BUSINESS

Deep learning models can help scientists build customized phages.

Four of Katseye’s seven Billboard Hot 100 hits appear on the chart this week, with “Hootie Frutti” debuting inside the top 40 while two tunes return together.

The Los Angeles Dodgers’ long-time roster staple has been pushed off of the St. Louis Cardinals roster after a very short stint.

Cathie Wood, chief of Ark Investment Management, often uses post-earnings swings to add to her favorite tech stocks.

This week, she’s buying more Nvidia, adding $53 million to her stake as the stock pulled back a day after surging on better-than-expected earnings.

Last year, the flagship Ark Innovation ETF gained 35.49%, far outpacing the S&P 500’s return of 17.88% in the same period. So far this year, Wood’s flagship Ark Innovation ETF (ARKK) is up 9.97% as of August 28, while the S&P 500 surged 12.65%, Yahoo Finance data shows.

Wood gained a reputation after the Ark Innovation ETF delivered a 153% return in 2020. But her style also brings painful losses in bearish markets, as seen in 2022, when the Ark Innovation ETF tumbled more than 60%.

Those swings have weighed on Wood’s long-term gains. As of August 28, her Ark Innovation ETF has delivered a five-year annualized return of -6.91%, while the S&P 500 has an annualized return of 11.33% over the same period, according to data from Morningstar.

Over the past 12 months through August 27, the Ark Innovation ETF saw roughly $2.09 billion in net outflows.Bloomberg / Getty Images

Cathie Wood says AI could help support high corporate profits

Wood focuses on high-tech companies across artificial intelligence, blockchain, biomedical technology, and robotics. She believes these businesses have strong growth potential, but their volatility often causes fluctuations in the Ark’s funds.

Over the decade ended 2025, the Ark Innovation ETF wiped out nearly $5 billion in investor wealth, according to an report by Morningstar’s analyst Amy Arnott. That made it the fourth-biggest wealth destroyer among mutual funds and ETFs in the ranking. 

Wood remains optimistic about AI, which she sees as a major driver of productivity, economic growth, and corporate profits in the years ahead.

In an Aug. 9 post on X, Wood said U.S. corporate profits remain unusually strong, with domestic profits before tax at 13.2% of GDP, a level she said is near multi-decade highs. 

Related: Cathie Wood buys $28.1 million of popular tech stock

Some of that strength came from the massive monetary and fiscal stimulus during the pandemic, but Wood believes another factor is helping sustain margins today: companies are leaning into AI and productivity gains to protect them.

“I think we’re still early in seeing how far that can go,” she said, adding that companies that use AI effectively will “separate themselves from the ones that don’t.”

But not all investors agree with Wood’s optimism. Over the past 12 months through August 27, the Ark Innovation ETF saw roughly $2.09 billion in net outflows, according to data from ETF research firm VettaFi. 

Cathie Wood buys $53 million of Nvidia stock

On Aug. 28, Wood’s Ark funds bought a total of 243,707 shares of Nvidia (NVDA), according to Ark’s daily trading information. Based on the latest closing price of $217.55, these stocks were worth about $53 million, making it one of the largest purchase recently.

Nvidia reported better-than-expected fiscal second-quarter results and issued revenue guidance above Wall Street estimates on Aug. 26. The stock jumped nearly 9% on Aug. 27 and then fell 4.5% on Aug. 28.

Adjusted earnings came in at $2.22 per share, topping the $2.10 estimate, while revenue reached $96.22 billion, above expectations of $92.17 billion, CNBC reported.

CFO Colette Kress said Nvidia expects fiscal 2028 revenue growth of 70%, well above analysts’ 44% estimate. 

Related: Cathie Wood sells $4 million of surging AI stock

“Customers’ forecasts point to our growth doubling next year. However, as I mentioned earlier, we expect to grow approximately 70% as we are supply-constrained,” she said during the earnings call.

Nvidia remains at the center of the AI boom, with its chips powering the most advanced AI models. The company is also providing financial support to help fund and build new AI data centers.

