Neal Freiman
Appearances
Morning Brew Daily
Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
Their dress shirts are machine washable and wrinkle resistant, so you can wear them every day.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
So don't sweat it when it comes to comfort.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
Yeah, these have been controversial for a while now. They kind of popped up post-financial crisis as a way to raise money. But now critics worry that these programs are enabling money laundering. They are also inflating property prices when you're making people come in and invest in property. And then you're also creating a bunch of absentee housing owners too.
Morning Brew Daily
Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
And so in countries that are specifically small and dealing with housing crises, do you really want the ultra wealthy coming in, snapping up houses and then not even living in them? So those are some of the pushback to these programs as well. But then you see the U.S.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
absolutely leaning into them because they see it as a fast track for wealthy citizens to come have residency, have citizenships in the U.S. You know, Trump thinks it can raise a lot of money. Howard Lutnick said recently this program has been going very well and that, you know, a thousand people signed up in one day. So,
Morning Brew Daily
Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
Yeah, and I do think the final context we have to add here is that the Russian war definitely shone a big spotlight on these policies as well because a lot of Russians use these programs to skirt sanctions and set up businesses in other countries.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
So that's definitely a reason why this EU commission definitely looked into Malta in particular because of maybe Russian actors using them to get away from global sanctions.
Morning Brew Daily
Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
Give him another shot, Ken Jennings. And now a word from our sponsor, Plan It Out. Neil, you know what's better than a good morning routine? Gonna be honest, Toby.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
Yeah, Trump went to a rally in Michigan yesterday night and said he's showing a little flexibility to these automakers because he still wants them to make most of their components inside the U.S. of A. But then he also said, we gave them a little time before we slaughter them if they don't do this. So clearly there's still that threat looming of these tariffs.
Morning Brew Daily
Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
But even with the concessions, it does look like these policies will add a couple thousand dollars to car prices. It's not necessarily an existential threat anymore, which is why you saw kind of these praiseful comments from auto CEOs.
Morning Brew Daily
Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
Yeah, economists are estimating that GDP will expand at a rate of 0.8% in the first quarter. That's adjusting for inflation, but that would be the weakest rate since the second quarter of 2022, which is when we are still kind of emerging from the COVID-19 pandemic. I will have to point out the Federal Reserve Bank of Atlanta, though, has this massively negative forecast as well.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
Exactly. Trick question, my friend.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
They think that the GDP will decline by 2.5%. So clearly, that's a little bit of an outlier here. But you're seeing the general estimates being just beneath a percent, which is far lower than the rate that we have been growing at. And then you have some Federal Reserve Bank, specifically down south in Atlanta, saying, we think the sky is falling right now. So I
Morning Brew Daily
Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
it will be very interesting to see what actually happens, especially because there were some cloudy stuff in the data as well. There was a spat of bad weather in California that depressed some data early in the year. So you're going to have to see, or we're going to have to sort through, see what is real, what is weather-induced, and what is actual structural to maybe putting a dampening on U.S.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
economic growth. Remember the famous anti-piracy campaign that would precede your films back in the mid-2000s? Before Agent Cody Banks would snap on, you'd see the now infamous lines, you wouldn't steal a car, you wouldn't steal a TV, in order to equate pirating to stealing physical goods. Anyways, it turns out that the font used in that campaign might have, ironically, been stolen.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
The typeface used is called X-Band Rough, which is purportedly a clone of the licensed FF Confidential font from the designer Just Van Rossum. This discovery came from social media sleuths who analyzed archived campaign materials and found that the unauthorized font embedded in the official PDFs.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
I am personally a fan of the unsweetened version, zero grams of sugar and still full of flavor. Even when I decide to change up the routine a bit and go from hot coffee to iced.
Morning Brew Daily
Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
But despite the irony, Von Rossum, the original font creator, found this situation, quote, hilarious and has no plans to pursue legal action.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
And finally, Shaq has a new side gig that doesn't involve slinging pizza or car insurance. The Big Diesel is joining the Sacramento State men's basketball program to become their general manager. He is far from the only star to go down the GM path at a small school. where his responsibilities will include recruiting, managing NIL deals, and player development.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
Steph Curry joined his alma mater, Davidson, as basketball GM back in March. Trey Young also signed on to a similar role with his alma mater, Oklahoma, and now Shaq is jumping into the title in an unpaid role at Sac State, where his son recently transferred. Neal, as NIL deals become more lucrative and more complex, expect to see a similar rise in high-profile GM appointments too.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
Also, the Hornets have never reached the NCAA tournament. So good luck, Jack. You got your work cut out for you.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
Neil, that's the beauty of Planet Oat. There are so many options you can adapt to however your mornings might change. Maybe I'll give your iced coffee a try then. I'll bake you one tomorrow morning with the oat milk that has it all. Visit planetoat.com for more. Amazon was caught in a 12-round trade war rumble yesterday.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
Great show today, Neil. Let's run it back tomorrow.
Morning Brew Daily
Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
Punchbowl News dropped the first jab, a report that Amazon planned to display the cost of Trump's tariff next to the total price of products on its site. That caused the White House to return with a punch of its own. This is a hostile and political act by Amazon, White House Press Secretary Caroline Leavitt told reporters.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
After that pop of the mouth, Amazon stock retreated to the ropes, dropping 2%, before dusting itself off and getting back into the ring, clarifying that it was only ever considering listing tariff charges next to products on Amazon Haul, a smaller budget-focused section of its site that's meant to compete with Taimou.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
Commerce Secretary Howard Lutnick thought it was time for him to jump in the ring, quote tweeting a Bloomberg article detailing Amazon's walkback saying, good move. But that was far from the only moves being made.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
CNN then released a report that said Trump had gone straight to the top rope, calling Amazon founder Jeff Bezos yesterday morning to complain about the initial report about tariff prices. Amazon finally clarified through a statement that a proposal was never approved and it was not going to happen even for Amazon haul.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
Though Punchbowl dropped back in and said that it was Bezos' influence that caused them to walk back their plans. So after the dust had settled, it looked like Punchbowl may have jumped the gun. But what they did get right to the heart of is whether companies should be adding tariff surcharges for users to see. Because, Neil, they are far from the only company considering it.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
So let's look at what some brands are doing. Dame, which is this sexual wellness brand, actually did implement what it calls a Trump tariff surcharge. And the way that they did that is they put a little $5 fee tacked on at the end as you're checking out. And it has a little Trump-like toupee image next to it. So they are leaning into it, maybe tongue-in-cheekly.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
Then Amazon flirted with the idea of listing a tariff surcharge next to its products, but then the White House called. It's Wednesday, April 30th. Let's ride. Let's ride.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
They see it almost as a marketing stunt as much as an actual way to eat the cost. They said that the $5 fee doesn't even cover the import costs. It's actually mainly just something to drive conversation. When the founder posted on LinkedIn about it, it went completely viral. So they are seeing it more as a viral way to drive marketing
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
The founder did come back and say, though, it probably is hurting conversions. It's tough to tell because they're not A-B testing it. But whenever you add an additional fee at checkout, it's like any checkout process. When you think it costs X amount and then you see it's X plus this fee, that definitely hurts conversion.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
So maybe what you're gaining in that viral marketing, you're losing a little bit in conversion. So that's how one brand is approaching it, not the only way brands are approaching it.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
And then let's go across the border real quick. Canada is doing this as well. Some Canadian grocery stores are labeling US goods with a T for tariffs. And what some grocery chains anecdotally are reporting is that a lot of people are opting for produce or vegetables that are grown in Canada versus ones that come across the border from the United States. And it's not about saving money either.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
In some cases, these locally grown products are more expensive than the U.S. counterparts. That is also something that has not been necessarily reflected in U.S. businesses. This is just one business. There is a guy who sells showerheads who posted this thread on X about how
Morning Brew Daily
Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
he had a made in China version right next to a made in USA version the prices were made in China 129 made in USA 239 which is what it would cost to manufacture here in the US and he said 3,500 customers bought the made in China version 0 customers bought the made in USA version so
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
Clearly, there's still price sensitivity that is driving these things, not just patriotism like maybe you're seeing in Canada, especially when the difference is almost 100% more. Again, we don't know how every brand is going to approach this, but you're seeing a lot of different kind of throw stuff out the wall, see what sticks when it comes to dealing with these import fees.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
Yeah, AI and social media are quickly becoming more and more entwined. I mean, I would maybe push back and say that the company that is clearly the most entwined right now is X and XAI because they recently rolled up under one entity under Elon Musk, where social media posts are both fodder for training their models, but also a place for Grock, its AI chatbot, to jump in and analyze posts as well.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
And then you have the reports that OpenAI are trying to get into the game as well. Another big strategy shift here, though, is the standalone app. This is, I think, big psychologically for a lot of people, too, because A lot of people have begun treating AI chatbots as kind of this safe haven where you can talk to it about contractual issues, about your math homework, about these other things.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
So that is something where you need kind of this own safe space digitally for you to feel like you have this one-to-one relationship. That is why I'm not so sure about this sharing feature, though, because are you really going to post about how it helped you on your math homework, how It helps you work through a relationship or something like that.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
So the example that I gave, maybe I'm just not broadening my horizons enough here and people will want to share things. But it's an interesting psychological thing that's happening where most of these spaces feel very one-to-one personalized to you. And now Meta is saying, hey, actually open it up and share it with more of your friends.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
Yeah, that actually is a good point. When the OpenAI model where you could do hyper-realistic image generation came out, a lot of people were like, what is the prompt? How did you share this image? So I guess you have kind of talked me into believing that a little bit more too. And then one thing that I do think is very smart for meta here is that it's merging this with its meta Ray-Ban app.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
So it used to be just for processing the material that came in through your camera and your Ray-Bans. And that ability to interface with the world is something that no other company really has. Meta has, you know, the hardware aspect as well.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
So that merging of hardware and software, that's where things get interesting because if you can remember what it saw in your fridge and then you go to your chaplain and say, hey, what should I have for dinner today? That's when you start to see some really cool, you know, synergies being built here. All right, let's move on.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
Duolingo is betting big on artificial intelligence or Intelligencia Artificial or Kunstliche Intelligenz or Ren Gong Ju Un Nong. Whatever language you are learning, Duolingo wants it to be AI that is making it happen behind the scenes. Its CEO, Luis Von Ahn, announced yesterday that the company will be AI first going forward.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
The biggest thing that means is that the company will gradually start to phase out contractors for work that can be handled by AI. Von Ahn said this was a way to overcome uncertainty. human limitations in creating the massive amount of content Duolingo needs to scale. The other changes include only adding headcount in places teams cannot automate,
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
We're also at the point in our lives, Neil, where we are seated for Jeopardy at 7 p.m., so this is appointment viewing for our crew here at MBD. But also, Neil, I am talking to a bit of a Jeopardy legend here. You were on the show many moons ago. Tell MBD listeners about that lore.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
and treating AI usage as a plus in hiring decisions. For the language learning company, AI is the next iPhone moment. Its CEO said in his email outlining the strategy shift, in 2012, we bet on mobile. While others were focused on mobile companion apps for websites, we decided to build mobile first because we saw it as the future.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
We're making a similar call now, and this time the platform shift is AI. Neil, Duolingo is far from the only company taking this path. Shopify and Klarna have also been very vocal about their AI usage. Uber recently said it will be integral to its path forward, too. So these AI replacing humanity stories, they are piling up.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
And by the way, Duo is killing it. It went public four years ago. Its stock is up 175% since then. It had 2 million paid subscribers back in 2021. Now it's got over 8 million as of last year. So maybe the humanity portion was doing pretty well here. Von Ahn is saying like, hey, we are still a human first company. Basically, we just want you to do... to be more productive.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
We want to remove some of these bottlenecks when it comes to creating content. So we still are looking out for duos, which is something that a lot of these CEOs are saying. They have to have the addendum of saying, we care about you humans, but we just want you to be better and more productive with AI.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
So towing that line is going to be a very interesting thing as these tech companies continue to invest in AI and want it to replace humanity in a lot of cases. Up next, we're going to talk about golden passports.
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Meta Wants to Take On ChatGPT & Duolingo Replaces Workers With AI?
From generative AI and cybersecurity to data privacy, product leaders are managing a whole lot of change. On the pod, you'll learn how your fellow product leaders are navigating innovation at their orgs.
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They're covering everything from building and implementing generative AI to modern data architecture and machine learning. Stream AWS for software companies everywhere you listen to podcasts. Tell me, Neil, as one of the sweatier men I know. Excuse me? Let me finish. As one of the sweatier men I know, have you considered trying Mizzen and Mane's performance fabric dress shirts?
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
If Amazon can do it, your local bookstore should be able to do it, period, he said. If you aren't familiar with Bookshop, it's a really fascinating story. It started early 2020 as an anti-Amazon book marketplace, allowing customers to buy books, pick an independent bookstore they want to support, and that store gets a chunk of the proceeds.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
It proved to be a critical lifeline for indie bookstores when they were forced to shut down during the pandemic, generating more than $35 million in profits for participating stores in five years. The e-reader concept is the same. When you buy an e-book, you'll be funneling profits into local bookstores.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
But need I remind you, Amazon dominates the market, and Amazon is a $2.5 trillion company with infinite resources. Toby, can Bookshop write a new digital chapter?
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
And one feature that seems most intriguing is something called quote share. We know that TikTok and virality has been huge for book sales over the past few years. And bookshop.org also wants to implement a feature of sharing into its ebook. So it has this quote share feature where you can select a quote.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
Say you're reading something and you see a quote, you're like, I need to share this with the world. This is the most profound thing I've ever read. You can post that on social media. And then people who see that, they like the quote as well. They can click through and it'll go to that e-books page.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
And that maybe increases the level of shareability, virality that is not inherent to e-books now, but maybe with Bookshop's feature, it will be able to allow the spread of books and hopefully generate more sales overall.
Morning Brew Daily
Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
The problem is Amazon has Kindle. And so I think distribution is going to be a problem. I don't think Amazon will take kindly to bookshop.org asking to get their app on the Kindle. Amazon does have this very powerful e-book system where it can sell you the book and then you can read it on its hardware as well. So either way, something to know about in the e-reader space.
Morning Brew Daily
Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
I'm not an e-reader myself. I know Toby loves his Kindle. So something to know about. All right, let's sprint to the finish with some final headlines. The Mona Lisa is ditching her roommates. The Louvre in Paris announced it would move Da Vinci's masterpiece to its own room in a newly created exhibition space as part of a major renovation to the world's most visited and biggest museum.
Morning Brew Daily
Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
Anyone who's been to the Louvre knows it's become a zoo to get into, and the crowds don't get any better once you enter the gallery home to the Mona Lisa. So the museum is embarking on an overhaul to better accommodate the art-loving masses, which will include a dedicated space for the Mona Lisa and a new entrance on its eastern facade near the Seine River.
Morning Brew Daily
Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
Toby, 9 million people visit the Louvre each year, and an estimated 80% of them come specifically just to see the Mona Lisa. That's wild.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
It's cacophonous. I was there last year. Like you just go to the back and you peer over and you see this very small painting.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
Well, I usually just give Yahoo Finance a peruse.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
Well, have you been to a Peruvian restaurant recently? Because apparently it's huge in Peruvian cuisine and McCormick cited the growth of Peruvian restaurants in the past few years, jumping 22% over five years, according to Yelp. And that proliferation of Peruvian cuisine maybe has put this spice on a little more people's radar, but sounds good to me.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
I got to say the fruity mango aspect, Dash, if he, I can get I can get on board with this way more so than tamarind, which I do not like. So I'm happy to have tamarind be in the past.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
Finally, there's a huge day ahead, and we want to give you a heads up on the events to look out for. In the morning is perhaps the most highly anticipated hearing for a nominee for Health and Human Services Secretary in U.S. history. Robert F. Kennedy Jr.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
will testify before a Senate committee as he faces a storm of question marks about his ability to lead agencies that oversee $1.7 trillion each year.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
I'm just a better peruser than you.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
Then in the afternoon, the Federal Reserve is going to announce its first interest rate decision of the year, which is expected to result in no changes to rates, followed by a closely watched Jerome Powell press conference.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
And then after Powell's press conference ends, you can bet we'll be changing the channel to soccer, which is about to experience its most chaotic afternoon ever. 18 matches in the Champions League, the European club tournament, will be played simultaneously all at the same time under a revamped format this year.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
I'm expecting something like the soccer equivalent of the first weekend of March Madness.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
So if your coworker dips out at like 2%. 45 and says they're taking an early day. They're probably going to their local soccer bar to watch an absolute feast of football. That is all the time we have. Thanks so much for starting your morning with us and have a wonderful Wednesday, also referred to as hump day.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. And if you're loving the show, join hands, start a love train, tell people all over the world about your favorite morning podcast. That may sound a little intimidating, so here's Toby with a more specific sharing idea.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenna Waogu is our technical director. Scoops Gardaris is on audio and a new credits legend has been born. Hair and Makeup's got that Mona Lisa smile. Devin Emery is our chief content officer and our show is a production of Morning Brew.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
This was absolute chaos yesterday. It was very similar to a self-imposed federal government shutdown where Congress is stymied by the fact that they can't spend any money because the government has shut down. There's no budget. It was very similar to that where there's just no money flowing from the government. As you mentioned, there's tens of hundreds of billions of dollars going from D.C.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
out to California. Programs all around the country, nonprofits, school lunches, states and local jurisdictions, anything that you could think of was touched by federal spending. And they spent the day yesterday fielding hundreds of calls from their constituents being like, what is going on? Am I going to be able to pay my rent because this is this is financed by federal government?
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, the Gulf of Mexico is becoming the Gulf of America, at least on Google Maps.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
Am I going to be able to pay my paychecks? What am I going to do? So it was absolute chaos. It seemed like the the government or the Trump administration wanted to pause spending in order for those to make sure those spending things complied with these executive orders, which aim to root out diversity inclusion initiatives. But instead, it was very half. hazard.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
They didn't even know what was going on. One of the biggest focuses of yesterday was Medicaid, which is the largest grant program for the federal government. It provides health care for 72 million lower income individuals. The portals for all 50 states for Medicaid reimbursements went down. So people were like, what's going on here?
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
They asked the press secretary in her first press conference what the deal with Medicaid was. And she replied, I'll check in on that and get back to you. It sparked a huge uproar about the lack of organization, the lack of thought that went into a federal funding freeze.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
And that wasn't the only sort of shake up to the federal workforce that happened yesterday or attempt to it. Last night, the Trump administration sent out a email to two million federal workers. Subject line fork in the road. telling them that they would it's essentially a buyout. They would pay you eight months until September 30th as long as you resign by February 6th.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
And that's if you don't want to come back to work, come back to the office for five days a week. So they're offering two million people. which is part of this greater purge of the federal workforce. The goal is to reduce the number of federal employees by five to 10%.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
That would mean hundreds of thousands of people would be leaving the federal workforce and they would work in everything from TSA to, you know, staffing museums and working at the IRS. I mean, the implications are profound if you have 10% of the federal workforce leaving.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
Next time you open Google Maps to plan a beachy spring break trip, you might notice something a little different. The app said it will change the name of Gulf of Mexico to Gulf of America after the Trump administration's executive order announcing the switch. It won't happen just yet. Google's waiting for the U.S. government to update its official maps before modifying its own.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
But it said applying name changes to reflect local labels has been a longstanding practice. However, if you're not living in the United States and you use Google Maps, it will now have multiple labels. Gulf of Mexico as the main one, then Gulf of America in parentheses. Users in Mexico will continue to just see Gulf of Mexico, which is how that country refers to the body of water.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
Google Maps is also making another switch to accommodate another part of Trump's order. It will change the name of Denali, the tallest mountain in the U.S., to Mount McKinley, which had been the Alaskan peak's name before Obama changed it in 2015 out of consideration for how native Alaskans referred to it.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
Toby, this might all seem a little silly, but Google Maps has 2 billion users, and its labels shape perspectives on geography and geopolitics and really how we just view the world.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
Happy Lunar New Year, if you're one of the more than 1 billion people celebrating the arrival of the year of the snake, the wood snake this year, to be precise. Sounds a little spooky, but it isn't. Unlike in Western culture, snakes aren't considered the manifestation of evil and temptation in China. Instead, the slithery animals are associated with
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
This isn't the first time that Google's had to wade into thorny geopolitical debates about what to name which bodies of water. So if you think about the body of water between Saudi Arabia and Iran, you might think, okay, that's the Persian Gulf. But in fact, in Arab countries, they refer to that body of water as the Arabian Gulf.
Morning Brew Daily
Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
So if you're in one of those countries and you open Google Maps, you will see Arabian Gulf. If you open it in Any other country now you will see. I did this yesterday. I actually checked. You will see Persian Gulf and then a parentheses Arabian Gulf, which is very similar to what is happening with Gulf of Mexico, Gulf of America.
Morning Brew Daily
Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
Similar thing to that body of water between the Korean Peninsula and Japan in Korea. They refer to it. as the EC. In Japan, they refer to it as the Sea of Japan. So you have that double moniker as well. And all of these decisions, yes, are made within Google.
Morning Brew Daily
Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
So it's a very interesting exercise whenever these examples come up to see how a few engineers in Silicon Valley are really shaping our worldview of how we conceive of the globe.
Morning Brew Daily
Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
And shout out Geppetto. I mean, what a performance from our boy. He said it was smooth. It was predictable. It felt great. Felt like I was climbing a roller coaster. He hit that gas pedal, went above Mach 1. But obviously, yes, the question is, is this commercially viable? We haven't had a supersonic flight since Concorde's last flight in 2003.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
spirituality, charisma, intelligence, and art, but also cunning and mystery. Some people you may have heard of who were born in the year of the snake, Mahatma Gandhi, Bob Dylan, and Taylor Swift. Toby, obviously this had me checking my Chinese zodiac sign, and turns out I was born in the year of the goat, which is no surprise because, well, I'm the goat. What's your sign?
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
This aircraft that was flown yesterday, gracefully by Geppetto, was just a small prototype. They want to build an 80-seater. But they do say they have some orders on the books already, 130 from airlines like United, American, and Bank of—not Bank of Japan, Japan— Bank of Japan, always in my mind. Japan Airlines. So they expect to have commercial flights going by the end of the decade.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
Obviously, that's ambitious. There's a lot of regulatory issues that come up with supersonic flights. Basically, the fact that you can't fly over Mach 1 over land because they'll all be waking us up with sonic booms. And it also has a limited range of 4,200 nautical miles. So the amount of routes that they can actually fly is...
Morning Brew Daily
Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
limited you can't really go from LA or the west coast to over the Pacific to Asia you can only go kind of transatlantic flights so we'll see whether this commercially viable but for people who are excited about airplanes like I am it's a very it's a very cool thing one of the issues also with supersonic flight is that the
Morning Brew Daily
Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
Three and a half hours between London and New York City. It sounds like I'm going to have to pay a lot for that. That's what that sounds like.
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
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Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
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Morning Brew Daily
Fed Funding Freeze Causes Chaos & Indie Book Site Takes On Amazon
Yesterday, Bookshop.org, the popular website that allows people to buy books from independent bookstores, launched an e-reader app for iOS, Android, and the web, claiming it's the first time you'll be able to buy an e-book from a local bookstore. CEO Andy Hunter knows he's squarely taking on Amazon, which owns 75% of the market, but he is relishing the challenge.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
Picture this, you're creating a new software product for your biz, but need to get smart about all the new cloud tools and tech first. Learn how to quickly move your software product ideas from roadmap to reality with the AWS for Software Companies podcast.
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SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
They're covering everything from building and implementing generative AI to modern data architecture and machine learning.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
You wouldn't put your cash register in one store and your products in another, would you, Tobi? What a diabolical question. No, Neil. Those two always belong in the same place. That's how Square thinks about business payments and checking. They're better together. With Square's free business debit MasterCard, your sales go straight into your account and are instantly ready to spend.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
Make a sale and spend it instantly. It's that simple. Plus, there are no monthly fees or minimums and you can get up to five square debit Mastercards for you and your team.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
Ich denke, das ist ein guter Trend, Tobi, denn ich kann keinen Tag ohne jemanden, der Kreatin erwähnt hat. Ich wollte immer darüber nachdenken, was hier los ist. Und was interessant ist an diesem bestimmten Supplement, anstatt an anderen, die wir vielleicht auf dem Show besprochen haben, ist, dass das schon eine sehr lange Zeit her ist und es bis zum Tod studiert worden ist.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
Wir sind ziemlich sicher, dass wir wissen, was Kreatin tut. Die Vorteile wurden erst in den 1970er-Jahren entdeckt und die Vorteile sind gut aufgebaut worden. Vielen Dank.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
studies are trying to show whether it does improve cognition and whether it can be applied to other areas of your life like old age and sleep deprivation, just providing an energy boost and a behavioral boost overall in addition to those physical benefits.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
Neil, hast du jemals gefischt? Habe ich jemals gefischt?
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
And another frontier of research is creatine's impact on women because most of the research has been done on men. And women actually produce 20% to 30% less creatine than men. They're trying to find whether creatine in combination with resistance training can help postmenopausal women maintain bone density.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
So it looks like over the course of decades of research, most of that has been focused on what's going on with men who create more naturally occurring creatinine. Kreatin, und jetzt versuchen sie herauszufinden, was Kreatin potenziell einen Einfluss auf Frauen haben könnte. Okay, lasst uns zum Schluss springen mit einigen letzten Nachfolgerungen.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
Die Trump-Administration erweitert ihren Krack-Down auf fremde Studenten an amerikanischen Schulen. Am Dienstag hat Staatssekretär Marco Rubio die US-Embassien weltweit geordert, um Interviews für Studenten-Visas zu stoppen, damit die Administration sich vorbereiten kann, um das Betten ihrer sozialen Medien-Aktivitäten aufzurampeln.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
Diese Bewegung kommt nachdem Trump Harvard von internationalen Studenten blockiert hat, accusing the school of fostering anti-American and anti-Semitic behavior on campus. But Rubio's ban on new student visas widens those curbs, at least temporarily, to all higher ed, showing no college is safe from the potentially damaging financial turmoil that awaits.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
Congrats, Tobi. No, it feels like the market in consumer sentiment overall is just riding the wave of tariff news. I mean, anytime you see a huge jump in stocks or consumer sentiment, it's because tariff has been rolled back. And anytime you see a massive drop, it's because a massive tariff has been applied. The S&P 500 was up 2% yesterday, its biggest daily gain in weeks.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
So whatever corporate earnings are out there, whatever else is happening, the market just seems to be Next, there's a new Harry Potter in town and his name is Dominic McLaughlin.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
I'll go a step further. Improper targeting is like advertising fishing gear to a fish. Waste of time and money.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
If this reaches any of the level of popularity as the Harry Potter movies, these kids have just booked their ticket to international superstardom. Rupert Grant, Daniel Radcliffe, Emma Watson are all superstars. Ich habe gerade Daniel Radcliffe auf Broadway gesehen, als er in Merrily We Roll Along war. Er hat einen Tony gewonnen für das. Er hat eine ziemlich illustrierte Karriere.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
Ich bin sicher, dass diese Kinder denken, wow, ich habe nur 30.000 Kinder gewonnen, um Harry, Ron und Hermione zu sein. Ich werde hier für das Leben gesetzt.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
Finally, Japan's government is cracking down on all the parents naming their kids Pikachu, Nike, and Naruto. Starting Monday, a law went into effect that aims to curb the rise of outlandish, pop-culture-inspired baby names that parents have increasingly used to make their kids stand out.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
The rules limit but don't ban outright the ways in which kanji or Chinese characters used in written Japanese can be read. The government says its goal is to simplify the digitization of administrative procedures and make pronouncing these names easier in settings such as schools, hospitals and other public places.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
But critics say this is a ruse and the government is simply fed up with kids being named after Winnie the Pooh or Pokemon.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
Es klingt, als ob sie unverkennbar sind. Sie sind komplett, wie du es nicht weißt. Wenn du ein Klassenraster liest und die Lehrer sind wie ich, habe ich wirklich keine Ahnung, wie du deinen Namen nennen kannst. Wie mein Name. Leute sagen wie Freeman oder Freeman. Das ist erstaunlich, wie es ist. Ich kann es nicht vorstellen, wenn es völlig unverkennbar ist, wie einige dieser Namen sind.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
Aber Neil, wir haben Neil. Das war ziemlich einfach. Neil ist ziemlich einfach. Okay, das war alles, was wir haben. Vielen Dank, dass ihr heute Morgen mit uns startet. Und habt einen wundervollen Dienstag. Ja, es ist bereits Dienstag. Kurzwege sind das Beste. Wenn ihr irgendwelche Gedanken auf heute's Episode habt, sendet ein E-Mail mit Fragen, Kommentaren oder Feedback.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
zu Morning Brew Daily at morningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Our associate producers are Olivia Graham and Olivia Lake. Hera Makeup was cast as Davi in the new Harry Potter. Congratulations. Devin Emery is our president and our show is a production of Morning Brew. Great show today, Neil. Let's run it back tomorrow.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
Reading the tea leaves from SpaceX communications after this launch, I think they were disappointed with it. Yes, it was better than 7 and 8, but it wasn't as good as some of the earlier flights. It didn't achieve some of their key objectives of deploying the satellite and not doing this rapidly scheduled disassembly, which is space speak for an explosion.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
So I think they're not going to be totally forthcoming with what they actually think, but just from reading and listening to their statements, I think this was a disappointment. It's the ninth one. They really want to get this ready for the Moon, for the Mars by next year, and it's just not ready yet.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, let the Hunger Games for overhead bin space begin, now that Southwest Airlines is charging for checked bags.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
A lot going on in Elon Land. It looks like he's back to focus on his companies. He said in an interview last week, kind of shocked the world by saying, I am not going to spend any more of my time or money on political causes. He said, I think I've done enough. He's ready to go back to business, which investors are so happy about. Like when you were talking about
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
how Tesla stock had really cratered in the past year. The number one thing analysts pointed to that could stem this slide was Elon just focusing more on his companies and less on politics. They have gotten their wish and Tesla has some really big benchmarks that they need to hit in just the next few weeks, next month, which is in the next few days. Das beginnt in den nächsten Tagen.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
Sie wollen einen Robotaxi-Service in Austin, Texas eröffnen. Und Teslas Wertschätzung, die höher ist als bei anderen Autos, liegt wirklich auf der Autonomie. Wir werden sehen, dass das Launch in Austin, Texas super wichtig ist für Teslas wirklich, wirklich hohe Wertschätzung.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
If you book a flight on Southwest Airlines today, you'll notice something that hasn't been there for over 50 years, a charge for checking bags. Beginning today, Southwest is entering a new era, more fearless than lover, in which it's dropping its legendary two-bags-fly-free policy.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
The company announced that in most cases, passengers will be charged $35 for a first check bag and $45 if you're a heavy packer and need a second. It's a bold move, Cotton. For decades, Southwest earned passenger devotion and differentiated itself from the pack by foregoing a checked bag fee.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
Execs frequently cited bags fly free as one of the top reasons passengers chose Southwest over other airlines. So why drop an extremely popular passenger perk? Ja, aber auch Dinge wie... scrapping free-for-all seating and offering basic economy. To put it another way, Southwest is becoming like Austin, Texas.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
Guten Morgen, alle. Hier ist eine Frage. Habt ihr jemals in einem Casino gewesen, wo die Vibes einfach gut fühlen und du denkst dir selbst, irgendwie habe ich hier niemals Geld verloren? Für viele Leute ist das Casino der Seminal Hard Rock in Tampa, Florida. Das Casino wurde gerade genannt, der glücklichste in den Vereinigten Staaten von casinos.com.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
It used to be weird and quirky, now it's just like everywhere else, but with better tacos. Tobi, is this the beginning of the end for an iconic American airline?
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
And one challenge that comes with checking or charging for check bags is that people will now put way more stuff in their carry on. They'll bring more carry ons. Southwest needs to be prepared for this because. Die ganze M.O. ist, dass wir Flugzeuge an die Tür schalten, schneller als jeder andere. Ein Flugzeug geht in diese Tür, die Leute kommen weg, die Leute kommen sofort weg.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
Aber wenn du mehr Fahrzeuge hast und mehr Leute zahlen für Checkpäcke im Kiosk im Lobby, das braucht viel mehr Zeit. Like right now, Customers spend about 60 seconds on average. Untertitelung des ZDF für funk, 2017 you know, as you're getting onto the plane, which also adds more time. So they have to beef up technology.
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SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
They have to beef up their staff presence at the gate in order to, you know, continue their, you know, pretty good track record of turning around flights because their on-time rate is over 80% right now. That's basically on par with Delta and United. As the industry standard, they have the lowest rate of cancellations among main US rivals.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
So if they keep that up, I think they can position themselves as, you know, Wir können diese operative Exzellenz behalten, auch wenn wir diese Änderungen machen.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
Die Analyse war mehr qualitativ als quantitativ. Der Website hat durch TripAdvisor-Reviews geschaut, wie oft die They mentioned keywords like luck, lucky, winning, jackpot and profit and found those words most frequently in the Seminole Hard Rock Tampa reviews. The rest of the 25 luckiest casinos came from all over the country with New York, California and the Midwest all represented.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
And just to be clear, if you booked a Southwest flight before today, you can still have your free checked baggage. It's just tickets being bought starting today. You will have to pay $35 and $45. Let's go fly somewhere, Neil. Alright, NPR, National Public Radio, is known for its host-hushed tones, but it got plenty combative yesterday as it fights to keep federal funding flowing.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
NPR and three Colorado public radio stations sued President Trump over his executive order to defund public media, claiming that pulling the money violates the First Amendment and oversteps the authority of Congress. Here's the backstory. Earlier this month, Trump issued an order that directs the Corporation for Public Broadcasting to cease federal funding for non-profit broadcasters
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
NPR on Radio and PBS on TV. Drawing on decades of conservatives concerns, the administration said that both PBS and NPR had a liberal bias and that taxpayer money should be sent instead to quote fair, accurate, unbiased and nonpartisan news coverage.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
In the order, it asked Congress to pull more than $1 billion that had been allocated to the Corporation for Public Broadcasting over the next two years. NPR und PBS kamen zurück, sagten, dass ihre editorialen Entscheidungen unabhängig von Außeninfluenzen waren und dass sie als kritische Informationssätze für Amerikaner in kleineren Märkten oder rüren Bereichen sorgten.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
Sie nannten die Ordnung, Quote, Textbuch-Retaliation und beobachtungsbasierte Diskriminierung in Verletzung der Ersten Amende. Und gestern formulierte NPR diese Angelegenheit in einem Gesetz. So Tobi, all things considered, the gloves are off in yet another legal fight between the media industry and the Trump administration. But first, let's take a step back.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
I'm sure a lot of people are wondering, how do NPR and PBS keep the lights on? Would pulling federal money be a death blow?
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SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
Yeah, it looks like PBS might be more exposed because PBS and its stations get 15% of their revenue from the Corporation for Public Broadcasting. The largest share of funding for NPR, 36%, comes from corporate sponsorships, which if you listen to NPR, you know they do have quite a lot of... Sponsor AdReads, wenn du zu Wait, Wait, Don't Tell Me hörst. Aber wir werden sehen, wo das geht.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
But Vegas just had two casinos on the top 25 list. So you're from the Tampa area. Have you been to the Seminole and is it actually lucky?
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SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
Das ist keine neue Bedrohung. Und die NPR hat vorhin in 2011 Berichte veröffentlicht. Sie haben diesen top-secret-Bericht veröffentlicht, der sagt, dass, wenn federales Finanzierungsrecht aufgehoben wird, dass viele Stationen schmerzen würden, besonders in rüren Bereichen.
Morning Brew Daily
SpaceX Reaches New Heights & Southwest’s Bag Fee Has a Price
Damals, in 1969, als der Kongress die finanzielle Finanzierung von der öffentlichen Radio und der öffentlichen Medien ausgedrückt hatte, Untertitelung des ZDF für funk, 2017 War going on between the Trump administration and the media industry. He's already sued CBS. He's already sued ABC News over claims of bias. There's no more Mr. Rogers anymore.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, where are all the Canadian tourists? Why our neighbors up north are snubbing Miami for Mallorca.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
If C's get degrees, then U.S. infrastructure may snag that diploma after all. The country's ports, roads, public transit, parks, and other aspects of infrastructure received an overall C grade from the American Society of Civil Engineers, which releases a U.S. infrastructure report card every four years.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
It may not be a report card your mom would hang on the fridge, but it is a slight improvement from the last review in 2021 when the U.S. earned a C-. The American Society of Civil Engineers said that the bipartisan infrastructure bill passed during Joe Biden's presidency, which authorized $1.2 trillion in funding for projects,
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
was key to improving the country's GPA, as were funds doled out by the Inflation Reduction Act. As anyone who's tried to use Amtrak WiFi knows, there is still a lot of room for improvement.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
The Society of Civil Engineers used this report card to call on the government to continue funding infrastructure projects, especially at a time when the Trump administration has put on hold some of the infrastructure bill's funds. The group claims that better infrastructure is an efficient investment of taxpayer dollars that results in a stronger economy and prioritizes American jobs.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
Tobias, someone who's familiar with getting Cs, what do you think the U.S. can learn from this report card?
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
I love efficient drinking.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
Let's run down some of these categories. So there were 18 categories reviewed. The nation's ports received the highest grade of any form of infrastructure with a B. And the other B, which was a B minus, was rail infrastructure. Bridges, broadband, drinking water systems, hazardous waste treatment, things like public parks all got a C plus to a C minus.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
And then let's roll it down to the D plus or a D. Dams, roads, schools, infrastructure for aviation, stormwater, transit, and wastewater all got D plus or Ds. So that's kind of where we're standing. We'd love to bump those up a little bit more. But it was very interesting to hear some criticism of this report from certain areas. This these people just love to spend money.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
Maybe spending money is not the most efficient use to improve our infrastructure. There are other tools and levers you can pull to improve infrastructure. One of them, as an example, might be something like the New York City's congestion pricing that they've just put into place. That didn't necessarily cost a lot of money. It did not cost anywhere significant.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
near into the trillions that this group wants. But it may improve infrastructure by reducing the amount of cars on the roads, leading to fewer repairs for bridges and tunnels and raising money to improve those as well.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
So it is, you know, you don't think necessarily of criticism of the folks who are just putting out a report card, but there might be other ways to improve infrastructure than just by spending trillions of dollars.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
If LaGuardia's new terminal is any indication.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
You're going to start to hear another word creep up that you may not have heard for a few years, and that word is vibe session. That was around a lot during the Biden years when people were feeling pretty bad about the economy, but all the numbers look good. So there was this weird delta between how the vibes and the actual economic data. That's kind of what we're seeing now.
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Napster Sold For $207M & Canadians Are Skipping US Travel
economic data itself, the hard data, which Jerome, what that Jerome Powell calls it, is looking pretty much fine. Strong labor market spending is OK. So we'll see whether those two converge in the months ahead.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
President Trump said he would launch an investigation of Tuesday's shocking revelation that the Atlantic's editor in chief, Jeffrey Goldberg, was somehow added to a signal group chat in which top officials discussed a plan to bomb Houthi targets in Yemen.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
But the message from the Trump administration yesterday was mostly, this is not a big deal, nothing to see here, as Democrats and other national security experts warned it was a massive and extremely embarrassing breach of tightly guarded information. A legal battle kicked off after five members of Trump's cabinet were sued for violating U.S.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
laws meant to safeguard government records by using Signal, a commercial app for official communications.
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Napster Sold For $207M & Canadians Are Skipping US Travel
Do you remember what Fluffy's one job was? Protecting the Sorcerer's Stone, obviously. Don't test me.
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Napster Sold For $207M & Canadians Are Skipping US Travel
I'm not a conspiracy theorist. They do have an incentive to not let people. try to delete their DNA samples from this database.
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Napster Sold For $207M & Canadians Are Skipping US Travel
Obviously, you know, I assume that they are not doing this intentionally, but just the volume of people that are going onto the website that saw 23andMe go bankrupt, oh, I need to go delete my DNA sample from their database, has just been huge and it overloaded their website. And you're right, it's just been a house of horrors for the last few years and it's only picked up in the last few days.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
Finally, here's an aviation horror story you've never heard before. On Saturday, a United Airlines plane bound for Shanghai from Los Angeles made a U-turn over the Pacific Ocean after about two hours and diverted to San Francisco. And the reason is that the pilot realized they forgot their passport. In San Francisco, the plane got a new crew and made it to Shanghai about six hours late.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
Sophos provides three layers of cybersecurity. One head is powerful AI-driven protection that targets threats before they become threats.
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Napster Sold For $207M & Canadians Are Skipping US Travel
But this was super embarrassing. Passengers said they began to get suspicious when the flight attendant asked, is there a photo doctor on board?
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Napster Sold For $207M & Canadians Are Skipping US Travel
My question is, what were the communications from the flight deck to the people in the airplane explaining why they had to turn around over the Pacific Ocean and go back to San Francisco for a little bit? Were they truthful about it? Did they say something a little more general or vague? Did they make up something?
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Napster Sold For $207M & Canadians Are Skipping US Travel
Did they make up something completely or were they just like straight out right with it and just said? Actually, the pilot, excuse me, passengers, the seatbelt side is on because the pilot forgot his passport. So we have to turn around. I think there's no way they could say that because there would just been an eruption in the cabin.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
Poor guy. Okay, let's wrap it up there. Thank you for starting your morning with us and have a wonderful Wednesday. This week is flying by. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham and Olivia Lake are our associate producers.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
Uchenawa Ogu is our technical director. Scoop Stardaris is on audio. Hair and makeup, you get an A for skincare infrastructure. Devin Emery is our chief content officer and our show is a production of Morning Brew.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
And the third is Sophos Central, where you can easily manage all your security apps in one central place.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
If you want to sign your business up for its own cybersecurity guard dog, who's better than Fluffy? Head to Sophos.com and get responsibly protected. That's S-O-P-H-O-S dot com.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
If your bracket is toast in the real March madness, here's an opportunity to start fresh. The Brews social media team, led by Toby right here, has rolled out a bracket challenge that attempts to answer the question everyone is asking in 2025. What was the most important business story of the first quarter of the 21st century? We're not deciding. You are.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
Well, I wasn't sure what is more surprising about this news that Napster still existed or that it was sold for more than $200 million. That is a very large number. acquisition. And I think you're right that the value in Napster is not necessarily from the brand, but from this library of tracks that it has the license for. It has 110 million tracks.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
It's paid over a billion dollars to artists and labels over the past few decades in order to acquire that library. And that made it an attractive target for this quite large company, Infinite Reality, which
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
Just recently raised three billion dollars at a thirteen billion dollar valuation So this company is quite large even though most of us had never heard about it I guess they're a big player in the metaverse 3d Space and we'll see what they do with Napster. I
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
And there is a push in the music industry more broadly to let artists monetize their most loyal artists. fans. So that is exactly what Infinite Reality is trying to do with Napster is trying to increase the engagement because on one hand, you have super loyal fans that want more out of their artists. They want exclusive merch. They want more time, exclusive time with the artists that they love.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
At the same time, artists are looking for new revenue streams. They have, you know, tours, but they're getting less from streaming companies than they did when they sold CDs, so there might be a match here. I don't know if the digital metaverse is the place for that to happen because we have seen most metaverse projects kind of fizzle out. We'll see what happens with Infinite Reality.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
They have a pretty successful stable of companies. They own Drone Racing League. They own a bunch of esports teams as well that compete in League of Legends and Call of Duty. The guy who's the CEO of Napster was the music head at Roblox, so you'll
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
Roblox is this metaverse-style gaming platform that has also hosted concerts like Fortnite with folks like Lil Nas X. So we'll see what they do with Napster. Just a blast from the past. As anger boils over in Canada against the United States, Canadians are taking their vacations elsewhere and aren't apologizing for it. Airlines, tourism groups, and U.S.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
businesses say they're experiencing a significant drop-off in Canadian visitors to the United States, citing backlash from President Trump's tariff talk and frequent allusions to annexing Canada and making it the 51st state. The numbers bear it out. In the skies, Canadian residents returned from 13... The decline was even more severe at land crossings, where Canadian return trips from the U.S.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
You can head to the Brews social media pages on X and Instagram to vote on juicy first round matchups like when Apple put U2 on all our phones versus the release of Vine or FTX collapses versus Fyre Festival. Toby, the first round of voting happened yesterday. Were there any upsets?
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
plunged by 23% compared to a year ago. An American vacation boycott by Canadians could ripple through the U.S. economy, especially in states like Michigan and New York. which have been major destinations for people living just north of the border.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
Canadians are the number one source of visitors to the U.S., and just a 10% reduction in their travel could lead to $2 billion in lost spending and 14,000 job losses in the hospitality industry, according to the U.S. Travel Association. Toby, we've seen Canadians boycott American grocery store products, boo the Star Spangled Banner, and now cancel that Vegas trip to play the slots in Punta Cana.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
And it's not good for the tourism business. International travel to the U.S. is expected to slide by 5% this year, according to Tourism Economics. That could contribute to a $64 billion shortfall for the travel industry. And that 5% slide is notable because the previous projection was a 9% increase in foreign travel to the United States. Tourism Economics updated, revised this forecast from a
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
9% increase to a 5% decrease to reflect, quote, polarizing Trump administration policies and rhetoric. And you have such a large gap between those two forecasts because it's not just Canada or Canadians who are skipping out on coming to the United States. A bunch of other countries have updated their U.S.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
travel advisories over concerns of, quote, aggressive questioning, detentions and denials of admissions. You've seen it in The U.K., you've seen it in Germany. Canada just updated their travel guidelines yesterday. So they're warning their citizens, saying it's not particularly a safe time to visit the United States right now.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
Yes. Stablecoins have a very explicit promise, and that's you get none of the volatility associated with crypto because they're designed to maintain a constant value of $1. But you get all of the benefits, which is making cross-border payments faster, cheaper, and more transparent. So they're hyping up the lack of volatility and the
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
ability to promote the US US dollar and US dollar Gemini all over the world through these cross-border pavements so that is the promise of the stable coin and you know emphasis on stable because we've seen a bunch of other cryptos be volatile it's the opposite of a mean coin especially because it's backed by US debt and US currency so that is the promise of a stable coin and
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
It hasn't always worked out in the past. I mean, remember crypto winter in 2022? That was caused by another type of stablecoin, an algorithmic stablecoin, TerraUSD, collapsed, and it brought down the crypto market entirely because $40 billion was wiped out. So there are a variety of types of stablecoin here.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
The one that World Life Financial is hyping intends to be one of the more stable of the stable.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
Neil, what's one way you rely on tech in your everyday life? I got a lot of health tracking apps running constantly to let me know how the body's holding up.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
The Quip Ultra is a smart sonic electric toothbrush that's packed full of some pretty cool tech you'll want to use daily.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
And it's equipped with a timer that monitors your progress and your pressure to help you brush at just the right intensity.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
Still brushing the analog way? Get 15% off your Quip Ultra at getquip.com slash brew. And subscribe for auto-shipping of BrushPod refill heads to earn exclusive perks. That's G-E-T-Q-U-I-P dot com slash brew.
Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
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Morning Brew Daily
Napster Sold For $207M & Canadians Are Skipping US Travel
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Morning Brew Daily
James Clear Explains How to Set Goals and Instill Habits for 2025
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, we're serving up a classic from the MBD archive.
Morning Brew Daily
James Clear Explains How to Set Goals and Instill Habits for 2025
Yeah. Is setting goals for others like you would do in a business environment similar to setting goals for yourself, or is there a different calculus that you would need to take?
Morning Brew Daily
James Clear Explains How to Set Goals and Instill Habits for 2025
That reminds me, it's kind of curious why Jeff Bezos goes up in his company's rocket, but Elon Musk doesn't.
Morning Brew Daily
James Clear Explains How to Set Goals and Instill Habits for 2025
He's trying to start something. All right, James, you are pretty smart, but I assume that not all of your ideas just kind of sprang out of your head one day. Who are some of the people, writers, thinkers that have been a source of inspiration for you?
Morning Brew Daily
James Clear Explains How to Set Goals and Instill Habits for 2025
Is the process of getting back on track with your habits the same as starting out in the first place? Or is it kind of like riding a bike where you can pick it up a little easier?
Morning Brew Daily
James Clear Explains How to Set Goals and Instill Habits for 2025
Today's episode is one of our all-time favorites. James Clear, the author of the bestselling book, Atomic Habits. James is a deep thinker about all things self-improvement. He will help you learn the right and the wrong ways to set goals.
Morning Brew Daily
James Clear Explains How to Set Goals and Instill Habits for 2025
Sorry to take us off Toby's coaching personal coaching track, but account of the accountability partners are another popular mechanism for forming a habit where you rely on the peer pressure of someone else to keep you on track. Do you believe in accountability partners and is there ever a world in which they could become a crutch in a bad way? Hmm.
Morning Brew Daily
James Clear Explains How to Set Goals and Instill Habits for 2025
James, thanks for joining us. Hey, happy to do it. Thanks for having me. Many people listening to this are probably thinking about their New Year's resolutions, but before they think too hard about them, do you believe this exercise is even worthwhile? Does it even make sense to set goals on New Year's at an annual cadence?
Morning Brew Daily
James Clear Explains How to Set Goals and Instill Habits for 2025
Yeah. So if your New Year's resolution is to drink less, then maybe you want to stop hanging out with people who drink a lot and start hanging out with people who go camping on the weekends.
Morning Brew Daily
James Clear Explains How to Set Goals and Instill Habits for 2025
Speaking of your book, Atomic Habits, it came out five years ago at this point. So is there anything in there that you've changed your mind about or anything that you've learned recently that you wish you could put in there?
Morning Brew Daily
James Clear Explains How to Set Goals and Instill Habits for 2025
So maybe if my goal is to read a lot this year, the first thing I should do is create a Goodreads account. Because then my entire reading history will be online, and I'll be judged by my peers about whether I hit my goal or not.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, RFK tells food companies to get rid of artificial dyes and Mountain Dew will never be the same.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
And they're very particular, and they consume so much rice. The average Japanese person consumes about 110 pounds of rice per year. Compare that with 27 pounds per year consumption of rice for the average American. So this is a
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
big deal uh for the japanese government to get a handle on this and you have people there being like where is all this rice you mentioned the high the high temperatures in 2023 that dwindled the crop but there was a much bigger crop in 2024 so somewhere along this very complex supply chain that gets the rice from the farm to the retailer someone it someone it appears some groups of people are hoarding rice and speculating on it because the prices have have
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
That's the Planet Oat effect. You pour it into coffee or over cereal, and boom, everything's cozier, creamier, just better.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
surge so much. So maybe there is a separate black market stockpile somewhere. And that's what people are speculating because they're like, where the heck is the rice? We're growing it. It's fine.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
All right, let's sprint to the finish with some final headlines. Stocks ripped higher yesterday and kept on soaring in futures trading after the Trump administration gave a series of signals they would ratchet down the trade war with China and play nicer with investors.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
Last night, President Trump said he was not planning to fire Fed Chair Jerome Powell and that 145 percent tariffs on China are very high. and would come down substantially. Those remarks came after Treasury Secretary Scott Bassett told investors at a conference that the current trade war with China was, quote, unsustainable and that he expected a resolution to come at some point.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
In trading, the S&P 500 and Nasdaq both jumped more than 2%, reversing their losses from a brutal Monday.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
And the unsweetened version, zero grams of sugar, still somehow delicious, plus no dairy, no gluten, no peanuts, no problem. So if your breakfast, like your old couch, could use a little comfort. Reach for the oat milk that's basically comfort in a carton.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
But it's enough for investors, and that's why we're seeing stocks ripping. They're looking for literally any shred of evidence that those 145% tariffs will come down, and they're sending stocks soaring again this morning.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
Yeah, that's why this is so shocking, because this...
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
position doesn't get turned over that much but you're right there are a lot of political headwinds facing cbs news they have this 20 billion lawsuit that they're facing and then at the same time paramount global which is its parent is trying to merge with skydance media for that it needs approval from the fcc so you take those both together and sherry redstone who controls that company
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
is being accused by rank and file employees like Owens. You know, he didn't explicitly say of maybe cozying up to the Trump administration to settle that lawsuit and get approval for the sale. So 60 Minutes is looking for a new leader. Heads up to freeloading fans of Last of Us, your days of mooching off your ex's family's account could soon be coming to an end.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
The streaming service Max is following the Netflix playbook by cracking down on password sharing. Users will soon start seeing a prompt telling you to add an extra member to your plan for an extra $8 a month, which is a passive-aggressive way of saying, we know someone outside your house is using this account also. Time to give them the boot.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
When Netflix rolled this out a few years ago, it juiced subscriber numbers. Then Disney Plus and Hulu followed with similar crackdowns. So it was only a matter of time before Max fell in line. But Toby, I miss the good old days.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
They might. I mean, this is truly shocking. And we know now why Dune 2 didn't get Best Picture because at a 2 hour and 46 run time, maybe voters were like, I already saw, you know, a Nora and that was pretty good. So maybe I'll just vote for that. So I think, you know, this is what BAFTA did this this rule in the UK last year. And it's just truly surprising.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
I stand with everyone, including you, who are like, what the heck? Like you didn't need to watch all of the movies before casting your vote. You know, what are we doing here?
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
If you were already skeptical of the Oscars, I mean, there's even reason to not take it even more seriously now. Let's wrap it up there. Thanks so much for starting your morning with us and have a wonderful Wednesday. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. Let's roll the credits. Emily Milliron is our executive producer.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
Raymond Liu is our producer. Our associate producers are Olivia Graham and Olivia Lake. Uchenua Ogu is our technical director. Scoops Dardaris is on audio. Hair and Makeup watched all of the Oscar nominees. Devin Emery is our president, and our show is a production of Morning Brew. Great show today, Neil. Let's run it back tomorrow. Grabbing a quick meal is easy.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
It's getting a quick meal that's also good for you that's tricky.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
Luckily, Factor has chef-made gourmet meals that simplify eating well. They're never frozen, dietician-approved, and ready to heat and eat in two minutes.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
But the best arrives at dinnertime when my brain is shut down and all I want to do is take down my number one favorite spicy Creole chicken thighs.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
Eat smart with Factor. Get started at factormeals.com slash factorpodcast and use code FACTORPODCAST to get 50% off your first box plus free shipping.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
Still. investors heard exactly what they wanted to hear, those magic words. I will be working less on Doge and I will be working more on Tesla. That is exactly what they needed to hear because Tesla stock was in a free fall. Its business is hurting mightily. The fact that Elon Musk will devote more attention to this particular company in its time of need was very much music to their ears.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
Are you the kind of person who is super polite to chat GPT? Like you say please and thank you when asking a question so the bots will spare you after the uprising? You could be costing OpenAI millions of dollars.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
So where does Tesla go from here now that Elon Musk is supposedly going to be working on it more? They have two big initiatives coming down the pipeline this summer. One is this robo taxi service that they're going to launch in June in Austin, Texas. Elon Musk says we are on track for that. They're going to compete with Waymo and other autonomous taxi companies.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
They've already been giving customers rides all around the country in certain cities. They're also expected to release an affordable EV model, which has been anticipated for years because there's an increasing amount of competition, not just from legacy car makers in the United States like General Motors, but also BYD in China has now overtaken BYD. Tesla as the world's largest seller of EV.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
So that traditional business where Tesla gets 90% of its revenue, Tesla has fallen behind. Global delivery is down 13%. They think that an affordable model, well, investors have been pushing for this forever. So now it looks like potentially that will come, but we still don't have any details on what that affordable model about $25,000 will look like.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
Recently, the company's CEO, Sam Altman, suggested that people simply saying please and thank you to their chatbots cost OpenAI tens of millions of dollars because of the extra computing power required. However, Altman says that money is well spent because in his words, You never know. Wink, wink. Toby, are you overly nice to a chatbot?
