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Galaxy Digital, the crypto investment firm led by billionaire Mike Novogratz, has secured $175 million for its new venture capital fund targeting blockchain startups.

The fund, which closed above its $150 million target, is part of Galaxy’s growing commitment to backing early-stage companies in the decentralised finance (DeFi) and stablecoin sectors.

The capital raise signals a shift in how institutional investors are approaching blockchain ventures.

Instead of betting on speculative tokens, Galaxy is now focusing on startups at the intersection of traditional finance and blockchain technology.

The company has already invested $50 million of the fund in select projects, reinforcing its strategy of bridging conventional finance and the evolving crypto economy.

Stablecoins and DeFi take centre stage

Galaxy’s new fund will primarily invest in projects developing stablecoins and DeFi infrastructure.

These sectors have seen increased institutional interest as investors search for more predictable use cases within the crypto space.

Mike Giampapa, general partner at Galaxy Digital, explained that the firm chose to raise external capital for the fund and then participated as a limited partner.

This approach enables Galaxy to leverage institutional backing while retaining exposure through its own listed stock on Nasdaq.

The company believes stablecoins and DeFi protocols offer more “tangible” applications compared to earlier crypto ventures driven by speculation.

Among the first deployments of the fund are investments in Monad, a high-performance blockchain platform, and Ethena, a protocol for issuing yield-generating dollar-pegged stablecoins.

These startups are building financial primitives that could support mainstream adoption of blockchain services by traditional institutions.

Venture activity grows alongside Galaxy’s $7B AUM

Galaxy Digital, which operates across trading, asset management, and mining, reported $7 billion in assets under management (AUM) as of May.

A significant portion of this AUM is already directed towards crypto-native startups, and the latest fund further strengthens its position in the venture ecosystem.

Beyond investing, Galaxy has been expanding its product range.

It recently filed for a Solana exchange-traded fund (ETF) through a joint submission with Invesco.

The partners submitted a registration statement (S-1 form) with the Securities and Exchange Commission on June 25, marking another attempt to bring blockchain exposure into mainstream financial markets.

The firm’s growing exposure to layer-1 blockchains, stable assets, and financial infrastructure aligns with broader market trends.

As US regulations become clearer, asset managers and institutional investors are showing more confidence in allocating capital to crypto ventures.

Galaxy’s venture fund is a direct response to this shifting landscape.

Traditional finance and crypto converge

The fund’s objective reflects a broader shift in the crypto industry—from speculative narratives to utility-based applications.

This convergence of traditional finance and decentralised networks is enabling projects to build tools that address real-world financial challenges.

Galaxy’s approach targets ventures that can offer stable returns, regulatory compliance, and scalable use cases.

The firm’s public market listing also allows investors to gain indirect exposure to the fund’s underlying startups.

Galaxy’s shares trade on Nasdaq, providing a channel for retail and institutional investors alike to benefit from the growth of crypto startups without investing directly in high-risk tokens.

The renewed push towards DeFi and stablecoin solutions suggests that Galaxy is betting on the long-term viability of blockchain-based financial systems.

With more than $50 million already deployed from the new fund, the firm is actively shaping the next wave of crypto infrastructure.

Galaxy doubles down amid improving US policy climate

Galaxy’s decision to raise and deploy capital at this point in the market cycle follows improving regulatory clarity in the US.

The firm is positioning itself to take advantage of new legislation and institutional demand for crypto assets, particularly in light of new frameworks supporting stablecoin issuance and crypto investment vehicles.

The firm’s dual role as a venture investor and publicly listed entity may provide it with unique leverage.

While the crypto market remains volatile, Galaxy Digital is moving decisively to capture value from early-stage blockchain projects offering long-term potential.

The post Galaxy Digital launches $175 million fund to back DeFi and stablecoin startups appeared first on Invezz

The S&P 500 and other benchmark indices opened in green on Thursday as Wall Street remained focused on key economic updates and a bullish tech momentum took over the market.

At the opening bell, the Dow Jones Industrial Average was 0.46% up at 43,181.30, while S&P 500 began the with 0.38% jump at 6,116.08. The NASDAQ Composite index opened 70 points (0.65%) higher at 20,043.28.

The S&P 500 remained about 0.5% below its intraday record of 6,147.43 set in February and is also nearing its all-time closing high of 6,144.15.

The index ended Wednesday’s session nearly unchanged, as investors kept a close eye on whether the S&P 500 could retake its all-time high.

