Raphael Stevens

Insurance firm Gallagher offers summer internships to professional athletes.
Over six weeks, participants gain business experience, professional skill development and career mentorship, while also learning the ins and outs of insurance brokerage, sales and corporate culture.
Pro sports careers can be short and unpredictable, and earnings can vary widely.

Insurance firm Gallagher is tapping into a new kind of summer intern: professional athletes.
Last year, the insurance giant expanded its internship program to offer positions to pro athletes, giving them a pathway to prepare for life after sports. In return, Gallagher discovered the stars also tend to shine off the field.

“They know what it’s like to work hard and how long that path is to get to success,” said Chris Mead, Gallagher’s chief marketing officer. “They know what it’s like to be part of a team and how to lead one.”
This year Gallagher opened the program to eight members of the National Women’s Soccer League’s Chicago Stars. Leilanni Nesbeth and Chardonnay Curran, a current and former midfielder with the team, respectively, jumped at the opportunity for a paid internship.
“It means a lot for us to be able to get our foot in the door,” Nesbeth said in an interview with CNBC.
“I’ve never had a job outside of soccer,” said Curran. “Being a pro soccer player was my first career, and I’ve never been in a corporate setting.”

Chardonnay Curran, then of the Chicago Stars FC, before a game between Chicago Stars FC and North Carolina Courage at First Horizon Stadium at WakeMed Soccer Park on May 17, 2025, in Cary, North Carolina.
Gregory Ng/isi Photos | Isi Photos | Getty Images

Gallagher started its Partnership Intern Program for athletes in 2024, piloted with four players from the NFL’s Atlanta Falcons.

Over six weeks, participants gain business experience, professional skill development and career mentorship, while also learning the ins and outs of insurance brokerage, sales and corporate culture.
Gallagher, a sponsor of the Chicago NWSL team, tailors its internship program for the athlete participants to accommodate their demanding schedules.
For many, that support is crucial. Pro sports careers can be short and unpredictable, and earnings can vary widely. The average NWSL salary is about $125,000 per season, according to the league.
Gallagher’s goal is to prepare athletes for what comes next.
“We went in there knowing nothing about insurance, and now I could probably bore your head off about RPS,” Nesbeth joked, referencing an industry term meaning “risk placement services.”

Leilanni Nesbeth takes a shot on goal during a game between the Chicago NWSL team and Bay FC at PayPal Park on May 5, 2024 in San Jose, California.
Karen Hickey/isi Photos | Isi Photos | Getty Images

For Curran, it was about changing preconceived notions about the insurance industry.
“After doing the internship, everything I thought about insurance was the exact opposite,” she said.
Curran and the Chicago Stars mutually agreed to part ways days after she spoke with CNBC.
Mead said Gallagher has gone on to hire some of the athlete interns as employees when their playing careers are over.
He said in Europe, the company employs a professional rugby player who is one of its star salesmen.
“There’s a time when the light bulb goes off and they see how celebrating a win on the pitch is no different than celebrating a win after a sale or doing something wonderful for a customer,” Mead told CNBC.

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Coverage off the field

Ties between insurance and professional sports are not new.
For years, State Farm has run catchy commercials featuring former New York Giants quarterback Eli Manning, former Indiana Pacers shooting guard Reggie Miller, Kansas City Chiefs QB Patrick Mahomes, Indiana Fever guard Caitlin Clark of the WNBA and a host of others.
On Monday, AIG announced it was becoming the first Fortune 500 company to take a stake in an EFL League Two club, with an investment in Salford City Football Club in the U.K.
Nationwide, an NWSL partner, also runs a similar internship program with league players, offering them a professional development program at the insurance company’s headquarters in Columbus, Ohio.
“Our hope is that the players walk away with new skills and experiences that may serve them now and in their post-playing careers, perhaps back at Nationwide,” said Jim McCoy, vice president of sports marketing for Nationwide. More

Technology has been stepping in to address the needs of tenants, landlords and large multifamily operators, and now AI is turning that slow progress into a rental revolution.
One of the more mature categories for AI in the apartment space is virtual agents talking to prospective residents.
Despite the progress, the technology is still in its infancy, and it’s expensive. Apartment operators and investors are in the experimental phase.

