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

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

President & CEO, Corey C. Ruttan commented:

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

Operational Update

July Sales Volumes

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

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

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

Quarterly Natural Gas Pricing Update

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

Development Activities – Brazil

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

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

Development Activities – Western Canada

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

Financial and Operating Highlights – Second Quarter of 2025

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

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

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

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

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

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

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

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

Q2 2025 Results Webcast

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

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

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

Corporate Presentation

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

Social Media

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

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

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

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

Abbreviations:

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

Non-GAAP and Other Financial Measures

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

Non-GAAP Financial Measures

Operating Netback

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

Non-GAAP Financial Ratios

Operating Netback per boe

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

Operating netback margin

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

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

Funds Flow from Operations Per Share

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

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

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

Capital Management Measures

Funds Flow from Operations

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

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

Net Working Capital

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

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

Supplementary Financial Measures

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

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

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

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

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

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

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

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

BOE Disclosure

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

Contracted Natural Gas Volumes

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

Well Results

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

Forward-Looking Statements and Cautionary Language

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

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

SOURCE Alvopetro Energy Ltd.

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

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Seymour Concentrate Produces Battery Grade Lithium Hydroxide

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

Download the PDF here.

This post appeared first on investingnews.com

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Top 9 Global Lithium Stocks of 2025

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

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

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

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

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

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

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

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

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

Top Canadian lithium stocks

1. NOA Lithium Brines (TSXV:NOAL)

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

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

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

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

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

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

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

2. Wealth Minerals (TSXV:WML)

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

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

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

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

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

3. Avalon Advanced Materials (TSX:AVL)

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

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

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

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

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

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

Top US lithium stocks

1. Sociedad Química y Minera (NYSE:SQM)

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

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

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

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

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

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

2. Lithium Americas (NYSE:LAC)

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

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

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

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

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

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

3. Lithium Argentina (NYSE:LAR)

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

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

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

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

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

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

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

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

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

Top Australian lithium stocks

1. Jindalee Lithium (ASX:JLL)

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

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

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

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

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

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

2. Liontown Resources (ASX:LTR)

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

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

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

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

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

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

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

3. Anson Resources (ASX:ASN)

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

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

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

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

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

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

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

FAQs for investing in lithium

How much lithium is on Earth?

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

Where is lithium mined?

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

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

What is lithium used for?

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

How to invest in lithium?

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

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

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

How to buy lithium stocks?

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

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

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

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

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

This post appeared first on investingnews.com

Investing

How to Invest in OpenAI’s ChatGPT

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

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

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

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

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

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

What is OpenAI’s ChatGPT?

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

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

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

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

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

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

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

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

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

What is the Stargate Project?

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

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

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

How much has Microsoft invested in OpenAI?

Ascannio / Shutterstock

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

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

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

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

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

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

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

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

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

Elon Musk’s position on OpenAI

DIA TV / Shutterstock

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

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

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

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

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

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

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

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

OpenAI criticisms and lawsuits

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

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

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

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

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

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

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

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

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

What’s the future of OpenAI and ChatGPT?

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

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

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

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

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

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

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

When will OpenAI go public?

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

Which stocks will benefit the most from AI chatbot technology?

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

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

Some of the publicly traded companies in these verticals include:

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

FAQs for investing in OpenAI and ChatGPT

How is OpenAI funded?

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

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

What is the market value of ChatGPT/OpenAI?

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

Does ChatGPT use NVIDIA chips?

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

What is DeepSeek?

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

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

Can ChatGPT make stock predictions?

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

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

When to expect ChatGPT 5?

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

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

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

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

This post appeared first on investingnews.com

Business

Fox One streaming service to launch ahead of NFL season on Aug. 21, at $19.99 per month

Fox Corp. will launch its direct-to-consumer streaming service, Fox One, on Aug. 21, ahead of the NFL season, the company said Tuesday.

The new streaming service will cost $19.99 per month, and pay TV subscribers will receive access for free, said CEO Lachlan Murdoch during the company’s earnings call.