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
Flaming hot Cheetos could soon look a little less neon. Yesterday afternoon, Health and Human Services Secretary Robert F. Kennedy Jr. announced a plan to phase out eight artificial food dyes and colorings from the U.S. 's food supply by the end of next year in his first major effort to overhaul America's diet.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
His wingman, FDA Commissioner Dr. Marty McCary, said that regulators would aim to revoke two synthetic food colorings, and as for the other six, he told food giants to eliminate them from their ingredient list or else. Artificial dyes are used by major food companies to make food colors pop, and they can be found everywhere.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
everywhere in the grocery store, from cereal to ice cream, yogurts, candy, and more. A limited body of research has found links between petroleum-based synthetic dyes and certain neurobehavioral problems in children, such as hyperactivity. Though previous U.S. regulators have found that health concerns aren't something to worry about, the Trump administration has seen enough evidence of harm.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
Dr. McCary asked, why are we taking a gamble? For food companies like General Mills, PepsiCo, and Kellogg, they'll have to go back to the drawing board revamping some of the most popular products to comply with the government's recommendations. There's no rule banning the food dyes on the books yet, but it's like your older brother telling you to take the fall when your parents are angry.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
You just do it.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
You're right. This happened 10 years ago. General Mills took out artificial colors from Trix that year, and then there was a huge consumer backlash saying, we don't want to see Trix that aren't completely so colorful, so saturated, and they're kind of muted colors. So there was a consumer uprising, and they added artificially colored Trix back into grocery stores the next year. On the
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
other hand, there is a success story with a company removing artificial dyes. Kraft in 2015 changed this recipe, replaced yellow number five and yellow number six artificial dyes with paprika, annatto and turmeric in its, you know, neon mac and cheese. You think about that yellow and it was fine. They still do that to this day.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
So, I mean, at this point, it looks like companies don't have a choice. Like I said, there's not a rule on the books, but the Trump administration is basically saying, you guys have to do this. We're asking you to volunteer to do it now to give you some leeway. If not, we will make a rule forcing you to.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
Let's talk... Chobani. I mean, this company is a rocket ship. They're building the biggest dairy factory in the United States in the middle of New York, Rome, New York. They're going to try to make one billion pounds of dairy products a year, which my stomach is hurting just thinking about that. This company is one of the fastest growing food companies in the entire United States.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
Net sales last year rose 17 percent. Earnings are over 500 million dollars. It says it now controls about one fifth of the entire American yogurt market. They're also on this expansion spree to get into new areas. They bought La Coloma, a massive coffee company, for $900 million. So they are in growth mode. And the next stop for them after this factory is potentially an IPO.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
We'll be right back. Tasty Trade Inc. and Morning Brew are separate and unaffiliated companies. If you're planning to do business abroad, you've got to make sure your finances are in order. That's where Wise Business comes in. Wise Business is the account for doing business in other currencies.
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Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
and you can still save money as you go global. Wise Business has no hidden fees, no markups on the exchange rate, and no ongoing subscription cost.
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Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
To learn more about how you can use Wise Business to save time, money, and stress, visit wise.com slash business. Japan is engulfed in a rice crisis, and to combat the shortage, it's done the unthinkable. Import the grain from South Korea, something it hasn't done in more than 25 years. Last month, South Korean rice hit Japanese shores for the first time since 1999.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
an emergency stash Japan hopes will help alleviate soaring prices that has shaken society. Because eating non-Japanese rice in Japan is like drinking a Heineken at a 4th of July barbecue. You just don't do it when Budweiser exists.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
Japanese consumers eat rice at pretty much every meal, but they've long been skeptical of foreign-grown rice, so much so that Thai rice imported during another crisis in 1993 mostly went untouched. But they may not have a choice this time around. The price of Japan-grown rice has more than doubled over the past year, leading to outrage from restaurant owners, sake brewers, and customers alike.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
Toby, my baseball days are behind me. I'm not throwing anything these days. Come on. Clash your life up a little bit.
Morning Brew Daily
Tesla's Terrible Q1 Prompts Musk Return? & Companies Face RFK Jr.'s Food Dye Ban
A few months ago, Japan was even forced to take the unprecedented step of selling hundreds of thousands of tons of rice, 2 million bowls worth, from its strategic rice reserve, a stockpile of rice only used after natural disasters. But even that didn't move the needle. Toby, what is going on? Where did all the Japanese rice go?
Morning Brew Daily
RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
Und das ist nicht unbedingt eine neue Geschichte, weil ich weiß, dass du gesagt hast, dass du Social Media gesehen hast. Während der Olympischen Spiele selbst hat ein amerikanischer Skateboarder gesagt, dass seine Medaille bereits krümmelt, was hier los ist.
Morning Brew Daily
RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
Und dann scheint es sich in den Monaten, seit mehr als 100 vorgekommen sind und gesagt haben, hey, ich habe ziemlich hart gearbeitet für diese Medaille. Können Sie vielleicht einen neuen senden, der nicht super rostig ist? This is not the first time that medals have had to have been replaced. I guess they're hard to make.
Morning Brew Daily
RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
But in 2016, the Rio Games, a number of athletes asked for new medals because they started to break down. But you're right, this is a bit of an embarrassment. Ja, genau.
Morning Brew Daily
RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
Okay, lasst uns zum Schluss springen mit den letzten Nachrichten. In Houston fliegen Schneeball-Fights in den Gulf Shores und Skiern auf Bourbon Street. All das ist gestern geschehen, nachdem ein Wintersturm ultra rarer Schneefall auf einem großen Bereich des Süden gedumpft hat, das für einen Ein-in-die-Lifetime-Event genannt wurde. Air travel was basically non-existent.
Morning Brew Daily
RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
Airports in Houston and New Orleans cancelled virtually all their flights. More than 2,300 and more than 1 million kids in the region had off from school. At least 9 people have died as a result of the dangerous conditions and cold. Tobi wild scenes in cities that are just way more accustomed to hurricane warnings than winter storms. And it wasn't just a dusting.
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RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
It was more than they'd experienced in a generation or ever. An area of Louisiana near Lafayette got more than 10.5 inches of snow, or as they spell it down in the bayou, S-N-E-A-U-X.
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RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
A union representing nearly 20,000 Costco employees voted to authorize a strike, threatening to walk off the job if they don't reach a new contract agreement with the company before the end of the month.
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RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
Teamsters Boss Sean O'Brien said Costco's greedy executives have less than two weeks to do the right thing, which in his view would be to increase wages and benefits such as pensions and job security. If this strike were to happen, it could be disruptive. The union represents 8% of Costco's employees and 56 of its locations across five states would be affected.
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RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
Do you think you have to send an extra payment for baggage and everything else?
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RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
See, that would not be as fun. But yes, you know, I think this is an interesting idea. Obviously, the more ways you give people to pay, then the likelier they are to send you money. I mean, a bunch of other airlines already accept PayPal, so it's not necessarily a first. PayPal owns Venmo, so... Yeah, you can see this is a good idea for JetBlue.
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RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
They're doing a bunch of different initiatives to try to revive their financial fortunes. They also are introducing their first ever airport lounges in JFK and Logan in Boston. I know you're a big lounge guy, so I know you're excited about that. Ich habe nur gesagt, okay, gehen wir weiter.
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RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
He was electric. I mean, he was so fun to watch. One of the greatest hitters ever. He has the most hits of any player in professional baseball all time because he played in Japan and the United States. He had nearly 1,300 hits in Japan, more than 3,000 in Major League Baseball. So just truly one of the best hitters that Das ist die Geschichte von Ichiro.
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Es gibt eine tolle Anekdote von Peter Gammons, die erklärt, dass Ichiro 2017 einen Text von jemandem bekommen hat, der ihn fragen wollte, um ihn zu treffen und sein Stretching-System zu studieren. And he scrolled to the bottom of the text message and he just reads the name out loud, who it's from. He goes, Tom Brady. And then he looks up and goes, who the F is Tom Brady?
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RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
So this guy, talk about laser focused on your job. And Ichiro was that guy. He was a very big fan.
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RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
Es war ein sehr großer Moment für den kulturellen Export von Japan in die Welt, weil er, wie du erwähnt hast, die Foundation für eine Menge japanische Spieler, um in den Vereinigten Staaten zu spielen, natürlich bezeichnet von Shohei Ohtani, der zu einem Punkt den weltweit reichsten athletischen Kontrakt jemals hatte. Und es gibt auch ein paar mehr, die in seine Füße gefolgt haben.
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RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
Also wirklich ein Trailblazer.
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RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
Okay, let's wrap it up there. Thanks for starting your morning with us and have a wonderful Wednesday. For any questions, comments or feedback, send an email to morningbrewdaily at morningbrew.com. And if you're enjoying the show, consider this a little tush-push to share it with a friend, family member or a co-worker who would also find it helpful. And we'll make it as easy as possible.
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RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
Don't think, just take Tobi's recommendation.
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RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenawa Ogu is our technical director. Garrett Peck is on audio. Hair & Make-up sent a Venmo-Reminder, just when you get a chance. Devin Emery is our Chief Content Officer and our show is a production of Morning Brew.
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RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
Vielen Dank. Still, Trump has launched the opening volley, one of several orders he signed on day one that intends to remake the gigantic federal workforce.
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RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
Good Morning Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today Netflix just had its best year ever, which means prices are going up again.
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RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
And, you know, there is a good argument to be made that if you force people to come to the office, then they will just quit. A new survey from Pew found that nearly half of remote workers would consider leaving their jobs if their employers no longer allowed them some remote flexibility.
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RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
Trump administration is saying, you know, it's taking its cue from Elon Musk and being like, okay, well, maybe that's good. We want a smaller federal workforce. On the other side, you say, you have people saying, Ja, genau. What you're trying to do. So this is going to be an absolute fight. The American Federation of Government Employees represents 800,000 federal and DC government employees.
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RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
That's a big chunk of that 2.3 million number. They have collective bargaining agreements, environmental protection agencies, social security administration that have locked them into remote work policies. So as we've seen with other Trump executive orders, this is absolutely going to run into some legal more where there's going to be a fight, possibly.
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RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
in the courts to see whether these government workers are gonna come to the office or not.
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RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
It'll be interesting to see, because over the last few years we've seen young workers who are just graduating from college really gravitate towards government jobs. That was one of the fastest growing sectors for recent grads who were going away from big tech companies and big banks that just weren't hiring as much. The government was hiring.
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RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
So we'll see whether these changes that Trump is implementing, and I should mention, RTO is not the only one. There's a lot of other... a lot of other changes he's making to the federal workforce that could maybe dissuade people from working for Uncle Sam. There's going to be more data centers than Dunkin' Donuts if Donald Trump gets his way.
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RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
Untertitelung aufgrund der Audioqualität nicht möglich.
Morning Brew Daily
RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
Yesterday afternoon, the president, flanked by OpenAI's Sam Altman, Softbanks' Masayoshi-san and Oracle's Larry Ellison, announced Project Stargate, a joint venture that aims to supercharge the construction of AI infrastructure like data centers in the United States. Das wird viel Geld nehmen, aber mit diesen Leuten geht es nicht um Fundierung.
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RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
Die Venture wird sofort 100 Billionen Dollar anbieten und das dann bis zu 500 Billionen Dollar aufbauen. Die ersten Projekte, Datenzentren in Texas, sind bereits unterwegs, hat Ellison gesagt. Die Announcement bietet den ersten Blick auf Trumps AI-Polizei-Agenda, wobei sein Voraussetzer Biden AI-Expansion unterstützt hat.
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RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
He also put up guardrails on the new technology to avoid the robot apocalypse and other harms. To that end, Biden signed a comprehensive executive order on AI safety. Things will probably be much less regulated going forward. Trump already tossed Biden's AI executive order in the trash on his first day.
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RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
And with Project Stargate, he's signaling to tech companies, prepare your ships for ludicrous speed.
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RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
One thing to look at with the build-out of data centers, you kind of mentioned it, is how much energy they consume. We're expected to supercharge our dependency on the grid, perhaps break its current form. We need more energy. And under the Biden administration, there was a big focus on Using clean energy to power data centers.
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RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
And under this new administration, it looks like we don't care what kind of energy you use. It's up to you. Just figure out a way you can use fossil fuels, you can use clean energy. Now the responsibility is on Microsoft, Amazon, Google to source clean energy if they want to fill their commitments. They're already going way past their clean energy thresholds. Vielen Dank.
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RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
You are the king. I'm talking about Netflix. I mean, you are also, Tobi. I think you're almost underselling this quarter. It was absolutely insane. Netflix is just on an absolute roll right now. Shares shot up 14% after hours Tuesday. So they are basically at a record high right now if things hold towards the close today. Stock is up more than 80% over the past 12 months.
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RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
Its market cap is now over $400 billion. That's more than... Bis zum nächsten Mal. Mike Tyson, die zwei NFL-Christmas-Games, die zwei Weltcup-Games, die zwei Weltcup-Games, die zwei Weltcup-Games,
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RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
It's just incredible, like the business that they built. They still have some runway to get more subscribers. We thought they plateaued with number of subscribers. Then they go and add 41 million this year, which is the most they've ever added in a year. They have pricing power so they can raise prices on us and will still pay. Now it's going to be like $18 a month for the most popular plan.
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RTO Wave Hits Federal Workers & $500B Investment Powers AI Industry
That's fine. People will, it seems like they'll pay or they'll just go to the All right, we're going to take a quick break, but this next story goes out to all our Olympian listeners.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, Trader Joe's has been ranked the most reputable company in America, but there's one name that sank far down the list.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
But there isn't just one tournament going on. There's a couple different ones. And there's the Champions League, which is the The one that the Dodgers, the Tigers, the Phillies would be in. And then there is the NIT, the second tier one, which is the Europa League. And that would be like where the Reds, Braves, and Red Sox, the mediocre teams, are playing.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
Somehow Manchester United and Tottenham, despite being terrible in their quote-unquote MLB season, made it to the finals of this Europa League. And there's so much money at stake. And it's not just that winning would be good. It's that losing would be bad because...
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
These, especially a team like Manchester United, makes financial plans going forward with the understanding that they would be in the Champions League and the $100 million that comes with it. And you might think that Manchester United, wow, like there's a global brand there. They must be just like raking in money, but they're actually in a very dire financial situation.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
They are $1 billion in debt. They're clocking up three straight seasons of losses. So is Tottenham. I haven't even mentioned that, but Tottenham. Together, those two teams have lost 300 million pounds over the past three years. So it's not just like a nice to have. It's a need to have. Can you give us a metaphor that doesn't involve baseball now, too?
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
It's real-time marketing that actually feels real. No delays, no lag, just seamless, relevant communication that moves at the speed of your customer.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
All right, so who's winning this game?
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
Meta and Ray-Ban versus Google and Warby Parker. Choose your fighter. This has been a hugely successful product for Meta, these smart glasses. And now Google, I guess, has shed the nightmares of Google Glass back in 2013. And they're looking to see Zuck make all this money With these smart glasses and they're like, hey, you know, guys, we pioneered this thing. Like, don't remember.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
We laid the foundation for all of you. It's time for us to get back in the ring. I just don't know whether the Warby Parker look will supersede the Ray-Ban look.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
Well, it might have to do with wood because Home Depot sells a lot of lumber. But so far, there haven't been any tariffs on lumber, even though that's threatened. We get 30% of the software lumber consumed in the United States is imported. Canada accounts for 80% of that.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
If lumber gets tariffed, then I don't know whether Home Depot can keep its prices steady as it has, but it just might be a quirk of what these two retailers sell. Walmart is raising prices mostly on strollers and electronics and toys, which Home Depot doesn't really sell. So Home Depot is going on the offensive and saying, wow, we have a really diversified supplier base.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
Over 50% of our stuff already comes from the United States. we are just going to hit the gas pedal and try to take market share away from our competitors that are raising prices next up turns out magnus carlson is about as good at chess as 143 000 randos in the largest online chess match ever held dubbed magnus carlson versus the world 143 000 people working together
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
managed to draw the former world champion in a marathon 46-day game on chess.com that ended yesterday. Carlson, who was favored heavily to win, said, overall, the world has played very, very sound chess from the start. Okay, Toby, so they tied Magnus Carlson, big whoop. How would these 143,000 people do against one gorilla?
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
Finally, Justin Jefferson running a go-route against a Lithuanian car mechanic could be coming to a screen near you. Yesterday, the NFL owners approved a resolution that allows the league's players to try out for flag football at the 2028 Los Angeles Olympics, effectively handing the gold medal to Team USA, which would presumably dominate any other country.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
The NFL players seemed amped for a chance to represent their country, something they aren't typically able to do like athletes in basketball, hockey, baseball or soccer. Jefferson, the Vikings star wide receiver, said, quote, playing in the Olympics and getting the gold dream, getting the gold medal is a dream.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
And following the announcement, fans were also dreaming of their flag football dream team starting five.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
It's just wild. Like, flag football is going to be an Olympic sport in three years. A legit Olympic sport.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
That is all the time we have. Thanks so much for starting your morning with us and have a wonderful Wednesday. Two more days until Memorial Day weekend. Almost time to fire up the smoker. If you have any thoughts on the show, don't keep it to yourself. Send an email with questions, comments, or feedback to morningbrewdaily at morningbrew.com. Let's roll the credits.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
Emily Milliron is our executive producer. Raymond Lute is our producer. Our associate producers are Olivia Graham and Olivia Lake. Scoop Stardaris is on audio. Hair and Makeup is just glad they're a Liverpool fan. Devin Emery is our president, and our show is a production of Morning Brew.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
Yeah. A lot of people were watching these earnings after Klarna signed this eyebrow-raising deal with DoorDash, which means you could essentially put your
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
ten dollar takeout delivery order uh on credit uh which has led to a lot of jokes about collateralized burrito loans but if you're looking at the consumer confidence measures that are plummeting second lowest uh in american history and you're like well people are broke and you can certainly look at clarna's earnings as evidence of that they reported a net loss of 99 million dollars
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
Here is some potentially useless information. Starting yesterday, every date written out in the American format for the next 10 days will be the same backwards. It's palindromes all the way down. Tuesday was 5-20-25. Today is 5-21-25. Tomorrow is 5-22-25, etc., etc., until we hit May 30th when the streak will sadly end.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
for the three months to March, which is up from 47 million a year earlier. So losses have more than doubled. Those consumer credit losses are also skyrocketing. So if you're looking for a gauge of the health of the American consumer, you can certainly look to Klarna's credit approach to maybe find some answers.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
Still, this company's workforce has shrunk dramatically as it's pivoted to AI, showing that they're still all in on this technology, which they said they wanted to be open AI's favorite guinea pig back in 2023. They used to have 5,000 employees. Now they're down to about 33,000, which is a 40% decrease. And the CEO wants to get that number down to about 2,500.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
They've also, at the same time, grown their revenue per employee, which is not a surprise. That used to be $575,000 in revenue per employee. Now they're over $1 million.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
I don't know if that would lead to better quality if you have people pop in and try to help somebody.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
Moving on, batteries are big business, and I'm not talking AAA or even a 9-volt. Contemporary Amperex Technology Company Limited, the world's largest maker of batteries for electric vehicles, went public in Hong Kong yesterday in the biggest listing of the year anywhere around the globe, shooting up 16% in its first day of trading. CATL, as it's commonly known,
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
raised $4.6 billion to ramp up its quest for global battery domination. Not that it isn't dominant already. The company supplies battery packs to the leading auto manufacturers, including Tesla, Volkswagen, Ford, Mercedes, Benz, and more, cornering the market with a commanding 38% share. Its financials are similarly impressive, generating sales of $50 billion last year and $7 billion in profits.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
You're probably listening to this thinking, wow, CATL is a dog. How do I invest? Well, if you're in America, you can't, which is the plot twist you didn't see coming. CATL and the folks in DC are not on good terms with the Pentagon blacklisting the company over alleged ties to the Chinese military.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
And as it's been caught up in these geopolitical tensions between the US and China, CATL blocked American investors from piling into its public listing. Toby, if there's one company that showcases the kind of environment we're in right now, CATL is a pretty good choice.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
Right. Just go back 11 years and another Chinese giant company went public. That was Alibaba. Where did it go public? That was the New York Stock Exchange. And Alibaba felt like it needed to list in the United States because you're right, that's where the capital markets were leading.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
But we've seen this financial decoupling over the past few months, especially as capital has left the United States. And I think the CATL public listing is probably a really good example of this. But Its business is doing just fine, and that's because the EV market in China is going nuts. EV sales surged to 11 million last year, which is a 40% increase compared to the previous year.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
It wants to expand in Europe. That's what it's raising all this money for, is to build a $7 billion battery plant in Hungary to service the European market. And it's going toe-to-toe with BYD on making a super-fast charging battery. It says it can now charge a car for... over 320 miles on five minutes of charge.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
What do Trader Joe's, Patagonia, Costco, Toyota, and Arizona beverages have in common besides sounding like the perfect ingredients for a little weekend day trip? You're all gaga over these brands. These companies ranked in the top 10 of the Axios Harris Poll 100, which measures the public perception of the most visible U.S.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
companies across categories like trust, character, culture, products, and vision. The top five were in order TJ's, Patagonia, Microsoft, Toyota, and Costco, with Arizona beverage company Apple, Nintendo, Home Depot, and In-N-Out all ranking in the top 20. What's not in the top 20?
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
any of elon musk's companies which have suffered a steep dive in the reputation rankings as he's taken more political public positions take tesla for example in 2021 the automaker was in eighth place but last year it fell to 63rd and this year it's a bottom feeder at 95. spacex also dropped 36 places from the previous year to 84.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
Harris Poll CEO John Gerzema tried to explain the plunge, saying, quote, consumers are looking not just at the product, but who is behind the product, what values they represent. That's increasingly a reputational risk for leaders like Musk. Toby, what's your takeaway from this? What can we learn about businesses at the top of the rankings and the ones that rank poorly?
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
Picture this, you're creating a new software product for your biz, but need to get smart about all the new cloud tools and tech first. Learn how to quickly move your software product ideas from roadmap to reality with the AWS for Software Companies podcast.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
Each episode brings AWS and product leaders together in a roundtable discussion to chat through what you need to know to get to market faster and continuously optimize your product.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
It's a mess. Unfortunately, I've had many a conversation like that. And those stop-start convos are what campaign-based marketing feels like. Delayed, out of sync, and totally disconnected from what your customer actually needs right now.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
Without them, we'd be lost, literally and figuratively.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
Wise Business can be that friend for your global business. Wise makes it easy for you to process payments, get paid, and manage your money internationally.
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Klarna Losing Millions on "Burrito Loans" & People Love Trader Joe's
Just for some background for people who may be new to European soccer, imagine that during... the baseball season. MLB clubs are playing a concurrent tournament against teams from Canada, Mexico, South America. This tournament is running during the same time as the MLB season. It's just international in scope or continental. That's what happens in soccer.
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Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell.
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Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
Yeah, let's break down the money earned by tennis players. At the top of the line, you can make a lot of money, but... and the middle and near the bottom of the order. You are just not making that much money at all. Let's go back to the top.
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Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
The $10 million earned by number one tennis player at the time in 2022, Carlos Alcaraz was equal to the 202nd player in the NFL and the 146th highest played player in the national basketball league. Novak Djokovic, who is probably the goat of men's tennis. He's won 24 grand slam titles. Uh, His career prize money in tennis is $186 million.
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Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
Last year alone, last year alone, the number one golf player, Scotty Scheffler, earned more than $62 million playing golf. That's about a third of Novak Djokovic, the best of all times, career winning. So these are just a few of the data points that these players are bringing to the table when they're accusing the ATP and the WTA suppress wages at the highest level of tennis.
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Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
You can't just have the best of both worlds.
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Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
And one of the accusations lobbed against these tours is that they suppress the prize money. And one example that the players cited was that in 2012, billionaire Larry Ellison, who owns the BNP Paribas Open, which more people know as Indian Wells, which just took place, he tried to increase the total prize money on that tournament that he owns by $1.6 million dollars.
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Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
He said the ATP and WTA rejected that proposal, saying it would put pressure on other tour-sponsored tournaments to boost payouts. So that is just one glaring example of these tours, you know, setting a price ceiling, which the players say violates antitrust action. You talked about a lot of the other North American leagues having problems
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Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
With 500 plus cybersecurity analysts, Sophos provides managed detection and response that proactively guards your network 24-7, stopping threats before they can even cross midcourt.
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Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
more rights and more strength with collective bargaining and free agency and things like that. Well, many of those things happened as a result of antitrust action, which is exactly what the players in tennis are trying to do. Should say that the ATP and WTA came out with a few statements. They said they would vigorously defend the case.
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Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
They talked about measures they had taken to increase payments to players, and they called the allegations baseless. Let's sprint to the finish with a few headlines. The UK has updated its basket of goods that are used to measure inflation, and yoga mats are in, and newspaper advertisements are out.
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Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
Every year, the UK's Office of National Statistics makes tweaks to the 752 items it uses to calculate inflation, which provides a snapshot into changing consumer trends. For example, Wild Rabbit was on the first list in 1947, but no one really buys that anymore, so that's gone. So what are people buying now?
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Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
This year, the ONS added yoga mats, virtual reality headsets, men's pool flip-flops, mango, and pulled pork to the cost of living basket. The stuff they cut is from a bygone era, such as newspaper advertisements or oven-ready gammon, which is a type of cured ham that has dwindled in popularity. Toby, did they get it right?
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Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
It seems like a no brainer. And you might be wondering why weren't they doing this before? Well, a drone from DJI, which is this Chinese company, the world leader in drones, it can cost more than $70,000. That is just a lot of money in a lower income country like Nepal. So they're trying to work out deals to make these things cheaper for Sherpas. But overall, this seems like a
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Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
More like a three-to-zone defense, if you ask me. Also, by the way, you said you're picking the NCAA team with the best offense and defense. That's Duke, Toby.
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Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
great solution in part to make this this mountain safer as the as the climbing season gets underway next month. On Monday, West Virginia Governor Patrick Morrissey held a press conference to make a statement about one of the biggest injustices in recent memory. Take a listen.
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Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
Yes, that's right. The West Virginia governor used a press conference to make the case that his Mountaineers deserved an NCAA tournament bid over the University of North Carolina, who controversially received a bid to March Madness while WVU was snubbed. Calling the NCAA the National Corrupt Athletic Association, Morrissey said he's asked his attorney general,
Morning Brew Daily
Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
to investigate the organization to ensure the selection process is transparent and fair. Toby, does he have a point?
Morning Brew Daily
Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
Well, one thing we should mention is UNC played last night in the round of four to get into the actual bracket of 64, and they crushed. They dominated. Okay, let's wrap it up there. Thanks so much for starting your morning with us, and have a wonderful Wednesday. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com.
Morning Brew Daily
Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
And if you're enjoying the show, share it with a friend, family member, or coworker, or anyone else. Toby, who should everyone listening share it with today?
Morning Brew Daily
Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham and Olivia Lake are our associate producers. Eugenia Waogu is our technical director. Scoops Dardaris is on audio. Is hair and makeup a spy from The Daily? Hmm. Devin Emery is our chief content officer, and our show is a production of Morning Brew.
Morning Brew Daily
Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
Kenny Rogers may have coined, know when to hold them, know when to fold them, but cybersecurity startup Wiz just perfected the strategy. After rejecting an acquisition offer from Google for $23 billion last summer, Wiz now says you've got a deal. Google will buy it for $32 billion, a big bump from the previous bid. That's not all that's big about this deal.
Morning Brew Daily
Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
It's Google's biggest acquisition in history, Far outstripping number two, a $12.5 billion purchase of Motorola Mobility in 2012. It's also the biggest acquisition announced this year, a hopeful sign for deal-making activity that's as frozen as Lake Erie in the winter. And finally, it's the biggest deal ever in the fast-consolidating cybersecurity industry.
Morning Brew Daily
Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
In Wiz, Google is acquiring one of the fastest-growing startups of all time. Founded just five years ago by CEO Asaf Rapoport and several colleagues, it is on track to double last year's annual recurring revenue to $1 billion, and its sale would mark the largest exit for any tech startup since Rivian's $77 billion IPO all the way back in November 2021.
Morning Brew Daily
Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
Toby, Google just revealed its Philly cheesesteak order, WizWit, and it's a landmark deal.
Morning Brew Daily
Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
Home at last. Yesterday evening, NASA astronauts Suni Williams and Butch Wilmore splashed down off the coast of Florida, ending a space saga that captivated the world. Originally intended to be an eight-day mission, their stay on the International Space Station lasted 286 days due to technical problems with the Boeing Starliner spacecraft that carried them up to the ISS.
Morning Brew Daily
Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
And Wiz brings with it not just growth potential, but an already existing massive list of business. Its client base includes over 45% of Fortune 100 companies. It's going to do $1 billion in revenue this year. It is just such a massive player in the space that they built in just the past five years.
Morning Brew Daily
Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
So in its race to compete against Microsoft and Amazon, Google thinks that tacking on Wiz will be a huge tailwind to compete in this cloud computing race.
Morning Brew Daily
Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
And meanwhile, so many people are going to get so rich from this deal. Obviously, Asaf Rapaport, the CEO, and these co-founders are going to be billionaires if they weren't already, because guess what? They already sold a company to Microsoft in 2015 for $320 million. So they've done this rodeo before. Obviously, $32 billion is way more than $320 million. And it's also...
Morning Brew Daily
Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
A huge exit for VC firms that plowed money into Wiz when they were a much smaller company. Some of the biggest VC names in Silicon Valley were involved in Wiz. Andreessen Horowitz, Sequoia, Lightspeed, all of these venture firms are, you know, their offices are probably a very fun place to be this week.
Morning Brew Daily
Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
During their nine-month journey, Wilmore and Williams covered some distance. They orbited the Earth 4,576 times, traveled 121 million miles, and played over 142,000 rounds of Never Have I Ever. Toby, gravity has never felt so good.
Morning Brew Daily
Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
Yeah, this is a heated rivalry that just escalated in a big way this week. The HR tech space is extremely competitive. You have these legacy players like ADP, Workday, SAP, and then newer players like Rippling and Deal, which are raising rounds of funding each one after the other in order to gain customers. And they're also competing over the same number of customers.
Morning Brew Daily
Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
A lot of their employees also switch back and forth. So that's They've had a lot of beef with each other for years that has spilled into the public eye. And this is just the climax of that with accusations of a deal implanting a spy into Rippling. And corporate warfare doesn't get more juicy than this.
Morning Brew Daily
Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
Yesterday, 25,000 people crammed into the San Jose Sharks Arena and cheered wildly as a superstar put on a show. No, it wasn't because Conor McDavid was in town. It was because Jensen Huang, the CEO of NVIDIA, was giving the keynote speech of the Tech Giants' annual GTC conference.
Morning Brew Daily
Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
What was essentially a science fair for computer geeks in 2009 has blossomed to become what has been called the Super Bowl for AI, a week-long extravaganza whose growth mirrors the meteoric rise of Nvidia to the top of the tech food chain. Clad in his signature leather jacket,
Morning Brew Daily
Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
Huang defended his company's role in the AI revolution and hyped up new families of chips that NVIDIA would roll out in the coming years. NVIDIA dominates the market for these chips, known as GPUs or graphics processing units, which have become a hotter commodity than a Trader Joe's tote as tech companies hoover them up to train ever-powerful large language models.
Morning Brew Daily
Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
He also announced a partnership with GM for self-driving cars and touted personal AI supercomputers that will allow developers and scientists to build AI models on desktop. But Toby, we need to start with the biggest announcement of them all, a partnership with Taco Bell, KFC and Pizza Hut to roll out AI order taking.
Morning Brew Daily
Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
We do need to talk about the deep seek in the room, though. Remember, this Chinese AI startup revealed this model deep seek, which could do which could compete with the chat GPTs of the world at the highest level of AI models with just a fraction amount of the computing powder required that knocked off six hundred billion dollars of NVIDIA's.
Morning Brew Daily
Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
market cap sent it into a big slump because you had investors thinking, oh, well, maybe AI companies don't need to spend so much money on Nvidia's chips, which they had been, which had propelled Nvidia to become the most valuable company in the world. What was Jensen's response to this?
Morning Brew Daily
Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
He said, hey, I think DeepSeek is actually good for us because the type of inference and reasoning that powers the DeepSeek model and all these models going forward actually requires more computation than we ever thought possible.
Morning Brew Daily
Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
He said the amount of computation we need as a result of agentic AI, which is this AI that powers agents, which we've talked about in the show, it's like they can do all these things autonomously for you, is easily 100 times more than we thought we needed this time last year.
Morning Brew Daily
Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
So he's bullish, obviously, because he is the CEO of NVIDIA, that companies will continue to spend and even up their spending on NVIDIA chips to power this new type of AI model.
Morning Brew Daily
Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
So one day as I was scrolling the web, I got hit with an ad for patio furniture. Dude, I live in a small New York City apartment, not relevant. So if that's happening to me, imagine the incorrect spaces your B2B marketing could be ending up. If you want to reach the right professionals, start with LinkedIn ads.
Morning Brew Daily
Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
LinkedIn has grown to a network of over 1 billion professionals and 130 million decision makers. And in this vast pool of potential, you can target your buyers by job title, industry, company role, skills, seniority, and more if you can believe it. If you think you're wasting budget on the wrong audiences, stop that.
Morning Brew Daily
Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
First and foremost, and start targeting the right people with LinkedIn ads instead. LinkedIn will even give you a $100 credit on your next campaign so you can take LinkedIn ads for a spin. Just go to LinkedIn.com slash MBD. That's LinkedIn.com slash MBD. Terms and conditions apply only on LinkedIn ads. This spring, shake off the winter blues with a bedroom refresh courtesy of Brooklinen.
Morning Brew Daily
Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
Turn your bedroom into a space that works for your life, whether you're gearing up for an early morning or unwinding after a long day.
Morning Brew Daily
Google Closes Historic $32B Deal & Nvidia Drops Hot New AI Chip
Brooklinen's products are made to be loved and lived in for years to come. With customizable bundles, you can refresh your bed and bathroom all in one place. Mix and match Brooklinen's patterns, colors, and textures to create your dream space. As people who wake up so early, sleep is super critical, and so is having bedding you love.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
In my experience, a few things do stand out, like leading by example, taking risks, and being passionate.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
That's definitely a match made in heaven.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
There are reports that Open Table paid one restaurant owner a million dollars to move over from Resi to Open Table. That's how desperate they want to be cool. And you said it's an arms race, which is very true. I think it's an arms race in one industry in particular, and that is credit cards. The Philadelphia Inquirer had this really nice line.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
They said it's a dining industry arms race where restaurants are commodities and luxury credit card holders enjoy the spoils of war. So Amex bought Rezzy in 2019.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
The idea was to offer, uh, its credit card holders, those premium ones who are paying hundreds and hundreds of dollars each year for these gold and platinum cards, access to exclusive reservations, uh, late breaking reservations, and then open table said, okay, let's probably do the same, uh, And they inked this partnership recently with Visa.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
So when you go on OpenTable, I just did this morning, the top hit that they're flashing across their site is, you know, this is our Visa sponsorship. You get access to these restaurants with Visa. So Visa and Amex are going toe-to-toe in this war. And the arena on which it's fought is OpenTable and Resi.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
And in the background of all of this is just a booming market for restaurant reservations after COVID between 2021 and 2022. Restaurant reservation searches on Yelp rose more than 100%. It's becoming much more in demand to book
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
these very fancy, you said, sceney restaurants, and that's why this turf war has become even more profound because there's a lot more attractive customers now that are spending lots of money on these platforms, so they want a piece of the pie.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
It is, and it's another chapter in the melodrama playing out between Elon Musk and Sam Altman. Remember, earlier this month, Elon Musk submitted a $97 billion bid to buy OpenAI. Sam Altman dismissed that and said, I wish he would just compete by building a better product. Maybe he did. Here he is.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
XAI, this company that really no one ever thinks about, is about to raise money at a $75 billion valuation. Oh, the humanity, humane, the buzzy Sam Altman-backed startup that made an AI pin intended to replace smartphones is shutting down the project and selling parts of its business to HP.com. for $116 million.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
That is far lower than the $850 million it was valued at before it released the product last year, leaving investors like Altman and Salesforce's Mark Benioff in the red. Despite enormous hype, the product never took off as expected, of 100,000 pins humane hoped to sell in its first year, it only shipped 10,000.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
Now, Humane's leadership and employees will be absorbed into HP, where they'll be working on, quote, building an intelligence ecosystem across HP's product and services. Sounds thrilling.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
Olipop CEO Ben Goodwin was asked about Coca-Cola entering the market, and he struck a defiant tone. He said, it's a massive honor that the largest soda brand in the world has decided that the category I invented and the Olipop team has brought to life is a great place for them to seek growth. And so he's projecting confidence.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
Wasteful, wasteful, wasteful. You sound like B2B marketers who don't use LinkedIn ads. Diving headfirst into a campaign without being thoughtful about where you're allocating resources is like lighting your marketing budget on fire. Hey, I didn't burn anything, but you're right. I need to be more thoughtful. LinkedIn ads is like having a recipe for better B2B sales.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
But I think on the inside, I probably would be a little worried because, you know, the Coca-Cola brand, marketing machine is truly insane. You can press a button. Coke can just press a button and get this simply pop in front of hundreds of millions of people in a second. They have distribution. They're so much bigger than these smaller companies.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
So that's why the beverage space is so tough, because Coke and Pepsi kind of have this scale to extinguish you.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
On May 7th, 1777, in the heat of the Revolutionary War, General George Washington wrote a note to a subordinate on both sides of a single sheet of paper, roughly 8 by 12 inches, and now it can be yours for just $150,000. Last Wednesday, a firm that buys and sells historical documents said it had acquired the letter and was putting it up for auction on President's Day.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
Experts said to call this note rare doesn't go far enough because it represents a unique reflection on the essence of the war, which you simply can't find anymore. This won't be record breaking for a GW letter, one that he wrote to Thomas Jefferson sold for two point four million in 2022. But it is a grand sum for a discolored piece of paper with a grimy fingerprint on it.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
Toby, I totally bid on this, but unfortunately, I can't read cursive.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
Let's wrap it up there. Thanks so much for starting your morning with us, and have a wonderful Wednesday. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. And if you're enjoying the show, share it with a friend, family member, or coworker. Toby, who should everyone listening share it with today?
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenua Ogu is our technical director. Scoop Stardaris is on audio. Hair and makeup lives in a very stylish pineapple under the sea. Devin Emery is our chief content officer and our show is a production of Morning Brew.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
It lets you filter your audience by industry, company, and role so you don't have to ad lib like Toby.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
45 years to the month after the first miracle on ice, they just released the sequel. On Monday afternoon, a Delta Airlines regional jet crash landed on the frozen tundra of Toronto's Pearson Airport, clipping a wing, flipping upside down, and skidding down the runway to a full stop.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
It was a shocking image seeing this plane flipped on its head, but even more shocking was that there were no fatalities among the 80 people on board, and 19 of the 21 people sent to the hospital with injuries have been released. Canada's Aviation Safety Agency has begun an investigation into how this plane ended up belly up. The conditions were not good at the airport.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
Toronto got dumped with a ton of snow over the weekend and wind gusts topped 30 miles per hour. However, no other pilots reported problems breaking on the runway. Aviation experts credited the aircraft's design and the training of the crew for getting all the passengers out safely.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
The plane, an Embraer CRJ900 regional jet, was designed with features to be, quote, survivable in case of an accident, such as having seats that lock into tracks that can withstand 16 Gs of force. The flight attendants were also hailed by local officials as heroes for their composure under duress. Toby, it's been an ominous start to the year for the U.S. aviation industry.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, how did everyone manage to survive the upside-down plane crash in Toronto?
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
As people pointed out on social media, it's no longer cringe to clap when your plane lands.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
And the crew, the flight attendants, you know, we think about them as people who serve us peanuts and pretzels and take our drink orders, but their number one mandate is safety, and they are trained and trained and trained to get people off the plane in an event like this in 90 seconds or less. They're also trained when...
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
When panic happens like this, people are in a state of shock and you're supposed to tell them simple instructions like unfasten your seatbelt. And so videos show them shouting simple instructions, which is what people need to hear to get out of the plane safely. They can't handle anything more in a state of shock. So it was an absolute textbook response from this crew as well.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
And those accidents, I mean, there's been four this year already in United States and Toronto's just across the border. January 29th, that American Airlines regional jet collided with a U.S. Army helicopter, killing 67 people on both aircraft. And then a few days later, there's a medevac plane that crashed in northeast Philadelphia, killing seven people.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
Remember that asteroid they found that has a very small chance of hitting Earth seven years from now? That very small chance is now a small chance. Yesterday, NASA upgraded the probability of a collision by 2032 to 3.1%, or 1 in 32, up from just 1% in January. It's the highest probability given to an asteroid strike since 2004. If If this thing does impact Earth, still a remote possibility.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
And then on February 6th, there was a plane crash in Alaska, killing 10 people. So this is the fourth you know, major incident. So, you know, obviously amazing, remarkable, very thankful that no one, no one ended up dead on this particular crash, but it's certainly been a spooky few months for air travel.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
I think you missed one word in your intro, Toby. Women. This is absolutely key for Nike to get more customers as women. Right now, 40% of its client base is women. Most apparel brands want that to be way over 50% because women shop more, they spend more money. So if you're an apparel brand and you're seeing 40-60 breakdown and 40 is women, that's not in a position where you want to be.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
So linking up with Nike, Kim Kardashian and Skims is a way to get that over the 50 percent mark. And that Super Bowl commercial, their first in decades, was also geared towards women, women's sports, which are having an absolute moment right now. Like you said, they're seeing double digit growth in that particular area.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
So this is a bold move into that space by inking a, you know, a brand partnership that has never done before.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
And we should talk about skims. This company is absolutely blowing up. Kim Kardashian. I don't know. Don't bet against her. Don't bet against her. She is an incredible entrepreneur. They did $880 million in just direct-to-consumer sales alone last year. That was up from $725 million a year earlier. They're valued at $4 billion. So what does this Nike partnership mean for them?
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
Looks like maybe they could... exit at some point. Kim Kardashian wants to get paid out. She owns 5% of the company. Maybe it's leading to an acquisition by Nike or another company by getting the strategic partner on board, or it's an IPO. We could see a Skims IPO. The leadership team has hinted at it a little bit.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
So there's perhaps an end game in sight by getting Nike on board and doing this particular brand partnership with them and saying, look, we've made it. We are a mature company. Now it's time to take that next step.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
SpongeBob and Squidward are about to get a new neighbor, Mark Zuckerberg. On Friday, Meta announced plans to build the world's longest underwater cable, a 31,000-mile project that aims to connect the U.S., India, South Africa, and other regions across five continents. For context, 31,000 miles of cable is long, longer than the Earth's circumference. Why is Meta building a cable under the sea?
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
Because that is the foundation of the modern internet. For all the images you might have of cyberspace and digital ones and zeros, there are actual physical cables crisscrossing the globe, think a really long ethernet cord, that allow you to log on. An estimated 95% of the world's internet traffic flows through these undersea data superhighways.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
It could wipe out a city. The asteroid would make impact at 38,000 miles per hour with the equivalent of around 8 million tons of TNT or about 500 times the power of the atomic bomb dropped on Hiroshima. 3.1%, Toby, it keeps climbing.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
For years, telecom companies built these cables in partnership with tech firms, but that power dynamic has shifted Now it's big tech that's in charge. And this initiative called Project Waterworth is the first subsea cable project Meta is developing on its own without any outside help. Toby, the only thing getting in Zuck's way now is bikini bottom zoning laws.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
Yeah, undersea cables have become a vulnerability for tech companies, for countries, and they've become flashpoints in geopolitical arenas. I mean, if you look at Tonga, this was not a geopolitical sabotage per se, but Tonga is this island in the Pacific that was hit with this massive underwater volcanic eruption and an ensuing tsunami in 2022.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
It was basically blacked out for five weeks because that eruption underneath the water disrupted a cable that was bringing them Internet and cell service. And they were five weeks they were in the dark from the rest of the world.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
So, you know, it really makes you think of when you hear news like this about how much our connectivity and cyberspace, things like that is actually tied together by these undersea cables that Meta is building right now.
Morning Brew Daily
Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
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Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
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Can Skims Rescue Nike? & Meta Reveals Globe-Spanning Undersea Cable
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Morning Brew Daily
Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
I think there's one word that only matters here out of crispy chicken nuggets, and that is the word crispy. Oh, you love crispy. Because the texture of Taco Bell is largely one note. It's mostly beef slop or... Cheese slop or bean slop. I mean, that is the one note texture of Taco Bell and people love it. But I think adding this crispy texture to their menu expands their universe a little bit.
Morning Brew Daily
Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
Yeah, when I was thinking about this prompt, I was thinking the one that like most values, most represents me as a person and the one that is just like a base layer for me. And I think when I was a kid, I would just look over the Atlas all the time. So I'm going with Atlas as my foundational text. I could just stare for maps at hours. I loved memorizing all of the countries of the world.
Morning Brew Daily
Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
It is what consumers want. We can we're obviously going to talk about chicken, but I also think consumers want that crisps. Chili crisp is everywhere. This is the kind of texture that consumers really want from fast food, from their food in general. So I think that really is the one word. And they make pains to show that they're going to do this very interesting breadcrumb situation around it.
Morning Brew Daily
Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
So I think that is one word we should pay attention to.
Morning Brew Daily
Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
Everyone loves chicken. I just want to provide some stats to back that up. Chicken products at fast food quick service restaurants have increased 11% since 2019. That includes sandwiches, wings, nuggets, and strips. If you go back to 1970, we were a beef-loving nation, and the average person in the United States ate about 50 pounds of chicken each year.
Morning Brew Daily
Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
Today, that number has more than doubled, and this year we're expected to pass... 100 pounds of chicken per person in the United States. So we've started, our love affair with chicken has really blossomed and restaurants love this because chicken is a lot cheaper than beef. It's much easier to source. We read all these articles about Sweetgreen when they put beef on steak on their menu.
Morning Brew Daily
Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
It was a nightmare from a supply chain perspective. It's not like it's not the case with with chicken. So everything is coming up chicken for fast food restaurants. Big questions for Taco Bell's. Is it compete? Can it compete with the big guns in the chicken nugget market? And what the heck are going on with these sauces? Because that is key. We need to talk about the sauce.
Morning Brew Daily
Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
Whenever they say signature dip, I'll go with that. The other two, I have to say, are not inspiring to me. Honey mustard, I mean, that became boring 20 years ago. And then a spicy ranch sauce sounds fine, but I'm looking for a little more innovation when it comes to dipping sauces. And apparently they tested over 100 sauces just to get to those three.
Morning Brew Daily
Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
So I'm a little disappointed with the options for the sauce, to be honest.
Morning Brew Daily
Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
So we're going with Atlas. If I had to pick a book with a little more words than maybe Bill Bryson's A Walk in the That's pretty solid. So travel, humor, all those all those themes, I think, represent me as a person.
Morning Brew Daily
Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
It's gone okay. I mean, they've tried to do a lot of things to get rid of junk fees or cap credit card fees, do things that make airline disclose baggage fees. You know, they've introduced those, but those have seen a lot of pushback from industry. And there's been some setbacks in the courts.
Morning Brew Daily
Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
An appeals court in New Orleans blocked a requirement that airlines disclose baggage and other fees up front. So that is currently in litigation. A judge in Texas blocked a rule that would cap Credit card late fees.
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Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
And an interesting point about this particular measure introduced yesterday was that there was one person on the commission, there's a commission of five at the FTC, one person who voted against this, and that is Andrew Ferguson, who is going to lead the FTC next year. So a lot of question marks remain around this war on junk fees because it's happening.
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Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
It just matters whether it will last in the next four years with President-elect Trump in charge. Honda and Nissan are reportedly exploring a merger, an accord that would create a $52 billion Japanese auto giant that can better compete against Toyota and fast-growing Chinese EV makers. Nissan has went totally rogue this year.
Morning Brew Daily
Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
Shares have fallen 40% and its net earnings in the middle of 2024 were down more than 90% year over year. Honda's piloted the shifts in the auto industry a little bit better, but it still thinks it needs to scale up to better handle the transition to EVs.
Morning Brew Daily
Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
Combined, Honda, Nissan, and another Japanese automaker, Mitsubishi, sold 4 million vehicles globally in the first half of the year, compared to 5.2 million for Toyota by itself. Both Nissan and Honda were demure about a merger, saying they were exploring various possibilities for future collaboration. Toby, talk about a sign of the times.
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Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
That is too long of a book.
Morning Brew Daily
Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
It did not strike any chord because I can't imagine having a cello that is valuable enough, first of all, to fly with. I would never need to go fly anywhere to perform with my cello or anyone that needs its own seat. So this, I cannot resonate. as a very, very, very amateur high school cellist with this story.
Morning Brew Daily
Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
But it is interesting when you think about the fact that this instrument is so critical to their profession and cannot be, and the way you transport it or store it is so important, so fragile. This thing is $3.1 million. It was made in the year 1700. That is something you do not want to put on the bottom of an aircraft. So they're calling for a global...
Morning Brew Daily
Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
Well, I'm a journey guy, not a destination guy, so I need some long scenic roads where I can just toss it on cruise control and go. Some good classical music is always nice, but arguably the most important thing is a smooth and comfortable ride.
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Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
regulation standard for taking cellos on a plane, and I think we need it.
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Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
But you take golf clubs on the plane, and you put them in a very airtight case to make sure.
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Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
Let's wrap it up there. Thanks so much for spending your morning with us and have a wonderful Wednesday for any questions, comments, or feedback, send an email to morning brew daily at morning brew.com. And Toby, who should our listeners share the podcast with today?
Morning Brew Daily
Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenua Ogu is our technical director. Billy Menino is on audio. Hair and makeup is too chicken to come into work. Devin Emery is our chief content officer, and our show is a production of Morning Brew.
Morning Brew Daily
Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
I haven't had a good road trip in a few years, Toby, but this is making me want to get up and go.
Morning Brew Daily
Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, the Dow is in its longest losing streak since 1978. So why aren't more people panicking?
Morning Brew Daily
Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
Still. This is, I would say, the chillest historic sell-off ever. What we've had, nine straight losing days for the Dow, and overall it's down 3.5% over that period. That is just not a big deal in the grand scheme of things. But this is mostly a UnitedHealth story. It is down 30%. since the shooting, so there's been greater scrutiny around health insurers.
Morning Brew Daily
Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
It's not just about the shooting, though. There is a push among Congress to force the large health companies like UnitedHealth, like CVS, to divest their pharmacy units in order to break up what they think is more of a monopoly that these companies have. So it is mostly a UnitedHealth story, and I do want to home in on the fact that the Dow is...
Morning Brew Daily
Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
Generally considered a misleading index because of the fact that it's weighted by share price. I'm just looking at the companies that move the Dow the most. And it's Goldman Sachs, number one, United Health, number two, Sherwin-Williams, number six. So the paint company, we're not even close to getting to Amazon, NVIDIA or JP Morgan.
Morning Brew Daily
Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
So the paint company, Sherwin-Williams, no offense to Sherwin-Williams, moves the Dow more than Amazon, NVIDIA or JP Morgan. So it is very skewed. And I think that's why investors are mostly brushing this off.
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Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
Andy, you teased this at the top, but there is a big Fed meeting today, which is certainly getting investors a little nervous. We're pretty sure, or pretty much guaranteed that the Fed chair, Jerome Powell, is going to cut rates for the third time this year. The big question, we're all going to be paying attention to this at the 230 press conference, is what he signals for next year.
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Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
As we've talked about on this show, President-elect Trump's policies of tariffs, tax cuts and mass deportations are expected to be inflationary, which could get Powell a little more cautious about Fed cuts through the next year. So we'll see how stocks respond to what he says about the future forecast of rate cuts.
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Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
Got a fun thought starter for you all this morning. Maybe it'll help you come to a deeper understanding of what makes you, you. So someone on Twitter posed the question, what are your personal foundational texts? You know, the books you keep coming back to, the ones that most represent your values and interests, and you can't fathom having a personal library without them.
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Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
All right, so we're literally going to be talking about this 24 hours exactly from now. We'll give you an update on what Powell says. President-elect Trump escalated his legal war against the media yesterday, suing the Des Moines Register and pollster Ann Seltzer for election interference.
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Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
Weeks before the election, Seltzer released an extremely surprising poll that showed Trump down three points to Kamala Harris in the state. He ended up winning by 13 points. Trump alleges a violation of the Iowa Consumer Fraud Act, which bans deception when advertising or selling merchandise. The lawsuit comes on the heels of a major defamation settlement Trump agreed to with ABC News.
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Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
On Saturday, ABC parent Disney agreed to pay $16 million toward his future presidential library after Trump sued over inaccurate comments made by top host George Stephanopoulos. When conducting an interview earlier this year, Stephanopoulos said on air that Trump was ruled liable for rape of the writer E. Jean Carroll, when in actuality, Trump was held liable for sexual abuse.
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Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
That ABC News settlement sent shockwaves across the media industry. Legal experts expected the network to win the challenge because defamation is such a high bar in the United States, which has the strongest protections for defendants of any country in the world. So the fact that ABC would settle at this stage of the dispute was highly unusual and surprised a lot of people.
Morning Brew Daily
Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
And it sparked concerns among Trump critics that his relentless litigation against the news will allow him to silence or control the press. And this new challenge in Des Moines shows he's only emboldened.
Morning Brew Daily
Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
And that's exactly what he wants to do. I mean, he knows he's probably not going to win this because the bar for defamation is so high. He would have to prove Stephanopoulos acted in actual malice or with a reckless disregard to the truth when he could have just been misspeaking. Like Stephanopoulos would have had to been scheming with ABC News staffers.
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Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
Toby, the people want to know, what are your foundational texts?
Morning Brew Daily
Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
in order to deliberately lie to the public about Trump. That is very hard to prove. But the point of this may not even be to win it all. Trump has sued many, many major media companies in the past. He's lost pretty much all of them. The ABC News one is the only settlement that he's gotten. He's lost against CNN. He's lost against the New York Times. But
Morning Brew Daily
Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
In an interview with The Washington Post, he gave this was in reference to a previous lawsuit he filed against Tim O'Brien, who was a New York Times business reporter at the time. He said he knew he couldn't win, but he brought it anyway to make a point. And this is a Trump quote. I spent a couple of bucks on legal fees and they spent a whole lot more.
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Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
I did it to make the reporter's life miserable, which I'm happy about. And the goal here may be just to drain media companies of legislation. resources, financial resources, by making them lawyer up and spend time and divert their attention away from actually covering it.
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Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
Here's a tech startup you need to know about, Databricks. Yesterday, the software company raised a staggering $10 billion funding round at a $62 billion valuation, and some superlatives are in order. That is likely the biggest venture capital fundraising round of all time, and it cements Databricks as one of the fastest-growing companies in Silicon Valley.
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Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
I never thought a startup would raise more than the $6 billion OpenAI received earlier this year, but here we are just a few months later. What does Databricks do? What if I told you it had something to do with AI? Yeah, shocking. Databricks sells software that allows big companies to sift through all the data they collect and use it to build AI models that help them run their businesses smoothly.
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Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
For example, Walgreens is a client and they use Databricks to help them learn when to refill prescription inventory. Others use Databricks to predict when to offer promotions and to whom, while automakers like Rivian use the software to extend battery life of their vehicles.
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Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
Only 11 years old, Databricks will soon do $3 billion in annualized revenue, is growing over 60% annually, and is now flush with cash. So much cash for growth and acquisitions. Toby, this is a company and management team executing at an elite level.
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Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
And people listening are probably like, wow, Databricks, this is growing so fast. They have AI. I really want to invest. Well, the problem is they're maybe not going to IPO. IPO anytime soon. And that's the point of this fundraise. They're going to use a lot of this money to provide liquidity to let their employees cash out, which is what an IPO would do.
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Dow Jones’ Worst Streak in 46 Years & Taco Bell Serves…Chicken Nuggets?
So they're being a little more patient for an IPO. Snowflake, as you mentioned, is a public company. Databricks now eclipsed their market cap but is going to remain private for a little while longer. Maybe at some point they will IPO and you can invest in this company. But for now, they're staying private.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
That's what LinkedIn Ads is built for. LinkedIn has grown to a network of over 1 billion professionals. Of those, 130 million are decision makers. You can target your buyers by job, title, industry, company, role, seniority, revenue, so many options all in one place. Don't waste precious budget on the wrong audience. Tap into LinkedIn ads to find your people.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
LinkedIn will even give you a $100 credit on your next campaign so you can try it yourself. Just go to LinkedIn.com slash MBD. That's LinkedIn.com slash MBD. Terms and conditions apply only on LinkedIn ads.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
is a very sensitive issue right now because of what generative AI is doing and how it is trained. I mean, just the concept of IP rights, let's just take a step back. Why are they important? Why are they established? It's because they encourage creativity and innovation. You have to give inventors and creators exclusive rights to their work. They need to know that
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
It will be protected in order to make that, and they will be able to make money by licensing that. If you don't have any copyright protections, what's the incentive for you to make something if it's just going to be stolen? That is the argument of IP law to begin with, and it actually dates back to the U.S. Constitution. The U.S.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
Constitution says establish copyright and patents in order to promote the progress of science and useful arts. So Doing what Jack Dorsey and Elon Musk are saying by deleting all IP law is certainly an uphill climb, but it has sparked a discussion about whether copyright protections could be loosened in order to give AI companies an easier pathway to train models.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
They say it's a national security issue because China doesn't care about that, and the U.S. has these stringent laws, and so does the U.K., but it's certainly coming up in governments and legislators right now.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
Oh, that sweet little snap. I'd like to add a little tap, tap, tap for good measure. That's the sound of destiny.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
On the other hand, artists, inventors, creators on the other side, you know, could not be more upset about this and say that, you know, we will produce less. We will just, they're like the impacts of people creating less if IP law is scrapped or watered down.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
as these AI executives want will just be so catastrophic for the artistic community, for the creator community, for anyone who wants to invent something. Huge ripple effects across the economy. Let's sprint to the finish with some final headlines. American Airlines is finally joining the Mile High Wi-Fi Club, announcing plans to offer free internet on flights starting in January.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
It will be the last of the major U.S. airlines to let you browse the web at no charge while up in the air. JetBlue has offered it for years. Delta started free Wi-Fi in 2023. And United is currently outfitting its fleet with satellite Wi-Fi from Starlink. Americans will be powered by Intelsat and Viasat and made available to members of its A-Advantage loyalty program, which is free.
Morning Brew Daily
Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
Toby, free Wi-Fi is no longer a perk from airlines. It's table stakes.
