BUSINESS

Crypto prices and risk assets remain at the mercy of macro headlines for now, one analyst said.

Intercom is taking an unusual gamble for a legacy software company: building its own AI model.The 15-year-old, Dublin, Ireland-based massive customer service platform announced Fin Apex 1.0 on Thursday, a small, purpose-built AI model that the company claims outperforms leading frontier models from OpenAI and Anthropic on the metrics that matter most for customer support. The model powers Intercom’s existing Fin AI agent, which already handles over one million customer conversations weekly.According to benchmarks shared with VentureBeat, Fin Apex 1.0 achieves a 73.1% resolution rate—the percentage of customer issues fully resolved without human intervention—compared to 71.1% for both GPT-5.4 and Claude Opus 4.5, and 69.6% for Claude Sonnet 4.6. That roughly 2 percentage point margin may sound modest, but it’s wider than the typical gap between successive generations of frontier models.”If you’re running large service operations at scale and you’ve got 10 million customers or a billion dollars in revenue, a delta of 2% or 3% is a really large amount of customers and interactions and revenue,” Intercom CEO Eoghan McCabe told VentureBeat in a video call interview earlier this week.The model also shows significant improvements in speed and accuracy. Fin Apex delivers responses in 3.7 seconds—0.6 seconds faster than the next-fastest competitor—and demonstrates a 65% reduction in hallucinations compared to Claude Sonnet 4.6. Perhaps most striking for enterprise buyers: it runs at roughly one-fifth the cost of using frontier models directly, and is included in Intercom’s existing “per-outcome”-based pricing structure for its existing customer plans.What’s the base model? Does it even matter?But there’s a catch. When asked to specify which base model Apex was built on—and its parameter size—Intercom declined.”We’re not sharing the base model we used for Apex 1.0—for competitive reasons and also because we plan to switch base models over time,” a company spokesperson told VentureBeat. The company would only confirm that the model is “in the size of hundreds of millions of parameters.”That’s a notably small model. For comparison, Meta’s Llama 3.1 ranges from 8 billion to 405 billion parameters; even efficient open-weights models like Mistral 7B dwarf the sub-billion scale Intercom describes. Whether Apex’s performance claims hold up against that context—or whether the benchmarks reflect optimizations possible only in narrow, domain-specific applications—remains an open question.Intercom says it learned from the backlash AI coding startup Cursor faced when critics accused the coding assistant of burying the fact that its Composer 2 model was built on fine-tuned open-weights models rather than proprietary technology. But the lesson Intercom drew may not satisfy skeptics: the company is transparent that it used an open-weights base, just not which one.”We are very transparent that we have” used an open-weights model, the spokesperson said. Yet declining to name the model while claiming transparency is a contradiction that will likely draw scrutiny—particularly as more companies tout “proprietary” AI that amounts to post-trained open-source foundations.Post-training as the new frontierIntercom’s argument is that the base model simply doesn’t matter much anymore.”Pre-training is kind of a commodity now,” McCabe said. “The frontier, if you will, is actually in post-training. Post-training is the hard part. You need proprietary data. You need proprietary sources of truth.”The company post-trained its chosen foundation using years of proprietary customer service data accumulated through Fin, which now resolves 2 million customer queries per week. That process involved more than just feeding transcripts into a model. Intercom built reinforcement learning systems grounded in real resolution outcomes, teaching the model what successful customer service actually looks like—the appropriate tone, judgment calls, conversational structure, and critically, how to recognize when an issue is truly resolved versus when a customer is still frustrated.”The generic models are trained on generic data on the internet. The specific models are trained on hyper-specific domain data,” McCabe explained. “It stands to reason therefore that the intelligence of the generic models is generic, and the intelligence of the specific models is domain-specific and therefore operates in a far superior way for that use case.”If McCabe is right that the magic is entirely in post-training, the reluctance to name the base becomes harder to justify. If the foundation is truly interchangeable, what competitive