Fox One will host the entirety of the Fox TV portfolio — namely, live sports such as NFL and MLB that appear on its broadcast network, as well as news programming from its Fox News and Fox Business cable TV networks.

Fox airs NFL games on Sundays during the regular season, which kicks off this year on September 4. The broadcast network also airs MLB postseason games, as well as college football, which also takes place in the fall.

However, the streaming service won’t offer any exclusive or original content, Murdoch said, adding that much of its costs will come from overhead, marketing and technology. This is in contrast to most of Fox’s competitors, which spend on additional sports rights and other content exclusive to streaming.

“It’s important to remember that our subscriber expectations or aspirations for Fox One are modest,” Murdoch said.

The company has been slower than its peers to jump into the streaming game. While it already has the Fox Nation service and Tubi, a free, ad-supported streaming app, it has yet to offer its full content slate in a direct-to-consumer offering.

Murdoch previously said the cost for the service would be “healthy and not a discounted price,” in an effort to avoid further disrupting the pay TV bundle, which has suffered continued customer losses.

Fox’s portfolio is mainly made up of sports and news content since it sold its entertainment assets to Disney in 2019. This has shielded Fox from some of the cord-cutting headwinds that have affected its media peers in recent years.

On Tuesday, Murdoch reiterated that the company will be looking to bundle Fox One with other streaming services. However, he said the company will be careful on that front, similarly so as not to cause further damage to the pay TV ecosystem.

He said Fox is mindful of two factors when it comes to bundling. First, to offer the consumer a convenient package of its content, and potentially valuable bundles. And second, to keep the service “very focused” on a “targeted audience” of those customers without pay TV subscriptions.

“Sometimes those two things conflict with each other. So we want to be very targeted, but we also want to make it easy for our consumers and our viewers to gain our content, whether it’s in conjunction with other services or not,” Murdoch said.

Earlier this year, Murdoch told investors that Fox would launch its own answer to streaming after dropping its efforts for the joint sports streaming venture, Venu.

It will be joined by a new streaming offering from Disney’s ESPN in the coming weeks. While Disney already offers the ESPN+ streaming service, the company will launch a full-service ESPN direct-to-consumer product this fall. Disney earlier said that the app will cost $29.99 a month. Disney reports its quarterly earnings on Wednesday.

On Tuesday, Fox reported total revenue for its most recent quarter of $3.29 billion, up 6% from the same period last year.

While the advertising market has been weak for media companies, particularly for content outside of live sports, Fox reported its advertising revenue increased 7%. The company said this was primarily due to growth from Tubi as well as “stronger news ratings and pricing,” despite a drag from the absence of major soccer events as compared to the year-earlier quarter.

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Business

Tim Cook to join Trump at White House for Apple investment announcement

Apple CEO Tim Cook will join President Donald Trump on Wednesday for an event touting what the White House calls a new $100 billion investment commitment by the tech giant in the U.S.

The announcement in the Oval Office, set for 4:30 p.m. ET, includes Apple’s commitment to a new “American Manufacturing Program,” a White House official confirmed to CNBC.

With the new pledge, Apple’s total investment in the U.S. over the next four years now totals $600 billion, the official said.

Bloomberg first reported Apple’s new investment pledge earlier Wednesday.

The meeting comes as Trump has pushed Apple to make its products in America — a feat that experts say would jack up prices by hundreds of dollars, if it can even be done at all.

Most of Apple’s flagship iPhones have been manufactured in China, though the company is moving some of its production to India.

Trump has complained about that plan. “We’re not interested in you building in India, India can take care of themselves … we want you to build here,” Trump said he told Cook in May.

On Wednesday, Trump announced he will double the U.S. tariff rate on Indian goods to 50%. Trump said he was raising the tariff because of India continuing to purchase Russian oil.

Trump had exempted smartphones, chips and other tech products from his early April “reciprocal” tariff plan, which slapped a 10% baseline duty on nearly the entire world and set significantly higher rates for dozens of individual countries.

