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The Buyer Journey in the Age of AI


The Buyer Journey in the Age of AI written by John Jantsch read more at Duct Tape Marketing

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Overview

Think about the last time you hired a service you’d never bought before, like a bookkeeper, a lawyer or an ad agency. Chances are you asked Google, a chatbot or a friend long before you talked to a business. In this solo episode of the Duct Tape Marketing Podcast, John Jantsch explains how that habit has rewritten the buyer journey. AI tools now narrow real buying decisions down to a few finalists, and the businesses on that list never find out they were being considered.

Jantsch revisits the Marketing Hourglass, the seven-stage customer journey he created around 2008: Know, Like, Trust, Try, Buy, Repeat and Refer. He walks through how AI is changing each stage. He covers the move from ranking in search results to being cited in AI answers, why competent content no longer sets anyone apart, what trust looks like now that almost anything can be faked, and why Try is the stage most businesses never design on purpose.

The big idea is that the reviews, case studies and mentions your current customers leave behind are the signals AI uses to decide who gets recommended. That means Repeat and Refer now create demand back at the top of the hourglass. This episode is for small business owners, marketers and consultants who want to show up in AI search and get chosen, without chasing the latest technical hack.

About the Host

John Jantsch is the founder of Duct Tape Marketing and host of the Duct Tape Marketing Podcast. He has spent more than twenty-five years helping small businesses build marketing that works. He created the Marketing Hourglass, a customer journey model that carries past the sale into Repeat and Refer. He’s the author of several books, including Duct Tape Marketing, The Referral Engine and The Ultimate Marketing Engine.

Key Takeaways

  • AI tools now build short lists for real buying decisions. Neither the businesses on those lists nor the ones left off ever see it happen.
  • The Marketing Hourglass still has seven stages: Know, Like, Trust, Try, Buy, Repeat and Refer. The buyer walks them in a line, but the business has to run them as a loop.
  • The artifacts happy customers leave behind, such as reviews, case studies and social mentions, are the signals AI uses to recommend a business.
  • Ranking has given way to being cited. Most of those citations sit on pages you don’t own, like Reddit, LinkedIn, industry roundups, directories and other people’s podcasts.
  • A specific review like “they fixed our scheduling mess” tells a machine far more than “great service.” Describe your category in one plain sentence, and list your business name the same way everywhere.
  • Competent content is cheap now. The content that stands out shows your work (dead ends included), puts a real person on camera and takes a position a competitor would argue with.
  • Trust signals need to be hard to fake: reviews on platforms you don’t control, named clients, real team photos, published pricing and results with dates on them.
  • Put every claim, review and award in text on your website. AI tools have a hard time reading images and some JavaScript elements.
  • Try is the most common gap. Most businesses already have one by default, like a phone call, a form or a quote, but nobody designed it.
  • Ignoring Repeat and Refer costs you twice: you lose the business itself, and you lose the reviews and case studies that send new buyers your way. Skipping stages also invites price resistance.

Great Moments

  • [00:01] John asks where you started the last time you hired a service you’d never bought before
  • [00:26] The HVAC prompt experiment: three finalists in about ten seconds
  • [02:45] Why retention and referrals now feed AI short lists
  • [05:08] The move from ranking to being cited, and what actually gets a business named
  • [07:29] Why competent content no longer stands out, and what trust looks like when anything can be faked
  • [09:35] Putting claims in text, and why Try is the biggest gap
  • [11:46] Repeat and Refer, and why word of mouth is now indexable
  • [14:06] The best way to rank in AI, and how to find your biggest gap
  • [16:24] Why the hourglass is a practical mechanism for getting found

Memorable Quotes

“Being found and being chosen used to be two different jobs. They’re kind of just one job now.” – John Jantsch

“Competent content is very cheap. So competent is really not setting you apart anymore.” – Jantsch

“Everything that we’re doing in the bottom half of the hourglass is now actually creating demand in the top half.” – Jantsch

“You can move people through stages pretty quickly, but you cannot skip any of the stages.” – Jantsch

“Guiding customers all the way through the customer journey, past the sale to the point where they’ll say your name out loud, somewhere public, is now the practical mechanism by which anybody finds you.” – Jantsch

Resources

  • Duct Tape Marketing: https://ducttapemarketing.com/
  • Book a consultation: https://ducttapemarketing.com/consultation
  • Email John: john@ducttapemarketing.com

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John Jantsch (00:01.622)

Hey, guess what? I’m going to talk about AI today. But before I get into that, I want to start somewhere else. I want to start with you, the human, as a buyer. Think about the last service you bought or hired, something you’ve never bought before, bookkeeper, lawyer, contractor, ad agency. Where did you actually start?