Angel Santana Garcia | Istock | Getty Images

A version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate investor, from individuals to venture capitalists, private equity funds, family offices, institutional investors and large public companies. Sign up to receive future editions, straight to your inbox.
The days of landlords knocking on doors for monthly rent checks, or tenants going after landlords to fix a leaky toilet are slowly coming to an end. Technology has been stepping in to address the needs of tenants, landlords and large multifamily operators, and now artificial intelligence is turning that slow progress into a rental revolution.

Work orders, lease renewals, tours and even investor due diligence are being taken over by software and AI. As with the start of any technology, it has been largely fragmented among a multitude of vendors. The integration of all that technology is a huge opportunity for startups and the venture capitalists backing them.

Rent tech

One of the more mature categories for AI in the apartment space is virtual agents talking to prospective residents. This is where agentic AI comes in — meaning AI that can act autonomously and make its own decisions depending on what the consumer asks. There are still, however, just a handful of companies using that advanced level of machine learning.
AI is also proving useful on the investment side of the multifamily business, specifically underwriting and acquisitions. For example, investors looking to purchase a large property have to go through all the leases and load those into a rent roll.
“If you’re buying a property that hasn’t been professionally managed, where those aren’t all loaded into some market-leading software product, somebody may have to manually go through all those leases and capture all the information. Well, AI is great for that, right?” said John Helm, founder and partner at RET Ventures, a fund focusing on AI in both real estate and rent tech.

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Instead, according to Helm, you can feed leases into an AI model, and it will spit out a summary of all the data the investor needs. They can then load that directly into an underwriting model and value the property.

RET Ventures said it doesn’t rely on endowments or pension funds for its capital, but instead the consumers of the products of the companies they invest in — so-called strategic limited partners.
“We have 60 multifamily operators that have about over 3 million units in our fund,” he said.

Property management

AI can also help with property development and accounts payable. Multifamily developers will often have multiple vendors, from landscaping to plumbing to heating. Many still use paper invoices.
One of RET’s portfolio companies is PredictAP. It takes all those invoices, reads them and then repopulates all the necessary data into the company’s payables system to make the process and payments more efficient. None of it needs to be manually coded by a human. 

Funnel

Tyler Christiansen likens the multifamily industry to car dealerships. Every renter interaction was siloed to an individual property. As CEO of Funnel, which is backed by RET Ventures, his aim is to streamline the apartment marketing and leasing process, “enabling multifamily professionals to generate more profits, efficiency, and insight across their portfolios,” according to the company website.
Funnel works with large apartment real estate investment trusts such as Camden Property Trust, MAA and Essex Property Trust, as well as Cortland, which owns 90,000 apartments. Christiansen said that rather than the renter’s relationship being with the community, the renter’s relationship is really with the brand. He calls that “centralization” in the industry.
“And then AI, what makes it unique within Funnel is that rather than automating interactions simply at a community level, we’re really opening up automations across the portfolio,” said Christiansen.
One example would be if a tenant is not renewing a lease at one community because they are moving to a different market, Funnel’s AI system would open up the possibility of cross-selling that person into another client community.

Headwinds

Despite the progress, the technology is still in its infancy, and it’s expensive. Apartment operators and investors are in the experimental phase. It remains to be seen how much they will invest.
Plus, the multifamily industry is highly fragmented. There are close to 50 million rental units in the U.S., the majority owned by small, often mom-and-pop landlords. The largest apartment REITs own roughly between 50,000 and 100,000 units each, with a few larger private operators, like Blackstone and Greystar.
“I guess the challenge is going to be, probably in the next several years, really sifting through everything and understanding where there are real businesses that could grow into this. You’re still seeing a lot of these tools just starting to get deployed,” said Helm. More

Private investment firms of the wealthy have increased their bets on alternative investments like private credit and infrastructure.
According to data platform Preqin, the number of family offices with private markets exposure has increased by 524% since 2016.
Family offices have grown richer and can afford to make illiquid investments for the long haul, experts told CNBC.

Westend61 | Westend61 | Getty Images

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As the world’s rich have gotten richer, their investment firms have doubled down on private assets such as direct lending and data centers.

