The online mortgage platform Better has partnered with OpenAI to launch an app within ChatGPT that the companies said will dramatically reduce the time it takes to underwrite a mortgage or home equity loan, CNBC has learned exclusively.
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The app, to be announced later Thursday, takes Better’s mortgage engine and combines it with OpenAI’s models to speed up the underwriting process for loan officers working at banks, mortgage brokers and fintech firms, Better CEO Vishal Garg said in an interview.
“Taking the mortgage underwriting process, which so many of us have experienced personally, from 21 days to as little as 47 seconds and enabling it via ChatGPT is a huge unlock for everyone,” Giancarlo Lionetti, OpenAI’s chief commercial officer, said in a statement provided to CNBC. “OpenAI is proud to partner with Better to build technology that revolutionizes the mortgage industry and makes it cheaper, faster, and easier for American families to finance a home.”
For decades, creating a mortgage has been one of the most time-consuming corners of American finance, with lenders relying on dozens of steps that can take weeks to complete. After the 2008 financial crisis, big banks like JPMorgan Chase receded from the U.S. mortgage market, leading to the rise of non-bank players including Rocket Mortgage and United Wholesale Mortgage.
Now, in an era where the leading artificial intelligence firms are targeting inefficiencies across the corporate landscape, it’s possible that AI agents could reshape a U.S. home-loan market that originates more than $1 trillion in mortgages a year.
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Garg said the new app is part of Better’s pivot from being primarily a lender to consumers to also becoming a “mortgage-as-a-service” tech platform for other mortgage players.
The companies are taking direct aim at the dominant mortgage players by enabling competitors to move faster, Garg said. According to Better, lenders can save 21 days of time on average, reducing the costs to underwrite loans and ultimately saving consumers money as well.
“AI is now doing mortgages,” Garg said. “Rocket, UWM, Pennymac, a bunch of guys that are large public companies, make their money by effectively charging a tax of one and half percent to underwrite mortgages. … That’s $20 billion that’s paid by the American public in a typical year.”
OpenAI’s models, fed with Better’s mortgage data, save time by simultaneously running parallel workflows on dozens of checkpoints, including appraisals, title reports, income, credit reports and other metrics, Garg said.
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“It’s not a simple tool call. It’s a multiple tool call with a super long, extended logic tree and a very large context window,” Garg said.
The purpose of today’s presentation is to give our audience a better understanding of the business through a presentation and then questions with management. The presentation is going to be led by Raj Das Gupta, CEO, who is also joined on the call by John Gibson, CFO; and Jason Roy, VP of IR. If you’d like to get a copy of today’s presentation, simply e-mail me at glen@bristolir.com. We’ll break for questions at the end of the formal presentation. When we do break, we encourage those questions. And as a reminder, we’re only going to take questions through the webinar portal. If you’re listening over telephone, please access the web link sent earlier to ask a question.
You can submit a question using the text box within the portal at any time. I’ll ask the question on air for everyone to hear and Raj or John will answer. I’m not going to reference any names, but simply read the questions asked. And as we do have a very large audience today, if I can’t get to your question online and has not yet been addressed during the call and can’t be, I’ll come back to you by e-mail. I won’t read the forward-looking statements, but I do state that they apply, and I reference them on Page 2 of this presentation.
With that said, once again, thank you for joining us. Remember, this is fairly informal, and we do encourage questions to help you better understand the business and its growth path. And now I’ll turn the call over to
EQT President and CEO Toby Z. Rice joins ‘Mornings with Maria’ to discuss the sudden rise in oil and natural gas prices as the Middle East conflict rages.
The U.S. is reportedly considering asking China to curb its purchases of oil from America’s adversaries, like Iran and Russia, ahead of President Donald Trump’s trip to Beijing at the end of the month.
The Wall Street Journal reported that Treasury Secretary Scott Bessent is weighing whether to raise the issue of China’s energy purchases with his counterpart, Vice Premier He Lifeng, when they meet in Paris mid-March.
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The Journal’s report cited people familiar with Bessent’s meetings with former U.S. officials, business executives and policy analysts about how the administration wants China to buy U.S. energy products instead.
China sources a significant portion of its oil purchases from Russia. Those purchases come at a steep discount due to international sanctions levied on Russia’s energy sector that stem from its ongoing war against Ukraine, which has been funded in part by Moscow’s oil sales.