advantage does secrecy protect?A $100 million bet paying offThe announcement comes as Intercom’s AI-first pivot appears to be working. Fin is approaching $100 million in annual recurring revenue and growing at 3.5x, making it the fastest-growing segment of the company’s $400 million ARR business. Fin is projected to represent half of Intercom’s total revenue early next year.That trajectory represents a remarkable turnaround. When Fin launched, its resolution rate was just 23%. Today it averages 67% across customers, with some large enterprise deployments seeing rates as high as 75%.To make this happen, Intercom grew its AI team from roughly 6 researchers to 60 over the past three years—a significant investment for a company that McCabe admits was “in a really bad place” before its AI pivot. The average growth rate for public software companies sits around 11%; Intercom expects to hit 37% growth this year.”We’re by far the first in the category to train our own model,” McCabe said. “There’s no one else that’s going to have this for a year or more.”The speciation and specialization of AIMcCabe’s thesis aligns with a broader trend that Andrej Karpathy, former AI leader at Tesla and OpenAI, recently described as the “speciation” of AI models—a proliferation of specialized systems optimized for narrow tasks rather than general intelligence.Customer service, McCabe argues, is uniquely suited for this approach. It’s one of only two or three enterprise AI use cases that have found genuine economic traction so far, alongside coding assistants and potentially legal AI. That’s attracted over a billion dollars in venture funding to competitors like Decagon and Sierra—and made the space, in McCabe’s words, “ruthlessly competitive.”The question is whether domain-specific models represent a durable advantage or a temporary arbitrage that frontier labs will eventually close. McCabe believes the labs face structural limitations.”Maybe the future is that Anthropic has a big offering of many different specialized models. Maybe that’s what it looks like,” he said. “But the reality is that I don’t think the generic models are going to be able to keep up with the domain-specific models right now.”Beyond efficiency to experienceEarly enterprise AI adoption focused heavily on cost reduction—replacing expensive human agents with cheaper automated ones. But McCabe sees the conversation shifting toward experience quality.”Originally it was like, ‘Holy shit, we can actually do this for so much cheaper.’ And now they’re thinking, ‘Wait, no, we can give customers a far better experience,'” he said.The vision extends beyond simple query resolution. McCabe imagines AI agents that function as consultants—a shoe retailer’s bot that doesn’t just answer shipping questions but offers styling advice and shows customers how different options might look on them.”Customer service has always been pretty shit,” McCabe said bluntly. “Even the very best brands, you’re left waiting on a call, you’re bounced around different departments. There’s an opportunity now to provide truly perfect customer experience.”Pricing and availabilityFor existing Fin customers, the upgrade to Apex comes at no additional cost. Intercom confirmed that customer pricing remains unchanged—users continue to pay per outcome as before, at $0.99 per resolved interaction, and automatically benefit from the new model.Apex is not available as a standalone model or through an external API. It is accessible only through Fin, meaning businesses cannot license the model independently or integrate it into their own products. That constraint may limit Intercom’s ability to monetize the model beyond its existing customer base—but it also keeps the technology proprietary in a practical sense, regardless of what the underlying base model turns out to be.What’s nextIntercom plans to expand Fin beyond customer service into sales and marketing—positioning it as a direct competitor to Salesforce’s Agentforce vision, which aims to provide AI agents across the customer lifecycle.For the broader SaaS industry, Intercom’s move raises uncomfortable questions. If a 15-year-old customer service company can build a model that outperforms OpenAI and Anthropic in its domain, what does that mean for vendors still relying on generic API calls? And if “post-training is the new frontier,” as McCabe insists, will companies claiming breakthroughs face pressure to show their work—or continue hiding behind competitive secrecy while touting transparency?McCabe’s answer to the first question, laid out in a recent LinkedIn post, is stark: “If you can’t become an agent company, your CRUD app business has a diminishing future.”The answer to the second remains to be seen.

