New York Attorney General Letitia James was criminally indicted on two counts by a grand jury on Thursday.
The big picture: "We will fight these baseless charges aggressively, and my office will continue to fiercely protect New Yorkers and their rights," James said on X after the bank fraud and making false statements charges were announced.
State of play: Last year, craft beer production declined by 4% — the largest decrease in industry history, outside the pandemic — and 2025 doesn't look any better.
A mid-year report from the Brewers Association, the industry's Colorado-based trade group, indicates that craft volume is down 5% year-over-year, with brewery closings outpacing openings.
The fine print: The definition of craft beer only includes small, independent breweries.
What they're saying: "The results of this midyear survey indicate that for many breweries, the challenges they've faced over the past few years have either continued or accelerated," said Matt Gacioch, the association's staff economist.
The big picture: The half-empty mood comes as the industry gathers in Denver for its annual bacchanal, the Great American Beer Festival, which began Thursday.
Ticket sales are down from the height of the craft beer era, but the festival still expects to draw 30,000 to 40,000 people and 450-plus breweries representing nearly every state.
The intrigue: GABF exemplifies the change.
A year ago, the festival began adding more experiences, such as live music and games, along with expanded beverage options, such as cider, cocktails, hard seltzers and nonalcoholic beverages.
This year, the festival will add liquor from 21 distilleries.
The bottom line: "Consumer preferences are evolving and changing," says Ann Obenchain at the Brewers Association, which organizes the festival. "Some are … not always reaching for a beer, and some are drinking less."
Paramount on Thursday announced that advertising and streaming media veteran Jay Askinasi will join the company as chief revenue officer, effective Nov. 3.
Why it matters: The hiring of Askinasi — who has experience leading sales and partnerships across media, tech, telecom and advertising companies — suggests Paramount is serious about investing in a streaming and data-driven advertising business.
Venture capital investors have been citing reduced red tape and the Golden Dome as major drivers of their leap into defense tech.
Yes, but: Obstacles remain when the U.S. government collides with Silicon Valley.
Behind the scenes: Most VCs lack the clearances necessary to access classified information — limiting visibility into their investment.
In board rooms, it's not uncommon for a member to excuse themselves when details relating to a major contract emerge.
"We hosted a defense tech dinner in D.C., and people asked, 'Do you have clearance? 'And I say no, and they say: 'Well, I can't tell you this, but I'll speak about it in the abstract," says Michael Brown, managing partner of Battery Ventures.
That has implications for the due diligence process.
Investors still see the overall finances of a business, but might not see the technical specifications of a product tied to a classified project.
In one case heard by Axios, a company could not reveal when a major payment hit, as it risks signaling a highly watched product has successfully been completed.
Between the lines: As record-high dollars flow into the sector, the big question is if investors without clearances have enough information to make investment decisions.
Most investors I spoke to believe the information flow is adequate, noting that not all defense tech deals have highly classified information or are wholly dependent on the government for revenue.
DCVC's Matt Ocko argues clearances will be an edge for investors as the industry dives deeper into critical, and likely sensitive, tech. "You're not getting ground truth," he says. "If there is a new nation-state actor or threat, you can't tell if your company is viable anymore or if you have the golden ball of 'unobtanium'."
Zoom out:"In the defense tech world, there's this overlapping weave of regulatory regimes," says Joshua Gruenspecht, a partner of Wilson Sonsini.
Companies with foreign investors not only file with CFIUS, but they may also face further scrutiny from the Defense Counterintelligence and Security Agency (DCSA) if they handle classified information. And while a foreign investment may not be an issue with the CFIUS, it could be a problem for DCSA.
The constant transition from one administration to the next has led to more self-policing by companies, says Holland & Knight partner Robert A Friedman.
"I've seen people turn down eight-figure amounts," Gruenspecht says, with companies aiming to avoid any conflict with the DCSA. "Scrutiny on FOCI (Foreign Ownership, Control, or Influence) has increased meaningfully. "
Case in point: Allen Control Systems, an autonomous-turret maker, says it's purposely not taken foreign investments of any kind to avoid slowdowns in the contracting process.