Treasury Secretary Scott Bessent is reportedly discussing plans to ask China to curb its purchases of Iranian and Russian oil in favor of U.S. energy. (Alex Wong/Getty Images)
It’s unclear whether China would consider paying more for American oil and potentially undermining its close ties with Russia while its strategic partner is straining to fund its war effort.
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Iran is also factoring into Bessent’s consideration of energy issues related to China. The Journal’s report indicated that the Treasury chief wants China to commit to cutting back its long-term reliance on Iranian oil if Iran’s energy sector is able to resume shipments after U.S. and Israeli strikes on the country.
Iran’s conflict with the U.S., Israel and other countries near the Persian Gulf has hindered the flow of oil shipments through the Strait of Hormuz. (Giuseppe Cacace/AFP via Getty Images)
China’s economy is heavily reliant on imported energy and, as of this year, imports from Russia, Iran and Venezuela made up over one-third of China’s total oil imports despite disruptions in supplies from Venezuela after the ouster of Nicolás Maduro, according to the report.
The report also noted that Bessent has said in private meetings that the Trump administration is pressing China to step up purchases of Boeing jetliners and soybeans grown in the U.S., along with a relaxation of China’s export controls on rare earth minerals.
President Donald Trump and Chinese President Xi Jinping are expected to meet in Beijing within a month. (Evelyn Hockstein/Reuters)
The Chinese government put in place tough restrictions on exporting rare earths, which are elements used in a vast range of advanced technological products, in response to the White House’s tariffs.
For its part, the Chinese government is expected to press the U.S. to be more proactive in its stance against Taiwanese independence.
China views Taiwan, a self-governing democracy, as part of its territory even though the Chinese Communist Party has never controlled Taiwan.
The U.S. adheres to a “One China” policy that acknowledges China’s position that Taiwan is part of it but doesn’t recognize that view. By contrast, China asserts that Taiwan is its sovereign territory under the CCP’s “One China Principle.”
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Zoey Gong, a Chinese medicine food therapist, was days away from boarding an Emirates flight from Paris to Shanghai via Dubai, United Arab Emirates, when the U.S. and Israel attacked Iran on Saturday.
Gong, 30, had her flight plans derailed as a result, and she told CNBC that she had to pay $1,600 to get to Shanghai, more than double the price of her original ticket.
She’s one of millions of travelers swept up in war and other conflicts from Iran to Mexico this year, problems that are threatening the global tourism industry that’s worth an estimated $11.7 trillion to the world’s economy, according to industry group World Travel & Tourism Council. It’s showing that people who are far from falling missiles, drone attacks and other geopolitical flashpoints aren’t immune to ripple effects.
‘Aviation quagmire’
Stranded passengers wait with their luggage outside the Hazrat Shahjalal International Airport in Dhaka on March 3, 2026 after carriers cancelled flights amid the Middle East conflict.
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Munir Uz Zaman | Afp | Getty Images
The U.S.-Israel attack on Iran set off massive aviation, travel and safety crises.
More than a million people around the world were stranded because of airspace closures that have grounded over 20,000 flights since Saturday, according to aviation data firm Cirium. Some were also stuck on cruise ships. Inquiries for more expensive “cancel for any reason” travel insurance policies surged 18-fold this week, said Chrissy Valdez, senior director of operations for Squaremouth, an online insurance marketplace.
Since Saturday, Iran has launched retaliatory attacks on the United Arab Emirates — home to Dubai International Airport, the world’s busiest for international passenger traffic, according to Airports Council International — as well as Qatar, Jordan, Israel and Cyprus. The back-and-forth attacks have left airlines with little recourse to repatriate travelers.
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Days after the attack, the U.S. State Department told citizens in a large part of the region to leave immediately, with few options at hand. The department said it is organizing charter flights for U.S. citizens who want to return from Saudi Arabia, Israel, UAE and Qatar.
“This has spiraled into an aviation quagmire,” said Henry Harteveldt, a former airline executive and founder of travel consulting firm Atmosphere Research Group.
Other sectors of the travel industry are also dealing with the war’s impact. Debris rained down near Accor‘s Fairmont The Palm Hotel in Dubai over the weekend. The company said four people were injured, but none were guests, visitors or staff. Meanwhile the iconic Burj Al Arab hotel had a fire earlier this week after it was hit by debris from an Iranian drone.
(L to R) The Malta-flagged cruise ships Aroya Manara and MSC Euribia are anchored at the port of Dubai on March 4, 2026.
