Raphael Stevens

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    in Finance

    Global casting call for top traders: From TV weatherman to dentist, FundSeeder finds hidden talent

    FundSeeder is a platform founded by “Market Wizards” author Jack Schwager and Emanuel Balarie that searches for under-the-radar trading talent worldwide and provides them with capital to scale.
    “There are lots of great traders globally that are completely unknown,” Schwager said.

    Champpixs | Istock | Getty Images

    Brian Lovern started his career pointing at storm systems on a green screen as a local TV weatherman in western Kentucky. More than two decades later, he was staring at natural-gas price charts, turning forecasts into profits, producing annual returns upwards of 100%.
    Lovern, 49, had made the unusual jump from broadcast meteorology to Wall Street, working on weather desks at hedge funds and investment banks. But trading wasn’t part of the job.

    “On the trade floors, in most cases, that’s not going to happen,” he said in an interview. “They kind of frown upon weather guys who trade.”
    So in 2016, he started trading his own money. For four years, Lovern ran a strategy that combined his expertise in weather models with fundamentals like daily gas production and export flows. He scored his best year in 2018 with a 140% gain.
    “It’s one thing to have the data and say, ‘this is what it shows.’ But interpreting it, and being able to make a good determination of how that data is going to change—that’s really where the money is,” he said.
    His success didn’t go unnoticed. Lovern was identified as one of the top traders by FundSeeder, a platform founded by “Market Wizards” author Jack Schwager and Emanuel Balarie that searches for under-the-radar trading talent worldwide and provides them with capital to scale.
    Finding ‘Wizards’
    Schwager, a longtime trader in his own right and market historian best known for his “Market Wizards” book series, which profiled some of the most successful traders of the past half-century, including Paul Tudor Jones and Stanley Druckenmiller.

    His books are required reading for many aspiring traders, making his endorsement a rare seal of legitimacy for investors outside Wall Street’s traditional pipelines.
    “There are lots of great traders globally that are completely unknown,” Schwager said in an interview. “They don’t know anybody in the finance industry. They have no connections. They may be in an undeveloped or partially developed country, but they’ve been trading very successfully.”
    Among the thousands of accounts FundSeeder has reviewed, Lovern stood out as one of the top performers. Earlier this year, the firm backed him with $3 million to scale his strategy. FundSeeder has also seeded a 35-year-old energy derivatives trader in the U.K., Adam Williams, with $10 million in March, and even funded a dentist in Europe who trades markets on the side.
    Global casting call
    FundSeeder is now expanding with the launch of the FundSeeder Accelerator, which aims to do for traders what Y Combinator did for Silicon Valley entrepreneurs: provide infrastructure, mentorship, and, crucially, capital to scale.
    “It’s a global casting call for the next top fund manager,” Balarie, senior vice president of business development at RQSI, which bought FundSeeder last year. “We don’t believe that Wall Street as a monopoly on the best traders. The problem is not the lack of trading talent, but it’s really the barriers to entry that prohibits these traders.”
    The financial backing could be critical for emerging managers who are trying to raise funds.
    “There’s kind of a chicken and egg problem in hedge funds — you need money to raise money,” Williams said. “If we were to approach investors, let’s say we just started with $4 million, it will be significantly more difficult for people to write larger checks because they don’t want to be a certain percentage of the fund.”
    Traders selected for FundSeeder Accelerator will present their strategies at an industry conference in Miami early 2026. More

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    in Business

    Office investor demand was way up in the first half of 2025, according to exclusive JLL data

    JLL found office transaction momentum strengthened significantly in the first half of this year, with total industry volume up 42% year over year to $25.9 billion.
    The report notes that as we move through the third quarter, JLL is actively seeing the transition from “office curious” to “office serious” take hold across the industry.
    There’s a flight to quality, with top-tier office buildings seeing the bulk of the demand.

    Working late, office buildings, Financial District, London.
    Travelpix Ltd | Stone | 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 recovery in the U.S. office market has been gaining steam this year and may be set to accelerate. While vacancy rates and return-to-office employee volume have been focal points in gauging demand, a new look at interest in office from the capital markets points to an even stronger recovery than previously thought.