Morning Brew Daily
Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
The crazy part of the story for me was when they said that they're going to introduce this in January. That's January 2026. Yeah, we're getting there. Speaking of the progression of time.
Morning Brew Daily
Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
Rich, creamy, smooth. The unsweetened version comes with zero grams of sugar and still somehow tastes delicious.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
I mean, the one rule for naming is don't make it bad. It doesn't need to be good. Just don't make it bad and confusing where you're actively harming yourself. And it seems like that is exactly what OpenAI does. I don't think he even likes the name ChatGPT. In fact, Sam Altman has said...
Morning Brew Daily
Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
No marketer ever would have picked ChatGPT as the name for this, but we may be stuck with it because of how ubiquitous it is. Now, I really hope OpenAI gets its act together before it releases a new product that is rumored.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
Yesterday, multiple reports said that it is going to be launching a social media competitor to Instagram and X. And obviously, the subtext of that is that Sam Altman and Elon Musk haven't hate each other. So if Sam Allman launches a product that goes against or that competes against X, I mean, that could even lead to more fireworks.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
But, you know, do not name it anything that you've named any of your other models.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
Very cool. And it's always a breath of fresh air when an athlete doesn't launch an alcohol brand like so many have. So very cool for Ken Griffey. He said he was really nervous. He said... You know, how would these guys feel if he's talking about other photographers? How would these guys feel if we all got into a batting cage and I was sitting there critiquing them?
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
So, you know, he had butterflies going into this Masters. It was his first one. He has photographed all of these other events. But, you know, Sunday at the Masters is just another level. He's also not the only one. a former baseball player, former MLB player, to take up photography. Randy Johnson, the big unit, that big lefty, has also taken up photography in his post-baseball life.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
He is, you know, I've seen him take pictures of wildlife and other things. So you can see Randy Johnson in the prairie photographing gazelles. Very cool for these guys. And the thing is, they are good at it, which is super awesome. Let's wrap it up there. Thanks so much for starting your morning with us, and have a wonderful Wednesday. You're well over 29% through this week.
Morning Brew Daily
Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raven Liu is our producer. Our associate producers are Olivia Graham and Olivia Lake. Garrett Peck is on audio. Hair and makeup would be Zuck and Catan. Devin Emery is our president, and our show is a production of Morning Brew.
Morning Brew Daily
Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
To bring the poker metaphor back, this is China sitting next to the United States and maybe bleeding a little bit, showing its cards that it can play because these are extremely powerful cards. Boeing is the largest exporter by dollar value in the United States. Nearly a quarter of all of its output went to China, which is a huge aviation market.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
Bank of America strategist came out yesterday and said, we see this. We don't see this. as sustainable. The Trump administration can't ignore Boeing. Boeing stock fell on the news yesterday. It looks like this is just going to be part of a broader negotiation. It's a bargaining chip that says we can block Boeing now. It might not last that long and it'll be part of broader negotiations.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
But it would just be so devastating for Boeing, which, yes, has had its own internal issues. But if it can't sell its planes to China, a massive market, I mean, that would be a huge financial blow.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, Jack Dorsey and Elon Musk want to eliminate all IP law, but should we?
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
And the U.S. does have one rare earths mine, just one. It's in California. But as you said, we can extract the rare earths from that particular mine, but they still need to send it to China in order to get refined into magnets that are used in all of these various products. So they are working, this mine in California is working on developing a refining process, but it's going to take years.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
The big question here is what this means for national security. and the military because defense contractors are warning that if there's no supply of rare earths, then they won't be able to make weapons. Obviously, China is a big geopolitical adversary.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
One incredible stat is that every F-35 fighter contains around 900 pounds of rare earth materials, and some submarines need more than 9,200 pounds of the materials. So you can't really make these things without China, which is a huge problem.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
Meta's landmark antitrust trial against the government kicked off on Monday in federal court, and it unearthed some past emails Mark Zuckerberg would probably not want everyone to see. As a reminder, the FTC is accusing Meta of illegally stifling competition in social media through its acquisitions of Instagram and WhatsApp back in 2012 and 2014, and wants those two behemoths spun off.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
This is pretty much existential for Meta, given that Instagram accounts for over half of its ad revenue, and WhatsApp is the most popular messaging app on planet Earth. As the trial kicked off, a surprise witness took the stand, Zuck himself.
Morning Brew Daily
Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
The government's lawyer presented him with a binder of past correspondence, and like anyone who's scrolled many years back on their Instagram feed, he probably thought, well... I regret sending this.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
One of the key emails called a smoking gun by the government was a message sent to then COO Sheryl Sandberg in which Zuck talked about the rise of Instagram and the importance of, quote, neutralizing a potential competitor. In another email to Sandberg post Instagram acquisition, he wrote Messenger isn't beating WhatsApp.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
Instagram was growing so much faster than us that we had to buy them for one billion dollars. That's not exactly killing it. The FTC claims these comments were a crystal clear example of Meta pursuing a buy or bury strategy that cemented its unfair dominance in social media. And Toby, these emails weren't the only big revelation so far from the trial.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
So our coworkers found this fun website that tells you how much progress we've made in the year so far and puts that into context in other areas. As of this morning, we are 29% of the way through 2025, which means in a 40-hour work week, it would be 12.33 p.m. on a Tuesday. In a marathon, you'd have about 19.2 miles left to run.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
These emails were honestly only just about the only good news that the FTC has so far in this trial. It's been two days because legal experts say this is going to be an uphill battle to get meta to spin off Instagram and WhatsApp. And one of the biggest challenges that has come to the fore so far is the definition of the social media market that meta represents.
Morning Brew Daily
Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
plays in with Instagram and WhatsApp. The FTC says that the market is a personal social network. So you just communicate with your friends and your family. So that means Meta doesn't compete with TikTok or YouTube or iMessage. It competes with only Snapchat and a company called MeWe, which even Zuck said he hadn't heard of. So it's this tiny competitor.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
So it is accusing Meta of playing in this very small sandbox. Meta has responded by saying, Come on. Like we compete with TikTok. We compete with YouTube. And for an example of this, the lawyer for Meta showed that in January when TikTok was down for 12 hours, he pulled out data that showed that Instagram got a huge spike. And he's like, this is exactly we directly compete with them. No TikTok.
Morning Brew Daily
Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
Then people go over to Instagram.
Morning Brew Daily
Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
The king of luxury has been dethroned. Yesterday, France's LVMH was surpassed by Hermes as the most valuable luxury company in the world. The abdication of the Golden Throne came after LVMH had a howler of an earnings report, reporting that revenue dropped 2% from the same period last year, much lower than expectations.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
That caused its stock to drop 8%, its worst one-day performance since March 2020, clearing the way for Crosstown rival Hermes to take the top spot. This is about more than a changing of the luxury guard, though. It's a warning shot across the entire sector and perhaps the economy more broadly. LVMH, because it owns 75 brands, is seen as the industry bellwether.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
It sells champagne, Tag Heuer watches, Dior jackets, Tiffany engagement rings. If there's something you want to buy but a store manager needs to grab a key to go unlock the case, it's probably LVMH. To be sure, luxury has been stumbling ever in the years following the pandemic, but now it's facing a potentially daunting double whammy.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
And in the book, The Hobbit, Bilbo would be performing riddles in the dark.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
Chinese consumers, a key clientele, are pulling back, and President Trump's trade war has injected a massive dose of uncertainty across the economy. LVMH's CFO said tariffs put the company in quote, unknown territory.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
Meanwhile, I mean, let's just talk about Hermes because now it's the most valuable luxury company in the world. It's running a stellar playbook. I was very surprised by this because LVMH has 75 brands. And I was I was saying, like, does Hermes have any other brands? But no, it's literally that. But they sell the Birkin bag. They sell the Kelly bag, which, you know, is very high end.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
And you have to they've maintained this. aura of exclusivity around these products. We have to wait months and interview to get these these bags that cost, you know, more than eight thousand dollars. And so kudos to them and just running the luxury playbook super well.
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Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
And the final note on this story, which is, you know, somewhat adds to the lore, is that Bernard Arnault, who is the godfather of LVMH, tried to buy Hermes back in 2010. He was unsuccessful and now he's getting laughed by them.
Morning Brew Daily
Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
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Morning Brew Daily
Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
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Morning Brew Daily
Boeing Caught in US-China Crossfire & Zuckerberg Takes The Stand
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Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
And it's really thanks to honestly one company called Good Culture and they decided to put cottage cheese in single serving cups similar to what you'd see with Joghurt and they made the texture different. They put fruit at the bottom and they projected that their sales would grow 35% in 2023. It turned out that their sales grew 85% in 2023 and then they grew another 85% in 2024.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
So this is one of the hottest brands around in the entire food industry and they have done a lot to change how people view cottage cheese and their whole thing is we don't want you to tolerate cottage cheese. We want you to actually enjoy it and so that's their mission.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
Erzähl den Leuten, was du siehst. Okay, also das ist Good Culture Cottage Cheese, Pinaple-flavored. Auf der Decke dieses Packages steht 3 Gramm Zucker. Du hast gesagt, das war ein bisschen viel, was du gedacht hast. Okay, also ich öffne es und ich muss sagen, es sieht sehr schmutzig aus. Ich glaube nicht, dass sie viel gemacht haben, um die Texturen zu verändern.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
Es ist extrem schmutzig, extrem schmutzig, also ich werde es in meinen Mund nehmen. Es ist, ich denke, es ist seit 30 Jahren, seit ich Cottage-Cheese gegessen habe. Ich werde ein bisschen Pinaple aus dem Boden nehmen, damit es hoffentlich wie Pinaple riecht. Hier gehen wir. Große Spülung. Not bad. Way better than I thought. Here, taste some. Oh gosh, I have to try that as well. Yeah, it's not bad.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
I thought it was going to be super sour. It is not.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
Is there anyone happier to see SEC Chair Gary Gensler go than Elon Musk? This is the third time the SEC has gone to court with Musk. The first was over that... Yeah, this rule known as 13D, it's this early warning mechanism for investors.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
Du meinst die Männer und die Frauen sind stark. Auf der Männerseite denke ich, dass Sinner weitergehen wird. Yannick Sinner, sein zentraler Rennen von letztes Jahr. Er spielt aus diesem Welt. Und dann auf der Frauenseite, gehen wir mit Jessica Pagula aus den Vereinigten Staaten. Ihre Eltern haben die Buffalo Bills, also gehen sie auch für die Superbowl.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
Mark Zuckerberg is on one right now. He announced yesterday that Meta was cutting about 5% of its staff, upwards of 3,600 people. And it's not because of cutting costs or the year of efficiency. It's because they're not good at their jobs. He said, I've decided to raise the bar on performance management and move out low performers faster.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
Whereas previously Meadow would manage out people who aren't meeting expectations, he's laying them off instead starting next month, but added they'll have generous severance. This guy is feeling emboldened right now to rip up the norms of the past.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
Ich denke, eine Pagula-Familie-Championschaft im Februar könnte ziemlich erstaunlich sein.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
Well, they think people would buy less of their products, so they've been pushing back against labels for decades.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
There are also some people on the other side of the coin who say, this is not a good idea as well to slap a universal food label, even when those harmful substances are in low volume, because you kind of inure the public to seeing these labels and you stop paying attention, whether it's high sodium content or low sodium content, so they say... You should just put it on if it's high sodium content.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
And just as we talked about with the SEC, there's a changing of the guard here. Who's going to be leading federal health policy in the next four years? Probably RFK Jr. He is not a fan of large food companies. So this may be a little more acceptable to him than what we just talked about with the SEC. But we'll see what kind of tack he takes with major food companies.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
We know he thinks they are the enemy. Okay, Leute, ich weiß, ihr seid alle zivilgesellschaftliche Leute, die eure Gemeinschaft und Land helfen wollen, also habe ich eine Volunteer-Position für euch. Die einzige Qualifikation ist, profizient in dem Lesen von Kursen.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
Die Nationalen Archive, die US-Rekordgeberin, hat einen Anruf für Bürger-Volunteure, um digitisierte Revolutionär-Kriegsdokumente zu transkribieren. In particular, veteran pension files to help us understand what life was like around the time the nation was founded. The agency is making a big transcription push ahead of the United States 250th birthday next year.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
The only problem, these documents were written in cursive. because that's what people did back then. So it needs volunteers who can read this ancient tongue. If this sounds like you and you're looking to do some light reading about veteran pension files in the Revolutionary War, you can sign up online and then launch right in, fully remote. Tobi, do you think you can read 18th century cursive?
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
Absolut nicht.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
And when California passed that law in 2023 to bring Cursive back, everyone kind of said, what? What's going on? Like, it's 2023. And they said the reason for that was to help kids learn how to read primary source documents. And that's exactly what is going on here with the National Archives. So, Toby, I know you have a little time on your calendar today.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
I'm excited to see you log in and do some transcribing of some veteran pension plans from the Revolutionary War. Vielen Dank.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenna Waogu is our technical director. Billy Menino is on audio. Hair & Makeup is on a playdate with their new Chinese friends. Devin Emery is our chief content officer. And our show is a production of Morning Brew.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
Good Morning Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, need to pee at a Starbucks? You're now gonna have to buy a medium roast.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
Zuerst einmal ist es merkwürdig, was wir sehen. Es gibt eine physische und digitale Grenze seit Jahrhunderten zwischen den USA und China. Wir treffen uns nicht täglich, sondern jährlich. And now because of this app this week for the past two days, the youth of both countries are talking to each other and exchanging information and helping each other with homework or learning Mandarin.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
So politics aside, what we saw yesterday and Monday was truly remarkable in terms of cultural exchange and Das hat sich so lange zwischen den USA und China verbreitet.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
Also bevor wir in die, du weißt, vielleicht alle Dinge, die hier falsch gehen könnten, von denen es viele sind, möchte ich nur einen Sekund nehmen, um die Tatsache zu vertreten, dass Menschen, die mit einander interagieren, über den Planeten, die nicht wirklich einander kennen, nicht wirklich wissen, wie einander lebt. Das hat sich sehr gut gesehen.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
But it's interesting to watch American TikTok users that are fearing that this app is going to be banned on Monday flee to other Chinese platforms instead of American ones. If you go right past number one on the App Store, number two is Lemon 8, which is TikTok's sister app. And that has been downloaded a ton too in the past few weeks.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
So it seems like people on TikTok are going to Chinese-owned apps instead of American ones. You don't see Instagram climbing up the list or X or any other American social media platform. So that's been an interesting phenomenon to watch. In addition to the censorship issues of these Chinese apps, the question is, will they be banned forever?
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
Die Gesetzgebung, die TikTok-Singles auslösen wird, aber Lemon 8, die Nummer 2-App auf der App Store, ist auch von ByteDance gekauft. Red Note ist von Shanghai gekauft. Es ist literally von einer Firma in Shanghai gekauft. TikTok ist in Singapur eingestellt. Es ist also noch mehr mit dem chinesischen Regierung verbunden. Diese Apps haben wahrscheinlich keine...
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
Ja, die US-Fraktionen denken wahrscheinlich, dass sie Wackermal spielen mit all diesen neuen Apps, die aufstehen.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
You know what's been making me smile this week? The Australian Open on YouTube. The first tennis major of the year is now underway. And to get around broadcasting rights restrictions, the tournament has put its matches on YouTube, but subbed in these oversized, wee-looking digital avatars for the real players so they don't violate any rules.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
This ban is coming in five days and TikTok authorities are scrambling to figure out a way to save it in the United States. Reports from multiple outlets say that they are thinking about selling it to Elon Musk, the US operations of TikTok, selling it to Elon Musk as a sort of olive branch ahead of these big negotiations that are going to take place between American and Chinese governments.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
Die Zeit tickt hier auf einer TikTok-Band und es gab massive Veränderungen. Tennessee Whisky is a song people love to sing along to, but it's no longer a beverage people want to drink. Yesterday, Jack Daniels and Woodford Reserve owner Brown Foreman said it was cutting 12% of its workforce, nearly 700 people, amid a downturn in American whiskey drinking and looming tariff threats.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
Bourbon-Sales after soaring during the pandemic have gone into reverse, meaning pain for distillers large and small. Despite your best efforts on Father's Day, sales volumes of U.S. Whiskey, including Bourbon, Tennessee and Rye, dropped into negative territory for the first time in nearly 20 years in 2023. Dann, through the first nine months of 2024, they dropped even more, 4%.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
That's forced distillers such as Brown Foreman to lay off workers and figure out ways to move a record amount of bourbon inventory aging in their barrels. It's a boom-bust cycle. As old as time, bourbon began to catch on in a big way in the early 2000s. And it seemed like every bachelor party I was invited to was hitting the bourbon trail in Kentucky.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
Then the pandemic came and juiced demand even more because everyone was at home making their own old fashions. In 2020, Vielen Dank.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
Und wenn all das nicht genug war, wenn er mit dem Chef der Kentucky Distillers Association gesprochen hat, ist die Nummer eins, worüber er sich interessiert, Tarife. Er hat es literally gesagt. Die eine Sache, worüber alle hier schockiert sind, sind Tarife. Und das ist, weil, als Trump letzte Woche in der White House war, hat er gesagt, Tariffs on the EU.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
The EU retaliated by putting 50% tariffs on American whiskey exports to Europe. That's their second largest market. It cost them a half a billion dollars. Those tariffs are currently suspended, but barring no further changes, they're going to come back in March. And Trump has vowed to add more tariffs to the EU when he comes back into office. So
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
It looks like you're watching a video game, but the actual match is going on. And I gotta say, showing a digital representation of the match Das ist eine ziemlich ingeniöse Bewegung und es ist furchtbar zu sehen, besonders wenn ein Spieler seinen Tempo verliert und seinen Racket zerstört.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
So they might see one of their largest export markets dry up in addition to the fact that Americans are drinking less. So they're getting hit from all angles now.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
And when we talk about bourbon, you might think, oh, we're talking about whiskey made in Kentucky. But no, a little myth busting, bourbon can be made anywhere in the United States. So when someone sticks up their nose at you and is like, bourbon has to be made in Kentucky, you can say, no, it can be made in Tennessee, it can be made anywhere, it just has to be made in the United States.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
Yeah, but did you have any idea you could just chill in a Starbucks and go to the bathroom without ordering anything? Ja. von den Leuten, die dort arbeiteten. Sie haben sie an die Polizei gebracht, sie wurden in Händen gesetzt. Es hat zu einer Menge Enttäuschung und Auslösung geführt.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
In der Antwort hat Starbucks alle ihre Cafés für den Tag geschlossen, alle in Rassismus-Sensitivität trainiert und Howard Schultz, der damals CEO war, Vielen Dank. 6 in Los Angeles, 6 in their hometown of Seattle over drug use at their restaurants. So they're saying we want to make this a more welcoming place. That's Brian Nichols' big mission here.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
And the one way to do that, he thinks, is to prioritize customers and keep people who aren't ordering from entering the cafes.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
They seem inhospitable. There's like a code. I have plenty of other places. I'll tell you my secret bathroom map that I have on Google Maps, but I don't usually go to Starbucks.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
Okay, for this next story, I want you to close your eyes and imagine you're opening your fridge and identify a product in there now that five years ago would never have been part of your diet. For many of you listening, that product is cottage cheese. The soupy mixture of curds and cream you associate with your grandparents has been skyrocketing in popularity, with sales in the U.S.
Morning Brew Daily
Americans Flock to TikTok Alternative & Bourbon Boom is Running Dry
growing more than 50% since 2019. Untertitelung des ZDF, 2020 Ja. I do think so.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, watching sports will never be the same after ESPN unveiled ESPN, the streaming service.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
But now cybersecurity leaders are saying it's far more ubiquitous than previously realized, according to Politico.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
During a recent media briefing, the CTO at Google Cloud's Mandian said, I've talked to a lot of chief information security officers at Fortune 500 companies, and nearly every one that I've spoken to about the North Korean IT worker problem has admitted they've hired at least one North Korean IT worker, if not a dozen or a few dozen. Fortune explains how the scam typically works.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
Train North Korean IT workers, swipe American identities, use generative AI to make LinkedIn profiles, and then get hired in remote jobs where they can fly under the radar, collect a big tech salary, and send that money back to their country's military. It is astonishingly lucrative money. The UN says this IT worker program generates between $250 million and $600 million per year for Kim Jong-un.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
Nothing like celebrating a big Tatum three-pointer just to hear, wait for it, from the guy next to you.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
Tech leaders don't like to talk about this because it's frankly very embarrassing. But the taboo seems to be wearing off and more have gone public in the last few weeks sharing their stories of getting duped.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
Yeah, apparently. this affects pretty much every fortune 500 company and they're starting to slowly talk about it because it you know it's pretty shameful uh the cyber security firm sentinel one is one of those companies that recently went public about being targeted by this scheme they just released a report revealing that they received around 1 000 job application linked to this north korean
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
IT workers program. You can see that a lot of different trends happening in the economy and technology right now are enabling this scheme to be implemented because of remote work. It's very easy to get hired and go under the purview of an HR person who's maybe not trained to identify whether you're a real person or an IT North Korean agent.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
Generative AI is another huge one that allows you to impersonate identities and get through But it does look like the feds have been cracking down in recent years. They seem to be pretty successful going after these laptop farms, making indictments.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
So now the North Koreans are trying to have to get a little more creative to conduct their espionage because it does feel like big tech has finally wised up to this.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
Iterable gets rid of that lag. It's real-time, AI-powered, and customer-led. No more shouting into the void and hoping someone hears it.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
All right. Let's sprint to the finish with some final headlines. President Trump had a busy newsmaking first day during his business trip to the Gulf. He announced a $600 billion commitment from Saudi Arabia to invest in the U.S., including a $142 billion defense partnership.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
And in a move that drew widespread praise among Arab leaders, he also said he would lift sanctions on Syria following the fall of the Assad regime in order to give their economy an opportunity to grow under new leader President Ahmad al-Sharaa. Next stop, Qatar, where that controversial new Air Force One gift awaits.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
causing shares to drop 18 percent tumultuous to say the least so far neil yeah they're bringing back uh stefan hemsley who was the ceo of united health group built it up to this massive healthcare colossus uh he was there for more than a decade ending in 2017. uh this echoes maybe the playbook of some other companies some more consumer-facing companies like starbucks bringing back howard schultz three times as ceo bob eiger returned to disney when they were having troubles
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
So instead of playing catch-up, you're right there in the moment every moment, even if that moment led to an injured Achilles. Knicks in five.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
back in 2022 but this company's stock plunged another 17 yesterday it is the largest component in the dow jones industrial average it is a absolute colossus it's going through some absolutely crisis moments right here as its stock has shed maybe 50 in the last couple of months at just multiple things coming at it uh maybe this new ceo can turn things around or this new old ceo can turn things around
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
But investors didn't think so because the stock dropped so much. Usually when you have a new CEO that's going to come in to save your company, investors think, you know, they send your stock up. But this didn't happen here. I mean, just bad, bad times for United Health Group.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
And too little. These guys are a little uptight. I mean, this is granted the most closely guarded red carpet in the world. But back in 2018, they also banned selfies. So these guys that can just really don't want you to be the star. They want the movies to be the star.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
So anything that would, you know, cause controversy or go viral other than the movies themselves and the artistic works, you know, it's kind of the opposite of the Met Gala. Finally, fans of Nutella, I've got some exciting news. You're getting your first new flavor in the brand's 60 year history. Nutella announced Nutella Peanut for the U.S.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
There is nothing more beautiful in this world than a cooler than expected inflation report. Okay, maybe Michelangelo's David or Glacier National Park at sunset, but still a good inflation print is in the conversation and we got one yesterday. with the headline inflation rate for April falling to 2.3% on an annual basis, the lowest since the spring of 2021 before prices started spiking.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
market, a peanut infused version of its ultra addictive cocoa hazelnut spread. They stressed it's not peanut butter, just peanut infused Nutella, which, for example, makes it more conducive to afternoon snacking. then lunch. The new product will arrive in spring 2026 after taking more than five years to develop and the demand could be insatiable. Nutella has remarkably doubled sales since 2020.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
Toby, you excited? I am so excited.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
Okay, let's wrap it up there. Thanks so much for starting your morning with us and have a wonderful Wednesday. If you have any thoughts on the show, and I bet you do, send an email with questions, comments, or feedback to morningbrewdaily at morningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
Our associate producers are Olivia Graham and Olivia Lake. Garrett Peck is on audio. Hair and Makeup might try to hop on this new Airbnb platform. Devin Emery is our president, and our show is a production of Morning Brew. Great show, Emil. Let's run it back tomorrow.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
The Consumer Price Index reading showed that tariffs announced on April 2nd had a minimal impact on how much Americans paid for things, which is a sign that businesses decided not to pass on those extra costs, or more ominously, they haven't infiltrated the supply chain quite yet. But let's stick to the good news for now and hit the numbers.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
In April, headline inflation ticked up 0.2% from the previous month, the same amount as core inflation, which is considered a more accurate indicator because it strips out the volatile energy and food categories. Both headline and core inflation came in below estimates of 0.3%. What led to this cooling off?
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
Well, you probably experienced less sticker shock at the grocery store because supermarket prices fell 0.4% for the month, the most since 2020, and perhaps even did a little jig at the egg display because prices tumbled 12.7%, the biggest drop in over 40 years. Services also contributed to the decline with prices in the category increasing 2.7% year-over-year, the slowest pace since 2021,
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
Toby, taken together with the U.S. and China tariff reduction over the weekend, the inflation report is an encouraging sign that America is maybe stepping back from the economic brink.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
Bilbo Baggins went there and back again in the Hobbit, and the S&P 500 just did the same. After being down more than 17% for the year at one point, the index has climbed all the way back to close yesterday in positive territory for 2025. Toby, along with the 2004 Red Sox in the ALCS and Jennifer Coolidge in the White Lotus, this has to be one of the greatest comebacks of all time.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
If you check Google flights and look at airfare for this summer, I think you will be surprised at how cheap they are. We've had all of those airlines come through recently in earnings reports saying we're not seeing as much demand at all for this year that we expected. So we're reducing our prices.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
So if you're looking for a cheap flight to the Midwest or something, you may be to see the Pacers play. That will be super cheap. But you're right. We didn't see a big impact of tariffs, and we don't know exactly why that's happening. Is it that retailers are absorbing the cost, which they said they weren't going to do, but maybe they are?
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
Or is it that this front running that we saw, this historic amount of shipping goods ahead of tariffs to get into warehouses and stores on U.S. soil was actually significant? a plan that worked out well because those goods don't have tariffs on them and retailers can sell them sort of at the same price as expected without these tariffs. So overall, a pretty optimistic inflation report.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
Again, there's a huge caveat saying we don't think that the tariff impact has fully worked its way through the economy just yet and that the most important inflation report is the next one.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
You just argued with yourself on five different perspectives.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
We'll see. I mean, at one point, no one ever thought they'd buy anything else from Amazon besides books and men would never have thought they would go shopping at Lululemon. So extending your company for growth is a tried and true playbook for many of the largest companies in the world that want to grow their services. We'll see what happens here with Airbnb.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
It'll be a true test of trust in their platform where you go You have gone there for one thing, one very specific thing. You don't go on Airbnb a lot, maybe two or three times a year to book that vacation house. Now with services, they want you to book a lot more and be on that app a lot more frequently. And people just may not have that behavior with Airbnb. It'll be a big test.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
We'll see. I mean, these services that they're offering, I mean, they don't have a single home somewhere besides maybe Craigslist. So maybe that fractured market of where you get a hairdresser, where you get a wedding photographer, or where you're getting a chef, there's no one home base for all of those.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
So maybe by aggregating all those together, that's where Airbnb thinks it can have an advantage because it is a very fractured market. You have to go to various platforms or make a lot of different calls to get those things that they're offering.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
To counter that, Bob Iger, the CEO of Disney, said, if you have ESPN as part of your cable package, then you can get this new ESPN service for free. So that really calmed all of these pay TV providers who were worried that everyone would just cancel en masse if there was an ESPN service separate from the cable package.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
Bob Iger kind of played nice with them and said, okay, if you're already subscribing to ESPN on your cable, then you, or satellite, then you still get access to this ESPN streaming service for free. So it's kind of a wash, but still it does.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
It is a landmark moment that shows the passage of time in the media industry, not to get all professor here, but at one point ESPN was the shining star of the cable package, uh, It brought in more than $1 billion per month through cable fees and advertising. I mean, this was the profit center of Disney's entire portfolio. But times have changed. They had 100 million subscribers at one point.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
Now they have about 65 million streaming subscribers. does appear to be the future for TV broadly, but also sports. We've seen Peacock and Fox just rolled out a, you know, a dedicated sports and news app as well. So this is the direction the industry is going and ESPN execs are calling it their biggest move in more than four decades.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
And you also might be wondering if you're listening to this, doesn't ESPN already have a streaming app? And that is ESPN plus. And the difference between this new ESPN and the ESPN plus that exists is like ESPN plus is very pared down. You're not getting a very robust opportunity to watch a bunch of different sports.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
Maybe it's like Northern Montana state versus Western Arkansas tech, you know, in football. ESPN will have everything that ESPN offers, like U.S. Open tennis, Monday night football, college football that you actually want to watch. No offense to Northern Montana State, but it'll be much more comprehensive than ESPN+. They're going to keep ESPN+, but it's a much cheaper option.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
Literally all the time. Just ask my lower back. Yeah, my knee is saying the exact same thing. Well, no one's found a way to stop aging yet, but Timeline has created a supplement that can change the way aging feels, helping your body to bounce back faster by giving your cells a refresh.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
And it's super easy to add to your routine. It just takes two soft gels a day to reboot your cells from the inside out.
Morning Brew Daily
Airbnb Gets Into Luxury Lifestyle & ESPN's New Streaming App
If you work at a large tech company, your coworker who never contributes to a group project might have a good reason for laying low. They're actually a North Korean cyber operative funneling their cushy salary back to Pyongyang to fuel its weapons program. North Korean operatives catfishing the biggest American companies is a scam that's been going on for years.
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Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
Ditch overpriced plans and get three months of premium wireless service from Mint Mobile for $15 a month. Check coverage in your area and shop plans at mintmobile.com slash morningbrew. That's mintmobile.com slash morningbrew. Upfront payment of $45 for three-month 5GB plan required, equivalent to $15 a month. New customer offer for first three months only, then full price plan options available.
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Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
Taxes and fees extra. See Mint Mobile for details. Talk to any well-traveled skier and they'll tell you that the country with possibly the world's best snow is Japan. Light, fluffy, and abundant, Japan's snow has attracted a record number of skiers and snowboarders this winter who marvel at the fresh powder and unique cultural experience offered by Japan's 500 ski resorts.
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Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
But this year, there was too much of a good thing. Last month, record-breaking snowfall 122 inches on one mountain has caused chaos on the slopes, leading to closed resorts, dozens of stranded skiers, and burnout for staff as they've had to shovel out to make their mountains operable.
Morning Brew Daily
Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
A spokesperson for Gala Yuzawa Snow Resort, which had to close for a day for the first time in more than 30 years, called this season's snowfall honestly disaster level, or to put a number on it, two and a half time last year's snowpack. The tumble is unlikely to dissuade more foreigners from skiing in Japan. In fact, it may only galvanize it.
Morning Brew Daily
Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
I have tickets to that. All right, that is your thing. That looks amazing.
Morning Brew Daily
Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
Once under the radar, Japan's ski mountains centered on the northern island of Hokkaido have officially hit the mainstream as European, Aussie, and North American tourists head there in droves to escape the long lines, steep prices, and lack of snow that characterize their home mountains. And the Gossamer Wagyu Strips Apre Ski doesn't hurt.
Morning Brew Daily
Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
A lot of people who skied this summer in North America or Europe are about to wince, but the most expensive lift ticket in Japan is around $75. Many cost much less. So essentially, if you pay the international airfare and you get there, you can have a really good time on the cheap. The snow is so abundant. It's just this
Morning Brew Daily
Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
swirl of climate factors where you have the winds blowing across Siberia, mixing with the warmer temperatures above the Sea of Japan, and then it slams into these mountains and creates a really, really abundant snowfall. Another factor that makes Japan attractive is that if you're afraid of altitude or get sick from the altitude.
Morning Brew Daily
Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
Many of these mountains are below 1,000 feet in elevation, so there's no altitude sickness going on. Yes, there may be smaller slopes, smaller runs, but it makes up for it in terms of the experience.
Morning Brew Daily
Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
Let's sprint to the finish with some final headlines. The mass layoffs at the federal government roll on with the education department saying it plans to shed more than 1300 of its employees, about half of its staff, previewing President Trump's stated goal of dismantling the agency entirely.
Morning Brew Daily
Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
Jeez, Toby, getting a little personal here. I'd like to think I straddled both worlds. I was on the tennis squad, but also on our quiz bowl team, and we were elite.
Morning Brew Daily
Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
Officials insisted the education department would continue to fulfill key functions such as delivering federal aid to schools. managing student loans and overseeing Pell grants. Secretary of Education Linda McMahon said the downsizing was intended to reduce bloat and send more money to state school authorities. She has acknowledged that only Congress has the power to completely abolish the agency.
Morning Brew Daily
Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
Yeah, this stadium is going, this new stadium is going to be huge, 100,000 person capacity. That would be the biggest stadium in the UK. It's going to cost $2.5 billion. So the big question is where they're going to find the money. Are they going to sell the naming rights? But just to put this in context, this stadium has been around for hundreds of years. 115 years.
Morning Brew Daily
Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
It's like Fenway Park getting demolished to get a new Boston Red Sox stadium. It's kind of similar to what happened with Yankee Stadium, where they took down the old one, built a new one. I mean, as a Man U fan, what do you feel about this?
Morning Brew Daily
Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
You're kind of like the Invesco QQQ ETF. Does it have a nasty one-handed backhand and know every capital city in the United States?
Morning Brew Daily
Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
For the second straight spring, Major League Baseball is dealing with a merch fiasco weeks before the season starts. Last year, players complained about newly designed jerseys from Nike and Fanatics. This year, fans are mocking special edition new era hats for showing nonsensical and sometimes inappropriate words on the cap.
Morning Brew Daily
Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
New Era recently released overlap hats that superimposes each franchise's logo over its wordmark, but it worked better in the brainstorm session than in practice because the Houston Astros hat reads Ashos and the Texas Rangers hat looks like it says Tetas, which you can Google what that means in Spanish.
Morning Brew Daily
Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
After getting roasted on social media, the Rangers hat is no longer being sold, but it seems baseball cannot get out of its own way when rolling out new merchandise.
Morning Brew Daily
Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
I mean, panting, pacing, pacing back and forth, wanting to curl up with someone that sounds like me when I watch this. So so it's very understandable that a dog would be exhibiting these behaviors as well. It's just very unsettling experience for both human and animals. Let's wrap it up there. Thanks so much for starting your morning with us and have a wonderful Wednesday.
Morning Brew Daily
Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. And if you're enjoying the show, share it with a friend, family member, or coworker, Toby, who should everyone share it with today?
Morning Brew Daily
Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham and Olivia Lake are our associate producers. Euchenowa Ogu is our technical director. Scoops Dardaris is on audio. Hair and Makeup is scarfing down Nagiri after a long day on the Japanese slopes. Devin Emery is our chief content officer and our show is a production of Morning Brew.
Morning Brew Daily
Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, tariffs go heavy metal as the U.S. hits trading partners with a 25% steel and aluminum tax.
Morning Brew Daily
Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
Let's go back to September 2024. Just a few months ago, Southwest praised its two-free-bags policy as far and away the top feature distinguishing the airline. This guy, Ryan Green, who was the chief transformation officer at the time, did a study. He found that bag charges would bring in about $1.5 billion in revenue a year, but also cost Southwest everything.
Morning Brew Daily
Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
$1.8 billion in lost market share as customers would go to other airlines if they made this change. So he said, guys, it is not worth it. Let's just say that Southwest is not employing this man anymore. They got rid of him and they made this change in a bid to survive in the cutthroat in the cutthroat market for airlines right now.
Morning Brew Daily
Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
But now that Southwest has fallen in line with the rest of the industry, the question is, how does it differentiate itself from Delta, American, and United? And the answer is very unclear. Southwest doesn't have those premium cabin spots that have really been the profit driver of all of those major airlines in recent years. It only flies Boeing 737s.
Morning Brew Daily
Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
It doesn't have a differentiated aircraft base where it can fly to different routes at more profitable speeds. And then in terms of distribution and where people find Southwest, only recently it showed up in places like Expedia or Google Flights. For many years, it wanted you to go to Southwest.com to book a flight.
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Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
Now it's changing course because it realized that that's just another lever it could pull to move in line with the rest of the industry. But there are major concerns that Southwest cannot differentiate itself right now.
Morning Brew Daily
Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
Delta CEO Ed Bastian called Q1 a parade of horribles. Who knew that the brawls at the U.S.-Canada hockey game earlier this year would be a preview of their much larger economic war to come? President Trump ramped up his fight against Canada yesterday, saying he would double plan tariffs on Canadian steel and aluminum from 25% to 50% effective today.
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Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
Trump said the tariffs would be raised after Ontario's Premier Doug Ford imposed a 25% surcharge on electricity from the province to people living in New York, Michigan, and Minnesota, affecting 1.5 million households and businesses. But by mid-afternoon, the 50% tariff on Canadian metals had been called off. That came after Ford and U.S. Commerce Secretary Howard Lutnick
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Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
said Ontario would suspend its plans for a surcharge on electricity going into the U.S. and that the pair would meet in Washington on Thursday to discuss trade. With any negotiation that we have, Ford said, there's a point that both parties are heated and the temperature needs to come down. The temperature may be coming down, but the tariffs aren't.
Morning Brew Daily
Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
A hot new play is setting fire to Broadway. Well, it's actually a very old play. Shakespeare's Othello, starring Denzel Washington and Jake Gyllenhaal, brought in $2.8 million last week over eight performances, making it the highest weekly gross for a Broadway play in history.
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Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
Starting at midnight, 25% tariffs on aluminum and steel went into effect against all the U.S. 's trading partners, including Canada, which could boost American metals producers but raise prices for manufacturers who use steel and aluminum as inputs to make other goods. The on-again, off-again tariff threats continued to give traders a headache.
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Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
A day after posting its worst session of the year, the S&P 500 tumbled another 0.75%.
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Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
Yeah. And this is not the first time that Trump has input imposed tariffs on steel and aluminum. He did it back in 2018 during his first term. And that might be instructed to see what the impacts might be this time around. Prices for both metal, steel and aluminum rose significantly.
Morning Brew Daily
Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
two percent and imports fell by a quarter that is probably the intended uh effect of tariffs it's supposed to raise prices to help out uh domestic manufacturers who are competing with foreign metals at the same time it raised prices uh companies like caterpillar uh raised prices for customers citing a hundred million dollar loss loss and profit from from those tariffs.
Morning Brew Daily
Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
So you see the give and the take from tariffs last time those President Biden actually kept those tariffs on for many of the U.S. trade partners, rolled them back a little bit. So steel and aluminum tariffs have been with us for a while and they're just coming back to the entire world right now.
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Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
The average ticket price was $338, but hearing Denzel recite, excellent wretch, perdition, catch my soul, but I do love thee, and when I love thee not, chaos is come again. Seems worth it.
Morning Brew Daily
Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
The stage is set for an absolute gold rush onto Greenland right now. It contains an estimated 43 of the 50. critical minerals that the U.S. considers vital to national security. It's hosted some of the largest rare earth resources known to exist anywhere around the world.
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Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
People like Bill Gates and Jeff Bezos and even Howard Lutnick, the Commerce Secretary, have invested in companies that are prospecting in Greenland. It is very strategic for Western powers as a way to box China out of its encroachment into their territory. However, only two mines currently exist in Greenland. There are a litany of challenges that prevent companies from investing there.
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Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
So there is a ton of treasure to be had in Greenland. The accessing part is quite difficult.
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Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
Top scorers will receive a custom prize, a $200 Amex gift card, and a newsletter feature.
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Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
If you have the answer, go to www.morningbrew.com slash morning-market-trivia to test your stuff with the morning market trivia quiz. Who knows? You could end up on the leaderboard. Like I said, top scorers will receive prizes and a feature in the Morning Brew newsletter. I scored a 12 out of 15. I got 11 out of 15.
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Southwest Scraps Free Checked Bags & Tariffs Hit Steel and Aluminum
Head on over to www.morningbrew.com slash morning-market-trivia and see if you can beat our scorers and win some goodies. You know how some wireless plans promote a great deal and then you never see it again past your first bill? All too well, unfortunately. Well, in comes Mint Mobile to the rescue with premium wireless plans starting at $15 a month.
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Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
And with a variable 4.46% APY, VO Bank's Money Market Savings Account offers exactly that. Voted as the best money market account by GoBankingRates, its interest rate paid is 10 times the national average.
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Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
All of this means you have the flexibility to grow your money and access it whenever you want or need to.
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Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
Now to a page-turner of a story that you won't be able to put down. It truly is a tour de force that redefines how we think about the genre. I, of course, am talking about the controversy sweeping the publishing world around book blurbs. You know, those short, cliche-heavy sentences you see plastered on books from other authors goading you into buying it.
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Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
Well, maybe they're not as permanent a fixture as we thought. Earlier this month, Simon & Schuster generated a storm when publisher Sean Manning wrote an essay, a gripping read if you ask me, railing against the book blurb industrial complex and stated that the company would no longer require authors to solicit blurbs for their books.
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Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
I believe the insistence on blurbs has become incredibly damaging to what should be our industry's ultimate goal, producing books of the highest possible quality, he wrote. That tremor followed another literary earthquake in December when bestselling author Rebecca McKay said she'd stop blurbing books for at least the next two years, calling it a drain on her time and energy.
Morning Brew Daily
Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
Toby, blurbs are an incredibly touchy topic among authors. No one actually likes to ask for them or receive requests to write them, but you seemingly should do it because this is what the industry has demanded. Can the blurb economy be reformed?
Morning Brew Daily
Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
It's for the gatekeepers, right? Right. But it was interesting to me to learn how this process comes together, because I guess I didn't really think about it that much. When you see a blurb on a book, you don't really think about how it got there. But apparently, before a book is published, the authors of books who don't have
Morning Brew Daily
Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
massive marketing behind them, which is most of them, just literally cold email thousands of other authors asking them to read their book and blurb it. And oftentimes it is their teachers from their MFA programs. But anyway, so they send these, they do this like grind, you know, hit the pavement for three weeks trying to get these blurbs. So that does not sound fun, but you have to do it.
Morning Brew Daily
Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
At the other end, if you're an author, you are getting all of these requests going into you at the same time you're sending them out. So this is very painful for everyone involved. A huge time suck. So that's sort of why everyone hates doing it, even though they feel they must. At the same time, it's unclear whether these blurbs actually move the needle in terms of sales.
Morning Brew Daily
Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
That is also the first time I've heard of a dog named Neil, and I feel bad for that dog, to be honest.
Morning Brew Daily
Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
Catch-22. Catch-22. Had zero blurbs when it came up. Okay, let's sprint to the finish with some final headlines. The DEI rollback continues apace across corporate America, with more major companies reversing pledges on diversity, equity, and inclusion under the directives of the new Trump administration. The U.S.
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Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
arm of consulting behemoth Deloitte told its employees working on government contracts to remove gender pronouns from their email signatures. and they scrapped broader DEI programs, citing the need to, quote, align with emerging government client practices and requirements.
Morning Brew Daily
Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
Also yesterday, Goldman Sachs abandoned ship on its pledge to refuse to work on IPOs for companies that had all-white male boards. It made a rule back in 2020 that it would only take a company public in the U.S. if it had at least two diverse board members, including one woman. A spokesperson said, as a result of legal developments related to board diversity requirements,
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Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
we ended our formal board diversity policy.
Morning Brew Daily
Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
Yeah, you've heard this from a bunch of CEOs that these tariff threats and reversals are creating a lot of uncertainty. And Griffin cited multinationals and in particular that you need to plan 5, 10, 15, 20 years in the future because you're about to sink tens of billions of dollars into a factory or another kind of investment.
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Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
It requires a lot of planning, requires a lot of money, and you just simply can't make those kind of investments when you're uncertain of the trade policy that the U.S. is going to engage with with the rest of the world. So uncertainty, bad for corporate America, and that's what Ken Griffin is saying. Gulf of America slash Mexico drama at the White House.
Morning Brew Daily
Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
The Trump administration barred an Associated Press reporter from entering the Oval Office for an executive order signing ceremony because the AP style still uses the name Gulf of Mexico instead of Gulf of America, despite Trump's renaming of the body of water.
Morning Brew Daily
Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
The news service said it was alarming that the White House would punish AP or independent journalism and that, quote, it not only severely impedes the public's access to independent news, it plainly violates the First Amendment. The AP's guidance states that it will refer to that Gulf by its original name while acknowledging the new name Trump has chosen.
Morning Brew Daily
Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
And that's because the Gulf of Mexico name has been around for 400 years and people internationally where the AP disseminates news do not recognize the change.
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Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
Well, I'm not an international business owner. I'm just a humble puzzler.
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Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
You'll never be the same. My life is now divided into two parts. Before, I knew that fatbergs existed, and now that I know that they exist, they are pretty terrifying, and they do make sense on the surface. You're like, oh, yeah, that probably would happen over time as all of these non-degradable things mesh together in our sewer system and create blockages.
Morning Brew Daily
Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
My question is, how has a fatberg, anthropomorphized fatberg, not been a villain in a movie yet? Like, you know... Flushed away or something like that.
Morning Brew Daily
Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
Let's wrap it up there. Thanks so much for starting your morning with us and have a wonderful Wednesday. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. And if you're enjoying the show, share it with a friend, family member, or coworker. Toby, who should people with share it with today?
Morning Brew Daily
Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenna Waogu is our technical director. Garrett Peck is on audio. Hair and makeup is the voice of their generation spinning a heart-wrenching tale of love and woe. Neil Freiman, host of Morning Brew Daily.
Morning Brew Daily
Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
Devin Emery is our chief content officer, and our show is a production of Morning Brew.
Morning Brew Daily
Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
OpenAI right now is trying to pull off a routine of Simone Biles-level difficulty. What they're trying to do right now is one of the most complex maneuvers in American commercial history. It's got this $500 billion data center project called Stargate with Oracle and SoftBank. At the same time, it's raising $40 billion at a $300 billion valuation.
Morning Brew Daily
Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, Sam Altman called Elon Musk not a happy person. Let's go inside the billionaire battle over the future of AI.
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Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
That would be the largest venture capital round by orders of magnitude in American history. For those to happen, it needs to be able to convert from this nonprofit for-profit structure that it's in right now to streamline that into one cohesive for-profit company that allows it to raise money. Right now, it is, you know, handcuffed, uh, to raise money because of this weird structure that it's in.
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Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
So it needs to be able to execute this deal. And Elon Musk, as Sam Altman is probably correctly saying, is trying to throw a wrench in it and slow it down, even if he's not able to stop it. Elon OpenAI has a lot on their agenda, a lot of mouths to feed this very complex maneuver. And Elon Musk is certainly making that more difficult.
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Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
And there's also a chance this is a complete smokescreen because OpenAI board director Larry Summers, who's the former treasury secretary, said he had not received any formal outreach from Elon Musk and that consortium of investors who put forward this nearly $100 billion bid. Sam Altman also told employees that he hasn't received anything official from the Musk team.
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Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
So we'll see whether this is bluster or actually a real bid in the first place.
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Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
This is very all soap opera-y, obviously. But there is so much at stake, billions of dollars, but also the future of AI. OpenAI is one of the leading AI companies in the world. Every corporate exec and technology leader says this is the next industrial revolution. So who controls what happens going forward with this technology is of crucial importance to everyone around the world.
Morning Brew Daily
Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
And right now, these two guys are duking it out to be that person. Is milk the future of Coke? And by that, I don't mean milk flavored Coke, which would try. But Coca-Cola, the drinks conglomerate, which is leaning into the white stuff to become a, quote, total beverage company amid declining soda sales.
Morning Brew Daily
Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
In its earnings call yesterday, Coca-Cola touted the milk brand Fairlife for continuing to perform well throughout the year. That is an understatement. It's Coca-Cola. Coke's fastest growing brand in the United States and the centerpiece of its plan to diversify away from soda into beverages that people, you know, drink. On the surface, milk might seem like a bad choice. U.S.
Morning Brew Daily
Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
per capita milk consumption has plunged nearly 30% since 2010 as Americans have turned to plant-based alternatives. But Fairlife is not ordinary milk. It's milk, but fancy. It filters milk to create higher levels of protein while cutting sugar by half and getting rid of lactose altogether for happier stomachs.
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Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
The Super Bowl wasn't the only contest that everyone you know is talking about this week. The Westminster Dog Show was held last night, and best in show went to a giant schnauzer named Monty. It's the most prestigious prize in the U.S. dog show world, where dogs are judged according to how closely they match the ideal for their breed.
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Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
Fans worship its creaminess, propelling sales to grow 1000% from 90 million in 2015 to seven years later when it became a billion dollar brand for the first time. Toby, food and drink companies are under a lot of pressure from changing consumer trends, high inflation, and the Ozempic craze. So here's the big question. Is it milk or milk?
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Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
knew what they were getting into. This deal has a very interesting history. Back in 2012, they entered a joint venture with a milk co-op, a dairy co-op, which created the Fairlife brand in response to declining milk sales. And their initial outlays were about $320 million. But this deal had some performance-based payments that continued through this year.
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Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
And the performance was really good for Fairlife. So they kept having to pay over these performance-based So now at this point, they forked, which started as a $320 million deal, has now morphed into a $7.4 billion deal over five years. And that's now the largest acquisition in Coke's 133 year history. So it's cost them a lot, but it seems like it is. They're getting their return back.
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Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
Monty's owner and handler could barely hold back tears on the podium. Puppy did the damn thing, and I'm so proud of him, she said. Having been named the top dog, Monty will now be retiring from competition. Toby, what did you accomplish when you were five years old?
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Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
Yeah, my first question for this was also how did this commercial pass mustard to air? I mean, we didn't see it because we were watching in the New York market, but apparently he bought 32nd spot on three Fox owned channels. And if the ad, which many people in America did not see, but many people did. Did see was him in a seemingly dentist chair filming on an iPhone.
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Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
And, you know, this has to go through legal approval. So these station directors looked at this and said, OK, well, I guess there's nothing apparently wrong or illegal here. And when he did direct people to this Web site during the Super Bowl itself, but during the Super Bowl itself, This this store sold very generic, non-branded merchandise, nothing like the swastika shirts.
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Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
And then hours after is when he flipped it, leaving these studio execs being like, what did we just do? But it speaks to the fact that Super Bowl commercials are also not always national. And these very slick productions, sometimes they're local car businesses and lawyers and often more controversial advertisers will buy, you know, spots in local markets for hundreds of thousands of dollars.
Morning Brew Daily
Musk v. Altman Gets Fiery & Coca-Cola’s Cash Cow is…Milk?
It's still very expensive, but kind of skirt the national spotlight. It seems like this is kind of what Kanye did.
Morning Brew Daily
Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
Tasty Trade Inc. and Morning Brew are separate and unaffiliated companies. The best B2B marketing sometimes ends up in front of the wrong people. It's like advertising fishing gear to a fish.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
LinkedIn will even give you a $100 credit on your next campaign so you can try it yourself. Just go to LinkedIn.com slash MBD. That's LinkedIn.com slash MBD. Terms and conditions apply only on LinkedIn ads.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
Yeah, it's funny that Zara is the poster child of San Francisco's perhaps rebirth. There does seem to be a little bit of momentum around San Francisco's downtown comeback right now. There's a business-friendly new mayor who's the Levi Strauss heir who has a lot of connections. There are a lot of wealthy people who live in the Bay Area.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
So if you round them up into a coalition and get them investing in San Francisco, some good things could happen. It seems like there have been developments in that arena. David Stiebelman is the co-founder of Sixtry, which is a huge private equity company based in San Francisco. He's just started this new thing called the San Francisco Downtown Development Corporation.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
He's got people like Meg Whitman, you know, the former CEO of eBay on his board, some real heavy hitters. They're trying to marshal private capital to invest in downtown spaces. And, you know, I don't think they were responsible for bringing Zara back, but they can probably mobilize a lot of investors to come in and say like, look, You know, it's all about narratives, right?
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
So if you can say San Francisco is coming back, crime is going down, this is something that we believe is happening, we're long San Francisco, invest here, and then it's a self-fulfilling prophecy.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
Yeah. And I think San Francisco's fortunes will ride or die with the tech industry. And during 2021 and 2022, those were some foul years for the tech industry. They were cutting jobs left and right with high interest rates. But then all of a sudden, ChatGPT is released. And this new tech wave is cresting.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
And you see companies like OpenAI and Anthropic, some of the biggest AI leaders, they are based in downtown San Francisco. A new report found that the Bay Area had 11 of the largest U.S. office leases in 2024. Tech companies have committed more than 8 million square feet to office leases.
Morning Brew Daily
Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
So as you mentioned, the vacancy rate is still high, but they're hoping to ride the AI wave and some continued momentum into the future.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
Yeah, they're saying, the Justice Department is saying that we shouldn't, we're not a financial regulator. We shouldn't be going over after crypto companies for things like violating securities, commodities, or banking secrecy laws. That should be left for the financial regulators that we have. We're the DOJ. This is not our... purview.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
And it comes after the SEC has dropped more than a dozen cases that they were pursuing against crypto firms like Coinbase and Kraken. So you're seeing, yes, a little more relaxing of oversight of crypto with the hopes that it will let this industry flourish.
Morning Brew Daily
Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
I think the theaters are willing to take the good with the bad here, because it opened to over 160 million domestically in North America, and it was just a huge savior. And it might be because of these memes. We saw this happen with the Minions movie, The Rise of Gru, where you had Mr. Beast and all of these hordes of young kids dressing up as suits and creating a whole experience around it.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
If your answer is that it's time to get TaxAct, their deduction maximizer helps make sure you don't leave any money on the table because missed deductions are free money getting up and walking away.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
One older person said, I haven't seen anything like this. since Rocky Horror. So when you create an experience around a film, that is one reason to not queue up a streaming service and go to a movie, because it is this collective experience. Obviously, they're getting a little rowdy.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
But I think what theaters are going to start to do is have these separate chicken jockey showings, like they had the separate Taylor Swift heiress tour things where, hey, you want to sing along, Wicked? Go over here. If you just want to actually watch the Minecraft movie, which sounds, honestly, a lot more boring, just go over here.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
Finally, White Lotus may have wrapped up its divisive third season, but the drama off the set is still piping hot. In an interview with Howard Stern, the HBO show's creator, director, and writer Mike White blasted composer Cristobal Tapia de Vere, who left the show and told the New York Times days before the finale that he had major problems with White. White called it kind of a bleep.
Morning Brew Daily
Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
move and i knew he wasn't a team player and that he wanted to do it his way the subtext here is that devere was an integral part of the show's identity composing the famous theme song to the white lotus which has become a hit in its own right he's won three emmys for white lotus and the theme song has been remixed by djs like tiesto and sophie tucker
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
Meanwhile, the show has just become an absolute juggernaut for HBO. Sunday season finale drew 6.2 million viewers. That broke a series record set the week before by 30%. So it started out as this very small pandemic niche show has become one of the biggest properties in HBO. in HBO's stable.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
Finally, here's a feel-good story about a tourist taking a wrong turn and ending up with the experience of a lifetime. Evan Johnston, a 21-year-old from Arizona, was in London and boarded a boat near Tower Bridge thinking it was the classic touristy hop-on, hop-off tour of the city. It was not the right boat.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
Instead, it was a party boat chartered by around 150 supporters of the low-level English soccer club South End United, who were sailing to attend a high-stakes match against Sutton United. Johnson said he suspected something wasn't quite right. They seemed to know each other and were making chants I didn't understand, he said.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
And if you run into a tricky question like whether your home office counts as a work expense or if your 12-month-old is an employee yet, they've got real tax experts ready to help, credentialed, U.S.-based, standing by.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
But when the South End fans caught wind that they had a lost American stowaway on board, they embraced him, and eventually he was drinking and dancing with everyone. He ultimately attended the game, had a blast, and says, I'm a South End fan till I die now. One of the South End supporters told a UK publication that...
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
Just a really good feel-good story. Taking a boat with a bunch of fans to a game sounds amazing. And I know you can do that up to West Point for an Army game from New York City. So maybe that's something we put on the calendar for the fall. Let's wrap it up there. Thanks so much for starting your morning with us and have a wonderful Wednesday.
Morning Brew Daily
Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Lute is our producer. Our associate producers are Olivia Graham and Olivia Lake. Garrett Peck is on audio. Hair and makeup is Team Mike White. Devin Emery is our president. And our show is a production of Morning Brew.
Morning Brew Daily
Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
Visit TaxAct.com and file before April 15th. Let TaxAct help you find what's yours. You are waking up to a whole new world, and it's anything but a magic carpet ride. Just after midnight, President Trump's so-called reciprocal tariffs went into effect against 86 countries, including more than 104% tariffs on China, the world's second-largest economy.