That exemption still applied as of this week, following Trump’s executive order tweaking U.S. tariffs on a slew of countries.

And it appears to remain intact in Trump’s latest order ratcheting up tariffs on imports from India.

Apple declined CNBC’s request for comment.

— CNBC’s Steve Kovach contributed to this report.

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Politics

Key aide in IRS’ Tea Party targeting controversy put on leave after allegations of new anti-GOP effort

A former deputy to Lois Lerner — who oversaw the IRS division accused of targeting conservative groups during the Obama years — was placed on leave after lawmakers raised alarms that a new sub-department she was leading was becoming politicized.

In 2013, Lerner was hauled before Congress, where it was revealed her agency had wrongfully scrutinized tax-exempt applications related to the phrases ‘Tea Party,’ ‘9/12’ and ‘Constitution.’ The Treasury’s inspector general later confirmed ‘inappropriate criteria’ was used to target conservative groups and criticized ineffective oversight of systemic bias.

IRS Commissioner of Large Business and International Division Holly Paz – Lerner’s then-deputy – was placed on leave last week as lawmakers drew attention to a subordinate work-unit aimed at auditing pass-through businesses that Biden-era Commissioner Danny Werfel had created and assigned her to lead.

Werfel called the new work-unit a big step in ‘ensur[ing] the IRS holds the nation’s wealthiest filers accountable,’ and Paz called it an ‘important change’ in the IRS structure.

However, by 2025, lawmakers, including Sen. Marsha Blackburn, R-Tenn., warned that the pass-thru-business compliance unit had transformed to be ‘motivated by ideology rather than principles of sound tax administration.’

‘Pass-through entities form the bulk of Main Street businesses across the country. This includes countless family businesses, professional services firms, and real estate ventures that serve as the backbone of our local economies,’ Blackburn and Senate Majority Whip John Barrasso, R-Wyo., wrote to the Treasury in May.

Around that time, Sen. Joni Ernst, R-Iowa., warned Treasury Secretary Scott Bessent that Paz’s team ‘has made tongue-in-cheek political comments,’ including their stated wish to ‘make basis great again’ – a phrase regarding taxation loss/gain that hearkens to President Donald Trump’s MAGA slogan.

In that regard, Rep. Lloyd Smucker, R-Pa., wrote to IRS Commissioner Billy Long in July that a Biden-era ‘basis-shifting transaction rule’ had ‘extended the scope’ of enforcement.

‘American taxpayers and businesses deserve clear and consistent tax rules that allow them to confidently comply with the law,’ Smucker wrote, adding he and Rep. Mike Kelly, R-Pa., are seeking to have that rule ‘reconsidered’ for the sake of unburdening ‘Main Street’ businesses.

Chuck Flint, a former top aide to Blackburn and president of the Alliance for IRS Accountability, told Fox News Digital on Tuesday that Paz’s past targeting of conservative groups makes her ‘unfit for government service.’

Flint said her statements to Congress and role as LB&I chief ‘places a cloud over the IRS.’

‘Paz’s Biden-era pass-through unit is now bludgeoning conservative businesses with fines and must be disbanded. Commissioner Long is flexing his muscles on the IRS Deep State and sending a signal to rogue bureaucrats by placing Paz on leave.’

Blackburn warned in her letter to Bessent that an IRS news release referencing targeting ‘complex arrangements’ lacked clear definitions and created the impression that legitimate business structures could be unfairly targeted based on legal structure versus actual tax compliance risk.

‘Even more concerning, the announcement explicitly states that the bureaucratic changes were designed primarily to ‘achieve its goal of increased audit rates in this complex area’.’

‘This focus on increasing audits rather than improving compliance suggests an agenda-driven approach to enforcement,’ Blackburn said.

In her letter, Ernst warned Bessent that Paz’s team members ‘have also undermined their appearance of impartiality by comparing legally acceptable transactions to obscene material, saying, ‘It’s one of those ‘You know it when you see it’ – a joking reference to [Supreme Court Justice Potter Stewart’s] attempt to define pornography.