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Giuseppe Cacace | AFP | Getty Images
MSC Cruises’ more than 6,300-passenger MSC Euribia ship has been stranded in Dubai and the company is trying to get flights for affected guests, it said. “We are requesting priority for our guests from our partners,” the company said in a statement.
“In order to speed up the repatriation, we are working on other options such as chartering flights” from Dubai, Abu Dhabi, UAE, or Muscat, Oman, but the situation on board “remains calm,” the cruise company said.
Earlier this week, MSC said it would cancel its remaining sailings from Dubai for the winter. “We understand that this will be disappointing, but we are sure that guests impacted will understand this decision,” it said.
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Putting aside the Covid-19 health crisis that ground most international travel to a halt, Harteveldt called this week “the most chaotic event we’ve seen frankly since 9/11 when the U.S. chose to close its airspace. We haven’t seen anything that has had such a long and geographically widespread impact on travel.”
Global conflicts
Flightradar24 still of flight traffic across the Middle East on March 4th, 2026.
Source: Flightradar24.com
The Iran war is the most severe military conflict this year, but it’s one of a series of obstacles that have threatened travel demand and profits for hotels, airlines and cruise companies, as well as local economies that depend heavily on travel, especially international tourists, who tend to spend more than local visitors.
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Three days into 2026, the U.S. struck Venezuela and captured its president, Nicolás Maduro, and his wife, Cilia Flores. The attack prompted the U.S. to close airspace throughout the Caribbean, stranding travelers, many at pricey resorts and home rentals they had booked for the holidays.
Read more about military conflicts’ impact on commercial flights
Then in February, flights were grounded in parts of Mexico, including in the coastal resort city of Puerto Vallarta and in Guadalajara, after violence broke out following the Mexican army’s killing of a cartel leader.
Executives have already had to make costly changes: rerouting or cancelling sailings, issuing flexible booking and refund policies, grounding planes and changing flight plans altogether, or discounting hotel rooms.
The cost of these conflicts is still being tallied, including for fuel, one of the biggest expenses for cruise companies and airlines along with labor, and are usually passed along to consumers, so that means pricier tickets and stays could be in the cards.
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Australian carrier Qantas, for example, told CNBC that its flight from Perth, Australia, to London will now travel a route that requires it to stop to refuel in Singapore, though that will also allow it to pick up another roughly 60 passengers.
Best year ever?
Passengers look at departure screens showing cancelled flights to Puerto Vallarta at Benito Juarez International Airport after authorities reinforced security following roadblocks and arson attacks carried out by organized crime in several states, after a military operation in which a government source said Mexican drug lord Nemesio Oseguera, known as “El Mencho,” was killed in Jalisco state, in Mexico City, Mexico, February 22, 2026.
Luis Cortes | Reuters
Travel executives started off 2026 as they often do: upbeat. Some airline executives, including those at the most profitable U.S. carriers, Delta Air Lines and United Airlines, forecast record earnings this year.
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The war and other incidents erupted as the travel industry has been leaning on premium options to woo wealthier customers, who make up a greater share of spending overall. Losing the base for more expensive trips could be extra disadvantageous to those companies and local economies.
In Mexico, for example, tourism makes up close to 9% of the economy and international tourist arrivals rose 13.6% last year to 98.2 million people, who spent close to $35 billion, according to the country’s Tourism Ministry.
Now, airlines are pulling back on traveling to Puerto Vallarta, at least from the United States in the near term. Delta cut routes from April 3 through the end of the month to the city, except for once-daily flights from Los Angeles and Atlanta, according to the Cranky Network Weekly newsletter, which covers the airline industry’s network changes. Alaska Airlines and Southwest Airlines also cut service in March.
“Perhaps people will forget about the PVR [Puerto Vallarta International Airport] concerns now that headlines will shift to the Middle East and bookings will rebound, but we will be watching capacity changes as leading indicators,” Brett Snyder and Courtney Miller, the newsletter’s authors, said in the March 1 edition.
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Smoke billows amid a wave of violence, with torched vehicles and gunmen blocking highways in more than half a dozen states, following a military operation in which a government source said Mexican drug lord Nemesio Oseguera, known as “El Mencho,” was killed, in Puerto Vallarta, Jalisco, Mexico, February 22, 2026.
@morelifediares via Instagram | Reuters
The recent issues also come three months ahead of the FIFA World Cup, which is set to be hosted by cities in Canada, Mexico and the United States.
Some hotels in Mexico are starting to notice a change, too.
