Laurentian Bank reported a second-quarter loss tied to restructuring and transaction costs, while its residential mortgage portfolio continued to decline as the bank prepares to exit retail and SME banking.
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Laurentian’s mortgage book shrinks as bank advances sale transactions
After Blue Origin rocket explosion, NASA’s entire moon exploration program depends on SpaceX for now
With a record-setting IPO in just a few weeks, SpaceX saw its rival in a contest to put astronauts on the lunar surface go up in flames, reinforcing its dominance in the space race and its primacy in NASA’s plans to go back to the moon.
On Thursday, a New Glenn rocket belonging to Jeff Bezos’ Blue Origin exploded during an engine-firing test at the launch pad in Cape Canaveral, ahead of a satellite launch scheduled for next week.
Blue Origin also planned to use the rocket to launch landers to the moon for NASA, delivering payloads and astronauts to the surface. SpaceX is jockeying to be selected by NASA for the lunar mission too, and may emerge as the only remaining option to meet an ambitious schedule.
The vulnerability highlights the multiple steps—and contractors—a lunar landing would entail. While NASA successfully sent astronauts around the moon last month in a Lockheed Martin Orion capsule launched by Boeing’s massive Space Launch System rocket, landing on the moon’s surface requires a separate spacecraft.
Next year, NASA plans to send astronauts into Earth orbit via the Orion and Space Launch System as part of its Artemis III mission. While in orbit, NASA expected to dock the Orion with either SpaceX’s lunar lander, a variant of the Starship, and/or Blue Origin’s lander, the Blue Moon.
But the New Glenn is supposed to launch the Blue Moon into space, and the rocket is now grounded as the cause of the explosion is investigated. Just days before the explosion, NASA awarded Blue Origin launch contracts, including one this fall for a Blue Moon lander mission to put NASA payloads on the surface.
@JConcilus via AP
“Blue Origin’s inability to launch Blue Moon anytime soon is likely to put the company out of the running for Artemis III,” wrote Wendy Whitman Cobb, a professor at the U.S. Air Force School of Advanced Air and Space Studies, in the Conversation on Friday. “This setback means that Artemis III, and NASA’s entire lunar exploration program, is likely to be dependent on SpaceX for the time being.”
Meanwhile, SpaceX is still developing the Starship. While a next-generation version of the giant rocket completed a test flight this month that was largely successful, more work needs to be done to produce a lunar-lander variant.
Whitman Cobb warned that if SpaceX can’t get Starship ready in time, then NASA may need to delay the Artemis III orbital-docking test by a year to 2028—meaning the Artemis IV mission to put astronauts on the moon will miss its 2028 timeline.
Further delays could also open the door again to Blue Origin, if it can get the New Glenn back on track soon and test out its lunar lander.
But a mishap highlighting NASA’s reliance on SpaceX could not come at a better time for CEO Elon Musk, whose company is expected to go public on June 12 in what will likely be the largest IPO ever. SpaceX is seeking to raise up to $75 billion at a valuation of $1.75 trillion or more.
Since its founding in 2002, SpaceX has taken over the market. It claimed more than 80% of global rocket launches last year and has over 10,000 Starlink satellites in orbit, providing space-based internet connections to businesses and militaries.
In addition to serving NASA, SpaceX is a top launch provider for the Pentagon, which is also looking to the company to help develop President Donald Trump’s “Golden Dome” missile-defense shield.
“It’s a truly unique business with the deepest moat that exists today,” an investor told the Financial Times recently.
Starlink is SpaceX’s cash cow as the satellite business more than doubled its profit last year to $4.4 billion. Blue Origin has plans to compete in that arena as well by building out its constellation of Leo satellites. But the New Glenn explosion, which also damaged Blue Origin’s launchpad, has set that back as well.
Walter Isaacson, an author and an advisory partner at Perella Weinberg, pointed out that the New Glenn accident not only puts Blue Origin behind SpaceX in the lunar mission but further behind its rival in the satellite business.
