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In Economy

Superman, Sneaking Snacks into Movies, and the Mystery of Social Order

August 7, 2025 No Comments

Last month, like many, I went to see the newly released Superman movie by James Gunn. As a kid, I loved the 1978 Superman film with Christopher Reeve and the scene when he takes Lois Lane for an evening flight is one of my favorites. Margot Kidder portrayed Lane as smart and quirky — and I wanted to be just like her — and I was intrigued to see that Rachel Brosnahan is now playing the role. I’m a big fan of Brosnahan, after binging The Marvelous Mrs. Maisel, and her portrayal of Lois Lane did not disappoint.

The film itself was enjoyable, but later, I kept thinking about the whole moviegoing experience.

Over the years, I’ve had many types of movie viewing experiences. As a kid, my parents would treat us by going to the drive-in, and I remember being so excited about my first IMAX film. Now that I’m older, I’ve enjoyed seeing older flicks in nostalgic settings, like at The Allen Theatre, and I’ve enjoyed an adult beverage during a show at The Alamo Drafthouse Cinema. I’ve been to theaters that have seats like folding chairs and others that have couches. When it comes to timing, I prefer matinee shows not only due to minimal crowds and cost-effective ticket prices, but also because there are fewer restrictions for early showings. Usually there is no ticket-taker upon entry and heading into the theater works on something of an honor system. At early shows I can bring in a Yeti full of coffee and a bag full of snacks without fear of being reprimanded.

I decided to go to a 10:10am showing of Superman at Flagship Cinemas, where the seats are spacious, heated recliners. And I was thankful for the extra space when, despite the theater being largely empty, other audience members showed up and sat down right beside me. I thought it funny that neither the new guests nor I felt like moving from the seats we were assigned, even though we could claim a whole row all to ourselves.

Sticking to an assigned seat isn’t always my forte. I have tried to make my way closer to a concert stage and have moved up in the bleachers at an ice hockey game. But that morning the seats were big enough and spaced out enough that having someone beside you didn’t matter much and, truth be told, I felt a bit compelled to stay seated so as to not insult the moviegoers beside me. For some reason I thought it would make it seem like they weren’t worth sitting next to (though, in reality, they might have preferred it if I moved).

As I remained in my designated spot and the movie progressed, it was fun to hear the gasps and laughs, and oohs and aahs, alongside my own. When audience members are engrossed in a scene that prompts a reaction, it makes for a more interactive experience. When audience members distract from what’s on the screen, however, it can be beyond off-putting.

Theater companies, as well as movie makers, want any film experience to be a positive one. That means seeking quality not only in the movie but in the viewing environment, and ensuring both is no easy task. Individuals have different preferences for what they want to watch, how they want to watch, and with whom they watch it. The subjective value placed on each experience will inevitably vary with each individual.

Indeed, human action is a complex matter. The decisions we make, behaviors we partake in, and what rules we bend or break are predominantly self-determined (if not to be bound by rules of law). My decision to stay in my seat while watching Superman was based on the options available, my personal preferences, and my thoughts on how it might impact the other movie-goers. As for the snacks I brought in, I didn’t hold back from pulling them out from my handbag or drinking my brought-from-home beverage. I’ve become rather resourceful with refreshments over the years, and my kids are always mortified when I bring food into entertainment events to avoid concession stand prices. Fortunately, some places have embraced the idea of letting guests bring in their own food — ranging from amusement parks like Disney World to concert venues like Bethel Woods — and this option has added to my level of satisfaction. Venues tend to leverage the fact that they have a captive market, and so prices for a mere hotdog can be shocking. I’m more than happy to splurge on treats but less enthused to overspend just on fighting hunger pangs. It would be good for such venues to remember that they are not just selling tickets but fan experiences, and positive experiences can lead to repeat attendees and glowing reviews.

I can afford going to various events and shows because I’m savvy about spending, particularly when it comes to little things like coffee and snacks. And while I may sneak in snacks to morning movie showings (since the theater’s popcorn machine isn’t even turned on yet), I still adhere to societal norms. I would never bring in any food item that had a strong smell or was loud or obnoxious to eat (for a hilarious example, see Mr. Bean trying to eat candy during a church service).

A good society is derived from respectful and rational individuals more so than top-down restrictions and impositions. The curious nature of human action and social order is directly discussed in Leonard Read’s 1975 publication, Castles in the Air.

In Chapter 2, “Freedom: A New Vision,” Read explains that freedom is a means to social order.

In brief, the freedom philosophy or the free market is a way of life. But it differs from most philosophies in that it does not prescribe how any individual should live his life; there are no fixed concepts. It allows freedom for each to do as he pleases—live in accord with his own uniqueness as he sees it—so long as the rights of others are not infringed, which is to say, so long as no one does anything which were everyone to do would bring all of us to grief or ruin. In short, this way of life commends no controls external to the individual beyond those which a government limited to keeping the peace and invoking a common justice might impose. Each individual acts on his own authority and responsibility.

And in Chapter 3, aptly titled “The Mystery of Social Order,” Read conveys the power of individuals and the importance of autonomy.

Why is social order so mysterious? It is mysterious because no one can describe it in advance. Opposed to the perfect cadence of the goose step is the blessing that flows from everyone peacefully pursuing his own goals, going his way, that is, every which way, in constant flux, milling around, each person responding to his own ever-changing aspirations, abilities, uniqueness. Instead of our being carbon copies of some know-it-all, we are what we were meant to be: originals!

So, in closing, let me refer back to Clark Kent, almost definitionally ‘unique.’ Just as Superman takes pride in using his abilities for good, we can choose to use ours in accordance with promoting a rational, respectful, and free society — while aiming to be the best version of ourselves.

In fact, my favorite scene in the new Superman is when Clark Kent revisits his childhood home and discovers the love he received from his human parents, in addition to the lessons they instilled in him during his upbringing, matter more than that of the planet he came from. ‘Pa Kent’ puts things in perspective for Clark by plainly stating “Your choices, your actions, that’s what makes you who you are.” And when (spoiler alert) Superman defeats Lex Luthor, Clark proudly proclaims that despite being different, he is human after all.

In Latest News

Veteran Biden insider Anita Dunn to appear in House Oversight autopen probe

August 7, 2025 No Comments

Veteran Democratic operative Anita Dunn will be on Capitol Hill on Thursday for a closed-door interview with House Oversight Committee investigators.

She is the tenth former White House official to appear before the panel’s lawyers, as Committee Chair James Comer, R-Ky., probes whether former President Joe Biden’s inner circle worked to cover up signs of mental decline in the elderly leader – and whether executive actions signed via autopen were done without his awareness.

Dunn is appearing voluntarily before the committee’s lawyers for a transcribed interview. It’s expected to begin around 10 a.m. and will likely last several hours into the afternoon.

Three of the 10 former Biden administration officials who have appeared so far have come under subpoena, and each pleaded the Fifth Amendment to avoid answering material questions.

Appearing voluntarily does not give people the ability to invoke the constitutional right against self-incrimination, but it’s possible Dunn will give House investigators little to work with.

The six former White House aides who appeared voluntarily before her have all defended Biden’s mental acuity and ability to serve as president, sources said, even as some, like ex-Chief of Staff Ron Klain, have conceded the 82-year-old’s age has worn on him over time.

Dunn, like those who appeared before her, has known Biden for years.

She’s been a key player in Democratic communications and public relations strategies for decades, and reportedly was a central figure in Biden’s messaging strategy both at the White House and during his short-lived 2024 campaign.

‘She’s running everything,’ one unnamed White House advisor told CNN in June 2023 while discussing Biden’s re-election bid.

A January 2023 report by NBC News described Dunn and her husband, former Obama administration White House counsel Robert Bauer, as central figures in Biden’s orbit. Bauer also reportedly served as Biden’s personal lawyer.

‘If it’s a room of five people, Anita and Bob are two of them,’ an unnamed former White House aide told the outlet.

Dunn was also a central figure amid the fallout after Biden’s disastrous June 2024 debate against then-candidate Donald Trump.

NBC News reported in July 2024 that Biden family members discussed whether he should fire Dunn and Bauer, though White House chief of staff Jeff Zients dismissed the reports as ‘unfounded and insulting rumors’ in a statement to the outlet at the time.

Dunn served as White House communications director under former President Barack Obama, and Biden brought her onto his 2020 campaign to help with his own communications strategy.

She also served as senior advisor to the president for communications in the Biden White House before playing a key role in his 2024 campaign.

Comer wrote in his letter summoning Dunn, ‘You served as former President Biden’s ‘most senior communications adviser.’ Former President Biden confided in you extensively over the past decade.’

‘The Committee seeks to understand your observations of former President Biden’s mental acuity and health as one of his closest advisors. If White House staff carried out a strategy lasting months or even years to hide the chief executive’s condition—or to perform his duties—Congress may need to consider a legislative response,’ Comer wrote.

This post appeared first on FOX NEWS

In Latest News

Trump-Putin meeting agreed upon ‘in principle,’ Kremlin aide indicates

August 7, 2025 No Comments

President Donald Trump and Russian President Vladimir Putin appear to be on track to soon have their first meeting since Trump took office for his second term earlier this year.