John Jantsch (00:26.456)

Hello and welcome to another episode of the Duct Tape Marketing Podcast. This is John Jantsch. No guest today. I’m going to do a solo show. I’m going to talk a little bit about how I think the buyer journey needs to be rethought in the age of AI. So back to my original question where did you start as a buyer when you decided you needed to buy something? My guess is some version of two things. You ask Google, maybe a chatbot.

Or yes, to friend, and then you went and checked online to see what was what. Now, here’s what that looks like from the other side. I ran a prompt the other day. I typed in something like I run a 40 person commercial HVAC company in Ohio. our marketing’s a mess. Who should I hire? And presto, three names came back in about 10 seconds. a real buying decision, not just awareness, but literally a real

Buying decision narrowed to just three finalists. And here’s the thing: not one of those companies got a visit, a form filled out, a signal really of any kind. A short list got made and nobody on it knows it happened, and nobody who got left off is ever going to know as well. Now, I’ve been saying for 25 years that the thing that’s changed the most about marketing is how people get to choose to become customers today.

And that line is held up through search, through social, through content, through I don’t know, reviews, and is holding up now. And I think this is probably the biggest version of it yet. Back around 2008 or so, I created something that I called the marketing hourglass. And for longtime listeners, you I have talked about this forever.

I again, I realized that the traditional marketing funnel, the idea that you get somebody to know you’re out there and maybe like your offer, and then a small number of those you kind of squeeze through that that little part of the funnel. And one of the things that that I’ve just constantly had challenges with was the fact that it kind of that was the place where people gave up on it. That was the end. And what I saw was keeping a customer.

John Jantsch (02:45.442)

Getting repeat business, getting referrals, having advocates out there that that want to talk about you was really where it got exciting. that’s where the momentum in business happened. And today, AI has has completely changed that. and what I mean by that is it’s always been important. That that idea of retention, getting more buyers, keeping them, getting more orders from the existing ones, getting referrals, that’s always been important.

But now the experience that your current customers are having and they’re leaving in reviews, you’re building case studies around them, you’re getting put on on somebody’s Facebook page talking about you, those are the signals that AI is actually using now to create that short list. In fact, if you if you do any of these searches on AI or or using AI tools or AI overviews that Google gives you, you’ll see that a lot of the sources

Are not actually the business’s website. The st the pr the only thing that the business actually controls. They’re coming from Reddit, they’re coming from expertise.com, they’re coming from industry sites, they’re coming from LinkedIn. and so consequently, many of the the things that actually get us on that short list are completely out of our control, but they are actually the things that are creating

The the the early stage in the marketing hourglass. So as a refresher, the marketing hourglass has seven stages. No like trust. That’s where people get to decide if they’re going to buy from you. try, buy, repeat, and refer. And those seven stages, you know, the buyer kind of runs in a straight line. I mean, or at least we we hope that they do. that we kind of move them along that path. and that every the every

Person that goes through the buy stage is then a potential for repeat and refer. And what’s happening now is the things, the the artifacts that people are leaving, based on the fact that they are a happy customer, are the things that are actually now looping back to try, or I’m sorry, to know. And so, in a lot of ways, our existing customers have become extremely important.

John Jantsch (05:08.906)

in informing the the and citing us and in and getting us mentioned in those ai searches. so the stages still exist but in many ways they’ve they’ve really changed. So no, you know how a buyer finds you. It used to be those 10 blue links, right? We we wanted to just get on page one and at least you know we had a shot there. Somebody would go through and they’d maybe click on three or four of the links.

But now the shift has really gone from ranking to being cited. And that and that’s frankly, that’s all the way into the answer that’s on your site. it’s gotta be everywhere else, too, in reviews, in roundups, in forum threads, other people’s podcasts, somebody else’s case study that that you’re named in. Being found and being chosen used to be two different jobs. They’re kind of just one job now.

you know, you think about the searches you’ve done looking for something, and all of a sudden you show up on that AI search or that AI overview. You might actually just get chosen from that based on or dependent upon what the search is for. So what actually gets a business named? I think this is the part that that has changed in a lot of ways, but it’s kind of funny because getting named by other people on pages you don’t own seems kind of weird, right?