Morning Brew Daily
Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
This brings America's average effective tariff rate well north of 20%, the highest in more than 100 years. Trump and his economic advisors argue a trade war is necessary to level scores with bad actors and bring back manufacturing jobs to the U.S., and this is a once-in-a-lifetime opportunity to do that. At a Senate hearing yesterday, Trump's top trade official, Jameson Greer, said the U.S.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
economy was facing a moment of drastic, overdue change. Wall Street leaders have forcefully disagreed, criticizing the size of the tariffs and the bizarre way they were calculated. Banks like JPMorgan are now predicting a recession. and financial markets have lost trillions in value in the past week alone.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
Even as stocks spent most of the yesterday in the green, they tanked into the close, ending deep into negative territory. The S&P 500 is now at its lowest point in more than a year. So a new economic order has arrived, closing an era of free trade and opening a chapter where the U.S., the world's largest economy, has built high walls around itself.
Morning Brew Daily
Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, the U.S. hit China with tariffs of 104% and neither side is backing down.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
The implications are enormous and will affect an untold number of companies and billions of people around the planet. For just one example, I'm going to cite Mr. Beast of all people. Yesterday, he posted on X that because of the tariffs, it will now be cheaper to make chocolate bars for his Feastables brand, not in America, because other countries don't have a high tariff on his goods.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
He said, we'll figure it out. I feel for small businesses, though, could really be a nail in the coffin for them.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
Neither side is blinking on the U.S. side. Treasury Secretary Scott Bassett said that, you know, China is playing a losing hand. Quote, I think it was a big mistake, the Chinese escalation, because they're playing with a pair of twos. What do we lose by the Chinese raising tariffs on us? We export one fifth to them. of what they export to us.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
So that is a losing hand for them, even as the Trump administration officials have said in recent days that they're holding calls with more than 50 countries. They cited a good call with South Korea. They're trying to throw markets a bone here by saying that these are part of a larger negotiation with China, which is the big kahuna. It looks like the gloves are absolutely off.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
Quick check in on the markets as these reciprocal so-called reciprocal tariffs go into effect. We mentioned China, 104 percent, but they're across 86 countries, 46 percent on Vietnam, 26 percent on India. The implications will be huge right now after selling off for four days. The S&P is about flat at 615 a.m. Eastern. The other indexes are a little in the red, so we'll have to
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
keep a watch on that oil is continuing to sink down to 57 which is you know a sign that the economy may be weakening because you know demand will dry up for fuel and the one thing that we will talk about tomorrow actually is the 10-year yield because this is the biggest story in the markets the 10-year yield is spiking and that is not a good sign because when things go haywire like the U.S.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
Obviously a huge day for the global economy. But before we get to that, let's head to Humboldt Teaneck, New Jersey, where two teams staged what has been called the worst baseball game in history. Lehman College and Yeshiva University, both D3 schools, met after having lost a combined 141 games in a row, 42 straight losses for Lehman and 100 games for Yeshiva.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
and China in a trade where typically investors go to safe haven assets like government bonds, like U.S. government bonds. Those have been the biggest safe haven asset ever. And the fact that those are selling off is a really interesting development that we'll dive into tomorrow morning.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
It is, and it also is a sign of how companies have tried to diversify their supply chains from over-reliance on China to other Southeast Asian countries, but that has essentially backfired as these tariffs go into effect. India, where Apple increasingly makes iPhones and AirPods, has a 26% tariff. Vietnam, Apple makes AirPods, iPads, Apple Watches, and Macs. max there now, 46% tariff.
Morning Brew Daily
Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
Malaysia, where Apple makes max, 24% tariff. Thailand, where the company also makes a max, 37% tariffs. So those aren't as bad as the China tariff. The problem is that as Apple has diversified its products across Southeast Asia, they've kind of kept the iPhone in China 90% of their of the iPhones are still made in China, even as some move to India.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
So that's why they're rushing to get iPhones here and create a stockpile for as many months as they can and why consumers are rushing to max Apple stores.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
So what could Apple do? What are its options besides getting an exemption, which seems like a Hail Mary? There are probably three things that it will do. It could squeeze its suppliers to say, hey, you have to eat. Some of this cost can't be on us. So that is one way it could share the burden. Another is to just eat it. Morgan Stanley estimates that Apple has
Morning Brew Daily
Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
could eat $34 billion of these added costs because it does have a typical hardware margin of around 45%. So it is in a position to absorb that. And then the final one is price hikes. Analysts do expect that we could see iPhone price hikes. It It varies depending on which bank you listen to. JP Morgan says 6 percent. Morgan Stanley says 16 to 17 percent.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
So when they met, someone was going to snap an epic losing streak. It certainly wasn't pretty to watch, but Lehman College won 7-6 in extra innings, their first victory since 2023. But all was not lost for Yeshiva. These two teams actually played a doubleheader, and Yeshiva beat Lehman in the second game, winning for the first time since 2022. So a fairytale ending.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
And Apple has really tried to hold the line on $999 flagship smartphone starting price. And it looks like that will have to go. The final option that Trump administration people want is for Apple to start making iPhones in the United States. But if you actually crunch the numbers, that is economically not feasible.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
The deadline to file your taxes is less than a week away, and a new report found that your chances of being audited by the IRS are at their lowest level in at least 75 years. The New York Times' upshot found that the IRS's effective audit rate was below 0.5% between 2020 and 2023. a drop of two-thirds since 2010. Just how low is 0.5%?
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
In 1980, the IRS's published audit rate was over 2%, and in 1960, it was over 3%. The reason for the decline in auditing is perhaps the simplest. There's fewer people to do it. The IRS hemorrhaged workers from 2010 to 2020, cutting its headcount by about 20% over the decade. And in addition to having fewer people,
Morning Brew Daily
Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
the IRS got an even bigger workload with other programs like the Affordable Care Act and the Child Tax Credit getting foisted onto it. Since the IRS collects 95% of federal revenue each year, fewer audits could mean less tax collections for the government and widen the national deficit. That already seems to be happening.
Morning Brew Daily
Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
For 2010 returns, the IRS collected $11 billion in additional revenue through personal income audits. For 2019 returns, which are still not yet finalized, the agency collected just $4.5 billion. Toby, some celebrate fewer audits saying they constitute harassment of taxpayers. Others say it's necessary to catch tax dodgers, especially for high income households and corporations.
Morning Brew Daily
Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
What's interesting is if you dive into the numbers, you know, Americans maybe have your reputation for being anti-establishment. But we pay our taxes voluntarily. Maybe it's because of the threat of an audit. But Americans pay about 85 percent of what they owe and direct IRS collections add 2 percent. These are levels that are way above European countries.
Morning Brew Daily
Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
So, you know, overall, voluntary tax compliance in the U.S. is quite high.
Morning Brew Daily
Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
Both teams got their first dub in years.
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Trump Bumps China Tariffs to 104% & People Are Panic-Buying iPhones
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
And Greenland is back in the news after Trump reaffirms his intention to purchase the island. The only issue? Greenland says it's not for sale. It's Wednesday, January 8th. Let's ride.
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
You want to make it frictionless for a consumer. So to your point, once we've understood a naming convention, once we see it other places, oh, we see the plus, we know that's streaming. So good artists copy, great artists steal. It seems like Dell went with the steal and just took it from Apple. I will give them credit. This is the first time I've thought about a Dell computer in years.
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
I'm the same way when it comes to investing. One month I sample some stocks and crypto, but the next might be an options and bonds kind of day.
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
So they really did make some noise. Now, their market cap is $84.94 billion. Apple's is $3.66 trillion. So Dell has a way to go to copying their market cap. But it got us talking about Dell computers.
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
Well, now we know, Neil, that you can afford a BMW. So well done. I'll go with the product I can afford, which is Hanes T-shirts. I think they crushed it. Small, medium, large. Very simple. You know what you're getting. Some coffee companies can't even do that. That's true. I am excited to see what else Dell does. I feel like their marketing department is just throwing ideas out.
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
We might get a Dell GPT, maybe a Dell Vidya, or maybe they get into streaming a Dell Streaming Plus.
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
Yeah, I mean, I was looking at the videos last night, and it is terrifying, so I hope everyone is okay and that we get a lot of support down there because it was truly remarkable stuff.
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
And if you want to rack up that passive income, you can park your money in their industry-leading 4.1% high-yield cash account. What part of the meal is that? I think that's the seasoning. It's not too flashy, but it does give your cash that extra little bump to take things to the next level.
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
I'm surprised 18 even survived. I mean, this followed a similar tragedy from United Airlines flying from Chicago to Hawaii. The same thing happened. Like, I didn't even really know that this was a thing. Like, please do not go in the wheel components.
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
Yeah, I like how physical therapists are number three. Like, literally, we're all hunched over at our AI prompt engineering jobs, and it seems to be good for our friends in the physical therapy department.
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
Okay, one, s'mores is delicious. So I got to talk to someone at the Girl Scouts. We can't let that one die. I feel like this should be like when an athlete retires and they go to like the different away games and everyone claps for them. Like we should have like the governor of each state eat like the last Girl Scout in every state and everyone comes. That would bring this country together, Neil.
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
What's your favorite? Thanks, Derek Jeter. The Samoa.
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
Yes, and I just have to say when Zuck made the announcement, he had the chain on. He is kind of in his cool era. This is a big deal. I mean, just stepping back from what he actually said, any change to Meta's platforms affects how billions of people interact with information. I think this will have tons of ripple effects.
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
This is an organization that is trying to get in the good graces of an incoming administration that looks a lot different than the previous administration. You mentioned going on Fox and Friends to make the announcement. The person that made this announcement was Joel Kaplan, who has been at Meta for years.
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
I think a decade plus, but now is taking over as kind of their lead PR public policy person who is a Republican himself. And so this seems to be meta kind of shifting focus and trying to align with the new cultural tipping point, as Zuckerberg said, and with the new administration. This might have some business reasons, some kind of fact checking reasons, but also some political reasons.
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
And what's very interesting is the people who say like, this is not correct. They have to have differing opinions on other things. So that's like, it is this ability to like fact check in real time at scale with people who have previously have different opinions. So it's an interesting new approach to content moderation.
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
I'm not sure on like the efficacy of community notes for C the old system, but it seems like meta is going in this direction as well as X, obviously.
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
Yeah, happy to be here. Happy New Year, Neil. What? Happy New Year. You can't say that.
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
And the last thing I'll say is when X moved to Community Notes and when Elon took over, there was a lot of advertiser backlash. And so you might expect the same thing to happen to Meta. However, advertisers have said, we just can't get a better ROI than all of Meta's platforms. And so it seems like there won't be as much pushback from advertisers.
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
So I think Meta is going to be OK in the long run in terms of business perspective.
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
It's January 8th. You cannot say Happy New Year. I think you can say Happy New Year all of January and at any time whenever it's the first time you're seeing someone, even if it's like October. Well, they'll look at you very funny. I think you keep the good year, the new cheer going. Okay.
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
Greenland is icy and Iceland is green. So that's an interesting fun fact. I feel like Denmark is... Or like the USA and Denmark are like, Greenland's my best friend. And Greenland's like, y'all, we just kind of want to be independent. Leave us out of this. You might be thinking, why are we talking so much about Greenland? And I actually think...
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
this country is going to become more and more important as climate change continues to affect the Arctic. You mentioned its population. One, it is about 57,000 people. My hometown in suburban Minnesota is larger, but Greenland is three times the size of Texas. And I think why countries are very interested in it is it is home to like 60% of the world's critical minerals.
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
The rest of those critical minerals are typically controlled by China. And so it's clear from a European perspective, a USA perspective, why they want to align with Greenland. Also, as the Arctic starts to melt, unfortunately, those shipping routes get longer or wider and they stay open longer.
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
And so this could be kind of, you know, I think Mike Pompeo maybe hyperbolic said this is the next Suez Canal. The next Panama Canal is these Arctic routes that allow you to transport goods, military faster. So it's. clear why people are very excited about this aligning with Greenland. And I'm not sure the strategy is the most effective, but we'll see what happens.
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
100%. And we already do partner with them. We have a Space Force base on Greenland. And we also have some outside investors, including Jeff Bezos, who are working on mining companies to extract minerals. So there's already some good relations. They might be getting strained now. And this will definitely be a story to keep your eye out as we move into the new year, Neil.
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
medical debt, which approximately 100 million Americans have some form of, I have some potentially good news for you. It won't affect your ability to get a loan. This is because the Biden admin finalized a ruling yesterday that will end the inclusion of medical debt on credit reports, and it is going to ban lenders from using certain medical information in loan decisions.
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
Yeah, I mean, I'm a big Seinfeld fan. I'm a big Curb fan, but Larry David has this one wrong. I'm going to have to talk to him after the show.
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
This rule will remove an estimated $49 billion in medical bills from credit reports of about 15 million people, the Bureau said in a press release. The Bureau also predicted it would increase credit scores by an average of 20 points for those affected and would drive upwards of 22,000 additional mortgages every year.
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
Now, if those 22,000 people want to hit me up and give me some advice on how to buy a home, I am all ears. Neil, we've heard so much about the medical debt problem in America. Yeah. You heard in my intro, it affects about 100 million Americans in some capacity. What are your thoughts on this new rule to get medical debt off of credit report?
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
Yeah. And Rohit Chopra, who's the bureau's director, just said point blankly, like, quote, people who get sick shouldn't have their financial future upended. And so that, I think, is what this is really trying to help with. It also bans lenders from using medical devices such as wheelchairs. or prosthetic limbs as collateral.
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
So there was some abuse, I think, going on by companies to kind of get the money that they're owed or take back assets. And they just wanted to stop the abuse. Now, it's not without detractors. Several House Republicans wrote to Chopper and Agras to basically say, like, they have some serious concerns. Anytime you're removing
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
The ability to look at debt for giving out mortgages or loans those might get more risky And can we have a situation where that starts to affect the economy? But according to the Bureau's reporting this doesn't have you know, it doesn't increase long-term instability in financial markets, right and and
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
Precision, Inspiron, Latitude. No, these aren't the names of random billionaires, new rocket companies. They are the former names of Dell's laptop and desktop lineup, which are being swapped out for a more simplified naming convention. That's right. Dell announced on Monday ahead of CES that their laptop and desktop lineup will now be labeled simply Dell, Dell Pro, and Dell Max.
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
Now, if you're thinking, Hey, that sounds awfully similar to Apple's naming convention of the iPhones. Well, you're not alone. In fact, audience members even pushed back during the announcement, one saying, quote, Dell's COO Jeff Clark, when talking to reporters, said, quote, customers really prefer names that are easy to remember and easy to pronounce.
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
We'll have to agree to disagree. Now a word from our sponsor, Public.com. Neil, you're a foodie. Are you a fan of big menus or small menus?
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Meta Kills Fact-Checking & Medical Debt Gone From Credit Reports?
And so that's the reason Dell is making the moves that they are. Now, my deepest apologies to all the kids who want iPhones for their birthday and their grandparents accidentally buy them a Dell computer instead. Now, Neil. A good move or a bad move for Dell to copy Apple?
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
I know. And you're starting to see these couples start to do things like trade down because when you're doing a wedding, like it's so expensive. You are going to pinch pennies at every step along the way. So if something's going up in price, say flowers, you are probably going to get cheaper flowers.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
So you hear stories of couples going for getting flowers from like Trader Joe's or Costco and some are warning people.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
that weddings will go back to what was known as the millennial garbage core of 2014 when you saw mason jars milk crates and spray painted wine bottles with twine everywhere at weddings so you are seeing these uh these tariffs really impact the wedding industry which relies on a constellation of small businesses to supply things for your big day
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
They probably do.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
Yeah. I mean, the economy does really have a big impact on weddings because it is such a discretionary purchase. I mean, in the aftermath of the financial crisis more than 15 years ago, the average spend on weddings fell 8 percent over a two year period. That's according to The Knot.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
So when people are looking at things that they can cut out of their life, when economic times get a little uncertain, I mean, weddings are one of the first to go or at least like the fancy stuff at weddings. And really, this is a consequence that will really have a big impact on small businesses. Over the course of the past weeks and months and days, we've talked a lot about how
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
Major companies have gotten up on earnings calls and said, we're going to take a $500 million hit off of our profits because of tariffs. We're going to have to raise prices. Things might get a little hairy for us, but they can weather the storm.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
And when you're talking about weddings and the wedding industry, it's photographers, it's florists, it's people who sell bridal gowns, people sell tuxedos. Those are a lot of the small businesses that make up your community. I'm sure everyone listening to this knows about that place where they got their prom tuxedo.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
So these are the people really feeling the impact and they're wondering, you know, what do we do? How do we work out with our customers when we are facing price increases? We have to also hike prices on you or, you know, we can't stay in business.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
Totally. For instance, yesterday I found a $100 bill on the sidewalk on the way to work. It's the small things.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
And the Toy Association, a U.S. industry group representing 850 toy manufacturers, didn't warn just of price hikes for toys, but also shortages in its survey of 410 small businesses that make toys that populate our shelves every holiday season. The majority said they had canceled orders and half said they risked going out of business within weeks or months.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
This this is an industry that relies a lot on China. And right now there are 145 percent tariffs And so they are watching negotiations very closely because they are hanging on a thread. In the cutthroat world of weight loss, if you don't adapt, you die. And Weight Watchers is the latest victim of the industry's transformation.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
The company, once a household name, filed for Chapter 11 bankruptcy last night to shed a heavy debt load and restructure as a healthier enterprise. Weight Watchers has watched weight loss trends pass it by, and it's been too slow to pivot.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
It did start offering drugs like Ozepic as part of its clinical business, but that hasn't been enough to offset a decline in its core programs of providing food consumption and exercise plans. Meanwhile, social media influencers and other free fitness apps have stolen a lot of the health spotlight in recent years. Once Oprah left the board two years ago, the writing was on the wall.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
It's such a small swap, but it really changes everything. Makes your cup richer, creamier, smoother. Speaking of richer, did I mention I found $100? Yes.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
I understand what they're going for here. I mean, the Lord of the Rings filmed there and it's been a part of that region for decades now. And millions of people pass through Wellington Airport to go see the sets and all, you know, how they how they made those movies. And so I understand like you don't want that to be a yoke around your neck as a place.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
And you're like, we have other stuff to trust us than the Lord of the Rings. When Peter Jackson came in and filmed all these movies like check out all our other stuff. We don't want to be so known for Lord of the Rings. Just this one thing at the same time. It is so iconic and people loved it. So, you know, it is a tough it is a tough decision to make.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
This afternoon in Vatican City, 133 cardinals will say a mid-morning prayer and then enter the Sistine Chapel, where they will be sequestered and given no contact with the outside world until they choose a new pope to succeed the late Pope Francis. That's right, the conclave starts now.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
This ancient, ultra-secretive process to select a new leader for the world's 1.4 billion Catholics will be undertaken by the most geographically diverse group of cardinals ever, hailing from 71 different countries, including two dozen from countries that have never even produced one cardinal, such as Myanmar and East Timor. So all bets are off.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
The Cardinals will remain in the Sistine Chapel until one Cardinal secures two-thirds of the votes from his peers. It could be tomorrow. It could be next week. We just don't know.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
Unsweetened has zero grams of sugar and still tastes like it's cheating. And barista lovers, legit cafe level, tastes like 100 bucks.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
And according to Kalshi, the prediction market, there's a 50% chance that they'd choose a Pope before May 9th, which is Friday, and a 97% chance they'd choose one before May 16th, which is the Friday after that. So The people with the money on this are expecting a conclave that lasts a few days into a week and a half. And we'll just have to wait for that white smoke.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
OK, that is all the time we have. Thanks so much for starting your morning with us and have a wonderful Wednesday. Oh, we're halfway there. If you have any thoughts on the show, do not hesitate to reach out. Send an email with any questions, comments, or feedback to morningbrewdaily at morningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
Our associate producers are Olivia Graham and Olivia Lake. Scoop Sardaris is on audio. Hair and Bake Up wants to go back to a world where they don't know the existence of the screw worm. Devin Emery is our president, and our show is a production of Morning Brew.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
One of the last times the U.S. met Canada, there were three fights in the first nine seconds. Their most recent meeting was a little more cordial and also not a hockey game.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
Yesterday, newly elected Canadian Prime Minister Mark Carney made a highly anticipated visit to the White House for a chat with President Trump at a time when the economic ties between the two North American neighbors are fraying like never before.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
Trump has repeatedly accused Canada, and did so again before yesterday's meeting, of leeching off the US's economy, posting on social media, there's no reason for us to be subsidizing Canada.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
Since entering office, he's instituted 25% tariffs on Canadian goods, excluding products covered by a free trade agreement, as well as tariffs on steel, aluminum, and cars, which Canada ships in droves to the US. Trump has also insisted that Canada become the 51st state, angering the people who live there.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
Carney, meanwhile, is a former central banker who's promoted economic nationalism, and his defiance of Trump helped him get elected last week in a massive come-from-behind victory. So, awkward might be a good word to describe the lead-up to their meeting yesterday, but in the end, it was far from a Zelensky-level blowup, and...
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
Pretty much chummy with Trump saying he respected Carney and Carney calling Trump a transformational president. However, making Canada the 51st state did come up and Carney replied to a reporter. It's not for sale. It won't be for sale ever. Trump quipped. Never say never. OK, Toby, we had this big meeting. Things seem to go OK, but still no progress on a trade deal was made.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
And with these heavy tariffs on the books, the Canadian and U.S. economies are increasingly splintering in profound ways.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, Canadian leader Mark Carney visited the White House as tensions heat up ahead of the Dallas-Winnipeg series. Oh, and the trade war, too.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
And it's worth remembering, amid all the talk between the U.S. and China, that the U.S. and Canada are each other's largest trading partners. The two exchanged $916 billion in goods and services last year. Yes, Canada sent 75% of its exports to the United States, but the United States also sends $350 billion worth of goods to Canada. And now Canada has retaliated with tariffs on $44 billion worth
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
worth of goods like alcohol and things like that. So there is an economic pain happening in the other direction, too. And you're already seeing trade levels plummet between these two countries in March. Canadian exports to the U.S. fell 6.6 percent. That doesn't sound like a ton, but it is the biggest drop since the COVID-19 pandemic.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
And then imports from the United States to Canada fell 3 percent.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
The travel industry really has been the poster child of this economic fraying. Just recently, WestJet, which is Canada's second largest airline, canceled a planned flight from Vancouver to Austin. It was the first nonstop flight between these two cities. And they just said, well, the demand wasn't there. And you just go down the line from the earnings reports.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
This year, you see Airbnb saying we see Canada's Canadians are traveling at a much lower rate to the United States. Hyatt called it a flyover where Canadians are still traveling, but they're just flying over the United States to Mexico, booking holdings, another travel giant. Canadians are traveling less to the U.S., but we see them
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
Traveling to Mexico more at the moment, Delta Airlines, a significant drop off in bookings from Canada. United Airlines said Canadian passenger volumes to the U.S. were down 9 percent year over year. So, I mean, they're just really there. There's a quite a precipitous plunge in Canadians coming to the United States. That is a fact that every single company who deals with this is saying.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
It is bulking season in the delivery industry. You mentioned Uber bought this Turkish delivery app process and also in Europe agreed to buy Amsterdam's Just Eat Takeaway, which is a big delivery competitor in Europe. Wonder Group, which is this delivery startup founded by Jet.com's Mark Lohr, bought Grubhub earlier this year. That company is now worth $7 billion. So you are seeing a
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
a lot of consolidation in this industry, which really has weathered the post-pandemic slump, I think, a lot better than anyone expected. DoorDash became profitable in the last year, reported really strong earnings. And if you go down the line from these earnings reports from these delivery companies, they're saying we're... we're fine.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
Flying within the United States is about to get real. Today is the deadline for U.S. adults to present a real ID at airports to fly domestically, the culmination of a process that began all the way back in 2005 but was delayed numerous times. If you don't have a real ID yet, don't cancel your plans. Homeland Security says you'll still be able to fly just after a few additional identity checks.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
Like, I don't know what McDonald's and these other, you know, Starbucks and these other companies are talking about a nervous consumer who's pulling back. I mean, DoorDash CEO Tony Hsu said, we haven't seen any changes in consumer behavior, even if there are changes in consumer sentiment. Instacart CFO got up there and said, no, I haven't seen any signs of a weaker consumer.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
Uber CEO Dara Khosrowshahi called this company recession resistant. So to a T, these companies are saying, we're doing perfectly fine. I don't know what everyone else is
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
They want to go after the frat party market. Yeah, we'll see how that works out. OK, moving on. A vicious flesh eating fly has broken a biological barrier in Central America and officials warn hordes of them are on their way to wreak economic havoc and do other really gross stuff in the United States. It's not the plot of a new Stephen King novel. This is actually happening.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
The screw worm whose larvae eat their host from the inside out has marched up into Mexico this year and is freaking out American agriculture officials who warn we're not prepared for all the flesh eating that's about to come. If you were born in the 1920s and lived in Texas, you are very familiar with the old screw worm.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
It devastated livestock in the South for decades, costing the US economy hundreds of millions of dollars each year. I mean, this thing can kill a full-grown steer in just 10 days.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
But after the US government, working in tandem with Mexican and Central American partners, poured tons of resources into monitoring and eradicating these flesh eaters, screw worms have been virtually absent from the country saving the American consumer more than $1 billion every year on beef by 1974, or $6.5 billion today. Now the screwworm is back on the move while our defenses are down.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
More than 950 cases have been reported in Mexico so far this year, with the potential to infest American livestock and also decimate wildlife like deer, hogs, squirrels, and raccoons. As one USDA inspection leader said, I'm now very nervous, almost to the point of being scared. Toby, are we screwed?
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
Plus, a passport or another TSA-approved form of ID will also get you through to your gate. still posing as a 25-year-old Hawaiian organ donor probably isn't gonna cut it anymore.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
Right, Dave. broken through for a number of reasons. I mean, the big overarching one is that we just don't care as much anymore. We haven't invested so many resources into this problem. Staffing for inspectors of cattle crossing the border has been reduced. And then when you talk about sterile fly production, they produce
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
these infertile males that they bomb on populations to render their populations zero. They've been struggling with supply chain issues around COVID. At the same time, illegal transport of cattle across borders has increased.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
And then also there's just been more migration of humans coming from the dairy and gap in Panama, where this biological barrier had been formed over a very narrow area of land. So all of these factors are swirling to create this northernward march of screw worms. And officials are clearly freaked out.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
And one fun fact is that Texas was famous for producing the country's top rodeo champions in the 50s. And that's because the ranch hands were so good at roping and cutting cattle out of herds to check for screw room. So if you go through the rodeo leaderboards in the 50s, which I often do, you will just see Texas, Texas people just consistently near the top.
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DoorDash Ups Delivery Reign with $5B Deals & Tariffs Hurt Weddings?
And that's direct linked to the screw room infestation. They just had to get so good at inspecting them.
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CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
It's another major milestone moment for self-driving cars. And it is a very unlikely partnership because if you go back to 2016, Uber and Waymo hated each other. Waymo sued Uber and its subsidiary, Otto, for stealing trade secrets. Two years later, five days into that trial, which was a really big deal encapsulating the self-driving car industry, the two sides settled.
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CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
And now they're, you know, linking back up with each other in a very interesting partnership that shows how maybe we're seeing the fledgling business model of a self-driving robotaxi fleet would work.
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CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
It's kind of insane to think about that self-driving cars are here. Right. They're literally here. You can take a self-driving car in Phoenix, Austin now, San Francisco and Los Angeles. I mean, after years and years of saying that these things are coming or they're not coming, they're literally here. We are in a self-driving world now.
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CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
Let's sprint to the finish with some final headlines. BlackRock may have prevented a geopolitical spat from escalating at the Panama Canal. The asset management giant agreed to buy two major ports along the canal from their Hong Kong-based owner as part of a $23 billion deal, perhaps placating President Trump, who threatened to take back control of the canal over Chinese encroachment. C.K.
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CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
Hutchinson, the Hong Kong company in question, owned ports at either end of the Panama Canal, a key trade route used by many American ships as a shortcut between the Atlantic and Pacific oceans. It maintained that the transaction was, quote, purely commercial in nature and wholly unrelated to recent political news reports concerning the Panama Ports. But you're allowed to be skeptical since U.S.
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CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
pressure was building on Panama to cancel its contract with C.K. Hutchinson over its control of the ports. Thanks to the deal, C.K. Hutchinson now has billions of fresh cash in its pockets. An American company is taking over and maybe everyone can move on with their day.
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CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
It's certainly one of a number of companies who are just scrolling on social media every day and saying, hey, what are people doing with our products? And then making that product for them in the hopes of selling it and boosting sales. We've seen Chipotle do this, a number of fast food companies, seeing Starbucks, seeing what...
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CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
What concoctions that people are making and then posting on TikTok and then creating that product themselves. We'll see if it sells. Kraft Heinz needs this to work because they have declining sales for five consecutive quarters. It's Lunchables brand is not doing well. It's other consumer package brands are not doing so great.
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CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
So hopefully Crystallite, which has been around for many decades, will spur a little growth here.
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CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
Not all heroes wear capes. Some get poked by a needle thousands of times and save millions of babies' lives in the process. I'm talking about James Harrison, one of the world's most prolific blood donors, who died at age 88 last month after being credited with saving the lives of more than 2 million babies. Known as the man with the golden arm, Harrison has a rare antibody in his blood, anti-D,
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CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
that is used to make medication given to pregnant mothers whose immune systems may attack their unborn babies. Harrison started giving blood at age 18, and get this, didn't miss a single appointment, which happened every two weeks, until he was 81, getting pricked a total of 1,173 times. An amazing story. In case you're wondering, though, he hated needles.
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CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
Finally, a new version of Monopoly is coming out, and it's going to be a lot harder to cheat by volunteering to be the banker. That's because the new addition, Monopoly App Banking, includes a mobile app that handles all of the game's transactions for you, eliminating the need for a banker and that famous Monopoly cash.
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CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
Hasbro says the goal is to attract a new generation of younger players and speed up the notoriously slow gameplay. But at the same time, it introduces screens to one of the last analog holdouts, board games, and it'll probably make kids even worse at math by not requiring them to do any. Toby, I say throw them straight in jail. Do not pass. Go.
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CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
Let's wrap it up there. Thanks so much for starting your morning with us and have a wonderful Wednesday. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. And if you're enjoying the show, share it with a friend, family member, or coworker. Toby, who should everyone listening share it with today?
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CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
I've never met a single person who is great at explaining rules of a board game.
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CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenna Waogu is our technical director. Garrett Peck is on audio. Hair and Makeup is just visiting. Devin Emery is our chief content officer. And our show is a production of Morning Brew. Great show today, Neil. Let's run it back tomorrow.
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CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, day one of the trade war sent stocks tumbling, businesses scrambling, and Canadians ditching their politeness.
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CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
No, economists have warned forever that they've been around that tariffs will lead to price increases for consumers, for businesses. And that's what we saw from the earnings reports from Target and Best Buy yesterday. Trump did acknowledge that prices may go up due to his tariffs in that unofficial State of the Union last night.
Morning Brew Daily
CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
He said tariffs are making America rich again and making America great again and will happen rather quickly. There will be a little disturbance, but we're okay with that. It won't be much. So there's Trump acknowledging that prices may go up for Americans due to these tariffs on the three largest U.S. trading partners. How much is the typical U.S. family might see price increases?
Morning Brew Daily
CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
Well, the Peterson Institute calculated that the average U.S. household will pay more than $1,200 a year under the current tariff regime.
Morning Brew Daily
CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
a lot at this point but the auto industry has a very complicated supply chain a lot of parts go back and forth over the border so that is expected to be especially vulnerable to these tariffs yeah for some numbers on that the average pickup truck is expected to cost 10 000 more that is sold in the united states and that's why you saw shares of ford and general motors take a beating
Morning Brew Daily
CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
Yesterday, the average crossover utility vehicle will rise by at least $4,000. That's according to the Anderson Economic Group, while the cost of an electric vehicle will rise three times as much. So that's $12,000. That's why you have auto industry executives basically calling Howard Ludnick, the Commerce Secretary, calling President Trump and saying, please stop.
Morning Brew Daily
CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
We need an exemption here, because without that... Our production is going to shrivel up and estimates say that in the next few weeks, a third of U.S. North American auto production could halt altogether because all of the flow of all of these parts across Canada, the United States and Mexico will essentially stop.
Morning Brew Daily
CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
So definitely you saw some pushback from the United States alleys. So looking ahead, we had these comments from the Commerce Secretary Howard Lutnick yesterday saying that maybe Trump will meet Canada and Mexico in the middle. We might get an announcement today about some rolling back of tariffs.
Morning Brew Daily
CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
2025 is quickly becoming the year of the very long speech. Days after Adrian Brody set the record for the longest Oscars acceptance speech in history, President Trump last night delivered the longest speech ever before a joint session of Congress.
Morning Brew Daily
CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
But a vibe of uncertainty is still permeating the markets, is still permeating businesses who, these auto manufacturers especially, who need to figure out where they're setting up plants. This is a multi-year process. When you make a large capital expenditure, where are you going to do it? Are you going to do it at all.
Morning Brew Daily
CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
So the uncertainty is going to lead to just essentially a regime of savings where people just don't spend money because they don't know what U.S. policy will be.
Morning Brew Daily
CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
And you saw that even before tariffs were implemented in that manufacturing survey that we talked about yesterday, where manufacturing in the United States is almost at a state of contraction because manufacturers are just not investing when they don't know what the tariff policy will be one day to the next.
Morning Brew Daily
CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
And we'll see, maybe tomorrow we have a completely different story to tell. For eight decades, gross domestic product, or GDP, has been the standard for measuring economic growth in countries around the world. But some Trump administration officials say they want to change how it's calculated in the United States.
Morning Brew Daily
CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
Over the weekend, Commerce Secretary Howard Ludnick, he's getting a lot of airplay today, mentioned he wants to strip out government spending from GDP, saying that governments have historically messed with the figure and that removing it from the ingredient mix would lead to more transparency.
Morning Brew Daily
CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
That remark came a few days after Elon Musk said that a, quote, more accurate measure of GDP would exclude government spending, adding that governments can artificially inflate GDP to make it seem like the economy is doing better than it actually is. These comments raised a lot of eyebrows among economists who went to bat for the current way GDP is measured. Their defense had two main points.
Morning Brew Daily
CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
Number one, GDP is already sliced and diced in numerous ways. So if you want to get a sense of economic growth without government spending, you can easily do that. Number two, it would set a concerning precedent for lawmakers to meddle in what is supposed to be an independent economic statistic.
Morning Brew Daily
CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
The unofficial State of the Union lasted one hour and 39 minutes, topping the previous record set by President Bill Clinton in 2000, who spoke for one hour and 29 minutes. No one longs for the days of Richard Nixon, but he gave the shortest State of the Union on record, clocking out after 29 minutes in 1972, or just about a Curb Your Enthusiasm episode.
Morning Brew Daily
CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
In the word of David Wilcox, a former director of research and statistics at the Federal Reserve, the implication is that it is okay to manipulate economic data for political gain. Toby, never before has three letters caused so much drama.
Morning Brew Daily
CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
Yeah, Lutnick, here's how Lutnick put it. He said, if the government buys a tank, that's GDP. But paying 1,000 people to think about buying a tank is not GDP. That is wasted inefficiency, wasted money. And cutting that while it shows in GDP, we're going to get rid of that. So he's saying, essentially, the government...
Morning Brew Daily
CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
if they wanted to inflate GDP numbers to make it look better, they could just pay a thousand people to sit there and play solitaire. The pushback on that is that GDP in and of itself does not make any value judgments about how money it's spent. If you pay for something and you buy something, that should be counted in GDP.
Morning Brew Daily
CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
If the company buys pencils or the government buys pencils, pencils were bought and that should be accounted for and you don't make any value judgments. But Maybe somebody makes a horrible movie. What's his name? Francis Ford Coppola spent $250 million of his own money making Megalopolis. No one watched it. You could make the case that that was extremely inefficient.
Morning Brew Daily
CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
But did he spend that $250 million? Yes, and that should be counted as GDP.
Morning Brew Daily
CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
And I just watched Apocalypse Now on the plane coming back. It was so good. So no smear to him, but he may have thrown a lot of his money in the trash.
Morning Brew Daily
CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
And with a variable 4.46% APY, VO Bank's Money Market Savings Account offers exactly that. Voted as the best money market account by GoBankingRates, its interest rate paid is 10 times the national average.
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CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
All of this means you have the flexibility to grow your money and access it whenever you want or need to.
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CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
So one day as I was scrolling the web, I got hit with an ad for patio furniture. Dude, I live in a small New York City apartment, not relevant. So if that's happening to me, imagine the incorrect spaces your B2B marketing could be ending up. If you want to reach the right professionals, start with LinkedIn ads.
Morning Brew Daily
CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
LinkedIn has grown to a network of over 1 billion professionals and 130 million decision makers. And in this vast pool of potential, you can target your buyers by job title, industry, company role, skills, seniority, and more if you can believe it. If you think you're wasting budget on the wrong audiences, stop that first and foremost and start targeting the right people with LinkedIn ads instead.
Morning Brew Daily
CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
LinkedIn will even give you a $100 credit on your next campaign. so you can take LinkedIn ads for a spin. Just go to linkedin.com slash MBD. That's linkedin.com slash MBD. Terms and conditions apply only on LinkedIn ads.
Morning Brew Daily
CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
This is the big time. You know that this date was circled on their calendar saying we need to release this partnership, this robo taxi service before South by Southwest. So all of these techies and media people can come in, take some rides and then go back to their respective cities and, you know, brag about how they took a self-driving taxi and how great it was.
Morning Brew Daily
CEOs Warn of Price Bumps From Tariffs & Waymo Rolls Out in Austin
And we should mention that you're not guaranteed to get a robo taxi. You can change your preferences in your Uber profile so that you are more likely to to get a Waymo robo taxi to ride in. So you can't just select one or the other. And then in the other case, if you don't want one, you can also select preferences that won't let you. But this is live.
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Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
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Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
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Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
Overpriced wireless is out. Mint Mobile's premium wireless plans start at just $15 a month. And all plans come with high-speed data and unlimited talk and text on the nation's largest 5G network.
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Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
If you like your money, Mint Mobile is for you. Shop plans at mintmobile.com slash morningbrew. That's mintmobile.com slash morningbrew.
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Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
Yesterday, we led the show by sharing the grim news that Waffle House was adding a 50 cent surcharge for every egg they sell. If only it were that over easy. Egg slingers everywhere are being stung by record high prices, leading not only to increased costs for consumers, but also shortages and limits on how many cartons can be bought at a time.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
In Chicago, some grocers like Aldi have limited purchases to two cartons of eggs. Whole Foods in New York, where prices have reached up to $12 for a dozen cage-free eggs, have placed a three-carton purchase limit.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
A Bloomberg reporter that tried to find eggs at a ShopRite in Brooklyn last weekend found the shelves almost completely bare, and the cartons that remained were priced at about $1 per egg. The egg crisis is also forcing restaurants, not just Waffle House, to adapt.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
Here was a company that wasn't just chasing the next big AI breakthrough, but actually stopped to ask, how do we do this right? Yada, yada, yada. I'd love to join a team where getting it right matters more than getting it first. Let's talk about how I could contribute to Anthropic's mission.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
The chain Biscuit Belly is planning to swap out carton eggs with liquid eggs for breakfast staples such as omelets and scrambled eggs, but not for sunny-side up. That sounds gross and impossible. Toby, this is a real shock to the egosystem. Wholesale prices for a dozen large eggs in the Midwest are now about seven times their price from two years ago.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
And it's leading to people going in search of alternatives, not just restaurants substituting carton eggs with liquid eggs. But you've seen an uptick perhaps in people going to the farmer's market. And Morning Brew Slack blows up with people saying, hey, I got four dollars from the four dollar eggs from the farmer's market. Look at me. I'm so cool.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
Also, we've seen an uptick and this has been a trend over the past few years. The number of people having a backyard chicken coop as a way to cope with the rising egg costs, we saw that rise during COVID and is still continued. It's very interesting if you are thinking about having an egg coop in your backyard. It's something I would consider, but the startup costs are quite high.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
It can run you about $2,500. And make sure to check in with your local zoning board, too, because your town may not allow for a chicken coop in your backyard. Now, a few years ago, maybe it was a decade ago, in my town in western Massachusetts, there was a huge drama about someone trying to put chickens in their backyard. Their neighbors saying, absolutely no way. It went to the town board.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
Who won? Who won? Who won? I don't remember. I'm guessing the chicken person did not win.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
Let's sprint to the finish with some final headlines. President Trump stunned the world last night when he floated the idea that the US should take long-term ownership of the devastated Gaza Strip and turn it into a, quote, Riviera of the Middle East. At a press conference with Israeli Prime Minister Benjamin Netanyahu, Trump said he'd encourage the two million Palestinians who live in Gaza
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
to leave for neighboring countries so the U.S. could rebuild the enclave and create jobs for, quote, the world's people. He did not rule out putting American troops on the ground there. After picking their jaws up off the floor, critics from around the world called this plan ethnic cleansing, incomprehensible, illegal and indicative of a president who only thinks in real estate deal terms.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
It was also resoundingly dismissed by Palestinian leaders and major Middle Eastern powers, including Saudi Arabia, an influential force in the region.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
Music playlist that uses Apple photos or music and Android users who have tested out say it's pretty obvious that you aren't getting the whole Experience but still Neil who wants to hang out with Android users anyway Wouldn't be me the one The one company that got there that was a little rankled by this announcement was a company called part of full I think a lot of people in
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
New York Know Partiful, which is an invite app, very similar to what Apple introduced. They were very angry. They posted on X the developer guide for Apple, which states, copycats, come up with your own ideas. We know you have them, so make yours come to life. They were angry that Apple was ripping off their app, which it does seem like Apple was kind of doing.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
Lots of lore around Uncle Ogrimacy. Rumor has, and I should say this is a rumor, Uncle Ogrimacy wasn't used publicly after an actor who played the mascot in Philly made comments in support of the IRA. Now, there's no evidence of this, but Uncle Ogrimacy has not been seen for many decades. Now he's back to promote the Shamrock Shake. And what is the Shamrock Shake?
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
Is this about the time you borrowed my charger and it mysteriously never returned? I will plead the fifth on ChargerGate.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
Well, it is an Irish dessert made with reduced-fat vanilla ice cream, light whipped cream, and special Shamrock Shake sauce. syrup. Have you had it?
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
If the Chiefs beat the Eagles on Sunday, it'd be their third consecutive Super Bowl win, something no team has done before. And fans would expect to be able to buy shirts and hats with the term three-peat on it, which is a classic phrase used in the sports world for three consecutive trophies. Not so fast.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
Turns out the Miami Heat team president, Pat Riley, has owned the trademark to the term three-peat since 1988 after the Lakers won their second straight title. Luckily, he's graciously allowed the NFL to use the term three-peat if the Chiefs win this Sunday, probably in exchange for a large sum. The man was a visionary.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
Let's wrap it up there. Thanks so much for starting your morning with us and have a wonderful Wednesday. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. And if you're enjoying the show, pass it along to a friend, family member, or coworker who's trying to make sense of all the news happening right now.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
For some advice and guidance on who specifically to share with, here's Life Coach Toby.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
That didn't sound simple to me. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenua Ogu is our technical director. Scoops Dardaris is on audio. Hair and makeup would never think about job hopping. Devin Emery is our chief content officer, and our show is a production of Morning Brew.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
Perfect for visionaries like yourselves. Now, give me back my charger.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, the US-China trade war has kicked off and Barbie is caught in the crossfire.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
It is a labor market that is bending but not breaking. As you mentioned, the unemployment rate is low. People are still hiring, but the number of job openings is much lower than it was. The great resignation of 2021 and 2022, where people were job hopping because they could get bigger salaries at every other place, just seems like very much a distant memory.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
1.1 job openings for every unemployed worker. That is half of... what it was at its peak. So we're in a cooling labor market now where if you're laid off, which we should mention has stayed steady, it's not, layoffs are not increasing. That rate has stayed the same at a pretty low level for four months.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
The thing is, if you're one of those people laid off, finding a new job, especially in professional services in those high wage, white collar positions is getting much tougher.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
Right. Axios reported that 20,000 federal workers have accepted this deferred resignation. The deadline is tomorrow. So we could see whether that number creeps up. The White House was targeting 5 to 10 percent of the entire federal workforce of 2.3 million. Remember, this is a doge program from Elon Musk endorsed by President Trump to reduce substantially the amount of federal workers.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
It doesn't look like that many people have taken it, 1% of the federal workforce, 20,000 people. So we'll keep an eye on that as this deadline comes up on Thursday. While the U.S., Canada and Mexico pulled back from the brink of a trade war on Monday, a trade skirmish has still broken out between America and China.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
Midnight on Tuesday, the Trump administration slapped 10 percent tariffs on all Chinese imports and a sign of its displeasure over fentanyl shipments into the country. China waited all but a few seconds to punch back, hitting U.S. products like gas, coal and farm machinery with retaliatory tariffs.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
It also launched an antitrust investigation into Google and banned the export of some key minerals used in high-tech products. In all, though, it was a carefully calibrated response by Beijing, one designed to gently prod the bear, not poke it. The retaliatory tariffs apply to just $14 billion worth of American products, which is a fraction of the tariffs the US placed on Chinese goods.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
It appears to be an attempt by Xi Jinping to show he can spar with Trump while acknowledging this is just the first volley in a much longer negotiation around trade and other disputes the two countries have. Still, while it won't have the impact of a potential North American trade war, China is the US's third largest trading partner And these two-way tariffs will have some impacts.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
For instance, yesterday, Mattel said it was considering raising the price of Barbie and Hot Wheels toys to offset the tariffs. Forty percent of Mattel's products are sourced in China.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
Right, because this is part of a much broader negotiation between the two countries. What's happening here is basically the U.S. and China are building the most powerful deck of cards that they have so that when they go into the casino... to have a card game, they can lay down the best hand possible for whatever concessions they might want from the other country.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
They can say, OK, well, you want TikTok? Well, I want tariffs off of I want tariffs off of coal or I want I want export controls off of tech. So there are so many issues going on between these two countries, from the Panama Canal, which we talked about yesterday, to TikTok, to working on the Russia-Ukraine war, to trade as well.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
So this is they're building the deck of cards so they can go into the negotiating room and
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
Investors were pretty hype about what Alex Karp said about his relationship with the Trump administration, too. He said that Doge federal budget cuts would actually be good for the company, which I guess is a little confusing because they get a lot of their. revenue from government contracts. But he said, quote, disruption at the end of the day exposes things that aren't working.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
There will be ups and downs. There's a revolution. Some people are going to get their heads cut off. We're expecting to see really unexpected things and to win. So this guy has always been a bit of an iconoclast in Silicon Valley. They moved their company from to Colorado from Silicon Valley because he didn't really mesh with the culture there. But he's extremely bullish going forward.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
Investors are best company in the S&P 500 last year, already the best company this year. It is a rocket ship. Our next stock of the week is Meta. Yesterday, Zucks Baby closed higher for the 12th consecutive trading session, which is its longest winning streak ever. Over the past two weeks, it's added more than $235 billion to its market cap, catapulting it to a valuation of almost $1.8 trillion.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
Nothing's a meta with this company right now. It's firing on all cylinders. Last week, Meta reported record fourth quarter revenue, jumping 21% from a year earlier, which has allowed it to spend tens of billions of dollars developing AI products. Speaking of, Meta was the rare company to get a
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
boost from deep seek's breakthrough because like the chinese rival it too has made its ai models open source so deep seek success is seen as a validation of that strategy toby i remember the days everyone was making fun of meta for trying to make the metaverse happen zuck has managed to pivot from that pivot to something that appears to be far more lucrative
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
Yeah, I would just encourage people to think about when they open up Spotify now, are they listening to music or are they listening to a podcast? Are you listening to an audio? There are so many different ways to consume audio in the Spotify app. That is exactly what their strategy was set forth a few years ago, and they're executing on it because of
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
Very ironic, very funny. But what if Claude did write a cover letter for Anthropic Financial Times, asked Claude to do it? And I'm going to read a few excerpts and I want to tell everyone to ask you if you'd hire me. Dear Anthropic hiring team, when I first encountered Claude and learned about the philosophy behind its development, something clicked.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
Many years ago, people were like, Spotify is just not going to be a good business. Every single time you stream something, they have to pay a royalty to the music business. And that is a bad business model because your costs grow as your users grow. You know, very few people thought that Spotify could square the circle and they absolutely have done.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
The bad problem for the rest of us is that when this strategy has worked, it means that Spotify is going to raise prices because they did that last year for the first time in a long time. They saw very few defections. Not good to hear that. So that means that we probably will see another price hike in the future. Up next, Neil and I talk eggs. Attention investors, new and seasoned.
Morning Brew Daily
Americans Won’t Quit... Their Jobs & Spotify Has First Profitable Year, Ever
If you're looking for an investing platform with a broad range of asset classes and tools, Public.com is ready when you are.
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World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
The best B2B marketing sometimes ends up in front of the wrong people. It's like advertising fishing gear to a fish.
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
That's what LinkedIn ads is built for. LinkedIn has grown to a network of over 1 billion professionals. Of those, 130 million are decision makers. You can target your buyers by job, title, industry, company, role, seniority, revenue, so many options all in one place. Don't waste precious budget on the wrong audience. Tap into LinkedIn ads to find your people.
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
LinkedIn will even give you a $100 credit on your next campaign so you can try it yourself. Just go to LinkedIn.com slash MBD. That's LinkedIn.com slash MBD. Terms and conditions apply only on LinkedIn ads.
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
Wise Business can help. Your Wise account has everything you need to operate your global business. With Wise Business, you can process payments, get paid, and manage your money internationally.
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
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World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
It is. I think Tinder is telling its users and everyone saying, ha ha, this is kind of a joke, like we're taking you through rom-com scenarios. But underneath it all, you know, AI is infusing dating apps, and these companies, Match Group, have been completely forward about this, saying that we think AI is a way to make dating better. And underneath that surface is that they are hemorrhaging users.
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
Match lost— for nine straight quarters match group, which owns Tinder and hinge has lost users. It used to have a market cap of $50 billion in late 2021. That is under $8 billion today. It doesn't expect revenue to start growing again until 2027. So it's losing users. And it thinks that AI is a way to get people back on and having better outcomes on their apps.
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
And they're looking to the surging AI companion industry, which has been one of the most popular use cases. I
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
Yeah. RFK Jr., who leads the HHS, said you signaled these these cuts were coming last week. But as they happened yesterday and these top leaders of the FDA, CDC, tobacco regulators were fired, it became a huge global economy story, too, because former FDA officials warned that if you remove these people at the top, then this will slow down drug approvals.
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
So that's why the S&P biotech ETF fell as much as 2.4% on Tuesday. It fell 3.9% on Monday after top vaccine official was fired. Moderna dropped like 8%. It was an absolute bloodbath in the biotech sector. And you had former FDA officials saying that the FDA, as we've known it, is failing.
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
A lot of people with institutional knowledge and a deep understanding of product development and safety are no longer employed. The FDA commissioner during Trump's first administration said it threatens to slow down drugs discovery. So that is sort of what the what we're dealing with at the FDA and the CDC yesterday from these massive cuts.
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
OpenAI has officially closed the largest private tech funding round on record, and it's almost an incomprehensible amount of money. The chat GPT maker raised $40 billion at a $300 billion valuation, making it the second most valuable private company in the world. tied with TikTok owner Bykedance and just behind SpaceX.
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
The round was led by Japanese conglomerate SoftBank, who will pour in $30 billion, and joined by a group of other backers, including Microsoft. OpenAI said it will use the money to, quote, push the frontiers of AI research even further and boost its computing infrastructure. Toby, nothing for podcast ads?
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World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
I was being chased by a giant angry tax form. You really got to stop taking melatonin before bed. But good news, Tax Act has expert assist, real live tax experts, 100% credentialed and based in the United States, ready to answer all your tax questions.
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World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
I mean, if... You're looking at the Mount Rushmore of young UK actors. I mean, these four are it. Harris Dickinson, who has played Kidman's love interest in Baby Girl, is one of the favorites to be the next James Bond. Paul Mezcal has become a household name. So has Barry. And this is the first time that all four Beatles members and their estates have granted full life story and music rights.
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World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
for a film. Peter Jackson's documentary of Get Back was really big during COVID when he unearthed a lot of footage of the Beatles recording. And I am just very excited for this. Cory Booker just set the record for the longest Senate speech in history. The New Jersey senator spoke on the floor of the chamber from 7 p.m. Monday to 8.05 p.m.
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World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
Tuesday, a duration of 25 hours and five minutes, 46 minutes longer than the previous record holder, Strom Thurmond, in 1957. Framed as an emergency call to action against the Trump administration, Booker took zero bathroom breaks and only paused his talking when taking questions from fellow Democrats.
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
Toby, I know Jokic posted a 60 point triple double last night, but this might be an even more impressive athletic achievement.
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
Let's wrap it up there. Thanks so much for starting your morning with us and have a wonderful Wednesday. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham and Olivia Lake are our associate producers. Uchenna Waogu is our technical director.
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World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
Tax Act helps individuals and businesses of every size find every deduction and credit possible.
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World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
Scoops Dardaris is on audio. Hair and Makeup is going to be insufferable talking about Smoot Hawley today. Devin Emery is our chief content officer and our show is a production of Morning Brew.
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
File now at TaxAct.com and make sure you beat that April 15th deadline. Well, it has finally arrived. Liberation Day, President Trump's name for his announcement of sweeping tariffs on the U.S. 's trading partners. It is a historic inflection point that will reverse a decades-long shift toward globalization led by the United States after World War II.
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
Yes, Trump has imposed tariffs before, and so have many other presidents, but the size of the package being discussed is unlike anything we've seen in modern history, likely raising American trade barriers to their highest levels since the 1930s, 90 years ago. Remember Smoot-Hawley from AP U.S. History? Yeah, that is what this is being compared to. We are entering a new era of protectionism.
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
Trump and his economic team say the tariffs are necessary in order to rebuild the American manufacturing base, raise loads of money for the government by collecting import taxes, and rebalance American trade deficits with the rest of the world. While tariffs may raise prices in the short term, Trump argues, it'll leave the country better off in the long run.
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
There has been short-term turmoil already, even before Liberation Day. With all the uncertainty around tariffs, the S&P 500 posted its worst first quarter since 2022, and consumer sentiment has fallen off a cliff. Speaking of uncertainty, the big outstanding question is, what tariffs will Trump announce today?
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, we're talking tariffs ahead of President Trump's big Liberation Day announcement this afternoon.
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
The president initially signaled reciprocal tariffs on other countries, which means, in his words, Whatever they charge us, we charge them. But earlier this week, reports emerged that Trump was considering another plan, a blanket 20 percent tariff on virtually all of the three trillion dollars in goods the U.S. imports.
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
So, Toby, we don't know exactly what Trump is teeing up, but in either scenario, he's taking out driver.
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World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
Yeah, I mean, even go even further back to the founding of the country, Thomas Jefferson and Alexander Hamilton railed against other countries who taxed the United States. And they wanted to build up the domestic manufacturing. It wasn't really manufacturing back then, but the domestic industry by putting tariffs. However, since then. World War II ended in 1947.
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
The United States led this big effort among all of the many countries in the world, our trading partners, to lower tariffs across the board and spread globalization. The concept was, we do things well here, you do things well there, And because shipping is so cheap now with the rise of container ships, then this will lead to better prosperity for all.
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
So we signed this general agreement on tariffs and traded with two dozen other countries in 1947 after the war and tariff rate across the world. came down. Average tariffs among major economies fall from about 22 percent in 1947 to 14 percent in 1964 to just three percent in 1999. So you see countries all over the world lowering their trade barriers in this postwar era. And I mean, this has been
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
generally good for a lot of industries and companies just look at Nike you know Nike is a global company that has headquarters in Beaverton Oregon they don't make their shoes there they make their shoes in factories that are spread throughout Southeast Asia because in Oregon you have talent that can do things like marketing and branding and you have the CFO there and that's where
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
Sort of the high level decisions are made, but it doesn't make economic sense to make actual sneakers in the United States. That is better done where labor and land is cheaper in Southeast Asia. And so that's been, you know, the era, you know, Nike just encapsulates the era of globalization that we've been having for the past 30, 40, 50 years with lower tariffs.
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
Another April Fool's Day, another year of brands making mostly harmless, sometimes clever pranks online. Here are some of the highlights and lowlights from yesterday's shenanigans. The state of New Jersey said it had finalized plans to construct Mount Jonas, a replica of Mount Rushmore with the faces of the New Jersey-bred Jonas Brothers, Kevin, Joe, and Nick.
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
And that looks like, you know, that concept, that general economic philosophy is going to be reversed today.
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World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
I think there might be. I mean, if you look at the way Hooters operates now, it's kind of two separate companies. There's the P.E. owned restaurants and then there are the founder owned restaurants. They own, you know, not many of the global footprint, but they own a little more than 20 in Florida and Illinois. And they say that they are running the restaurants worldwide.
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World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
really well, and they have criticized the PE guys for running their restaurants into the ground. So they are going to buy over 100 stores through this bankruptcy deal and think that they can put their secret founder sauce back on Hooters, which made it a massive chain back in the 1980s when it started. Right.