Investors have cooled a bit after Nvidia’s historic three-year rally. The stock is up about 16.6% year to date, outperforming the S&P 500 but trailing chipmaking peer AMD, which has surged 117.4%, and the Philadelphia Semiconductor Index, which has rallied 81.9% over the same period.

Still, many Wall Street analysts remain bullish on the stock after its earnings.

For example, JPMorgan raised its Nvidia price target to $320 from $280, maintaining an overweight rating, The Fly reported.

The firm cited accelerating data center growth, strong Blackwell Ultra demand, and Nvidia’s fiscal 2028 outlook, which it views as potentially conservative given strong AI demand.

Bank of America analyst Vivek Arya reiterated a buy rating and $350 price target on Nvidia, calling it a “top pick,” according to a research note sent to TheStreet. 

Arya said Nvidia’s valuation “remains compelling.” He expects earnings to grow at roughly a 60% compound annual rate from 2026 through 2028, giving Nvidia a PEG ratio of about 0.3 times, versus roughly 1 times for the S&P 500.

Still, the analyst flagged lower gross margins, rising memory costs, custom-chip competition and Nvidia’s growing financial commitments as key risks.

Nvidia is not a top 10 holding in the Ark Innovation ETF.

Top 10 Holdings in the Ark Innovation ETF by weight as of August 28, 2026:

Tesla (TSLA) – 9.05%

Tempus AI (TEM) – 6.10%

SpaceX (SPCX) – 5.90%

Circle Internet Group (CRCL) – 5.51%

CRISPR Therapeutics (CRSP) – 4.77%

Coinbase Global (COIN) – 4.70%

Twist Bioscience (TWST) – 3.95%

Robinhood Markets (HOOD) – 3.76%

Shopify (SHOP) – 3.74%

Palantir Technologies (PLTR) – 3.22%

Other than buying Nvidia shares, Wood’s latest trades included buying shares of Broadcom (AVGO), Cerebras Systems (CBRS), and Cloudflare (NET). 

She also trimmed positions in Brera Holdings (SLMT), Roblox (RBLX), Twist Bioscience (TWST), and Advanced Micro Devices (AMD).

Related: 58-year-old casual restaurant chain shut down 163 locations

For most of the past decade, donations to churches, food banks, and local non-profits have offered little or no federal tax benefit to many taxpayers. 

When the 2017 tax overhaul nearly doubled the standard deduction, about 90% of filers lost the ability to write off their charitable gifts entirely.

Starting with the 2026 tax year, the One Big Beautiful Bill Act (OBBBA) created a new above-the-line deduction that most donors have yet to discover.

Non-itemizers can now write off up to $1,000 in cash charitable contributions on a single return, or $2,000 on a joint return.

Every qualifying dollar donated in 2026 delivers a write-off that the same gift last December did not.

What the non-itemizer charitable deduction covers in 2026

Taylor Turner, an adviser training specialist and Certified Financial Planner at Vanguard, detailed the provision in Vanguard’s charitable giving guide.

The write-off applies to filers claiming the standard deduction, which the IRS set at $16,100 for singles and $32,200 for married couples filing jointly for tax year 2026, as set forth in Revenue Procedure 2025-32.

Only cash gifts to qualifying public charities count, including organizations with religious, charitable, educational, scientific, or literary purposes. Turner indicated that checks and credit card contributions also qualify under the same cash-gift rule.

The new non-itemizer deduction, codified under a new IRC Section 170(p), applies on top of the standard deduction, so filers who never touch Schedule A can still claim it. 

Tax practitioners are still debating whether the mechanism reduces adjusted gross income (AGI) or only taxable income, a distinction that would affect eligibility for income-linked credits and thresholds. The IRS has not yet issued final guidance.

How the 2026 write-off compares to the CARES Act deduction

Jeff Godwin, a CPA and TurboTax Expert based in Carlsbad, California, confirmed that the 2026 deduction generally delivers a larger benefit than the temporary non-itemizer write-off available in 2020 and 2021, TurboTax reported.