“SpaceX is way ahead, and the loss of this launchpad on during this test means that it’s going to be harder for Blue Origin to catch up in the next two or three years with low-Earth-orbit communication satellites,” he told CNBC on Friday.
NASA
₹1Cr from Compounding
1Cr is an important milestone, and it’s usually the hardest. But good news is, the next steps are easy.
source
Lincoln’s Blueprint for Ethical AI
In his First Annual Message delivered to Congress on December 3, 1861, Lincoln declared, “labor is prior to and independent of capital,” adding that capital is only the “fruit of labor”.8 In this speech, where he uses the word “labor” thirty-one times, Lincoln argues for maintaining a moral foundation for business operations in which human labor, creativity, and dignity are the dominant factors over capital, profits, and efficiency.
That perspective resonates amid modern debates over AI and automation. While some business leaders predict widespread job displacement, Lincoln viewed labor as central to human purpose and self-worth. Innovation, in his view, should expand opportunity rather than reduce people to expendable inputs. Rather than viewing labor as merely a means to an end whose sole purpose is the generation of financial profit, Lincoln considered labor an essential element in defining one’s purpose in life, a core foundation of one’s own human dignity. 9
In today’s AI paradigm, Lincoln’s message remains as relevant as ever. Some of the nation’s most prominent business leaders predict that AI will eventually eliminate all human work10 and the largest corporations plan to invest in automation at the expense of human labor and welfare.11 A recent report suggests algorithmic scheduling systems in retail and logistics tend to prioritize speed and profit at the expense of employee stability and well-being.12
By contrast, AI-powered education platforms that allow workers to retrain and advance into roles with higher skills echo Lincoln’s belief that labor should be elevated rather than replaced.13 Lincoln’s belief that innovation should elevate rather than replace human work suggests he would support that latter and reject the former— used solely to maximize profits by displacing labor.
You’ve Been Thinking About ‘Impossible’ All Wrong
The biggest barrier to breakthroughs is usually what you assume is true.
Chick-fil-A Bringing Back Cow Appreciation Day with Free Food
Chick-fil-A Cow Appreciation Day
Chick-fil-A is bringing back its popular Cow Appreciation Day on July 14, 2026. Customers who visit participating locations dressed in cow-themed attire can score a free entrée, reviving one of the chain’s most beloved promotions.
The event originally launched in 2005 and became famous for rewarding guests who showed up in everything from full cow costumes to simple cow-print outfits. Chick-fil-A confirmed the return as part of its 80th anniversary celebration.
Offer Details
Bring your whole herd in-restaurant on July 14 from 7:00 a.m. to 7:00 p.m. to help celebrate Cow Appreciation Day®. Every customer who dresses like a cow can receive one free entrée from the following list, subject to availability:
- Breakfast: Chick-fil-A® Chicken Biscuit (Original) or 4-count Chick-n-Minis®.
- Lunch/Dinner: Chick-fil-A® Chicken Sandwich (Original or Spicy); 8-count Nuggets (Original or Grilled); or 3-count Chick-n-Strips.
- Kids: A 5-count Nuggets Kids’ Meal (Original or Grilled), which includes a side, drink, and premium.
Guru’s Wrap-up
Time to dig that cow costume out of the closet, or something way simpler should work as well. Mark your calendars!
Looking to Start Making Passive Income? Buy These 3 High-Yield Dividend Stocks First.
Investing in dividend stocks is one of the simplest ways to generate passive income. Many companies pay dividends, with several offering attractive yields. However, not every high-yielding dividend stock will provide a sustainable passive income stream.
Here are three high-yielding dividend stocks ideal for those looking to start generating passive income. They have an excellent record of paying a growing dividend, which should continue.
Image source: Getty Images.
Brookfield Infrastructure
Brookfield Infrastructure (BIPC 0.25%)(BIP 0.17%) operates a globally diversified portfolio of critical infrastructure assets. It focuses on owning assets in the utilities, transport, midstream, and data sectors secured by long-term contracts and government-regulated rate structures. Those frameworks provide it with stable, durable cash flows.
