Burnham Holdings has closed a new $130 million revolving credit facility, replacing its existing $92 million facility that was due to mature in 2028. The five-year syndicated facility, financed through Wells Fargo Bank and Fulton Bank, comprises an $80 million revolving credit facility and a $50 million accordion feature. The new facility provides enhanced liquidity and financial flexibility to support working capital, strategic investments, acquisitions, and general corporate purposes. It includes a more favourable covenant structure and matures on 4 August 2031, with repayment permitted at any time prior to maturity. Nick Ribich, vice president and chief financial officer of Burnham Holdings, said the facility positions the company to invest across its businesses and pursue strategic growth opportunities.

Wells Fargo CEO Charlie Scharf told CNBC that AI automation will eliminate tens of thousands of positions at the bank, whilst expressing confidence in consumer resilience. The bank has already cut 79,000 jobs since Scharf took over, including 7,500 last quarter, and AI-driven cuts are still ahead. Wells Fargo reported Q2 earnings per share of $2.00, up 25% year over year, with headcount down 7%. Return on tangible common equity reached 17.7%, meeting raised medium-term targets. Scharf acknowledged a timing risk: productivity gains from AI appear quickly in corporate earnings, but worker retraining and new job creation lag behind. He called for collaboration between private industry and government to bridge this gap. Consumer spending data showed strength, with credit card spending up 10% and debit spending up 7%, whilst delinquencies fell.

Wells Fargo has set a $500 price target for Snowflake, the highest on Wall Street, representing 85% upside from the July 28 close of $270.36. The bank upgraded its view after determining that AI is driving increased spending on Snowflake's platform rather than threatening it. Analyst Ryan MacWilliams cited a customer survey showing businesses are uploading more data to Snowflake to feed AI systems, whilst product usage climbs. This contradicts earlier fears that AI agents would undermine software-as-a-service models by replacing human users. Snowflake reported first-quarter revenue of $1.39 billion, up 33% year-on-year, with remaining performance obligations climbing 38% to $9.21 billion. The stock has risen 24.76% year-to-date. Competition from Databricks and Snowflake's 127 times forward earnings multiple present key risks to the bullish outlook.