Congress tested a smaller version of this concept during the pandemic. The Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020 capped the above-the-line write-off at $300 per return in 2020, regardless of filing status, Fidelity Charitable reported. 

The Consolidated Appropriations Act, 2021, raised the joint-filer cap to $600, a fraction of the current limits.

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About 90 million taxpayers claimed the CARES Act version in 2020-2021, demonstrating strong demand for a non-itemizer charitable write-off, according to Fidelity Charitable’s OBBBA impact article.

The 2026 version more than triples both caps, creating a larger incentive for the households that already give regularly.

The deduction is permanent, but Congress chose not to index the dollar limits for inflation. The $1,000 and $2,000 caps will remain fixed as prices rise, making 2026 the year the write-off carries its greatest purchasing power.

The 2026 landscape is more favorable to non-itemizers than the headline caps alone suggest. OBBBA also added a 0.5% adjusted gross income (AGI) floor on itemized charitable deductions claimed on Schedule A, meaning the first 0.5% of AGI in charitable gifts produces no itemized benefit.

For a household with $200,000 AGI, the first $1,000 of charitable giving on Schedule A is washed out, while the same $1,000 taken as an above-the-line deduction delivers the full write-off.

The 2026 charitable deduction expands pandemic-era tax relief, giving non-itemizers a larger incentive to donate while the limits remain fixed.Halfpoint Images / Getty Images

Gifts that fall outside the 2026 non-itemizer deduction

The list of exclusions narrows the benefit in ways that could catch regular donors off guard, especially those who use popular giving vehicles.

Christopher Hoyt, a law professor at the University of Missouri School of Law in Kansas City, told the ACTEC Foundation podcast that donor-advised funds, private non-operating foundations and supporting organizations are all excluded from the new deduction.  

Donations to houses of worship, schools, hospitals, and community nonprofits with active 501(c)(3) status remain eligible as long as they are made in cash, TurboTax reported.

For donors who gave to any of those organizations in 2025, the same gift made this year now carries a federal write-off that it did not on their last return.

The receipt requirement most donors forgot

The new deduction has the same documentation rules in place since 2007, rules most filers last applied when they still itemized deductions, before the 2017 overhaul, Newswise reported.

Every cash gift requires either a bank record or a written receipt from the charity showing its name, the date, and the dollar amount given.

For donations of $250 or more, the IRS demands a contemporaneous written acknowledgment from the charity stating whether it provided goods or services.

Samuel Handwerger, a CPA, MS-Tax and Senior Lecturer at the University of Maryland’s Robert H. Smith School of Business, wrote in a Newswise op-ed that the documentation burden will catch most taxpayers off guard because they have not needed to keep charitable receipts in nearly a decade.

The return of the deduction is good news. The return of the paperwork is the part people aren’t ready for. The law places the burden of a conforming receipt on the donor, on the person who gave the money, not the organization that received it

The consequences of a missing statement are not hypothetical. In Durden v. Commissioner (T.C. Memo. 2012-140), the Tax Court denied a couple more than $22,000 in charitable deductions because their church’s acknowledgment did not include the required “no goods or services” statement.

For year-end donors, a records habit worth rebuilding

Turner noted in the Vanguard guide that aligning donations with an annual giving plan helps maximize both the tax benefit and impact.

Turner’s guide recommends that W-2 filers planning year-end contributions confirm each recipient is a public 501(c)(3) and collect the documentation the IRS requires before December 31. 

Donors who give to more than one charity can make smaller gifts throughout the year until their total value reaches the cap.

Related: Tax-loss harvesting delivers surprise tax breaks

Learn how company values and leadership shape employee engagement, workplace culture, customer satisfaction, retention, and the customer experience.

The Atlanta Braves got a surprising update as a former everyday outfielder signed with the New York Yankees.

Using short-range nuclear weapons in a regional war with Russia or China could spark an all out nuclear conflict.