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
Duolingo and That Obscene Owl announced they were launching a five-year world cruise with where you visit 195 countries and learn to speak like a local in all of them. Perhaps the prank that made the most waves, Tiger Woods, who ruptured his left Achilles a few weeks ago, said he had miraculously healed after sleeping in a hyperbaric chamber and would be playing in the Masters next week.
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
I mean, you know, he could also look at himself and say, I created a restaurant named Hooters. So, you know, he is maybe partially to blame. But, you know, this is a major uphill climb for a company in a restaurant chain like Cooters because all of the trends are pointing in the opposite direction. Chipotle, Fast Casual and Quick Service Casual are hammering these casual restaurant chains.
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World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
I mean, you could go down the list of all these companies that filed for bankruptcy. TGI Fridays, Red Lobster, Rubio's Coastal Grill on the border. They all filed for bankruptcy because people just aren't sitting down at these chains anymore. The only one that is doing OK is Chili. So they are facing headwinds More generally, they're facing inflation, higher labor costs.
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
Restaurant prices are up 30 percent in the last five years, which is way more than already soaring inflation. They are seem to be adopting a very similar playbook to the new CEO of Red Lobster, which is focusing on fresh ingredients, better service, investing in stores. So, yes, Hooters filed for bankruptcy. It's not going away. We'll see if this turnaround plan works.
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
Here's a wild story involving a vindictive NBA owner, cutting-edge technology, and a T-shirt. Last week, a man named Frank Miller was going through security at New York's Radio City Music Hall for a concert with his parents when he was stopped by security guards who whisked him to a separate part of the venue where he was handed a piece of paper titled Trespass Notice.
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World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
The letter explained that Miller had been banned from every venue owned by Madison Square Garden Entertainment, which includes Radio City Music Hall. But why was he banned and how did security at Radio City even identify him as he was in line?
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World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
Miller thinks the venue ban likely stems from an incident in 2021 when one of his friends went viral for wearing a shirt to a Knicks game that said ban Dolan. A not so nice message referring to James Dolan, the owner of the team and the CEO of Madison Square Garden Entertainment. Miller, a graphic designer, was the person who created that shirt.
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
And even though he wasn't at the game that day four years ago, he believed that Dolan's team identified him in social media posts surrounding the incident. And get this, use facial recognition technology deployed at MSG venues to pick him out of the crowd at Radio City and block him from entering. Toby, there's good reason to think that is exactly how it went down.
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
None of those were real, sadly, but they put a smile on your face. Toby, did you see any brands that took it a little too far yesterday?
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World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
Yeah. So is this legal? In New York City, it is. New York City law allows companies to use biometric technology as long as they notify customers. So if you're going to a Madison Square Garden entertainment venue, MSG, Beacon Theater, Radio City, you probably will see signs posted that we are monitoring you for your safety, etc. If you go to another MSG property in Chicago, the Chicago Theater,
Morning Brew Daily
World Braces for Trump's Tariffs & Practice Flirting with Tinder’s AI
You actually won't be surveilled by facial technology, so they might nab you another way if you are involved in litigation against James Dolan or have hurt him in any way, hurt his feelings in any way in the past. They also own the Sphere in Las Vegas, so they own this sprawling entertainment empire, and James Dolan is out for his enemies.
Morning Brew Daily
2025 Investing, Renting vs Buying, $$$ Planning with ‘Money with Katie’
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, how are your personal finances looking for the year ahead?
Morning Brew Daily
2025 Investing, Renting vs Buying, $$$ Planning with ‘Money with Katie’
So after you had this realization, like what changes did you make?
Morning Brew Daily
2025 Investing, Renting vs Buying, $$$ Planning with ‘Money with Katie’
So we're releasing this episode on January 1st, obviously a popular time to make resolutions for the new year. What are a couple of practical steps our listeners can take in the new year to improve their financial health specifically?
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2025 Investing, Renting vs Buying, $$$ Planning with ‘Money with Katie’
Let's keep on this topic of maybe history. Last month, you did a show on the last 40 years of the U.S. economy. Incredible episode. Everyone should go listen. It went absolutely viral. This is a topic that fills up entire books. So would you mind giving us the TLDR on the last 40 years? And I'm also curious why this episode seemed to have resonated with people.
Morning Brew Daily
2025 Investing, Renting vs Buying, $$$ Planning with ‘Money with Katie’
So the people want to know, when is it coming out?
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2025 Investing, Renting vs Buying, $$$ Planning with ‘Money with Katie’
When you're not writing this book, you and your husband have been house hunting. I'm curious what that process has been like. This is a historically clogged up housing market. Mortgage rates, prices are sky high. Nobody wants to move. Take us through that experience.
Morning Brew Daily
2025 Investing, Renting vs Buying, $$$ Planning with ‘Money with Katie’
Toby, how often do you think about opportunity costs on a daily basis? I mean, every time I have breakfast, I was like, I could have had this for breakfast or that for breakfast. All right, you passed. Katie, what are you going to miss most about California?
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2025 Investing, Renting vs Buying, $$$ Planning with ‘Money with Katie’
God, I've never been.
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2025 Investing, Renting vs Buying, $$$ Planning with ‘Money with Katie’
And there's none of that in Colorado, unfortunately.
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2025 Investing, Renting vs Buying, $$$ Planning with ‘Money with Katie’
All right, Katie, we have time for one more question. It's January 1st. We've got to ask you, what are your resolutions for this year?
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2025 Investing, Renting vs Buying, $$$ Planning with ‘Money with Katie’
I've gone 33 years without a resolution.
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2025 Investing, Renting vs Buying, $$$ Planning with ‘Money with Katie’
Well, I usually don't do resolutions. I don't think I've made a single one or actually committed to one. Maybe those are two different things. But this year, I really want to see the two remaining United States I haven't been to. Those would be Kansas and Alaska. Those are the only two left. During COVID, I just did so many road trips and just worked from Airbnbs all over the country.
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2025 Investing, Renting vs Buying, $$$ Planning with ‘Money with Katie’
So I knocked off a lot of states. I have two left.
Morning Brew Daily
2025 Investing, Renting vs Buying, $$$ Planning with ‘Money with Katie’
What is the state of the FIRE movement? Is it growing? Is it shrinking? Like, I just haven't heard so much about it. And I wonder if broader changes have, you know, led more people to seek out this type of lifestyle or less.
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2025 Investing, Renting vs Buying, $$$ Planning with ‘Money with Katie’
Let's talk about saving for retirement. So the last couple of years have really been the golden age of cash, thanks to those really high interest rates. I could stick my money in a high yield savings account, maybe get something like a 5% yield. That, though, is going to change. Interest rates are coming down, which means yields in cash accounts are going down.
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2025 Investing, Renting vs Buying, $$$ Planning with ‘Money with Katie’
How should people approach the lower interest rate environment we are entering? And I don't mean low, low, but lower than we had.
Morning Brew Daily
2025 Investing, Renting vs Buying, $$$ Planning with ‘Money with Katie’
Take out a pen and paper because you're going to learn so much from this podcast. We really hope you enjoy it. Katie, thank you so much for joining us and Happy New Year.
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2025 Market Predictions: Tariff Impact, Crypto, Mega-Mergers and More
It's a safe space.
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2025 Market Predictions: Tariff Impact, Crypto, Mega-Mergers and More
And we're about to dig in right now. One of the biggest themes for markets in 2025 is going to be the policies of the incoming administration, particularly Trump's signature policy proposal to enact sweeping tariffs.
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2025 Market Predictions: Tariff Impact, Crypto, Mega-Mergers and More
If I was thinking about investing in crypto, why would I? Is it just because I think the price is going to go up? Because you say there's more mainstream adoption. There's been ETFs from the most institutional of institutional investors, like BlackRock. We still haven't found any real... Proper use case for Bitcoin, maybe some other crypto does have some applications.
Morning Brew Daily
2025 Market Predictions: Tariff Impact, Crypto, Mega-Mergers and More
But for Bitcoin itself, it just seems like it is a store of value, very similar to gold, where people will just buy into it because they think that other people will buy into it in perpetuity.
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2025 Market Predictions: Tariff Impact, Crypto, Mega-Mergers and More
I think it's just worth reminding people that there was a crypto winter two years ago where the price of Bitcoin plunged 75%. The head of a crypto exchange stole $10 billion and is now serving a 25-year sentence. So we'll see what happens in the next few years with Bitcoin.
Morning Brew Daily
2025 Market Predictions: Tariff Impact, Crypto, Mega-Mergers and More
Let's turn to the Federal Reserve, which may have a bigger impact on markets and the economy than anything we've talked about so far. As of this taping in mid-December, the Fed has cut interest rates two times this year and is expected to slash rates one more time at its next meeting later this month. Sure seems like Jay Powell has nailed the mythical soft landing.
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2025 Market Predictions: Tariff Impact, Crypto, Mega-Mergers and More
Inflation has returned to just about normal levels, while the job market has remained healthy. Meanwhile, there appears to be some stability at the top, after Trump said he wouldn't try to remove Powell. with whom he's had some beef before. And what can we expect from the Fed this year?
Morning Brew Daily
2025 Market Predictions: Tariff Impact, Crypto, Mega-Mergers and More
Just to recap for everyone, Trump has pledged on day one that he'll impose 25% tariffs on Mexico and Canada, the US's two largest trading partners, and an additional 10% tariffs on China. On the campaign trial, he also mentioned slapping across-the-board tariffs on 10% on all goods coming into the US, but we haven't really heard any more details on that.
Morning Brew Daily
2025 Market Predictions: Tariff Impact, Crypto, Mega-Mergers and More
And tariffs of this scale would provide a major shock to the economy, upending global supply chains and likely raising consumer prices for Americans. How should we think about the stock market's response to Trump's ultra-aggressive trade posturing?
Morning Brew Daily
2025 Market Predictions: Tariff Impact, Crypto, Mega-Mergers and More
So this is the last day of 2024 and I think I will remember this year as the one when long time American corporate titans were brought to their knees. Boeing, Starbucks, Nike, Intel, we'll even throw in Red Lobster, all struggled mightily and either replaced or are in the process of replacing their CEOs.
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2025 Market Predictions: Tariff Impact, Crypto, Mega-Mergers and More
Anne, is there a company out of the group that I mentioned that you think has an easier path to a turnaround?
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2025 Market Predictions: Tariff Impact, Crypto, Mega-Mergers and More
It does not look good. The presentation, everything about it, yeah. He's also a Dunkin' Guy, though.
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2025 Market Predictions: Tariff Impact, Crypto, Mega-Mergers and More
Tobi, ich möchte auch deine Meinung hören. Welche von diesen fünf Firmen kannst du dir vorstellen, die einen guten Job machen können?
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2025 Market Predictions: Tariff Impact, Crypto, Mega-Mergers and More
Klarna. Klarna is a buy now, pay later giant.
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2025 Market Predictions: Tariff Impact, Crypto, Mega-Mergers and More
Das macht den Markt sehr gespannt. Ja. Will Google be broken up? The DOJ wants it to sell off Chrome and the judge will rule on this next summer.
Morning Brew Daily
2025 Market Predictions: Tariff Impact, Crypto, Mega-Mergers and More
What is a merger that could happen in 2025 that no one will have seen coming?
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2025 Market Predictions: Tariff Impact, Crypto, Mega-Mergers and More
It's a tough question.
Morning Brew Daily
2025 Market Predictions: Tariff Impact, Crypto, Mega-Mergers and More
And you can say it like it's an actual word.
Morning Brew Daily
2025 Market Predictions: Tariff Impact, Crypto, Mega-Mergers and More
Sprechend davon, was ist die größte Unterschiede zwischen New York und London?
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2025 Market Predictions: Tariff Impact, Crypto, Mega-Mergers and More
Good Morning Brew Daily Show! I'm Neil Freiman. And I'm Toby Howell. Today, what does 2025 hold for the stock market?
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2025 Market Predictions: Tariff Impact, Crypto, Mega-Mergers and More
Roaring Kitty. Warren Buffett.
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2025 Market Predictions: Tariff Impact, Crypto, Mega-Mergers and More
Aber während der letzten, wenn diese Tarife materialisieren würde, ich meine, es könnte einen Einfluss auf den Markt haben. Ich meine, ich bin einfach zurückgegangen, ich bin zurückgegangen, ich bin zurückgegangen zu der letzten Trump-Administration auch.
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2025 Market Predictions: Tariff Impact, Crypto, Mega-Mergers and More
Und an den Tagen, an denen Tarife veröffentlicht wurden, ich erinnere mich sehr klar, weil ich in der Morgenbrühe-Newsletter geschrieben habe, an dem Zeitpunkt, die Märkte würden absolut tanken. Sie fielen 11,5 Prozent an Tagen, an denen die Tarife veröffentlicht wurden, während der Vielen Dank.
Morning Brew Daily
2025 Market Predictions: Tariff Impact, Crypto, Mega-Mergers and More
Holy cow, it's the last day of the year. What a ride it has been. Tobi, favorite memory from 2024?
Morning Brew Daily
2025 Market Predictions: Tariff Impact, Crypto, Mega-Mergers and More
I just wish we had the idea. So NVIDIA earnings have become this blockbuster event on par with Fed interest rate decisions and jobs reports. Kind of out of nowhere that people were hosting literal watch parties at New York City bars for its third quarter earnings reports. I do wonder whether those will, maybe we've reached peak NVIDIA earnings as sort of those year on year comps get a little more
Morning Brew Daily
2025 Market Predictions: Tariff Impact, Crypto, Mega-Mergers and More
Reasonable and you don't see things like this $3 trillion company is growing at 300% anymore, but it was a really fun time this year.
Morning Brew Daily
2025 Market Predictions: Tariff Impact, Crypto, Mega-Mergers and More
Awesome. To wrap up the year, we are continuing our special holiday episodes with a show all about markets. The stock market had a banging year in 2024, but what should you be looking out for in 2025?
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2025 Market Predictions: Tariff Impact, Crypto, Mega-Mergers and More
How do you think about NVIDIA in relation to the broader stock market? I mean, for the first half of the year, AI dominated and most of the S&P 500 gains came from NVIDIA and just a couple of the other magnificent seven. Towards the second half of the year, the stock market seems to have broadened out and things like utilities and other sectors are growing faster than the tech sector.
Morning Brew Daily
2025 Market Predictions: Tariff Impact, Crypto, Mega-Mergers and More
Do you see that as a good thing and maybe a way for this market not to be in a bubble like the dot-com version of it two decades ago?
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2025 Market Predictions: Tariff Impact, Crypto, Mega-Mergers and More
Just to put you on the spot, are there any particular names that you think are bluffing or have maybe been talking a big AI game and will not be able to prove it out next year?
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, sailing across the Pacific, you're probably going to beat Google Maps' ETA because there's no traffic.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
I do not accept the premise, but yes, they've done an incredible job of re-engineering classic styles with performance fabrics. Because you're so sweaty. Because I appreciate looking my best. As we all know, when you look your best, you perform your best.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
They've also got breathable wool blazers and high stretch pants that are ideal for work, the weekend, and really anywhere else.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
Enough. Head to mizzenandmain.com to grab your new favorite dress shirt and get 20% off your first purchase with code brew20. That's mizzenandmain.com and code brew20. ServiceNow puts AI agents to work for people. That's why this was written and read by a real person and not AI. Creative work like writing and performing, that's the good stuff. You know, the work people actually want to do.
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Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
You know what people don't want to do? Boring, repetitive, busy work. That's where AI agents come in. Built into the ServiceNow platform, AI agents can work on millions of repetitive tasks in every corner of a business. IT, HR, customer service, and more. For this repetitive work that needs doing, ServiceNow has an AI agent to get it done.
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Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
That makes it easier than ever to do the work you really want to do, no matter what the work is. That's what it means to put AI agents to work for people. It's your turn. Find out how to get started at ServiceNow.com slash AI dash agents.
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Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
And it was only a matter of time before institutional investors like Private Equity saw what the mom and pop house flippers were doing and saying, you know what, that sounds like a good idea. In 2020 and 2021, institutional investors accounted for 23% of all manufactured home purchases, up from 13% in 2017 to 2019. Mobile home parks are
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
According to Blackstone, has a 22% annual compounded return, which is the highest in the real estate field. A lot of people who are working in this industry kind of knew that this was a diamond in the rough. And now institutional investors are circling like vultures. So if you want to do this, get in now.
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Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
Smoothing, perfect weight, writes like room temperature butter. Oh yeah. But I lost it back in college and have been chasing that high ever since.
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Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
We haven't really touched on this aspect, but what does the growth in this market say about the broader housing challenges that Americans are facing, that this sector of really cheap mobile homes is increasing like crazy because people can't afford anything else?
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Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
Okay, let's sprint to the finish with some final headlines. In one of Canada's most important elections in decades yesterday, former central banker Mark Carney was elected prime minister in a stunning comeback for the Liberals after they were down the equivalent of 28 to 3 only a few months ago to the Conservatives. But then President Trump happened, slapping tariffs on Canada and
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
repeatedly vowing to make it the 51st state. Carney, who had previously ran the Bank of Canada and the Bank of England, leaned into the fight and made standing up to Trump the central motif of his campaign, which clearly resonated with voters who despise the US president. Even Trump acknowledged his impact on Canada's election in an interview with The Atlantic published before the election.
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Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
He said, you know, until I came along, remember that the Conservative was leading by 25 points. Then I was disliked by enough of the Canadians that I've thrown the election into a close call, right? Now Carney will have to use all his economic wily to chart a stagnating Canada's future.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
It's rich, creamy, and crafted to blend like a dream. I'm talking coffee, cereal, baking, you name it. It handles it all without issue.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
Yeah, and it's still lingering until this morning with certain transportation networks still reporting outages, and they're still coming online. This is going to shine a pretty harsh spotlight on Spain's renewables sector. Spain has really leaned in to renewables, generating 43% of its power from wind and solar.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
And on April 16th, actually, two weeks ago, Spain's grid ran entirely on renewable energy for the first time entirely. But, you know, the storage of these renewables has not kept up with demand. So you're going to see a lot of conversations about Spain's reliance on renewables, leading to what officials are calling a totally unprecedented outage.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
They've basically dismissed a cyber attack, but they still, you're right, they have no idea what happened. And it caused absolute chaos across the Iberian Peninsula until this morning. The billionaire space race entered a new arena last night, satellite internet.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
Jeff Bezos' Amazon sent its first batch of Kuiper internet satellites to space as it begins forming an internet-beaming constellation that one day could rival Elon Musk's Starlink. The goal is to provide high-speed data connections to nearly every point on Earth. Problem is, you need thousands of satellites working in tandem to do this, and Amazon has now sent up 27.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
Meanwhile, SpaceX's Starlink dominates the sector with 8,000 satellites already in orbit and more launching virtually every week. Still, Amazon thinks it can challenge SpaceX, especially by integrating this connectivity with its ubiquitous cloud platform, Amazon Web Services. Toby, a less buzzy but a lot more consequential launch for Bezos than the Katy Perry mission earlier this month.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
So if your fridge is missing that one thing that ties the whole routine together.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
My people have a word for this and it's called chutzpah. And there was a large uproar on Japanese social media because this guy had to be rescued twice using up a lot of resources and rescue people, rescue people's time. Uh, so they were angry and they think that he should have paid for the rescue services, but Mount Fuji is so busy. You're only allowed to climb it.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
Well, you're not only allowed to climb it, but they say you should climb and they only have sort of resources available for climbers from July to early September. So, uh, it's just getting super crowded and maybe you got to go in the off season and able, uh, in order to climb it. I'm just amazed that you could leave your phone anywhere because I could be incapacitated at 25,000 feet up in the air.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
And I still would be checking my pocket for my phone wallet keys. So the fact that he left it the first time is astounding to me.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
All right, let's wrap it up there. Thanks so much for starting your morning with us and have a wonderful Tuesday. Welcome back, Toby. If you've got any questions for Toby or feedback on the show, send an email to morningbrewdailyatmorningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Our associate producers are Olivia Graham and Olivia Lake.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
Scoop Stardaris is on audio. Hair and Makeup is retrieving their phone from Mount Fuji. Devin Emery is our president. And our show is a production of Morning Brew.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
Remember during the early days of COVID when you'd go to a store and find pretty much nothing you needed on the shelves? A number of prominent economists and freight experts have come out in recent days saying we're headed for a similar scenario in a matter of weeks if the U.S. 's 145% tariffs on Chinese goods remain in effect.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
That's because traffic across the Pacific has become quiet, too quiet. Since President Trump slapped massive tariffs on China in early April, cargo shipments have plunged by 60 percent, according to logistics company Flexport. Meanwhile, the number of so-called blank sailings or canceled voyages has surged.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
In April, there were about 80 canceled sailings from China to the U.S., which is 60% more than any month during the COVID pandemic, logistics exec John McCown said. Speaking of COVID, some experts say we could see a supply shock on the same order as the pandemic.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
In an ominous and viral research note, you don't really say viral next to a research note a lot, but Apollo's chief economist, Torsten Slocke, wrote that, quote, container traffic from China to the U.S. is collapsing. The consequence will be empty shelves in U.S. stores in a few weeks.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
and COVID-like shortages for consumers and for firms using Chinese products as intermediate goods, and the effects could spill into the broader economy. Slock warned of major layoffs in trucking, logistics, and retail, meaning the downside risks to the economy are significant.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
Toby, for many Americans, the trade war feels pretty abstract for now, but if you listen to the people who work in freight and logistics, it could become real in just a few weeks.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
Toby, welcome back. We need to hear all about London and running the marathon. First of all, how sore are you?
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
They're built to handle more stable flows rather than this dramatic up and down, which we're seeing now. And the timing of this could not be any worse because we are coming up on the peak shipping season for back to school and the holidays. I mean, Gary Cohn went on the Sunday shows on Sunday morning. He is the former Trump economic advisor from the first term, and he explained that
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
this whole thing of getting goods from China to the U.S. is a very long process. It takes something like eight weeks to go from a factory in Shenzhen onto a ship in Shanghai. And then you go to the port of Long Beach and then it goes into a truck and then it goes to another warehouse and then it goes finally to the retail store. That is a very long process. And
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
And so they're ordering holiday goods in the next few weeks and months. And if they don't order them, then that means shortages come at the time when everybody's shopping.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
The data is clear that trade between the U.S. and China is collapsing. Hatbag Lloyd, which is the world's largest container shipping line, fifth largest container shipping line, canceled 30 percent of bookings out of China. The port of L.A., which is one of the main gateways for Chinese goods coming into the United States, expects a 35 percent drop in import volumes today. in the next two weeks.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
So everyone is looking for some detente between the U.S. and China in order to stave off what could be a pretty catastrophic economic scenario coming in just the next few weeks. Things at Paramount are getting more awkward than Bill Belichick's Sunday morning interview.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
The media giant and parent company of CBS is getting bashed by its own top talent, including Nathan Fielder, as it tries to complete a high-stakes merger and fend off a lawsuit by the Trump administration. Thank you for watching. No one here is happy about it. Pelley added... Bill made sure they were accurate and fair. But our parent company, Paramount, is trying to complete a merger.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
The Trump administration must approve it. What Pelley is claiming here, if you read between the lines, is that Paramount leadership, specifically Chair Sherry Redstone, is worried that 60 Minutes' critical reporting of the Trump administration will jeopardize its sale to a company called Skydance Media, which is run by the son of Oracle's Larry Ellison. That
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
$8 billion deal is still awaiting approval from the FCC. And another curveball to this saga is that CBS is also being sued by the Trump administration for $10 billion over an edited interview of Kamala Harris last year. There's widespread belief that the FCC won't bless Paramount's sale until it settles with Trump over that lawsuit. Toby, what a mess.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
racked with controversy. Right. And the fact that 60 Minutes, that Scott Pelley would get up there and talk to viewers in this very candid way is extremely unusual. But 60 Minutes has kind of a lot of weight to throw around. It's been around for 57 years. It is the crown jewel of CBS News, of Paramount's portfolio.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
It is the most watched TV news program in the U.S., the third most watched non-sports broadcast on TV. It gets 8.4 million viewers a night during its latest season. So they have a lot of weight that they can bring to bear, a lot of influence that they've accrued over the last six centuries, six decades.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
And then this is not the only drama going on at Paramount, the only talent that is criticizing the corporate owner, Nathan. This is a completely different field than 60 Minutes, but Nathan Fielder was this comedian who had the show Nathan For You, and now has a show called The Rehearsal on HBO.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
His episode on Sunday night, he criticized Paramount Plus for removing one episode of Nathan For You from 2015. And he basically portrayed Paramount Plus's Germany studios as a Nazi auditorium. And he said that they removed it over the sensitive Jewish content. He created this apparel brand called Summit Ice, which directs money towards Holocaust research.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
And he said that Paramount Plus executives got a little skittish over that, especially in Germany. So Paramount is getting it from all angles right now as it tries to complete this merger. And it's supposed to have happened by now, but it just can't get it done.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
First of all, Josh Harris is on a winning streak. He bought this team for a little over $6 billion a few years ago, and he has sort of transformed the franchise from what was a very hapless situation under the former owner, Dan Snyder, who everyone hated. They made the playoffs the past year. They've kind of turned around the product on the field, and now he secures this stadium deal forever.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
We are, which is pretty cool. We are a finalist in the business podcast category of the Shorty Awards, which is like the Oscars, but a little more prestigious.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
which he had been long pursuing, as well as NFL Commissioner Roger Goodell. Those two hail from the DMV area, so they really wanted to bring this Washington football team back to D.C. So he's kind of on a heater right now. You said there could be some hurdles due to that $1 billion in taxpayer funds. There have been pushback all around the country to new stadium deals that require public funding.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
It's happened in Kansas City, where the chiefs are somewhat in limbo after voters in that county in Missouri rejected the extension of a sales tax that would fund the stadium. Now, they don't know what they're going to do. So there will be and they're already opposition has already been created in D.C.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
overspending one billion dollars in public funds to a stadium that will ostensibly be open or profitable. be open eight days a year for NFL Sundays, which is why you see this as part of a broader plan to rejuvenate that area around RFK Stadium, which is not good now.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
Overall, I mean, this would be a win for fans of D.C. sports, the fact that they're all kind of coming back to the city itself. I mean, the Commanders play in Landover, Maryland. It's very far away from the city. The Capitals and the Wizards were threatening to leave to Virginia, but the mayor stepped in and said, we're going to refurbish the stadium in downtown with $500 million.
Morning Brew Daily
Shipping Industry's Warning on Supply Chains & ‘60 Minutes’ vs. Paramount
So now they're staying, and now if the Commanders come back, seems like there could be a renaissance in D.C. sports. Up next, I got a little Toby's Trends for you.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
Take control of your trading and unleash the possibilities with TastyTrade. Get started at TastyTrade.com slash Morning Brew Daily. That's TastyTrade.com slash Morning Brew Daily. TastyTrade, Inc. is a registered broker-dealer and member of FINRA, NFA, and SIPC.
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DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
No, is that not the most economist thing ever? By saying that, oh, over from 1980 to 2010, average incomes rose. So people are understanding that their opportunity cost of just leisurely walking through the streets means that they're giving up more money than they used to.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
I mean, I don't know if I think about that, but maybe subconsciously I'm like, yeah, got to go back to my desk because I'm making more money now and I can't just be lingering around. Now, So urbanists, people who care about city life and, you know, these social interactions are raising some alarm bells around this. They say this is concerning.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
Cities are supposed to be an area of random encounters, of dynamism, and that's what leads to... economic productivity and fulfilling cultural life. The fact that we're just going to bump into a random person on the street, have a chat and, you know, maybe think of a new business idea adventure or otherwise just make our lives better.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
So the fact that we're lingering 50 percent less than 30 years before and we're walking faster, they say, is perhaps a negative development that leads to more private life and less public one.
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DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
We're beating around the bush here. This is all about cell phones. Yeah. This is all about cell phones because in the past, you would have to say, hey, I'm going to hang out. Let's meet at this particular statue or at this corner because you couldn't arrange ahead of time. As soon as cell phones become a thing, they say, I can meet you at this exact time in this exact place.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
And then we'll meet at the same time. There's no lingering involved. So to me, cell phones are 80% of the story. Economic opportunity cost 5%. I also hate walking slowly.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
One of the few times, just a quick story, the first time, one of the first times I met Toby, he ran from the East Village to Yankee Stadium so he could go to a Yankee game. He literally ran there. Okay, let's sprint to the finish with some final headlines.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
The White House dropped a spending bombshell late last night, ordering a pause in grants, loans, and other federal financial assistance that has sparked loads of confusion and alarm. The federal government sends billions of dollars across the economy through grants and loans for things like disaster relief, transportation funding, and loans to small businesses.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
The two-page memo from the Trump White House was extremely vague, leaving experts unclear how to interpret it. According to the order, programs affected are, quote, including but not limited to financial assistance for foreign aid, non-governmental organizations, DEI, woke gender ideology, and the Green New Deal. deal.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
One of the reasons that's confusing is because the Green New Deal, for example, was a policy that was never put in place. The White House did carve out an exception for, quote, assistance received directly by individuals as well as Medicare and Social Security benefits. But as of now, there are tons more questions than answers.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
If you want a good parallel for maybe what's going on at Whole Foods right now, it's to look at Starbucks. The first Starbucks store unionized in 2021 in Buffalo, that's now spread to 500 stores. And it's similar workplace, a coffee shop and a grocery store where the employees are in close contact. They can form solidarity networks.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
I prefer to think about it as the indexes were blushing because they couldn't keep up with the AI advancements coming out of China.
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DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
They talk a lot and they are able to share grievances with their employer. So the Starbucks one, absolutely proliferated. And that's been a huge source of contention between labor and the company for Starbucks. And it looks like this could be the same for Amazon Whole Foods and its employees if this spreads from Philadelphia to, I mean, Whole Foods has 500 stores around the country.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
So So right now it is 1230 a.m. We're taping this at 630 a.m. Eastern time in New York. It is 1230 a.m. on Wednesday tomorrow in New Zealand. So I don't know if that works with our schedule. Would you rather do the podcast really early or really late the next day? Either way, New Zealand is a beautiful country. They are going through some economic tough times right now.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
They entered a recession a few weeks. quarters ago and they're looking for these digital nomads to come in, stay up to 90 days, not work for a Kiwi employer. That's key. They want to work for a foreign employer because they wanted to stress that they didn't want foreigners coming in and taking New Zealand people's jobs. But I do want to get there at some point. It's just a little far away.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
One quick scan of their homepage and you can see the news driving the market's lousy day.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
The hours seem a lot to manage. Okay, that is all the time we have. Thanks so much for starting your morning with us and have a wonderful Tuesday. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
And if you find yourself enjoying the show, learning a lot about DeepSeek and other business news, share it with your network who may be less informed on such matters. Don't spend any brain effort thinking about who you might share it with. Toby has instructions.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenua Ogu is our technical director. Garrett Peck is on audio. Hair and makeup is always a standard deduction from our show. Devin Emery is our chief content officer. And the show is a production of Morning Brew. Great show today, Neil.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
Let's run it back tomorrow.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
It's all there and it's all waiting for you at YahooFinance.com.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
Nightmare on Wall Street yesterday because DeepSeek has raised an uncomfortable question. That question is, what if companies don't need to spend nearly as much as they expected to to develop AI models? And a metaphor you often hear with these gold rush types. What if prospectors don't need to buy as many picks and shovels in order to find their treasure?
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, everything you need to know for the start of tax season.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
What if they found a way to access it with fewer tools and with older tools? That's what DeepSeek showed it could do. And so you saw companies that make the picks and the shovels to this AI gold rush. Nvidia and every other company that goes into the data center economy from power systems to chip makers to cooling systems. Those were the companies that were hit the hardest yesterday.
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DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
What does this all mean? Is this a Sputnik moment, as venture capitalist Marc Andreessen said, referring to the fact that the Soviets beat the U.S. in terms of putting a satellite in space? Is this a alarm bell? Is this a wake-up call for U.S. companies? Or is this mostly overblown? That was the question that everyone was talking about yesterday. What is the true impact of DeepSeek's model?
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
And for people I trust, I was reading... hours and hours and hours of thought pieces that came out yesterday. People I trust said that, look, this is a pretty big deal. It is not the end of the world for AI companies. That's why you saw a bunch of American tech companies actually up on the stock market yesterday. Apple was up. Meta was up. So they're not saying this is a cataclysmic
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
but it is a big deal for a number of reasons, and here are some key takeaways. The first one is the cost breakthrough. DeepSeek was able to create a rival to ChatGPT that was 10% of the cost, and that will lead to industry disruption because... In previous hypotheses, our theory was that only a few of these firms can compete.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
There's only a couple of names like Meta, Amazon, Google, OpenAI that can spend tens of billions of dollars to build AI. And those were the only people that could ever play in the AI sandbox. The fact that DeepSea could do it on the cheap and much more efficiently opens the doors up to a whole new host of competitors. So these companies will be disrupted. And
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
The third big takeaway is it's going to be a huge accelerant for AI development. We're going to get much faster advances because DeepSeek's model, first of all, was open source. So now anyone in the world can build on that model and it'll lead to faster development, faster adoption of AI. So those are some three big takeaways.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
While maybe it's not the end of the world and we're seeing the stock market rebound a little bit this morning already, it is a big deal in that it will lead to much more competitors in the AI space and we will see faster developments.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
You see what's going on at Vanderbilt? The students keep storming the court after big wins, and it's getting ultra expensive for the school. The SEC fined Vanderbilt $500,000 after fans stormed the court after the Commodores men's basketball team knocked off number nine Kentucky on Saturday. And the reason the storming is so pricey is because this isn't the first time it's happened recently.
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DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
In an effort to move forward, Starbucks is looking back. Yesterday, the world's largest coffee chain began to roll out new, old policies across the 11,000 stores that operates in North America as part of new CEO Brian Nichols' plan to rejuvenate struggling sales. If you went into a Starbucks yesterday, you might have noticed the changes. Free cups of water are out.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
Free coffee refills, if you ordered them to stay, are in. Making a grand return is the Fixin's Bar, allowing customers to style their own drinks with various creamers and sweeteners. And if you didn't buy anything, don't expect to be handed the keys to the restroom. Starbucks' new policy, which only allows customers to use the bathroom, which was around until 2018, also kicked back in yesterday.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
Many of those tweaks are supposed to remind you of the Starbucks of old, when you'd order a coffee, find a comfortable chair to sit in, and chill for a while with your friends or your laptop. Conjuring that indie coffee shop vibe is Keaton Nichols' strategy to spark a rebound, which he's dubbed Back to Starbucks.
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DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
Toby, we've seen nostalgia work in movies, toys, and fashion, but will it work with coffee?
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DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
Meanwhile, Starbucks is going to report its fourth quarter earnings today. Sales have declined for three straight quarters, and they're expected to continue to decline this quarter, perhaps not as much. And the spotlight certainly will be on this guy, Brian Nickel, who came over from Chipotle. He's considered the messy of retail, and he's turned around Chipotle.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
He's turned around Taco Bell, and he's trying to turn around Starbucks.
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DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
Starbucks as well and he's getting paid very very handsomely for it he has already been awarded about 96 million dollars in compensation that's compared to his predecessor who got 22 million and the person before that got 62 million so this is a ton of money that Starbucks is throwing at him a lot of that is to make up for the shares of Chipotle that he voided by coming over so this guy is one of the highest paid CEOs around and we'll see what he has to say later this afternoon about his strategy
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
for rejuvenating Starbucks. Okay, I can't withhold this news any longer. Tax season started yesterday and runs through April 15th. Can I get a woot woot? Exciting, exciting times. Not to sound like a parent, but hey. The earlier you file, the earlier you can get your refund.
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DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
And taxpayers who file electronically and choose direct deposit should get their payments within 21 business days, the IRS said. It's not a small chunk of change either. Last year, tax refunds averaged more than $3,100. That's a pretty good ROI for the 13 hours and $290 it takes the average taxpayer to prepare and file.
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DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
It's the third under new SEC court storming rules. Vanderbilt got fined $100,000 last fall when the football team beat number one, Alabama and students storm the field. And it was fine. $250,000. after a basketball court storming 10 days ago after beating No. 6 Tennessee. Toby, they say when you beat a good team, you should act like you've been there before.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
But if $290 still sounds like a lot, it could be free thanks to the expansion of the IRS's direct file service this year, one of a few new developments you should know about. piloted last year and used by 140,000 Americans. This free government service is more than doubling to encompass 25 states this time around and make more than 30 million Americans eligible.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
Those 25 states are Alaska, Connecticut, Idaho, Illinois. Just kidding. I'm not going to read them all. But definitely look into Direct File to see if it can handle your taxes. It earned rave reviews during its debut last year, and it should be available to most people in those states who earn a W-2 income and have relatively simple taxes. Toby, what's on your mind this tax season?
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DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
No, the only one that I think people should know about, and this is directed at people who have a side hustle or freelance or basically people who get a lot of business income coming in on apps like Venmo, Cash App, PayPal, eBay, Etsy. Maybe you have a pretty lucrative Etsy store. If you sold more than $5,000 worth of goods on any one of those apps, then
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
you are going to be sent a 1099 K4 K form for the first time this year. This is the IRS cracking down on some tax dodging from side hustles because previously the threshold was $20,000 to receive this form. And that is a lot of money from a side hustle. So not many people were sent this form.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
They weren't reporting this, these taxes, but there's this change going into effect that if you make more than $600 on a any of these apps through business means. I mean, you can pay me for dinner up to $600 and it's not gonna be a big deal, but if I actually am providing a business service to you and I make more than $5,000 this year, then I will have to fill out this 1099.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
Kay, the IRS instituted this new measure a few years ago. They're saying we're going to go from the threshold of $20,000 down to $600. And that was kind of through these apps for a loop. They're like, we haven't really been able to get our ducks in order to distinguish between a personal payment and a business payment. So give us some time. So this has been a staggered rollout.
Morning Brew Daily
DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
It's going from $20,000 to $5,000 this year. And then in two years, it will go down to the $600 level.
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DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
Vanderbilt students have not got the memo, and it's cost them nearly $1 million so far.
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DeepSeek Craze Tanks Tech Stocks & New Look Starbucks is Here
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, OnlyFans is for sale, but does anyone want to buy it?
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
Steel and Japan's Nippon that would include a $14 billion investment in the U.S. economy and lead to tens of thousands of new jobs. Details were scarce on what this partnership means in practice, but it is a stunning turn of events in this long-running saga. Back in 2023, Nippon announced a deal to buy U.S.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
Steel for $14 billion, providing a lifeline for the once legendary American company that's fallen far down the metals food chain. While both company leaders were hyped about this deal, the takeover of an American corporate icon by a Japanese company
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
Didn't sit well with the steel workers union or politicians and president Biden blocked it from going through on national security grounds that carried over to the Trump administration who said that us steel should remain under American ownership. So what changed? Well, I'm not going to lie. Everything about this deal is murky.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
Trump called it a partnership while the Wall Street Journal, citing people involved in the negotiations, said it was effectively a takeover. It appears they may work out a solution where a separate board would oversee Nippon's North American operations. Whatever you want to call this arrangement, it is a major win for U.S.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
Steel, which was circling the drain until its white knight was allowed to save it. Shares shot up 21% on Friday on the announcement.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
Oh yeah. I keep getting served an ad for a machine that perfectly hard boils your eggs, but little do they know, I already know how to make the perfect hard boiled egg.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
It was perfect. great programming. Lilo and Stitch showed that the live action remakes for Disney are back. They're doing just fine after that Snow White flop. This is actually the third biggest debut for a live action remake for Disney ever behind 2019's The Lion King and 2017's Beauty and the Beast. And what can you say about Mission Impossible?
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
This is the eighth installment and it's still doing so well. People are still wanting to see it. It You know, if I'm a movie exec and Tom Cruise says this is the last one, I'm saying, buddy, no, we need to make more because there's still a huge demand for you doing crazy stuff on airplanes and jumping off of buildings. What a remarkable franchise that is.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
Theater owners are just pretty amped about what's happening here because they think it's a very good omen for the summer where 40% of all ticket sales are happening over the next four months. Because if you go to the movies on Memorial Day weekend, you're like, wow, that was a blast. Then you are very likely to go back to the movies at some point later this year, maybe to see F1.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
And we want you to avoid that. LinkedIn has a network of over 1 billion professionals and over 130 million decision makers, which makes it stand out from other ad platforms.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
Okay, let's hit our preview of the week ahead. It is short but packed. Nvidia headlines the final big week of earnings season. And while the days of 300% growth may be behind it, the $3.2 trillion tech giant will try to convince investors the AI boom still has room to run when it reports earnings on Wednesday.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
Other companies dishing on their Q1s include Salesforce, maybe we'll finally learn what it does, and retailers Best Buy and Dick's Sporting Goods. Rounding out the economic calendar on Friday is the Fed's preferred inflation gauge, the PCE price index.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
It's a big week for SpaceX, which plans to test launch Starship for the ninth time this evening in the hopes of getting the mega rocket ready for an uncrewed trip to Mars in 2026.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
The first two Starship missions this year have ended in fiery explosions, which is maybe one of the reasons why CEO Elon Musk said this weekend he'd return to spending 24-7 at work and sleeping in conference server and factory rooms at his companies. Musk will also hold a presentation on making life multi-planetary at 1 p.m. on X today.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
Over at Southwest, it's the end of an era. The airline is ending its free checked luggage policy on Wednesday when it will start to charge you to check a bag for the first time in more than 50 years. We don't know yet how much they're going to charge, but the industry standard for domestic flight is about $35 or $40.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
Toby, many have predicted this will end any sort of competitive advantage Southwest had over its rivals.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
Your future bosses are competing in the 2025 Scripps National Spelling Bee, which kicks off today outside of Washington, D.C. The iconic spelling competition is celebrating its 100th anniversary this year, having begun back in 1925. Electric. Electric.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
They do. They've changed up the format so that there's one eighth grader left standing. And finally, in sports, the NBA's conference championships roll on. The Thunder have a 3-1 lead on the Timberwolves in the West, while the Knicks have made this a series in the East, down 2-1 to the Pacers in Indy.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
Meanwhile, over in Paris, the French Open is kicked off at Roland Garros, following an emotional tribute to recently retired 14-time champ Rafael Nadal on Sunday.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
That is all the time we have. Thanks so much for starting your morning with us and hope you have an easy transition back to the work week. If you have any thoughts on today's episode, send an email with questions, comments, or feedback to morningbrewdailyatmorningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
Our associate producers are Olivia Graham and Olivia Lake. Hair and makeup is going to need a bigger boat. Devin Emery is our president, and our show is a production of Morning Brew.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
On Friday, just as you were telling everyone in your inbox you'd circle back after the long weekend. President Trump was doing some circling back of his own, reviving a trade war investors had mostly forgotten about in the past few weeks. In a Truth Social post, he threatened 50% tariffs on the EU starting June 1st, citing frustrations with the glacial pace of trade talks with Europe.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
He said those discussions were, quote, going nowhere and ran down a list of grievances with the EU's trade practices. but the threats did not stop there. Trump also threatened Apple with a 25% tariff on iPhones, demanding that Tim Cook start making its phones here in the US of A, which it does not currently do because they'd cost over $3,000.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
Markets appeared blindsided by the renewed trade war threat tumbling on Friday to their worst week since April. But then... Another U-turn. Just 48 hours later on Sunday, Trump backtracked on his EU tariff, delaying them until July 9th after having a, quote, very nice call with European Commission President Ursula von der Leyen.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
Good morning, welcome back to the week. It's great to be with you. Let's start today's show in Martha's Vineyard, or actually the frigid waters around the New England island.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
The EU said after the call it would fast-track trade negotiations to work out a trade deal with the U.S. ahead of the pushed-back tariff deadline. Meanwhile, Tim Cook remains in the doghouse, having been bashed by the president multiple times over the past few weeks for a number of reasons, including the trade war Apple stock
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
is the worst performer of any big tech company so far this year, and the hits keep coming and they don't stop coming.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
This is not an invitation to sing.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
Yesterday, British South African endurance athlete named Lewis Pugh became the first person to swim completely around Martha's Vineyard, traversing 62 miles over 12 days in a stunt ahead of the 50th anniversary of Jaws later this summer. He's trying to raise awareness for protecting sharks, which got a pretty bad rap from the movie, which was shot on location on Martha's Vineyard.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
Yeah, the U.S. government has a particular issue with the EU when it comes to non-tariff barriers. So they're not really concerned. Maybe they are concerned a little bit with the tariffs that the EU has on U.S. goods. But mostly the grievances are with things like a value-added tax or the fact that the EU has gone after big tech companies and made huge fines against them.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
That's been a huge pain point for American tech companies working in Europe. They want the European Commission to lay off a little bit. They've been very aggressive in going after. Speaking of big tech companies, let's segue to Apple because we didn't hear anything about Apple tariff being rolled back. We heard about the EU one, but it's just another blow to Apple, which has really had
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
a not great year. Its AI development has been slow. It's had to push back. A new souped up Siri had this Vision Pro launched last year that's amounted to basically nothing. It's in the crosshairs of regulators and judges all around the world. And its stock price is down 25 percent this year, the worst of any big tech company around.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
What could possibly go wrong? Well, I think it's worth noting what kind of company Anthropic is broadcasting itself as. It was founded in 2021 by seven former employees of OpenAI. It says it is a safety-first AI. They don't want to release any AI into the wild that has any... great risk to humanity.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
And then actually a bunch of other open AI execs have defected from Sam Altman's company to Anthropic over the past few years to work on safety at Anthropic, because they said that open AI was pursuing profits at the expense of safety. So that's where Anthropic is coming from.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
They put their models through more rigorous testing than maybe the Google and open AI and other, um, and other AI companies, uh, They still are quite wealthy and making a lot of money. Well, not making a lot of money, but they're worth a lot of money. They just raised a recent round at a $61 billion valuation.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
Toby, you think he had the Jaws music in his head while swimming around?
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
So maybe they're not putting profits first, but they are certainly raising a ton of money to fuel their AI ambitions. So that's where Anthropic is coming from. They're saying, like, we care more about safety. more than any other AI company. And that's why we are doing this very rigorous testing and finding some really crazy stuff under the hood.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
And we're releasing that to you to show you what our AI is capable of.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
Yeah, I don't know about you, but when I tell my robots to shut down, I would be great if they just powered down.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
When you look the financials of this company it's possibly the most pure profit uh enterprise that we've seen so when i saw the valuation or what they want to sell this at as eight billion dollars i was like what is going on they make 500 million dollars in profit they're growing they have 40 employees they probably generate the most revenue per employee anywhere
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
of any company that has ever existed, but they have this particular discount because of what kind of content they have. So there's just a very much smaller pool of buyers. And we saw this when Pornhub was on the market a few years ago. That is the 19th busiest website in the world, and they couldn't find a buyer for three years.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
Looks like something may be similar here with OnlyFans, and it's not going to command any sort of premium that a business outside of this would command.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
The weather is warming up here in New York City, and the last thing I want to do is spend more time inside.
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
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Apple’s Rough Year Gets Worse & AI Learns to Blackmail?
Let's head to our winners of the long weekend, where Toby and I picked two things that managed to not look at their email once. I won the rib cook-off, so I get to go first, and my winner is U.S. Steel, which is maybe getting saved by a Japanese company after all. On Friday, President Trump announced a, quote, planned partnership between U.S.
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
Yeah, it's pretty interesting to see what they're going to do. This is lightning in a bottle where literally everybody on the internet is talking about this one particular video in which your product is a star. And Saratoga's star has been rising for a couple years now since it was bought by Primo Brands in 2021.
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
It went from $13 million in sales to $71 million in sales in 2020 for 76% compound annual growth over that time span. So This mineral fancy water has been enjoying an upsurge over the past few years. And now, you know, maybe this rocket ship could take off, but we'll see whether it translate to sales. At the very least, it translated to a lot of brand awareness.
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
That owns like Poland Springs.
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
But when you go to a fancy restaurant, you're probably going to see Saratoga water there and you might be a little bit more interested in what it's all about. Now, they had this really buzzy partnership with Bravo's Top Chef and they're trying to get more into those high end restaurants and bars and work with mixologists and sommeliers and things like that. So the the
Morning Brew Daily
23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
High-end mineral water industry is kind of booming right now, but just when a server comes over, I'm just going tap straight up.
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
It's hard to believe. And Signal is... a consumer app that is used by journalists and Washington officials because it's end to end encrypted. You can send disappearing messages. You can create aliases. It's a pretty secretive social app. But when you are planning something like an airstrike, it is custom and for
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
u.s officials to go into the situation room which is known as a sensitive compartmented information facility and even when you're texting or communicating via mobile device you basically do a mobile scif do a mobile uh version of that so truly a stunning thing to include uh not just a random person but the editor of an influential magazine in your group chat and this is sure to dominate conversation in washington uh in the week to come
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
On the tariff front, it was another day of more head fakes than a Peyton Manning snap count. In the morning, President Trump vowed to slap a 25 percent tariff on all U.S. imports from countries that buy oil and gas from Venezuela, which would target China and India in particular. Then later in the day, Trump signaled that he might dial back.
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
planned reciprocal tariffs on April 2nd, which he's dubbed Liberation Day for rebalancing trade deficits. After Trump said he may give a lot of countries breaks, stocks rallied for their second straight day of big gains. Still, no one really knows what tariffs will be announced on April 2nd.
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
This is basic supply and demand. Demand for these lounges is through the roof right now. There are long lines just to even get into the lounges, which is pretty cringy. So United and other airlines are saying, okay, well, we're seeing a huge demand. Let's just jack up the price, get fewer people in there, and we'll make more money. It comes at a time when these...
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
Co-branded credit cards and other sources of revenue are becoming an even bigger part of airlines business. Aside from just, you know, selling airfare, they United brought in three point five billion dollars in other revenue last year, which was up 10 percent from the year before. So this is a huge moneymaker for United.
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
They're seeing the long lines and they're saying, well, I think we can raise the prices. Finally, the people of Paris looked at New York's congestion pricing and said, that's an urban planning scheme for ants. On Sunday, they voted by a large margin to block 500 streets to vehicle traffic entirely and replace the asphalt with plants and trees.
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
It's a non-binding vote, but it sets into motion a process in which the city will study which streets should be decarified that could last three years. If it happens, it'd be another victory for Mayor Anne Hidalgo, who has spearheaded a number of projects over her tenure that aim to make Paris a city that's more friendly to pedestrians and less welcoming to cars.
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
Already, measures such as slapping a fee on SUVs and eliminating tens of thousands of parking spots have reduced vehicle traffic in Paris by 40% since 2011. Toby, what would Emily think of this?
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
Sophos is like having a smoke detector that warns you of fires before there's even smoke. Its AI-powered tech constantly evolves, detecting threats in real time.
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
Let's wrap it up there. Thanks for starting your morning with us and have a wonderful Tuesday. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham and Olivia Lake are our associate producers. Uchenua Ogu is our technical director.
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
Scoops Dardaris is on audio. Hera Makeup wants to be included in your group chat. Devin Emery is our chief content officer and our show is a production of Morning Brew. Great show today, Neil. Let's run it back tomorrow.
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
Head to Sophos.com today and make your cybersecurity proactive, not reactive. That's S-O-P-H-O-S dot com. 23andMe couldn't walk the double helix tightrope any longer. The long-struggling DNA testing company filed for bankruptcy late Sunday night and announced that its CEO, Ann Wojcicki, would be stepping down from her role.
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
In a statement, Wojcicki took responsibility for the collapse of the once high-flying startup, but said she still believed in its long-term vision and would be making a bid to buy it out of bankruptcy. 23andMe had been a cast member of The Walking Dead for a few years now, founded in 2006.
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
It was all the rage in Silicon Valley for selling popular at-home DNA testing kits that help people learn about their family histories and genetic profiles. The problem is once you know that, you don't really need to buy anything more from the company and
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, 23andMe went bankrupt.
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
And after failing to create another product that caught on with consumers, 23andMe's $6 billion valuation in 2021 plunged to essentially nothing today. While the bankruptcy process gets going, one question is sure to dominate the conversation. What will happen to the 15 million DNA samples that 23andMe is sitting on?
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
It collected a nearly unprecedented treasure trove of human genetic information through its spit tests. Is that now going to be up for sale to the highest bidder? Looks like chapter 11 is just the first of many chapters in this unfolding saga.
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
Here's how you delete your 23 and me data. It's pretty easy You just log on to your account go to settings account information and And then you should see something called delete your account. 23andMe is going to prompt you to confirm your decision that it's permanent and irreversible. Well, maybe it's bankruptcy is permanent and irreversible.
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
So you can go ahead and delete your information that way. But also, this not the first time that a company with biogenetic information, very sensitive personal information on humans, has gone bankrupt. We've had a lot of those. YouBiome was one example a few years ago.
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
What happened during that bankruptcy proceeding is that the judge appointed a budsman, who's this third-party observer, to make sure that nothing super sketchy was going on with the sale of this biome. uh, biologic information. And he said the, the, the, uh, Bunsman weird word said that, uh, said that the sale could go through with certain restrictions.
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
So we'll see what happens, uh, with 23andMe, but their privacy, uh, policy does state that, uh, in the event of a sale bankruptcy merger acquisition reorganization, that customer's personal information may be accessed, sold or transferred.
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
March Madness hasn't even gotten to its second weekend yet, and a bracket savant is already walking away with a $1 million prize, courtesy of Warren Buffett. An anonymous employee of Flight Safety International, a subsidiary of Buffett's Berkshire Hathaway, won the $1 million after correctly picking 31 of the 32 games in the first round today. of the men's college basketball tournament.
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
Totally makes sense. U.S. Customs and Border Protection intercepted egg products on 3,200 occasions this January and February. That is compared to 130 incidents of them seizing fentanyl. There's a lot more egg smuggling going on than drug smuggling, but that is very understandable because a dozen eggs cost American consumers $5.90 in February. That's double what it was.
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
In 2024, you're seeing a little arbitrage play happen. Unfortunately, there are border protections because the United States does not import a lot of eggs due to concerns of even more disease spreading from other—from eggs from other countries. But you're seeing those restrictions loosened as the Trump administration goes full pedal to the metal to try to alleviate this crisis.
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
And I have some good news and some bad news on the egg price front. The good news is that wholesale egg prices have fallen by half in the past few months. So you might see some relief there. The bad news is that that may not translate directly
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
to your grocery store shelves because at the same time that wholesale prices are increasing, there's going to be a surge in demand right now around Easter time for eggs. So Brooke Rollins, who's the USDA secretary, said it's good that we're seeing wholesale prices come down, but the demand side of the equation is likely to push prices up even further as we head into the Easter season.
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
Now would not be a good time to ask Mr. Snuffleupagus why the long face. Sesame Street is in a painful spot financially. According to the New York Times, the nonprofit behind the beloved kids show Sesame Workshop is facing a perfect storm of financial problems that may require significant changes and time to recover from. The storm has three fronts.
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
For one, the organization recently lost its distribution contract with HBO, which ended a decade-long deal that paid it up to $35 million each year for the rights to the show. Second, the Trump administration's cuts to USAID means fewer grants for the nonprofit, a financial hit it had not seen coming or prepared for. And third is the changing winds in children's TV programming.
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
The battle for kids' attention is getting a lot more competitive, and Bluey. So as the show kicks off production for its 56th season next month, things are looking bleaker than they have been in years. Is Cookie Monster going to start driving for Uber?
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
Buffett has been running this bracket contest for years, but relaxed the rules this March because he desperately wanted someone to win while he was still up and at them. It worked, and interestingly, this employee was one of 12 Berkshire employees in total to pick 31 of the 32 games, but he took home the top prize because he correctly chose 29 games consecutively before a loss.
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
And HBO told Sesame Workshop that it was just not interested in doing kids' programming anymore. They wanted to focus more on family and adults, and so they ended the contract. So now Sesame Street is now shopping around with other streamers for a distribution deal in a financial windfall that it absolutely needs. They're also making some programmatic changes to the show itself in order to get...
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
kids watching again because there are so many other shows that are more popular than Sesame Street at this point, which is sad but true. Bluey Cocomelon, then YouTube, Miss Rachel is huge over there. So they're changing the show a little bit. They're going to have two 11-minute stories to open and close the show and have a shorter animated feature in between. They're going to try to add
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
more comedic elements. They want you to laugh. We want kids to laugh out loud a little bit more, and they're also introducing a signature song for each episode. So they're trying to raise up the dopamine levels here with Sesame Street. We know it's very educational. It's very pleasant to watch, but that just doesn't cut it in today's kids' entertainment field.
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
Thinking about expanding your business? Lean on one of retail's most trusted names when you sell your products on Walmart.com.
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
Toby, I've never seen someone so happy to give away a Millie.
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23andMe Files for Bankruptcy & Sesame Street’s Rocky Finances
When you sell on Walmart Marketplace, you get access to a network of millions of customers and programs to help you scale your biz. And it just takes a few clicks to get started.
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2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
Eine Sache, die sicher ist, ist, dass die Longevity in der heutigen Zeit viel mehr vorhanden ist. Erinnere dich daran, dass Brian Johnson, der ehemalige Tech-Founder, sich jetzt all seinen Zeit, Geld und Dignität versorgt hat, um langsam zu ältern. Du siehst auch einen Wachstum der Leute, die versuchen, diese verschiedenen Protokolle zu nutzen, um länger zu leben. Trinken geht runter.