The infrastructure company currently yields over 4%, several times higher than the S&P 500‘s 1.1% dividend yield. Brookfield Infrastructure has increased its dividend in each of its 17 years as a public company, growing the payout at a 9% compound annual rate. The company aims to increase its dividend at a 5% to 9% annual rate over the long term.
Today’s Change
(-0.42%) $-0.20
Current Price
$47.81
Key Data Points
Market Cap
$200B
Day’s Range
$47.34 – $48.16
52wk Range
$38.39 – $51.68
Volume
40.4M
Avg Vol
24.8M
Gross Margin
45.50%
Dividend Yield
5.78%
It’s in a strong position to achieve that goal. Brookfield Infrastructure estimates that its organic growth drivers, which include inflation-indexed rate increases, volume growth as the global economy expands, and expansion projects, will deliver 6% to 9% annual growth in funds from operations (FFO) per share. Meanwhile, acquisitions should push its long-term FFO growth rate above 10% annualized.
Realty Income
Realty Income (O 0.20%) is one of the world’s largest real estate investment trusts (REITs). The company owns a diversified portfolio of more than 15,500 retail, industrial, gaming, and other properties across the U.S. and Europe. It invests in properties secured by long-term net leases with many of the world’s leading companies. Those leases supply it with very stable rental income.
The REIT pays a monthly dividend that currently yields more than 5%. Realty Income has increased its dividend 134 times since its public market listing in 1994, growing it at a 4.2% compound annual rate. It has raised its payment for 114 consecutive quarters and 31 straight years.
Today’s Change
(-0.20%) $-0.12
Current Price
$61.30
Key Data Points
Market Cap
$57B
Day’s Range
$60.62 – $61.57
52wk Range
$55.52 – $67.94
Volume
268.1K
Avg Vol
5.9M
Gross Margin
50.46%
Dividend Yield
5.72%
Realty Income is in a strong position to continue increasing its dividend. It has a conservative dividend payout ratio, fortress balance sheet, and a growing list of strategic partners, giving it ample financial capacity to continue expanding its portfolio. Meanwhile, the REIT sees a $14 trillion total addressable market, giving it a very long growth runway.
Verizon
Verizon (VZ 0.42%) is a leading mobile and broadband provider. The company generates recurring revenue by delivering these vital services to customers.
The telecom giant currently offers a dividend yielding nearly 6%. Verizon has raised its payment for 19 consecutive years.
Today’s Change
(-0.42%) $-0.20
Current Price
$47.81
Key Data Points
Market Cap
$200B
Day’s Range
$47.34 – $48.16
52wk Range
$38.39 – $51.68
Volume
40.4M
Avg Vol
24.8M
Gross Margin
45.50%
Dividend Yield
5.78%
Verizon’s dividend costs it about $11.6 billion annually. It generates plenty of cash to cover that payout. The telecom giant is on track to produce at least $21.5 billion in free cash flow this year, after funding capital expenditures of up to $16.5 billion to maintain and expand its networks. That’s a 7% increase from last year. Verizon uses its surplus cash to maintain its balance sheet strength and repurchase shares (at least $3 billion planned for 2026). The company’s growing free cash flow should support continued dividend increases.
Core income holdings
Brookfield Infrastructure, Realty Income, and Verizon are ideal dividend stocks to buy for passive income. They generate very stable cash flow to support their high-yielding dividends and continued growth. Their combination of stable cash flows, higher-yielding dividends, growth track records, and financial strength makes them some of the first dividend stocks to buy if you’re seeking to start generating some passive income.
Xactus turns a rival’s tool into its own fintech bet
Xactus bought a platform used by its competitors and turned it into a new subsidiary and company leaders say the deal is less about market share than where fintech is heading.
Processing Content
The purchase of Mortgage Credit Link, the web-based order fulfillment platform serving consumer reporting agencies, by Xactus’ parent company brought with it a range of questions among the former’s staff and customers, some of whom are direct competitors.