    JLL, a global commercial real estate and investment management company, gave Property Play exclusive access to a limited distribution client report. It found that office transaction momentum strengthened significantly in the first half of this year, with total industry volume up 42% year over year to $25.9 billion.
    Looking at JLL’s office sales transactions alone, volume was up 110% from the first half of 2024 to the first half of 2025, more than double the momentum of any other major property type, including data centers. 
    The report notes that as we move through the third quarter, JLL is actively seeing the transition from “office curious” to “office serious” take hold across the industry. Lower interest rates are propelling much of that.

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    In addition, the number of bids on a given transaction was up 50% over the same period, with the second quarter alone experiencing $16 billion in office bid volume, which is the highest quarterly total since the second quarter of 2022 when the 10-year treasury yield was below 3%. Bid volume can measure growth and health of a sector from a capital markets perspective. 
    “What typically happens is, after a downturn, the high-net-worth private capital comes back in because of opportunistic returns, and they start buying. The REITs follow, and then the institutional capital flows, like pension funds, separate accounts, offshore capital, follow the REITs. That’s exactly what’s playing out right now,” said Mike McDonald, senior managing director and office group leader at JLL. 

    Larger deal demand, that of $100 million or more, is increasing, up roughly 130% in the first half of this year compared with the same period in 2024. This is due to increasing institutional investor appetite for higher quality office, as well as better debt availability, according to the report.
    There is, of course, a flight to quality, with top-tier office buildings seeing the bulk of the demand. As those buildings fill up, second-tier buildings will start to see increased demand and could actually outpace the top tier buildings as it relates to rental rates and absorption over the next five years, according to McDonald.
    The massive office downturn in the first years of the pandemic caused a pullback in planning for new buildings, so there is now very little new office space under construction. The market will see just 6 million square feet of office space delivered next year, which is 90% below the four year annual average following the great financial crisis. 
    “Some people may refer to it as slowing down; it’s really hitting a brick wall,” said McDonald. “There’s going to be a dearth of new deliveries the next three years, as evidenced by the 6 million square feet next year, which is anemic based on 30-year historical averages.”
    He also pointed to overall reduction of office inventory, as older office buildings are either torn down or converted to residential, hospitality, self storage, or just reimagined into something other than office.
    The lowest quality, distressed segment is still seeing some bargain hunters, so there is something of a bar-bell effect. 
    “We call them dark matter, and they do matter. It’s that 1-million-square-foot tower in downtown Detroit or Pittsburgh or Cleveland or Dallas that is 40% occupied,” said McDonald. “Capital looking for highly distressed, very opportunistic returns, very low basis, where an asset may have traded five years ago at $300 a foot, and they can buy it now for $50 a foot. At that lower investment, they can reduce rents and have more velocity because their basis is lower, they have more of a competitive advantage.”
    Demand tailwinds for office overall continue, as company downsizing rates are stabilizing. Companies are also no longer shedding very much space when they relocate; in 2022, on average, companies were getting rid of almost 20% of their space when they made a move. That is now down to 3%, according to JLL, a clear sign of stabilization.
    This year REIT acquisitions have been strong. The stocks of office REITs like BXP, Vornado and SL Green are higher in the last six months, although the largest, Alexandria Real Estate Equities, is still struggling.
    Lower interest rates over the next several quarters will certainly help in the cost of debt for dealmaking, but the reason rates are coming down is because of weakness in the economy. That creates a new pressure on the office market when it comes to demand from employers. 
    “We’re very mindful of the impact, what that’s going to have on the actual tenant and the companies that actually occupy these buildings,” said McDonald. “You have to think about the macroeconomy, geopolitical risks, all the things that go into setting our overall capital market environment, and price of debt is just one component of it.”
    McDonald said next year may be more about institutional capital taking the lead. These so-called green shoots in the office market will likely propel both leasing metrics and valuations higher over the next several years.  More

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    U.S. startup airline Breeze Airways plans first international flights

    Breeze Airways is planning to start its first international flights in 2026 with service to Mexico, Jamaica and the Dominican Republic.
    Breeze Airways started flying in 2021 and was founded by David Neeleman, a serial airline executive who also started JetBlue Airways.