‘As for Ukrainian affairs directly, at the suggestion of the American side, an agreement was agreed upon in principle to hold a bilateral meeting at the highest level in the coming days, that is, a meeting of Presidents Vladimir Putin and Donald Trump,’ aide to the Russian president Yuri Ushakov noted, according to a Russian to English translation by Google Translate of Ushakov’s comments.

‘As for the option of a trilateral meeting, which for some reason was discussed yesterday in Washington, this option was simply mentioned by the American representative during the meeting in the Kremlin. But this option was not specifically discussed. The Russian side left this option completely, without comment,’ Ushakov noted. ‘We propose first of all to focus on preparing a bilateral meeting with D. Trump and we believe that the main thing is for this meeting to be successful and productive.’

Fox News Digital reached out to the White House for comment early on Thursday morning.

The potential meeting would come as President Trump has been trying to help broker an end to the years-long Russia-Ukraine war.

‘My Special Envoy, Steve Witkoff, just had a highly productive meeting with Russian President Vladimir Putin. Great progress was made!’ Trump declared in a Wednesday post on Truth Social.

‘Afterwards, I updated some of our European Allies. Everyone agrees this War must come to a close, and we will work towards that in the days and weeks to come. Thank you for your attention to this matter!’

Former CIA chief reveals which questions Trump will ask about Putin

White House press secretary Karoline Leavitt noted, ‘As President Trump said earlier today on TRUTH Social, great progress was made during Special Envoy Witkoff’s meeting with President Putin. The Russians expressed their desire to meet with President Trump, and the President is open to meeting with both President Putin and President Zelensky. President Trump wants this brutal war to end.’

Fox News Channel’s Peter Doocy contributed to this report

This post appeared first on FOX NEWS

In Economy

Would Superman Bring Coffee to the Movies?

August 7, 2025 No Comments

The film itself was enjoyable, but later, I kept thinking about the whole moviegoing experience.

In Chapter 2, “Freedom: A New Vision,” Read explains that freedom is a means to social order.

In brief, the freedom philosophy or the free market is a way of life. But it differs from most philosophies in that it does not prescribe how any individual should live his life; there are no fixed concepts. It allows freedom for each to do as he pleases—live in accord with his own uniqueness as he sees it—so long as the rights of others are not infringed, which is to say, so long as no one does anything which were everyone to do would bring all of us to grief or ruin. In short, this way of life commends no controls external to the individual beyond those which a government limited to keeping the peace and invoking a common justice might impose. Each individual acts on his own authority and responsibility.

And in Chapter 3, aptly titled “The Mystery of Social Order,” Read conveys the power of individuals and the importance of autonomy.

Why is social order so mysterious? It is mysterious because no one can describe it in advance. Opposed to the perfect cadence of the goose step is the blessing that flows from everyone peacefully pursuing his own goals, going his way, that is, every which way, in constant flux, milling around, each person responding to his own ever-changing aspirations, abilities, uniqueness. Instead of our being carbon copies of some know-it-all, we are what we were meant to be: originals!

In Economy

What Families Gain at the Dinner Table

August 7, 2025 No Comments

One of America’s long-standing cultural institutions is in decline. The Survey Center on American Life is reporting that only 38 percent of Gen Z Americans who are now adults report eating regularly with family at the dinner table. This is in contrast with 74 percent of Americans ages 50 and older who report having regular family dinners. This problem is especially present across educational boundaries.

The survey reports that only 38 percent of young Americans who don’t go to college have family meals together every day. In contrast, 54 percent of college graduates had those daily family meals.

Eating family meals together correlates with all sorts of positive trends. For example, the 2025 World Happiness Report finds that meal-sharing is linked with social connectedness and subjective well-being. Furthermore, children of families who eat together tend to have fewer behavioral problems and higher literacy rates.

The American Enterprise Institute highlights research from Jane Waldfogel suggesting that, “Youths who ate dinner with their parents at least five times a week did better across a range of outcomes: they were less likely to smoke, to drink, to have used marijuana, to have been in a serious fight, to have had sex… or to have been suspended from school.”

To be fair, it’s hard to pull apart causation and correlation here. After all, it could be that there is something else about families that results in both fewer family meals and worse outcomes.

But more family dinners could theoretically cause better outcomes. Social interaction with parents in a friendly environment helps students learn to socialize in more hostile environments.

Furthermore, while many kids likely eat lunch with their friends at school, most of a person’s life experiences will involve eating with adults, not kids. Learning how to socialize with peers is important, but for most of a person’s life, peers will not be children. Finally, the bond formed by spending time with family may provide children with the confidence and security they need to succeed elsewhere.

Most importantly, family is the central example of an informal institution. Economists have long recognized the importance of institutions for human flourishing. Adam Smith first recognized that governments needed to pursue peace, easy taxes, and a tolerable administration of justice for countries to grow wealthy.

Last year, Darron Acemoglu and co-authors Simon Johnson and James Robinson won the Nobel Prize in part for their work highlighting the importance of good institutions for the success of countries.

Institutions are essentially groups of rules for behavior. While many often think of formal institutions like government or private business, informal institutions like family are perhaps even more important. Ultimately, the most important socializing institution in the lives of an overwhelming majority of the population is the family. Family communicates culture, language, and attitude toward formal institutions.

The influence of the family is easy to understand. Outside of school, children are generally at home, and parents are generally there with them. However, Americans may be trending away from that. Increasingly, ideas and communications from strangers enter the American home through screens.

Insofar as eating at the table is good because of social interaction, the presence of phones and other mobile devices will decrease this socialization, thereby decreasing the benefits.

In the United Kingdom, a survey was done indicating that a majority of their children are on their devices during mealtimes, despite the fact that over 80 percent say they’d like the meal table to be a conversation space for parents/kids.

Interestingly, these survey results indicate a kind of coordination problem, where everyone at the table wants to be part of a conversation, but it’s costly to try to convince everyone else to get off their phones and start the conversation.

It’s hard to imagine things are much different in the US in terms of screen presence at the table. Things get more concerning when you consider what the internet brings to the table. If family is valuable for socialization because it provides a gentle place to teach important rules, how does the internet stack up?

Well, as anyone who spends time on the internet will tell you, the norms on the internet are not compatible with learning proper in-person socialization. Anonymity often leads internet users to act differently than they would at work or even in person among friends. One of the things that makes family such a strong institution is that it deals with repeated interactions between people who get to know each other very well. The internet, being nearly the opposite in many cases, is likely a poor substitute.

The difficulty with informal institutions is that they often need to be changed from the ground up. In other words, there’s no easy fix. It’s both dangerous and silly to think the government should pass a law banning phones at a table in your house, but it seems that a behavioral change would be good nonetheless. Culturally, it’s time for a new generation of parents to recognize the danger of replacing family socialization with screens.

Many were caught off-guard by how quickly the internet could fit into your pocket and change your brain, but now that parents understand the power of screens, they can set healthy rules to return the family to table conversation. As trust in institutions continues to fall, parents can be the first line of defense for children by giving them an institution they can trust. Protect table time from atomizing demands of events, clubs, video games, and technology. Your kids will thank you when they’re older.

In Investing

How to Invest in OpenAI’s ChatGPT

August 7, 2025 No Comments

OpenAI’s ChatGPT is one of the latest technological breakthroughs in the artificial intelligence space. But what is ChatGPT, and can you invest in OpenAI?

This emerging technology is representative of a niche subsector of the AI industry known as generative AI — systems that can generate text, images or sounds in response to prompts given by users.

Precedence Research expects the global AI market to grow at a compound annual growth rate (CAGR) of 19.2 percent to reach US$3.68 trillion by 2034. Just how much of an impact OpenAI’s ChatGPT will have on this space is hard to predict, but Fortune Business Insights estimates that the total market revenue of generative AI will see a CAGR of 39.6 percent through 2032, increasing from US$67.18 billion last year to US$967.65 billion in 2032.

In September 2024, Reuters reported that OpenAI was planning a restructuring from a non-profit to a for-profit company in order to make it ‘more attractive to investors.’ However, after encountering backlash and potential legal conflicts, in May 2025 OpenAI’s management decided to remain a non-profit while still converting its for-profit arm into a public benefit corporation.

OpenAI completed a new round of funding totaling US$40 billion in late March 2025 projected to bring its valuation to US$300 billion. Japanese multinational investment firm SoftBank made up 75 percent of the funding, while Microsoft (NASDAQ:MSFT), and investment firms Coatue Management, Altimeter Capital and Thrive Capital also took part in the raise.

The US Department of Defense (DoD) awarded a US$200 million contract to OpenAI in June 2025 to provide the DoD with artificial intelligence tools for addressing national security challenges, including cyber defense and warfare.

What is OpenAI’s ChatGPT?

Created by San Francisco-based tech lab OpenAI, ChatGPT is a generative AI software application that uses a machine learning technique called reinforcement learning from human feedback (RLHF) to emulate human-written conversations based on a large range of user prompts. This kind of software is better known as an AI chatbot.

ChatGPT learns language by training on texts gleaned from across the internet, including online encyclopedias, books, academic journals, news sites and blogs. Based on this training, the AI chatbot generates text by making predictions about which words (or tokens) can be strung together to produce the most suitable response.