The geopolitical tensions are calm as the ceasefire between Iran and Israel is holding, but Donald Trump’s administration is facing a new headache after an American intel report claimed that Iran’s nuclear program is not completely destroyed.

“CIA can confirm that a body of credible intelligence indicates Iran’s Nuclear Program has been severely damaged by the recent, target strikes,” CIA Director John Ratcliffe said while trying to downplay the intel reports.

Amid lingering suspense, Wall Street witnessed some tech action on Wednesday as Nvidia surged 4% after hitting a fresh 52-week high, while Alphabet rose 2% and AMD jumped 3%, adding momentum to the tech sector’s rally.

Pre-market movers

Micron set the tone in early trading on Thursday, with its shares climbing over 2% in the premarket after reporting record-breaking third-quarter revenue and offering a bullish forecast for the fourth quarter.

The chipmaker posted $9.3 billion in Q3 revenue, topping Wall Street estimates, and projected Q4 revenue of $10.7 billion, well above analyst expectations.

The surge is fueled by red-hot demand for high-bandwidth memory (HBM) chips, a key component in AI data centers. Management noted that its HBM supply is already sold out through 2025, with strong demand anticipated well into 2026.

In response, several analysts have raised their price targets on the stock.

On the earnings front, Walgreens is set to release its third-quarter results on Thursday, while Nike will report its fourth-quarter performance after the market closes.

Global markets remain mixed

The investors in the Asia-Pacific region remained cautious on Thursday, while European stock markets witnessed a rally after NATO decided to increase the defence spending to 5%.

Europe’s Stoxx Defense index was last seen trading 1.4% higher as the shares of defence companies rallied on Thursday.

At the time of publication, European indices were trading mixed on Thursday with Stoxx trading 0.2% lower while FTSE trading in green with a jump of 0.26%.

In the Asia-Pacific region, Japan’s Nikkei 225 index continued its healthy climb at 39,584.58, 1.65% up from its previous close.

A similar trend was noticed in India, as the benchmark Sensex and Nifty 50 traded in the green on Thursday.

Sensex jumped over 1,000 points on Thursday to close at 83,755.87, while the Nifty 50 index closed 1.21% higher at 25,549.00.

But, other regional indices like South Korea’s Kospi 100, China’s CSI 300, and Hong Kong’s Hang Seng closed in red on Thursday.

The post S&P 500 nears record high as Wall Street opens higher amid tech momentum appeared first on Invezz

Emil Bove forcefully rejected criticisms that he was President Donald Trump’s ‘henchman’ or ‘enforcer’ during a Senate hearing Wednesday focused on his nomination by Trump to serve as a federal judge.

Bove, a top Department of Justice (DOJ) official vying to fill a lifetime role on the Third Circuit Court of Appeals, said media reports painted a ‘wildly inaccurate caricature’ about him.

‘I am not anybody’s henchman. I’m not an enforcer,’ Bove said, referring to descriptors used in headlines about him. ‘I’m a lawyer from a small town who never expected to be in an arena like this.’

Bove served as a key attorney on Trump’s personal defense team during the president’s four criminal prosecutions. Prior to that, he led drug trafficking and terrorism cases during his decade as a prosecutor in the Southern District of New York.

But Bove’s formidable demeanor and controversial decisions upon joining DOJ leadership, which included dismissing New York City Mayor Eric Adams’ corruption charges and warning of personnel action for FBI employees who worked on Jan. 6 cases, have caused his nomination to the powerful appellate court bench to attract heightened scrutiny.

Capping off a string of reports examining these controversies was a whistleblower claim leveled Tuesday, one day prior to Bove’s nomination hearing.

The whistleblower, Erez Reuveni, a 15-year veteran of the department who was fired this year for perceived insubordination, alleged that Bove warned during an internal meeting that DOJ attorneys might need to say ‘f*** you’ to judges and defy any adverse orders they issue regarding one of Trump’s most provocative maneuvers to deport alleged illegal immigrants.

Senate Democrats, who have widely objected to Bove’s nomination, grilled the nominee over the claim, noting that flouting court orders was unconstitutional and disqualifying. Bove said he has never advised anyone to defy judges’ orders.

‘Did you or did you not make those comments during that meeting?’ Sen. Adam Schiff, D-Calif., pressed.

‘I did not suggest that there would be any need to consider ignoring court orders. At the point at that meeting there were no court orders to discuss,’ Bove said. 

Schiff repeated the profane phrase several times, asking if Bove said it in relation to the courts.

‘I don’t recall,’ Bove said.