The number of family offices with allocations to private markets has surged by 524% since 2016, rising from 651 to 4,067, per Preqin data. This increase surpasses that of wealth management firms (410%) and endowments and foundations (81%) with allocations to private markets, according to the alternative investment data platform owned by BlackRock.

This growth has been marked in recent years, surging nearly 21% in 2023 and about 26% in 2024. In the first half of 2025, the number of family offices with private markets exposure increased by 8%.
Armando Senra, who leads BlackRock’s institutional business in the Americas, said family office activity reflects broader interest in private credit and infrastructure from investors. A BlackRock survey conducted this past spring reported that nearly a third of single-family offices planned to invest more in private credit and infrastructure from 2025 through 2026.
PwC’s Jonathan Flack told CNBC via email that much of this activity can be attributed to family offices having far more wealth to manage. By Deloitte’s estimate, family offices managed a combined $3.1 trillion in 2024, up 63% from 2019.

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Family offices have less need for quick cash, so they can afford to make illiquid private investments, Flack said. With family offices known to invest for decades or even generations, private markets appeal to their long-term mindset, according to Flack, the leader of the consulting giant’s U.S. and global family office practice.

“Private markets allow the families to invest longer term in a more stable growth environment as compared to the public markets which have proven to be more volatile over the same period,” he said.
But family offices have become increasingly selective about private offerings. A May survey by UBS found that family offices planned to increase their private debt holdings but trim their private equity bets in favor of developed market equities in 2025. For U.S. family offices, the expected drawdown was especially steep.
That said, when asked about their five-year plans, more family offices intended to increase rather than decrease their allocations to private equity and other private assets. More

Shares of Coach and Kate Spade parent Tapestry fell on Thursday after it said tariffs will hurt its profits.
The company said the higher duties will total $160 million for the full year.
Yet CFO Scott Roe said consumer demand hasn’t slowed, and has even accelerated so far in the current quarter.

People walk past a Coach store on Madison Avenue in New York.
Carlo Allegri | Reuters

Shares of Coach and Kate Spade parent Tapestry plunged Thursday after the company said tariffs will bite into its profits even as sales grow.
The company’s stock closed the day at $95.69, down nearly 16%.

The handbag, shoe and accessory maker said costs from higher duties will total $160 million for its coming fiscal year and drag on its profits. It said it expects full-year fiscal 2026 earnings of $5.30 to $5.45 per share, while analysts polled by FactSet were looking for $5.49.
On the company’s earnings call, Chief Financial Officer Scott Roe said sales trends have been strong. Yet he said the company is “facing greater than previously expected profit headwinds from tariffs and duties, with the earlier than expected ending of de minimis exemptions being a meaningful factor.”
Along with raising tariffs on imports from many countries, President Donald Trump suspended the de minimis rule, which allowed items worth $800 or less to enter the U.S. duty-free.
Tapestry expects its sales to grow in the fiscal year, however. The company said it expects revenue of about $7.2 billion, excluding Stuart Weitzman, which would represent low single-digit growth compared to the prior year. Tapestry agreed earlier this year to sell the shoe brand to Dr Scholl’s footwear owner Caleres for $105 million.
Tapestry’s fiscal 2025 fourth-quarter earnings and revenue also topped Wall Street’s expectations.

In recent weeks, retailers and consumer brands have offered a clearer picture of how they’re trying to mitigate higher costs from tariffs — including many that went into effect earlier this month after delays and extensions. Trump on Monday pushed back high tariffs on China for another 90 days.
Among those strategies, companies are moving manufacturing to other countries, raising prices on some items they sell, trimming promotions and focusing on trendy items that shoppers are more likely to buy.
Crocs CEO Andrew Rees, for instance, told investors on an earnings call earlier this month that it is reducing orders for the back half of the year after seeing weaker demand from retailers that carry its shoes. It also is taking back some of the older inventory from its Heydude shoe brand from retailers and giving partners newer stock.
Yet Tapestry’s Roe said the company’s conservative outlook “has nothing to do with the trajectory of our business.”
He said demand hasn’t slowed, and has even accelerated so far in the current quarter. But he added, “We feel like being prudent at this early stage in our full-year guidance is the right position.”
He said Tapestry is focused on ways to blunt the cost of tariffs, including leaning on its manufacturing in many different parts of the globe and looking for ways to operate more efficiently.
Major U.S. retailers are sharing their latest sales updates and outlooks in the coming weeks. Walmart, Home Depot and Target are all scheduled to report quarterly earnings next week. More

Ulta Beauty and Target said Thursday that they have decided to end a deal that opened makeup and beauty shops in hundreds of Target’s stores next year.
Through the partnership, Target opened more than 600 Ulta shops inside of its stores, according to a Target spokesperson.
It could be another blow to Target, as it tries to turn around stagnant sales.