Casual dining restaurants have to walk a tightrope when it comes to offering strong value and a good customer experience. Chili’s has succeeded in finding the right mix of price, value, and experience that keeps the chain affordable while differentiating it from fast-food and fast-casual chains.

“Chili’s was the unquestionable same-store sales champ in 2025, though this has set the brand up for some difficult comps periods,” Restaurant Dive reported. “…In its most recent quarter, that success was driven primarily by traffic growth, a remarkable feat at a time when many brands faced stagnant or reversing traffic.”

Other chains, including Red Lobster, Ruby Tuesday, and Applebee’s, have shrunk. On The Border filed Chapter 7 bankruptcy, and only a handful of franchised locations remain, while Bahama Breeze was shut down by Darden, its parent company.

Buffalo Wild Wings, another casual dining chain going after that same audience, has also been closing restaurants. It’s selective, and the chain has opened some new locations as well, but that’s cold comfort to people who watch their nearby location shut down.

Restaurants have struggled to copy Chili’s model

Chili’s success has been driven by its value offerings. That’s something Brinker CEO Kevin Hochman talked about during the Chili’s parents company’s fourth-quarter earnings call.

“Instead of using precious resources and investments on initiatives to drive short-term sales, we at Chili’s focus our resources for long-term sustainable growth. Improving food service and atmosphere and the team member experience, as well as positioning our brand to be more relevant, easy, and distinctive,” he said.

The chain’s efforts have allowed Chili’s to actually be cheaper than its rivals.

“These experience improvements coupled with our everyday value leadership represented by a per person average spend that is $3 to $4 below competition, are supporting a powerful flywheel of traffic, sales growth, margin expansion, and then reinvestment into our business,” he added.

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Rivals, including Buffalo Wild Wings, have struggled to find a similar mix of value and experience.

One of the major issues has been food and labor costs, which have increased by 35% in the last five years. Average menu prices also rose 31% from February 2020 to April 2025, according to the National Restaurant Association.

Those rising menu prices can discourage consumers from dining out, putting additional pressure on restaurant traffic and revenue at a time when many chains are already struggling to maintain customer visits.

A one-time Buffalo Wild Wings partnership offered a Flamin’ Hot Doritos flavor.Buffalo Wild Wings

Buffalo Wild Wings closes more locations

Buffalo Wild Wings has a large national presence.

Founded in 1982 in Columbus, Ohio, B-Dubs, as some of its fans call it, has grown into the largest sports bar chain in the U.S. by systemwide sales, according to Nation’s Restaurant News.

The chain operates more than 1,400 locations nationwide, according to its store locator, maintaining a significant footprint despite recent store closures.

Inspire Brands, which also owns Arby’s and Dunkin’, is privately held, so it does not report closures, revenue, or any other numbers publicly. Some recent Buffalo Wild Wings restaurant shutdowns include:

Ann Arbor, Michigan: Shut down on May 3, 2026, TheStreet reported.

McHenry, Illinois: Closed April 2026, Shawn Local reported.

Morris, Illinois: Closed March 2026 after 10 years, WCJNews shared.

Crystal City, Virginia: Closed February 2026 after 15 years, according to ARLnow.

Hicksville, New York: Closed January 2026 due to mall redevelopment, Greater Long Island confirmed.

Fast Company has also confirmed a number of other recent Buffalo Wild Wings closures.

1620 Saratoga Avenue, San Jose, CA

6314 E Pacific Coast Highway, Long Beach, CA

8350 W 80th Avenue, Arvada, CO

3333 Buford Drive, Buford, GA

10625 Pendleton Pike A12, Indianapolis, IN

2624 Iowa Street, Suite A, Lawrence, KS

A request for comment made to the email address for Buffalo Wild Wings’ public relations, as listed on the company’s website, was not answered.

Related: 49-year-old Napa Valley winery files Chapter 11 bankruptcy

Chili’s followed a turnaround formula

RTM Nexus CEO Dominick Miserandino thinks Chili’s has created a comeback recipe that can be duplicated.