    A Breeze Airways airplane on the tarmac at Tampa International Airport in Tampa, Florida, on May 27, 2021.
    Matt May | Bloomberg | Getty Images

    U.S. startup airline Breeze Airways is planning to fly internationally for the first time early next year, aiming to win over sun-seeking travelers as the carrier enters its fifth year of flying.
    The airline’s host of seasonal service kicks off on Jan. 10 with a Saturday-only route between Norfolk, Virginia, and Cancun, Mexico, followed by roundtrips between Charleston, South Carolina, and Cancun on Jan. 17, also only on Saturdays.

    Other routes include Saturday service to Cancun starting from New Orleans on Feb. 7 and from Providence, Rhode Island, a week later. In March, Breeze is also planning to start Thursday and Saturday service between Raleigh-Durham International Airport in North Carolina and Montego Bay, Jamaica, and Wednesday and Saturday service to Punta Cana in the Dominican Republic. Flights from Tampa, Florida, to Montego Bay start on Feb. 11.

    Read more CNBC airline news

    Breeze was launched by JetBlue’s founder, David Neeleman, and debuted during the pandemic, in May 2021.
    The carrier been working for years with the Federal Aviation Administration to win certification to fly internationally, Lukas Johnson, Breeze’s chief commercial officer, said in an interview.
    It’s the first sizeable U.S. passenger airline to win that certification since Virgin America, which was acquired by Alaska Airlines in 2016, Johnson said.
    He said Breeze is continuing its business model of flying its Airbus A220-300s between cities that have little to no competition from rivals and added that the new routes are “an exciting starting point for us.”

    “We feel really confident that it’s going to be a guest response,” he said.
    Fares for the new routes start as low as $99 one way, but Johnson said premium-class demand for its pricier, roomier seats has been strong and that there is a double-digit percentage of guests who book to a more expensive seat the second time they fly Breeze.

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    Starbucks to close stores, lay off workers in $1 billion restructuring plan

    Starbucks announced a $1 billion restructuring plan Thursday that involves closing some of its North American coffeehouses and laying off more workers.
    Approximately 900 non-retail employees will be laid off, Starbucks said.
    This is the second round of layoffs in Niccol’s tenure, after 1,100 corporate workers were let go earlier this year.

    Starbucks announced a $1 billion restructuring plan Thursday that involves closing some of its North American coffeehouses and laying off more workers as it moves ahead with its “Back to Starbucks” transformation under CEO Brian Niccol.
    The number of company-operated stores in North America will decline by about 1% in fiscal year 2025, accounting for both openings and closures, the company said in an SEC filing. Starbucks operated more than 11,400 locations in North America as of June 29, suggesting that more than 100 cafes will shutter their doors as part of the restructuring plan.

    Approximately 900 non-retail employees will be laid off on Friday, Starbucks said.
    Starbucks estimates that 90% of the expected $1 billion restructuring cost will be attributable to the North America business. In total, the company expects to incur about $150 million in employee separation costs, plus about $850 million in restructuring charges related to the store closures, according to the filing. A significant portion of expenses will be incurred in fiscal year 2025, it said.
    Starbucks said in the filing it is prioritizing investment “closer to the coffeehouse and the customer” as it looks to reverse a sales slump in its biggest market. The company’s same-store sales have fallen for six straight quarters, hurt by increased competition and price-conscious consumers.
    This is the second round of layoffs in Niccol’s tenure, after 1,100 corporate workers were let go earlier this year. Starbucks ended 2024 with about 16,000 employees who work outside of store locations.
    “These steps are to reinforce what we see is working and prioritize our resources against them,” Niccol wrote in a letter to employees Thursday. “I believe these steps are necessary to build a better, stronger, and more resilient Starbucks that deepens its impact on the world and creates more opportunities for our partners, suppliers, and the communities we serve.”

    In July, the company announced its biggest investment ever into labor and operating standards, “Green Apron Service,” which involves a more than $500 million investment in labor hours across company-owned cafes in the next year.
    In an interview earlier this month, Niccol told CNBC, “I really hope we’re moving towards being the world’s greatest customer service company, [and] the world’s greatest customer centric company.”