Reviews with substance, reviews that are recent and specific, like about the work. You know, reviews like great service. I mean, this it’s just noise, right? But they fixed our scheduling mess. Now that’s a signal, a category that you can state in one plain sentence and saying it in the same way everywhere you appear. You know, we’ve always said that, having those those citations like in the

in the the the directory listings, having names all the same. I mean, AI uses those as well. if you’re if you’re listing your name four different ways, and believe it or not, I’ve definitely seen that, you are really running a risk of of AI skipping over you. So like. Now that’s always the stage that sometimes people had trouble with is like I don’t care if they like me, but but let’s just say about how they warm up to you. two years ago, a well written post

John Jantsch (07:29.262)

Proved that you knew something. But now it proves, I don’t know, that you have a subscription to AI. Competent content is very cheap. So competent is really not setting you apart anymore. What survives is the stuff only you could have said. Show your work, including maybe the parts that didn’t go so well, the dead ends. put a person in your business on camera because a voice and a face are the cheapest proof.

That something is human-made. I know there are going to be video fakes out there, but I think it’s pretty easy to tell if something’s an authentic video. So take a position that a competitor would argue with. I’ve watched businesses spend a year producing perfectly good content and go completely invisible because there was no reason for a person or a machine, quite frankly, to prefer their version of the content. Now, trust has always been, I think, in some in many ways, the most important.

element. but anything can be fake now. So I think buyers really doubt almost by default.

So you’ve got to actually be able to do things that rise above what can be faked. Reviews on platforms that you don’t control instead of just testimonials on your site. Named clients. I mean, a buyer could go call instead of trusted by hundreds of companies. Real faces, real names instead of polished team photography, or worse yet, stock photography. pricing needs to be published.

instead of pricing on request. I know a lot of people are still fighting that, but I think we’re in we’re in that that we’re in that window, I think. having results with a date on them, and and putting everything in text on your website. a lot of these JavaScript tools and a lot of the images that people take, you know, an image of of say a Google review and run it on their website. Well, the AI tools

John Jantsch (09:35.104)

aren’t very good at reading those. So make sure that anything that you’re claiming, even the awards and and things you’re being cited for, if you’re going to put them on your website, make sure that you are putting them in text on your website. So we’re up to try. how a buyer takes the first step. This has always been, it’s interesting. This has always been the hardest one for businesses. and I sort of knew this anecdotally, but we now have a

a tool that we use and people rank themselves on the you know where where they have gaps in the hourglass and by far and away the try is the biggest gap because I don’t think a lot of people think of what they do today as really a try. And in fact most businesses I think already have a try, but nobody really designed it. I mean f they leave it as a phone call or as a fill out a form or as get a quote and think of that as a a as a try. And and

Fact the matter, it is a try, but is it an effective one? Could you actually design one that that that actually could be built as an effective try? And what I mean by that is somebody could experience what it’s like to work with you. All right, bye. You know, today many businesses actually have a buyer. Once somebody actually schedules an appointment, they’ve probably

probably made a decision. I mean, you think about the amount of information that’s available to us before we ever have to schedule what we think of as a sales call. So a lot of folks show up actually have made a decision. So a proposal deck doesn’t need to actually help persuade them. In fact, I think in a lot of a lot of ways that’s going to cause some friction. a pricing page, friction, you know

The pr price should already be published, right? So the buy stage is actually just assuring them that they’ve made the right decision, helping helping them understand that you get what they do. So

John Jantsch (11:46.104)

The last two stages, repeat and refer. These are two stages that I have seen gone missing so often. so repeat retention, you know, obviously it’s so much easier, you know this, it’s so much easier to actually get somebody who already trusts you to buy more than it is to go out and get that, convince that new person that you’re right for them.

and yet so many people leave this one to chance. And here’s the reason that that’s going to be doubly costly. is that the right term? Doubly costly? I don’t know. But the point is, not only are you not getting that repeat business you deserve, you are actually not getting the review volume volume and the you know the recent case studies, you know, as signals which are then turning around and reinforming.

the AI tools and the AI overviews to actually send new people to you. and of course re referral is the exact same thing. I mean, we’ve all had experiences with somebody showing up and say, hey, Bill said you were the greatest. I did a little research online. It does seem like you’re a great fit. I mean, they’re not going to argue over price probably. The the the sales cycle is going to be much, much shorter. I mean we all know how valuable that is, but there again, we don’t

Do anything about it. It sort of happens accidentally. And that is actually going to cost us again doubly because word of mouth is now indexable. In other words, the search engines and the AI bots are actually finding what people are saying about you out there in all the places that people leave these artifacts. So, in many ways, we have to think of this now.