‘You just don’t remember that,’ Schiff replied incredulously.

Other Democrats pressed Bove on the Adams saga, which had led in February to a handful of high-level DOJ employees resigning in protest of Bove’s order that they dismiss the mayor’s federal corruption charges. A judge ultimately dropped Adams’s charges at Bove’s request, but not before excoriating the DOJ for giving ‘inconsistent’ justifications for wanting to drop the case.

Bove was accused by the ousted lawyers of asking the courts to toss out Adams’s charges in exchange for the mayor’s cooperation with the Trump administration’s immigration policy. Bove denied the allegation when pressed on it.

‘The suggestion that there was some kind of quid pro quo was just plain false,’ Bove said.

Despite Democrats’ concerns, as well as concerns voiced by some defense lawyers who said they have had negative experiences with the nominee, Bove has some loyal supporters. No Republican senators have voiced opposition to him at this stage, a sign that he could eventually be confirmed, albeit narrowly.

In an interview prior to the hearing, Deputy Attorney General Todd Blanche, Bove’s longtime friend and colleague, told Fox News Digital that Bove was a ‘freaking brilliant lawyer.’

Blanche said reports that Bove was unqualified were ‘distorted’ and that installing him on the Third Circuit was a ‘no-brainer.’

This post appeared first on FOX NEWS

Anthony Bernal, the former advisor to former first lady Jill Biden, is refusing to appear before the House Oversight Committee to be questioned about the alleged cover-up of former President Joe Biden’s mental decline.

Chair James Comer, R-Ky., said in a press release Tuesday that Bernal was refusing to appear on June 26 for a transcribed interview, as part of the committee’s investigation into the Biden cover-up, and also the potentially unauthorized use of autopen for executive actions and pardons.

‘Now that the White House has waived executive privilege, it’s abundantly clear that Anthony Bernal – Jill Biden’s so-called ‘work husband’ – never intended to be transparent about Joe Biden’s cognitive decline and the ensuing cover-up,’ Comer said. ‘With no privilege left to hide behind, Mr. Bernal is now running scared, desperate to bury the truth. The American people deserve answers and accountability, and the Oversight Committee will not tolerate this obstruction.’

The chairman added that if Bernal does not wish to come on his own, he will issue a subpoena to compel Bernal to provide testimony before the committee.

Letters obtained by Fox News Digital from a source familiar with the matter show the Trump administration will not allow the people of interest in Comer’s probe to use their past White House work as a legal shield.

Deputy Counsel to the President Gary Lawkowski sent the letters to former Biden Chief of Staff Ron Klain, former senior advisors Anita Dunn, Steve Ricchetti, Mike Donilon, Annie Tomasini, Bruce Reed, Ashley Williams and Bernal.

‘In light of the unique and extraordinary nature of the matters under investigation, President Trump has determined that an assertion of executive privilege is not in the national interest, and therefore is not justified, with respect to particular subjects within the purview of the House Oversight Committee,’ the letters said. ‘Those subjects include your assessment of former President Biden’s fitness for the office of the President and your knowledge of who exercised executive powers during his administration.’

Congressional Republicans and the White House are investigating whether the senior Biden aides in question played any role in keeping concerns about the former president’s mental acuity shielded from the public eye and even from lower-level White House staffers.

‘Just yesterday, we heard from our first witness, Neera Tanden, the former Staff Secretary who controlled the Biden autopen,’ Comer said Wednesday. ‘Ms. Tanden testified that she had minimal interaction with President Biden, despite wielding tremendous authority. She explained that to obtain approval for autopen signatures, she would send decision memos to members of the President’s inner circle and had no visibility of what occurred between sending the memo and receiving it back with approval.

‘Her testimony raises serious questions about who was really calling the shots in the Biden White House amid the President’s obvious decline,’ Comer continued. ‘We will continue to pursue the truth for the American people.’

Bernal’s team previously confirmed he would appear for a transcribed interview on June 26, 2025, according to Comer’s office. But yesterday, the White House counsel’s office notified Bernal that it was waiving executive privilege regarding the Oversight Committee’s investigation.

Bernal’s legal team then told the committee he would no longer appear for the interview.

Comer’s team said in the press release that during the last Congress, the chairman subpoenaed three key White House aides, including Bernal, who allegedly ran interference for Biden to cover up his decline.

Despite the subpoenas, the White House under Biden allegedly obstructed the committee’s investigation by refusing to make the aides available for interviews or depositions.

Fox News Digital’s Elizabeth Elkind contributed to this report.