    In the message to employees Thursday, Niccol said the company had reviewed and identified stores where the company would be “unable to to create the physical environment our customers and partners expect, or where we don’t see a path to financial performance.”
    Starbucks executives had previously said that the company would be slowing new openings in favor of remodeling existing locations this year. The renovated cafes are meant to encourage customers to linger, taking the coffee chain back to its roots as a “third place” for consumers, outside of home and the office.
    Following Thursday’s announcement, share of Starbucks were roughly flat in premarket trading. The stock has fallen more than 7% this year.
    In addition to focusing on the customer experience, Niccol has enacted additional changes to operations including a return to four days in office, beginning next month.
    He’s also brought on a new executive team including CFO Cathy Smith, Global Chief Brand Officer Tressie Lieberman and Chief Operating Officer Mike Grams. Grams and Lieberman worked with Niccol in his previous roles at Chipotle and Yum Brands.
    Read Niccol’s full memo to Starbucks staff:

    Partners,
    I’m grateful for the work everyone is doing to put world-class customer service at the center of everything we do and focus on creating an elevated Starbucks experience for every customer, every time.
    While we’re making good progress, there is much more to do to build a better, stronger and more resilient Starbucks. As we approach the beginning of our new fiscal year, I’m sharing two decisions we’ve made in support of our Back to Starbucks plan. Both are grounded in putting our resources closest to the customer so we can create great coffeehouses, offer world-class customer service and grow the business.
    Changes to some of our coffeehouses
    First, I shared earlier this year that we were carefully reviewing our North America coffeehouse portfolio through the additional lens of our Back to Starbucks plan. Our goal is for every coffeehouse to deliver a warm and welcoming space with a great atmosphere and a seat for every occasion.
    During the review, we identified coffeehouses where we’re unable to create the physical environment our customers and partners expect, or where we don’t see a path to financial performance, and these locations will be closed.
    Each year, we open and close coffeehouses for a variety of reasons, from financial performance to lease expirations. This is a more significant action that we understand will impact partners and customers. Our coffeehouses are centers of the community, and closing any location is difficult.
    To put it into context: Since we’ve already opened numerous coffeehouses over the past year, our overall company-operated count in North America will decline by about 1% in fiscal year 2025 after accounting for both openings and closures.
    We will end the fiscal year with nearly 18,300 total Starbucks locations – company operated and licensed – across the U.S. and Canada. In fiscal year 2026, we’ll grow the number of coffeehouses we operate as we continue to invest in our business. Over the next 12 months, we also plan to uplift more than 1,000 locations to introduce greater texture, warmth and layered design.
    Partners in coffeehouses scheduled to close will be notified this week. We’re working hard to offer transfers to nearby locations where possible and will move quickly to help partners understand what opportunities might be available to them.
    For those we can’t immediately place, we’re focused on partner care including comprehensive severance packages. We also hope to welcome many of these partners back to Starbucks in the future as new coffeehouses open and the number of partners in each location grows.
    Reducing non-retail partner roles
    Second, we’re further reducing non-retail headcount and expenses. This includes the difficult decision to eliminate approximately 900 current non-retail partner roles and close many open positions.
    As we build toward a better Starbucks, we’re investing in green apron partner hours, more partners in stores, exceptional customer service, elevated coffeehouse designs and innovation to create the future. We will continue to carefully manage costs and stay focused on the key areas that drive long-term growth.
    Non-retail partners whose roles are being eliminated will be notified tomorrow morning (Friday). We will offer generous severance and support packages including benefits extensions.
    Unless your job specifically requires you to be on site in the office, we’re asking you to work from home today and tomorrow.
    What’s next
    These steps are to reinforce what we see is working and prioritize our resources against them. Early results from coffeehouse uplifts show customers visiting more often, staying longer and sharing positive feedback. Where we’ve invested in more green apron partner hours so that there are more partners working at busy times, we saw improvements in transactions, sales, and service times, alongside happier, more engaged partners.
    I know these decisions impact our partners and their families, and we did not make them lightly. I believe these steps are necessary to build a better, stronger and more resilient Starbucks that deepens its impact on the world and creates more opportunities for our partners, suppliers and the communities we serve.
    To those partners who will be leaving, I want to say a profound thank you. To those continuing on our turnaround journey, I deeply appreciate your commitment to helping us get back to Starbucks.
    Brian More