The customer journey, which our version is the marketing hourglass, we have to think about this as certainly a straight line that the customer walks in, but the business has to think of it as a loop. everything that we’re doing in the bottom half of the hourglass is now actually creating demand in the top half. So it’s always been important. It’s always been something that.

John Jantsch (14:06.77)

that that when I have worked with businesses over the years and shown them where they have gaps in these, they get it. but I think it’s become much more important. And I do think that is, you know, if you were gonna ask me the best way to rank an AI, it’s not some, it’s it’s not schema, it’s not an LLMS.txt file or some other hack. It’s doing the things that always made you rank to begin with. Those are still important.

But now adding a greater focus on all of these places that you don’t control and getting cited in PR, getting mentioned in communities, participating in your industry, participating in your community and focus on actually getting cited in those places is going to be extremely, extremely important.

If you’re going to go through those stages that I just described, no, like, trust, try, buy, repeat, and refer, where’s your biggest gap? Where do you realize, hey, we’re not doing anything that would actually move somebody here? And you know, if you try to skip steps, you want to go from no, like you run an ad, you know about us now, come by. You’re going to actually find

That you’re going to get more price resistance. it is you’re going to be compared against others. But when you can run people through stages of know, like, trust, and even try, all of a sudden they are so they are so convinced that you are the right solution, the price goes way down the list. So if nothing else, if you are competing today solely on price, then you absolutely

need to think about this idea of the marketing hourglass or of creating a full customer journey. Figure out your lowest score because you can move people through stages pretty quickly, but you cannot skip any of the stages. You know, a lot of people may think of this as a philosophy, you know, this idea of the marketing hourglass, but it isn’t a philosophy. It’s never really been a philosophy. And I think guiding

John Jantsch (16:24.622)

Customers all the way through the customer journey, past the sale to the point where they’ll say your name out loud, somewhere public, is now the practical mechanism by which anybody finds you, perhaps at all. Do that well enough. And the machines are going to notice too. All right, that’s all I have to share today. Thanks for tuning in. Love that you listen.

Hopefully we’ll run into you one of these days out there on the road.

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Bilt Adds Lowe’s as Exclusive Home Improvement Partner: Earn 1X Point, Redeem Bilt Cash for Lowe’s HomeCare+


Bilt Adds Lowe’s as Exclusive Home Improvement Partner

Bilt and Lowe’s have launched a new partnership that lets members earn Bilt Points on eligible Lowe’s purchases, connect their MyLowe’s Rewards account, and use Bilt Cash toward a new home maintenance subscription.

The partnership is part of Bilt’s new Neighborhood OS platform and makes Lowe’s the exclusive home improvement partner in Bilt’s network.

Earn 1X Bilt Points at Lowe’s

Bilt members can now earn 1 Bilt Point per $1 spent on eligible Lowe’s purchases.

To earn points, you’ll need to link your MyLowe’s Rewards account with Bilt. For online purchases, you’ll need to be logged into your Lowe’s account. In stores, you can use the phone number tied to MyLowe’s Rewards or scan your member ID.

You’ll still earn the normal MyLowe’s Rewards benefits too, including MyLowe’s Money, free shipping where available, and member deals.

Bilt Lowe’s partnership

Use Bilt Cash for Lowe’s HomeCare+

Bilt members can also use Bilt Cash, Bilt Points, or a linked card to pay for a Lowe’s HomeCare+ subscription through Bilt.

HomeCare+ includes:

  • Two in-home visits per year
  • Up to seven home maintenance services
  • 5% off products used during those visits
  • Gold MyLowe’s Rewards benefits

The subscription costs $99 per year, is available only in select ZIP codes, and automatically renews unless canceled. You can cover it fully with Bilt Cash, once per year.

More Coming in 2027

The partnership will expand again in early 2027 with a curated Lowe’s marketplace inside Bilt, giving members another way to shop for home products directly through the Bilt ecosystem.

Guru’s Wrap-Up

Earning an extra 1X Bilt Points at Lowe’s is an easy win for most members with no extra effort. It’s basically extra rewards on purchases you may already be making, and it stacks with MyLowe’s Rewards.

The HomeCare+ option could also be useful, and it gives you another option for using Bilt Cash toward a $99 home maintenance membership. It can be valuable for for homeowners who would actually use the included visits.

Can your shares have a side gig? How Betterment’s securities lending works


With more and more of our lives being lived through a screen, it’s easy to forget the investments you own exist in the real world. They’re brick-and-mortar businesses, for example, or interest-bearing bonds.