This post appeared first on FOX NEWS

Mossad Director David Barnea thanked the men and women working for the agency after the success of Israel’s Operation Rising Lion. He also expressed his appreciation to the U.S. — particularly the C.I.A. — for their work in countering Iran’s nuclear program.

‘These are historic days for the people of Israel. The Iranian threat, which endangered our security for decades, has been significantly thwarted thanks to the extraordinary cooperation between the IDF, which led the campaign, and the Mossad, which operated alongside it, with the support of our ally, the United States,’ Barnea said.

The Mossad, Israel’s equivalent of the C.I.A., had personnel in Iran ready for the launch of Operation Rising Lion, something that was revealed in unprecedented fashion when the agency released video of its operatives at work.

Ahead of the U.S. strikes in the early hours of Sunday morning, Iran time, there was speculation whether Washington and Jerusalem were coordinating. President Donald Trump made it clear after the strikes that he and Israeli Prime Minister Benjamin Netanyahu had been working together behind the scenes.

‘I want to thank and congratulate Prime Minister Bibi Netanyahu. We worked as a team — like perhaps no team has ever worked before — and we’ve gone a long way to erasing this horrible threat to Israel,’ Trump said in his address to the nation following the strikes on Iran.

While Barnea expressed his gratitude to Israeli and American forces alike, he also said that ‘the mission is not yet complete.’

‘The Mossad will continue, with determination, to monitor, track, and act to thwart the threats against us—just as we always have—for the sake of the State of Israel and its people,’ Barnea said.

Iran’s nuclear chief, Mohammad Eslami, said on Tuesday that the country was assessing the damage and preparing to restore the facilities, according to Reuters. He added that Iran’s ‘plan is to prevent interruptions in the process of production and services.’

Both Trump and Netanyahu vowed to respond if Iran rebuilds its nuclear program.

This post appeared first on FOX NEWS

The Medicaid debate among Senate Republicans continues to rage on, but a new proposal geared toward sating concerns over the survivability of rural hospitals could help to close the lingering fissures within the conference.

Senate Republicans are sprinting to finish their work on President Donald Trump’s ‘big, beautiful bill,’ which is filled with key priorities like making his first-term tax cuts permanent, funding his immigration and border security agenda, and rooting out waste, fraud and abuse across a variety of programs.

But lawmakers are still at odds over changes made in the Senate’s version of the bill to the Medicaid provider tax rate and the effects that it could have on rural hospitals, threatening to derail the legislation near the finish line.

A proposal making the rounds from the Senate Finance Committee obtained by Fox News Digital would create a separate stabilization fund that would go toward aiding and upgrading rural healthcare.

The committee’s proposal would allocate $3 billion annually to states that apply to the program over the next five fiscal years.

But that amount is too low for some senators and far too much for others.

Sen. Susan Collins, R-Maine, has been working on a similar proposal but would prefer a much higher fund of $100 billion. That number is unlikely to pass muster with her colleagues and still isn’t high enough for her.

‘I don’t think that solves the entire problem,’ she said. ‘The Senate cuts in Medicaid are far deeper than the House cuts and I think that’s problematic as well.’

Collins would prefer a return to the House GOP’s proposed changes to the provider tax rate, rather than the Senate’s harsher crackdown.

The Senate changes to the provider tax rate hit close to home for Collins, whose state’s rural hospitals are already in jeopardy because the state of Maine failed to advance its budget in time, leaving roughly $400 million in Medicaid funding that would have gone to rural hospitals in limbo.

‘Obviously any money is helpful. But no, it is not adequate,’ she said.

Indeed, the changes to the Medicaid provider tax rate, which were a stark departure from the House GOP’s version of the bill, angered the Republicans who have warned not to make revisions to the health care program that could shut down rural hospitals and boot working Americans from their benefits.

The Senate Finance Committee went further than the House’s freeze of the provider tax rate, or the amount that state Medicaid programs pay to healthcare providers on behalf of Medicaid beneficiaries, for non-Affordable Care Act expansion states and included a provision that lowers the rate in expansion states annually until it hits 3.5%.

However, Centers for Medicare & Medicaid Services (CMS) Administrator Dr. Mehmet Oz and some Senate Republicans have argued that the provider tax rate is a scam rife with fraud that actually harms rural hospitals more than it helps.

Sen. Rick Scott, R-Fla., was in the same camp, and has argued that the rate should be nixed completely. He has similarly pushed for a separate fund but wasn’t keen on the cost of the current proposal.