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    in Finance

    Disney investors say handling of Jimmy Kimmel suspension put politics over shareholders, demand records

    The American Federation of Teachers, AFL-CIO, and Reporters Without Borders are seeking board materials, communications and policies related to the suspension of “Jimmy Kimmel Live!” 
    The groups argue that the decision was driven by threats from federal regulators and broadcast affiliates, rather than a business calculation in shareholder interests.

    JIMMY KIMMEL LIVE! “Jimmy Kimmel Live!” airs every weeknight at 11:35 p.m. ET and features a diverse lineup of guests that include celebrities, athletes, musical acts, comedians and human interest subjects, along with comedy bits and a house band.
    Randy Holmes | Disney General Entertainment Content | Getty Images

    A group of Disney investors is demanding access to company records, alleging that the entertainment giant’s handling of late-night host Jimmy Kimmel’s suspension reflected political pressures rather than the best interests of shareholders.
    In a letter sent Wednesday to CEO Bob Iger, lawyers representing the American Federation of Teachers, AFL-CIO, a federation of labor unions, and Reporters Without Borders said they are seeking board materials, communications and policies related to the suspension of “Jimmy Kimmel Live!” 

    The investor groups argue that the decision was driven by threats from federal regulators and broadcast affiliates, rather than a business calculation to benefit shareholders.
    “Disney’s stock suffered significant declines in response to the abrupt suspension, which appeared to be in response to political threats,” the investors wrote in the letter, which was first reported by Semafor.
    Disney shares fell 3.3% from Sept. 17, the day after Kimmel was suspended, through this past Monday. Kimmel was pulled from the air after his Sept. 15 monologue addressing the politicization of the assassination of conservative activist Charlie Kirk. The host returned to ABC on Tuesday, though affiliates representing about a quarter of U.S. households, including Nexstar and Sinclair stations, didn’t carry the program.

    Stock chart icon

    Disney stock from 9/17

    The investors seek board minutes, internal communications, affiliate agreements and analyses of the financial impact of the suspension.
    “There is a credible basis to suspect that the Board and executives may have breached their fiduciary duties of loyalty, care, and good faith by placing improper political or affiliate considerations above the best interests of the Company and its stockholders,” the investors said in the letter.

    One of the lawyers representing the investors is Roberta Kaplan, best known for winning writer E. Jean Carroll’s defamation case against Donald Trump.
    “A bedrock of the United States and the key to our survival as the world’s oldest democracy is freedom of speech,” Kaplan said in a statement to CNBC. “The government cannot and should not threaten to punish someone simply because it does not like what they have to say. And while large media companies have been at the front lines, they too should not succumb to unconstitutional threats or blackmail.”
    — CNBC’s Dan Mangan contributed reporting. More

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    Walmart teams up with Spain’s La Liga, furthering the retailer’s investment in soccer

    Walmart is partnering with the Spanish soccer league La Liga and will be the first-ever presenting partner of “El Clásico,” a marquee rivalry match between powerhouse teams FC Barcelona and Real Madrid CF.
    The partnership aims to grow the American soccer fanbase through large-scale viewing events, concerts, exclusive merchandise and in-store activations.
    Walmart is doubling down on its investment in soccer ahead of the 2026 FIFA World Cup across the U.S., Mexico and Canada.

    Real Madrid’s Spanish defender #20 Francisco Garcia fights for the ball with Barcelona’s Spanish forward #19 Lamine Yamal during the Spanish league football match between FC Barcelona and Real Madrid CF at Estadi Olimpic Lluis Companys in Barcelona, on May 11, 2025.
    Lluis Gene | Afp | Getty Images

    Walmart is bringing its brand to the biggest match in soccer.
    The nation’s largest retailer plans to announce Thursday a partnership with Spanish soccer league La Liga as it looks to expand its foothold in soccer and capitalize on its growing fandom in the U.S.

