The Chase Sapphire Preferred card offers a 10% anniversary points bonus. Each account anniversary year, you’ll earn bonus points that equal 10% of your total spend in points from purchases made with your credit card during the previous account anniversary year at a rate of 1 point for each $1 spent.
This bonus is just based on the total spend for the anniversary year, and not the points you have earned during those 12 months. So if you spend $50,000, you will receive an anniversary bonus of 5,000 points.
It’s just an extra 0.1X on all your spend so it’s not a huge bonus. But it’s apparently big enough for Chase to take it away. Some Chase Sapphire Preferred cardholders are now seeing the following message in their app:
“The Anniversary Bonus is retiring. You will continue to earn 10% of your spend through 10/1/26.”
This is showing under Rewards Activity, but I don’t see it in my account. Maybe they jumped the gun on publishing it, and they removed it. Or maybe it’s only showing for some people.
Update: I reached out to Chase for comment and they said the following via email:
“This update appeared early in our app. The benefit will be discontinued as we regularly evaluate and update our benefits based on cardmember feedback and what benefits resonate most. We look forward to sharing additional updates to the Sapphire Preferred card in the near term.”
Shares of digital advertising specialist The Trade Desk(TTD 2.15%) tumbled on Friday morning after the company reported its first-quarter results late Thursday. The sell-off added to what has already been a brutal stretch for the growth stock, which is now down more than 40% year to date.
So is the steep pullback finally a chance to get into a name once viewed as a high-quality way to play the shift of advertising dollars to the open internet? Or is the stock’s recent beating justified?
Despite the stock’s meaningful decline this year, I’ll be staying on the sidelines — at least for now.
Image source: Getty Images.
A growth story losing steam
The Trade Desk’s first-quarter report wasn’t necessarily bad. The ad-tech company posted revenue of $689 million during the period, up 12% year over year, living up to the company’s guidance for revenue of “at least” $678 million. Additionally, customer retention remained above 95%, as it has for over a decade. And free cash flow stayed healthy, at $276 million — 40% of revenue.
But when viewed in the context of the type of growth the Trade Desk shareholders are accustomed to, it’s pretty disappointing.
Revenue grew 25% in the first quarter of 2025. By the fourth quarter, the growth rate had slipped to 14%. The first-quarter 2026 figure of 12% marks yet another step lower. And profitability went the wrong way, too. Non-GAAP (adjusted) earnings per share fell to $0.28 from $0.33 a year earlier, with adjusted EBITDA margins compressing meaningfully versus the year-ago period.
This is the kind of trend that should give investors pause. After all, even at much lower stock prices, investors are still paying for growth, given the stock’s valuation. Shares trade at a price-to-earnings ratio of 26.
Today’s Change
(-2.15%) $-0.51
Current Price
$22.98
Key Data Points
Market Cap
$11B
Day’s Range
$20.75 – $22.98
52wk Range
$19.74 – $91.45
Volume
2.1M
Avg Vol
20M
Gross Margin
78.63%
A tough macroeconomic backdrop and weak guidance
But here’s my main concern.
During The Trade Desk’s first-quarter earnings call, CEO Jeff Green indicated that the current macroeconomic environment is weighing on its business.
“The macro environment has certainly become more complex in 2026,” Green said. “Geopolitical tensions have increased. All advertisers and agencies are navigating a rapidly evolving landscape. Global economic pressures, wars, and tariffs have created an environment that is harder for some brands and some brand categories to grow.”
That backdrop helps frame management’s softer outlook for the second quarter.
The Trade Desk guided for second-quarter revenue of at least $750 million — an outlook implying year-over-year growth of just about 8%. This would be yet another notable step down from the 12% growth posted in Q1.
During the earnings call, management cited the macroeconomic environment as one of the factors behind the company’s lower growth rates in 2026. But here’s the issue. There’s no guarantee that the global economy will improve anytime soon, and you can’t rule out things getting worse before they get better. Tariff policies remain unsettled, and geopolitical tensions could take years to ease. Further, new economic issues could arise.
Sure, The Trade Desk’s stock isn’t priced like it was a year ago. Shares are down sharply from their 52-week high of $91.45, and the stock’s forward price-to-earnings ratio has compressed substantially to just 19. But cheaper isn’t the same as cheap enough — not when revenue growth has dropped from the mid-20s to low double digits and is staring down a backdrop that may take a while to improve (or could even get worse).
I’d rather put my money to work in a business growing at strong rates relative to its valuation — one that doesn’t need a meaningful improvement in the macro environment to deliver. Until The Trade Desk’s growth shows signs of reaccelerating, or the stock comes down even further to compensate for these risks, I’m comfortable watching from the sidelines.