“What saved Chili’s was brutally simple: Kevin Hochman stripped away the operational nonsense, brought back the core items people actually wanted, and went on an aggressive value offensive against overpriced fast food,” he shared with TheStreet.

Buffalo Wild Wings, however, does face a problem Chili’s does not — its core product, chicken wings, has traditionally been expensive.

Chicken wings aren’t currently at the record wholesale prices seen during the 2021-22 surge, but wing costs remain an important expense for restaurants. USDA data show a highly volatile wing market, while restaurant operators are simultaneously dealing with higher labor and operating costs.

Chicken costs are not currently high, but while Buffalo Wild Wings sells other proteins, the chain remains heavily impacted by volatility in the wings market. A historical SEC filing shows why wing prices have long been an important risk for the chain.

In a 2014 filing, Buffalo Wild Wings reported that chicken wings represented approximately 23% of its cost of sales in 2014, 25% in 2013, and 27% in 2012. The company estimated that a 10% increase in wing costs would have increased its 2014 cost of sales by about $9.5 million.

ALSO READ: 58-year-old casual restaurant chain closed 163 locations

Target has spent much of the past year trying to convince shoppers that a major comeback is underway. And one of its most important categories is giving the retailer a reason to feel optimistic.

During the company’s second quarter, Target reported $26.5 billion in quarterly sales, up 5.3% from a year earlier, while comparable sales increased 3.8%. 

Target also saw huge gains in the beauty category. 

That win comes at an interesting moment for Target, since the company is officially entering the post-Ulta era.

Target and Ulta Beauty launched their shop-in-shop partnership in 2021, bringing prestige beauty products into hundreds of Target stores. But the companies decided last year not to renew the agreement, and the partnership ended in August 2026.

Target now has to prove it can stand on its own in the beauty category. And so far, the company seems to be succeeding.

Target is betting big on beauty

Target isn’t simply trying to replace the Ulta assortment it’s losing. Rather, it’s trying to build something of its own.

During the company’s most recent earnings call, Chief Merchandising Officer Cara Sylvester said beauty is one of several key areas in which Target is making disproportionate investments. 

“We’ve got a new ambition,” Sylvester said. “We’re going to have dedicated beauty advisers. We’re incredibly excited about this next chapter for us.”

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That next chapter arrives soon.

Target plans to launch its new Target Beauty Studio concept in more than 600 stores. The spaces are designed to create a more elevated beauty experience.

The company has been preparing for the launch throughout the second quarter, including training beauty advisers and getting the new spaces ready.

The goal is not simply to put more products on shelves. It’s to make beauty a destination at Target.

Target hopes to elevate the shopping experience with its new Target Beauty Studio concept.Target

The Ulta breakup may have forced Target to raise its game

Losing Ulta could have been a problem for Target. Instead, the retailer appears to be using the end of the partnership as an opportunity to rethink its entire beauty business.

Target began adding new beauty products earlier this year, and management said the response from shoppers has been sustained.

“We saw sustained growth from those businesses and sustained traffic growth,” Sylvester said.

That matters because Target’s turnaround depends heavily on getting shoppers excited about its product offerings. 

Beauty is particularly well suited to that strategy, since it’s a category where shoppers are constantly looking for new products and embracing new trends. 

Target is going all-in

The Beauty Studio launch shows just how serious Target is about the opportunity.

Sylvester described the initiative as an “entirely new immersive experience.”

That is a big ambition for a retailer that has had plenty of challenges getting its broader merchandise strategy right.

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Target still has work to do in categories such as home and apparel, and executives acknowledged that its transformation will take years.

But beauty is giving the company something it badly needs — evidence that its investments can actually change how customers shop.

So while the Ulta partnership may be over, it could be the beginning of a much bigger opportunity for Target.

Maurie Backman owns shares of Costco.

Related: Target takes big step to be more like Costco