‘I don’t know that we need $15 billion,’ he said. ‘But this needs to be run by CMS.’

And others wanted to see more money injected into a stabilization fund.

‘I think $5 billion a year would more than make them whole,’ Sen. Roger Marshall, R-Kan., said.

He contended that, as the only lawmaker who has run a rural hospital, there are only roughly 12 million people on Medicaid in rural America, and that lawmakers should ‘tighten things up’ when it comes to funding the health care program.

He said that being on Medicaid was ‘not the same as having healthcare,’ and added that ‘at best, two thirds of doctors accept Medicaid, and even many of the specialists, when they say they do, they won’t give you an appointment for six months or a year.’

‘Medicaid is not the solution,’ he said. ‘It’s the most broken federal system up here.’ 

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The House Oversight Committee says it will subpoena top Biden family aide, Anthony Bernal, after the committee said he refused to testify as part of their investigation into former President Biden’s mental acuity and his use of an automatic signature tool that allowed aides to sign pardons, memos and other important documents on Biden’s behalf. 

‘Jill Biden’s longtime aide Anthony Bernal is DEFYING Congress and REFUSING to testify tomorrow about Joe Biden’s cognitive decline after the White House waived his executive privilege,’ the committee posted on X Wednesday after Bernal was expected to testify on Thursday morning.

‘He’s running scared. The cover-up is collapsing. We will subpoena him immediately.’

By proxy, as the first lady’s top aide, Bernal became one of the most influential people in the White House, according to recent reports, and he was expected to face tough questions about what he knew and when he knew about Biden’s mental decline.

‘No one spent more time, whether it was in the motorcade, on the plane, in the private residence at the White House, Camp David, and at both houses in Delaware, nobody spent more personal time around them and their family and the Biden family than Anthony,’ Democratic strategist Michael LaRosa, who served as press secretary to former first lady Jill Biden, told Fox News Digital. 

LaRosa told Fox News Digital that Bernal, former special assistant to Biden and deputy director of Oval Office Operations, was an ‘indispensable’ part of the Biden team whose top priority was ‘protecting the Bidens,’ even if it was politically harmful due to a ‘personal and emotional attachment’ that became more of a familial relationship than a professional one. 

Fox News Digital previously reported on how the book ‘Original Sin,’ by CNN anchor Jake Tapper and Axios political correspondent Alex Thompson, described Bernal as one of the most influential people in the White House who wielded loyalty as a weapon to weed out the defectors.

During the pandemic, Biden traded the campaign trail for lockdown. Bernal and Annie Tomasini, who is expected to testify next month, found their way into Joe and Jill Biden’s pod, shifting the power dynamic of Biden’s so-called ‘Politiburo,’ the group of advisors who steered Biden’s political orbit, the book explained. 

‘The significance of Bernal and Tomasini is the degree to which their rise in the Biden White House signaled the success of people whose allegiance was to the Biden family – not to the presidency, not to the American people, not to the country, but to the Biden theology,’ the authors wrote. 

‘Their instincts, to hide the ball on often frivolous issues is what ultimately got them in trouble,’ LaRosa told Fox News Digital about the ‘bunker mentality’ from Bernal and other aides around Biden. 

‘Their reflexive need to hide and protect was a deficiency and a blind spot and I never understood it.’

A former White House staffer fired back against Tapper and Thompson’s allegations about Bernal in a statement to Fox News Digital earlier this year.

‘A lot of vignettes in this book are either false, exaggerated, or purposefully omit viewpoints that don’t fit the narrative they want to push. Anthony was a strong leader with high standards and a mentor to many. He’s the type of person you want on a team – he’s incredibly strategic, effective, and cares deeply about the people he manages,’ the former White House staffer said. 

Politico reported in 2021 that Bernal’s management style was viewed by some as ‘toxic’ and would sometimes lead to crying staffers. 

LaRosa told Fox News Digital that Bernal has a ‘big heart’ but acknowledged he was one of the more ‘challenging’ people he had to work with. 

Bernal’s appearance before the committee, if it happens, follows testimony from former Biden aide Neera Tanden, who said she was authorized to direct autopen signatures but was unaware of who in the president’s inner circle was giving her final clearance.

When Tanden was asked whether she ever discussed Biden’s health or his fitness to serve as president during her time as a top aide, including during the period of the former president’s widely criticized debate performance last summer, Tanden said she did not. Lawmakers laid out a list of names of officials she could have potentially discussed it with, and Tanden said ‘no’ to each name, according to a source familiar with her closed-door testimony. 