First American Title Insurance Co. is suing a former agent to recover sums owed after her firm erroneously wired funds, claiming she changed her business’ name to evade more than $600,000 in penalties.
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In a lawsuit filed in Eastern District Court of New York, First American accused Patricia Stein-Oliva, principal of Consumer Direct Title Agency, of rebranding to its current name in an effort to avoid likely future financial obligations, just as judges were determining an appropriate penalty after ruling against her in an earlier civil suit.
Stein-Oliva formerly owned and headed Long Island, New York-based Liberty National Title Agency, which entered into an agreement to become a policy issuer for First American in 2012. In the current lawsuit, Liberty, two Consumer Direct entities in New York and Florida and Stein-Oliva are all listed as defendants.
“This action seeks to unwind that fraudulent scheme and to hold each defendant – each a mere alter ego of Liberty – jointly responsible,” First American attorneys wrote, referring to the lawsuit.
“Defendants have abused the corporate form to insulate Liberty and its principal from satisfying the judgment they indisputably owe.”
The sequence of events
In a June 2020 New York residential transaction where Liberty was assigned as closing and settlement agent, the firm received a faxed statement indicating a mortgage held by the Department of Housing and Urban Development had been paid off. Instructions directed Liberty to wire payoff funds to a Comerica Bank account belonging to FF Operations.
Despite public HUD and servicer policies stating wire funds were not acceptable for payoffs, Liberty sent more than $371,000 held in client escrow to what turned out to be a fraudulent account, failing to confirm the validity of the instructions with any of the transaction’s other associated parties, attorneys wrote. Non-verification constituted a violation of Liberty’s agreement and underwriting requirements with First American.
The Southern California-based title company was eventually forced to cover the full amount fraudulently wired to comply with terms of its insurance policy after Stein-Oliva refused to pay from her own business funds, despite terms of their contract.
A civil suit lodged by the title company two years later eventually led to a court decision in 2024 in favor of First American. The judge’s ruling found Stein-Oliva’s company liable for $611,070, a total that included compensatory damages and related legal fees.
Upon collection attempt, Stein-Oliva declared under oath that Liberty ceased operations in December 2024 and no longer owned any assets.
“Investigation into Liberty’s activities revealed that it had in fact not ceased operations, as Stein‑Oliva had falsely affirmed, and had instead simply changed its name to avoid satisfaction of the judgment,” First American’s lawyers stated in the legal filing.
Further investigation uncovered that in August 2024 — while determination of the amount of monetary damages owed was underway — Stein-Oliva had formed Consumer Direct Title Agency in New York. Findings also showed Liberty continued operating under its own name as a foreign corporation in Florida.
In January 2025, immediately after financial damages were awarded, Liberty withdrew from Florida, replaced by a newly incorporated Consumer Direct Title Agency, with Stein-Oliva listed as president. Headquarters of the new title firm corresponded to its New York counterpart, with the address of both at the same Melville, New York location previously belonging to Liberty.
“Stein‑Oliva — the sole principal of both Liberty and the Consumer Direct entities — exercised exclusive dominion and control over each entity, orchestrated the restructuring and rebranding of the business, and deployed the Consumer Direct entities as a mere continuation and alter ego of Liberty to evade satisfaction of the judgment,” the lawsuit claimed.
With those findings, First American was able to garnish over $90,000 of the amount owed still held in a Liberty bank account.
The lawsuit also pointed to Stein-Oliva’s public acknowledgements that Consumer Direct was “formerly Liberty National Title” on various social media channels and in marketing materials, where she referred to the new name as a “rebrand.”
With the marketing claiming a direct link to Liberty and continuity of leadership, First American characterized that the rebrand to Consumer Direct entities effectively qualified as a “de facto” merger, which would make them responsible for assuming Liberty’s legal obligations
“This sequencing and continuity were undertaken for the purpose of hindering, delaying or avoiding enforcement of Liberty’s judgment obligations while continuing the same title insurance business under a different name and corporate form,” attorneys alleged.
Consumer Direct did not respond to an emailed request for comment regarding the allegations. A representative from First American said the company could not publicly comment on active litigation.
Along with the remaining compensation owed in connection with the 2020 fraudulent wire and initial penalty judgement, First American is requesting courts to impose a constructive trust or lien over assets belonging to Consumer Direct and order an accounting of all its assets, revenues and business activity. It is also asking for “further legal, equitable, and declaratory relief as the court deems just and proper” and imposition of measures to prevent Stein-Oliva from transferring or concealing existing assets of her business.