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2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
Es gibt definitiv einen Vibeschiff in unserer Gesellschaft zu der Longevity. Also, auch wenn Blue Zones, der Brand, einen Schuss genommen hätte, denke ich, dass das ein Trend ist, der sich auf die Longevity bewegen wird, die mehr populär ist.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
Ich kann es nicht erwarten, aber meine erste Frage war, weshalb wir es überhaupt bewegen. Und ein Teil der Grundlage ist, dass Antimatter uns viel über die Ursprünge des Universums erzählen kann. Denn technisch, als das große Gehirn geschah, wurden gleiche Anzahl von Matter und Antimatter erschaffen. But if you look out in the known universe, there's a lot of matter out there.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
So why did the balance shift so heavily in favor of matter? These are the fundamental questions of our universe. And so in order to study them, they want to compare matter with antimatter very closely to see where the differences are. And the reason why they can't do it is the current Positioning of Antimatter is affected by some magnetic fields of the earth.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
So they need to bring it to a place where it's less affected by that so they can more efficiently measure it. But yeah, I'm excited too. They're doing it on trucks too. You said that they're putting them in vacuums so they don't come in contact with Antimatter. But what about 10-2 Tobi, 10-2. Wir brauchen ein Helikopter-Polizeicam wie der OJ-Bronco Chase.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
Yeah, it probably won't be quite as fast-paced, but it will be fun to watch. Of all the uses of AI that have arisen over the past year, I think this one is my favorite. When Mount Vesuvius erupted over 2,000 years ago, some papyrus scrolls actually ended up surviving. But the carbonized scrolls are incredibly delicate to handle and crumble if you try to unroll them.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
Enter the Vesuvius Challenge, a competition funded by some Silicon Valley entrepreneurs that promised to reward a cash prize to anyone who could find a way to peer inside the scrolls without actually unrolling them. Back in February of this year, a team of three students won the $700,000 grand prize using AI to decipher the scrolls' hidden secrets.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
Despite the contest organizers estimating a less than 30% probability of anyone actually meeting the contest criteria, the three students' machine learning algorithm deciphered more than 2,000 characters in the scrolls, exceeding the grand prizes requirements. This was definitely one of my favorite stories of the year, Neil, because it is using AI to do something extremely practical, actually.
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2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
Was hat es gesagt? Was haben die Versuche gesagt? Zuerst, das erste Wort, das ausgeführt wurde, war nur das Wort für grün. Es ist eine philosophische Diskussion über die Leidenschaft der Leben. Es geht also um Musik und Essen. Viele Leute lieben es, einen 2.000-Jährigen-Blog-Post zu lesen, wie man Leben genießen kann.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
Es zeigt also, dass Selbsthilfe-Bücher oder Selbstreflexion-Bücher zu Beginn der westlichen Zivilisation zurückgehen.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
Well, I'm buying it, but I feel like they are not jiving with the concept of infinity here. Whenever you put a time horizon on infinity, it ceases to become infinity. So yes, technically all the known monkeys in the universe couldn't Ich glaube, ich könnte ein veröffentlichter Wissenschaftler sein, wenn ich gesagt hätte, dass das nicht praktisch ist. Genau.
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2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
Es war lustig zu hören, dass sie eine 5% Chance haben würden, dass sie die Worte Bananas in ihrem eigenen Leben bezeichnen können. Es ist ein lustiger Schmuck, um zu gehen.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
I actually do love the infinite monkey theorem too, because I wrote a paper back in high school that was basically asking if, it was a philosophical discussion really, but if someone recreated a text word for word, but in a different time period under different historical and environmental circumstances, Is it still the same piece of work?
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
So if I wrote Shakespeare today, would it still be considered the same piece of work given our current modern formatting? And so it is just a fun thing to think about. Like if a monkey wrote Shakespeare, is it still Shakespeare at that point? Or has it become something else? So it's fun to think about beyond just the mathematical ideas behind it.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
There were a lot of... was self-driving just this pie in the sky moonshot that was the distraction from actually improving transportation. Should we have put our efforts towards micromobility or just better urban infrastructure? These were valid questions, but now you see the amount of rides increasing.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
You see people's attitudes have totally shifted and now they start to trust these robo-taxis a little bit more. In the eskers of how technology is usually adopted, what we've seen so far are the taste-making cities, the San Francisco's of the world, the Wuhan's of the world.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
They usually embrace these technologies a little more, but now we're seeing it rolled out across Miami, across Phoenix, across these other metro areas that aren't necessarily always on the cutting edge of tech adoption. But I do think that you have seen, you used the word vibe shift, a huge vibe shift when it comes to driverless cars.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
Ah, nein. Das ist vielleicht nur ein Reflex darauf, wo meine Freunde im Land leben. Aber ich meine, ich vermute jemanden, der in San Francisco lebt. Ich weiß einfach nicht, wie viele Leute im SF-Bereich gerade leben. Aber absolut, wenn es um Miami geht, bin ich sicher, dass mein Tune verändert wird. Let's keep the good science news rolling.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
A groundbreaking new HIV prevention drug fared well in clinical trials this year called Lenacapavir. The drug was named as the breakthrough of the year by the journal Science. Not just in pharma, but in all of science. Lenacapavir offers six months of protection against HIV and has been shown to be remarkably effective in clinical trials so far with a 96% reduction in HIV infections.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
All the biggest tech breakthroughs of the year and why they matter. It's Tuesday, December 24th. Let's ride.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
One of its main draws, it is administered as a twice yearly injection, which is a lot easier for patients to stay on top of compared to the daily oral medications currently on the market. The drug works by targeting a specific protein to prevent the virus from replicating and forming mature particles, an innovation that carries implications for other viral infections as well.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
Neil, ich fühle mich, dass diese Tests ein wenig verloren wurden und der Hype um GLP-1-Drogen dieses Jahr, aber Lenacapavir ist ein großer Schritt für die fast 1,3 Millionen Menschen, die letztes Jahr mit HIV infiziert wurden.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
And remember, the UN has this very ambitious goal of trying to end HIV slash AIDS by the year 2030. And before Lenny Capovir kind of hit the market, that goal looked entirely unobtainable.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
But now, given the fact that it is easier to administer, given the fact that you don't have to take this daily tablet that does have stigma attached to it, it is looking like it could potentially be something that's in the cards by 2030. Another reason why people are so excited about these trials that we saw is that Sie wurden durch Geografien und Sexen replizierbar.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
Sie haben das Studium in Argentinien, Brasilien, Mexiko, Peru, Südafrika, Thailand, den Vereinigten Staaten und über 3200 cis-menschliche Männer, trans-menschliche Männer, trans-menschliche Frauen und gender-non-binäre Individuen gesehen. Das sind einige der Gründe, weshalb Wissenschaftler so begeistert waren mit diesem spezifischen Ausbruch.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
Das ist die große Frage, wo du von hier her kommst. Die zweite Implantation, die sie wollen, um es tiefer in den Gehirn zu erreichen. Die erste war um drei bis fünf Millimeter in der ersten Surgery. Die zweite, die sie wollen, um eine Dämpfe von acht Millimetern zu erreichen, um eine bessere Thread Anchoring zu bekommen.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
Denn das ist der nächste große Schritt hier, wie du gesagt hast, 85 Prozent der Threads werden entdeckt, was wirklich die Leistung reduziert. Sie wollen, dass bring back eyesight for people who have lost it. So, yes, there are issues, but again, this is the optimistic science episode and those are a lot of optimistic things.
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2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
Apple's AirPods Pro 2 are great for listening to Morning Brew Daily, but Apple wants you to hear more than just the number one business news podcast in the world. It unveiled a groundbreaking feature this year, which aims to assist people with mild to moderate hearing loss by turning the popular headphones into hearing aids.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
It's a little unnerving. But at the same time, technology has resulted in so much progress, helping create medicines that will save lives, turn AirPods into hearing aids and invent cool gadgets you didn't know you needed, like a transparent TV. And that's what we want to focus on today, the positive sides of tech, because you hear plenty about the downsides.
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2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
Pop in an AirPod and the feature enhances surrounding sounds so you can hear your environment more clearly. And it's not just a marketing ploy either. The FDA approved their use as clinical grade over-the-counter hearing aids, which at just $249 means that they are one of the more affordable OTC options out there. And Neil, that is the big unlock here, the affordability of these new hearing aids.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
Would you say this is the coolest thing Apple did this year? Ich meine, wahrscheinlich. Sie haben viel gemacht. Sie haben sich weiter in den Gesundheitsraum eingelassen. Ich meine, sie wollen wirklich, dass ihr Apple Watch dieses große, kohäsive Gesundheitssystem wird. Und jetzt haben sie diese AirPods, die tatsächlich als klinische Hörgeräte funktionieren.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
Also ja, obwohl in dieser Ära von Apple Intelligenz es vielleicht das coolste war, was Apple gemacht hat.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
So I have the AirPods Pro 2 and so I did the hearing loss test, which is essentially just pings little noises in your ears and you have to determine whether you heard in your right ear or your left ear. And luckily I did not have a ton of hearing loss, but people said that the test is mostly accurate.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
It doesn't line up perfectly with like their clinical hearing tests that they receive, but it's close enough that they do feel confident that they are diagnosing hearing loss appropriately. And then the other thing that some people who test them out said that you have the same conversation with almost everyone you miss is that, yes, these are hearing aids. No, I understand that they're AirPods.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
They're also hearing aids. And no, I'm not being rude. I promise you, I'm hearing you better with them in. So even though it says it's reducing that stigma, going up and talking to someone while wearing AirPods or an AirPod still is a little bit weird.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
Aber als ich Transparent TV gehört habe, dachte ich, es wäre wie diese plastische, semi-translucente Sache. Aber wenn du das siehst, geht es literally, es ist eine Glasbox. Es gibt nichts in sie. Und ich denke, die 3D-Natur davon war etwas, was ich nicht erwartet habe. Es hat mehrere Modes.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
Call it Morning Brew Daily's Science Fair. So without further ado, Neil, you won the pre-show present wrapping competition. Kick us off first.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
Ein Modus zeigt seine 3D-Effekte aus, also kannst du es in ein Aquarium verändern, in dem es aussieht, als ob es Fische sind, weil es eine Box ist. Aber du kannst auch regelmäßig auf der TV schauen. Ich habe einige Reviews gelesen, wie die TV eigentlich funktioniert. Und es ist nicht ganz auf der Ebene mit den Top-of-the-Line-Modellen von...
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
Up next, some more science breakthroughs coming your way. Okay, so I know this is a science-positive episode, but this next story is less of an innovation and more of a debunking. Remember Blue Zones? Those special places around the world where people seem to live longer, healthier lives, thanks to a simple set of easily repeatable behaviors.
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2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
Stuff like community involvement and specific diets were enough to produce lifespans well into the 90s and 100s in regions stretching from Okinawa, Japan to Loma Linda, California. The only issue? Some scientists think it's a bunch of hoo-ha.
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2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
One postdoctoral researcher from Australia, Dr. Newman, published a paper that was recently honored at the IG Nobel Prizes, a humorous spinoff of the Nobel Prizes, that chalked up the increased lifespans found in Blue Zones to shoddy record-keeping. Newman found that areas with high levels of faulty records also had high levels of centenarians living there.
Morning Brew Daily
2024 Tech Breakthroughs: Autonomous Vehicles, Apple Hearing Aids and More
One especially egregious example is a 2010 Japanese study that found that 230,000 centenarians were actually just a result of unreported deaths. So Neil, there's been some pushback to Newman's work and his paper is not peer-reviewed yet, but it certainly casts Blue Zones in a different light.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
Factor's two-minute meals make it easy to prepare healthy dishes without the prep time or dishes to wash.
Morning Brew Daily
US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
Choose your meals from menus like Calorie Smart, Protein Plus, Keto, and more. Power up in the morning with satisfying breakfasts, grab an on-the-go lunch, and enjoy premium dinners, plus guilt-free snacks and desserts. I really like the chorizo chili with sour cream and cheddar cheese. What about you, Neil?
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
Also, just for some more perspective on this Tuesday morning, if Earth's four and a half billion year history was squeezed into a 24 hour clock, humans, you, me, Neil, your neighbor, Paul, everyone you ever know or have known showed up at 11.59, 59 p.m. So remember, we're guests who just got here. So take your shoes off, compliment the decor, and let's try not to leave a mess.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
Creamy, crunchy, exacerbating a worldwide shortage of pistachios, Dubai chocolate is the latest TikTok trend that is leading to real world consequences. And it's also the latest Toby's trend that I wanna talk about today. Dubai chocolate is a sweet treat that consists of a milk chocolate bar stuffed with a creamy green pistachio filling
Morning Brew Daily
US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
and shredded pastry known as katafi or kanafe, first made by an Emirati chocolatier, Fix. It initially debuted to modest success back in 2021, but that modest success gradually turned into smashing success due to a single TikTok. A video posted in December of 2023
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
features a girl just eating dubai chocolate in her car the asmr vibes combined with the clearly delicious looking treat has since racked up over 120 million views and it has put some serious strain on its key ingredient one nut trader told the financial times the pistachio world is basically tapped out at the moment with the craze pushing prices to over 10 a pound a 34% rise in just a year.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
And one chocolate shop in the UK sells Dubai chocolate at more than double the price of its other bars. It does look like the only thing that can slow Dubai chocolate's roll now is shortages. The US pistachio industry is coming off a poor harvest, and now it's got to contend with half of TikTok clamoring for this delicious new treat, Neil.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
One interesting aspect of this is the U.S. is actually pistachios, the world leader in exporting pistachios. That's one thing we do export. And when I say that the U.S. crop, the U.S., the most recent U.S. crop had a shortage, it was actually because they had a higher quality than usual crop, leaving fewer of the cheaper, you know, shell-free kernels that
Morning Brew Daily
US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
usually are used as ingredients in stuff like baking or chocolate. So it was almost too good of a harvest season for the United States. And also it's coming off of a year where there was a supply glut in 2023. So suddenly there was like this global supply exceeding demand back in 2023. So maybe that coincided with the fact that a lot of chocolatiers were experimenting around with this ingredient.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
And so it's been like the worst of both worlds where they're like, all right, there's going to be a lot of pistachios because we're in this supply glut environment. Now there's a supply shortage and prices are kind of skyrocketing and leading to Dubai chocolate being very expensive as well.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
And now a word from our sponsor, Planet O. Neil, have you ever noticed how the right lighting can make a room feel totally different?
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
Yeah, after Harvard took this stand and filed this lawsuit, over 150 university leaders from other U.S. universities signed this joint statement where they were pushing back against what they see as government overreach on college campuses. They specifically called out the use of federal funding as this sort of pressure lever to get these universities to do what the administration wants.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
So it's big names, MIT, Princeton, Yale, Brown, Tufts, Duke, you name it, they were among the signers. So you're seeing higher ed kind of rally behind Harvard here. as they fight what they see as overreach from this administration. For our next headline, Airbnb users rejoice. The short-term rental company is finally being transparent about the fees it charges. You know the feeling.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
You're cruising around on Airbnb's search function, find the perfect little cottage upstate for a weekend getaway for the right price, and then you click it and boom! hit in the face by taxes and fees galore, pushing it right out of your price range.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
It was always a huge pain point for users, but that changed as of Monday, with the platform now displaying the total price, fees and all, right from the outset and by default. This change aligns with the new USFTC rule, which requires rental platforms and hotels to disclose all fees transparently before purchase to prevent hidden junk fees. Neil, feels like a big win for consumers.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
Ah, thank goodness you said lamp. Team, no overhead lights here. What the right warm lamp does for a room, that's what Planet O does for your morning. Coffee, cereal, smoothie, whatever it touches, it softens the edges, warms things up, makes everything better.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
Yeah, they already created this dedicated investment vehicle to kind of back AI-related projects. It's called MGX, and they have an AI observer on its own board kind of figuring out how to deploy money into AI companies. So it's AI all the way down when you look at UAE. Also, the tongue twister of UAE AI has been something that we've been grappling with over the past few hours. So
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
Yes, clearly the most bold plan yet. They do think it just speeds everything up. How it's going to be managed and what pitfalls it could face is something that they're willing to try. Again, more autocratic leaning states have the ability to work fast and break things when it comes to experimenting with government, less so than a democracy like the
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
what is going to be the result of giving AI the reins of laws that govern their country. Finally, researchers at UC Berkeley have figured out how to hijack your eyeballs, but they're not forcing teens to stop rolling their eyes. Instead, they figured out how to show people a brand new, never-before-seen color called Olo. Now, of course, it's impossible to imagine a color you've never seen before.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
Seriously, try it. But the lucky few who have seen Olo describe it as a blue-green of unprecedented saturation. The new technique researchers use is called OZ and uses lasers to zero in on specific cones in your eyes in isolation to unlock hues beyond our natural comprehension. The cones in question are those most sensitive to green light, hence the name OZ, because Emerald City, you get it.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
Beyond unlocking new color magic, the controlling of the retina on such a granular level is a totally new way to study vision. For example, you could play around with the technique to try and bring back full color vision to colorblind people by compensating for any missing or defective light receptors.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
But Neil, I'm personally excited to walk into a hair salon and ask them to hook me up with some olo-colored locks for the summer.
Morning Brew Daily
US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
Yeah, if you want to weigh in on this debate as well, obviously you can't see the actual color, but we link the article in the show description. We also flash it on our YouTube. It does look like kind of a turquoise vibe, but I think it's not it. That's clearly not it. It has to be beamed in your eye via laser.
Morning Brew Daily
US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
So I am bullish on Olo, and I'm going to get my hair colored Olo if it's the last thing I do.
Morning Brew Daily
US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
So if your morning routine's feeling a little cold and clinical, this is your warm, soft, glow-up moment.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
Great show today, Neil. Let's run it back tomorrow.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
Get your hands on the oat milk that has it all. Visit planetoat.com for more.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
Not a fun combo whatsoever. So what does a weaker dollar actually mean? There are some pros if you're sitting as someone who thinks that U.S. exports should get cheaper. American-made goods cost less overseas, which can technically boost sales for U.S. companies, help domestic factories, farmers, manufacturers, you name it. So it could support U.S.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
manufacturing, which is a stated goal of this administration. Companies may start making more things domestically if foreign goods aren't as cheap comparatively, that is a big argument for driving the US dollar down.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
Some other less prominent arguments are technically tourism to the US might go up, although we've seen the opposite happen just because of the general attitude that we've adopted towards other countries. And then finally can help pay down foreign debt if the U.S. has debt in dollars, which it does. Paying it off is cheaper relative to other currencies.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
But there are also a lot of cons to a weaker dollar. One, imports get more expensive. Stuff made abroad, electronics, clothes, cars, food gets pricier. Remember, we import a lot more than we export. That's the whole basis of this trade war we're conducting. So that can fuel inflation. Then also traveling abroad gets more expensive now. The opposite is true.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
Remember how everyone was going to Japan earlier in the year because there was a weaker yen? No more Japan trips for you as the dollar gets cheaper. And then also it just shakes investor confidence. As you said, as this sell America trade keeps percolating through the markets, you're just less confident in the U.S. economy. So that manifests as more volatility and less foreign investment.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
So when you hear the dollar is weaker, the dollar just hit a three year low. Hopefully this provides a little more context around what that actually means.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
Then in the wake of the Pope's death, people are taking to prediction markets to bet on the outcome of the upcoming conclave. It's Tuesday, April 22nd. Let's ride.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
What ties the bow on what we've been talking about together is gold this year because, I mean, gold is ripping. It is behaving like the Magnificent Seven. So far, gold has outperformed the stock market by 42.5% so far this year. Gold has always been that safe haven asset, but... So Bitcoin has come along and tried to say, hey, we could be a safe, heavy asset.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
But that usually kind of correlates more closely with the actual stock market, specifically NASDAQ. So gold, the oldest metal, it is a store of value right now. And it's massively outperforming all these other asset classes that we've been talking about.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
Yeah, this is certainly not a new thing. The technology is new, but the fact that there was a gambling culture that existed around this is not new. There was a big gambling culture in Renaissance Rome. There were these things called sensalis, which are essentially your bookie who you send memos to on the weekend.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
They took bets on everything from the identities of new cardinals to who actually would become a pope. There was also newspapers and newsletters that would spring up around conclaves. People kind of liken it to the comment section on the Polymarket right now. So it shouldn't shock us that there has been this kind of long tradition of gambling around it.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
And obviously the spread of information at that time did impact the process of the new Pope. I wonder if we'll see a similar thing Today, there was this very egregious example back in 1555 when some rumor mongers spread this idea that one of the top candidates had died that lowered that candidate's chances in wagering, which probably led to a nice little profit on the side.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
So you can draw parallels to modern-day markets where some rumors are going to fly. Polymarket odds might change very quickly based on those rumors, and someone might stand to make a profit. So Nothing is new under the sun. We've been seeing this all the way back in the 1500s. Now we just have polymarket.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
Yeah, and by the way, if you think you're going to predict the next Pope, you're probably not because Pope Francis started at 55 to 1 odds and never had better than 32 to 1 odds. So if you think you're going to nail the next papacy, you probably are not. Chipotle is opening a store where no one will mispronounce their name in the very country that inspired its cuisine, Mexico.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
The burrito chain is partnering with a restaurant operator who has experience running brands like Domino's and Starbucks. to begin opening outposts in Mexico by 2026.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
The hope is that the familiar ingredients will make it a success south of the border, as the company eyes growth outside of the U.S., but just because Chipotle's carnitas, guac, and other offerings take their cues from Mexican dishes, it doesn't mean that Mexicans will actually turn out. No one knows that better than another Mexican-inspired chain, Taco Bell.
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US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
It tried to enter the market back in 1992, but was essentially laughed at for its inauthentic naming conventions like Tacostadas, especially when it was juxtaposed next to Mom and Pop Taquerias. It packed up its cheesy gordita crunches and shut down every location just two years later. It's like bringing ice to the Arctic, historian Carlos Montesivas told the AP at the time.
Morning Brew Daily
US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
But sometimes the US-ified versions of traditional food and beverage do find success. Starbucks entered the Italian market in 2017 by leaning into humility and a proprietary coffee blend tailor-made for Italian tastes. And now it has 30 stores in operation. So Neil, on a scale of Taco Bell to Starbucks, where do we think Chipotle is going to land?
Morning Brew Daily
US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
And then maybe it won't be something as sexy as their brand positioning that will make or break its fortunes in Mexico. Maybe it's just the cost of importing food to Mexico because it makes sense that to open a chain in Mexico because a lot of their avocados come from south of the border. Now they won't have to pay those import fees.
Morning Brew Daily
US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
So technically, they should be able to keep their menu prices a little bit lower than you see. I mean, they're not going to be $16, $17, $18 burrito bowls like I'm loading up in New York City because I'm getting extra guac. So potentially, they will be able to fit in more with their supply chain and their prices to say that we're not like this Americanized chain with Americanized prices.
Morning Brew Daily
US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
Or maybe they won't be able to pull that off. So it could just be pricing power that ends up dictating the fortunes of Chipotle in Mexico.
Morning Brew Daily
US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
I think just lean into the quality aspect. Don't try to be anything you're not. Just say, hey, we make quality ingredients right there in front of you. Come try it if you want it. Up next, we got Toby's Trends. TastyTrade puts traders first.
Morning Brew Daily
US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
However you do it, TastyTrade's got the advanced tools you need to tackle stocks, options, futures, and more all in one place.
Morning Brew Daily
US Dollar Falls to 3-Year Low & Prediction Markets Take on the Next Pope
It's no wonder Investopedia named Tasty Trade the best broker for options in 2024.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, we'll dive into the details of the sweeping tax and spending bill Congress hopes to pass this week.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
Yeah, the cremation. rate last year, 2024, was a record 62%. That's up from just 6.2% in 1974. So we've seen a huge boom in cremation. We're also seeing these funeral homes have to get creative because there are 15,700 funeral homes in the United States. Roughly three quarters of them are all family or privately owned. These are
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
Small businesses that can't really adapt to the changing landscape of people paying $2,700 for a service that they used to pay $8,500 for. So you see some of them, here's a quote from one saying, we're no longer just a funeral company who does events. We're an event company who does funerals and they're adding plazas and doing things like weddings and other lifetime rituals.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
So you get the real circle of life at these places because they need to use their real estate to stay alive.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
And they are getting creative. I mean, some of the examples of what funeral homes are doing to change up their services are just really, I'm not going to say fun, but interesting. So for a beloved little league coach, one of these Turned her funeral home into a baseball field with bases, a popcorn machine and hot dogs.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
And for a woman who had been a model and fashion designer, there was a cocktail hour with a runway and mannequins in her clothing. So they are getting creative. My question for you is, would you get married in a funeral home?
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
Well, another thing that's expensive besides funerals is weddings. So if you're find a good deal at a funeral home, maybe you got to take it. Okay. Let's sprint to the finish with some final headlines. If you're one of the 15 million people who gave their DNA sample to 23andMe, your genetic information is under new ownership.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
The bankrupt genetic testing company sold its assets, including its massive treasure trove of genetic data to to the US drug developer Regeneron for $256 million. It's a steep price cut from the more than $7 billion 23andMe was once worth on the public markets, highlighting its downfall under a business model that was never profitable.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
Once it went bankrupt a few months ago, the big question was what it would do with its highly sensitive bank of DNA from customers. Regeneron has pledged to keep it safe, with its CEO saying they have a, quote, proven track record of safeguarding the genetic data of people across the globe. But it's not clear whether those concerns will be put to rest.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
Traditional campaigns are rigid and often totally miss the point. Your customers don't live on a marketing calendar. They live in the now. Iterable helps brands ditch the old playbook and deliver AI powered, always on personalization that meets people in real time.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
This is a major exodus of leadership from CBS News. They're clashing with Paramount ownership, including Sherry Redstone, who's trying to take a more active... role in their news decision making, and that's rankling the top news leadership. So CBS News is kind of chaos right now. Morale can't be good.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
There was reporting that a new 60 Minutes segment on executive orders that Trump did targeting law firms was also perhaps sparking a second lawsuit from the Trump administration on top of the $20 billion one.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
I think that caused a lot of urgency on the side of Paramount leadership to maybe take a sterner line with their news executives, which again turned into a major pushback from these news executives. So yes, CBS News, probably one of the more iconic brands in news in American history, is devolving into chaos right now.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
These numbers are staggering in terms of how unaffordable housing has become in Spain. Rental prices have jumped 57% in Spain since 2015. Home prices have soared 47% compared to household income, which has grown just 33%. Barcelona is probably the worst offender. Rents have surged there. 68% in a decade. So whenever you see this happening, it's happening all across the world.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
And what is the first thing city governments do is they call up Airbnb and say, hey, you guys, we're kicking you out. Airbnb has a playbook because they've been targeted by So many cities, they say that the root cause of affordable housing, unaffordable housing is not Airbnb. It's the fact that you're not building more housing.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
They pointed to other examples of places like Amsterdam and New York City, which instituted restrictions on Airbnb and said this had this did not have any factor whatsoever in decreasing house price growth. So Airbnb is pushing back at the end of the day. I think they're outgunned. over there in Spain because the knives are out.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
Iterable orchestrates engagement across every channel. Feels kind of like leaving your suit on the sand and diving in with purpose. Neil, again with this birthday suit metaphor. Don't let your marketing sink. Swim smarter and less inhibited. Head to endthecampaign.com to learn more. The big beautiful bill is on the move.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
Finally, a spate of monkey kidnappings has stunned researchers on Jicaron Island off of Panama. I'm not talking about humans stealing monkeys, it's monkeys swiping other monkeys of a different species. In a study published in the journal Current Biology, scientists said for the first time ever, they saw video footage of young male Capuchin monkeys
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
kidnapping infant howler monkeys who often later died from dehydration or lack of nutrition. Calling the behavior viscerally disturbing, the researchers believe that the male adolescent monkeys are taking the howlers simply because they are young and bored, similar to the way a young human child would capture lightning bugs in a jar.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
As animal culture expert Brendan Barrett said, I think seeing this occur in another species is somewhat terrifying because it kind of reflects a mirror on the actions that we do as people.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
Maybe they just need to get pinged every two minutes so they don't get bored and start kidnapping other monkeys. No, thank you. That is all the time we have. Thanks so much for starting your morning with us and have a wonderful Tuesday. If you have any thoughts on the show, let us know so we can make it better.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
Send an email with questions, comments, or feedback to morningbrewdaily at morningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Our associate producers are Olivia Graham and Olivia Lake. Scoop Stardaris is on audio. and makeup is out looking for the fountain of youth.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
Devin Emery is our president and our show is a production of Morning Brew.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
Late Sunday night, a congressional committee advanced President Trump's massive spending and tax package with the hopes of teeing up a House vote before Memorial Day weekend. This thing, running over 1,100 pages, is the centerpiece of Trump's legislative agenda and would shake up everything from your taxes to Medicare to the electric vehicle tax credit. The primary purpose of the bill
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
is to extend the 2017 tax cuts from Trump's first term in office. Those would expire at the end of the year. So absent an extension, taxes would go up for most Americans by 2026. So that's priority number one. In addition to continuing those tax cuts, the bill also eliminates taxes on tips, overtime, and car loan interest, fulfilling promises Trump made on the campaign trail.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
All of that foregone revenue is going to be extremely costly for the U.S. government. To pay for the tax cuts, the bill claws back clean energy credits from Biden's Inflation Reduction Act and would make other cuts to Medicaid and food stamps. But it won't make up the difference, and it would exacerbate a spiraling debt problem cited by Moody's when it cut the U.S. 's credit rating on Friday.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
Even with the spending reductions, the bill would add over $3.2 trillion in new red ink over the next decade. That's according to the Committee for a Responsible Federal Budget. And this double whammy of the Moody's rating cut and the prospect of even higher deficits from the tax bill shook Wall Street yesterday, spurring investors to continue... selling bonds and the dollar.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
If you don't already put your phone on do not disturb mode during work, you're about to. A new Microsoft report on the workplace found that the average nine to five employee is interrupted every two minutes by meetings, emails, slacks and other pings. And that's not even taking into account non-workplace apps like iMessage or Spotify or YouTube. Toby, one interruption every two minutes?
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
Yeah, they're trying to pass it or get at least to the House before everyone goes on break before Memorial Day. But as you mentioned, there are a lot of provisions here with a lot of stakeholders from people getting large clean energy tax credits in their states to those people in California, New York and New Jersey who really rely on that salt deduction.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
And then investors, Wall Street really had a strong reaction to all that's been happening recently. And it really has been one common theme of fiscal deterioration from the Moody's cut on Friday to increasing the deficit with this tax bill on Monday. The investors sent bond yields higher, which means they sold off bonds. Yields are extremely high right now.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
They're much higher than they were in 2017 with these tax cuts, which could make borrowing a lot more expensive for the U.S. government. The yield on the 30-year Treasury bond yesterday settled in at 4.937%. That's up from 4.786% at the end of last year. Let's talk about the 10-year note. That was up to 4.47% yesterday, up from 4.2% at the end of April. Already, nearly $1 in every $7 the U.S.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
spends goes toward paying interest. When we borrow money now, it's going to be at these much higher interest rates than they were in 2017. And that's what Moody's is setting. That's what these budget hawks are looking at when they're saying, you know, this fiscal picture for the United States is looking more dire than ever.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
Sounds pretty nice.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
Well, this is a huge lifeline for Sesame Street and its owner, Sesame Workshop, who cut 20% of its workforce. They lost $35 million in revenue per year when this max deal ended and Netflix swoops in and it's a big win for Netflix, which wants to build its lead over the other streamers with kids programming. It's already number one, 72% of 10 to 12 year old viewers are
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
have watched programming on Netflix recently. That's compared to 57% for Disney+, 32% for Hulu, and just 13% of Max, which you can see these streamers going in very different directions. Netflix is bolstering its kids' programming. Meanwhile, Max has just rebranded back to HBO Max, and it's going to rely on that more adult prestige programming that, you know, is its bread and butter.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
It tried to compete with Netflix by bringing Sesame Street by rebranding as Max. Now it's going back to old HBO, and Netflix is just forging ahead in world... kid domination.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
Yesterday on the show, you heard that major U.S. cities were growing like weeds again after years of stagnation. At the same time, though, other places around the country are facing an existential crisis. I'm talking about the old college town.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
You know the places I'm talking about, the quaint cities in western Pennsylvania or Ohio or Illinois that have a regional college and a cute main street with bars and coffee shops. According to the Wall Street Journal, they're becoming economically endangered. A Brookings study found that among metro areas that are reliant on higher ed...
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
75% of them experienced weaker economic growth between 2011 and 2023 than the U.S. as a whole. That's a result of falling enrollment at regional schools. Fewer students means fewer customers for local shops, and in turn, less tax revenue for the city government to make improvements. Some call it the real estate doom loop you didn't know was happening.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
Take Macomb, Illinois, for example, home to Western Illinois University. In the boom times of the 70s, the school's enrollment peaked at over 15,000. Now it's just 5,500, and the town is suffering. The city's population plunged 23% from 2010 to 2024. City sales tax revenue has dropped almost proportionally, according to the mayor. and pizza shops that were once humming at 2 a.m.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
are struggling to stay open until 9. Toby, this is happening in college towns across the country, and it's probably not going to get any better.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
really a rich get richer separating from the pack because when you think of college towns, yes, maybe you think of Macomb, Illinois or Bloomsburg, Pennsylvania, these smaller towns, but you also maybe think of Ann Arbor, Michigan and Madison, Wisconsin and Gainesville, Florida. Well, they're doing just fine. Enrollment at these large flagship state public universities are
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
is increasing a lot and students are filling dorms and bars and these places are thriving. And like, let's just go back to University of Illinois, for example. So the flagship University of Illinois, Urbana-Champaign, enrollment there this past academic year was up 36% from 2010. Meanwhile, at Western Illinois University, enrollment fell 47 percent.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
So you're starting to see divergence between these rich college towns, these bigger ones with more public funding and research universities and the smaller towns which are facing an existential crisis.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
Tasty Trade Inc. and Morning Brew are separate and unaffiliated companies. Toby, you ever get served an ad that just makes no sense whatsoever?
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
Maybe because we keep talking about egg prices. That also proves that a lot of the time the best B2B marketing gets served to the wrong people.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
Wow. Okay. Point is, LinkedIn has a network of over 1 billion professionals and over 130 million decision makers, which makes it stand out from other ad purchases.
Morning Brew Daily
Netflix Saves ‘Sesame Street’ & College Towns Are Fading Away
So save money and target the right professionals with LinkedIn ads.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, nothing lasts forever, even retailers named Forever 21.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
Yeah, just for an example of what you can do when you vibe code, that same New York Times reporter asked one of these twos Bolt to build an app that could help him pack a school lunch for his son based on an uploaded photo of just the content in his fridge. Less than 10 minutes later, this app created what is called Lunchbox Buddy, and it suggested a generic turkey sandwich.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
He posted the link here for everyone to try. It is a legit app. It was built in under 10 minutes, zero coding required by the person who wanted to create it. Basically, he just described what he wanted, and it built code. I don't think vibe coding is actually coding, but you can tell me wrong. You've been playing around with some vibe coding.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
Certainly lowers the barrier to coding. And the question is for vibe coding, will it replace computer programmers? We already know that Google said that 25% of its code is already written by AI. And then in terms of programming jobs, more than a quarter of all computer programming jobs. have just vanished in the past two years. It's the worst downturn that this industry has ever seen.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
So if you're a computer programmer or a developer, you know, thinking about your future job prospects, you're also thinking about whether vibe coding will eliminate the need for your position now that any randos like us can build something. There is a huge but in that we are very much in the early stages.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
Most people playing around with vibe coding are building hobbyist projects and it is not in a professional setting at all.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
Slid in right as the mimosas were being poured. Nicely done. If you want top-notch security without compromise, visit Sophos.com. That's S-O-P-H-O-S dot com. Rough day for millennial women as your favorite mall destination 15 years ago, Forever 21, filed for bankruptcy and is going to be closing all of its stores in the United States.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
Yeah, Harvard, this is seen as a way to expand the diversity of their enrollment. It also comes at a time when, you know, you said Harvard's endowment is $50 billion, but there is a big financial squeeze. Days before this announcement, Harvard said it was freezing hiring because of the White House's threats.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
funding cuts and tax increases JD Vance the vice president is also planning or at least floating an increase in the endowment tax right now endowments are taxed at 1.4 percent per year Vance has proposed raising it to as much as 35 percent so precarious times for higher education institutions like Harvard like Yale like Princeton and they want to get ahead of this and expand and
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
their applicant base by making college tuition free for people making under 200K. Imagine if you could charge your vehicle as quickly as filling up a tank of gas. BYD, the Chinese electric vehicle giant taking on Tesla, said it'll let you do just that. The company revealed a new system for electric cars that can provide 292 miles of range in just five minutes.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
That is far faster than a Tesla supercharger's capabilities, which can add up to 171 miles of range in 15 minutes. BYD said vehicles with a new charging technology will roll out next month. Toby, this news is electric.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
Yeah, Robinhood CEO Vlad Tenev has been on the prediction markets train for a long time. He called them the future of not just trading, but also information. He said he was a big believer in the power of these markets for a long time, a student of them.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
There have been some false starts in the past around the Super Bowl, but now they think that partnering with an established player like Kalshi will kind of allow them to avert regulators' gaze. I just find it funny that the two things you're going to be able to trade on right now are... March Madness and the scintillating upper bound of the federal funds rate.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
It's the chain's second bankruptcy in six years, but this time around, don't expect anyone to swoop in to save it. After hitting a peak of $4 billion in sales in 2015, the fast fashion pioneer went out of fashion fast.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
I wonder which one people are going to choose. Finally, call it beginner's luck or the perfect man for the job. But just a few weeks after he hosted the Oscars for the first time, Conan O'Brien was hired to emcee next year's Academy Awards in one of the earliest renewals ever for an Oscar host.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
Conan earned high marks for his generally apolitical, smooth debut on the mic, and ratings for the Oscars rose to a five-year high. In a statement, Conan explained why he accepted the gig. The only reason I'm hosting the Oscars next year is that I want to hear Adrian Brody finish his speech.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
usually you pin it on the host back so it makes sense that you want a pro like conan up there just doing his thing because he did his thing very well this past this past oscar season i think a lot of people liked it so oscars are like why overthink it let's just bring him right back let's wrap it up there thanks so much for starting your morning with us and have a wonderful tuesday for any questions comments or feedback send an email to morning brew daily at morning brew.com and if you're enjoying the show share it with a friend family member or co-worker
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Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
Toby, who should everyone listening share it with today?
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Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham and Olivia Lake are our associate producers. Uchenua Ogu is our technical director. Scoops Dardaris is on audio. Hair and Makeup is filling out their bracket. Any advice is welcome. Devin Emery is our chief content officer in our shows of production of Morning Brew.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
The pandemic accelerated the shift to online shopping, where foot traffic focused Forever 21 was at a disadvantage, and inflation jacked up costs and led shoppers to pull back on buying clothes. But the death blow may have been dealt by the new titans of fast fashion, Taimou and Shein.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
Forever 21 execs blame the two Chinese-linked marketplaces for their company's demise, saying that the shockingly low prices advertised on those apps made it hard for Forever 21 to hold on to its core customer base. What happens next? Liquidation sales are expected to begin immediately before a, quote, orderly wind down of the company's 350 stores in the United States.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
Good morning and happy Tuesday. There's something we need to tell you, and it's that you should buy a Morning Brew Daily mug. Mug plug, mug plug, mug plug. Thank you, Toby. What he's trying to say is that we've got these beautiful, sturdy MBD mugs that can handle any type of coffee from a Keurig to a pour over even tea.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
They're saying that they made mistakes, perhaps, but they're also blaming these two Chinese-linked marketplaces, Taimu and Xi'an, for kind of killing their business. They specifically identified this de minimis exemption, which is an exemption to the tariff code in the United States, which has allowed Taimu and Xi'an, these super bargain apps, to flourish. That allows you to ship in goods
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
packages to the United States from China. If they're under $800 in value, then they are not subject to tariffs. And so in their bankruptcy filing, the execs at Forever 21 said that, you know, this re this exemption is the reason we are going out of business and urged policymakers to get rid of it, to help out other American apparel companies.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
And unfortunately, this is probably not the only store closure story we are going to talk about this year. Last year, more than 7,300 retail locations shuttered in the United States, which was a 57% increase from the year before last. This year is looking way worse. Approximately 15,000 store closures are expected, which is nearly double the 7,300 stores that closed in 2024.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
So certain chains, Party City, Bed Bath & Beyond, Joann's, now Forever 21, are in a lot of pain right now.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
And they're the perfect addition to the mug collection in your cabinet, which between us is getting a little stale. Mug plug, mug plug, mug plug. I believe in Toby's. That translates to head to shop.morningbrew.com and look for the Morning Brew Daily collection where you'll find the mugs we use to start every single morning.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
Well, this is the American dream, isn't it? This woman, Alison Ellsworth, loved soda but didn't like the way it made her feel. So back in 2015, she tried making her own soda in her kitchen with a new recipe, apple cider vinegar, sparkling water, prebiotics, then started to sell the drink at farmer's markets. It caught on.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
Then she and her husband, three years later in 2018, went on Shark Tank, picked you on the show, got an investor, Rohan Oza. And that partnership led to this flourishing brand, which has inspired many copycats. And then fast forward a few years, 2025, you sell it to Pepsi for nearly $2 billion. I don't think you could chart it out any better.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
The next time you unload your personal life problems onto an AI chat bot, you might want to consider how all that trauma is impacting its feelings. Not a joke, a new study published by a group of international researchers found that when subjected to traumatic narratives, OpenAI's GPT-4 large language model reported much higher levels of anxiety.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
This is such a great way to treat yourself or give a gift to the Morning Brew Daily super fans in your life.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
And perhaps even more interesting, the chatbot's stress levels decrease significantly when given mindfulness exercises to complete. Just to be clear, a chatbot doesn't have feelings or emotions. It's a computer program. But it is a computer program that is trained on reams of data created by humans with all our warts and is designed to mimic how a human would respond to a particular input.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
So when the researchers fed it disturbing stories of things like war, crime, and car accidents, its anxiety score ripped higher than when it digested more benign content like the manual of a vacuum cleaner. The research has potentially major implications for the booming field of AI mental health care.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
Given a severe shortage of trained mental health professionals, people are increasingly turning to AI models like ChatGPT and Claude to work through their issues, and a number of startups have emerged pitching the AI equivalent of Dr. Melfi. We're only just beginning to learn how these AI therapists behave.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
Yeah. What's the, what are the main problems that the researchers identified with turning to AI chatbots for mental health advice, which so many people are doing now is that if they get stressed, if they get anxious, which they do as these researchers found, then it can lead to biased responses. So it can lead to
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
snappy, emotional advice, whereas a human might recognize that they are feeling, a human therapist might recognize that they're feeling stressed or anxious and would self-regulate their responses in order to do their job, which is to provide an ear or advice to their client. And LLMs do not have that ability yet. So the researchers say because we know that they do,
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
get stressed when they hear traumatic stories and that would lead to biased responses. We should inject mindfulness exercises into the prompts to begin with, which is a controversial thing to do because it has been used in the past to subvert security apparatuses.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
So that is what the researchers are saying is that we need to inject these prompts with mindfulness exercises to mitigate the biased responses that would come with higher levels of anxiety.
Morning Brew Daily
Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
Top scorers will receive a custom prize, a $200 Amex gift card, and a newsletter feature.
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Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
If you have the answer, go to www.morningbrew.com slash morning-market-trivia to test your stuff with the morning market trivia quiz. Who knows? You could end up on the leaderboard. Like I said, top scorers will receive prizes and a feature in the Morning Brew newsletter. I scored a 12 out of 15. I got 11 out of 15.
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Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
Head on over to www.morningbrew.com slash morning-market-trivia and see if you can beat our scorers and win some goodies.
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Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
Ah, classic case of trade-offs. Extra rest or delicious pancakes. What did you choose?
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Forever 21 Goes Bankrupt & ChatGPT Can Have Anxiety?
I hate having to choose. Same, which is why Sophos is such a great company. It doesn't make you choose between an elite defense or an expert offense. It keeps you protected while also having 500 plus experts standing by 24-7 to help you strike down threats.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
Well, the first thing to know about this is Coachella is not the only music festival that gets a majority of its tickets through these payment plans. Lollapalooza, Electric Daisy, Carnival, Rolling Loud all sell a majority of their tickets using some kind of payment plan system. And then to your question of whether these people are financially illiterate, I think the opposite. I think they're
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
I don't know if that's a good thing for caviar, though, because the interesting thing about luxury goods like this is that they become less desirable as the price point goes down. I mean, Hermes handbag, right? If it's cheaper, then you're probably like, well, I don't know if I want it because it's more of a. Mass market thing. So it's very interesting study in pricing strategy.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
If you're a restaurant owner and you are now able to get caviar on the cheap, it's how you present that in your menu and what your price point is to, you know, sort of maximize, you know, you have a bountiful amount of caviar that maybe you don't use to. How do you deploy that in the most strategic way?
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
It's a very Instagrammable food. In economics, revealed preference theory states that you should look at what people buy rather than what they say they want to buy to learn about human behavior. And we are seeing that play out crystal clear at movie theaters. Everyone complains about how Hollywood makes too many sequels and not enough originals.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
But if this year's box office is any indication, people don't want to watch the originals. Drop and The Amateur, two movies based on fresh ideas, flopped hard at the box office this weekend, bringing in $7.5 million and $15 million domestically, The Wall Street Journal reported. This severe underperformance follows miserable box office hauls recently.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
by other originals such as Mickey 17, Novocaine, Fly Me to the Moon, and Red One. Meanwhile, movies based on well-known IP are killing it. A Minecraft movie, for instance, brought in another $80 million at theaters this weekend, bringing its global total to $550 million. Toby, we say we don't want sequels or familiar stories, but turns out that's exactly what we want. Any follow-up?
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
Finance experts, because back in college, I did learn a few things, and one of them was the time value of money. A dollar today is worth more than a dollar tomorrow. So if you can get an interest-free plan to keep money now instead of spending it now, that is savvy.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
You do what you want. But luckily this summer, I guess luckily, there are a lot of, or unluckily, There are a lot of sequels coming through the pipe. We have a new Superman movie. There's another Jurassic World movie. There's another Mission Impossible. And then in the family film arena, there's the live action remake of How to Train Your Dragon.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
There's the SpongeBob movie, another one, and a new Smurfs. So they're rolling out the sequels. I mean, they know that during the summer, people want to see these familiar blockbusters forever.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
Okay, let's sprint to the finish with some final headlines. The Trump administration and Harvard University have taken the gloves off in a high stakes battle over $9 billion in funding. Yesterday, Harvard President Alan Garber said the university refused to agree to a list of government demands to combat antisemitism on campus.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
saying that the list went far beyond its original purpose and amounted to direct government regulation of the, quote, intellectual conditions at Harvard, such as fundamentally changing its governance and admissions processes.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
No government, regardless of which party is in power, should dictate what private universities can teach, whom they can admit and hire, and what areas of study and inquiry they can pursue, he said. The Trump administration responded to this defiance hours later by saying it would freeze $2.2 billion in multi-year grants to Harvard
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
It said earlier it was reviewing up to $9 billion in federal grants and contracts to Harvard. The school had played nice for weeks, until now setting up a major legal showdown.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
Yeah, I mean, Waymos are turning into community bulletin boards, and I think it is fun and cute and clever. Now, you just wonder, since it went so viral, if these cars are going to become, you know, one giant trash heap, which is possible. Waymo says that it endorses this for now.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
It says it's proud to be driving mobility both personally and professionally, but it's unclear how long they're going to be admitting this.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
I think it's compatibility. Having the same hobbies, interests, goals. You got to be on the same page.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
It's going to be great. And the WNBA, after a record viewing season last year, is just reloading with another major star. So they're super excited and good for them. Beckers has the potential to be a superstar. She already has been in college. She was the first college athlete to have her own Nike player edition shoe.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
She was the first college athlete to sign a name image likeness deal NIL deal with Gatorade. So she has a large presence and she will have a massive amount of marketing power as she goes to the pros. Let's wrap
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
it up there thanks so much for starting your morning with us and have a wonderful Tuesday for any questions comments or feedback send an email to morningbrewdaily at morningbrew.com let's roll the credits Emily Milliron is our executive producer Raymond Liu is our producer our associate producers are Olivia Graham and Olivia Lake Garrett Peck is on audio hair and makeup is looking for love in a robo taxi Devin Emery is our president and our show is a production of Morning Brew great show Daniel let's run it back tomorrow
Morning Brew Daily
Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
Not only is it compatible with a nice cup of joe or a bowl of cereal, but it also elevates the entire experience.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
They even have an unsweetened version with zero grams of sugar.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
Gives a nice boost to a relationship.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
manufacturing and American manufacturing has certainly been a hot topic of discussion in the past few weeks as Trump launched this trade war in a bid to reshore manufacturing to the United States. His Commerce Secretary Howard Lutnick was sort of the forefront of this push when he said that his ambition was an
Morning Brew Daily
Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
army of millions and millions of human beings screwing in little screws to make iPhones. That kind of thing is going to come to America. Critics kind of seized on that comment and said, that is not sort of what American industry should be doing now. That's not what I want to be doing now in that Cato Institute study that you cited.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
Many, the vast majority of Americans said America would be better off if more Americans worked in manufacturing. About 80 percent said that, but just over 20 percent said I would be better off if I worked in a factory. And that's the chasm that we have or this nostalgia that we have over this golden age of American manufacturing. Right now, far fewer Americans work in manufacturing.
Morning Brew Daily
Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, Blue Origin's all-women space flight with Katy Perry made history, controversy, and memes.
Morning Brew Daily
Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
We do it pretty well what we do, but it's just a smaller share of the overall economic pie. But that nostalgia still holds.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
And even critics of Trump's tariff policies would say, you know, I think it's pretty good if we have certain manufacturing operations here, things for national security like chips, AI supercomputers. So they'll say, yeah, maybe we don't need to make iPhones here because that is a global trade that is mutually beneficial for both the United States and
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
consumers and chinese producers uh and apple uh real large because it reduces their cost but certain industries we should reshore and i think nvidia is probably a good example of the types of industries that we'd want to do here they command higher wages but you're right the problem is there aren't enough workers here or there aren't enough skilled workers here
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
to work in the current manufacturing jobs that are out there or those high value added in February 2025, there were 482,000 open jobs in manufacturing. So there are jobs. People are just not seeking them out. Deloitte, in an analysis from last year, said that there would be 1.9 million unfilled jobs in manufacturing by 2033.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
So if you're a manufacturer and you're looking at across the globe where you're going to set up your shop, If you're looking at the United States, you're saying, okay, well, maybe that labor pool doesn't exist. And that TSMC, this big Taiwan semiconductor company, has had problems setting up its Arizona factory because of that lack of skilled workers.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
All this stock market volatility may not have been easy on your stomach, but it's been the ride of a lifetime for Goldman Sachs. Equities traders at the Wall Street Bank posted their highest quarterly revenue on record in Q1.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
As chaos grip markets over President Trump's stop and start tariff policies, equity trading revenue rose 27% from a year earlier to $4.2 billion in the first three months of the year. And remember, the quarter ended before Liberation Day on April 2nd, before one of the most volatile weeks in stock market history last week. So the good times for Goldman are likely rolling on.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
Even though the market roller coaster is good for business, CEO David Solomon warned it wasn't so good for the economy.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
He said this uncertainty around the path forward and fears over the potentially escalating effects of a trade war have created material risk to the US and global economy, he said, adding the prospect of a recession has increased with growing indications that economic activity is slowing down around the world.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
Solomon said that he was hopeful that feedback from companies, investors and consumers would result in the White House changing course to an approach that would lead to more economic certainty and long term growth. Toby, it makes for an interesting dynamic for banks. It's the best of times, but also possibly the worst of times because they would be hit hard in a downturn.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
And, you know, Goldman is not the only bank that's seeing a huge equities boom. JP Morgan reported last week, 48% increase in stock trading revenue. Morgan Stanley up 45% year over year. and stock trading revenue. So it is providing a tailwind across this entire industry. Investment banking, which is when you underwrite deals and IPOs, is a different story.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
Goldman saw an 8% drop in the quarter there. It seems like deal flow has pretty much dried up or is on pause for now.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
Yesterday morning, Katy Perry went up to space and back again before you logged on to your first work meeting. The pop star, alongside a star-studded all-female crew that included Gayle King and Lauren Sanchez, traveled to space aboard a Blue Origin rocket, becoming the first spaceflight of only women since 1963. The crew took off from Blue Origin's launch site in West Texas at 9.30 a.m.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
Eastern, traveled above the Kármán Line, the internationally recognized boundary of space 62 miles above the Earth's surface, and returned just over 10 minutes later. They experienced about four minutes of weightlessness and a few moments of Katy Perry serenading them with a zero-G rendition of What a Wonderful World.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
Hundreds of thousands of people joined the live stream to watch the historic flight, and there were a few celebs at the launch site as well. Oprah was there to support her friend, Gayle King, and Jeff Bezos was there too, which is probably a good thing because Blue Origin is his private space company. And that's really what we want to talk about.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
This was Blue Origin's 11th human flight since 2021, and it's built a reputation and received criticism for serving as a vehicle for celebrity space joyrides. Toby, Blue Origin is certainly god tier at creating buzz, but is there any substance behind this?
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
Let's talk about the burgeoning space tourism industry. I don't know if it's burgeoning because it has gotten stops and starts and Virgin Galactic, which is a pioneer in this space,
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
its stock price it went public in 2020 its stock price is down 99 its q for revenue was just over 400 000 and that missed estimates it's charging 250 000 to 450 000 per space flight uh blue origin did not disclose how you know its ticket prices or how many people paid it said that some people paid some people didn't i wonder if florence sanchez who is bezos's fiancee paid uh but this
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
Part of the space sector, I think, has generated a lot more buzz than actual dollars and cents. Meanwhile, Blue Origin has a freight business. You know, this is its passenger business. It has a freight business that is probably going to do a lot better and will be a lot more lucrative. It launched its first new Glenn its new Glenn rocket for the first time into orbit in January.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
It's hoping to do that again a few months from now. And that's contracting with NASA to help it go to the moon and Mars. So space tourism, I think a tiny minnow in this overall space economy pie.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
Up next, we have Toby's Trends. Spring is here in New York, the weather's getting warmer, and we're starting to put some of those winter layers away, which means it's time to refresh your bed for the new season as well.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
Brooklinen's customizable bundles make it easy to build your dream bed. From high-quality comforters to cotton throw blankets, Brooklinen lets you mix and match patterns, styles, and textures to meet your needs.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
If you're planning to do business abroad, you've got to make sure your finances are in order. That's where Wise Business comes in. Wise Business is the account for doing business in other currencies.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
And you can still save money as you go global. Wise Business has no hidden fees, no markups on the exchange rate and no ongoing subscription cost.
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Nvidia To Make AI Supercomputers in Texas & Goldman Sachs Cashes In for Q1
To learn more about how you can use Wise Business to save time, money, and stress, visit wise.com slash business.
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LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
Yeah, I mean, you mentioned that this is a growing problem and it really is. Over the past five years, the company Revelio Labs found that the rate of hires per job posting has been cut in half. In 2019, there were eight hires for every 10 job postings. So not as much ghosting going on by 2024. Untertitelung des ZDF für funk, 2017
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LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
für den Arbeitsmarkt und es kann helfen, zu erklären, warum, obwohl die Hörnennummern so gut für die US-Ökonomie sind, die Leute fühlen, als ob der Arbeitsmarkt gegen sie ist und sie eine Position finden können. Es ist, weil sie zu Hunderten von Arbeitsplätzen arbeiten, die Hälfte davon wird nie in den ersten Ort gefüllt werden.
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LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
That's according to a sobering new study published in Nature Medicine yesterday. The researchers found that adults over 55 had a 42% lifetime risk of developing dementia, much higher than previous lifetime risk estimates. The main reason? People are living longer. The US has an aging population, and older age is the biggest risk factor for dementia.
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LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
It's not going to affect everyone equally, though, for reasons experts still don't have a firm grasp on.
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LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
Let's talk about this new guy who's coming in. He's probably not going to be the permanent CEO, but he is a very interesting figure, Tom Conrad. He has a tattoo of the Sonos headphones on his left forearm. He's been on the board since 2017.
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LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
He was one of the creators of Pandora, the music service, a vice president of Snap, and then the chief product officer of Quibi, the short-form video service that barely lasted a year or so. He's gonna move into this position. Sonos is kind of a house on fire right now. We'll see if he can hold it over until they hire a new CEO.
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LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
Apparently it was inspired by a trucker cap that was worn by founder Sam Walton. And it was written in the typeface Antique Olive, which Walmart had used from the 1980s through the early 2000s. So I guess you got to get inspiration somewhere. But for many people, I mean, you should go to Morning Brews' X-Page and look at the difference. It's hard to tell the difference.