The bank said institutional unwinding and weakening liquidity have hit precious metals, while bitcoin shows steadier flows and improving momentum amid geopolitical stress.

TheStreet aims to feature only the best products and services. If you buy something via one of our links, we may earn a commission.Why we love this dealAs the weather warms up for spring, you may find yourself reaching for shorts and dresses more often and leaving your jeans in a drawer. It’s the best time of year to enjoy this type of clothing, and you’ll want to have plenty on hand to choose from. If you feel like your closet could benefit from a few new casual dresses, Amazon’s Big Spring Sale includes the Ofeefan V-Neck Summer Dress, cutting the price from $15 to $10.This dress comes in 36 different styles and is the essence of simplicity with its classic A-line cut, flattering v-neck, and cute pockets. It would be perfect with a jean jacket and a pair of sandals, or you could dress it up with a cardigan and a pair of heels. At a price this low, you may as well stock up.Ofeefan V-Neck Summer Dress, $10 (was $15) at Amazon

Courtesy of Amazon

Shop at AmazonWhy do shoppers love it?Not only is this dress basic enough to go with many aesthetics, but there are so many patterns to choose from, from soft florals to solids and stripes. Made with a blend of polyester, rayon, and spandex, you can count on this dress to be breathable and comfy. It hits just above the knee, so it’s long enough to feel comfortable, but not so long that you feel frumpy. This dress is designed to fit a little loose, so if you want a more form-fitting look, we advise that you size down.Sizing options are also generous, ranging from small to 3XL. This would be the perfect dress to pack for a beach vacation, easily transitioning from an outfit for daytime exploration to something pretty to wear to dinner when paired with a jacket or cardigan. You could even throw it on over a bathing suit. It’s so versatile that it’s a must-have for any spring wardrobe.You won’t need to go to the dry cleaner when it’s time to launder this dress. Care is as simple as washing on cool and tumble drying on low heat. Also, the polyester blend keeps it from wrinkling easily, so you won’t have to worry about it getting rumpled in your suitcase if you pack it for a vacation.Details to knowColors: 36.Material: 60% polyester, 35% rayon, and 5% spandex.Machine-washable?: Yes. Related: Amazon is selling a $398 Kate Spade leather tote for just $118 during its Big Spring SaleShop more deals Etcyy Women’s Sundress, $15 (was $29) at AmazonJoligal Sleeveless Summer Dress, $10 (was $12) at AmazonOfeefan Summer Dress, $15 (was $20) at Amazon”The dress is so cute!” one shopper wrote. “It is well made, and the blue color is beautiful. I like the lightweight knit fabric that is not see-through and pockets in the front. The dress is not clingy but has a nice flared fit to it. The scoop neckline is not too low, and it hit me about three inches above my knee.””Glad I found this cute summer dress while searching for day wear for my upcoming cruises,” another shopper wrote. “I went back and purchased several more. The price is fantastic. The fabric is soft like a T-shirt, it has a little stretch, and the colors and prints are vibrant.”If you want to refresh your closet for the spring and summer season, you can’t go wrong with the Ofeefan V-Neck Summer Dress. Once you own some, you’ll wonder how you lived without them.