Target has added new brands to its beauty department. At a growing number of stores, it also has mini Ulta Beauty shops with prestige brands.
Melissa Repko | CNBC

Ulta Beauty and Target said Thursday that they have decided to end a deal that opened makeup and beauty shops in hundreds of Target’s stores.
Shares of Target and Ulta closed the day down about 1%.

In a news release, the companies said the partnership — which also added some of Ulta’s merchandise to Target’s website — will end in August 2026. Target had added more than 600 Ulta Beauty shops to its stores since 2021, according to a company spokesperson. That’s nearly a third of Target’s 1,981 U.S. stores.
Ulta Beauty at Target shops carried a smaller and rotating assortment of the merchandise at the beauty retailer’s own stores. They were staffed by Target’s employees.
The loss of the popular beauty retailer’s products could be another blow to Target as it tries to woo back both shoppers and investors. Target’s annual sales have been roughly flat for four years and it expects sales to decline this fiscal year. Shares of the company are worth less than half of what the were back in 2021, when they hit an all-time closing high of $266.39. It also has faced backlash over both its Pride collection and its rollback of key diversity, equity and inclusion initiatives.
Store traffic for Target has declined year over year nearly every week from the week of Jan. 27, days after the company’s DEI announcement, through the week of Aug. 4, according to Placer.ai, an analytics firm that uses anonymized data from mobile devices to estimate overall visits to locations. Target traffic had been up weekly year over year in the four weeks before Jan. 27.
The only exceptions to that trend were the two weeks on either side of Easter, when traffic rose less than 1% year over year, the firm’s data showed.

On earnings calls and in investor presentations, leaders of the Minneapolis-based company had touted Ulta’s shops and its trendy beauty brands as a way to drive store traffic.
At a investor presentation in New York City in March, CEO Brian Cornell highlighted beauty as a growth category for Target and cited it as reason for confidence in Target’s long-term business. He said the company had gained market share in beauty and its sales in the category rose by nearly 7% in the fiscal year that ended in early February.
Target’s CEO Brian Cornell, 66, is expected to depart the company soon. The longtime Target leader renewed his contract for approximately three years in September 2022 after the board scrapped its retirement age of 65.
David Bellinger, an analyst for Mizuho Securities who covers retailers, said in an equity research note on Thursday that Target’s “messy in-store operations” as well as issues with retail theft and insufficient staffing at stores likely contributed to the companies ending their partnership.
“Overall, we see losing the Ulta shop-in-shop relationship as a negative development and something else Target’s next CEO will have to grapple with,” he wrote.
In a statement on Thursday, Target Chief Commercial Officer Rick Gomez said the discounter is “proud of our shared success with Ulta Beauty and the experience we’ve delivered together.”
“We look forward to what’s ahead and remain committed to offering the beauty experience consumers have come to expect from Target – one centered on an exciting mix of beauty brands with continuous newness, all at an unbeatable value,” he said.
In a statement, Ulta’s Chief Retail Officer Amiee Bayer-Thomas described the Target deal as “one of many unique ways we have brought the power of beauty to guests nationwide.”
“As we continue to execute our Ulta Beauty Unleashed plans, we’re confident our wide-ranging assortment, expert services and inspiring in-store experiences will reinforce our leadership in beauty and define the next chapter of our brand,” she said. More

Nike co-founder Phil Knight is donating $2 billion to the Oregon Health and Science University’s Knight Cancer Institute.
The Knight Foundation says it’s the single largest donation ever to a U.S. university, college or health institution.
The foundation said on Thursday the gift that will be used to shift the scientific approach to cancer treatment, research and patient care outcomes.