“They want to see the roadmap; that was the question I got the most,” said Xactus President Shelley Leonard, referring to longtime MCL clients. “My canned response was, ‘I don’t know yet. I need you to help me figure that out.'”
With the acquisition, Xactus rebranded the former MeridianLink unit to XedaLink, transitioning thirteen of the employees to the new subsidiary. While Xactus provides a range of mortgage-related services, its dual role as a consumer reporting agency and a software technology firm able to provide the same type of data as MCL had now means some CRA competitors and resellers have become customers, albeit on a different tool.
“We understand that they could be concerned. We are confident in our ability to serve them as customers, while continuing to operate Xactus as a competing business separate and distinct from XedaLink, which is why we renamed it,” Leonard said.
The consumer reporting agency community is tight-knit, with many long-standing relationships that go back decades, which meant Xactus had to make its intent clear from the start, she continued.
“What I heard repeatedly is ‘I appreciate the approach. We understand the approach. It’s going to take time for us to trust the approach.’ Which is fair,” she added.
Among XedaLink’s first priorities is to assure customers a smooth transition, with no changes planned for existing agreements. Xactus plans for XedaLink to operate as a separate standalone subsidiary, with guardrails in place to wall off its customers’ data from the Xactus platform, a
“Our number one goal is to work towards no disruption. As a part of the acquisition, those contracts were assigned to this new entity, so we don’t anticipate there being any heavy lift,” Leonard said.
Financial terms of the agreement were not disclosed, and no regulatory or antitrust reviews were required.
Leonard also pointed to Xactus’
“We’ve been very successful in keeping it separate and distinct and walled off to ensure confidentiality with those clients and their data.”
XedaLink serving bigger technology goals
With technology a key incentive for many
Xactus understood what the MCL platform offered as a prior user before it eventually moved all of its business onto its own proprietary software.
“Xactus has over the last five years really moved from what I would have defined as a technology-enabled services business to a true fintech. This acquisition is more aligned to our fintech strategy, if you think about it that way, than maybe our historical verification strategy.”
As its tenth merger deal, the XedaLink addition represented a “pure technology acquisition” in an adjacent space to its core business and offers clues to where Xactus sees financial services heading.
“You could expect Xactus to continue to be acquisitive, not as much focused on market-share acquisitions, but more on technology and capability,” Leonard said.
I worked with Steve Jobs at Apple, where every OS update killed startups. AI founders are about to face the same thing
Apple famously rendered scores of startups and third-party tools obsolete with nearly every OS update since the mid-2000s. “Sherlocking” regularly kicked promising companies to the curb by effectively erasing their reason to exist — in many cases, by delivering nearly identical features and functionality.
I saw it firsthand when I worked on the iPhone, iPod, and iPad under Steve Jobs. Every product launch and OS upgrade generated excitement for users and existential fear for founders. Founding teams spent years building capabilities that Apple could absorb into the operating system overnight. Life’s work became dead on arrival.
Sherlocked, but Not Forgotten
There are several companies that folded worth mentioning, but here are three that stand out to me:
Tile kept pace with AirTag for a while because even though Apple made a slightly nicer tracker, Tile had years of market leadership, retail distribution, meaningful hardware revenue, and a defensible head start. But the balance did eventually tip toward Apple when they launched AirTag with deep integration into the Find My network and the U1 chip. Suddenly, Tile no longer had access to the same system-level advantages. It lost access to the oxygen that mattered: defaults, permissions, hardware integration, and distribution. The company was eventually acquired by Life360 in 2021 for approximately $205 million — a fraction of its peak valuation.
Pebble invented the modern smartwatch category years before the Apple Watch hit shelves. The company built a passionate developer ecosystem and sold millions of devices. But Apple reserved the deepest iPhone integrations — notifications, payments, health data, system hooks — for itself. Pebble wasn’t outcompeted feature-by-feature. It was boxed out structurally.