You have paid into Social Security for years, possibly decades, trusting that every dollar deducted from your paycheck was being put to productive use. The head of the world’s largest asset manager just challenged that assumption in the most public way possible.Larry Fink, chairman and CEO of BlackRock, released his 2026 annual investor letter on Monday, and buried inside was a blunt assessment. The retirement system you’ve been counting on may be shielding you from poverty, but it is actively keeping you from building real wealth.His letter, titled “Growing with Your Country,” lays out a case for rethinking how your Social Security contributions are invested. The proposal is already drawing sharp reactions from lawmakers, retirement researchers, and financial planners across the country.Here’s what Fink said, what the numbers show, and what it means for your retirement planning.Fink calls Social Security a poverty shield that blocks wealth creationSocial Security currently funnels surplus payroll tax revenue into U.S. Treasury bonds, which earned a 2.6% annual effective interest rate in 2025, according to the Social Security Administration.Fink acknowledged that the program keeps nearly 29 million Americans out of poverty every year, citing U.S. Census Bureau data. He called it one of the most effective anti-poverty programs in history.But that achievement, Fink argued, masks a deeper structural problem. Your paycheck is absorbed every two weeks. Workers essentially lend money to the federal government and receive defined benefits in return, his letter stated.Your payroll taxes earn 2.6%, while the S&P 500 returned about 16%The gap between Social Security’s returns and what the broader stock market delivers is not a rounding error. The S&P 500 gained roughly 16% in 2025, while a balanced 60/40 portfolio of stocks and bonds returned nearly 15%.Over nearly a century of data, the S&P 500 has delivered an average annual return of approximately 10.4%, according to research from the NYU Stern School of Business. Treasury bonds averaged around 4.8% over the same period.That difference compounds dramatically over a full working career of 35 to 40 years. A hundred dollars invested in the S&P 500 starting in 1928 would be worth roughly $982,000 today with dividends reinvested. The same amount in 10-year Treasuries would have grown to about $7,200 over that identical time frame.How both employers and employees fund the current systemBoth you and your employer each contribute 6.2% of your wages toward Social Security, for a combined payroll tax rate of 12.4%. Self-employed workers pay the full 12.4% on their own, on earnings up to $184,500 in 2026.Money not immediately used to pay current retirees gets deposited into the program’s trust funds and invested exclusively in U.S. Treasury securities. Those special-issue government bonds are backed by the full faith and credit of the United States, the SSA explains.Fink’s argument is straightforward here. Safety and stability are valuable, but they come at a steep opportunity cost over decades. Your contributions could theoretically earn far more in diversified investments without abandoning the program’s core safety-net mission.A $1.5 trillion bipartisan plan is already on the table in the SenateFink’s letter did not arrive in a vacuum, and he is not the only powerful voice calling for a structural shift in the program. Senators Bill Cassidy of Louisiana and Tim Kaine of Virginia have proposed creating a $1.5 trillion investment fund.The bipartisan plan would invest $300 billion annually over five years into stocks, bonds, and other diversified assets, The Hill reported. That money would sit untouched for 75 years, generating returns meant to cover Social Security’s projected funding shortfall.How the Cassidy-Kaine fund would work alongside existing benefitsThe new fund would operate in parallel to the existing Social Security trust funds, not as a replacement for them. Fink endorsed the concept in his letter, writing that the returns could help cover the trust fund shortfall without changing benefits.Supporters compare the structure to the federal Thrift Savings Plan, which already allows government employees to invest their retirement savings in diversified portfolios. Fink also pointed to Australia’s superannuation system and Japan’s NISA accounts as international models that broadened investment access.He was careful to separate this idea from full privatization, writing that the proposal would introduce a measure of diversification rather than putting everything into stocks.Retirement researchers warn that the plan carries serious financial risksNot everyone shares Fink’s optimism, and some of the sharpest critiques come from nonpartisan policy institutions with decades of expertise in Social Security.The returns from the fund would be limited by the cost of borrowing, calling the plan a huge and risky financial maneuver with very little payoff, Alicia Munnell, senior advisor at the Center for Retirement Research at Boston College, said in an October briefing.Borrowing the initial $1.5 trillion would likely raise interest rates and slow economic growth, Gopi Shah Goda, director of the Retirement Security Project at the Brookings Institution, warned in a July analysis.

Experts caution that the proposal risks higher borrowing costs, slower growth, and minimal long-term retirement benefits, despite optimistic projections from supporters.PeopleImages/Shutterstock