Phil Knight
Matthew Staver | Bloomberg | Getty Images

Nike co-founder Phil Knight is donating $2 billion to the Oregon Health and Science University’s Knight Cancer Institute, the single largest donation ever to a U.S. university, college or health institution, according to the Knight Foundation.
The foundation said on Thursday the gift that will be used to shift the scientific approach to cancer treatment, research and patient care outcomes.

As part of the gift, the Knights will partner with cancer research pioneer Dr. Brian Druker.
A decade ago, Druker and OHSU took on a challenge to raise $500 million for cancer research, and the Knights signed on to match the raise dollar-for-dollar.
“We are grateful for the opportunity to invest in the next stage of the Druker-led revolutionary vision of cancer research, diagnosis, treatment, care, and some day, eradication,” Phil and Penny Knight said in a statement. “We couldn’t be more excited about the transformational potential of this work for humanity.”

Phil and Penny Knight with Dr. Brian Druker of the OHSU Knight Cancer Institute.
Courtesy of OHSU Knight Cancer Institute.

Knight’s fortune stems from his success with the swoosh, the company he founded in 1964.
Originally called Blue Ribbon Sports, the business began humbly, with Knight selling sneakers out of the trunk of his car, as he recounted in his 2016 memoir, “Shoe Dog.”

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Nike went public in December 1980 and quickly became the most dominant sneaker brand, partnered with some of the top athletes across sport.
During Knight’s tenure at the public company, from its IPO to his June 2016 retirement, Nike shares soared almost 30,500%.
Although Nike stock has had a painful few years, down more than 50% from its peak in late 2021, it remains the most valuable public company in athletic footwear, valued at more than $110 billion.

The Knights are regularly found on lists of top philanthropists. In May, Time Magazine estimated their lifetime giving at $3.6 billion, including $370 million gifted in 2024 alone.
According to the Knight Foundation’s latest tax documents the foundation held more than $5 billion in assets at the end of 2023.
“I wanted to build something that was my own, something I could point to and say: I made that. It was the only way I saw to make life meaningful,” Knight said in his 2016 memoir.
Correction: The headline on this story has been updated to correct that Phil Knight is donating to Oregon Health and Science University’s Knight Cancer Institute. A previous version misstated the institution. More

John Deere reported third-quarter earnings Thursday that beat Wall Street estimates.
Still, the agricultural machinery company said it took a $200 million hit from global tariffs in the quarter.
The company estimates the pre-tax impact of tariffs for the fiscal 2025 year will reach $600 million.

The John Deere logo is displayed as attendees view a 5105M utility tractor at the Deere & Co. booth during the World Ag Expo at the International Agri-Center in Tulare, California on February 11, 2025.
Patrick T. Fallon | AFP | Getty Images

John Deere is warning that tariff costs for the agricultural machinery company could reach a total of $600 million for the fiscal 2025 year.
The company released its fiscal third-quarter earnings report Thursday, beating on the top and bottom lines but posting significant year-over-year decreases in net income and sales.

The stock sank roughly 7% in midday trading.
The company noted that operating profits for the quarter decreased primarily due to higher tariffs and production costs associated with it.
Deere’s Director of Investor Relations John Beal said on an earnings call with analysts Thursday that the company took a significant hit in the third quarter due to tariffs.
“Tariff costs in the quarter were approximately $200 million, which brings us to roughly $300 million in tariff expense year-to-date based on tariff rates in effect as of today,” Beal said. “Our forecast for the pre-tax impact of tariffs in fiscal 2025 is now adjusted to nearly $600 million.”
Here’s how the company performed in the fiscal third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

Earnings per share: $4.75 per share vs. $4.63 expected
Revenue: $10.36 billion vs. $10.31 billion

For the quarter ending July 24, Deere reported a net income of $1.29 billion, down 26% from $1.73 billion the year prior. The company’s total net sales of $12.02 billion took a 9% hit over the period, down from $13.15 billion.
Deere also trimmed the high end of its net income outlook for the fiscal year to $4.75 billion to $5.25 billion, compared with a prior estimate of $4.75 billion to $5.5 billion.
“We remain committed to delivering solutions that address our customers’ current needs while also laying the groundwork for future growth,” CEO John May said in the report. “The positive outcomes we’re enabling reinforce our confidence in Deere’s future despite near-term uncertainty.”

