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Good Morning!
Happy Wednesday! Let’s have a good day:
👉Anthropic launches new fund
👉Spirit Airlines earnings are in
👉A new weight loss drug
ANTHROPIC: New Fund
Anthropic, an AI startup, and its major investor, Menlo Ventures, are launching a $100 million fund to support early-stage startups using Anthropic's technology. Menlo will provide the investment, while Anthropic will offer founders $25,000 in credits for its large language models.
Source: Reuters
The Anthology Fund is similar to Apple’s iFund, which supports developers on Apple’s platforms. With AI startup funding over $24 billion in Q2, venture capitalists are keen to attract AI startups. Anthropic will offer coaching, quarterly meetups, and a direct support line but won't take equity in the startups. Instead, it aims to create a feedback loop to enhance its products. This initiative competes with OpenAI's $175 million Startup Fund.
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EARNINGS: Spirit Airlines
Spirit Airlines reported a bigger loss than expected for the last quarter due to lower revenue. They expect a loss of $160 million to $173 million, higher than the previous estimate of $145 million and revenue of $1.28 billion, below the forecast of $1.32 billion.
Source: Bloomberg
Non-ticket revenue per passenger was lower than anticipated. Spirit and Frontier now offer bundled ticket options but face challenges like market oversupply, engine recalls, and a blocked JetBlue acquisition.
DRUG: New Weight Loss
Novo Nordisk and Eli Lilly shares fell after Roche announced positive early-stage trial results for its new obesity drug. Roche’s once-daily pill, CT-996, showed a 6.1% weight loss in obese patients without Type 2 diabetes, intensifying competition in the weight loss market.
Source: CNBC
This comes as the weight loss drug market grows, with Roche's oral pill offering an alternative to injections. Roche acquired Carmot Therapeutics in January and reported promising early data for another weight loss drug candidate, CT-388, in May.
Chart of the Day
📊 NFL Revenues
Source: @Carbon Finance
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