Even f.lux, which pioneered blue-light reduction software to help us sleep better at night, learned the same lesson. Apple initially rejected its iOS implementation for using private APIs. It wasn’t until Apple launched Night Shift directly inside iOS itself that f.lux experienced existential competition.
Other tech giants, like Google with search and Microsoft with Office, also shuttered numerous companies with authority and efficiency. But they weren’t destroying startups simply because they built better products. They entered the market with viable alternatives, consistently improved those products, and then maintained control over the platforms.
The key thing for founders facing similarly harrowing dynamics to remember: when a platform decides to compete, it’s impossible to win with price alone. Survival requires understanding how platforms collapse distribution, bundle features into defaults, and remove the dependencies third parties rely on.
Survived, Thrived, and Still Alive
Recent history also provides examples of companies that survived platform attacks by evolving beyond standalone consumer features.
Dropbox should have disappeared the moment Apple and Google bundled cloud storage directly into their operating systems. Instead, it became a multi-billion-dollar enterprise software company because it expanded beyond consumer sync into collaboration, team workflows, e-signatures, and cross-platform infrastructure.
Spotify survived Apple Music despite Apple owning the operating system, the App Store, the hardware ecosystem, and the distribution advantage. In addition to investing in brand and artist partnerships, Spotify built network effects around playlists, discovery, creators, podcasts, and social behavior that could not simply be copied into existence overnight. Its value came from the ecosystem surrounding the platform, not merely the app itself.
1Password faced extinction once Apple and Google bundled password management directly into their platforms for free. Instead of competing feature-for-feature at the consumer layer, it moved upmarket into enterprise identity management, developer tooling, secrets infrastructure, and organizational workflows. The consumer feature became the wedge. The enterprise system became the business.
As we saw with Dropbox and 1Password in the last cycle, offerings from smaller companies that deeply integrate with customer architecture and offer tailored features can become the wedge in enterprise AI.
AI Is Firmly in Its Sherlocking Era. Be Aware.
Every new Claude release, ChatGPT capability expansion, or workflow agent launch creates excitement among users and customers. It should also unsettle founders.
Products historically most vulnerable to Sherlocking shared a common trait: they were single-purpose features built on platforms they did not own — small enough to bundle, and lacking network effects, alternative distribution, or deep operational integration.
AI-native companies need to operate as more than model wrappers or generalized copilots. To compete with foundation models in any given vertical, startups must become operationally embedded inside enterprises, law firms, financial institutions, and medical facilities.
The best enterprise AI companies will integrate deeply into internal operations spanning approvals, compliance systems, procurement flows, analytics pipelines, reporting structures, and institutional knowledge. Once that happens, ripping them out becomes painful.
This matters because the frontier labs are optimized for horizontal scale, not deep operational integration. OpenAI, Anthropic, and Google can build extraordinary foundation models. But they cannot realistically provide white-glove implementation and workflow redesign for every logistics provider, hospital system, insurer, law firm, or manufacturer in the world.
That asymmetry creates enormous opportunities for startups facing fight-or-flight moments. Margins and automation capture attention and investment. But customer integration and high-touch service make up the moat.
A Parting Word to My Fellow Founders
The next generation of great AI companies can’t beat hyperscalers and tech giants with endless budgets on price. They definitely can’t win by competing head-on with OpenAI or Anthropic on generalized intelligence. However, it’s possible to thrive — and grow — if you can accomplish what giant platforms historically struggle to do: become indispensable to the operation of a customer’s business.
We’re in the early days of AI-for-everything. As in previous cycles, scores of young companies will be Sherlocked. The model I’ve used to build and scale Nest and now Mill — going deep on vertical integration — works. Founders interested in longevity should build and forward-deploy teams vertically around specific offerings or products. Hardware, software, and product design should all work on something together. The hyperscalers are delivering world-class innovation on a nearly daily basis. But they’re also clunky and siloed. If you want to survive and grow in the face of fierce competition, make sure you never join that group.
The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.