Private equity benchmarking is shifting toward greater transparency, attribution, and analytical rigor. The Department of Labor’s recent guidance reinforces the importance of meaningful benchmarks in fiduciary evaluation, but the momentum extends beyond regulatory compliance.
Investors increasingly expect to understand what a benchmark includes, what it excludes, and which assumptions materially influence its results. The standard is shifting from trusting the number to understanding its construction. Dispersion, attribution, and transparency are becoming core features rather than optional enhancements.
This evolution does not eliminate tradeoffs. Highly standardized benchmarks remain valuable for broad comparability, but they often obscure the drivers of performance. More granular, transaction-informed approaches offer deeper insight into exposures and risks, but they require stronger data foundations and greater analytical judgment.
The challenge ahead is not to produce more benchmarks, but to develop frameworks that make private market performance interpretable, comparable, and decision relevant. As private assets compete more directly for capital within diversified portfolios, clarity is no longer a luxury. It is a necessity.
Disclosure: HarbourVest Partners, LLC (“HarbourVest”) is a registered investment adviser under the Investment Advisers Act of 1940. This material is solely for informational purposes; the information should not be viewed as a current or past recommendation or an offer to sell or the solicitation to buy securities or adopt any investment strategy. In addition, the information contained in this document (i) may not be relied upon by any current or prospective investor and (ii) has not been prepared for marketing purposes. In all cases, interested parties should conduct their own investigation and analysis of any information set forth herein and consult with their own advisors. HarbourVest has not acted in any investment advisory, brokerage or similar capacity by virtue of supplying this information. The opinions expressed herein represent the current, good faith views of the author(s) at the time of publication, are not definitive investment advice, and should not be relied upon as such. This material has been developed internally and/or obtained from sources believed to be reliable; however, HarbourVest does not guarantee the accuracy, adequacy or completeness of such information. The information is subject to change without notice and HarbourVest has no obligation to update you. There is no assurance that any events or projections will occur, and outcomes may be significantly different than the opinions shown here. This information, including any projections concerning financial market performance, is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. The information contained herein must be kept strictly confidential and may not be reproduced or redistributed in any format without the express written approval of HarbourVest.
Welcome to Music Business Worldwide’s Weekly Round-up – where we make sure you caught the five biggest stories to hit our headlines over the past seven days. MBW’s Round-up is exclusively supported by BMI, a global leader in performing rights management, dedicated to supporting songwriters, composers and publishers and championing the value of music.
This week, Warner Music Group posted calendar Q1 revenues of $1.73 billion, up 12.1% YoY at constant currency, with subscription streaming revenues rising 12.7% YoY.
Meanwhile, Sony‘s combined revenues from recorded music and music publishing topped $3 billion for a second consecutive quarter in calendar Q1 (January–March), generating an estimated $3.03 billion in the period.
Elsewhere, YouTube rolled out a new tool letting creators replace copyrighted audio with AI-generated instrumentals, allowing them to resolve Content ID claims without pulling videos.
Also this week, Bloomberg reported that Sony Music Group is in advanced talks to buy Blackstone’s Recognition Music Group for up to $4 billion.
Plus, Tencent Music Entertainment said in its ESG report that it took down more than 250,000 policy-violating songs and reviewed over 600,000 cases involving “high-risk copyright content” across its platforms in 2025.
Here are some of the biggest headlines from the past few days…
1. WARNER MUSIC GROUP GENERATED $1.73B IN CALENDAR Q1 2026; SUBSCRIPTION STREAMING REVENUES ROSE 12.7% YOY
Warner Music Group has issued its financial results for the three months ended March 31, 2026 (calendar Q1 – the company’s fiscal Q2).
According to the company’s fiscal Q2 (calendar Q1) results, published on Thursday (May 7), WMG saw its quarterly global company-wide revenues reach USD $1.732 billion (across recorded music, music publishing, and other activities).
Total revenue was up 12.1% YoY at constant currency.
Other highlights from the quarter include recorded music revenues up 12.7% YoY at constant currency to $1.38 billion, and recorded music subscription streaming revenues up 12.7% YoY at constant currency to $734 million.
“Our Q2 results demonstrate the powerful combination of creative and operational success, as well as financial discipline, providing clear evidence that our strategic transformation is working,” said Warner Music Group CEO Robert Kyncl in a note to investors on Thursday (May 7)… (MBW)
2. SONY GENERATED $3.03BN FROM RECORDED MUSIC AND PUBLISHING IN CALENDAR Q1 2026, UP 19.5% YOY
Sony‘s combined revenues from recorded music and music publishing topped USD $3 billion for a second consecutive quarter in calendar Q1 2026 (January–March), generating an estimated $3.03 billion in the period.
