Finance
Surging market, steady saving yields new crop of 401(k) millionaires
The number of retirement savers sitting on a million bucks or more in their 401(k)s, 403(b)s, or IRAs lifted off last year.
The band of 401(k)-created millionaires jumped by 27% in 2024, increasing from 422,000 to 537,000, while the number of IRA-created millionaires bumped up 8% over the year from 318,863 to 344,413, according to a new analysis by Fidelity Investments.
The average 401(k) balance of $131,700 at the end of 2024 ranks as the second-highest average on record for the firm and is an 11% increase from the start of 2024. The average IRA balance was $127,534, up 8% for the year.
Gen X savers had the most bulging balances — average account balances were up 18% from a year ago, $508,000 vs. $589,400. For those Gen Z savers who held their 401(k) for five years, accounts popped to an average of $52,900 — an increase of 66% over the past year.
“Retirement savers experienced positive growth in 2024, which means that the number of individuals who have a million dollars or more in their retirement savings also increased,” Michael Shamrell, vice president of Workplace Thought Leadership at Fidelity Investments, told Yahoo Finance.
The driver: A robust economy, lower inflation, and the Federal Reserve’s interest-rate cuts totalling one percentage point.
The S&P 500 (^GSPC) ended the year with a gain of 23%. The Dow Jones Industrial Average (^DJI) jumped nearly 13%, and the Nasdaq (^IXIC) ballooned close to 29%.
Here’s how 401(k)-created millionaires break down by generation: More than 4 in 10 are boomers: 41%, Gen X: 57%, and millennials: 2%. “Boomers have already started drawing from their retirement savings, which is why the number is lower than Gen X at this point,” Shamrell said.
Read more: What is a 401(k)? A guide to the rules and how it works.
One thing of note: “More millennial savers than ever before are now using Roth 401(k)s, removing the burden that taxes could pose on their savings when they enter retirement and begin to draw from their nest egg,” Shamrell said. “The millennial generation is making smart investment decisions now that they know will benefit them even further 20 or 30 years down the road when they ultimately enter retirement.”
Fidelity’s analysis covers more than 50 million IRA, 401(k), and 403(b) retirement accounts.
Retirement saving is a long-term game.
“The important thing to keep in mind when it comes to 401(k)-created millionaires is that these individuals have been saving for a long time,” Shamrell said. “The average 401(k)-created millionaire has been in their plan for 26 years and has an average contribution rate of almost 18%.”

Finance
Anthropic raises $2.5B in debt to finance growth investments – SiliconANGLE

Large language model developer Anthropic PBC has secured $2.5 billion in debt financing, CNBC reported today.
The loan is structured as a revolving credit facility. Standard debt financing deals require the borrower to pay back the funds in a fixed number of installments. A revolving credit facility, in contrast, has no such requirement. Additionally, the borrower can draw down funds again after repaying the loan.
Anthropic’s revolving credit facility will run for five years. It’s underwritten by Morgan Stanley, Barclay, Citibank, Goldman Sachs, JPMorgan, Royal Bank of Canada and Mitsubishi UFJ Financial Group. Several of those banks also backed a $4 billion revolving credit facility that OpenAI, Anthropic’s top rival, raised last year.
“This revolving credit facility provides Anthropic significant flexibility to support our continued exponential growth,” said Anthropic Chief Financial Officer Krishna Rao.
The company previously raised $8 billion from Amazon.com Inc. in the form of convertible notes. A convertible note is a type of loan that can be turned into shares. Amazon turned a sizable portion of Anthropic investment into shares during the first quarter, which was reportedly one of the reasons its earnings per share surpassed analyst expectations.
In conjunction with the announcement of its revolving credit facility, Anthropic disclosed today that its annualized revenue topped $2 billion in the first quarter. That represents a year-over-year increase of more than 100%. In the same time frame, the number of customers that pay at least $100,000 for Anthropic’s AI models jumped eightfold.
The company regularly launches new products to maintain its sales growth.
Earlier this month, Anthropic updated the application programming interface that customers use to integrate its LLMs into their software. The company added a tool that allows its LLMs to search the web if the information requested by a user isn’t readily available. Pricing starts at $10 per 1,000 searches.
A few weeks earlier, Anthropic debuted a new Max plan for its Claude chatbot. It’s available in two editions priced at $100 and $200 per month, respectively. They offer usage caps up to 20 times higher than the most affordable paid Claude tier.
Anthropic’s largest competitors are experiencing rapid sales growth as well.
In March, Bloomberg reported that OpenAI expects to triple its revenue to $12.7 billion by the end of 2025. More recently, a source told Reuters that Cohere Inc. has doubled its annualized recurring revenue since the start of the year. The company reportedly makes most of its revenue from providing highly regulated organizations with customized AI models that they can run on their own infrastructure.
Image: Anthropic
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Finance
Galiano Gold Inc (GAU) Q1 2025 Earnings Call Highlights: Strong Financial Position and …
Release Date: May 15, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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Galiano Gold Inc (GAU) maintains a robust financial position with $106 million in cash and zero debt.
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The company achieved significant exploration success at Abore, identifying a promising high-grade zone beneath the main pit.
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A 75% increase in gold production is projected by 2026, indicating strong future growth potential.
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The secondary crusher project is on track for completion in Q3 2025, which is expected to enhance mill throughput.
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Operating costs are being well managed, with unit costs for mining at Abore and Assassi in line with expectations.
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The company experienced two lost time injuries (LTIs) during the quarter, reflecting a need for improved safety measures.
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An unscheduled two-week mill shutdown due to repairs reduced production by approximately 5,000 ounces.
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Net earnings were negatively affected by fair value adjustments to the hedge book, resulting in a net loss of $29 million.
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The impact of high gold prices and increased government levies could raise all-in sustaining costs (ASIC) by up to $55 per ounce.
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Production figures for Q1 2025 were lower than expected, moving towards the lower end of guidance for the year.
Q: Can you walk us through your intermediate and longer-term expectations for drilling, especially in the south pit? A: Unidentified_5 (Exploration VP): We focused on the south pit to confirm the robustness of the high-grade zone, which exceeded our expectations. The strike length expanded from 90m to 180m. We discovered a new high-grade zone below the reserve pit, which was unexpected. We plan to test deeper targets along the ore body and explore both open pit and underground mining scenarios.
Q: What happened with the cost of the secondary crusher equipment versus expectations, and what downtime should we expect for the install? A: Unidentified_4 (CFO): The secondary crusher project remains on budget, with most equipment costs paid in installments. We expect minimal downtime for installation, as most pre-works can be done while the plant is running. The shutdown for tie-in will be brief, and we plan to conduct other maintenance simultaneously.
Q: Should we model any significant impact from the crusher installation shutdown? A: Unidentified_3 (COO): We don’t expect a significant impact from the shutdown. We have contingencies in place, and the production forecasts already account for this downtime.
Finance
Today’s podcast episode: Navigating State AG Investigations: A Playbook For Financial Services Companies

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