‘This team is reportedly acting independently and duplicating existing IRS processes, wasting taxpayer money, and not coordinating with the pre-existing offices,’ Ernst said.

‘Most concerning of all, the new pass-through auditors even use a new template for requesting taxpayer information they’ve deemed ‘The Art of the IDR,’ (versus ‘The Art of the Deal’) which treats taxpayers as guilty until proven innocent.’

‘Unfortunately, the Biden administration picked up right where Ms. Lerner and her team left off. On September 20, 2023, then-Commissioner Daniel Werfel announced, with language that resembled Democrat talking points, the creation of a duplicative new work unit [led by Paz] to specifically audit pass-through businesses and partnerships. The new office subjects these businesses to potentially two separate IRS examinations in the same year.

‘One would think Commissioner Werfel would go to great lengths to avoid hearkening back to previous scandals. Instead, he thumbed his nose at taxpayers by placing Lois Lerner’s deputy— Holly Paz—at the helm,’ Ernst wrote.

Lerner was front-and-center during the Obama-era scandal, testifying before Congress as head of the tax-exempt organizations division, as a deluge of reports of targeting right-leaning nonprofits abounded.

During the 2013 investigation by the House Oversight Committee, Reps. Jim Jordan, R-Ohio, and Darrell Issa, R-Calif., demanded Paz answer for ‘inconsistencies’ from a transcribed interview with committee staff involving statements about ‘intervention’ against Tea Party groups.

A 2015 report by then-Senate Finance Committee leaders Orrin Hatch, R-Utah, and Ronald Wyden, D-Ore., found that in other cases, some liberal terminology was also flagged, including ‘ACORN,’ ‘progressive’ and ‘medical marijuana.’

‘While handled poorly, groups on both sides of the political spectrum were treated the same in their efforts to secure tax-exempt status,’ Wyden said at the time, while then-Rep. Kevin Brady, R-Texas, said Democrats should be equally outraged as Republicans.

Fox News Digital reached out to Treasury, the IRS and an email connected to Paz for comment.

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Politics

Supreme Court orders new arguments in pivotal elections case

The Supreme Court on Friday ordered additional arguments in a major case centered on whether race can factor into drawing congressional maps, a clear sign that redistricting remains top-of-mind for the justices ahead of the 2026 midterms.

Justices ordered both parties in Louisiana v. Callais to return for additional arguments next term. At issue is whether Louisiana’s latest congressional map — which includes the creation of a second, majority-Black district — should be considered an unconstitutional ‘illegal racial gerrymander.’

The Supreme Court order comes months after justices first heard oral arguments in the case in March. It requires both parties to file supplemental briefs by mid-September, outlining in further detail their view of whether Louisiana’s intentional creation of a second majority-minority congressional district ‘violates the Fourteenth or Fifteenth Amendments to the U. S. Constitution.’

Reply briefs should be filed no later than Oct. 3, the Supreme Court said in the unsigned, single-page order — just three days before the high court gavels in for the 2025-2026 session.

The order comes after the Supreme Court in June said they would not decide the case this term as had been expected — punting it to the fall for further consideration. At the time, the justices said they needed more information before ruling on the case.

The issue underscores the challenges states face with congressional redistricting.

Louisiana has revised its congressional map twice since the 2020 census. The first version, which included only one majority-Black district, was blocked by a federal court in 2022. The court sided with the Louisiana State Conference of the NAACP and other plaintiffs, ruling the map diluted Black voting power and ordering the state to redraw it by January 2024.

The new map, S.B. 8, created the second Black-majority district at the center of the Supreme Court case. However, S.B. 8 was almost immediately challenged by a group of non-Black plaintiffs in court, who took issue with a new district that stretched some 250 miles from Louisiana’s northwest corner of Shreveport to Baton Rouge, in the state’s southeast.

They argued in the lawsuit that the state violated the equal protection clause by relying too heavily on race to draw the maps, and created a ‘sinuous and jagged second majority-Black district.’

That map remains in place for now, until the Supreme Court can hear the additional information submitted to the court this fall.