Fox News Digital’s Liz Elkind, Alec Schemmel and Deirdre Heavey contributed to this report.

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Nvidia CEO Jensen Huang sold 100,000 shares of the chipmaker’s stock on Friday and Monday, according to a filing with the U.S. Securities and Exchange Commission.

The sales are worth nearly $15 million at Tuesday’s opening price.

The transactions are the first sale in Huang’s plan to sell as many as 600,000 shares of Nvidia through the end of 2025. It’s a plan that was announced in March, and it’d be worth $873 million at Tuesday’s opening price.

The Nvidia founder still owns more than 800 million Nvidia shares, according to Monday’s SEC filing. Huang has a net worth of about $126 billion, ranking him 12th on the Bloomberg Billionaires Index.

The 62-year-old chief executive sold about $700 million in Nvidia shares last year under a prearranged plan, too.

Nvidia stock is up more than 800% since December 2022 after OpenAI’s ChatGPT was first released to the public. That launch drew attention to Nvidia’s graphics processing units, or GPUs, which were needed to develop and power the artificial intelligence service.

The company’s chips remain in high demand with the majority of the AI chip market, and Nvidia has introduced two subsequent generations of its AI GPU technology.

Nvidia continues to grow. Its stock is up 9% this year, even as the company faces export control issues that could limit foreign markets for its AI chips.

In May, the company reported first-quarter earnings that showed the chipmaker’s revenue growing 69% on an annual basis to $44 billion during the quarter.

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Chris Schwegmann is getting creative with how artificial intelligence is being used in law.

At Dallas-based boutique law firm Lynn Pinker Hurst & Schwegmann, he sometimes asks AI to channel Supreme Court Chief Justice John Roberts or Sherlock Holmes.

Schwegmann said after uploading opposing counsel’s briefs, he’ll ask legal technology platform Harvey to assume the role of a legal mind like Roberts to see how the chief justice would think about a particular problem.

Other times, he will turn to a fictional character like Holmes, unlocking a different frame of mind.

“Harvey, ChatGPT … they know who those folks are, and can approach the problem from that mindset,” he said. “Once we as lawyers get outside those lanes, when we are thinking more creatively involving other branches of science, literature, history, mythology, that sometimes generates some of the most interesting ideas that can then be put, using proper legal judgement, in a framework that works to solve a legal problem.”

It’s just one example of how smaller businesses are putting AI to work to punch above their weight, and new data shows there’s an opportunity for much more implementation in the future.

Only 24% of owners in the recent Small Business and Technology Survey from the National Federation of Independent Business said they are using AI, including ChatGPT, Canva and Copilot, in some capacity.

Notably, 98% of those using it said AI has so far not impacted the number of employees at their firms.

At his trial litigation firm of 50 attorneys, Schwegmann said AI is resolving work in days that would sometimes take weeks, and said the technology isn’t replacing workers at the firm.

It has freed up associate lawyers from doing “grunt work,” he said, and also means more senior-level partners have the time to mentor younger attorneys because everyone has more time.

The NFIB survey found AI use varied based on the size of the small business. For firms with employees in the single digits, uptake was at 21%. At firms with fifty or more workers, AI implementation was at nearly half of all respondents.

“The data show clearly that uptake for the smallest businesses lags substantially behind their larger competitors. … With a little attention from all the relevant stakeholders, a more equal playing field is possible,” the NFIB report said.

For future AI use, 63% of all small employers surveyed said the utilization of the technology in their industry in the next five years will be important to some degree; 12% said it will be extremely important and 15% said it will not be important at all.

Some of the most common uses in the survey were for communications, marketing and advertising, predictive analysis and customer service.

“We still have the need for the independent legal judgment of our associate lawyers and our partners — it hasn’t replaced them, it just augments their thinking,” Schwegmann said. “It makes them more creative and frees their time to do what lawyers do best, which is strategic thought and creative problem solving.”

The NFIB data echoes a recent survey from Reimagine Main Street, a project of Public Private Strategies Institute in partnership with PayPal.

Reimagine surveyed nearly 1,000 small businesses with annual revenue between $25,000 and $50,000 and also found that a quarter had already started integrating AI into daily workflows.

Schwegmann said at his firm, AI is helping to even the playing field.

“One of the things Harvey lets us do is review, understand and incorporate and respond much faster than we would prior to the use of these kinds of AI tools,” he said. “No longer does a party have an advantage because they can paper you to death.”

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