That’s according to MBW‘s calculations based on Sony Group Corp‘s calendar Q1 2026 (fiscal Q4, FY2025) results, as announced by the Japanese conglomerate on Friday (May 8).
The calendar Q1 2026 quarter also marks the end of Sony‘s fiscal year (which runs April 2025 to March 2026), meaning full-year figures are also available for the first time.
The $3.03 billion quarterly combined total was up 19.5% YoY at US dollar-converted consistent currency, compared to $2.54 billion in calendar Q1 2025.
That means Sony‘s recorded music and publishing operations generated approximately $495 million more in calendar Q1 2026 than in the prior-year quarter… (MBW)
3. YOUTUBE CREATORS HIT BY MUSIC COPYRIGHT CLAIMS CAN NOW REPLACE TRACKS WITH AI – AT THE TOUCH OF A BUTTON
YouTube is now letting creators generate AI-produced instrumental tracks to replace copyrighted audio in their videos — positioning the tool as a way to resolve Content ID claims without removing content from the platform.
The update, announced via YouTube‘s Creator Insider channel on Friday (May 1), adds a new “Create” button to the existing “Replace Song” tool in YouTube Studio on desktop.
Rene Ritchie, presenting the update on YouTube’s Creator Insider channel, said: “The Replace Song tool in YouTube Studio Desktop will now include a new Create button. Hit it and YouTube will generate four royalty-free instrumental tracks that you can use to replace copyrighted audio in your videos and release Content ID claims.”
The feature is currently limited to US desktop users of YouTube Studio.
A global launch and rollout to Studio mobile are planned for later this year, according to Ritchie… (MBW)
4. TENCENT MUSIC TOOK DOWN OVER 250,000 SONGS AND REVIEWED 600,000+ ‘HIGH-RISK’ COPYRIGHT CASES IN 2025 AMID ‘EMERGING AI RISKS’
Tencent Music Entertainment, China’s largest music streaming service provider, says it took down more than 250,000 policy-violating songs and reviewed over 600,000 cases involving “high-risk copyright content” across its platforms in 2025.
The figures come as TME said it bolstered compliance and risk management across key areas in 2025, including copyright licensing, emerging AI risks, and its overseas business expansion.
The figures were disclosed in TME‘s 2025 Environmental, Social and Governance (ESG) Report, published in April.
The 250,000-plus songs removed from platforms including QQ Music were identified through a combination of AI-powered detection tools and manual inspection as posing “reputational risks” or violating platform content policies.
Separately, TME said it took down over 27,000 songs specifically involved in what it categorizes as “song theft,” “song laundering,” and “trend hijacking” — three distinct forms of so-called “gray-market” manipulation that the company says are “becoming increasingly covert and complex.”… (MBW)
5. SONY IN ADVANCED TALKS TO BUY BLACKSTONE’S RECOGNITION MUSIC FOR UP TO $4B, REPORTS BLOOMBERG
Sony Music Group is closing in on a deal to buy Blackstone‘s Recognition Music Group, whose catalog is home to songs from Justin Bieber, Neil Young, and others.
That’s according to Bloomberg, which reported on Wednesday (May 6) that Sony is in exclusive negotiations with the private equity giant in what it described as “one of the largest such deals in music history”.
The acquisition would be made through Sony‘s music rights-buying joint venture with Singapore sovereign wealth fund GIC, which would pay between $3.5 billion and $4 billion, the news outlet reported, citing people familiar with the matter.
Bloomberg‘s report follows a Billboard story from May 1 that reported Sony was negotiating a deal for Recognition‘s assets.
Sony and Blackstone are pushing to finalize the agreement inside the next seven days, the report said, though Bloomberg cautioned that the talks could yet collapse… (MBW)
Partner message: MBW’s Weekly Round-up is supported by BMI, the global leader in performing rights management, dedicated to supporting songwriters, composers and publishers and championing the value of music. Find out more about BMIhere. Music Business Worldwide
The war in Iran has done what once seemed impossible: forced Americans to rethink the idea of driving everywhere.
The conflict in the Middle East itself might be teetering on a tentative ceasefire, but higher gasoline prices are likely here to stay. The average price for a gallon of regular gasoline on Friday was $4.54, according to AAA, up from around $3 before the war, and the most expensive gas has been since the Ukraine War’s early days in mid-2022.