Oral arguments in March focused heavily on whether Louisiana’s redistricting efforts were narrowly tailored enough to meet constitutional requirements and whether race was used in a way that violated the law, as appellees had alleged.

The high court’s request for additional information comes at a pivotal time for the U.S., as new and politically charged redistricting fights have popped up in other U.S. states ahead of next year’s midterm elections.

In Texas, tensions reached a fever pitch this week after Democratic state legislators fled the Lone Star State to block Texas Gov. Greg Abbott’s ability to convene a legislative quorum needed to pass the state’s aggressive new redistricting map, which would create five additional Republican-leaning districts.

Under the state’s constitution, two-thirds of the House legislators must be present for the body to conduct business. With an eye to this rule, Democratic lawmakers fled the state to Chicago, New York and Boston — beyond the reach of Texas authorities and of Abbott, who has little power in the near-term to compel their returns.

The governor has, however, threatened to take them to court to have them removed from office altogether.

In a press conference Monday, New York Gov. Kathy Hochul stressed the magnitude of the redistricting efforts, and vowed to explore ‘every option’ in redrawing state lines.

‘We are at war,’ Hochul said, speaking alongside the six Texas Democrats who fled to her state.

‘And that’s why the gloves are off — and I say, bring it on,’ she added.

The move is part of a broader redistricting push aimed at helping Republicans defend their slim House majority. As with most midterms following a new president’s election, 2026 is expected to serve as a referendum on the White House — raising GOP concerns that they could lose control of the chamber.

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Politics

Michelle Obama celebrates Barack as ‘coolest guy’ on his birthday after the pair joked about divorce rumors

Former first lady Michelle Obama praised former President Barack Obama as her ‘everything’ and the ‘coolest guy I know’ on his 64th birthday after the longtime couple joked about divorce rumors that have been swirling for months.

‘Happy birthday to my love, my best friend, my everything! @BarackObama, even after all these years, you’re still the coolest guy I know,’ the former first lady posted to Instagram Monday afternoon, accompanied by a photo of the pair.

The former president turned 64 Monday, with the former first lady sharing the birthday post on both Instagram and Facebook. Michelle Obama’s birthday message followed months of speculation that the couple’s more than 30-year marriage was on the rocks before the couple joked about the rumors during a July podcast.

‘It’s my husband, ya’ll!’ Michelle Obama said jokingly at the start of a podcast of ‘IMO’ in July when the former president first joined the set. ‘When we aren’t (in the same room), folks think we’re divorced.’

The former first lady hosts ‘IMO’ with her brother Craig Robinson.

‘She took me back!’ Barack Obama quipped during his appearance, joking, ‘It was touch and go for a while.’

Speculation had mounted for months that the presidential couple was headed to divorce, which heightened in January when the former first lady did not attend high-profile events such as President Donald Trump’s inauguration or President Jimmy Carter’s funeral.

‘There hasn’t been one moment in our marriage where I’ve thought about quitting my man,’ Michelle Obama said during an ‘IMO’ podcast in July. ‘We’ve had some really hard times. We’ve had a lot of fun times, a lot of adventures, and I have become a better person because of the man I’m married to.’

‘Don’t make me cry now,’ Barack said. ‘Don’t let me start tearing up now.’

Michelle previously had dismissed divorce rumors, including in April when she addressed questions as to why she did not join the 44th president at Trump’s inauguration or Carter’s funeral.

‘But the interesting thing is that when I say no, for the most part, people are like, ‘I get it, and I’m OK,’ right?’ she told podcast host Sophia Bush in April about how she spends her time. ‘And that’s the thing that we as women, I think we struggle with, like disappointing people. I mean so much so that this year people were, they couldn’t even fathom that I was making a choice for myself, that they had to assume that my husband and I are divorcing, you know? This couldn’t be a grown woman just making a set of decisions herself, right? But that’s what society does to us.’

‘If it doesn’t fit into the sort of stereotype of what people think we should do, then it gets labeled as something negative and horrible,’ Obama continued.