More than a million people engaged with ChatGPT within the first week of its launch for free public testing on November 30, 2022. The introduction of ChatGPT quickly ushered in a new era in the tech industry.

Based on this success, OpenAI created a more powerful version of the ChatGPT system called GPT-4, which was released in March 2023. This iteration of ChatGPT can accept visual inputs, is much more precise and can display a higher level of expertise in various subjects. Because of this, GPT-4 can describe images in vivid detail and ace standardized tests.

Unlike its predecessor, GPT-4 doesn’t have any time limits on what information it can access; however, AI researcher and professor Dr. Oren Etzioni has said that the chatbot is still terrible at discussing the future and generating new ideas. It also hasn’t lost its tendency to deliver incorrect information with too high a degree of confidence.

Further improving on its product, in May 2024 OpenAI launched Chat GPT-4o, with the o standing for omni. OpenAI describes GPT-4o as ‘a step towards much more natural human-computer interaction—it accepts as input any combination of text, audio, image, and video and generates any combination of text, audio, and image outputs.’

This version has done away with the lagging response time afflicting GPT-4. This proves especially helpful for producing immediate translations during conversations between speakers of different languages. It also allows users to interrupt the chatbot to pose a new query to modify responses.

More recently, in December 2024, OpenAI introduced ChatGPT Pro subscriptions targeting engineers and academics. For US$200 monthly, users have nearly unlimited access to all ChatGPT models and tools.

The ChatGPT 3.5 and ChatGPT-4 platforms are free to use, and can be accessed via the web. Those with an iPhone or iPad can also use ChatGPT through an app, and an Android version launched in July 2023. OpenAI also launched a paid subscription, ChatGPT Plus for business use, in August 2023. ChatGPT Plus gives users access to GPT-4 and the newest iteration GPT-4o.

What is the Stargate Project?

The Stargate Project is an AI joint venture focused on building new AI infrastructure in the US through US$500 billion in investments. It was announced on January 21, 2025.

Stargate’s initial funding is coming from OpenAI, SoftBank, Oracle (NYSE:ORCL) and UAE-based technology fund MGX. In addition to OpenAI and Oracle, Stargate’s technology partners include Microsoft, NVIDIA, and British semiconductor and software design company Arm Holdings (NASDAQ:ARM).

Newly re-elected US President Trump unveiled Stargate during a press conference at the White House highlighting the importance of investment in US AI infrastructure. During the announcement, OpenAI’s Altman, Oracle co-founder Larry Ellison and Softbank CEO Masayoshi Son credited President Trump’s return to office as a major catalyst in making Stargate a reality. The construction of data centers for the Stargate Project are already underway in Texas, according to Ellison.

How much has Microsoft invested in OpenAI?

Hand holding phone with OpenAI technology on it in front of Microsoft logo.

Ascannio / Shutterstock

Over the years, Microsoft has reportedly invested nearly US$14 billion in OpenAI to help the small tech firm create its ultra-powerful AI chatbot.

As for how Microsoft could benefit from its investment in OpenAI, OpenAI officially licensed its technologies to Microsoft in 2020 in a then-exclusive partnership. Indeed, Pitchbook has described the deal as an “unprecedented milestone” for generative AI technology. Since then, Microsoft has made good use of OpenAI’s technology in developing new advancement in its Azure cloud computing business.

However, the relationship between the two has changed in recent months.

Notably, Microsoft is not a financier of the Stargate Project joint venture, and is instead just described as a technology partner. According to OpenAI’s press release, the new joint venture builds on its existing partnership with Microsoft.

Microsoft’s lack of a funding role in Stargate led some to wonder if the trillion-dollar tech firm had soured on its relationship with OpenAI. This conclusion was understandable given reports that Microsoft refused to make a bigger contribution than the US$750 million it invested during the OpenAI US$6.6 billion funding round in October 2024.

Additionally, Microsoft changed the contract between the two companies and is no longer the exclusive cloud provider for OpenAI, but has the right of first refusal for deals the AI firm may make with other cloud companies.

As Bloomberg technology reporter Dina Bass explained, Microsoft stands to benefit from its role as a technology partner without having to invest a dime into the project.

“Microsoft views the revised contract with OpenAI as advantageous, according to people familiar with the company’s thinking. The software giant retains its share of OpenAI’s revenue and is the largest investor in a company that may now become even more valuable — though the size of that stake could change as the startup works to restructure as a for-profit,” wrote Bass. “And Microsoft also still has access to OpenAI models, even if they’re trained in a data center funded by Softbank or Oracle.”

Yet, there are reports that Microsoft and OpenAI’s relationship is on the brink of a big breakup. The tech giant has been pushing for a much larger percentage of OpenAI’s revenues than the 20 percent it currently enjoys. According to the Wall Street Journal, OpenAI is considering making antitrust complaints about Microsoft to regulators even though the two companies are still undergoing high level discussions about the future of the partnership.

Elon Musk’s position on OpenAI

Elon Musk behind the word "ChatGPT" as well as an image of AI technology.

DIA TV / Shutterstock

OpenAI was founded in 2015 by Altman, its current CEO, as well as Tesla (NASDAQ:TSLA) CEO Elon Musk and other big-name investors, such as venture capitalist Peter Thiel and LinkedIn co-founder Reid Hoffman. Musk left his position on OpenAI’s board of directors in 2018 to focus on Tesla and its pursuit of autonomous vehicle technology.

A few days after ChatGPT became available for public testing, Musk took to X, formerly known as Twitter, to say, “ChatGPT is scary good. We are not far from dangerously strong AI.” That same day, he announced that X had shut the door on OpenAI’s access to its database so it could no longer use it for RLHF training.

His reason: “OpenAI was started as open-source & non-profit. Neither are still true.”

Furthering his feud with OpenAI, Musk filed a lawsuit against the company in March 2024 for an alleged breach of contract. The crux of his complaint was that OpenAI has broken the ‘founding agreement’ made between the founders (Altman, Greg Brockman and himself) that the company would remain a non-profit. Altman and OpenAI have denied there was such an agreement and that Musk was keen on an eventual for-profit structure.

Musk dropped the lawsuit three months later without giving a reason, reported Reuters. The day before he dropped the lawsuit, he reacted to the news that Apple (NASDAQ:AAPL) is partnering with OpenAI to incorporate ChatGPT with Apple devices. On X, Musk declared, ‘If Apple integrates OpenAI at the OS (operating system) level, then Apple devices will be banned at my companies. That is an unacceptable security violation.” It should be noted that OpenAI has said queries completed on Apple devices will not be stored by OpenAI. By August 2024, Musk had resumed his litigation in federal court.

It seems that the US government also has questions about the restructuring of the private company and the involvement of tech giant Microsoft, as reported by Bloomberg. In early January 2025, the Financial Press also reported the Federal Trade Commission (FTC) has raised questions about the potential anti-trust violations in the newly emerging AI technology space arising from Microsoft’s partnership with and investments in OpenAI.

Of course, Musk took to X to weigh in on the Stargate Project, suggesting OpenAI and its partners don’t actually have the US$500 million they’ve pledged to invest. Sam Altman was quick to reply, telling Musk he’s mistaken and inviting him to visit their data center under construction in Texas.

However, Musk is not alone in his skepticism. For example, Atreides Management Chief Investment Office Gavin Baker also questioned the deal on X. “Stargate is a great name but the $500b is a ridiculous number and no one should take it seriously,” Baker wrote, backing up his statement by explaining the financial positions of each of the partners. “Nowhere close to $500b. Everyone should just start issuing press releases for $1 trillion AI projects.”

OpenAI criticisms and lawsuits

While ChatGPT has served as a major step forward in generative AI technology, there are many technical and ethical concerns with the program that have emerged since it launched, including fears over job destruction and targeted disinformation campaigns.

Accuracy of information in ChatGPT’s answers is not guaranteed. Its selection of which words to string together are actually predictions — not as fallible as mere guesses, but still fallible. Even the 4.0 version is “still is not fully reliable (it “hallucinates” facts and makes reasoning errors),” says the company, which emphasizes that users should exercise caution when employing the technology.

Indeed, ChatGPT’s failings can have dangerous real-life consequences. Among other negative applications, the tech can be used to spread misinformation, carry out phishing email scams or write malicious code.

There’s also the fear among teachers that the technology is leading to an unwelcome rise in academic dishonesty, with students using ChatGPT to write essays or complete their homework.

“Teachers and school administrators have been scrambling to catch students using the tool to cheat, and they are fretting about the havoc ChatGPT could wreak on their lesson plans,” writes New York Times tech columnist Kevin Roose.

Many lawsuits against OpenAI have emerged as well. Multiple news outlets, including the the New York Times, have launched copyright lawsuits against OpenAI, and some of the plaintiffs are also seeking damages from the private tech firm’s very public partner Microsoft.

Additionally, the Authors Guild, which represents a group of prominent authors, launched a class-action lawsuit against OpenAI that is calling for a licensing system that would allow authors to opt out of having their books used to train AI, and would require AI companies to pay for the material they do use.