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LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
Right, stocks, bonds, crypto, options, all at your fingertips without jumping between different apps.
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LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
It's very much like Apple's iPhone updates from 14 to 15, they put a fresh coat of paint on it. But I guess, you know, I'm not a designer branding expert. Apparently you have to refresh your logo every few decades to remind people that you exist. Not that Walmart has to remind people that it exists, but it's doing this from a position of strength.
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LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
Die A's sind cool jetzt.
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LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
Über 400 Millionen Menschen, größer als die gesamte US-Population, werden in einer Stadt in Nordindien reisen, um sich in den Konflikten von drei heiligen Hindus, zwei physischen und einen mythischen, zu beten. Das ist eine logistische Herausforderung, die dein Superbowl-Party schämen wird.
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LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
Um sich für die Anzahl der Menschen zu vorbereiten, haben die Behörden 150.000 Tänze für eine Makeshift-City konstruiert, die Räder, Elektrizität, Wasser, Kommunikationsstätten und 11 Krankenhäusern haben. They've also set up 145,000 restrooms and 99 parking lots. Tobi, is that even enough? It's 400 million people. That's what I was thinking.
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LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
Plus, that 4.1% APY high yield cash account is like finding your favorite show is always on.
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LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
I think mine was the like some of the inaugurations. When I went to Maryland, we would just hop down to D.C. for the inaugurations in 2008, 2012. And there was so many people there. I couldn't think of anything that could be bigger than that, because the subway stations are swamped. You can't see anything. Self-service is down.
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LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
So kudos to these organizers, because to pull off an event with 400 million people is actually mind boggling. Let's wrap it up there.
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LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenawa Ogu is our technical director. Billy Menino is on audio. Despite rumors, hair and makeup is not a ghost job. Devin Emery is our chief content officer and our show is a production of Morning Brew.
Morning Brew Daily
LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
For his day job, Jason Oppenheim owns a luxury real estate brokerage that's the focus of the Netflix reality show Selling Sunset. Now, in the aftermath of the wildfires that devastated LA neighborhoods, he's calling out a practice many of those who lost their homes are dealing with. Price gouging.
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LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
In an Interview over the weekend, Oppenheim accused landlords of illegally jacking up prices on rental homes to take advantage of desperate people looking for a roof over their heads. He mentioned sending a client to visit a property that had previously been listed for rent of $13,000 a month. When the client got there, the landlord demanded $23,000.
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LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
There have been numerous reports like this corroborated by California's Attorney General Rob Bonta, who said he's seen businesses and landlords raise prices above the legal limit. That legal limit is 10% above the pre-disaster cost as part of a price-gouging law California implemented when it declared a state of emergency last Tuesday.
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LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
Good Morning Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, reports of price gouging by Los Angeles landlords threaten to escalate the city's housing crisis.
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LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
Bonta warnt, dass er und andere Autoritäten jüngst irgendjemanden verurteilen würden, der Rente für verletzte Menschen gehalten hat und andere in weißen Schämen teilnehmen würde. Tobi, diese Feuerzeuge haben bis jetzt mehr als 12.000 Strukturen zerstört, viele von ihnen Häuser, leaving tens of thousands of people seeking temporary places to live.
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LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
It's an unprecedented housing crisis on top of an existing housing crisis in Los Angeles.
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LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
Ja, ich möchte nur einen Punkt auf den Preis-Couching legen. Lass uns über die Berichte sprechen, die schon erwähnt wurden. Es gab einen Real-Economy-Broker, der 400 Liste von seinem Agenten-Liste-Service in Zentral-Los Angeles und San Fernando Valley erhielt. Von mehr als 400 Liste, die er erhielt, hat über 100 mehr als 10% Rente erhoben. Untertitelung des ZDF für funk, 2017
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LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
Untertitelung des ZDF, 2020 whether the algorithms behind pricing are driving, you know, are driving this increase because they respond to demand or landlords are doing this knowingly. So either way, it is illegal. But you did mention rebuilding in L.A. California Governor Gavin Newsom has talked about or is already talking about
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LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
LA 2.0, there are huge events happening in Los Angeles in the coming years. You have the World Cup, they're hosting a bunch of games in the World Cup next year. And then they have the Olympics in 2028. So there is a huge rebuilding plan.
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LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
One thing he did do was sign an executive order that limits, that scraps or suspends some of those harshest environmental regulations that have constricted housing in California and led to it being the costliest and longest place to get a building project done.
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LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
Tobi, hast du deine innere Exzellenz gefunden? Weißt du was, Neil? Ich arbeite noch daran. Na gut, vielleicht kann ich dir helfen. Siehst du, da ist dieses Buch namens Innerexzellenz. Und obwohl niemand davon gehört hat, zwei Tage zuvor, war es der Nummer eins Bestseller auf Amazon gestern. Es ist alles wegen eines viralen Clips aus einem Fußballspiel. On Sunday, Eagles wide receiver A.J.
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LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
Ich meine, wenn du für jemanden ein Weihnachtsgeschenk gekauft hast, während du gekauft hast, hast du wahrscheinlich ein Stück Kleidung für dich gekauft. Die Verwendung von Kleidung über die Weihnachtszeit war im Wesentlichen mit Elektronik an der Reihe. Ich denke, das hat viel zu tun mit den Ausgaben, die die Verkäufer ausgeliefert haben. Es war einfach teuer, Kleidung zu kaufen.
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LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
Die Kleidungskategorie hatte den höchsten Ausgabenpreis in den USA von jeder Kategorie bei ungefähr 33 Prozent diese Weihnachtszeit. Und dann, wenn du auf die breitere Inflation über die letzten paar Jahre schaust, Apparel has stayed pretty flat relative to the overall trends. Clothing prices have rose just 1.1% between November 2023 and November 2024. The overall rate was 2.7%.
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LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
Footwear has just basically stayed flat. It's budged up 0.7%. And then you have all of these discounts rolling out as well. So I think people just found value. Vielen Dank.
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LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
Brown was caught on camera flipping through a book on the sidelines during the Eagles playoff game. And commentator Tom Brady remarked he had never seen that before in all of his playing days. That book was discovered to be inner excellence written by performance coach Jim Murphy. And it spiked to the top of the charts.
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LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
Ich freue mich auf all eure neuen Fits. Die Made-in-China-Tags nehmen die Welt über. China macht so viel und verkauft es weltweit, dass es letztes Jahr einen Handelsverlust verursacht hat, der in moderner Geschichte fast unerhört wurde.
Morning Brew Daily
LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
Das Verlust, das bis zu fast 1 Trillionen Dollar für 2024 kam, bedeutet, dass Chinas Fabriken die Weltmanufakturierungen dominieren, auf Ebenen, die seit der US-Post-Weltkrieg 2 nicht gesehen wurden, so die New York Times. Lassen wir uns kurz unsere Termine definieren. Ein Verlust des Handels ist das Wert des Exportes eines Staates minus das Wert des Importes.
Morning Brew Daily
LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
Letztes Jahr exportierte China 3,6 Trillionen Dollar an Produkten und Service. und importierte 2,6 Trillionen. Diese Grenze, wenn die Inflation eingeschränkt ist, verdächtigt die Exportnummern, die durch die Produktion von Powerhäusern wie Deutschland, Japan und den USA im letzten Jahrhundert verwendet werden.
Morning Brew Daily
LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
Es erinnert mich an das, was NBA-Spieler Klay Thompson am Sonntagabend gesagt hat, nachdem er seinen 16.000. Karriere-Punkt gespielt hat. Ein unglaubliches Erlebnis. Aber als er nach dem Spiel gefragt wurde, hat er bemerkt, es ist cool, aber es macht dir fest, wie verrückt es ist, dass LeBron 40.000 hat. Es ist verrückt. In Bezug auf Exporten ist der Rest der Welt Ja.
Morning Brew Daily
LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
Sorry, I know your mind is scrambled right now.
Morning Brew Daily
LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
Brown says he loves this book and brings it to every single game to give him a sense of peace. Toby, you played college soccer. Did you have a book you turned to to get in the right mental state?
Morning Brew Daily
LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
Es ist ein Boom für Faktoren, aber ich denke, es bezieht sich auf die unterliegende Schwierigkeit der chinesischen Konsumenten, was das Hauptproblem war. Wenn du so viel mehr exportierst als du importierst, bedeutet das, dass deine Leute nicht so viel Geld kaufen. Und das Problem mit Ja, genau. Vielen Dank. So, it also exposes a vulnerability in China. So, we'll see.
Morning Brew Daily
LA Wildfire Victims Fight Price Gouging & RTO Brings Fresh Office Fits
I mean, it's a staggering amount of stuff that they're making. I mean, especially in cars. I mean, China was an importer of cars for its entire history. Now it's exporting more than the United States, Japan, Germany, all these legacy powerhouses in the auto sector. So, it's quite staggering what these factories are churning out.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
Nothing worse. Sometimes I feel like I got to send smoke signals in order to get a response. Even worse, though, that's how most brands still operate. They're stuck in their own timeline.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
Well, I'm still stressed, that's for sure. But CEOs are certainly paying attention to this report and they're saying, wow, a lot of my remote workers are probably super stressed and they're angry and they're lonely.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
I probably need to address this to prevent them from leaving because also in this survey, they showed that 57% of fully remote workers were actively looking or passively watching for new job opportunities, which is a very high share. So you see that this
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
stress and these lower levels of happiness with their job is actually taking a toll that might lead them to look for more work i don't know if that is also in a remote role or not but they're you know nearly two over half almost two-thirds of remote workers are actively or passively looking for a new job as a result of these stressors that they're under
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
Iterable flips the script. Instead of pushing out pre-planned messages, it listens, learns, and responds, and does it all instantly.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
It is. I mean, I'm going to be flying this Memorial Day, but I wish I was driving because there's really nothing better than a road trip handout, the window. And one of my favorite games to play on any road trip is beat Google Maps ETA. I feel like that's gotten harder to do.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
I don't know if anyone resonates with this, but maybe five years ago, you could reliably beat Google Maps ETA by just going the speed limit. And they changed their algorithm to account for you beating them. And now it's pretty spot on, which is... which I get, but is also quite frustrating.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
Okay, good. I just wanted to clarify that. More efficient routes, side-skirting traffic. But, yeah, they're on to me. Okay, if you own an Apple device with Siri, you could be in line for a small payment. Last January, Apple settled a class-action lawsuit for $95 million that accused Siri, its voice assistant, of inadvertently listening in on private conversations.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
Now the window is open for anyone with a Siri-enabled gadget to file a claim to secure their slice of the $95 million pie. Eligible devices include the iPhone, iPad, MacBook, Apple Watch, iMac, HomePod, Apple TV, and iPod Touch, but you had to have bought and used them between September 17, 2014 and
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
and the end of 2024 and you must live in the U.S., you also have to declare that you experienced at least one incident where Siri was activated unintentionally and you were having a private conversation at that moment. Toby, this might be the most helpful thing Siri has ever done.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
The Apple Stimmies are coming. And their website is lopezvoiceassistantsettlement.com. So there you go. You can file a claim there. Mavericks may no longer be the punching bag of the NBA.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
The franchise everyone has been making fun of for their inexplicable trade of superstar Luka Doncic improbably won the draft lottery last night, meaning they'll have the opportunity to pick Duke star Cooper flag with the number one pick. The Mavericks had just a 1.8% chance to grab the top spot in the draft heading into last night, sparking all sorts of conspiracy theories.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
Need to find me a date that understands that. Go to endthecampaign.com and meet customers where they are, not where your calendar thinks they should be. It was Christmas in May on Wall Street yesterday after the U.S. and China announced a major de-escalation in a trade war that threatened to topple global commerce. Following a weekend meeting that could not have been an email, The U.S.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
Toby, you buying any of them?
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
We'll see. I mean, I think this seems like a lower stake situation than, you know, Tom Brady calling games for Fox in the football booth. You know, they really haven't given any details about how they're going to use MJ, but you're right. They're going back to the nineties with the theme song and bring an MJ back. And yeah, just everything
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
about this NBC broadcast is supposed to evoke nostalgia, and NBC also talked up their slate in next February, which they're calling the greatest collection of content that has ever been assembled by one media company, and that is certainly debatable, but you can...
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
Well, it's the Super Bowl, right? And then they have the Winter Olympics. And then, you know, this may drag down a bit, but the 2026 NBA All-Star Game, all in the span of 17 days. But Super Bowl and Winter Olympics, you're going to have a lot of eyeballs. And we'll see if MJ can drive anybody to the All-Star Game. That has just been awful the past few years. Okay, let's wrap it up there.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
Thanks so much for starting your morning with us and have a wonderful Tuesday. If you have any thoughts on the show, send an email with questions, comments, or feedback to morningbrewdaily at morningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Our associate producers are Olivia Graham and Olivia Lake. Garrett Peck is on audio.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
Hera Makeup can't wait to get on the road again. Devin Emery is our president, and our show is a production of Morning Brew. Great show today, Neil. Let's run it back tomorrow.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
said it would lower tariffs on China from 145% to 30%, while China will lower tariffs on the U.S. from 125% to 10%. Those new rates will be in effect for a 90-day period so that talks can continue. And with that, the sell America trade that had been running since Liberation Day turned into buy America once again. The S&P 500 popped over 3%.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
The Nasdaq officially entered a bull market and the Dow gained one thousand one hundred points while traders piled into the dollar and oil and out of gold, a safe haven. The ramping down of tariffs signaled to investors that for now, the worst case economic scenario was likely averted and the scale of the tariff reduction was even more than they had expected. The general feeling among investors.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, the U.S. and China decide they don't want to break up. After all, Esther Perel, you did it again.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
economists was, we're not sure why this trade war was launched in the first place or what it has accomplished besides sowing chaos, but we are glad to be waking up from April's nightmare. Over in China, they were almost as ecstatic as on Wall Street, touting the deal as a 12 rounds with the world's top economy in the trade ring and held it to a split decision.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
What happens next is the big question mark hanging over all of this. The U.S. still has 30 percent tariffs on Chinese goods, eight times higher than when Trump took office. And it's unclear what it would take to lower those even further. For now, though, a big sigh of relief for businesses across the Pacific.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
How do you feel about going to the movies on a weeknight? Kind of weird, right? Feels like a weekend thing. Well, the theater chain AMC hopes to remove that mental hurdle by offering tickets at 50% off on Wednesdays.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
Yeah, let's talk about that. I mean, stocks that were exposed most to China and that had been hurt since April 2nd shot up yesterday. Apple, which was the face of the trade war because they make a lot of their iPhones and other products in China, shot up more than 6%, which drags all of the indexes bigger because Apple is the most valuable company in the world.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
Williams, Sonoma, Estee Lauder, Best Buy, Lululemon, Nike were all up at least 7% as traders sort of breathed that sigh of relief and said, wow, all these companies that we had knocked because they were so exposed to China are now getting, you know, we're sending them back up because things seem to be calming down.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
We'll be right back. probability that there still will be inflation and price hikes because there's going to be a surge in shipping from China to the US. We saw a huge amount of front-loading in March and April to get ahead of Liberation Day tariffs. Now tariffs are still high. There's this 90-day pause, but they could go back up. We don't know
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
The promotion, which is available to members of its loyalty program, AMC Stubs, kicks off on July 9th and means Wednesday will join Tuesday as the two weeknights where you can score discounted tickets at AMCs. Toby, half off enough to get you out on a weeknight?
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
So you're going to see all of these containers, there are thousands and thousands of containers in Shanghai, in Shenzhen, waiting to come over to the United States that they had just not come over because of these massive tariffs.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
Now there's going to be a huge spree and all that demand could drive up freight rates, which could lead to higher prices on shelves this summer and back to school for back to school shopping and holidays. So you see retailers being like, OK, this is great. 30% is still, you know, a big chunk of change that we need to pay.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
and also we're going to have to pay so much more in freight rates, at least as this huge shipping surge comes across the Pacific over the next days and weeks.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
The pharma industry was preparing for a bloodbath yesterday. I mean, stocks were down pre-market. They were waiting to see what Trump would do with this executive order. They feel like bringing the, like...
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
bringing prices down 59%, which Trump wants would threaten their businesses completely because they use these profits to invest in R&D and they say this would lead to new medications that they could monetize. So they were preparing for the worst. This executive order comes through the pipeline at 11 a.m. and executives and traders looked at it and said, wow, that's Really not that bad at all.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
I mean, it's basically a kickstarting negotiation phase for 30 days. There's not a lot of legal precedent that they can stand on. So the pharma industry, you know, we said in the first story, they're breathing a sigh of relief after this executive order came down because it doesn't feel like it would impact them much at all.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
Right. Economists are against sort of the price setting action of this, where the government comes in and says, this is the price that you pay for that. You know, free market, free market experts are totally against that.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
But one idea that seems to be gaining momentum across the board from Donald Trump to Mark Cuban is this idea of going direct to consumer and cutting out those middlemen, those pharmacy benefit managers. that have sort of drawn a lot of scrutiny from regulators for driving up prices, those people that sit in the middle between the manufacturer and the customer and the insurer.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
And Trump went after them yesterday, this executive order that no one really expected. A portion of that was. you know, allowing and enabling more direct to consumer sales, which is what Mark Cuban has done with his new company with generic. So we'll see if there's a further squeeze on those middlemen in the drug drug process in order to bring down prices.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
President Trump landed in Saudi Arabia today to kick off his first major international trip of his second term. And while any number of geopolitical crises are swirling around the region, this visit is focused on one thing, securing business deals. Over the next three days, Trump will roll through Saudi Arabia, Qatar, and the United Arab Emirates.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
to secure up to $1 trillion in investments from these oil-rich nations who've become increasingly influential in sectors spanning AI to sports and entertainment. That the Saudis are getting Trump first is no coincidence. Crown Prince Mohammed bin Salman was the first world leader to call him after the election, pledging to invest $600 billion in the US over the next four years.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
You know who wants a piece of that money? American CEOs. A gaggle of them, including Sam Altman, Jensen Huang, Mark Zuckerberg and Elon Musk, will all be in the kingdom today aiming to forge closer ties with these autocratic free spending leaders who are going all in on AI. So, Toby, we've got a very unusual first international trip by a president here. Less diplomacy, a lot more term sheets.
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
Here's the question, though. I mean, this is a lot of money. trillions of dollars like that. You know, we know that these countries are rich, but can they actually afford it? And I think that is a question that people are asking and are a little doubtful on because Saudi Arabia has launched these huge megaprojects. We know they have this futuristic city of neon that was supposed to be
Morning Brew Daily
Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
you know, online by 2030, but they're dramatically reducing the scope of that project. You know, they use oil money to fund all these expansions into AI and other sectors. But oil has been in the dumps recently. I mean, the price of oil was $62 today compared with $77 when Trump took office. So at at Oil prices at that level, their bank account is shriveling up.
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Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
So the question about whether these three countries can actually spend a trillion dollars and buy all these AI chips from NVIDIA and whatnot is an open question that I think most people say they actually can't afford it.
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Markets Rally On US-China Deal & Big Pharma Grapples with Price Cuts?
And here's the good news. Wise Business can be that friend for your global business. Wise makes it easy for you to process payments, get paid, and manage your money internationally.
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
I will say one trend that I've been thinking about is the rise of takeaway food, or at least that's what they say in Britain, takeout here in the United States. 74% of all restaurant traffic came from off-premises customers in 2023. Before COVID, that was 61%. We've seen a rise in solo dining as well. It's increased by 29 percent in just the past two years.
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
So this ties into the broader perhaps trend of loneliness and isolation that that covid brought. We all spent a lot more time in our homes and it seems like we kind of like that and are taking our food to go more often. We're eating food by ourselves more often. And some would say that's probably not a good thing for our society, that everyone's spending a lot more time by ourselves.
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
One thing that people love doing that had not that has not changed since COVID stopped you from doing it is travel. I remember those days when we thought that the cruise industry would be dead. No one would ever go on a cruise anymore because it was this incubation area for viruses and other illness as well. The cruise industry has come back again. at a much higher clip than even before COVID.
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Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
By 2023, cruise travel was up nearly 20% above pre-pandemic levels, and last year it grew by 34% over 2019 levels. So people still love going on cruises, actually more now than they do before COVID. Air travel is very similar. People were very scared to go on planes, but now we've had record day after record day TSA screening at airports.
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
Also, Absolutely horrible timing for sports fans because yesterday was the effective start of NFL free agency. It reminded you of how much X plays a role in the distribution dissemination of sports news. You have people like Adam Schefter and other NFL insiders ready to tweet all of these major, major moves about. Different players going to different teams.
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Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
Three of the top five queries on Google Trends for searches of Twitter down mentioned NFL free agency. So you had these sports reporters who are followed in the millions on Twitter going to blue sky, going to threads because they wanted to get this information out. People were craving this information. So absolutely horrible timing for Twitter to go down on a day of free agency like this.
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
Oh, you're taking the Invesco QQQ approach.
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
In M&A news, real estate listing platform and brokerage Redfin is getting bought by Rocket Companies for $1.75 billion.
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
It shows that Rocket, Dan Gilbert's Detroit behemoth that includes mortgage, real estate, and personal finance businesses, wants to push deeper into the property market in the hopes that Redfin's tech-fueled platform can help it boost mortgage originations, which have been slumping in this era of sky-high interest rates.
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Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
Well, the Invesco QQQ ETF is a low fee, tax efficient, diversified way to access the future.
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Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
Redfin stock shot up 67% on the news, but it's still languishing down 90% since a pandemic peak in 2021 when everyone was looking for their country escape.
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Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
My worst fears were confirmed. I looked at this list of movies and DVDs that could be affected that were produced during those years. And yes, Entourage seasons one through four are on the list. So I got to go check and make sure that those DVDs are not rotted and they're in pristine condition.
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
Finally, a top comedy club in the UK says it's banning audience members with Botox because their tight faces don't react to jokes. The owner of Top Secret Comedy Club, which has hosted major comedians like Dave Chappelle, explained the move, saying, How do you even enforce something like this? The club said bouncers will be carrying out, quote, expression checks designed to detect Botox.
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Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
Now, all you have to do is train for 25 years and you'll match Invesco QQQ's longevity.
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
Toby, before you say this is a joke, owner Mark Rothman said, we're dead serious about the ban. And if you're surprised, we need to see that.
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
That's what you get for bringing up your marathon unprompted. Again, with Invesco QQQ, you can rethink what's possible. Before investing, consider the fund's investment objectives, risks, charges, and expenses. Visit Invesco.com for a prospectus with this information. Read it carefully before investing. Full disclosure in podcast description.
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
Let's wrap it up there. Thanks so much for starting your morning with us and have a wonderful Tuesday. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. And if you're enjoying the show, share it with a friend, family member, or coworker. Toby, who should everyone listening share it with today?
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham and Olivia Lake are our associate producers. Yes, we got a new Olivia. Welcome to the fam. Uchenua Ogu is our technical director. Scoops Arderis is on audio. Hair and Makeup is laughing, I promise. Devin Emery is our chief content officer, and our show is a production of Morning Brew.
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
Cue the rains of Castamere, because yesterday the stock market held its own red wedding. A weeks-long decline in stocks turned downright vicious, with the Nasdaq plunging 4%, wiping out $1.1 trillion in value for its worst single trading session since 2022. The S&P 500 tumbled 2.7%. touching lows it hasn't seen since last September, and the Dow fell more than 2%.
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
The magnificent seven tech stocks, which account for an outsized share of the stock market, were dealt an outsized blow. Nvidia lost 5%, Alphabet and Meta dropped more than 4%, and Tesla dropped 15%, its worst day since 2020 and the biggest drop of any company in the S&P 500.
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Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
The steep sell-off came after the Trump team on Friday warned that their policies of tariffs and cutting government spending could require economic pain for long-term gain. Treasury Secretary Scott Besant previewed a, quote, detox period for the economy, and the president himself on Sunday did not rule out a recession, saying the economy was going through, quote, a period of transition.
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
Investors certainly placed their bets as though a downturn might come. Wall Street's preferred Fear gauge, the VIX, popped to its highest since December. Bitcoin fell below 80,000 and traders sought cover in bonds, sending treasury yields lower. Toby, it was a bloodbath out there.
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, carnage on Wall Street as stocks plummeted to their worst day this year. Recession fears are real.
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
There are a lot of headlines warning of a recession or a slowdown, but there are some actual data points that we got after the market closed that sort of crystallized these fears. Delta Airlines got up on the mic to report its earnings, and they said they saw a pretty significant shift in sentiment in February. Consumer spending started to stall. They cut their profit guidance in half.
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Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
They also said that business travel has softened where there are places where people just aren't quite sure what's going to happen. Companies are pulling it back. That's chief executive of Delta, Ed Bastian. So they're starting to see this uncertainty make its way into actual balance sheets.
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
A number of analysts from banks, including Bank of America, Goldman Sachs, Baird, cut their stock price target on Tesla, citing all of those risks you mentioned. Elon Musk was asked on Fox yesterday how he's dealing with running his businesses while he's involved in all this stuff in Washington, D.C. He responded with great difficulty and then sort of paused for 30 seconds.
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
That kind of encapsulates what's going on over at Tesla. They need to get things back on track soon.
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
Five years ago, March 11th, 2020, is a day none of us will soon forget because it was when you realized, oh, this pandemic thing is really going to shut down the world, isn't it? On that day five years ago, the World Health Organization declared a worldwide pandemic. The NBA suspended its season after jazz center Rudy Gobert tested positive for the virus, leading to mass confusion in the arena.
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Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
Neil, probably all of the above. Canadians may not have heard of Mark Carney, but people who have observed the global economy for the past decade or so certainly know him well. He's a very prominent figure on the global macroeconomic scale. seen having been the first person ever to be central bank chief of two different countries.
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Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
And when he was the central bank leader of England, he was actually the first non-Brit to manage their central bank. So a little history over there. But he is stepping into this role really as a wartime leader. Carney is a proven manager of economic crises in Canada, staring down one of its biggest economic crises in decades.
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Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
So right now he is prime minister. He's stepping in for Trudeau because he was elected by the Liberal political party, but he was not elected by the people of Canada. They're slated to have elections in October, but there is speculation that he will call elections before then to get a mandate for his government.
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Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
So he could be extended for a couple more years or he could be the shortest serving prime minister in Canadian history.
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
First, First came the deep-seek earthquake, then the Manus aftershock. Last week, a Chinese startup released an autonomous AI agent called Manus, what it describes as the first general AI agent and, quote, the next paradigm of human-machine collaboration.
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
As an AI agent, Manus is part of a class of systems that go above and beyond a chatbot's capabilities by completing multi-step complex tasks on its own and produce tangible results, all without human intervention.
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
In a demo, Manas' chief scientist shows the technology completing three different tasks, sorting through resumes to find the top job candidate, Zillow surfing in New York City to help you find the right apartment, and performing a correlation analysis on various stocks.
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
And Tom Hanks and Rita Wilson posted a photo on Instagram sharing that they got COVID-19 while in Australia. Toby, that evening is absolutely seared into my memory. Hard to believe it's been five whole years.
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
For the second time in as many months, the AI sector went berserk trying to understand the implications of a potential breakthrough by a Chinese company. Remember, earlier this year, DeepSeek unveiled a model that allegedly rivals OpenAI's ChatGPT at a fraction of the cost, sending chip stocks tumbling and U.S. tech leaders into panic mode over their fragile dominance of the key sector.
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
In response to Manus, the reaction has been similarly impassioned and polarized. Some say this is the best thing since sliced AI bread. Others argue its capabilities are overblown. Toby, what are you hearing about Manus?
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
On the other hand, there was a certainly high degree of hype from a few people who played around with it. The head of product at Hugging Face called Manus the most impressive AI tool I've ever tried. AI policy researcher Dean Ball of George Mason described Manus as the most sophisticated computer using AI. So there was a lot of praise from the developer community around its code. And, uh,
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
It is just another example of Chinese AI prowess at a time when the U.S. tech community is saying, hey, we have the lead, but really, you know, how big of a lead is this?
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
So one day as I was scrolling the web, I got hit with an ad for patio furniture. Dude, I live in a small New York City apartment, not relevant. So if that's happening to me, imagine the incorrect spaces your B2B marketing could be ending up. If you want to reach the right professionals, start with LinkedIn ads.
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
LinkedIn has grown to a network of over 1 billion professionals and 130 million decision makers. And in this vast pool of potential, you can target your buyers by job title, industry, company role, skills, seniority, and more if you can't believe it. If you think you're wasting budget on the wrong audiences, stop that.
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
First and foremost, and start targeting the right people with LinkedIn ads instead. LinkedIn will even give you a $100 credit on your next campaign so you can take LinkedIn ads for a spin. Just go to LinkedIn.com slash MBD. That's LinkedIn.com slash MBD. Terms and conditions apply only on LinkedIn ads. We've talked about the cruise industry's growth over the past few years.
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
And after learning about Virgin Voyages, it's clear why they're so popular.
Morning Brew Daily
Tech Rout Wipes Away $1.1T & Another ‘DeepSeek’ Moment?
Have you seen their cabins? Some of them have a private terrace with a hand-woven hammock you can relax on while you enjoy the view of the sea. Plus, this year they're going to new places like Iceland, the British Isles, and San Juan. See what voyages you can embark on this year at virginvoyages.com or contact your travel advisor. That's virginvoyages.com.
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Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
Yeah, I guess my final point here is we're not really sure what the future holds for the penny because, as I said, Trump can't probably unilaterally do this. So he's going to have to get Speaker Mike Johnson on board and have someone pass a bill that will go through both chambers of Congress to end the penny. So we'll see what happens.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
There clearly is more momentum than there has been in recent memory to get rid of the penny.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
Attention investors, new and seasoned. If you're looking for an investing platform with a broad range of asset classes and tools, Public.com is ready when you are.
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Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
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Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
Fund your account in five minutes or less, and you could earn up to $10,000. Yes, 10K, when you transfer your old investment portfolio. Start at public.com slash morningbrew. That's public.com slash morningbrew. Paid for by Public Investing. Full disclosures in podcast description. Listen to this fresh take on cruises. Let's hear it. Virgin Voyages is not your average cruise line.
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Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
Let's start with the food. You get access to more than 20 eateries on board with menus curated by Michelin star chefs.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
It's all super luxe. Virgin Voyages also hits so many interesting destinations. On top of exotic ports throughout the Caribbean, they're launching themed summer cruises to the British Isles, Iceland, North America, and the Mediterranean.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
Book now at virginvoyages.com or contact your travel advisor.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
No, so the folks at Apple Insider did a test. They tried this one morning where they put an Apple Watch Ultra on their wrist and another Apple Watch on their ankle and took measurements and saw whether these were consistent. And no, they were not consistent. Blood oxygenation readings varied by 5% or read 98% on the wrist measurements. 93% on the ankle heart rate varied as well.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
The wrist sensor showed 75 beats per minute. The ankle watch read 63 and warned twice about a low heart rate. So there were some certain inconsistencies. They didn't make the Apple watch for the ankle.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
And there are good and interesting reasons that I've never thought about why, why an Apple watch would not work on someone's wrist, but maybe putting it on your ankle is not going to work for anything except maybe tracking steps.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
Okay, fine. Okay, well, I will tell you. One of them is if you have tattoos. It doesn't work if you have tattoos. Another person was a mom walking her kids in a stroller. She would put her hand on the stroller, and it would not count the steps that she was doing because tattoos, Apparently, your arm has to swing, and that is how Apple tracks your steps.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
Apple behind Google. I mean, Apple Maps behind Google Maps. It's what it's been like for the past decade.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
So there are a number of use cases where people might not have the ability to wear an Apple Watch. Another person just had a very small wrist, and the band didn't work, so she put it just on her ankle. So there are reasons, and maybe there is a market here for wearables that don't go on your wrist. That's what this kind of sparked for me.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
Elon Musk replied to that Sam Altman ex post saying Swindler. And really, this is like Kendrick Lamar versus Drake, but for people whose favorite book is Sapiens. And the reason that this throws a wrench into Sam Altman's plans to make turn AI and open AI into a for profit private enterprise is that.
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Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
When they break off from the nonprofit, which is what they want to do, they need to compensate the nonprofit arm of OpenAI. And they probably don't want to pay that much. But the nonprofit has to accept the bid that is accurate market value. So if there is an external actor saying, oh, we'll pay $97 billion for the nonprofit, then the nonprofit can't say, OpenAI, your lowball bid, we'll take that.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
They have to. to assess all bids, compare them against each other. So what this does is set a starting price that OpenAI has to come and pay, probably pay a lot more than they wanted to for this nonprofit, and it sets up a bidding war.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
President Trump signed an executive order that instructed the DOJ to stop enforcing a half-century-old anti-bribery law. The Foreign Corrupt Practices Act, introduced in 1977, bans American companies from bribing foreign officials to win business. But Trump said while that sounds good on paper, in practice, it's a disaster.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
He said the anti-bribery law puts American companies at a disadvantage when competing for contracts overseas and that any firm that wants to do business internationally, even legitimately, gets investigated under the rule. Anti-corruption critics say the executive order defangs what had been a key tool officials used to crack down on companies doing sketchy things.
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Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
Well, you shouldn't have to bust out your personalized stationery to pay your suppliers abroad. With Wise Business, you can save money, time, and stress on making payments and getting paid internationally.
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Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
Last year, the SEC and DOJ filed 26 enforcement actions under the Foreign Corrupt Practices Act.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
Maybe Roger Goodell knows what he's talking about because we want the Super Bowl to happen on Saturday. He insisted that Sunday would lead to, or always leads to, better viewership. And this is an absolutely monster number, 126 million. Go back to 2021. 95 million people watched the Super Bowl. That came in under 100 million. Now we're back to 126, the most ever number.
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Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
The NFL is monoculture and I can't say that word. And I think most people tuned in, you're right, not for the football itself, but this was packed with celebrities both in commercials and in the stands themselves. Swift was there, Kendrick Lamar, Samuel Jackson, Anne Hathaway.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
Perfect for growing businesses that don't have time to waste. Why do you buy Irish butter, Neil? higher butterfat content compared to the standard American butter, obviously.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
I mean, the list goes on, and the Super Bowl does have a very long half-life after the fact because these videos go viral and the chatter continues to stay. So we're on Tuesday, and a lot of Super Bowl storylines, whether it's Kendrick Lamar's jeans or Anne Hathaway dancing, has still continued to this day.
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Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
Don't even think about busking on the streets of Bangalore without a permit, even if you're a pretty famous ginger from West Yorkshire. Over the weekend, Ed Sheeran was stopped by police while holding an impromptu street concert in Bangalore, a city of 13 million people in India.
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Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
A viral video showed a police officer approaching Sheeran while he was singing The Shape of You and unplugs his microphone, which led to jeering from the crowd who was singing along. The police deputy commissioner defended their party foul, claiming Sheeran didn't have a permit and that their job was to keep this busy street moving.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
Lawmakers joined in, saying even global stars must follow local rules. No permit, no performance. Toby, this would never have happened to Benson Boone.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
He claims they got a permit. He said, we did all the paperwork. I was supposed to be out there. Everyone knew. And he was putting on this, you know, strumming his guitar in his little elvish style. But apparently the officials cracked down. Maybe we'll see Ed Sheeran's Super Bowl performer one day. One day. Let's wrap it up there.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
Thanks so much for starting your morning with us and have a wonderful Tuesday. For any questions, comments, or feedback, send an email to morningbrewdailyatmorningbrew.com. And if you're enjoying the show, share it with a pal, family member, or coworker. Friends don't let friends be uninformed about the cost of the penny. Toby, who should everyone listening share the pod with today?
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Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
Let's roll the credits. Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenna Waogu is our technical director. Scoop Stardaris is on audio. Hair and Makeup is free on Valentine's Day if anyone needs a hot date. Devin Emery is our chief content officer and our show is a production of Morning Brew.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
There is a big HR strategy shift underway in Silicon Valley. It's happened over the past few years, and that is more cuts consistently. I mean, if we... Talked about this in 2017 or 2018. It would have been almost unheard of. These companies were growing very fast. They grew even faster during the pandemic. They grew their workforces substantially. And now they're doing more periodic work.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
cuts and it's not just meta it's amazon too it's microsoft it's salesforce there have been a lot of layoff announcements recently and it has to do with yeah it's these performance-based cuts it's not to reduce headcount they're going to rehire the same amount of people just in other areas And let's hear from Zuck to explain why this massive strategy change.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, hold on to your piggy banks because the penny could be going extinct.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
And at a town hall meeting, he says, I think this makes the company better. I'm not going to be apologetic for it. And I think most people here want to work with people who are going to be better fits. It seems like Silicon Valley CEOs want to shed their reputation of being
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
employing people like Big Head, who I don't know if anyone's seen Silicon Valley, but Big Head is this character who is a part of this massive tech company who consistently gets promoted despite not doing much work. And he's just this small cog in a larger system. And I think that we've seen over the past few years, tech companies are trying to shed that reputation.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
And this is part of the broader, what we'll call a white collar recession, where high wage professional services workers are facing a much tougher job market than pretty much anyone else right now. If you go to the jobs report for January, we just had last Friday, professional business services information sectors, which had been booming, shrunk by around 9000 positions in January.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
Many job cuts have been announced in this area in particular, once you're laid off from these type of positions, finding people that are willing to hire you is much tougher. And we haven't even mentioned the two letters that are hanging over all of this, which is AI.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
And a lot of the positions that Meta and Salesforce and Amazon and Microsoft, all these companies that have done these cuts, are going to be hiring for is machine learning engineers and AI. So it's not necessarily a one-to-one match of AI is doing your job, but someone who is working with AI, is going to be doing your job.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
Now, just for some big picture numbers, it sounds like there's been or it feels like there's been a lot of job cuts this January. But if you go back to last January, there was a lot more. The figure for this January is down 4%. 40% from last January. Last January, there were tons of cuts, especially in the video game industry, which was the most job cuts in January for 15 years.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
If you live in the US, open up Google Maps and scroll to the big body of water west of Florida, you'll notice a big change. The Gulf of Mexico has been officially renamed Gulf of America. The company said that it made the update in accordance with a new executive order from President Trump citing longstanding practice of changing labels based on guidance from countries.
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Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
The trade war entered a new theater yesterday, one with a steel curtain. President Trump announced 25% tariffs on all steel and aluminum imports to the U.S. beginning March 4th, in a move that intends to protect and grow American production, but at the same time could disrupt trade with close allies.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
When it comes to making steel and sending it around the world, China is the world leader and no one else is close. Chinese mills crank out more steel and aluminum each year than the rest of the world combined. But the U.S. gets its steel from a group of closer friends. Canada is the number one supplier, followed by Brazil, Mexico, South Korea and Vietnam.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
And those are the countries most likely to be affected by 25 percent tariffs. But as Trump's tariff plans go, that he's targeting metals isn't surprising. Steel, which is a relatively small industry in the U.S., but a politically sensitive one because of its home base in Pennsylvania, has been a pawn in trade wars for years.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
Trump imposed tariffs on steel and aluminum his first go-round in office, and Biden mostly maintained those trade barriers when he was in the White House. Anyway, this caused a major market reaction. Stocks of American steel and aluminum producers like U.S. Steel, Cleveland Cliffs and Alcoa surged while European producers fell. Toby, another big shakeup to trade weeks into the new administration.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
And just to take a step back, the goal of tariffs is to make the steel and aluminum coming in from abroad much more expensive so that it makes the American production, American steel, more competitive. But there does appear to be just broad sectoral challenges and headwinds facing the steel industry of things like higher labor costs, higher energy costs.
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Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
And the reason we import so much aluminum from Canada specifically is they have really cheap hydropower that power these mills and they send it to the United States. The United States is the largest consumer market. We consume the aluminum and then we send the scrap metal abroad. We are the largest exporter of scrap metal. So that's kind of how the trade system
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
has worked in a lower tariff environment. Now that tariffs are going up 25%, it could shake things up. But the US steel industry is still facing an uphill battle for various broader, for broader challenges. And unlike other tariffs that Trump has announced, These are not easily negotiated away, right?
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
So Trump announced tariffs, 25% tariffs on Canada and Mexico, all imports, and then he went back on that because Canada and Mexico made concessions. But it's not clear whether there are any concessions that these countries can make to have these tariffs go away. This is more... economic basis, not based on immigration or drugs coming across the border.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
It's very clearly that Chinese steel is very cheap and depressing prices all around the world, which is making American steel less competitive.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
So at least for the next four years, people in the US will see Gulf of America, people in Mexico will see Gulf of Mexico, and people everywhere else will see both names. Toby, what did you think when you saw this change?
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
And we'll probably see some retaliation because whenever you put a trade war, it takes two to trade war. If you put tariffs on other countries, they are going to slap tariffs on you. And Europe has said that they're going to come out with tariffs on high-profile American goods like Tennessee, Kentucky bourbon, and Harley Davidson motorcycles and Levi's jeans.
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Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
Guess the coin flip was on President Trump's mind because right before the Super Bowl, he dropped a copper-plated bombshell. Trump said that he had ordered the Treasury Secretary, Scott Besant, to stop producing new pennies. Why no new pennies? Government efficiency, according to Trump.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
He said, let's rip the waste out of our great nation's budget, even if it's a penny at a time, adding that pennies literally cost us more than two cents. He is absolutely right about that. The U.S. Mint said last year that it cost three point six nine cents to produce and distribute a single penny far more than the coins face value of one cent.
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Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
All told, the mint lost $85 million last year, producing 3 billion pennies, which made up more than half of all the coins the mint made last year. Why are we making so many pennies is an excellent question that no one has a good answer to. And Trump would seem to have broad support in his attack against the penny, which has no clear role in today's economy.
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
The only problem is it's not clear whether he has the authority to unilaterally stop penny production. Congress, not the Treasury nor Fed for that matter, oversees the production of coins and operations at the
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
Sure, please. Here's the argument for keeping the penny, and you can tell me if you are convinced. Well, the advocates for the penny are few, but they say that it would increase demand for nickels. And guess what? Nickels cost almost 14 cents to produce, which is way more than their face value of five cents. They're way more expensive to produce than nickels. And then
Morning Brew Daily
Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
as you just mentioned, we're going to be paying more for things. So Arizona iced tea is priced at 99 cents. Well, we're all going to be paying a dollar for that now. Is that not going to spark inflation? So are you convinced?
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Meta Trims its Workforce for AI? & Trump Stamps 25% Tariffs on Steel
Well, even if you're paying by credit card, they won't round up or round down.
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$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
I am bullish too. There's this one company called the Scratcher Girls Spa in Miami. They actually go on tour across the country multiple times a year because a big part of this phenomenon is social media. You watch these videos. You can kind of imagine yourself being in that scenario. You know what having your back scratching feels like. So it's really led to these big accounts blowing up.
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$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
And the scratchers girls spas in Miami, they're going on a European tour next year because they're like people from all over the world watch our videos. I do think too, that a part of it is not just the scratching experience, but some people whisper words of affirmation in their client's ears saying like, you are safe.
Morning Brew Daily
$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
You, you, uh, tracing a scene on a client's back and narrating what that scene is. So it's definitely a full sensory experience. It's not just a massage from a professional masseuse. It is something far beyond that. thinking about it.
Morning Brew Daily
$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
first of all hate Almond Joy so no it wouldn't spark Almond Joy for me but yeah I do think that there is some potential here because yes as you said Hershey's had a little bit of a tough year Hershey Trust owns about 80% of the voting power at the company and they have been slowly selling off a lot of its shares because they've said they want to diversify some of their holdings so it does look like they are
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$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
maybe open or amenable to a transaction like this. This would be the biggest merger of the year, actually surpassing Mars' agreement to buy Kelanova, another big snack merger tie-up. So if you're in the M&A space, you definitely like all this confectionery action that's going on.
Morning Brew Daily
$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
Then Google has made a quantum leap in quantum computing. It's Tuesday, December 10th. Let's ride. A suspect in the killing of UnitedHealthcare CEO Brian Thompson was taken into custody yesterday in Altoona, Pennsylvania. Luigi Mangione, a 26-year-old former high school valedictorian from Maryland, was arrested after being recognized at a McDonald's 280 miles away from the initial crime scene.
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$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
OpenAI finally released Sora to the world yesterday, its highly anticipated text-to-video AI tool, as part of its 12-day Shipmas product release series. ChatGPT Plus and pro subscribers in the US and a few other countries can now create videos up to 20 seconds long at 1080p resolution.
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$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
Remember, this was the tool that went viral when OpenAI teased it a few months ago in February that lets you generate videos from text prompts, animate static images, or remix existing videos. Neil, a goal of OpenAI is to advance multi-modality, which is combining text, image, and video into one big suite of AI models. And this is getting it one step closer to that goal.
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$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
Yeah, and we'll keep you updated as we learn more about this story. Now a word from our sponsor, Sage. Neil, can I hit you with some stats early this morning? Do it. If you ever wonder if all this AI hype actually leads to real business impact, just listen to the finance pros Sage talked to.
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$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
I mean, it's a little bit controversial because the question is always, are surplus funds better spent this way or that way? Is it better to just write checks directly to citizens or is it better to invest in improving services around the city? There is... some pushback saying that one-time tax rebates don't have a lot of benefit overall to the economy.
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$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
They don't really influence incentives around working or they don't influence incentives around investing. They don't have a big long-term effect. But if you are a maybe governor who is looking to get reelected, They do have a certain effect because people do like having money given to them supposedly for free.
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$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
So you can read between the lines here and say like, hey, this comes after a tough election cycle for Democrats. Voters regularly cited the economy. They regularly cited inflation as a big pain point for them. So sending them a $300 or $500 check is a way to get on voters.
Morning Brew Daily
$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
The nominations for the Golden Globe Awards were announced yesterday with the precursor to the Oscars led by the Netflix commissioned musical Amelia Perez, which received 10 nominations. Falling closely behind the Adrian Brody historical drama The Brutalist snagged seven noms, while The Bear and Only Murders in the Building also saw significant love.
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$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
The awards ceremony will take place in January and will be hosted by comedian Nikki Glaser. And Neil, might just be worth it to tune in for Glaser alone.
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$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
They found that 87% of CFOs who have incorporated AI report a significant effect on their businesses, and 88% that use machine learning also see a strong influence on business outcomes.
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$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
I know. There's been so much controversy around Dune, especially for the soundtrack, because Hans Zimmer, who was my top artist on Spotify, by the way, since Hans Zimmer used so many of the same kind of song bases from the first Dune, the second Dune movie wasn't allowed to be nominated. It didn't meet certain thresholds for that.
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$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
So there's been a little bit of uproar against that because, yeah, if you watched Dune Part 2, the soundtrack was just obviously incredible, but apparently too similar to Dune Part 1.
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$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
Neil, you already stole my thunder. I want you to share the podcast with someone who you'd want to test out the back-scratching spas with because what's a little scratchy-scratch between two MBD listening friends? And speaking of sharing podcasts, check out the latest episode of The Brew's investing-focused show, After Earnings, hosted by our good friend, Anne Barry.
Morning Brew Daily
$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
She interviewed Salesforce CEO, Mark Benioff, and they chatted all about the AI bubble, return to office policies, and if Mark is down to play ball with Elon Musk and Doge. Great episode. Make sure you give it a listen.
Morning Brew Daily
$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
Great show today, Neil. Let's run it back tomorrow.
Morning Brew Daily
$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
So if you are a financial decision maker, consider trying out Sage. Its outlier detection capabilities and capacity to optimize decision making will turn you into a growth driver at your company.
Morning Brew Daily
$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
But times, they are a changing, and this isn't Don Draper's ad industry anymore. The days of asking Peggy and Michael to whip up some copy and present it to your client on an easel are over. Artificial intelligence has dramatically lowered the cost to create and serve ads, while big tech is eating a growing share of the marketing pie.
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$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
Neil, is it too late for Madison Avenue to compete with Silicon Valley?
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$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
So clearly these agencies are scrambling, trying to say that, no, we're at the cutting edge. We're at the forefront of the AI boom to try to attract those clients. But another aspect of this that
Morning Brew Daily
$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
Even though that they're parading around AI as a reason for this merger, I do think scale is very important in the advertising business because there's this thing called principle-based media buying where agencies go around and just snap up all this ad inventory in advance, then sell that in packages back to companies.
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$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
This is definitely a little controversial because they don't tell the companies what they initially bought the media inventory, the price that they bought it at. But that is something that scale definitely lends itself to. If you can be the biggest player in the advertising industry, that means you can buy more of the ad inventory space.
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$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
And that's where these are the company's bread and butter, which is media buying, which is managing media spend for big companies. So even though you hear this A.I., as the thing that they're saying, this is why we're combining. Under the table, the scale is very helpful in just the good old-fashioned meat and potatoes, the ad industry as well.
Morning Brew Daily
$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
They found Mangione in possession of a gun similar to the one used in the shooting, multiple fake driver's licenses, as well as a three-page handwritten manifesto. According to online court records, Mangione has been charged with murder hours after he was apprehended. He was also charged with three gun-related charges and forgery. So, Neil, finally a suspect in custody.
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$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
China and Nvidia are beefing over suspicions that the second biggest company in the world may have been skirting anti-monopoly laws in the country. China's State Administration for Market Regulation said yesterday that it had opened a probe into the company specifically looking at a 2020 acquisition of an Israeli chip designer called Mellanox Technology.
Morning Brew Daily
$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
Beijing did give approval for the deal four years ago, but it came with certain conditions, like NVIDIA was not allowed to discriminate against Chinese companies. Now, of course, this comes at a time when trade tensions between the US and China are higher than ever. Washington has barred NVIDIA from selling its most advanced semiconductors to China,
Morning Brew Daily
$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
while also pressuring international companies like ASML to do the same with their chip-making machines. China has fired back with export bans on key earth minerals used for semiconductor manufacturing, but NVIDIA is its biggest target yet in the tit-for-tat tech trade war. The market reaction to this move was relatively muted.
Morning Brew Daily
$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
NVIDIA finished the day down about 3% yesterday, but still, China accounts for about 15% of its revenue, so antitrust scrutiny there is certainly not ideal, Neil.
Morning Brew Daily
$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
It is confusing, though, if you're an investor in NVIDIA. Is this going to impact NVIDIA's march towards being the biggest company in the world? And you can look at multiple data points that say yes it is or maybe no it isn't. NVIDIA used to dominate China's AI chip market. They had a 90% market share before some of these curbs started being put on the books.
Morning Brew Daily
$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
However, now China has been telling Chinese companies to buy chips from domestic companies like Huawei being the main one there. China did account for about 12% to 15% of NVIDIA's revenue in the last year, but that is down from 26% two years earlier. So clearly that position is sliding downward.
Morning Brew Daily
$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
So it is one of those things where, again, probably the moneymakers for NVIDIA are going to be the big tech companies based in the United States, like the Metas, the Googles of the world. But China still has a significant slice of the revenue, so that is why you might see a little bit of apprehension around the stock in the next few weeks.
Morning Brew Daily
$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
What do we know about Luigi Mangione as of now?
Morning Brew Daily
$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
Well, I just want to take a step back first and explain what the heck the difference is between a quantum computer and a regular computer.
Morning Brew Daily
$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
I'll put on my technology hat here. So a traditional computer like your laptop or the smartphone you have in your pocket, it uses binary bits. It stores zeros and ones in those silicon chips, performs calculation by processing those bits of information. The key to remember, though, is each bit can only ever be a zero or a one.
Morning Brew Daily
$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
A quantum computer, on the other hand, very hard to wrap your mind around. They use something called quantum bits, aka quibits. Quibits can hold a combination of ones and zeros. I think of it as Schrodinger's quibit. So one quibit can hold two values simultaneously. Two quibits can hold four values, so on and so forth.
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$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
As the number of qubits grows, the compute power grows exponentially alongside it. More qubits equals an infinitely more powerful computer. Now the problem, and you said that practically speaking, we haven't found any real uses for quantum computing. That's been true because one of the issues is that as the amount of compute increases, the number of errors usually also increases with it.
Morning Brew Daily
$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
Google said that its machine, its Willow chip that it created, has surpassed the error correction threshold, which means that it allows one of these machines to reach its potential because errors aren't going up in exponential fashion at the same pace that quibbets are. So that has been something that scientists have been after for decades, and it looks like they finally exceeded that threshold.
Morning Brew Daily
$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
You mentioned at the beginning of this segment that you can eventually watch Netflix on a quantum computer. Can you imagine a world where you're just streaming in, like, I don't even know, 4K, 8K, 16K HD because we're all watching on quantum computers? Don't know if we'll ever get to that point, but fun to think about. Up next, it ain't Neil's numbers yet. It's Toby's Trends.
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$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
If you've got long nails and a massage table laying around, boy, do I have the side hustle for you. Today's Toby's Trends is all about professional back scratchers. It's the hot new field for care to bless individuals who are charging over a hundred bucks an hour for their services. They're not just targeting annoying inches in between your shoulder blades, though.
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$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
The Wall Street Journal talked to various scratchers who say their primary goal is to help people slip into blissful states of relaxation. Think candlelit rooms and the good kind of goosebumps. Some social media famous scratchers charge as much as $162 for a one-hour session.
Morning Brew Daily
$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
While long manicured nails, often filed to a sharp point, are the primary instrument for most scratchers, some, like Julie Luther, who runs Soft Touch ASMR Spa in Pasadena, California, also introduce things like makeup brushes or rooster feathers to amp up your sensory experience.
Morning Brew Daily
$13B Mega-Deal Creates Advertising Giant & Google’s Staggering Quantum Computer
The goal is to trigger the release of the holy trinity of chemicals in your brain, endorphins, oxytocin, and dopamine to leave clients feeling sleepy and satisfied. Neil, if you scratch my back,
Morning Brew Daily
CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
Whether you've got a long day of meetings or you're packing for a long-haul flight, Motion Wool is made to move with you. It's also designed to keep its shape over time so you can keep arriving in style.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
Well, I was going to say, I wish they were cool when I had them in eighth grade. And when I think about a braces comeback, that usually refers to something you respond to someone when they make fun of you for having braces, which I think happened to a lot of us back in the day. It's a little baffling, but as you mentioned, you can see it as a way to personally express yourself.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
Recently, I did do Invisalign, and in this article about braces, they quoted a bunch of people saying Invisalign was boring, and I'm like, yeah, that's kind of the point. You want to keep this thing a little discreet because it's very visible, but the tides have turned, the youth have spoken, and I guess braces are cool again.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
Seriously, drop the form 1040. There is a better way. TaxAct has a team of credentialed U.S.-based tax experts whose whole job is to know the tax code inside and out so you don't have to.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
And Shopify, Toby, has always been the Toby with an I, not you, has always been kind of pushing the technological bounds of workplace productivity. In early 2023, he kind of rocked the HR world. He sent this memo directing employees to stop holding an absurd amount of meetings. The company literally went into people's calendars, deleted 12,000 events, freeing up 95,000 hours.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
And now he goes with this very, you know, buzzy or interesting... boundary pushing AI memo as well, saying you can't get more people on your team if AI can do that. And you have to prove that AI can't do that. And you just wonder how big the overall head counts of tech companies is going to be now. We saw huge hiring during the pandemic. It
Morning Brew Daily
CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
Then there were major layoffs, and now it's kind of stagnated. Shopify had a total headcount of 8,100 at the end of December from 8,300 a year earlier. And you wonder with this new directive whether that will ever grow again. Klarna, as you mentioned, is another AI-forward fintech company that wants to decrease its headcount from 4,000 to 2,000.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
You just wonder what this means for the overall picture for tech jobs. Another company thought, hey, what if we did Game of Thrones, but make it real? Colossal Biosciences announced yesterday that they had created three direwolves, which haven't existed on Earth in more than 12,000 years.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
If Colossal sounds familiar, that's because it's the $10 billion company trying to resurrect the woolly mammoth and de-extinct a bunch of other lost species like the dodo and the Tasmanian tiger. But it surprised the world yesterday with the introduction of the direwolves, two brothers named Romulus and Remus, and their sister named, of course, Khaleesi. How did they do it?
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
A team took gray wolf cells, edited the genes to focus on specific direwolf traits, like heavy muscles, inserted those cells into domestic dogs, then finally implanted those into different dogs that served as surrogates. Voila, you get a direwolf. Toby, are you impressed?
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
TaxAct's experts can walk you through every scenario to help sole proprietors file with confidence.
Morning Brew Daily
CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
I have to make an admission. I didn't know dire wolves were real. That is a fair admission. Right? Yeah. I thought they were straight up Game of Thrones characters.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
And Neil, I have to ask, was it worth it for the views? Certainly not. And this is not the only instance recently of U.S. influencers taking off. countries where they visited by just doing things that are pissing off the government. I mean, one US influencer, this was back in March, took a baby wombat from their mom. And this was an Australian. It sparked a huge amount of backlash.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
They were reviewing her visa. And she was like, all right, I'm out of here, the Australian prime minister. So there's a lot that people would do for clicks. Many of those are not acceptable to the people where you're doing that. All right, that is our show. Thanks so much for starting your morning with us and have a wonderful Tuesday.