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Victor Razo, manager at the Rivera del Rio hotel in Puerto Vallarta, told CNBC that bookings are down around 10% compared with last year.
“We’ve had some promotions given what had happened,” he said, adding it brought down rates between 10% and 20% ahead of the busy spring break and Holy Week period in the coming month.
He added that the hotel wasn’t near the problems, which included road blockades, and that bookings have since stabilized.
“It’s not like the beginning of the pandemic,” he said. “There is no comparison.”
Sen. Pete Ricketts, R-Neb., joins ‘Varney & Co.’ to discuss concerns over TikTok data security, mounting pressure on Iran and the fight to keep the government open.
President Donald Trump and Attorney General Pam Bondi on Thursday were sued over their handling of the TikTok deal that was finalized in January, according to a petition filed by two shareholders in competing tech firms.
The plaintiffs argued that Trump approved a joint venture that failed to fully sever the app’s operational ties to China, granted several unlawful extensions and that Bondi failed to investigate the alleged breaches as required by the Protecting Americans from Foreign Adversary Controlled Applications (PAFACA) Act, which mandated TikTok to divest from its Chinese parent company, ByteDance, by early 2025.
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The petition was filed by Zhaocheng Anthony Tan, a shareholder in Alphabet, and Garrett Reid, a shareholder in Meta Platforms, who said the TikTok deal also led to declines in Meta and Google stock.
“For the law to mean something, it must be followed, even—perhaps especially—by the President,” the lawsuit, filed by the Public Integrity Project, stated. “Respondents have violated the statute and subverted the will of Congress. Petitioners bring this case to ensure that such violations, and such subversion, do not continue.”
Trump in January backed the launch of The Joint Venture LLC, a seven-member majority-American board that enabled TikTok to keep operating in the U.S. (Getty Images)
Under the current agreement, TikTok was spun off into a separate U.S.-owned entity to remain operational in the country, satisfying an executive order issued by Trump on Sept. 25 of last year. The majority American-owned joint venture gives U.S. entities an 80.1% stake, while parent company ByteDance retains 19.9%.
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“In short, under the announced deal, ByteDance would still control all the essential elements of TikTok,” the lawsuit said. “Such a deal would subvert the very purpose of the TikTok Law, as ByteDance could continue to push Chinese propaganda and censor the content it does not like, exactly the harm that the law was intended to prevent.”
Attorney General Pam Bondi conducts a news conference at the Department of Justice on Thursday, Dec. 4, 2025. (Tom Williams/CQ-Roll Call, Inc via Getty Images)
According to the lawsuit, the American entity of TikTok does not actually own the app’s algorithm but instead collaborates with ByteDance, violating the statutory ban on algorithmic cooperation. While ByteDance retains ownership and licensing of the algorithm, TikTok U.S. will only “retrain, test, and update” it using U.S. user data.
The U.S. entity’s budget, legal compliance and commercial activity will also be overseen by ByteDance CEO Shou Chew, who will sit on the board of directors for TikTok U.S., creating another operational relationship that the lawsuit alleges is prohibited.
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The petition further alleges that Trump violated PAFACA, which allows the president to grant only a one-time extension of no more than 90 days, and only with the necessary certifications to Congress. Trump reportedly approved five separate extensions — lasting 75, 75, 90, 90, and 120 days — far exceeding the statutory limit.
The petition alleges that Trump unlawfully directed Bondi not to investigate or enforce any violations of PAFACA, in direct violation of the act.
Shou Zi Chew (C), the CEO of TikTok, arrives to attend Donald Trump’s inauguration as the next U.S. president in the rotunda of the U.S. Capitol in Washington, D.C., on Jan. 20, 2025. (Shawn Thew/POOL/AFP via Getty Images)
The lawsuit claims that Trump’s actions financially harmed investors in TikTok’s competitors. The plaintiffs noted that when the deal was made in January, Alphabet’s stock immediately dropped from $330.84 to $328.43.
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Similarly, Meta stock fell from $760.66 to $748.91 during the initial framework announcement in September 2025, as it became apparent that the law might not be enforced.