Oppenheimer analyst Kristen Owen said the company is taking an “appropriately cautiously optimistic outlook” given the broader economic environment.
“Really, a lot of the uncertainty is what does ’26 look like,” Owen said on CNBC’s “Money Movers.” “What does 2026 demand look like now that we’re in this environment where the commodities backdrop isn’t nearly as favorable as it was six months ago, and you have an awful lot of trade uncertainty?”
Deere also noted that the company is seeing green shoots of growing demand in Europe and South America.
Cory Reed, the president of Deere’s worldwide agriculture and turf division, said on the call that the company believes there are good things yet to come out of the economic struggles.
“We think there’s positive tailwinds from both what we see in the trade deals, and we think there are positive tailwinds from what we see in tax policy,” Reed said. More

Eli Lilly said it is raising the list price of its blockbuster diabetes drug Mounjaro in the U.K. starting in September.
It comes as President Donald Trump pressures drugmakers to lower U.S. drug prices and hike them abroad under a controversial policy called “most favored nation.”
Mounjaro’s current list price in the UK ranges from £92 ($124.89) to £122 a month, and will increase to between £133 and £330 starting on Sept. 1.

Mounjaro manufactured by Eli Lilly and Company packaging is seen in this illustration photo taken in a pharmacy in Krakow, Poland on April 9, 2024.
Nurphoto | Nurphoto | Getty Images

Eli Lilly on Thursday said it is raising the list price of its blockbuster diabetes drug Mounjaro in the U.K. starting in September, as President Donald Trump pressures drugmakers to lower U.S. drug prices and hike them abroad.
In a statement, Eli Lilly said it reached an agreement with the U.K. government to increase the list price of the weekly injection, while “maintaining access” for patients covered under the publicly funded health-care system, the National Health Service, or NHS. 

Eli Lilly told CNBC that the price hike will not affect the drug’s availability under NHS, and it wants to work with the government to boost access. The company added that it does not determine prices that private health-care providers set, but is working with them to ensure access to Mounjaro. 
In a statement on Thursday, NHS said Mounjaro’s list price increase “will not affect NHS commissioning of tirzepatide in England for eligible people living with obesity, based on clinical priority, or as a treatment for type 2 diabetes.” Tirzepatide is the active ingredient in Mounjaro and its counterpart for weight loss, Zepbound.
Mounjaro’s current list price in the UK ranges from £92 (about $124.89) to £122 a month, depending on the dose size, according to Eli Lilly. The drug’s new list price will increase to between £133 and £330 starting on Sept. 1. 
The company added that it is working with certain governments and expects to make pricing adjustments in those countries by that date. In the U.S., the list price for a month’s supply of Mounjaro is $1,079.77 before insurance and other rebates. 
Eli Lilly said it supports the Trump administration’s goal of keeping the U.S. the “world’s leading destination for biopharmaceutical research and manufacturing, and the objective of more fairly sharing the costs of breakthrough medical research across developed countries.” 

“This rebalancing may be difficult, but it means the prices for medicines paid by governments and health systems need to increase in other developed markets like Europe in order to make them lower in the US,” the company said in the statement.
The announcement comes after Trump in July sent separate letters to 17 drugmakers, including Eli Lilly, calling on them to take steps to lower drug prices by Sept. 29. The move built on the president’s executive order in May reviving a controversial plan – the “most favored nation” policy – that aims to slash drug costs by tying the prices of some medicines in the U.S. to the significantly lower ones abroad.
U.S. prescription drug prices are two-to-three times higher on average than those in other developed nations – and up to 10 times more than in certain countries, according to the Rand Corp., a public policy think tank. Trump has said he wants to narrow that gap to stop Americans from being “ripped off.”
Eli Lilly’s announcement on Thursday comes as the industry braces for Trump’s planned tariffs on pharmaceuticals imported into the U.S. In its statement, the company said it opposes those tariffs, arguing they will “raise costs, limit patient access, and undermine American leadership, especially for companies already investing heavily in domestic manufacturing.”
In recent months, Eli Lilly was among several drugmakers to announce new plans to invest in U.S. manufacturing sites. More