    Under the partnership, Walmart will become the first presenting partner of La Liga’s “El Clásico,” a rivalry matchup between its two powerhouse teams: FC Barcelona and Real Madrid CF.
    “Teaming up with La Liga and El Clásico enables Walmart to fuel the energy create unforgettable experiences and give fans more ways to celebrate the game that they love,” Walmart Chief Marketing Officer William White told CNBC in an interview. “Ultimately, Walmart is looking to make it easier for fans to engage and participate in the game.”
    The partnership will include a new logo featuring Walmart as the presenting partner for the rivalry matchup, which will be used across the U.S. and Canada and debut this season.
    The rivalry game dates back to 1929 and has routinely attracted 650 million viewers across more than 180 countries, according to Walmart and La Liga.
    The first El Clásico, which translates to “the classic” in Spanish, of the 2025-26 season is scheduled for Oct. 26 in Madrid, with the second match on May 10 in Barcelona.

    Walmart and La Liga will launch the partnership ahead of the first match-up with a full weekend of fan events in Houston starting Oct. 24. The partnership will include large-scale viewing parties, concerts, meet-and-greets with former stars, co-branded merchandise and retail promotions.

    Arrows pointing outwards

    “The U.S. is the top market for the league [La Liga] in terms of audience and business outside of Spain,” said Boris Gartner, partner and president at Relevant Sports, which together with La Liga formed the 50-50 venture La Liga North America to represent the Spanish league in the U.S., Canada, Mexico and Central America.
    La Liga North America manages the league’s media rights and commercial agreements.
    “This is not just about slapping two logos side by side. This is a true partnership with what we’re building,” Gartner said.
    Spanish powerhouse clubs Real Madrid and Barcelona have been home to some of the biggest global names in soccer — including superstar Lionel Messi, who played for Barcelona until 2021 and now plays for Major League Soccer’s Inter Miami, and more recently the young French star Kylian Mbappe, who joined Real Madrid.
    In the U.S., Disney’s ESPN airs La Liga games on its streaming platforms and TV networks. The company said in August the 2024-2025 season was its most successful for the league on ESPN platforms yet, with 5.4 billion minutes viewed across its networks and streaming services.
    The Spanish league’s multi-year deal with Walmart is meant to build on this growing audience for La Liga soccer in the U.S., as well as the growing soccer fanbase ahead of the 2026 World Cup, which will take place across the U.S., Mexico and Canada.
    “We came in knowing that the World Cup was happening in 2026 and that the sport was growing significantly in in the U.S., and that we needed to be part of that growth not just from a business perspective for the league in the large media market in the world, but also with the opportunity to help fuel the growth of the sport,” Gartner said.
    In July, Walmart struck a multi-year deal with MLS to become an official sponsor and partner of the league. As of early May, MLS sponsorship revenue was up double-digits compared with 2024, CNBC reported earlier this year. Likewise, the U.S. soccer fanbase has surged, particularly since Messi joined the MLS ranks in 2023. More

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    in Finance

    Early Revolut backer invests in AI-focused finance software startup Light

    Light, a Danish financial software startup, told CNBC it has raised $30 million in a Series A funding round led by Balderton Capital.
    Founded in 2022, Light’s software uses artificial intelligence to automate businesses’ accounting, bookkeeping and financial reporting.
    The startup recently opened an office in London and is planning to open one in New York to meet U.S. demand

    Light uses artificial intelligence to automate companies’ finance and accounting functions.

    Danish startup Light is the latest in a series of European tech firms raising cash as venture capitalists search for the next big thing in artificial intelligence.
    Founded in 2022, Light develops software that uses AI to automate various functions that exist within businesses’ finance teams, including accounting, bookkeeping and financial reporting.

    The Copenhagen-headquartered company told CNBC that it had raised $30 million in a Series A funding round led by Balderton Capital, an early investor in fintech unicorns Revolut and GoCardless.
    Atomico, Cherry Ventures, Seedcamp and Entrée Capital also invested in the round, along with angel investors including Hugging Face co-founder Thomas Wolf and Meta board member Charlie Songhurst.
    Light plans to use the cash to “double down on the commercial side” of the business, Jonathan Sanders, Light’s CEO and co-founder, told CNBC. The startup recently opened an office in London and says it is planning to open one in New York to meet U.S. demand.