The privatization debate and what it means for your benefitsCritics also point out that higher expected stock market returns are not free money but rather compensation for taking on real risk. State and local pension funds that pursued similar strategies with pension obligation bonds have produced mixed results.The Committee for a Responsible Federal Budget described the plan as a Sovereign Debt Fund rather than a true sovereign wealth fund. More Social Security: AARP raises a red flag on Social Security, MedicareDave Ramsey warns Americans on Social Security, 401(k)sDave Ramsey warns of big Social Security problemUnlike Norway’s fund, which was built from oil revenue surpluses, this proposal would be financed entirely with new federal borrowing, the CRFB explained in a detailed analysis.Fink himself acknowledged the political sensitivity, writing that he understands why any talk of changing Social Security makes people uneasy. He insisted his proposal is about diversification, not privatization, though opponents argue the distinction may be thinner than he suggests.The trust fund clock is ticking faster than most retirees realizeThe OASI Trust Fund, which pays retirement and survivor benefits, is projected to be depleted by 2033, according to the 2025 Trustees Report. Once that happens, continuing payroll tax revenue would cover only about 77% of scheduled benefits.That potential 23% benefit cut would hit more than 70 million current beneficiaries unless Congress acts before the deadline. Related: Social Security’s $6,000 senior deduction has a hidden costThe combined OASI and DI trust fund reserves declined by $67 billion in 2024 alone, falling to $2.72 trillion, the SSA reported.For you, the math translates to real monthly dollars. If you currently receive $2,000 per month, a 23% reduction drops that to about $1,540. That is a $460 monthly gap you would need to fill from savings, part-time work, or other retirement income sources.Practical steps you can take to protect your retirement right nowWhether Congress ultimately restructures Social Security or not, you cannot afford to wait for Washington to act on your behalf. Your retirement plan should be built to absorb uncertainty, not depend on a single government program for financial security.Key moves to consider before the 2033 Social Security deadlineMaximize your workplace retirement contributions while current limits hold: The 2026 401(k) limit is $23,500, with a $7,500 catch-up for workers 50 and older.Consider a Roth conversion strategy to build tax-free income that won’t be affected by future changes to Social Security taxation rules.Delay your Social Security claim past full retirement age if possible, since your monthly benefit grows by 8% for each additional year you wait.Diversify your retirement income across multiple streams, including dividend-paying investments, rental income, or part-time consulting work.Build an emergency savings buffer of three to six months of expenses so that short-term financial shocks do not force you to claim benefits early.Fink’s own letter emphasized the value of emergency savings accounts, noting that BlackRock research shows workers with a dedicated rainy-day fund are more than 70% more likely to contribute to their retirement plans.What Fink’s conflict of interest means for how you evaluate this proposalBlackRock manages more than $14 trillion in assets, and more than half of that total is tied to retirement money, including pension funds and retail capital. Fink’s company would directly benefit if Social Security dollars flowed into market-based investments it could help manage.That does not automatically invalidate his argument, but you should weigh his proposals with that financial interest clearly in view. The performance gap between Treasury bonds and diversified portfolios is real and well-documented by independent academic research.The question is whether routing public retirement funds through private markets introduces more risk than the current system’s lower returns justify. Roughly 40% of Americans still have zero exposure to the stock market, which means any shift would disproportionately affect the very population it aims to help.The real question for your retirement is not whether Social Security survivesSocial Security is not disappearing, even in the worst-case scenario where the trust fund runs dry without congressional intervention. Payroll taxes will continue to flow in, and the program can still pay roughly three-quarters of its promised benefits indefinitely after 2033.The real question is whether those reduced benefits, combined with whatever savings you have accumulated, will be enough to sustain your standard of living. Fink’s letter has reignited a conversation that directly affects your household finances, regardless of where you fall on the policy debate.Your move now is to treat Social Security as one piece of your retirement income rather than the foundation upon which your entire financial future rests. Build your own diversified investment portfolio, take advantage of every tax-advantaged account available to you, and do not wait for Congress to fix this.Related: Jean Chatzky raises red flag on Social Security growing problem

Rates had fallen under 6% for the first time since 2022 just days before the start of Operation Epic Fury.

Elon Musk’s X Corp brought the lawsuit against a group of advertisers in 2024.

The Braves and Diamondbacks are among the teams who benefit from the Week 2 schedule in fantasy baseball.

The exchange’s chief of product development, Jon Herrick, said blockchain technology will be layered into current systems rather than replace them.

AI won’t necessarily devastate Adobe’s business, but it does invite various investor questions that a William Blair analyst doubts will get resolved in the near future.