Not only can you buy and sell these assets on the open market, you can temporarily loan them out to banks, hedge funds, and others in exchange for income. This is what’s known as securities lending, or “sec” lending for short, and it’s one of the newer ways we’re helping your money work harder. So let’s break down the mechanics of the program and help you decide whether opting in makes sense.

The upside of lending out your shares

We offer sec lending through Apex, the same trusted partner who helps us handle thousands of trades each day. When you enroll in the program, the shares in your taxable, IRA, and HSA accounts are eligible to be lent out in exchange for income from borrowers. You, Betterment, and Apex split the income, with more details on the arrangement available in our sec lending disclosure.

The exact dollar amount of lending income depends on a few factors, like how many shares you have, the demand for those particular shares, and how long they stay on loan. There’s no guarantee your shares will find a borrower on any given day, and income tends to ebb and flow with the market.

Because of these variables, it can help to think of sec lending as a low-effort side gig for your securities. And similar to tax-loss harvesting, it can help to have it turned on and ready to take advantage of short-term swings in the market. All automatically, with no work needed on your part.

Stay in control, while we stay on top of taxes

For many, the decision to opt in comes down to the potential downsides, so we’ve worked hard to minimize them.

For starters, you can opt in and opt out of the program at any time, at no cost. When you’re opted in, you stay fully invested while your shares are out on loan. This means any potential gains in value are still yours, and you can sell the shares at any time.

When you lend a single stock, one tradeoff is that you temporarily lose its proxy voting rights while out on loan. These are the rights to vote on the policies, board members, and other decisions of that particular company. But it’s important to note that when it comes to exchange traded funds (ETFs), the proxy voting rights of their underlying companies have already been delegated to the ETF’s manager.

Taxes have historically been one of the bigger potential drawbacks of sec lending. That’s because the qualified or exempt dividends your investments may pay out while on loan are replaced with cash payments, which could be taxed at a higher rate.

That’s where Betterment’s tax-aware approach comes into play, helping limit your potential tax impact in a couple ways:

  • We prioritize loans that still generate net-positive lending income after accounting for additional estimated taxes, which we estimate using the information you provide in your financial profile.
  • We handle the remaining estimated tax impact (to the extent it’s not covered by your lending income) by issuing you an annual credit.

The end result is a lending program designed to let you loan with confidence.

The safety net for your shares

The banks, hedge funds, and other financial institutions ultimately borrowing your shares are typically supporting strategies like short selling (betting a share falls in price), hedging (buying an insurance policy of sorts for other investments they own), or matching buyers with sellers as a service.

When players like these borrow securities, it’s common practice for them to put up at least 100% cash collateral to mitigate the risk of loss and reassure lenders like you, and that’s exactly the case with Betterment’s sec lending program. Apex deposits the collateral with a custodian, which is then administered by a trustee.

Any shares you loan aren’t covered by SIPC insurance, an industry backstop that guards against broker failure, which is why that collateral matters. In the rare event that Apex can’t return your shares, the cash collateral is there to make you whole.

Is sec lending right for you?

Securities lending likely won’t result in a windfall, but if you already hold eligible stocks and ETFs, it can be a low-effort way to squeeze more value out of them while staying invested. You stay in control, can opt in and out at will, and can sell loaned shares at any time. And our tax-aware approach helps guard against taxes reducing your profits. To opt in, first update your financial profile, then head to Portfolio Controls in Settings (Settings > Accounts on desktop).



Report: Nvidia is preparing to oust CEO Jensen Huang after admission to affair with alleged Chinese spy



Nvidia’s board of directors is preparing to remove Chief Executive Jensen Huang, an ouster that would follow his admission of having an extramarital affair with a woman U.S. intelligence officials deemed to be a Chinese spy. The decision by the chipmaking giant, reported by the Wall Street Journal, would deal a swift end to Huang’s 33-year reign as CEO and promises to send shockwaves throughout the technology industry and upend America’s race in artificial intelligence.

The Journal reported that Nvidia’s board could meet as soon as Wednesday to determine his fate. On Wednesday, the New York Times reported that Huang, 63 years old, had also had an extramarital relationship with Kimberly Powell, the company’s vice president of health care. Powell could not immediately be reached for comment.

In after-hours trading, Nvidia’s shares were down more than 7%. According to LinkedIn, Powell has been with Nvidia for nearly two decades and previously spent 10 years in AI business development. Nvidia describes her as formerly leading the company’s higher education and research business, alongside Nvidia AI labs.