In October, OpenAI researcher Suchir Balaji blew the whistle on the company, reporting that the firm was violating US copyright laws. He died one month later in what was ruled a suicide, but the investigation is still open.

Cybersecurity risks are also a concern for ChatGPT users, and recent events along these lines add validity to Musk’s warning. For one, in 2024 ChatGPT for macOS was discovered to be breaching Apple’s security rules by storing data as plain text rather than encryption, making it possible for other apps to access.

What’s the future of OpenAI and ChatGPT?

What about the long-term goals for OpenAI and ChatGPT? For most of the tech leaders in this space, the end game is artificial general intelligence (AGI) — a system that can perform any function the human brain can, including self-teaching, abstract thinking and understanding cause and effect.

As uptake increases, AI technology is taking over the role of humans and will likely continue doing so in a number of fields, from content creation and customer service to transcription and translation services, and even in graphic design, software engineering and paralegal fields.

In addition to Microsoft’s use of the ChatGPT technology as part of Copilot, other companies are working with OpenAI to incorporate the technology into their platforms, including Canva, Duolingo (NASDAQ:DUOL), Expedia Group (NASDAQ:EXPE), Intercom, Salesforce (NASDAQ:CRM), Stripe, Tinder, Upwork (NASDAQ:UPWK) and Visa (NYSE:V).

For 2025, OpenAI is focusing on developing agentic AI capabilities into its ChatGPT platform. Agentic AI, a part of the evolution towards AGI, involves AI systems and models that can act autonomously and complete tasks without much human guidance. Early in January, OpenAI announced the rollout of new task features for ChatGPT Pro, Plus and Teams users. While still in the beta stage, these features allow users to schedule future tasks to be completed by ChatGPT, such as a weekly news brief or reminders about important meetings.

OpenAI first debuted its foray into agentic AI in September 2024 with the introduction of ChatGPT o1, stating ‘We’ve developed a new series of AI models designed to spend more time thinking before they respond.’ The release of the next iterations of this model, ChatGPT o3 mini and o4 mini happened in the first half of 2025.

The recent release of Chinese startup DeepSeek’s AI assistant may present a problem for OpenAI and the US tech industry as a whole. In what tech gurus like Marc Andreesen call AI’s Sputnik moment, DeepSeek unseated ChatGPT as the most downloaded free app in the Apple App Store, at reportedly a fraction of the cost. For reference, in 1957 the Soviets launched Sputnik, the earth’s first artificial satellite, beating out the United States and sparking a Cold War space exploration race between the two nations.

The DeepSeek launch set off a significant sell off in technology stocks on January 27, 2025, especially among the Magnificent Seven members, including NVIDIA, Microsoft and Alphabet (NASDAQ:GOOGL).

When will OpenAI go public?

OpenAI stock is not currently publicly traded, and following the May 2025 decision to remain a non-profit, there are no signs of an on initial public offering (IPO) in the works for 2025. For now, investors can gain exposure through related tech companies discussed below.

Which stocks will benefit the most from AI chatbot technology?

Other than companies directly tied to generative AI technology, which stocks are likely to get a boost from generative AI advancements?

There are several verticals in the tech industry with indirect exposure to AI chatbot technology, such as semiconductors, network equipment providers, cloud providers, central processing unit manufacturers and internet of things.

Some of the publicly traded companies in these verticals include:

You can also take a look back at the market with our AI Market 2024 Year-End Review and AI Market Update: Q2 2025 in Review, or read projections for AI this year in our AI Market Forecast: 3 Top Trends that will Affect AI in 2025. Generative AI is also a major theme in the Top 10 Emerging Technologies to Watch.

FAQs for investing in OpenAI and ChatGPT

How is OpenAI funded?

OpenAI raised US$57.9 billion over 11 funding rounds from 2016 to March 2025.

Top investors include technology investment firm Thrive Capital, venture capital firm Andreessen Horowitz and revolutionary technology investment firm Founders Fund.

What is the market value of ChatGPT/OpenAI?

OpenAI has a market valuation of US$300 billion as of June 2025. The company’s annualized revenue reached the US$10 billion mark in June 2025, up from the US$5.5 billion achieved in December 2024.

Does ChatGPT use NVIDIA chips?

ChatGPT’s distributed computing infrastructure depends upon powerful servers with multiple graphics processing units (GPUs). High-performance NVIDIA GPU chips are preferred for this application as they also provide excellent Compute Unified Device Architecture support.

What is DeepSeek?

DeepSeek is a Chinese AI company that launched new AI-driven, open-source language models known as DeepSeek-V3 and DeepSeek-R1 into the market in January 2025. Reuters reports that ‘the training of DeepSeek-V3 required less than $6 million worth of computing power from Nvidia H800 chips.’

DeepSeek-R1 is designed to compete with the performance of OpenAI-o1 across math, code, and reasoning tasks.

Can ChatGPT make stock predictions?

A University of Florida study from 2023 highlighted the potential for advanced language models such as ChatGPT to accurately predict movements in the stock market using sentiment analysis.

During the course of the study, ChatGPT outperformed traditional sentiment analysis methods, and the finance professors conducting the research concluded that “incorporating advanced language models into the investment decision-making process can yield more accurate predictions and enhance the performance of quantitative trading strategies.”

When to expect ChatGPT 5?

In June 2025, during an OpenAI podcast Sam Altman responded with, ‘Probably some time this summer,’ when asked about when the market can expect to see ChatGPT-5.

Previously, OpenAI filed a trademark application for ChatGPT-5 in mid-July 2023, which hinted that the next iteration of the generative AI technology is currently under development. There were rumors the company planned to complete training for ChatGPT-5 by the end of 2023, but this did not materialize. PC Guide noted in April 2024 that Sam Altman had teased an “amazing new model this year’ in an interview on the Lex Fridman podcast.

In November 2024, Altman confirmed that ChatGPT-5 wouldn’t likely hit the market until later in 2025 as the company switched its focus to ChatGPT o1 and its successors.

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

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In Investing

Top 9 Global Lithium Stocks of 2025

August 7, 2025 No Comments

Lithium prices continued their downward trajectory in Q2 2025, with battery-grade lithium carbonate hitting a four-year low of US$8,329 per metric ton in late June.

Lithium hydroxide followed suit, as oversupply and bearish sentiment weighed on the market.

Despite strong electric vehicle (EV) demand, mined supply — driven largely by China, Australia, Argentina and emerging African producers — has outpaced consumption, with Fastmarkets forecasting a 260,000 metric ton surplus for 2025.

“The industry is navigating a period of complexity,” said Paul Lusty, head of battery raw materials at Fastmarkets, speaking at the firm’s June lithium conference.

Still, he emphasized that long-term fundamentals remain “anchored in mega trends,” including the global energy transition, AI expansion and climate change mitigation.

In China, production ramp-ups and new fair competition rules have added volatility, while US policy uncertainty under the Trump administration has dampened investor sentiment. Brief price rebounds in July, spurred by speculation over supply cuts, were short-lived, reflecting the market’s sensitivity to rumors over fundamentals.

Even with near-term headwinds, analysts say the structural case for lithium is solid, offering opportunities for long-term-focused investors.

Against this backdrop, some lithium stocks are seeing share price gains. Below, we profile the lithium stocks in Canada, Australia and the US that have performed the best so far in 2025, updating investors on the lithium companies’ news and activities.

This list of the top-gaining lithium companies is based on year-to-date as per TradingView’s stock screener. Data for Canadian stocks and US stocks was collected on July 22, 2025, and data for Australian stocks was gathered on July 23, 2025. Lithium stocks with market caps above $10 million in their respective currencies were considered.

Top Canadian lithium stocks

1. NOA Lithium Brines (TSXV:NOAL)

Year-to-date gain: 58.82 percent
Market cap: C$488.32 million
Share price: C$0.30

NOA is a lithium exploration and development company with three projects in Argentina’s Lithium Triangle region. The company’s flagship Rio Grande project and prospective Arizaro and Salinas Grandes land packages total more than 140,000 hectares.

As NOA works to advance its flagship asset, the company brought on Hatch in April to lead the preliminary economic assessment (PEA).

The PEA will evaluate the project’s economic and development potential with a target production of 20,000 metric tons of lithium carbonate equivalent (LCE) annually, with a scalable plant design that could double capacity to 40,000 metric tons per year.

NOA has also been working to secure a water source in the arid region through a drilling program targeting fresh water. In late June, the company discovered a fresh water source at the project, located near high-grade lithium zones in the project’s northeast area. According to the company, the location means the water source could support future production facilities or evaporation ponds.

The well, drilled to 190 meters in the northern part of the property, is being tested and developed.

Shares of NOA reached a year-to-date high C$0.425 on July 17, 2025.

2. Wealth Minerals (TSXV:WML)

Year-to-date gain: 40 percent
Market cap: C$23.93 million
Share price: C$0.07

Wealth Minerals is focused on the acquisition and development of lithium projects in Chile, including the Yapuckuta project in Chile’s Salar de Atacama, as well as the Kuska Salar and Pabellón projects near the Salar de Ollagüe.