The bottom line: Defense tech is not for the faint of heart.
There was a line around the blockin New York City's West Village this week as tech enthusiasts, creators and curious passersby waited to check out Anthropic's pop-up, the Claude cafe inside the Air Mail newsstand.
Why it matters: It's common for consumer, lifestyle and entertainment brands to invest in experiential marketing, but now AI and B2B companies are adopting the playbook.
People Inc., one of the largest media publishers in the U.S., is laying off 6% of its workforce, or 226 people, CEO Neil Vogel said in an employee memo obtained by Axios.
Why it matters: It's part of a broader effort to deprioritize parts of the business that aren't growing as quickly and focus on new areas, like social publishing, e-commerce and events.
Almost 14% of households across the country experience food insecurity. They are part of communities that regularly lack access to food, especially nutritious options like fresh fruits and vegetables. Healthier communities lead to healthier people.
Former VMware CEO Raghu Raghuram has joined Andreessen Horowitz as a general partner, the venture capital firm announced on Thursday.
Why it matters: He adds deep infrastructure expertise to one of Silicon Valley's most powerful investment firms, plus management bona fides to help offset the recent loss of longtime managing partner Scott Kupor.
Trick-or-treaters may get fewer sweets this year as high cocoa prices haunt the candy aisle.
Why it matters: Cocoa prices have more than doubled since early 2024, pushing the Consumer Price Index for candy and gum up 8% and changing how people fill their candy bowls, per new reports from Wells Fargo, Empower and the National Confectioners Association.
Google announced Thursday that it's combining its business AI tools into Gemini Enterprise, a subscription for building and using AI agents.
Why it matters: Google sees the breadth of its options — from core models to premade agents to industry-specific templates — as a key way it can stand out from its rivals.
Walmart is reimagining car care with its first "Auto Care Center of the Future," debuting in Arkansas — a pilot offering smart-locker key drop and real-time app updates, the company told Axios exclusively.
Why it matters: The world's largest retailer is bringing its digital playbook to the garage to make car maintenance as easy as stocking the fridge.
The risk of a sharp market correction amid AI bubble risks and political pressure on the Federal Reserve has increased, according to the latest meeting summary from the Bank of England.
Why it matters: The Bank of England is sounding alarms the Fed isn't, warning investors they are underpricing large risks to this bull market.
The AI-fueled bull market has not reached bubble territory yet, according to Goldman Sachs, but investors should nonetheless focus on diversification as warning flags mount.
Why it matters: The call is yet another sign that the stock market can continue its climb before any bubble bursts.
House hunters, mark your calendars for Oct. 12-18. That week may be your best time to buy.
Why it matters: Shoppers nationwide could find perks including up to 32.6% more homes for sale than at the start of the year, plus prices 3.4% below seasonal peaks, according to a Realtor.com analysis.
The road to futuristic nuclear power is long and paved with… cancer drugs?
The big picture: Several nuclear startups are pursuing profits on offshoot products stemming from scientific innovations — such as ingredients in cancer-treating drugs — to fund long journeys toward profiting on their primary business.
The Department of Defense plans to enforce new policies that "appear designed to stifle a free press," the Pentagon Press Association said Wednesday.
Why it matters: Secretary of Defense Pete Hegseth has faced weeks of backlash over a Sept. 15 memo restricting engagements alongside new requirements that journalists sign an "express agreement" not to gather any information the department hasn't officially authorized for release, or they risk losing access to Pentagon facilities.
Holtec International is pulling the plug on plans to build a temporary storage site for commercial nuclear waste in southeastern New Mexico, citing state officials' fervent opposition.
Why it matters: Holtec had said in June that a Supreme Court ruling over storage of high-level spent fuel reaffirmed the company's license from the Nuclear Regulatory Commission to continue pursuing the site.