Americans are responding to higher gasoline prices the only way they realistically can: by changing behavior and trimming budgets. In some cases, they are quietly giving up on the idea that this summer will look anything like the last one, according to a poll released last week by Ipsos, the Washington Post, and ABC News.
The poll surveyed more than 2,500 American adults at the end of April, asking how many had taken specific actions due to higher gasoline prices. It found 44% of adults say they have cut back on driving, 34% have tweaked their travel or vacation plans, and 42% have cut other household expenses in order to afford their gas.
While the rise in U.S. gasoline prices might still pale in comparison to the marginal increases drivers in Europe and Asia are paying for, expensive gas in the U.S. hits particularly hard. Americans, on average, drive more than 13,000 miles a year, and a vast majority rely on their vehicle to get to work, as well as accomplish many other chores. With fewer public transportation alternatives than in other developed nations, many Americans are stuck with either paying more at the pump or figuring out ways to drive less.
Getting creative with transport
Some drivers are trying to combine multiple chores into one trip, or cut back on driving that isn’t work-related altogether. One April poll from car shopping platform AmericanMuscle found 12% of Americans are working remotely more often to save on gas costs, with a small number also saying they are looking for a new job closer to where they live. Some frugal operators are even trying to game their local fill-up station’s rewards program in their bid to save.
Where available, people are taking to public transportation, with commuter lines like Amtrak and Florida’s Brightline recently reporting rising ridership compared to a year ago. And if trains and buses aren’t an option, fear not. Veo, an e-bike provider, reported in March 68% of its riders had opted for an electric scooter or bike trip instead of driving themselves due to gas prices.
Gas prices deal a psychological toll. Not only is gas one of the most commonplace expenses most Americans have, but consumers are constantly reminded of how far we’ve come every time they pass in front of a gas station and its brightly lit neon sign advertising the latest fees. More than half of American drivers say they have to change their behavior if gas prices exceed $4 a gallon, according to a March AAA survey, a share that rises the more expensive gas gets.
The burden is especially sharp for lower-income households. Rising gasoline prices are hitting Americans with lower disposable incomes because transportation takes up a larger share of their budgets, and because they have fewer alternatives when fuel costs rise, according to research published this week by the New York Federal Reserve. Wealthier drivers are also spending more, but the costs aren’t high enough to spark changes in behavior, the researchers found, while lower-income consumers are forced to cut back on their usage or find other places to budget.
A clear signal
Around the world, pressure at the pump is forcing more consumers and governments to consider all proposals. In the U.K., a think tank advised a series of measures this week, including one to lower speed limits, which has been shown to decrease fuel usage. Pretty much everywhere, although particularly in southeast Asia, drivers are rushing to ditch their gasoline-powered vehicles for electric cars.
Americans are yet to be fully sold on electrifying their personal transport, however. The recent Ipsos poll found only 15% of U.S. drivers say they are considering purchasing an EV due to gas prices.
That might also change if prices stay elevated for much longer, something most consumers and analysts both predict. The recent polling found 50% of Americans expect gasoline costs to get worse over the next year, while projections from the Department of Energy also don’t have prices normalizing until 2027.
The frustration is not only economic, but political. Several polls have shown a majority of voters blaming President Donald Trump for the rise in gas prices, underscoring how quickly fuel costs become a proxy for broader anger about the direction of the economy. On Friday, a widely cited survey from the University of Michigan found consumer sentiment now languishes at a record low, largely due to concerns over gas prices.
Gasoline has long had a special place in the American psyche because it is visible, frequent, and hard to avoid. In a country built around the car, it can be one of the loudest signals of a discontented consumer.
The company said the shift drove double-digit improvements in conversion and contributed an incremental $1 billion in closed loan volume per month during Q1. That’s on top of the incremental $1 billion per month added in the fourth quarter of 2025.
Total net rate lock volume for the quarter hit $49.4 billion, with closed origination volume of $44.7 billion. Gain on sale margin was 2.74% overall, and 3.22% excluding correspondent lending.
Home equity loans and jumbo loans – both higher-margin product categories – more than doubled year-over-year in the quarter, reflecting expanding product depth across Rocket’s distribution network.
Broker channel and Redfin integration in focus
For mortgage professionals working in the wholesale and broker channel, Rocket Pro remained central to the company’s partner strategy in Q1. In February 2026, Rocket Pro launched its ‘Power Play’ initiative, offering broker partners up to 100 basis points of stacked pricing credit through an integration with real estate brokerage Compass.
The program combines purchase credits with agent connectivity tools, designed to give brokers a sharper competitive edge on purchase transactions.