Huang’s long-term future with the company is not immediately clear. On Sunday, Huang acknowledged being unfaithful to his wife, and Nvidia announced an investigation into the reports that he had been targeted by a foreign intelligence effort. At the time, the board said it had “no reason to believe that either national security or NVIDIA secrets were compromised,” but that its inquiry would examine “all available information.”

Huang co-founded Nvidia in 1993 and has been integral to the company’s success, particularly its magnificent run in recent years. For fiscal 2026, which ended in January, the company reported revenue of $215.9 billion, up 65% over the prior year. Growth accelerated in the first half of fiscal 2027, with revenue of $96 billion, up 85% year over year. Nvidia previously guided third-quarter fiscal 2027 revenue to $108 billion, plus or minus 2%, and chief financial officer Colette Kress said the company expected 70% revenue growth in fiscal 2028.

Huang reigns supreme over the company. Since its founding, he has created a unique, flat structure in which he sits at the center of most decisions, with about 60 direct reports. Nvidia’s board operates without a chair, and the company has not set out a clear succession plan. It also does not have a chief operating officer. Huang is known to text and call small clients himself.

Nvidia’s succession challenge would not be whether its engineers can keep building chips without Huang, analysts say. It is whether anyone, or any leadership team, can inherit his authority to decide what gets built, secure the industry’s commitment to it, and keep customers confident in the next bet.

The factors behind Huang’s now-expected removal “hasten a transition the company is not prepared for,” Gil Luria, an analyst with D.A. Davidson & Co., told Fortune.

Nvidia’s board decision would be a forced hand. “There are rules about that; there are laws about that,” Jay Goldberg of Seaport Research Partners told Fortune, speaking about the untenability of Huang as CEO if there were internal policy violations. Nvidia won’t “go away. They’re sold out. It’s all contracted into next year, but it loses a lot of its luster. The chances of making a misstep are higher.”

If Huang is ousted, the most immediate question is who will succeed him, and what sort of new plan the company will put in place to fill the vacuum of power.

“Rarely has a board faced this much pressure. This is the board’s moment to shine or fade,” Michael Useem, a professor of management at the Wharton School of the University of Pennsylvania, told Fortune. “If the board had been doing its job, it would already have a slate of possible successors: people identified as likely successors.”

Business and law experts have said Nvidia’s chief financial officer, Colette Kress, could be an option for interim CEO. Another option would be to have one of the company’s directors, such as lead independent director Stephen Neal, who is chairman emeritus and senior counsel at law firm Cooley LLP, take over as interim CEO if Huang is removed. Huang’s children and son-in-law also work at the company.

Huang’s ouster would create a massive hole for the AI industry. Huang has been central to the industry’s rapid growth. His success in creating world-leading graphics processing units, the chips that power AI by handling model training and regular user queries, has been instrumental in ushering in the AI boom and in the U.S.’s leading position.

Few executives in Silicon Valley and beyond exert the level of power and influence over one company and industry. Huang’s institutional knowledge and deep industry connections have been among the reasons tech analysts and other experts have said it would be impossible to replace him. Another reason has been President Trump, who has become a close friend of Huang and stood by the executive since Sunday’s revelations, saying Huang is an “amazing guy” and “honorable man.”

Nearly 500,000 made no Home Buyers’ Plan repayment for 2025




More than 45% of participants who had a repayment due and filed a tax return fell short of the annual minimum, CRA figures show.

David Ellison’s Skydance replaces DC Studios bosses James Gunn and Peter Safran with Marvel veteran



Skydance has removed James Gunn and Peter Safran as co-chairmen and co-CEOs of DC Studios, ending a four-year run that began with a hit Superman and was expected to survive the company’s takeover of Warner Bros. Discovery.

Their replacement is Jeremy Latcham, a former Marvel Studios executive who helped launch the Marvel Cinematic Universe. Skydance Motion Picture Group announced the change on Nov. 9. Latcham starts Dec. 1 as president and chief creative officer of DC Studios, overseeing its film, television, and animation slate.

The move puts Batman, Superman, Wonder Woman, and the rest of the DC Comics roster under new creative control barely a month after Skydance closed its deal. It also resets a franchise strategy that Warner Bros. has now restarted twice in 13 years.

A reprieve that lasted a month

Paramount completed its takeover of Warner Bros. Discovery on Oct. 6 and renamed the combined company Skydance. Early reports said Gunn and Safran would keep their jobs, even as Warner Bros. film chiefs Michael De Luca and Pamela Abdy were expected to give way to Paramount’s Dana Goldberg and Josh Greenstein.

