Axios

At Axios' BFD event on Tuesday, Perplexity CEO Aravind Srinivas dismissed recent rumors that the company is raising a large new funding round.

Yes, but: He had this to say about AI companies' seemingly never-ending fundraising:

Consumers, especially the rich, are spending big on the colossal, growing longevity industry — spas, food subscriptions, gym memberships and pills.

Why it matters: The wellness industry is worth nearly $500 billion in the U.S. and $2 trillion globally, McKinsey says. But there's a growing gap between what's available to wealthy consumers and everyone else.

Amazon continues laying the groundwork for Prime to be to sports streaming what ESPN was to cable.

Why it matters: Live sports provide a great solution for streamers seeking to keep grabbing advertising dollars.

THC-infused drinks are popping up more often in the refrigerator section. And yes, they're legal.

Why it matters: A loophole in the 2018 farm bill helped parlay the marijuana drinks market — and government regulators are catching on. Big Alcohol, which has gotten into the market as beer sales plummet, isn't totally pleased.

Investing in Elon Musk's xAI is an opportunity to get involved in "the Muskonomy" of ventures fronted by one of the world's wealthiest men.

Why it matters: xAI is said to be raising as much as $6 billion to catch up to rivals like OpenAI and Anthropic, and it needs a compelling story for investors.

A series of price increases are forcing a growing number of consumers to close their wallets at fast-food and fast-casual restaurants.

Why it matters: Executives across the industry say they've seen sales suffer as consumers trade down and eat at home.