    Light isn’t the only startup out there using AI to streamline companies’ finance and accounting processes.
    Pigment, a business planning and forecasting platform designed to be more user-friendly than Microsoft Excel, last year raised $145 million at a valuation north of $1 billion. More recently, accounting software startup Pennylane raised 75 million euros ($88.4 million), doubling its valuation to 2 billion euros.

    Currently, the market for software that helps companies manage their finances is dominated by industry behemoths like Microsoft, Oracle and SAP. However, these systems can often be cumbersome, requiring specialists to “tinker around the edges for a year or two just to make it work,” according to Sanders.
    “We service fast-growing, fast-scaling companies who need a system where they can expand really fast,” Sanders told CNBC. Light’s customers include Lovable, the buzzy Swedish AI firm recently valued at $2 billion, and Sana Labs, which is being acquired by Workday for $1.1 billion.

    Read more CNBC tech news

    Sanders said AI can rapidly transform how companies handle their finances. “The future of numbers is text,” he says. For example, rather than sifting through company policies to find a team’s meal allowance, this can be automated by an AI agent that has access to the relevant documents.
    Moving forward, Light wants to focus on large, enterprise-level customers that struggle with “broken processes and workflows,” according to Sanders. “No human team can continuously analyze, reconcile and update thousands of pages of policies for coherence,” he told CNBC.
    WATCH: Is Europe’s IPO market finally staging a comeback? More

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    ‘Jimmy Kimmel Live!’ return draws 6.26 million viewers, ABC parent Disney says

    “Jimmy Kimmel Live!” returned to air Tuesday night.
    ABC on Wednesday said 6.26 million total viewers tuned in for the programing.
    The show did not air in 23% of U.S. TV households due to preemptions.

    File photo: “Jimmy Kimmel Live!”
    Randy Holmes | Disney General Entertainment Content | Getty Images

    “Jimmy Kimmel Live!” returned to air Tuesday night, generating 6.26 million total viewers despite significant preemptions across 23% of U.S. TV households, according to data from Nielsen shared by Disney.
    This viewership is exponentially higher than average. During the 2024-2025 season, a period that ran from September to May, Kimmel’s average viewership was 1.42 million.

    The pretaped show, which airs on the Disney-owned ABC, marked the first time host Jimmy Kimmel publicly addressed his suspension from late night following comments he made during a previous show’s monologue that criticized members of President Donald Trump’s MAGA movement for their reaction to conservative activist Charlie Kirk’s killing.
    “It was never my intention to make light of the murder of a young man,” he said Tuesday night. “I don’t think there’s anything funny about it.”
    In addition to linear ratings, Kimmel’s monologue, which clocked in at over 28 minutes, garnered more than 26 million views across YouTube and social platforms, Disney reported Wednesday. The company also touted that Tuesday’s show earned its highest rating among adults aged 18 to 49 years in more than a decade.
    “[Trump] tried his best to cancel me. Instead, he forced millions of people to watch the show,” Kimmel joked Tuesday during his monologue. “Backfired bigly.”
    Local station owners Nexstar Media Group and Sinclair both said they would preempt the show’s return on Tuesday, meaning many markets across the country were not able to watch the program through local channels. Together, the two companies own roughly 70 ABC affiliate stations. According to Disney and Nielsen that preemption impacted a little less than one-fourth of the country.

    Nextstar and Sinclair said they would preempt the show last week following comments from from Federal Communications Commission Chair Brendan Carr that suggested ABC and its affiliate stations could be at risk of losing broadcast licenses over the comments.
    On Wednesday, Nexstar said it was “continuing to evaluate” the status of “Jimmy Kimmel Live!” and was “engaged in productive discussions” with Disney executives.
    A Sinclair representative on Wednesday referred CNBC to its statement on Monday, which said the company’s stations would be preempting the show and that “discussions with ABC are ongoing as we evaluate the show’s potential return.” More