That assurance did not hold. According to The Hollywood Reporter, Skydance chairman and CEO David Ellison and co-CEO Ynon Kreiz visited Gunn and Safran’s office on Nov. 6 to deliver the news in person.

Gunn and Safran will still produce DC projects, and they are finishing post-production on Man of Tomorrow, the Superman sequel slated for July 2027. Latcham reports to Goldberg and Greenstein, now co-chairs of Skydance Motion Picture Group.

“I’ve had the privilege to help bring some of the most celebrated superhero stories to life on the big screen, and I’m excited and honored for the opportunity to now lead DC Studios into its next era,” Latcham said in a statement.

A $618 million start, then a flop

Gunn and Safran took over DC Studios on Nov. 1, 2022, hired to reboot the DC characters as a single connected universe. The deal came months after Discovery merged with WarnerMedia to form Warner Bros. Discovery.

Gunn arrived as a proven voice in the genre. He wrote and directed all three Guardians of the Galaxy films for Marvel, then made his DC debut with The Suicide Squad in 2021. Safran produced that film, other DC adaptations of the 2010s, and the Conjuring films for Warner Bros.’ New Line Cinema.

Their first release, Gunn’s Superman, opened to $217 million globally in July 2025 and finished with $618.7 million worldwide. It introduced David Corenswet as the Man of Steel and set up a wider universe of familiar DC characters.

The second did not soar. Supergirl cost a reported $170 million and became one of DC Studios’ worst opening-weekend flops this summer, grossing $126 million worldwide amid weak reviews.

The third paid off. Clayface, an R-rated body-horror film made for a reported $44 million, opened at No. 1 and had grossed $109 million worldwide as of Nov. 8. On television, the pair delivered a second season of Peacemaker, the animated Creature Commandos, and HBO’s Lanterns, a hit when it debuted in August.

Marvel’s playbook, 18 years later

Latcham was part of the founding team at Marvel Studios under Kevin Feige. He worked on Iron Man, The Avengers, and Tom Holland’s Spider-Man films, and he collaborated with Gunn on Guardians of the Galaxy.

He left Marvel in 2017 to found Latcham Pictures, whose films include Dungeons & Dragons: Honor Among Thieves and Bad Times at the El Royale. DC is his return to superheroes.

The task he inherits has defeated Warner Bros. before. The studio’s first attempt at a Marvel-style connected universe, the DC Extended Universe, began with Zack Snyder’s Man of Steel in 2013 and ended with Aquaman and the Lost Kingdom in 2023, after Gunn and Safran had already been hired to start over.

In between came a decade of uneven results, from Batman v Superman: Dawn of Justice and Wonder Woman to The Flash and Black Adam. Unlike Marvel’s tightly linked films, the DCEU fractured. Suicide Squad and The Suicide Squad are entirely separate movies released five years apart.

Troubled productions and turnover behind the camera made it worse. Fans campaigned for years after the 2017 theatrical Justice League until Warner Bros. released Snyder’s original vision as Zack Snyder’s Justice League in 2021.

Warner Bros. also kept DC stories outside the main universe. The CW’s Arrowverse, including Arrow, The Flash, Supergirl, and Black Lightning, built its own connected TV world. On the big screen, 2019’s Joker and 2022’s The Batman stood apart from the DCEU.

The split continued under Gunn and Safran. Joker: Folie à Deux arrived in 2024, while Matt Reeves’ Batman films and HBO’s The Penguin remain in their own world. John Cena’s Peacemaker, meanwhile, carried over from the old universe into the new one.

What Latcham inherits

The near-term slate is set. Man of Tomorrow remains on the calendar, and Reeves’ The Batman: Part II is still in production, with Steven Soderbergh recently brought in to shoot the remaining scenes. The series The People v. Gorilla Grodd is also in the works.

Beyond that, little is settled. It is not yet clear whether Corenswet’s Superman continues after Man of Tomorrow, whether Lanterns gets a second season, or whether Latcham starts over from scratch and hands fans another round of whiplash. Whether the universe Gunn and Safran built survives is a Riddler-worthy mystery.

Latcham helped build Hollywood’s most successful franchise once. Nearly two decades after Iron Man, he will find out whether that origin story can be repeated, or whether the superhero universe no longer comes with a reliable playbook.