Wealth Minerals’ shares spiked to a year-to-date high of C$0.095 on February 9, 2025, following the company’s acquisition of the Pabellón project.

According to Wealth, Pabellón has been shortlisted by Chile’s Ministry of Mining as a potential site for a Special Lithium Operation Contract based on its geological and environmental suitability. Located in Northern Chile near the Bolivia border, the project spans 7,600 hectares across 26 exploration licenses about 70 kilometers south of the Salar de Ollagüe.

In May, Wealth formed a joint venture with the Quechua Indigenous Community of Ollagüe to advance the Kuska project. The new entity, Kuska Minerals SpA, is 95 percent owned by Wealth and 5 percent by the community, which also holds anti-dilution rights and a seat on the five-member board.

3. Avalon Advanced Materials (TSX:AVL)

Year-to-date gain: 37.5 percent
Market cap: C$38.26 million
Share price: C$0.055

Avalon Advanced Materials is a Canadian mineral development company focusing on integrating the Ontario lithium supply chain. Avalon is developing the Separation Rapids and Snowbank lithium projects near Kenora, Ontario, and the Lilypad lithium-cesium project near Fort Hope, Ontario.

Separation Rapids and Lilypad are part of a 40/60 joint venture between Avalon and SCR Sibelco, with Sibelco serving as the operator.

Avalon started the year with a revised mineral resource estimate for the Separation Rapids project, which boosted resources in the measured and indicated category by 28 percent.

Company shares rose to C$0.07, a year-to-date high, on July 15, the day after Avalon released its results for its fiscal quarter ended May 31.

A week later, Avalon announced an additional C$1.3 million in funding through its C$15 million convertible security agreement with Lind Global Fund II. The drawdown, expected to close within two weeks, will support project development and general corporate needs, according to the company.

Top US lithium stocks

1. Sociedad Química y Minera (NYSE:SQM)

Year-to-date gain: 10.43 percent
Market cap: US$10.82 billion
Share price: US$40.64

SQM is a major global lithium producer, with operations centered in Chile’s Salar de Atacama. The company extracts lithium from brine and produces lithium carbonate and hydroxide for use in batteries.

SQM is expanding production and holds interests in projects in Australia and China.

Shares of SQM reached a year-to-date high of US$45.61 on March 17, 2025. The spike occurred a few weeks after the company released its 2024 earnings report, which highlighted record sales volumes in the lithium and iodine segments. However, low lithium prices weighed on revenue from the segment, and the company’s reported net profit was pulled down significantly due to a large accounting adjustment related to income tax.

In late April, Chile’s competition watchdog approved the partnership agreement between SQM and state-owned copper giant Codelco aimed at boosting output at the Atacama salt flat. The deal, first announced in 2024, reached another milestone when it secured approval for an additional lithium quota from Chile’s nuclear energy regulator CChEN.

Weak lithium prices continued to weigh on profits, with the company reporting a 4 percent year-over-year decrease in total revenues for Q1 2025.

2. Lithium Americas (NYSE:LAC)

Year-to-date gain: 9.67 percent
Market cap: US$719.1 million
Share price: US$3.29

Lithium Americas is developing its flagship Thacker Pass project in Northern Nevada, US. The project is a joint venture between Lithium Americas at 62 percent and General Motors (NYSE:GM) at 38 percent.

According to the firm, Thacker Pass is the “largest known measured lithium resource and reserve in the world.”

Early in the year, Lithium Americas saw its share rally to a year-to-date high of US$3.49 on January 16, coinciding with a brief rally in lithium carbonate prices.

In March, Lithium Americas secured US$250 million from Orion Resource Partners to advance Phase 1 construction of Thacker Pass. The funding is expected to fully cover development costs through the construction phase. On April 1, the joint venture partners made a final investment decision for the project, with completion targeted for late 2027.

Other notable announcements this year included a new at-the-market equity program, allowing the company to sell up to US$100 million in common shares.

3. Lithium Argentina (NYSE:LAR)

Year-to-date gain: 8.46 percent
Market cap: US$467.28 million
Share price: US$2.90

Lithium Argentina produces lithium carbonate from its Caucharí-Olaroz brine project in Argentina, developed with Ganfeng Lithium (OTC Pink:GNENF,HKEX:1772).

The company is also advancing additional regional lithium assets to support EV and battery demand.

Previously named Lithium Americas (Argentina), the company was spun out from Lithium Americas in October 2023.

While shares of Lithium Argentina spiked in early January to a year-to-date high of US$3.10, the share price has been trending higher since June 19 to its current US$2.90 value.

Notable news from the company this year includes its name and ticker change and corporate migration to Switzerland in late January and the release of the full-year 2024 results in March.

In mid-April, Lithium Argentina executed a letter of intent with Ganfeng Lithium to jointly advance development across the Pozuelos-Pastos Grandes basins in Argentina. The plan includes a project fully owned by Ganfeng as well as two jointly held assets majority-owned by Lithium Argentina.

The company released its Q1 results on May 15, reporting a 15 percent quarter-over-quarter production reduction, which it attributed to planned shutdowns aimed at increasing recoveries and reducing costs.

Overall, the production guidance for 2025 is forecasted at 30,000 to 35,000 metric tons of lithium carbonate, reflecting higher expected production volumes in the second half of the year.

Top Australian lithium stocks

1. Jindalee Lithium (ASX:JLL)

Year-to-date gain: 123.26 percent
Market cap: AU$35.94 million
Share price: AU$0.48

Perth-based Jindalee Lithium is currently focused on its McDermitt lithium project, which it regards as a potential low-cost and long-life lithium source for North America.

On April 22, McDermitt was declared among the US Trump administration’s first 10 resource projects designated as Fast-41 Transparency Projects, which is intended to fast track resource projects important to the US’s critical minerals supply chain. The designation secures publicly accessible permitting timelines and enhances interagency cooperation for the project.

Shares of Jindalee Lithium spiked to a year-to-date high of AU$0.565 April 30, the day after Jindalee released its March 2025 quarterly activities report.

On July 10, Jindalee announced a memorandum of understanding with US-based LiChem Operations, which is developing its lithium refining process for battery grade lithium. Jindalee will initially supply LiChem with 100 kilograms of ore from McDermitt for testwork.

If both companies are satisfied with the result, Jindalee will provide up to 20 metric tons of further ore to LiChem in stages. There is also potential for Jindalee to negotiate for a license to use LiChem’s process in place of the sulfuric acid flowsheet from its prefeasibility study.

2. Liontown Resources (ASX:LTR)

Year-to-date gain: 75.47 percent
Market cap: AU$2.34 billion
Share price: AU$0.93

Liontown Resources has two assets in Western Australia, including the producing Kathleen Valley mine and processing plant. The mine entered open-pit production during the second half of 2024, and the plant reached commercial production in January 2025.

The company is currently transitioning from open-pit to underground mining operations at Kathleen Valley. Underground production stoping kicked off in April of this year, making Kathleen Valley Western Australia’s first underground lithium mine.

Liontown also owns the Buldania lithium project in the Eastern Goldfields province of Western Australia. The project has an initial mineral resource of 15 million metric tons at 1.0 percent lithium oxide.

On June 30, Liontown announced executive leadership changes, appointing Graeme Pettit as interim chief financial officer and Ryan Hair as chief operating officer after CFO Jon Latto and COO Adam Smits decided to step down from the positions.

The company released its fiscal 2025 results on July 29, reporting that Kathleen Valley produced over 300,000 wet metric metric tons of spodumene concentrate during its first 11 months of operations.

Shares of Liontown Resources reached a year-to-date high of AU$1.03 on July 21.

3. Anson Resources (ASX:ASN)

Year-to-date gain: 57.14 percent
Market cap: AU$145.61 million
Share price: AU$0.11

Newport Beach-based Anson Resources is advancing development of its flagship Paradox lithium project and its Green River lithium project, both located the Paradox Basin of Utah, US. It plans to produce lithium from the projects using direct lithium extraction (DLE).

Anson Resources has shared significant developments at Green River this year. According to its March quarterly activities report, the company completed a DLE pilot program with Koch Technology Solutions, producing 43,000 gallons of lithium chloride eluate with an average lithium recovery of 98 percent from brine extracted from Green River’s Bosydaba #1 well.

A June maiden JORC mineral resource for Green River estimated 103,000 metric tons of lithium carbonate equivalent based solely on drilling at the Bosydaba #1 well. The prior month, the company negotiated a lower royalty rate agreement with the Utah government.

On July 1, the company announced it signed a non-binding memorandum of understanding with POSCO Holdings (NYSE:PKX,KRX:005490) to co-develop a DLE demonstration plant at Green River, which POSCO will fully fund.

Anson Resources’ share price spiked in mid-July, ultimately climbing to a year-to-date high of AU$0.11 on July 21, following a pair of announcements.

On July 14, Anson reported it shipped about 2 tons of lithium brine to POSCO in South Korea for test work and due diligence. Two days later, it announced that its polishing system, which is installed at Green River, successfully reduced the minor contaminants from the lithium chloride eluate produced in the KOCH DLE pilot program.

FAQs for investing in lithium

How much lithium is on Earth?