According to the lawsuit, which is led by New York, California, Oregon and Arizona, the Trump administration’s imposition of tariffs also violates the US Constitution because Congress, not the president, has the power to impose sweeping tariffs, which are taxes on imports.
| Revenue of $85.98M (4.21% Y/Y) beats by $704.65K
Docebo Inc. (DCBO:CA) Morgan Stanley Technology, Media & Telecom Conference 2026 March 5, 2026 12:15 PM EST
Company Participants
Brandon Farber – Chief Financial Officer
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Conference Call Participants
Josh Baer – Morgan Stanley, Research Division
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Presentation
Josh Baer Morgan Stanley, Research Division
Right. Before we begin, for important disclosures, please see the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures. And if you have any questions, please reach out to your Morgan Stanley sales representative.
My name is Josh Baer, software analyst here at Morgan Stanley. Thrilled to have Docebo’s CFO, Brandon Farber, here. Thank you so much for joining us.
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Brandon Farber Chief Financial Officer
No problem.
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Question-and-Answer Session
Josh Baer Morgan Stanley, Research Division
Brandon, as a bit of an intro and for those newer to the story, I was hoping you could provide a little bit of an overview of Docebo’s key products and use cases. Who are your customers? What type of value do you bring to your customer base?
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Brandon Farber Chief Financial Officer
Yes. So at its core, Docebo is an AI learning platform. So customers typically come to us, and the core purchase is our learning management system. And alongside of that, we have modules that we patch along such as content, communities, advanced analytics. And recently, which I’m sure we’re going to talk more about is we became a multiproduct company for the first time.
We acquired a company called 365Talents that is more in the skills intelligence category. So for the first time ever, Docebo is going to market with 2 different products. From a use case perspective, we track about 12 different use cases, but if I could just simply break it down, it’s really 2 main categories. It’s the internal use case, which is your classic use cases that have been around since the beginning of time. It’s your
FOX Business’ Edward Lawrence speaks with U.S. Interior Secretary Doug Burgum about his meetings with Venezuelan oil and gas executives on ‘The Big Money Show.’
Interior Secretary Doug Burgum told FOX Business in an exclusive interview from Venezuela on Wednesday that the relationship between the U.S. and the South American country is moving at “Trump speed,” as their new energy partnership is on track to a “golden age of abundance.”
Burgum told FOX Business that “you can’t argue with geography,” as American companies are showing they want to invest in Venezuela. He said this would have positive impacts on energy affordability in the U.S. and job creation in both the U.S. and Venezuela.
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“If you’re shipping oil to a Gulf of America refinery, it’s five days [from Venezuela]. They were shipping some of their product for 40 days around the world,” he said of Venezuela. “It is so beneficial to both the U.S. and Venezuela for us to have a tight synergistic partnership around energy and around minerals just like we did 25 years ago.”
“This literally could be one of the richest countries in the world, and to have them as our friend, our ally and our trading partner, that is absolutely terrific,” Burgum said, noting that the relationship is what the U.S. needs to keep energy prices down for Americans.
Venezuela’s interim President Delcy Rodriguez and Interior Secretary Doug Burgum deliver statements at Miraflores Palace, in Caracas, March 4, 2026. (Reuters/Leonardo Fernandez Viloria)
Burgum said he is optimistic after meeting with Venezuela’s leadership and companies.
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“When the U.S. is entering a gold age under President Trump, allies like Venezuela become a strong partner, our economies get back to the way they used to be integrated, they can ride right on our coattails and have their own golden age of abundance,” he said.
Interior Secretary Doug Burgum in Caracas, Venezuela, March 4, 2026. (Reuters/Leonardo Fernandez Viloria)
Burgum was meeting with oil and gas executives, including Chevron and Shell, along with Venezuelan business leaders during his trip to highlight critical mineral partnerships.
On Thursday, Shell signed a Memorandum of Understanding with the Venezuelan government to start liquified natural gas (LNG) production in the Dragon gas field.
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Two American service companies, KPR and Baker, and one Venezuelan company, Vepica, will also sign onto the memorandum, so work can begin on oil and natural gas production.
The heavy oil upgrader facility in the Orinoco Oil Belt near Cerro Negro, Venezuela, Dec. 4, 2004. (Ed Lallo/Getty Images)
A senior administration official told FOX Business the LNG from Venezuela could eventually help support power to Europe.
The Trump administration wants to expand access to oil production in the country, ultimately changing the course of global energy supply chains and reducing reliance on China.
Burgum’s visit comes weeks after the Trump administration completed its first sale of Venezuelan oil, valued at $500 million.
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The deal comes after Trump announced interim authorities in Venezuela would be turning over between 30 million and 50 million barrels of sanctioned oil to the U.S., worth about $2.8 billion at current market prices.