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These 5 Gold Mining Stocks Give You a Different Way to Own Gold


Gold has long been a go-to asset when uncertainty rises, and Newmont (NEM -0.41%), Agnico Eagle Mines (AEM -1.12%), Barrick Mining (B -0.79%), Kinross Gold (KGC +0.30%), and Wheaton Precious Metals (WPM +0.30%) are five gold mining stocks that give you a different way to own gold.

Following Russia’s invasion of Ukraine in 2022, the G7, European Union, and other partner nations froze Russian sovereign foreign reserves. Since then, central banks have been adding gold rapidly. Central banks were previously averaging about 500 tons of gold purchased per year.

In recent years, those purchases have doubled as some of the world’s central banks de-dollarize and seek diversification away from U.S. Treasuries and other sovereign debt.

Image source: Getty Images.

U.S. deficits continue to expand, year-over-year inflation, as measured by the Consumer Price Index (CPI), remains above 3%, and geopolitical tensions remain elevated. Right now, gold is priced near $4,100 an ounce, and JPMorgan Chase researchers project it could reach $6,300 by next year. Here’s why these five gold stocks could be smart additions to your portfolio today.

Newmont is the world’s largest gold producer

Newmont is a behemoth in the gold mining world and the largest company by production, reserves, and market capitalization. The company operates across North America, South America, Australia, and West Africa, and its scale and diversified portfolio help ensure that no single mine failure or regional crisis significantly impacts the business.

NEM Newmont

$119.47-$0.49 (-0.41%)

NYSE · As of 12:15 PM ET 11/11/26

Newmont is a massive company, and its inclusion in the S&P 500 index makes it a popular gold-mining stock among mutual funds, wealth managers, and macro hedge funds. The company is also a major copper producer. For investors seeking broad diversification, Newmont’s massive scale makes it a popular choice, though upside could be more limited than more nimble or leveraged operators.

Agnico Eagle is a low-cost operator with high-quality assets

Agnico Eagle Mines isn’t as spread out across the globe as Newmont. Instead, it focuses heavily on the Abitibi gold belt in Canada where roughly 86% of its total gold production takes place. By clustering operations in Canada, Agnico can share processing, infrastructure, power grids, and its labor force, which helps keep its all-in sustaining costs (AISC) relatively low.

In addition, Canada has some of the highest-grade Archean greenstone gold systems in the world, meaning Agnico produces more ounces per ton of rock. Because Agnico focuses primarily on Tier-1 assets, the stock often trades at a slight premium to peers like Newmont and Barrick, as it doesn’t face the same geopolitical risks.

Barrick trades at a lower valuation and has a growing copper business

Barrick Mining is another major gold miner that rebranded itself from Barrick Gold to better reflect its expansion into copper. The company owns high-grade, low-cost gold systems worldwide, along with major copper assets in Zambia, Saudi Arabia, and South America, as well as a large open-pit copper-and-gold development in Pakistan.

B Barrick Mining

$39.38-$0.32 (-0.79%)

NYSE · As of 12:20 PM ET 11/11/26

Barrick tends to trade at a lower multiple than Agnico and Newmont. Its lower multiple largely reflects its heightened exposure to less stable geographic regions. While Agnico operates mainly in Canada, roughly half of Barrick’s operations and growth pipeline is in developing or volatile nations that face political and regional risks.

The company trades at a lower valuation and is a solid choice for value investors who believe the stock can rerate higher. It also provides exposure to both gold and copper, giving investors upside exposure to growing demand for these metals.

Kinross provides high-beta exposure to gold prices

Kinross Gold operates across North America, South America, and Africa, and offers investors more volatile exposure, or higher beta, to rising gold prices. That’s because the company has historically operated with a narrower profit margin per ounce, magnifying moves in gold and making Kinross a higher-leverage play to capitalize on higher gold prices but also riskier if gold prices pull back.

Wheaton benefits from rising prices without bearing inflation risk

Wheaton Precious Metals is a unique play on precious metals. That’s because the company doesn’t own or operate mines itself. Instead, it provides capital to mining companies to help fund mine construction. In return, the company has the right to purchase a percentage of the mine’s future gold, silver, or cobalt at a predetermined cash price.

WPM Wheaton Precious Metals

$137.03+$0.41 (+0.30%)

NYSE · As of 12:20 PM ET 11/11/26

Known as a streaming or royalty business model, Wheaton doesn’t bear the costs of owning a mine, such as labor, equipment, or fuel. As a result, the company benefits from 100% of the upside when precious metal prices rise. This makes Wheaton Precious Metals a solid gold stock for investors seeking exposure to rising gold prices while mitigating the inflation effects gold miners face.

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