While we don’t know how much total lithium is on Earth, the US Geological Survey estimates that global reserves of lithium stand at 22 billion metric tons. Of that, 9.2 billion MT are located in Chile, and 5.7 billion MT are in Australia.

Where is lithium mined?

Lithium is mined throughout the world, but the two countries that produce the most are Australia and Chile. Australia’s lithium comes from primarily hard-rock deposits, while Chile’s comes from lithium brines. Chile is part of the Lithium Triangle alongside Argentina and Bolivia, although those two countries have a lower annual output.

Rounding out the top five lithium-producing countries behind Australia and Chile are China, Argentina and Brazil.

What is lithium used for?

Lithium has many uses, including the lithium-ion batteries that power electric vehicles, smartphones and other tech, as well as pharmaceuticals, ceramics, grease, lubricants and heat-resistant glass. Still, it is largely the electric vehicle industry that is boosting demand.

How to invest in lithium?

Those looking to get into the lithium market have many options when it comes to how to invest in lithium.

Lithium stocks like those mentioned above could be a good option for investors interested in the space. If you’re looking to diversify instead of focusing on one stock, there is the Global X Lithium & Battery Tech ETF (NYSE:LIT), an exchange-traded fund (ETF) focused on the metal. Experienced investors can also look at lithium futures.

Unlike many commodities, investors cannot physically hold lithium due to its dangerous properties.

How to buy lithium stocks?

Through the use of a broker or an investing service such as an app, investors can purchase lithium stocks and ETFs that match their investing outlook.

Before buying a lithium stock, potential investors should take time to research the companies they’re considering; they should also decide how many shares will be purchased, and what price they are willing to pay. With many options on the market, it’s critical to complete due diligence before making any investment decisions.

It’s also important for investors to keep their goals in mind when choosing their investing method. There are many factors to consider when choosing a broker, as well as when looking at investing apps — a few of these include the broker or app’s reputation, their fee structure and investment style.

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

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In Investing

Seymour Concentrate Produces Battery Grade Lithium Hydroxide

August 7, 2025 No Comments

Green Technology Metals (GT1:AU) has announced Seymour Concentrate Produces Battery Grade Lithium Hydroxide

Download the PDF here.

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In Latest News

Junk food banned from SNAP benefits in 6 more states, a win for MAHA advocates

August 7, 2025 No Comments

In a win for Make America Healthy Again (MAHA) advocates, six more states have gotten waivers allowing them to ban soda, candy and other high-sugar junk foods from being purchased through the federally funded, but state-operated Supplemental Nutrition Assistance Program, known as SNAP.

The waivers, which amend the statutory definition of eligible food for purchase under SNAP, were granted to West Virginia, Florida, Colorado, Louisiana, Oklahoma and Texas. The new restrictions on what can and cannot be purchased will go into effect in 2026.

The six new waivers bring the number of states that have sought to restrict SNAP purchases of junk food to 12. The other states who received waivers from the Trump administration earlier this year were Nebraska, Iowa, Indiana, Arkansas, Idaho and Utah.

‘For years, SNAP has used taxpayer dollars to fund soda and candy, products that fuel America’s diabetes and chronic disease epidemics,’ Health Secretary Robert F. Kennedy Jr. said

‘These waivers help put real food back at the center of the program and empower states to lead the charge in protecting public health.’

Agriculture Secretary Brooke Rollins has praised the historic efforts that states, mostly those with Republican leadership, have made to help improve the health and nutrition assistance provided through SNAP.

On average, 42 million low-income Americans receive food stamp assistance each month, including one in five American children under 17, according to a report from the Trump administration released earlier this year.

‘It is incredible to see so many states take action at this critical moment in our nation’s history and do something to begin to address chronic health problems,’ Rollins said after the latest announcement of new waivers. ‘President Trump has changed the status quo, and the entire Cabinet is taking action to Make America Healthy Again. … These state waivers promote healthier options for families in need.’

Of the 12 states that have been granted SNAP waivers thus far, all of them will restrict SNAP funds from being used to purchase sugary drinks, including soda, while at least eight of the states have indicated plans to ban SNAP funds for candy purchases. Some states, such as Florida, Louisiana and Nebraska, will explicitly ban energy drinks as well, while others, like Arkansas, have indicated drinks with less than 50% natural juice will be banned.

ABC News medical correspondent Darien Sutton argued the move, although pushed as an effort to improve health outcomes, lacks evidence.

‘There’s no evidence that taking away access to soda will actually fight these conditions,’ he said, according to ABC News. ‘Sugar is one of those culprits that you always have to be mindful of.’

Sutton pointed out that U.S. dietary guidelines recommend that men do not have more than 35 grams of sugar per day, while women are told to limit it to 25 grams per day.

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In Investing

Alvopetro Announces Q2 2025 Financial Results and an Operational Update

August 7, 2025 No Comments

Alvopetro Energy Ltd. (TSXV: ALV,OTC:ALVOF) (OTCQX: ALVOF) announces an operational update and financial results for the three and six months ended June 30 2025.

All references herein to $ refer to United States dollars, unless otherwise stated and all tabular amounts are in thousands of United States dollars, except as otherwise noted.

President & CEO, Corey C. Ruttan commented:

‘Q2 included our first quarter of sales from our recently added Western Canadian assets and overall sales volumes continued to be very strong averaging 2,436 boepd, up 50% from Q2 2024, and consistent with Q1 2025. We have a considerable amount of activity underway and we are looking forward to an exciting Q3 with the completion and tie-in of our 183-D4 well, our Caburé Unit development wells, and our two most recently drilled multi-lateral wells in Western Saskatchewan . Our 2025 capital program is organically funded and focused on high rate of return opportunities in Brazil and also now in the Western Canadian Sedimentary Basin.’

Operational Update

July Sales Volumes

Natural gas, NGLs and crude oil sales:	July 2025	June 2025	Q2 2025
Brazil:
Natural gas (Mcfpd), by field:
Caburé	11,122	11,804	11,811
Murucututu	1,751	1,446	1,191
Total natural gas (Mcfpd)	12,873	13,250	13,002
NGLs (bopd)	130	147	128
Oil (bopd)	9	9	3
Total (boepd) – Brazil	2,284	2,365	2,298
Canada:
Oil (bopd) – Canada	134	149	138
Total Company – boepd ⁽¹⁾	2,418	2,514	2,436

(1) Alvopetro reported volumes are based on sales volumes which, due to the timing of sales deliveries, may differ from production volumes.

July sales volumes averaged 2,418 boepd, including 2,284 boepd from Brazil (with natural gas sales of 12.9 MMcfpd, associated natural gas liquids sales from condensate of 130 bopd, and oil sales of 9 bopd) and 134 bopd from oil sales in Canada , based on field estimates.

Quarterly Natural Gas Pricing Update

Effective August 1, 2025 , our natural gas price under our long-term gas sales agreement was adjusted to BRL1.90 /m ³ and will apply to all natural gas sales from August 1, 2025 to October 31, 2025 . Based on our average heat content to date and the July 31, 2025 BRL/USD exchange rate of 5.60, our expected realized price at the new contracted price is $10.27 /Mcf, net of applicable sales taxes, a decrease of 3% from the Q2 2025 realized price of $10.62 /Mcf due mainly to reduced Henry Hub and Brent prices in the second quarter. Amounts ultimately received in equivalent USD will be impacted by exchange rates in effect during the period August 1, 2025 to October 31, 2025 .

Development Activities – Brazil

On our 100% owned Murucututu field, the 183-D4 well was drilled in the second quarter to a total measured depth of 3,072 metres. The well encountered the Caruaçu Member of the Maracangalha Formation 106 metres structurally updip of our 183-A3 well which has been on production since the fourth quarter of 2024. Based on cased-hole gamma ray logs and normalized gas while drilling, the well encountered potential natural gas pay in the Caruaçu Member of the Maracangalha Formation, with an aggregate 61 metres total vertical depth (‘TVD’) of potential natural gas pay between 2,439 and 2,838 meters TVD. We’ve now completed the well in seven intervals and expect to have the well on production later in the third quarter. A total of $3.3 million of capital expenditures are estimated on the field in the second half of 2025, including costs for the 183-D4 completion.

Our joint development on the unitized area (‘the Unit’) which includes our Caburé field commenced in the second quarter and three wells (1.7 net) have now been drilled. The fourth well (0.6 net) is expected to be drilled later in the third quarter. Alvopetro’s share of these planned unit development costs in the second half of 2025 is anticipated to be $5.5 million . The timing of drilling the fifth development well (0.6 net) is subject to the receipt of all necessary regulatory approvals.

Development Activities – Western Canada

In June, we further expanded our joint Mannville focused land based to 17,780 gross acres (8,890 net acres) and in July, two additional multi-lateral wells (1.0 net) were drilled with an aggregate of over 19 kilometers of open hole reservoir contact. Both wells will now be completed and equipped and are expected to be on production later in the third quarter. We expect to drill our next two multi-lateral wells (1.0 net) starting later this year.