Fox News Digital reached out to Michelle Obama’s office for any additional comment Tuesday morning but did not immediately receive a reply.

Fox News Digital’s David Rutz and Hannah Panreck contributed to this report.

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Politics

Senate GOP ready to go nuclear after Schumer’s ‘political extortion’ of nominees

Senate Republicans are mulling whether to go nuclear after negotiations with Senate Democrats to ram through President Donald Trump’s nominees fell apart over the weekend.

The path to confirming dozens of Trump’s outstanding nominees was destroyed when the president accused Senate Minority Leader Chuck Schumer, D-N.Y., of ‘political extortion,’ and charged that the Democratic leader’s asking price for nominees was too high.

Now, lawmakers have left Washington without a deal to bundle dozens of nominees that made it through committee with bipartisan support, and a change to how the Senate handles the confirmation process is on the horizon.

Senate Majority Whip John Barrasso, R-Wyo., berated Schumer and Senate Democrats for their ‘unprecedented’ blocks of the president’s nominees, and noted that every pick had been filibustered save for Secretary of State Marco Rubio, who glided through the Senate earlier this year.

‘We have been working through the list, but there is still a large backlog because of the unprecedented filibuster by the Democrats of every nominee,’ Barrasso said. ‘And if they don’t change their behavior, we’re going to have to change how things are done here, because a president needs to have his or her team in place.’

Under normal circumstances, changing the rules in the Senate would require 67 votes, meaning that Senate Democrats would have to be on board with a change. However, there is a path that lawmakers refer to as the nuclear option, which allows for rules changes to only need a simple majority.

There is the political will among Republicans to change the rules, but doing so would open the door for Senate Democrats to do the same when they get into power once more.

‘I think that way is going to happen anyways, because of what Schumer has done. He’s forced this, and it’s ridiculous that he’s doing this,’ Sen. Markwayne Mullin, R-Okla., said. ‘And so, whatever, we’re at this point, and we’ll do, you know what they say, every action requires an equal [reaction], and that’s what we’re at right now.’

Some of the options on the table include shortening the debate time for nominees, getting rid of procedural votes for some lower-level nominees, grouping certain civilian nominees ‘en bloc’ – something that is already done for military nominees – and, at the committee level, deciding whether to lower the number of nominees subject to the confirmation process.

Currently, over 1,200 positions go through Senate confirmation. Senate Republicans have been able to confirm over 130 of Trump’s picks so far, but had a loftier goal of doing at least 60 more before leaving town until September.

And there are over 140 nominees still pending on the Senate’s calendar.

‘I think they’re desperately in need of change,’ Senate Majority Leader John Thune, R-S.D., told reporters. ‘I think that the last six months have demonstrated that this process, nominations, is broken. And so I expect there will be some good robust conversations about that.’

As to when lawmakers will try to run with a rules change is still in the air. The Senate is gone from Washington until early September and will return to a looming deadline to avert a partial government shutdown.

Before leaving town, the Senate did advance a trio of spending bills – a first in the upper chamber since 2018 – but those same bills are unlikely to pass muster in the House, given that they spend at higher levels than the ones greenlit by the House GOP.

Ramming a rules change through without Democrats could also come at a price for government funding negotiations. Schumer said a possible rules change would be a ‘huge mistake’ for Republicans to do on their own.

‘Because when they go at it alone, they screw up for the American people and for themselves,’ he said.

When asked if there were any possible rule changes that he and Senate Democrats could agree to, Schumer said, ‘We should be working together on legislation to get things done for the American people.’

‘That’s the way to go, not changing the rules, because when they change the rules, they say, ‘Only we’re going to decide what’s good for the American people,’ and every time they do that, the American people lose,’ Schumer said.

Still, Republicans were unhappy with the way negotiations devolved after days of back and forth.

‘We actually, we wanted a deal,’ Mullin said. ‘And these people deserve to be put in position… they’re going to say that we’re trying to do a nuclear option. The fact is, they – Schumer – went nuclear a long time.’

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