voters in battleground states support these work permits. The other side:"There are 34 million able-bodied adults in our Medicaid program. There are plenty of workers in America," Agriculture Secretary Brooke Rollins said last month in response to the farm labor shortage. She doubled down this month, telling Fox Business, "We have way too many people that are taking government programs that are able to work." State of play: The Trump administration has taken some small steps, including creating the Labor Department's new Office of Immigration Policy, meant to streamline some temporary worker visas. Yes, but: Trump's efforts this summer to carve out exceptions for undocumented farm and hospitality workers have hit MAGA opposition and subsequent rollbacks. "MAGA is always on amnesty watch. It will not move forward, no matter what name anyone tries to call it. They all have to go home," right-wing podcaster Jack Posobiec told Axios' Tal Axelrod. What they're saying: "This is not amnesty. It's not amnesty lite," a senior Trump administration official told Axios' Marc Caputo of the visa effort.


San Francisco Chronicle
22 minutes ago
- San Francisco Chronicle
Evogene: Q2 Earnings Snapshot
REHOVOT, Israel (AP) — REHOVOT, Israel (AP) — Evogene Ltd. (EVGN) on Tuesday reported a loss of $4.5 million in its second quarter. The Rehovot, Israel-based company said it had a loss of 62 cents per share. The agricultural company posted revenue of $884,000 in the period.

24 minutes ago
Home Depot's sales improve as customers stay focused on smaller projects
Home Depot's sales improved during its fiscal second quarter as consumers remained focused on smaller projects amid cost concerns and economic uncertainty, but its performance missed Wall Street's expectations. Revenue for the three months ended August 3 climbed to $45.28 billion from $43.18 billion, but fell short of the $45.41 billion that analysts polled by FactSet were looking for. Sales at stores open at least a year, a key indicator of a retailer's health, rose 1%. In the U.S., comparable store sales increased 1.4%. Neil Saunders, managing director of GlobalData, said that Home Depot saw consumers concentrating on smaller projects and gardening during the quarter. 'As the largest improvement player, Home Depot is getting the lion's share of this growth and remains the number one destination for consumers due to strong customer service, a comprehensive range, and sharp pricing,' he said. 'The latter factor will serve it well as consumers become more price conscious.' Customer transactions declined less than 1% in the quarter. The amount shoppers spent rose to $90.01 per average receipt from $88.90 in the prior-year period. 'Our second quarter results were in line with our expectations," Chair and CEO Ted Decker said in a statement on Tuesday. "The momentum that began in the back half of last year continued throughout the first half as customers engaged more broadly in smaller home improvement projects.' Home improvement retailers like Home Depot have been dealing with homeowners putting off bigger projects because of increased borrowing costs and lingering concerns about inflation. The U.S. housing market has been in a sales slump dating back to 2022, when mortgage rates began to climb from pandemic-era lows. Sales of previously occupied homes have slumped as elevated mortgage rates and rising prices discourage home shoppers. Sales of such homes in the U.S. slid in June to the slowest pace since last September as mortgage rates remained high and the national median sales price climbed to an all-time high of $435,300. Home sales fell last year to their lowest level in nearly 30 years. Home Depot earned $4.55 billion, or $4.58 per share, for the second quarter. A year ago, the Atlanta-based company earned $4.56 billion, or $4.60 per share. Removing certain items, earnings were $4.68 per share. Wall Street was looking for earnings of $4.72 per share. The company reaffirmed its fiscal 2025 forecast for total sales growth of about 2.8%. It still expects adjusted earnings to decline about 2% from $15.24 per share a year earlier.