Financial and Operating Highlights – Second Quarter of 2025

Average daily sales in Q2 2025 were 2,436 boepd (+50% from Q2 2024 and consistent with Q1 2025 sales of 2,446 boepd). In Brazil , daily sales averaged 2,298 boepd (+41% compared to Q2 2024) and in Canada , oil sales commenced in April 2025 , contributing 138 bopd in the quarter.
Our average realized natural gas price was $10.62 /Mcf in Q2 2025 (-10% from Q2 2024 and +2% from Q1 2025). Our overall averaged realized sales price per boe was $63.20 /boe (-12% from Q2 2024 and -1% from Q1 2025).
With higher sales volumes, our natural gas, oil and condensate revenue increased to $14.0 million (+31% from Q2 2024).
Our operating netback in the quarter was $54.72 per boe, a decrease of $9.58 per boe compared to Q2 2024 due mainly to lower realized sales prices as well as higher royalties. Compared to Q1 2025, our operating netback increased $3.95 per boe with lower royalties partially offset by lower realized prices.
We generated funds flows from operations of $10.4 million ( $0.28 per basic and $0.27 per diluted share), increases of $2.5 million compared to Q2 2024 and $1.1 million compared to Q1 2025.
We reported net income of $6.8 million ( $0.18 per basic and diluted share), an increase of $4.5 million compared to Q2 2024 due to higher sales volumes as well as foreign exchange gains (compared to foreign exchange losses in Q2 2024), partially offset by lower realized prices and higher royalties, production expenses, depletion and depreciation expense and tax expense.
Capital expenditures totaled $9.0 million , including drilling costs for the 183-D4 well on Alvopetro’s 100% Murucututu field as well as Alvopetro’s share of costs incurred on unit development, including costs for two (1.1 net) of five development wells (2.8 net) which commenced drilling in the quarter.
Our working capital surplus was $6.8 million as of June 30, 2025 , decreasing $2.9 million from March 31, 2025 .

The following table provides a summary of Alvopetro’s financial and operating results for the periods noted. The consolidated financial statements with the Management’s Discussion and Analysis (‘MD&A’) are available on our website at www.alvopetro.com and will be available on the SEDAR+ website at www.sedarplus.ca .

	As at and Three Months Ended June 30,			As at and Six Months Ended June 30,
	2025	2024	Change	2025	2024	Change (%)
Financial
*($000s, except where noted)*
Natural gas, oil and condensate sales	14,010	10,672	31	28,023	22,424	25
Net income	6,830	2,350	191	12,900	6,900	87
Per share – basic ($) ⁽¹⁾	0.18	0.06	200	0.35	0.19	84
Per share – diluted ($) ⁽¹⁾	0.18	0.06	200	0.34	0.18	89
Cash flows from operating activities	10,473	8,860	18	19,290	17,073	13
Per share – basic ($) ⁽¹⁾	0.28	0.24	17	0.52	0.46	13
Per share – diluted ($) ⁽¹⁾	0.28	0.24	17	0.51	0.45	13
Funds flow from operations ⁽²⁾	10,366	7,910	31	19,588	16,423	19
Per share – basic ($) ⁽¹⁾	0.28	0.21	33	0.53	0.44	20
Per share – diluted ($) ⁽¹⁾	0.27	0.21	29	0.52	0.44	18
Dividends declared	3,660	3,296	11	7,303	6,592	11
Per share ⁽¹⁾⁽²⁾	0.10	0.09	11	0.20	0.18	11
Capital expenditures	8,986	3,437	161	17,361	5,876	195
Cash and cash equivalents	15,001	19,681	(24)	15,001	19,681	(24)
Net working capital ⁽²⁾	6,838	14,692	(53)	6,838	14,692	(53)
Weighted average shares outstanding
Basic (000s) ⁽¹⁾	37,261	37,286	–	37,278	37,282	–
Diluted (000s) ⁽¹⁾	37,795	37,600	1	37,770	37,647	–
Operations
Average daily sales volumes ⁽³⁾ :
Brazil:
Natural gas (Mcfpd), by field:
Caburé (Mcfpd)	11,811	8,822	34	11,761	9,029	30
Murucututu (Mcfpd)	1,191	422	182	1,639	426	285
Total natural gas (Mcfpd)	13,002	9,244	41	13,400	9,455	42
NGLs – condensate (bopd)	128	76	68	131	77	70
Oil (bopd)	3	12	(75)	7	12	(42)
Total (boepd) – Brazil	2,298	1,629	41	2,371	1,665	42

Canada:
Oil (bopd) – Canada	138	–	–	69	–	–

Total Company (boepd)	2,436	1,629	50	2,440	1,665	47

Average realized prices ⁽²⁾ :
Natural gas ($/Mcf)	10.62	11.83	(10)	10.53	12.21	(14)
NGLs – condensate ($/bbl)	72.32	92.27	(22)	76.78	90.06	(15)
Oil ($/bbl)	47.10	71.87	(34)	48.31	68.54	(30)
Total ($/boe)	63.20	71.97	(12)	63.43	74.00	(14)

Operating netback ($/boe) ⁽²⁾
Realized sales price	63.20	71.97	(12)	63.43	74.00	(14)
Royalties	(2.97)	(1.94)	53	(5.28)	(1.98)	167
Production expenses	(5.37)	(5.73)	(6)	(5.34)	(6.77)	(21)
Transportation expenses	(0.14)	–	–	(0.07)	–	–
Operating netback	54.72	64.30	(15)	52.74	65.25	(19)
Operating netback margin ⁽²⁾	87 %	89 %	(2)	83 %	88 %	(6)

Notes:
(1)	Per share amounts are based on weighted average shares outstanding other than dividends per share, which is based on the number of common shares outstanding at each dividend record date. The weighted average number of diluted common shares outstanding in the computation of funds flow from operations and cash flows from operating activities per share is the same as for net income per share.
(2)	See ‘Non-GAAP and Other Financial Measures’ section within this news release.
(3)	Alvopetro reported volumes are based on sales volumes which, due to the timing of sales deliveries, may differ from production volumes.

Q2 2025 Results Webcast

Alvopetro will host a live webcast to discuss our Q2 2025 financial results at 8:00 am Mountain time on Thursday August 7, 2025. Details for joining the event are as follows:

DATE: August 7, 2025
TIME : 8:00 AM Mountain/ 10:00 AM Eastern
LINK: https://us06web.zoom.us/j/87200931927
DIAL-IN NUMBERS: https://us06web.zoom.us/u/kdLidYPIoO
WEBINAR ID: 872 0093 1927

The webcast will include a question-and-answer period. Online participants will be able to ask questions through the Zoom portal. Dial-in participants can email questions directly to socialmedia@alvopetro.com .

Corporate Presentation

Alvopetro’s updated corporate presentation is available on our website at:
http://www.alvopetro.com/corporate-presentation .

Social Media

Follow Alvopetro on our social media channels at the following links:

Twitter – https://twitter.com/AlvopetroEnergy
Instagram – https://www.instagram.com/alvopetro/
LinkedIn – https://www.linkedin.com/company/alvopetro-energy-ltd

Alvopetro Energy Ltd. is deploying a balanced capital allocation model where we seek to reinvest roughly half our cash flows into organic growth opportunities and return the other half to stakeholders. Alvopetro’s organic growth strategy is to focus on the best combinations of geologic prospectivity and fiscal regime. Alvopetro is balancing capital investment opportunities in Canada and Brazil where we are building off the strength of our Caburé and Murucututu natural gas fields and the related strategic midstream infrastructure.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Abbreviations:

$000s	=	thousands of U.S. dollars
boepd	=	barrels of oil equivalent (‘boe’) per day
bopd	=	barrels of oil and/or natural gas liquids (condensate) per day
BRL	=	Brazilian Real
e ³ m ³ /d	=	thousand cubic metre per day
m ³	=	cubic metre
m ³ /d	=	cubic metre per day
Mcf	=	thousand cubic feet
Mcfpd	=	thousand cubic feet per day
MMcf	=	million cubic feet
MMcfpd	=	million cubic feet per day
NGLs	=	natural gas liquids (condensate)
Q1 2025	=	three months ended March 31, 2025
Q2 2024	=	three months ended June 30, 2024
Q2 2025	=	three months ended June 30, 2025
USD	=	United States dollars
GAAP or IFRS	=	IFRS Accounting Standards

Non-GAAP and Other Financial Measures

This news release contains references to various non-GAAP financial measures, non-GAAP ratios, capital management measures and supplementary financial measures as such terms are defined in National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure . Such measures are not recognized measures under GAAP and do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. While these measures may be common in the oil and gas industry, the Company’s use of these terms may not be comparable to similarly defined measures presented by other companies. The non-GAAP and other financial measures referred to in this report should not be considered an alternative to, or more meaningful than measures prescribed by IFRS and they are not meant to enhance the Company’s reported financial performance or position. These are complementary measures that are used by management in assessing the Company’s financial performance, efficiency and liquidity and they may be used by investors or other users of this document for the same purpose. Below is a description of the non-GAAP financial measures, non-GAAP ratios, capital management measures and supplementary financial measures used in this news release. For more information with respect to financial measures which have not been defined by GAAP, including reconciliations to the closest comparable GAAP measure, see the ‘ Non-GAAP Measures and Other Financial Measures ‘ section of the Company’s MD&A which may be accessed through the SEDAR+ website at www.sedarplus.ca .

Non-GAAP Financial Measures

Operating Netback

Operating netback is calculated as natural gas, oil and condensate revenues less royalties, production expenses, and transportation expenses. This calculation is provided in the ‘ Operating Netback ‘ section of the Company’s MD&A using our IFRS measures. The Company’s MD&A may be accessed through the SEDAR+ website at www.sedarplus.ca . Operating netback is a common metric used in the oil and gas industry used to demonstrate profitability from operations.

Non-GAAP Financial Ratios

Operating Netback per boe

Operating netback is calculated on a per unit basis, which is per barrel of oil equivalent (‘boe’). It is a common non-GAAP measure used in the oil and gas industry and management believes this measurement assists in evaluating the operating performance of the Company. It is a measure of the economic quality of the Company’s producing assets and is useful for evaluating variable costs as it provides a reliable measure regardless of fluctuations in production. Alvopetro calculated operating netback per boe as operating netback divided by total sales volumes (boe). This calculation is provided in note 3 of the interim condensed consolidated financial statements and in the ‘ Operating Netback ‘ section of the Company’s MD&A using our IFRS measures. The Company’s MD&A may be accessed through the SEDAR+ website at www.sedarplus.ca . Operating netback is a common metric used in the oil and gas industry used to demonstrate profitability from operations on a per boe basis.

Operating netback margin

Operating netback margin is calculated as operating netback per boe divided by the realized sales price per boe. Operating netback margin is a measure of the profitability per boe relative to natural gas, oil and condensate sales revenues per boe and is calculated as follows:

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Operating netback – $ per boe	54.72	64.30	52.74	65.25
Average realized price – $ per boe	63.20	71.97	63.43	74.00
Operating netback margin	87 %	89 %	83 %	88 %

Funds Flow from Operations Per Share

Funds flow from operations per share is a non-GAAP ratio that includes all cash generated from operating activities and is calculated before changes in non-cash working capital, divided by the weighted average shares outstanding for the respective period. For the periods reported in this news release the cash flows from operating activities per share and funds flow from operations per share is as follows:

	Three Months Ended June 30,		Six Months Ended June 30,
$ per share	2025	2024	2025	2024
Per basic share:
Cash flows from operating activities	0.28	0.24	0.52	0.46
Funds flow from operations	0.28	0.21	0.53	0.44

Per diluted share:
Cash flows from operating activities	0.28	0.24	0.51	0.45
Funds flow from operations	0.27	0.21	0.52	0.44

Capital Management Measures

Funds Flow from Operations

Funds flow from operations is a non-GAAP capital management measure that includes all cash generated from operating activities and is calculated before changes in non-cash working capital. The most comparable GAAP measure to funds flow from operations is cash flows from operating activities. Management considers funds flow from operations important as it helps evaluate financial performance and demonstrates the Company’s ability to generate sufficient cash to fund future growth opportunities. Funds flow from operations should not be considered an alternative to, or more meaningful than, cash flows from operating activities however management finds that the impact of working capital items on the cash flows reduces the comparability of the metric from period to period. A reconciliation of funds flow from operations to cash flows from operating activities is as follows:

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Cash flows from operating activities	10,473	8,860	19,290	17,073
Changes in non-cash working capital	(107)	(950)	298	(650)
Funds flow from operations	10,366	7,910	19,588	16,423

Net Working Capital

Net working capital is computed as current assets less current liabilities. Net working capital is a measure of liquidity, is used to evaluate financial resources, and is calculated as follows:

	As at June 30,
	2025	2024
Total current assets	22,915	25,300
Total current liabilities	(16,077)	(10,608)
Net working capital	6,838	14,692

Supplementary Financial Measures

‘ Average realized natural gas price – $/Mcf ‘ is comprised of natural gas sales as determined in accordance with IFRS, divided by the Company’s natural gas sales volumes.

‘ Average realized NGL – condensate price – $/bbl ‘ is comprised of condensate sales as determined in accordance with IFRS, divided by the Company’s NGL sales volumes from condensate.

‘ Average realized oil price – $/bbl ‘ is comprised of oil sales as determined in accordance with IFRS, divided by the Company’s oil sales volumes.

‘ Average realized price – $/boe ‘ is comprised of natural gas, condensate and oil sales as determined in accordance with IFRS, divided by the Company’s total natural gas, NGL and oil sales volumes (barrels of oil equivalent).

‘ Dividends per share ‘ is comprised of dividends declared, as determined in accordance with IFRS, divided by the number of shares outstanding at the dividend record date.

‘ Royalties per boe ‘ is comprised of royalties, as determined in accordance with IFRS, divided by the total natural gas, NGL and oil sales volumes (barrels of oil equivalent).

‘ Production expenses per boe ‘ is comprised of production expenses, as determined in accordance with IFRS, divided by the total natural gas, NGL and oil sales volumes (barrels of oil equivalent).

‘ Transportation expenses per boe ‘ is comprised of transportation expenses, as determined in accordance with IFRS, divided by the total natural gas, NGL and oil sales volumes (barrels of oil equivalent).

BOE Disclosure

The term barrels of oil equivalent (‘boe’) may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet per barrel (6 Mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All boe conversions in this news release are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.

Contracted Natural Gas Volumes

The 2025 contracted daily firm volumes under Alvopetro’s long-term gas sales agreement of 400 e ³ m ³ /d (before any provisions for take or pay allowances) represents contracted volumes based on contract referenced natural gas heating value. Alvopetro’s reported natural gas sales volumes are prior to any adjustments for heating value of Alvopetro natural gas. Alvopetro’s natural gas is approximately 7.8% higher than the contract reference heating value. Therefore, to satisfy the contractual firm deliveries Alvopetro would be required to deliver approximately 371e ³ m ³ /d (13.1MMcfpd).

Well Results

Data obtained from the 183-D4 well identified in this press release, including hydrocarbon shows, cased-hole logging data, and potential net pay should be considered preliminary until testing, detailed analysis and interpretation has been completed. Hydrocarbon shows can be seen during the drilling of a well in numerous circumstances and do not necessarily indicate a commercial discovery or the presence of commercial hydrocarbons in a well. There is no representation by Alvopetro that the data relating to the 183-D4 well contained in this press release is necessarily indicative of long-term performance or ultimate recovery. The reader is cautioned not to unduly rely on such data as such data may not be indicative of future performance of the well or of expected production or operational results for Alvopetro in the future.

Forward-Looking Statements and Cautionary Language

This news release contains forward-looking information within the meaning of applicable securities laws. The use of any of the words ‘will’, ‘expect’, ‘intend’, ‘plan’, ‘may’, ‘believe’, ‘estimate’, ‘forecast’, ‘anticipate’, ‘should’ and other similar words or expressions are intended to identify forward-looking information. Forward‐looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the expectations discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events. Accordingly, when relying on forward-looking statements to make decisions, Alvopetro cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. More particularly and without limitation, this news release contains forward-looking statements concerning the expected natural gas price, gas sales and gas deliveries under Alvopetro’s long-term gas sales agreement, future production and sales volumes, the expected timing of production commencement from certain wells, plans relating to the Company’s operational activities, proposed exploration and development activities and the timing for such activities, capital spending levels, future capital and operating costs, the timing and taxation of dividends and plans for dividends in the future, anticipated timing for upcoming drilling and testing of other wells, and projected financial results. Forward-looking statements are necessarily based upon assumptions and judgments with respect to the future including, but not limited to the success of future drilling, completion, testing, recompletion and development activities and the timing of such activities, the performance of producing wells and reservoirs, well development and operating performance, expectations and assumptions concerning the timing of regulatory licenses and approvals, equipment availability, environmental regulation, including regulations relating to hydraulic fracturing and stimulation, the ability to monetize hydrocarbons discovered, the outlook for commodity markets and ability to access capital markets, foreign exchange rates, the outcome of any disputes, the outcome of redeterminations, general economic and business conditions, forecasted demand for oil and natural gas, the impact of global pandemics, weather and access to drilling locations, the availability and cost of labour and services, and the regulatory and legal environment and other risks associated with oil and gas operations. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Current and forecasted natural gas nominations are subject to change on a daily basis and such changes may be material. In addition, the declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors. Although we believe that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because we can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, reliance on industry partners, availability of equipment and personnel, uncertainty surrounding timing for drilling and completion activities resulting from weather and other factors, changes in applicable regulatory regimes and health, safety and environmental risks), commodity price and foreign exchange rate fluctuations, market uncertainty associated with trade or tariff disputes, and general economic conditions. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Although Alvopetro believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Alvopetro can give no assurance that it will prove to be correct. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on factors that could affect the operations or financial results of Alvopetro are included in our AIF which may be accessed on Alvopetro’s SEDAR+ profile at www.sedarplus.ca . The forward-looking information contained in this news release is made as of the date hereof and Alvopetro undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

www.alvopetro.com
TSX-V: ALV, OTCQX: ALVOF

SOURCE Alvopetro Energy Ltd.

View original content: http://www.newswire.ca/en/releases/archive/August2025/06/c8138.html

News Provided by Canada Newswire via QuoteMedia

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