Morning Brew Daily
CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
Just file before April 15th at TaxAct.com and let TaxAct experts be your tax sidekicks so you can keep being the hero.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. Let's roll the credits. And just a heads up, we've got a few changes in store. Don't be shaken. Emily Milliron is our executive producer. Raymond Liu is our producer. Our associate producers are Olivia Graham and Olivia Lake. Uchenna Waogu is technical director emeritus.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
I know, he's leaving the show to work here on a daytime schedule at the brew. We'll never forget you, Uchenna. Garrett Peck is on audio. Hera Makeup is skeptical of the new braces trend. Devin Emery is our president. Congrats on the promotion. And our show is a production of Morning Brew.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
It was pretty wild. I mean, the S&P 500 was down 3.4. Sorry, it was down 4.7 percent for the day, officially entering bear market territory. Then this tweet comes along and everyone's like, well, where is this information from? So there's a wild goose chase on Twitter to find that. But it had. really severe market implications.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
And then the S&P 500 went from down 4.7% to up 3.4% for the day before finding a sense of calm and futures look good this morning. They're all in the green. All three indexes are up over 1%. Japan's Nikkei index was up 6% for the day. So it seems like markets are finding some measure of calm after two and a half days of truly insane volatility and a big sell off.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, Jamie Dimon leads a chorus of billionaires slamming tariffs.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
shows how thirsty investors are for Trump to roll back these tariffs. It perhaps is a preview of what could happen should he rescind the tariffs. Yesterday, we got even more conflicting news. Investors really want to know. They're flying blind right now. They really want to know whether these tariffs are permanent or they're part of a negotiation.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
And Trump was asked this, whether they are permanent or up for a negotiation, because that would provide a lot of clarity for investors. And he replied, they can both be true. And this was Also evidenced yesterday by conflicting reports by two of his trade advisors or his economic officials.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
Secretary of Treasury Scott Pesent said that following a very constructive phone discussion with the government of Japan, I'm starting to negotiate with Japan. Eleven minutes later, Peter Navarro, the key architect of this of this trade plan for Trump, said wrote a Financial Times op ed where he said this is not a negotiation for the US.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
This is a national emergency trade by trade deficits caused by a rigged system. So you have one economic official saying we're starting negotiations the next 11 minutes later, saying we are not negotiating. And that has left traders very confused, which could provide an overhang for the markets for days to come until we get a little more clarity.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
Meanwhile, the market turmoil since last Wednesday has lost Wall Street titans a lot of money, and anyone who's watched their portfolio tank, you know that you start to get a little cranky. A number of the biggest names in finance have spoken out against Trump's tariffs in the last few days, warning of severe economic headwinds to come. and even possibly a recession.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
One of the more surprising critics is Jamie Dimon, the leader of the biggest bank in the country, JP Morgan, and the most tenured and influential of all Wall Street CEOs. In his annual letter to shareholders yesterday morning, Dimon said that there were some legitimate reasons for the tariffs. However, he added in their current implementation, they will drive up inflation and slow down growth.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
And you better wrap this up soon because, quote, the quicker this issue is resolved, the better, because some of the negative effects increase cumulatively over time and would be hard to reverse. That is a reversal from Diamond's position as recently as January when he told people worried about tariffs to, quote, get over it.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
So the Nintendo of America president was making the media rounds yesterday discussing the impact of the trade war on the Switch 2, the company's much anticipated new console whose pre-sales have been delayed due to tariffs. And that's interesting, but what you really need to know is this guy's name is Doug Bowser. Yes, Bowser, like Mario's arch nemesis.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
Diamond's not the only one, not the only banking baron sounding the alarm. Bill Ackman, a Trump supporter, warned of economic nuclear winter over tariffs. And the influential but typically private investor, Stanley Drunkenmiller, issued a rare statement on X saying that he doesn't support tariffs over 10%. Toby, the billionaire dam has broken.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
And another one of those influencers was someone we talked about last week, BlackRock CEO Larry Fink. He got up at the Economic Club of New York and said, he didn't talk about the tariffs specifically, but he said, most CEOs I've talked to would say, we are probably in a recession right now.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
This comes after his annual letter last week where he said we are in one of the more uncertain economic environments that he's ever seen. So he's joining the chorus along with Bill Ackman. And another name to know that spoke out was Ken Langone. He's the co-founder of Home Depot, longtime Republican donor. He said, I don't understand the gosh darn formula. He didn't say gosh darn.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
He said something else similar. I believe he's been poorly advised by his advisors about this trade situation. and the formula they're applying. So Ken Langone, Larry Fink, Bill Ackman, Jamie Dimon have all kind of said recently in the past few days that we need to get this thing wrapped up because it's causing a ton of uncertainty and could lead to a recession.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
What if I told you that Florida beating Houston last night in the men's national championship game was not the most important thing to happen in college sports yesterday?
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
Perhaps the more significant development happened in a courtroom in California where a judge heard the final hearing and a settlement that will rip up the NCAA's amateurism model as we know it and allow schools to directly pay players for the first time. Experts say it's the biggest structural change in the entire history of collegiate athletics ever.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
and arguably one of the most significant legal milestones in sports history, not just college. The settlement stems from several massive multibillion-dollar lawsuits filed against the NCAA over player compensation, which the organization has worked for over a year to resolve.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
The judge still needs to approve it, and she declined to yesterday, telling lawyers to make some small tweaks and get back to her in a week. But when she does, as expected, the landscape of college sports will never be the same again.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
Among the sweeping changes, schools would be able to start sharing revenue with student athletes, team sizes would be governed by roster limits instead of scholarships, and name, image, and likeness deals, NIL, would be overseen by a third-party clearinghouse that ensures they are fair value. Toby, there's two major parts to this settlement, one looking back and one looking forward.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
The Nintendo executive and the video game villain have no connection, but it could be a sign of normative determinism, the theory that people tend to gravitate toward work that fits their names.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
Yeah, so schools will have, for now, a $20.5 million salary cap to spend on players, and it applies to those big four power conferences, plus the Pac-12, and other schools can opt in. And the question is, will this increase or decrease schools And as always, with NCAA changes, it appears like this is a rich get richer situation.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
Alabama, Ohio State, all these companies make a ton or all these schools. They are basically companies. They make so much money in their athletic departments because of these powerhouse programs.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
football programs and secondarily basketball so they will have more money to marshal to pay players and also while nil is not going away it's moving to a third party clearinghouse situation managed by deloitte they will probably have more resources at their disposal to broker nil deals so players will be able to get some of that revenue sharing and nil deals so it does seem like the power conferences will put even more distance with the rest of the pack
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
That's right. Since it's both a private and a nonprofit corporation, Jobs Ohio is uniquely positioned to give companies very hands-on support with complete confidentiality.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
It helps that Ohio has the third largest manufacturing workforce in the U.S. and the cost of living is 5.8% lower than the national average.
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CEOs Sound Off Against Tariffs & The NCAA Case Upending NIL
Theory is known for creating collections with exceptional fit, innovative fabrics, and enduring styles. Now they're doing it again with MotionWool.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
And I said, OK, what podcast should I listen to? I listen to Morning Brew Daily, all the episodes. So I was like, OK, I'll just put on a podcast, a history podcast and learn about maybe the American Revolution and brush up on that so I can understand why, you know, podcasts and the audio medium has lent itself to a rediscovering. of history.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
And I think you have to go back to one particular podcast, one guy who really set off this boom, and that's Dan Carlin in Hardcore History. He started Hardcore History in 2006 with 16-minute episodes, and he's been doing these ever since. Now they've ballooned to over five hours, and they touch on some truly random subjects.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
I mean, one thing that I may have queued up or not, it's about eight years of the episode description. Eight Hagan Viking sea kings spend the 10th and 11th centuries morphing into Christian monarchs, but with rulers like Harold the Bluetooth and Svein Forkbeard, it's debatable whether things will be any less horrific for Scandinavia's neighbors. How do you not listen to that?
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
Let's sprint to the finish with some final headlines. You know when you have a pesky problem that just won't go away? Here's what you need to do. Just throw a lot of money at it. At least that's what Disney did yesterday.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
It said it would combine its Hulu Plus live TV service with Fubo, a thorn in its side, to create the second largest online pay TV provider behind YouTube TV with more than 6 million subscribers. An important distinction, this isn't Hulu, the streaming service you watch only murders in the building on, but Hulu Live TV Plus, which is a streaming service that mimics the traditional cable TV bundle.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
So what was so annoying to Disney about Fubo? Well, Fubo sued it, Warner Brothers, and Fox ahead of the launch of Venue, the company's sports-focused streaming service, and a judge agreed to block it. So Disney just went out and bought Fubo and provided an additional cash payment that resolves the litigation and allows venue to proceed. Do you, was that English?
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
You'd have to think. I mean, I wonder if Zuck is just doing this to get better UFC tickets. I think probably he's pretty obsessed. But you're right. This is this is. emblematic of Zuck's turn toward Trump in recent weeks. He just appointed Joel Kaplan, who has deep GOP ties as the new policy chief. They booted the previous guy.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
Zuck donated a million dollars to Trump's inauguration fund, along with a bunch of other tech companies. And then now with the addition of Dana White, who's a big Trump ally. I think that completes the trifecta of ways to get him in with the new administration.
Morning Brew Daily
Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
And as Meta has pivoted a little bit from classic social media to the metaverse, AI, wearables, things like that, it's had a completely revamp of the board. All but two of Meta's current directors have joined since 2019, and it just got three more yesterday.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
Now, if you want to start running this year, if that's one of your goals, maybe you don't have the goal of running a marathon per day because who does? Her advice for people starting out is don't expect insane results right away. Just build it up gradually and you will see the benefits. Don't expect miracles in a short time. So consistency matters.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
Yeah, and it shows how NVIDIA is moving beyond its classic bread and butter, which is providing chips for training data for large language models like ChatGPT, and is moving more into the physical world. That was really the crux of this keynote, was that NVIDIA wants to become the software provider for robots, cars, automating warehouses, things that we actually interact with.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
And he said the ChatGPT moment for general robotics is just around the corner, so... He was flanked by a bunch of robots on stage. So if you, you know, as maybe we've seen in the large language model space, when you Google some, when you search something on your computer, that could be moving more into the physical world where we interact with humanoid robots every day.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
Meanwhile, investors were hyped about this. Nvidia gained more than 3% ahead of the keynote to close at a record high. It's now worth $3.66 trillion. $4 trillion is in sight. Let's wrap it up there. Thanks for starting your morning with us and have a wonderful Tuesday. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com.
Morning Brew Daily
Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
And don't forget to share MBD with friends and family who would enjoy it. It's as easy as sending a blast in a group text or stealing someone's phone from them and subscribing them to the feed, your choice. If you don't know who exactly to share it with today, here's Toby with an idea.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
Maybe a hearty dose of MVD is just what they need. And we hope you feel better, Toby. You made it through this show. Drink a lot of tea today. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenua Ogu is our technical director. Billy Menino is on audio. Hair and Makeup is also joining Meta's board.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
Devin Emery is our chief content officer and our shows of production.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
Oh, Canada, you're going to have to find a new leader after embattled Prime Minister Justin Trudeau announced his resignation yesterday. Well, let me clarify. He said he would step down as leader of his Liberal Party, but will stay on as prime minister until the Liberals select a new leader to replace him ahead of elections later in the fall. Trudeau has been in power since May.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
2015 for nine years. But recently he's become about as hated in Canada as the Boston Bruins, with his popularity dipping last month to just 19%. The faltering economy has a lot to do with it. Canada has a housing crisis on its hands that's even worse than the one we have here in the U.S., but without a booming economy to make up for the cost of living.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
Meanwhile, President-elect Donald Trump has threatened 25% tariffs on all goods coming into the U.S. from Canada. which even by Trudeau's own admission would, quote, devastate their economy. It was the threat of tariffs that ultimately sealed the deal for Trudeau.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
Last month, his finance minister and close ally, Chrystia Freeland, resigned from her position, citing disagreements with Trudeau over how to respond to Trump's plan. After that blow, Trudeau had lost his party and there was no going back.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
Yeah, let's focus in on that housing crisis and those housing costs, because we think we have it bad here. But if you go just north of the border, truly, it is so hard to afford a home. Housing prices soared over 355 percent between 2000 and 2021. That's more than quadrupling. And a lot of focus has been on Trudeau's big push for immigration and the
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
Canada grew the most in 66 years in 2023, welcoming 1.5 million new permanent residents. There's a big debate going on about whether that contributed to a lack of housing supply. But either way, there is a big lack of housing supply. People can't afford homes there. There's also been a major shrinking in household income. in the number of people in a household.
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So in 1961, the average Canadian household had four people. By 2021, that figure had dropped to just 2.4%. So when you have smaller households, you just have more people that need to find housing. If there's a supply crunch, that'll add to price pressures. And then we have to talk about its relationship with the U.S., Canada's relationship with the U.S., its over-reliance on the U.S.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
for its economy. 97% of its petroleum exports go to the United States. 80% of total exports go to the United States. It's very much reliant on that cross-border trade, hundreds of billions of dollars go across the border every year. And then when you have Trump coming in and saying, oh, I'm going to put a 25% tax on all of those imports, that could easily drive Canada into a recession.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
Nippon Steel's planned acquisition of U.S. Steel is like a desperate football team down by a touchdown on their own one-yard line with 15 seconds to go. But by golly, they're going to try to lateral their way to the end zone. The two companies filed two last-ditch lawsuits yesterday to salvage their $15 billion deal, which President Biden had blocked over national security concerns on Friday.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
One lawsuit targets the U.S. government for allegedly running a politically motivated and corrupt process that ultimately led to Biden vetoing the purchase. The other accuses rival U.S. steelmaker Cleveland Cliffs, its CEO, and the steelmaker union boss of illegally attempting to scuttle the deal. Here's the SparkNotes version of how we got here.
Morning Brew Daily
Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
Last year, Japan's Nippon Steel, the fourth largest steelmaker in the world, agreed to buy U.S. Steel, a fading American giant. The proposal raised hackles among American politicians who had concerns about a foreign owner buying a company key to America's national security infrastructure. No matter that, Japan is a close ally of the United States.
Morning Brew Daily
Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, inflation claims another victim as Justin Trudeau steps down as Prime Minister of Canada.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
On Friday, Biden blocked the deal, saying his action ensured American companies continue to play a central role in sectors that are critical to our national security. That set off shockwaves across the Pacific, where Japanese leaders said the veto would endanger future investment by Japanese companies in the U.S. Still, the merger isn't toast just yet.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
It now moves to the courts for what could be some lengthy legal wrangling.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
Yeah, this was about as controversial as congestion pricing, honestly, because you had a lot of economists and free market folks who say they were looking at U.S. Steel and are looking at essentially a failing company. They were going to have to cut jobs.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
They say they're going to have to move their headquarters out of Pittsburgh, which is, you know, their ancestral home, moving it to the south, close some mills in Pennsylvania. And then you have essentially a white knight in Nippon steel coming in saying, we're going to invest $3 billion in you. We're going to keep your headquarters in Pittsburgh.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
We're going to invest in you and you are on your last legs here. So it seems like it would be a nice rescue package. And then you have politicians from Pennsylvania, Ohio, Biden, Trump as well, saying that they were a opposed to the deal because steel is so key and they want an American company to own steel production in the United States.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
Steelmakers union boss also came out against the deal saying that Nippon Steel did not do enough to assuage concerns that jobs would be lost in the process. So this was a big debate where I think most economists, actually all economists, came out on the side of the deal because without this deal, it's very unclear what U.S. Steel does going forward.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
It's possible that they'll just look for another buyer. Maybe Cleveland Cliffs come in.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
This might make you feel a little lazy. A 55-year-old Belgian woman named Hilde de Soon just put all of our New Year's resolutions to shame, saying she completed one marathon per day in 2024, a goal she set for herself at the beginning of the year. That's not only wildly impressive and a little bit crazy, but it also could be history.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
We'll see. That is the big question. They are not short on star power. Steve Cohen is an investor. You mentioned all of those celebrities as well. They got the 24 of the top golfers in the world. They built this incredible facility that mimics maybe a Squid Games type battle arena in Florida near Palm Beach.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
So they are trying to make a really fast-paced, tech-infused, made-for-TV product to bring golf to the masses and make sure, you know, I think their audience is twofold. Uh, it's golf obsessed people like you and me. And it's also the casual viewer who doesn't want to plop down on their couch for a full Sunday and have to figure out what's going on on this wide open course.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
There's a lot of tracking that, and that is involved. It takes forever admittedly, but if you show up in this very, you know, whiz bang, uh, facility that has a lot, you know, has a lot of TV studio qualities and you have, you know, some personalities at the fore with these golfers. It could be interesting.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
I think the question is, I think a lot of people will watch, uh, in the first couple, I guess, episodes or, uh, you know, matches, but will, will this have sustainability? And I think, yes.
Morning Brew Daily
Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
Yeah, I guess it just depends on how good the product is. One of the cool aspects of this that I do have to mention is these virtual holes. So when you play on a simulator, you have the ability to create digital renderings of golf holes that would never exist in real life, that you would never be able to create on a natural landscape.
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
So if you go online and type in TGL virtual holes, you'll see some very oddly shaped... oddly shaped holes that you would never see in real life. And that could end, that could lend a little creative flair to this. But Toby, do you think we'll be watching next season?
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Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
She's submitting evidence to the Guinness World Record to become the first woman to run a marathon every single day of the year. Toby, she said the hardest part about this wasn't the physical aspect, but the mental anguish of waking up and knowing you have to start all over again every day, which, same.
Morning Brew Daily
Biden-Blocked $15B Steel Merger Gets Messy & Indoor Golf Ready for Prime Time?
I think so. I mean, everywhere, every person I talk to is listening to a random history podcast. The people the people I was with last night, I asked them about the rest is history. And they were like, yeah, I listen. It's such a great medium for learning things. And even myself, before I found out about this trend was a thing I was doing like a bike.
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This year, skip breaking a sweat and breaking the bank. Get your summer savings and shop premium wireless plans at mintmobile.com slash morningbrew. That's mintmobile.com slash morningbrew. Upfront payment of $45 for three-month, five-gigabyte plan required, equivalent to $15 a month. New customer offer for first three months only, then full-price plan options available, taxes and fees extra.
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And I read this book a few months ago. Great book if you're looking for a wreck.
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See Mint Mobile for details.
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Pulitzer-worthy Toby trend right there. No, it is true that this is a very attractive industry for automation. And the big question is, why didn't it happen faster?
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I mean, 10 years ago, when you're looking at what would be automated first, you know, self-driving cars in cities or trucks on long-haul routes in rural areas on highways, you would probably pick the trucks first because it's a lot easier. They have point to point, you know exactly where they're going.
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And when it comes to cars in cities, if a person comes in and hails a Waymo Uber kind of deal, you don't know where they're going to go. There's a lot more traffic. So the expectation in this industry was that trucking would pull way ahead of the urban car apparatus, but it didn't.
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There was a lot of problems with regulation and the technology is hard, but now it looks like at least Aurora has one truck going on I-45 and they're hoping to ramp that up soon.
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And it looks like, yeah, 10 other companies are working on this tech and we'll see more autonomous trucks on the road in 2025 and 2026, which could match the hundreds of thousands of rides that are being given by Waymo in cities.
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This is one of the biggest acquisitions ever in the footwear industry. Skechers has made some pretty interesting moves recently to get into the performance footwear market. They've signed Joel Embiid. They've signed Harry Kane, two superstar athletes. I was walking in the subway yesterday. I saw a million Skechers ads with Snoop Dogg.
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So they've signed some pretty A-list names here to chart a path forward. But yes, a nice little payout for Skechers executives right there. and shareholders. In the staring contest between Sam Altman and Elon Musk, Altman blinked. The OpenAI CEO announced yesterday that the company would scrap its controversial plans to shed its nonprofit status.
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Instead, OpenAI will restructure as a public benefit corporation, letting the nonprofit keep its control of the AI leader. OpenAI, which Altman, Musk, and others founded as a nonprofit, had been looking to dump its unusual governance structure to attract more investment.
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But the plan faced heated opposition from Musk, former employees, and AI experts who worried the conversion would make it more focused on profits and not safety. The new organization, Altman said, sets us up to have a more understandable structure to do the things that a company like ours has to do.
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And yes, that tech is cool, but you know what actually made my life better this year? Switching to Planet Oat. Preach. It's just one of those easy upgrades. You don't have to overthink it. One day you pour it in your coffee, and the next thing you know, it's in your smoothies, your baking, your cereal, your everything.
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Except three people apparently did it. San Francisco locals are probably not so happy about this because this is the one thing that they can take their family and friends to when they come into town. And I've done it before. It is a certainly a big tourist site in San Francisco. I like this plan that others have put forward. A Lady Liberty of the Pacific.
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Instead of opening Alcatraz as a supermax prison, you construct this Statue of Liberty-like statue just for the West Coast. You have a beacon lamp in her right hand and a coiled fiber optic cable in her left representing Bay Area technology. So it's got a lot of people thinking about what we could possibly do with Alcatraz besides reopen it.
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So if you're interested, go check that out. All right, finally, Skype has gone on permanent mute. Yesterday, the service that let you video call anyone in the world for free was officially shut down after a legendary 23-year run.
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Microsoft, which bought Skype for $8.5 billion in 2011, is encouraging users to migrate to Teams instead, which is kind of like telling everyone at your awesome house party to leave for an underwhelming bar. Skype will hopefully become friends with AIM and Vine in millennial app heaven. Borrowing out for Skype, it blew a 3-1 lead.
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The unsweetened ones, wild. Zero grams of sugar and still somehow tastes like a treat. Meanwhile, Barista Lovers was basically built to impress your espresso machine. So yeah, welcome to the future. Less about robots and self-driving cars and more about oat milk that just makes sense.
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I'm cutting you off right now. Let's wrap it up there. Thanks so much for starting your morning with us and have a wonderful Tuesday. If you have any thoughts on the show, you should definitely reach out. Send an email with any questions, comments, or feedback to morningbrewdaily at morningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer.
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Our associate producers are Olivia Graham and Olivia Lake. Scoop Stardaris is on audio. hair and makeup is taking well-deserved PTO after the Met Gala. Devin Emery is our president and our show is a production of Morning Brew. Great show today, Neil.
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Tariffs Hitting Hollywood? & Air Traffic Control Shortage Delays Newark
Well, get ready for the fast and the furious Kansas City drift because President Trump floated 100% tariffs on foreign produced movies. In a Sunday Night True social post, Trump said that the tariffs would save the dying American movie industry. Quote, other countries are offering all sorts of incentives to draw our filmmakers and studios away from the United States.
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Hollywood and many other areas within the USA are being devastated. He said he directed the Commerce Department and US Trade Representative to immediately begin the process of instituting a 100% tariff on any and all movies coming into our country that are produced in foreign lands.
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This threat sent shockwaves across the global entertainment industry yesterday, with blindsided studio heads holding emergency calls to determine what it all means. And really, no one's sure what it means to tariff a movie, which is essentially a digital good distributed virtually that doesn't pass through ports.
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But by bringing up the decimation of Hollywood, Trump is touching on the movie industry's least well-kept secret. Many movies aren't made in LA anymore. Leard by tax incentives and lower costs, studios have increasingly shifted production to places like Canada and the UK. Some of their biggest recent blockbusters, Deadpool and Wolverine Wicked,
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Gladiator 2, a Minecraft movie, were mostly shot abroad. It's unclear whether Trump will move forward with the tariffs on movies. And yesterday, the White House appeared to walk it back a little, saying no final decisions on foreign film tariffs have been made. But it certainly sparked a discussion about what it would take to get movies made in America again.
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Right. I mean, just look at the numbers. The total amount of money spent last year on film and TV productions in the U.S. with budgets of more than $40 million fell 26% from two years earlier. And it's very acute in L.A., which is the home of Hollywood, has the Hollywood sign as, you know, just the global... home of filmmaking and TV production.
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Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, would Before Sunrise have hit the same if they met in Cleveland instead of Vienna? We could find out after Trump proposed tariffs on foreign-made movies.
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Their film and TV production has fallen by nearly 40 percent over the last decade. And that's because, yes, costs have risen in L.A. and across the United States and all of these other countries are offering very lucrative tax incentives. And filmmakers say their number one decision making point for choosing where to film is tax incentives.
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The United States doesn't have as much generous ones as other as other countries.
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Right, because you had movie executives from abroad saying this will devastate our industry from New Zealand, Australia, UK, Canada, saying this would be awful for us. But then also American moviemaking heads also said this would be terrible for us because as opposed to other goods where the U.S. runs a trade deficit with other countries, the U.S. is terrible.
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Tariffs Hitting Hollywood? & Air Traffic Control Shortage Delays Newark
remains the global hub of filmmaking. We have a $15.3 billion trade surplus in 2023 with the rest of the world. We sell our movies. It's a huge export. We sell our movies to the other parts of the country. We have a positive balance of trade in moviemaking with every major foreign market.
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If we put tariffs on foreign-made films, then they will certainly reciprocate and put tariffs on Hollywood films. Hollywood makes most of their money in foreign markets, so it could devastate the American industry. as well. So that's why Trump was saying yesterday, kind of walked it back, these tariffs, and said he would talk with movie executives to see a plan forward.
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Gavin Newsom of California, the governor, introduced a $7.5 billion tax incentive to lure people back. So maybe, I know Trump and Newsom don't really get along, but maybe they'll work on a particular tax incentive instead of tariffs to bring this industry back.
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For years, Newark Airport has been the ugly stepchild of New York's three major airports, and it's done nothing to shake that reputation recently. For more than a week, the airport has been gripped by chaos as a cascading series of problems led to hundreds of flight delays and cancellations, frustrating travelers, and sparking calls for an overhaul by the federal government.
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On Sunday, over one third of inbound and outbound flights at Newark were delayed and more than 10% were canceled. The crisis continued yesterday when more than 150 flights were canceled and over 250 delayed. United Airlines, which dominates this airport, has even taken the step of canceling 35 daily round-trip flights from Newark, with the CEO saying he had no choice.
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The airport, quote, cannot handle the number of planes that are scheduled to operate there in the weeks and months ahead. That's because of a number of intertwined crises, including construction on a runway, chronic air traffic controller shortages, and technology failures from antique equipment.
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Things have gotten so dire at the nation's 14th busiest airport that one air traffic controller straight up told MSNBC, Don't fly into Newark. Avoid Newark at all costs. It is not a safe situation right now for the flying public. I guess the good news is it's really hard to fly in or out of Newark right now.
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The Pulitzer Prizes were handed out yesterday for excellence in journalism, and Toby, we were snubbed again. Just remember, Hitchcock was never given an Oscar for Best Director. Fortunately, all the awardees were more than worthy. The Wall Street Journal won an award for its coverage of Elon Musk's rise to power.
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Yeah. The U S needs more than 3000 new air traffic controllers to reach adequate staffing. They're at 70% levels right now. They have 10,000 professional controllers. They need 3000 more. So you have Sean Duffy who's the secretary of transportation really, uh, has keyed into this problem. And he said, he's going to roll out a modernization, uh, plan this week.
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Tariffs Hitting Hollywood? & Air Traffic Control Shortage Delays Newark
So we'll hear what the FAA or the Transportation Department has in store for the FAA to improve staffing levels, because right now the situation at Newark is pretty dire and things weren't good beforehand. It came in last in the Wall Street Journal rankings of best large airports in terms of reliability, convenience and value.
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Tariffs Hitting Hollywood? & Air Traffic Control Shortage Delays Newark
People were already, you know, not happy with Newark because of its location. And it's, you know, there were there were a lot of delays there before this happened. So, yeah, If you're flying out of Newark, I mean, maybe look for somewhere else at this point.
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Tariffs Hitting Hollywood? & Air Traffic Control Shortage Delays Newark
The Washington Post won the Breaking News Prize for its reporting on the attempted assassination of Donald Trump. And ProPublica won the most prestigious prize for public service, with its coverage of the impact of state abortion bans across the country. In literature, the book James by Percival Everett, a retelling of the story of Huckleberry Finn from Jim's perspective, won the fiction prize.
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This has been five years coming back when the pandemic started. The Trump administration paused student loan repayments and then Biden came in and delayed it nine times. So this was going until 2024 at the end of the election. So there was a big break given to people who had student loans for many years. Now they maybe forgot about it, as we're seeing with these high delinquency rates.
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And now finally, the machinery has completely has been turned on here on yesterday. And so a lot of people are getting a rude awakening with how much they owe.
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And if you're listening to this thinking, well, I don't know what's going on with my student loans, you can check a dashboard by logging into your account on the federal website, studentaid.gov. Go to that website, check out, see how much you owe. Hopefully it's not that much. But yeah, check that out, studentaid.gov. That will give you a snapshot of your student loan picture.
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Let's take a quick break and come back and talk about trucks. Toby, you ever get served an ad that just makes no sense whatsoever?
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Maybe because we keep talking about egg prices. That also proves that a lot of the time the best B2B marketing gets served to the wrong people. I have purchased over 17 Faberge eggs in the last two weeks. Wow. Okay. Point is, LinkedIn has a network of over 1 billion professionals and over 130 million decision makers, which makes it stand out from other ad purchases.
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So save money and target the right professionals with LinkedIn ads.
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It's been a rainy spring here in New York, but summer is fast approaching, finally.
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Luckily, Mint Mobile's offering premium wireless plans for just $15 a month. Yup, that's all. No more hefty monthly bills or unexpected overages.
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Pretty fascinating insight into business strategy here. So when Papa John's rolled out that stuffed crust pizza in 1995, they actually did so with an ad from a person named Donald Trump. They dominoes saw that happening. They said, ah, that's a gimmick. You know, I don't think this is going to be a long term trend. It's going to fizzle out.
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But stuffed crust has turned out to be a huge money maker when Pizza Hut launched it. It generated $300 million in sales in its first year. Papa John's came along in 2020. That boosted sales by nearly 30% in the quarter that it launched.
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Domino's is looking at stuff across and saying, this is the only gap we have in the menu between us and our competitors at a time when sales are stagnating because people are pulling back on spending and looking for more value. They said, OK, maybe this is the time we need to actually dive in.
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All right, let's sprint to the finish with some final headlines. A shocker in aisle five, Kroger CEO Rodney McMullin abruptly stepped down yesterday following a board investigation of his personal conduct.
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The country's largest supermarket chain by sales said that McMullin's conduct was not related to its financial performance or operations, but it was, quote, inconsistent with the company's business ethics policy. McMullen had been at Kroger for more than four decades, beginning as a stock clerk at a Lexington, Kentucky location before working his way up to CEO in 2014.
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The surprise leadership shakeup adds more turmoil for Kroger, which is still nursing a failed acquisition of smaller rival Albertsons.
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We're in a total arms race right now where these companies are raising so much money. I don't know about the rest of the startup world, but as you mentioned, if you're an AI company making a top-line model, I mean, VCs are just writing you a blank check, essentially. OpenAI is still the leader in the field. They are raising money right now at a $300 billion valuation from folks like SoftBank.
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Hyper fixating on daily market moves is so 2020. Have you heard of Invesco QQQ? It's an easy way to access NASDAQ 100 companies. So no more ticker fixation. QQQ is a ticker to remember. Now you can put your screen time to better use.
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But Anthropic thinks that it's taking a more safety-focused approach, you know, that competitive advantage might help it weasel in, you know, past OpenAI and these partnerships with Amazon, which has invested tons of, many billions of dollars, including a recent $4 billion investment, will help it surge past its rivals.
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Really a disaster, and it recalls the 2018, the Super Bowl, which I wasn't watching on Hulu, but it ended early in some markets before the game even ended. That was 2018. I think you can get away with a streaming company having some technical glitches then, but now, you know, as streaming has...
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almost overtaken linear TV and how people consume television, it is a bit baffling that companies have not had their IT ducks in order. We saw this with Netflix a couple of times most recently with the Tyson-Paul fight having many, many glitches. But it seems like streaming may not yet be ready for prime time, even though it's been around for a decade now.
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Let's wrap it up there. Thanks so much for starting your morning with us and have a wonderful Tuesday. For any questions, comments, or feedback, send an email to morningbrewdailyatmorningbrew.com. And if you're enjoying the show, share it with a friend, family member, or coworker. Toby, who should everyone listening share it with today?
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Okay, let's roll the credits. Emily Milliron is our executive producer. Raymond Lute is our producer. Olivia Graham is our associate producer. Uchenawa Ogu is our technical director. Garrett Peck is on audio, hair, and makeup. Totally thought Domino's already had stuffed crust pizza. Devin Emery is our chief content officer, and our show is a production of Morning Brew.
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US Tariffs Start Today & Euro Defense Stocks Take Off
The great North American trade war has begun. Effective today, President Trump has slapped heavy tariffs on the U.S. 's three largest trading partners, 25% tariffs on most goods from Canada and Mexico, and an additional 10% on China, doubling the rate to 20% and affecting a total of $1.5 trillion in annual imports.
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Trump has accused these countries of not doing enough to stop the flow of migrants and fentanyl into the United States and is taxing their exports as punishment. The impact of these tariffs will be massive, dwarfing all of the tariffs Trump applied during his first term and raising the average U.S. tariff rate to their highest levels since the 1940s. And the view from Wall Street was not good.
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Investors clearly showed they viewed this move as reckless for the economy. After Trump confirmed yesterday afternoon that tariffs on Canada and Mexico would go ahead, stocks tanked. with the S&P posting its worst day of the year, down nearly 2%, and Nvidia pledging 9%. Canada and China quickly responded overnight with retaliatory tariffs of their own.
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China will place additional tariffs of up to 15% on U.S. agricultural products, including chicken and soybeans, while Canada will impose immediate 25% tariffs on more than $20 billion of U.S. imports, with $86 billion more to come in three weeks. Toby, turns out Trump was serious about tariffs and the business world is scrambling.
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Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, tariffs on Mexico, Canada, and China have gone into effect, sending shockwaves through global trade.
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And it's worth noting just how dramatic the shakeup is to place tariffs on Canada and Mexico, which we've had a free trade partnership with going back to NAFTA in the 90s. Borders had virtually evaporated because transportation costs were so low. There was no taxes to send your goods across borders. So these three countries had started to trade a ton with each other. You had the United States,
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making things that they do well, say like Florida orange juice or beef in the Midwest. We send that to Canada and Mexico. Meanwhile, in Quebec, they have really cheap hydropower, so they send that to Vermont, New York, and New Hampshire. In Mexico, they make avocados that are bought by Chipotle, and a lot of us
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So this architecture had formed through free trade where each country did what they do best and then traded with each other because there were no taxes on imports. Now that those are going up to 25%, it sends everybody scrambling to change their supply chains.
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And so we'll see how this all plays out on Wall Street today. Yesterday was a really bad day on the stock market as investors showed that they think that this new tariff regime will lead to slower economic growth, less business investment overall, less employment. Everything's just going to contract. And you saw that in this Atlanta Federal Reserve GDP tracker.
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Now, this thing keeps a running tally of how much it expects GDP to grow. grow or shrink in the current quarter. It's very volatile. It goes up and down. But yesterday, it showed a pretty remarkable reading.
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If you watched the Oscars Sunday night, you saw Adrian Brody give a really long speech after winning Best Actor for his role in The Brutalist. You may not have known you were also watching history. Clocking in at 5 minutes and 40 seconds, it was the longest acceptance speech in Oscars history, topping the previous record, Greer Garson's set, in 1943 by 10 whole seconds.
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Take Rheinmetall, for example. This is a German company that makes military equipment. It's climbed more than 80% in 2025. That makes it the best performer in the stocks Europe 600 index. Meanwhile, if you go to the United States, what's the best performer in the S&P 500? It's CVS, which is up 3%. Forty six percent. So these companies are in an absolute tear.
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And that's because Europe is doing this huge push to rearm in the face of America pulling back. You saw that in stark relief yesterday. Donald Trump ordered a pause on all U.S. military aid to Ukraine yesterday, said we're not going to do any of that until Zelensky and other Ukrainian leaders do. say that they want to have peace.
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Of course, they're probably not going to do that because they don't want to cede so much territory to Russia. And then you had the EU come out also this morning saying that we're going to unveil a plan that requires $841 billion more in spending. Where is that $840 billion going? It's going to defense companies. And that's why you're seeing these stocks hit record highs.
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Moving on, more of the chips powering your smartphones and AI chatbots are going to come with a Made in the USA tag. Yesterday, in an announcement alongside President Trump, the world's top chipmaker, Taiwan Semiconductor Manufacturing Company, or TSMC, said it will invest $100 billion over the next four years to build chip production plants in the United States.
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When it was clear Brody was going well into overtime, the orchestra tried to play him off, Brody dismissed them, saying, I will wrap up, turn the music off, I've done this before, and promise to be brief, which turned out not to be the case. Toby, this probably disqualifies him from being tapped for any future best man speeches.
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That comes on top of the $65 billion the company had already committed to building out facilities in Arizona. Bringing more chip production onto U.S. soil has been a top priority for American leaders on both sides of the aisle who say their use for military applications and other key products is a national security concern. So why is TSMC pledging all this money now?
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The threat of tariffs has a lot to do with it. Trump has floated steep tariffs on semiconductors coming from Taiwan, TSMC's home country, which could devastate its economy that is dependent on chip exports Trump has repeatedly claimed that Taiwan stole chip making dominance from the United States. So this U.S. investment promise could be a way to placate the president and avoid tariffs.
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Toby, there's been a distinct pattern of corporate giants lining up one by one to announce major investments in the United States under the new administration.
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It's curious to see the different strategies applied by the two recent administrations because both of them wanted more chip production happening here in the United States because they cited it as very important for national security. The pandemic put that into stark relief when there was that huge chip shortage. The car, you know, automakers couldn't get enough chips to make cars.
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And there was, you know, snarled supply chains all over the globe. The Biden administration went with the carrot. They put out the Chips Act, which dangles $52 billion in grants and loans to chip companies to come to the United States and build factories. That led to a lot of investment, including from TSMC, which got a $6.6 billion grant.
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Trump is going more with he's ditching the carrots, going more with the stick by threatening tariffs on on semiconductors. Twenty five percent. You know, those haven't really come to pass. But just the threat of the stick has led TSMC, at least, you know, for one, come to invest more in the United States.
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I got 3432, which put me at number 14 on the leaderboard last time I checked.
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Well, they can find out when they take the quiz. Head over to morningbrew.com slash morning-market-trivia to put your trading knowledge to the test and see how you stack up. It takes only a few minutes to complete, but be mindful of the time because speed contributes to your overall score.
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I already thought ordering eggs out for breakfast or brunch was a complete ripoff as it is. So as with prices going up, I think I'm opting for pancakes or waffles. I actually like that take a lot.
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It's fast arriving. It is extremely expensive, too, because this tool will cost you $200 a month for OpenAI. But I think what we're seeing is these companies respond to DeepSeek's cheaper model by releasing very frequently new product updates to create a more sticky product. We all saw that DeepSeek went to the top of the App Store right away, which showed that
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that it was very easy to move between chatbots. They're very similar in their capabilities and their scope. It doesn't matter whether you're using Clot or ChatGPT or DeepSeq. Whatever you ask, it's going to give something broadly similar, which showed that their products are not sticky. So in response, OpenAI said, hey, we're going to put our foot on the gas pedal.
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We're going to release a lot of new products that hopefully... gets people in our ecosystem paying for this, and it'll create a more sticky experience with OpenAI specifically. But as for the self-driving internet, I mean, parts of this are very exciting. You can see ways that it would save a lot of time. There are things that I feel like I'm just copy-pasting, clicking through.
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It's very much a headache, like booking a reservation or booking a flight or things like that, that I would love to have an AI agent do if the stakes are low enough, I guess.
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I have had Waffle House.
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It's not a breakfast thing, though.
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the idea that these tools could eventually save you a lot of time. Right. I think it'll be important for people to learn to trust them without checking their work. And I think that would be my biggest holdup right now. If it were to generate a research report, I just wouldn't totally trust it because I know that these AIs are prone to hallucinate and make stuff up.
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So I'd need to check it and then it would be the same amount of work anyway. So this is V1. We'll see what happens in V2 and V3. OK, let's sprint to the finish with some final headlines you should know about. While the Eaton and Palisades fires in Southern California have been 100 percent contained, the financial fallout is continuing.
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State Farm, which provides insurance for more than one in five homeowners in the state, has asked California regulators to approve an emergency rate hike in order to avoid, quote, dire situation for our customers and the insurance market in the state. That hike would include a temporary 22% increase in homeowners insurance and a 38% increase in renters insurance.
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The desperate tone of the letter raises questions about the financial condition of the insurer, which is being hit with thousands of claims from victims of the fires and has already paid out more than $1 billion. It said an interim increase was necessary to preserve its claims paying capacity.
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Yeah, so the Caesars Superdome in New Orleans holds 74,000 seats. Allegiant Stadium in Vegas last year holds 65,000 seats. So it could be a little bit of a supply and demand issue or supply issue. And then on the demand side, yes, I do think there is a decent amount of Chiefs fatigue. We had the same matchup.
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two years ago, but I will tell you, when you see the Superdome on Sunday, it is going to be a sea of Kelly Green. Eagles have 34% more ticket buyers on StubHub than the Chiefs, so we are going to be out in full force, and we are going to be flush with cash because we're only paying $4,000 for a ticket instead of $8,000. Is that we just like the royal we? Royal we. I'm not going. I am not going.
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We've got to prep for the show. Okay, when it comes to drive-through efficiency, Chick-fil-A is in a league of its own, boasting the highest revenue per restaurant of its peers. Yes, even with being closed on Sunday. It turns out the secret to putting the fast in fast food is by studying game film like an NFL quarterback.
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According to a new Wall Street Journal report, Chick-fil-A deploys traffic analysis teams to its locations that use drones to capture aerial footage of drive-thrus and make tweaks based on the footage they capture to improve traffic.
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The executive tapped to improve service at drive-thrus said his light bulb moment came from watching a football game where New Orleans Saints quarterback Drew Brees looked at replays on his tablet from the sidelines. He thought to himself, we can break down drive-thru game film just like they break down football game film. So never tell me I'm not being productive when watching football.
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It's why you need Wise Business. You can pay your vendors or suppliers in multiple currencies, no stress, no hidden fees, and no way to wear two different shoes.
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I would love it that we need the Chick-fil-A version of John Gruden there just walking us through with the telestrator. I would love it and see where we think we could improve the drive-thru times.
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This man is fighting the good fight, but I've never seen a more dead bill than this one. Movie theaters are going to fight it tooth and nail because this is their livelihood. You watching previews, you watching commercials, right? The previews before the movie is the third most likely place for people to see promotions. A lot of independent theaters say this is what we need to survive.
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We'd die if people came in at 820 for an eight o'clock movie. So I think of all the list of inconveniences and annoyances people have in life, this one sits somewhere in the middle or near to the bottom. It's not great if you have to sit through eight previews before seeing the movie, but it's not a big deal either.
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Plus, you know, it allows for banter where you can't talk for the entire movie. But during the previews, everyone just turns to the person they're sitting next to and be like, that one looks good. Or like, I'll never see that one. That's the key part of the movie going experience.
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All right, so we hate this bill. wrap it up there. Thanks so much for starting your morning with us and have a wonderful Tuesday. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. And if you're enjoying the show, share it with a friend, family member, or coworker.
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There's a ton going on right now, so make sure everyone you know and care about has a way to stay informed. Toby, who should people share the pod with today?
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Okay, let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenna Waogu is our technical director. Scoops Dardaris is on audio. Hair and makeup has been approved for all audiences by the Motion Picture Association of America. Devin Emery is our chief content officer, and our show is a production of Morning Brew.
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That trade war last night was awfully crazy. I wished we taped it. About 36 hours after President Trump announced 25% tariffs on Canada and Mexico, sending global markets tumbling, he flipped Benson Boone style and delayed those tariffs by 30 days, allowing everyone to take a deep breath.
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The pause came after phone calls with the leaders of both Mexico and Canada yesterday, in which they took steps to soothe his concerns about border security and drug trafficking. Mexico President Claudia Scheinbaum said she would reinforce the border with 10,000 members of the Mexican National Guard.
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And Canada's Prime Minister Justin Trudeau said he'd continue implementing a plan that had already been announced, a $900 million initiative to deploy drones and helicopters at the border.
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investors were pumped to hear the North American trade war was called off, at least for now, because it would have likely pushed inflation higher, lowered economic growth and caused all sorts of costly headaches for companies. After suffering heavy losses in morning trading, stocks made up ground by the close and ended up moderately lower, with the S&P 500 finishing down 0.75 percent.
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Still, this trade war is not completely over. Ten percent tariffs on China went into effect this morning and China retaliated with tariffs of its own on certain goods. An antitrust investigation into Google and Chinese exports of critical materials will be limited. A pretty moderate response designed to avoid escalating tensions further. Toby, my head is spinning here. What do we make of all this?
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Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, like anyone who's ever tried to change their flight over the phone, the trade war is on hold.
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It's also gaining a reputation for being a very uncertain trade partner, which could chill investment anyway, even if there's no tariffs involved. If we keep threatening our trade partners and pulling back at the last minute, it just creates this level of uncertainty. And uncertainty is terrible for the stock market. It's terrible for business investment.
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Mexico has been a huge winner of the past few decades as the U.S. has decoupled a bit from China. A lot of multinational companies have set up factories just south of the border, right next to Texas or Arizona, so they can easily ship goods into the United States. Even without the tariffs, Mexico could still suffer from all of this uncertainty whether the U.S.
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is a reliable trading partner going forward. And the same can be said for Canada.
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And we're not done with the trade wars just yet. As I mentioned, 10% tariffs have went into effect on trade. China, China retaliated. It was a very measured response as a way to kickstart negotiations. So we'll see what happens over there. It is not a full blown trade war as it happens. Trump has also threatened to levy tariffs on the EU.
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And I expect I do expect that to happen in the next few weeks. few months. And there's also this looming cloud of Canada and Mexico that we've kicked the can down 30 days down the road. But we'll see how it plays out. We're just in a new era of uncertainty. You saw stocks go down yesterday, not a whole lot, but they were still down a pretty significant amount, 0.75%. from the S&P 500.
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And I'm sure so many people spent all day yesterday, if they were working in a multinational business that does trade with Canada and Mexico or anywhere else, just on the phones, figuring out what the hell to do. And then to see this called off again, it just leads to a little more chaos and a little more uncertainty into the U.S. economy.
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Yeah, I mean, this agency hands out $40 billion worth of money every single year. That doesn't sound like a lot, and it's not compared to the federal budget. It's less than 1% of everything the U.S. spends. But in certain areas, it accounts for a large part of their economy. U.S. aid accounts for 7% of the entire GDP of South Sudan. In Somalia, it's 9% of GDP.
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In Kenya, USAID supports 30,000 health workers. After all this chaos went down over the weekend, this Bangladesh health clinic that supports cholera and malnutrition laid off 1,000 workers. $40 billion going all around the world. It's a way for the US to project its soft power. USAID has been around since JFK was the first person to institute it, and it was a way to check Soviet aggression.
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And now it's a very similar way to check China's influence, economic influence, all around the world. So critics of dissolving it or at least making it a shell of its former self say that this leaves a wide opening for China to continue exerting its economic power all around the world. It's already Africa's top investor, top trade partner. And in the absence of a U.S.
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aid influence or a vacuum of U.S. aid that could lead to China sending its tentacles all around the world.
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Right, and just to say what happened, you know, at the end of last night, it looks like USAID will still continue to exist as a part of the State Department. Marco Rubio, the Secretary of State, said that there are a lot of functions of USAID that are going to continue to be part of American foreign policy, but it has to be aligned with American foreign policy.
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That may be an acknowledgment by the Trump administration that they can't just shut this aid down that was approved by Congress without getting similar approval from Congress. Under a new executive order, the United States could look a little bit more like Norway.
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Yesterday, President Trump greenlit the creation of a sovereign wealth fund, a federally owned investment vehicle that takes stakes in different types of assets such as stocks, bonds, or in Saudi Arabia's case, entire soccer teams. But getting one set up in the United States will be a tall task.
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First of all, it's unclear where the funding would come from in many countries with sovereign wealth funds. They're financed by a budget surplus that typically comes from commodity riches. Norway's sovereign wealth fund, the world's largest, is plugged by the country's vast oil revenues.
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Second, it would require congressional approval, but it's unclear whether lawmakers will go for it since it would be a way to sidestep their spending authority. If a sovereign wealth fund comes to fruition, which Trump said he hopes will happen in the next 12 months, it could be a way to save TikTok in the United States, he said.
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Remember, Trump delayed a ban on TikTok and is pushing for a joint venture with ByteDance in which the U.S. owns a 50 percent stake. Toby, we heard this floated on the campaign trail, a sovereign wealth fund to, quote, advance national endeavors. It looks like the gears are in motion.
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1.3 trillion dollars.
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Looks like we're going to have to start ordering waffles from Waffle House. This almost feels like Costco increasing its hot dog and soda combo from $1.50. The Waffle House's affordable meals are one of the few things holding our society together. The fact that it's putting a $0.50 surcharge on every egg, I think, indicates a crisis. But to answer your question, I think I'm not ordering eggs.
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All right, let's do a little history lesson here. So the United States built the Panama Canal in the early 20th century. In the 1970s, Jimmy Carter signed a law that allowed Panama to take back control, and that eventually happened in 1999. But the Panama Canal continues to be a
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huge unlock for trade, especially for the United States, because it just presents such a shortcut from East Coast ports to Asia. And the United States right now is the canal's biggest user. Forty percent of all U.S. container traffic traverses it annually. It's also a big it's a key for Panama's economy as well. It accounts for four percent of its entire GDP. There have been
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Major price hikes recently. They've increased tolls and service fees because the Panama Canal has suffered a bunch of droughts that has limited the ships that have been able to go through. It has these big investments that it wants to make on the Panama Canal. So that's what Trump is bristling at a little bit is these huge price increases that happened over the past few years.
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So they are both using that pretty astonishing decline in vaping usage to advance their arguments before the Supreme Court. Up next, it's Tuesday, which means it's time for Toby's Trends.
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Well, either way, it's definitely a New Testament to the enduring popularity of this book. According to the Guinness Book of World Records, the Bible is the best-selling book of all time since it was standardized 1,500 years ago. The British and Foreign Bible Society in 2021 said that the total number of Bible copies sold was between 5 and 7 billion copies. So people...
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So our request to you, email morningbrewdailyatmorningbrew.com with your workplace horror stories or questions. And the Per My Last email crew along with us is going to help you make sense of them.
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have turned to this book time and time again to seek answers, to increase spirituality for maybe a little light reading. So I don't know which one of the justifications you provided. Perhaps it's a sense of both.
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But it's clear, at least in terms of the marketing side, there are an exploding amount of ways you can consume the Bible, whether it's in graphic form or in a leather-bound copy, or they have all these different types of assortments now that people can access it that way.
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All right, let's sprint to the finish by running down some final headlines. The saga of Elon Musk's $56 billion pay package at Tesla took another dramatic turn yesterday. A judge in Delaware rejected it. Again, dealing a fresh blow of uncertainty to the largest compensation plan in corporate America history.
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Remember, Musk was awarded this ginormous pay package in 2018, provided Tesla hit aggressive share price goals, which it did. But back in January, Judge Kathleen McCormick of Delaware Court of Chancery threw it out, saying that the board was too friendly with Musk and that shareholders were misled when they originally approved it.
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Tesla was miffed but said, OK, we'll do another vote to show you that our shareholders do really want this to pay Musk for all the growth we've experienced at the company. So they held a vote over the summer and the pay package passed easily. Still, the judge said not good enough and last night rejected it again.
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I mean, yes, you can say that, but he would argue that he should be getting this because it's what the shareholders want. Now, what happened after this first rejection was Tesla picked up and moved its incorporation out of Delaware, where the vast majority of Fortune 500 companies and businesses anywhere incorporate and move to Texas.
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So it's likely that Tesla is going to drop a new, very generous pay package to in Texas for Musk to stay with the company, and that it'll have to be approved in Texas, but it will be under heavy scrutiny.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
And it does speak to this larger semi-exodus out of Delaware, where companies feel like they are being taken advantage of by activist shareholders, and the Delaware court has been too activist in that regard as well.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
Yeah, we'll see. I mean, the timing was not a coincidence. This was 23 years to the day that Enron filed for bankruptcy after one of the largest accounting frauds in corporate history. Initially, it just speaks to the time we're in. Maybe that's why people are going to the Bible. Initially, everyone was like... Yeah, this is totally a crypto scam.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
It turned out to be maybe perhaps more benign than that. We'll have to see what these guys announce six days from now. But they are very good at publicity stunts. And if you go to the website, it does say that this is a parody. But there's something enduring about Enron and people do still like buying their merch.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
But MBD is not the only one with a video feed. Yahoo Finance also has a video tab you should check out.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
Hope, his Gringotts vault is flush because the actor who plays him owes millions of dollars in taxes. Rupert Grint, who was cast as Ron in all eight Harry Potter films, is being forced to hand over about $2.3 million to the UK government after losing a legal battle over his tax bill.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
The issue dates back to the 2011-2012 tax year when Grint raked in nearly $6 million through residuals from the movies. The horcrux of it is Grint, or some wily accountant, marked those payments as capital assets rather than income. And as in America, you pay a lower tax rate in the UK on capital gains, aka investments, than on income.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
So now His Majesty's Revenue and Customs Agency is going after our favorite ginger wizard.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
It's a really good change of pace if you want to catch up on some market news without having to actually sit down and read the headlines.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
It seems so. I mean, to be perfectly honest, I have never used the word brain rot, and I really didn't see it a lot in the world this year. But apparently all the kids were using it, which is what Oxford really wants to tap into. What was very interesting to me about their choices of finalists and including brain rot was that
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
None of these words were new or those portmanteaus that have come into vogue. Like, romantasy was also a finalist, but those have been, like, something like riz was last year. Like, that is a new word that was invented. A lot of these words come from hundreds of years ago. Brain rot was first used in Walden Pond by Thoreau. And some of these other words have been, are over...
Morning Brew Daily
Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
hundreds of years old, maybe even a thousand, like lore and demure. So people are finding ways to repurpose old words to fit new ends and maybe use them ironically and non-ironically to fit the times we live in, which is, I think Brain Rot does do an interesting thing by explaining what it feels like to be overloaded with just truly mid-content all the time on the internet.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
All right, that is all the time we have. Thanks so much for listening and have a wonderful Tuesday. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. If you're enjoying the pod, please spread the word and share it with a friend, family, or coworker. It's as easy as copying the link on Spotify into a group chat.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
For today's sharing idea of the day, here's Toby.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
If you want to see what sort of multimedia Yahoo Finance has to offer, just head to yahoofinance.com and click on the videos tab. Intel CEO Pat Gelsinger was brought in three years ago to restore the struggling chipmaker to its former glory. But like Aaron Rodgers with the Jets, his veteran savvy didn't quite translate.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenua Ogu is our technical director. Billy Menino is on audio. Hira Makeup is our words of the year. Devin Emery is our chief content officer and our show is a production of Morning Brew.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
Gelsinger retired as CEO yesterday after failing to see his turnaround plan through, leaving Intel in perhaps worse shape than when he began. By all accounts, this was a either-you-quit-or-we-fire-you situation.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
According to Bloomberg, Gelsinger was hauled in before the board last week to describe how he was planning to narrow the gap with Nvidia, the chipmaker that sprinted past Intel in the past several years. They apparently didn't like what they heard and gave Gelsinger the choice of retiring or being removed.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
Look, he definitely inherited a company that was already feeling a bit creaky, way behind the eight ball. And that was due to decisions made by his predecessors that proved disastrous in hindsight. In one of those moves back in 2005, Intel turned down an opportunity to make the processor for the iPhone. Intel was a PC chip-making giant. They dominated the market for PC computer processors.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
And they had this opportunity to make the processor for the iPhone, and they turned it down, thinking that mobile phones just wouldn't be a big market. And now they are cut off from that market, and obviously it is massive now. So that was one mistake. And the other mistake, also in 2005, the CEO at the time was thinking about buying NVIDIA for about $20 billion.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
You know, in hindsight, that was a bad move because currently NVIDIA is worth $3.3 trillion and is way more valuable than Intel thanks to its prowess in the AI market. So there were two decisions that were made previously before Gelsinger even got there that sent Intel on the path to decline. But he made certain moves and took Intel in a direction that clearly didn't work as well.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
Yeah, Intel was not prepared for what happened with the AI revolution when ChatGPT was released. And you mentioned expensive. I mean, Intel under Gelsinger has tried to build massive factories. And when you're trying to make chips, these things are so expensive. He's laid the foundation for a $20 billion new factory, a whole complex, multiple factories here. in Ohio. There's also one in Arizona.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
He wants to build stuff in Europe. So it's been immensely expensive. And he was banking on the Biden administration's CHIPS Act money to help fund that. And Intel has become the biggest recipient of the CHIPS Act. The CHIPS and Science Act was instituted two years ago and is handing out $39 billion to chip makers that are setting up shop in the United States. Intel got $8 billion from that.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
So it's not you know, especially great look for the CHIPS Act or the Biden administration to be pouring all this money into a company that has just been behind the curve consistently for the past few decades. All right. So we just talked about Intel, but there's been another big CEO resignation, if you want to call that in the past few days.
Morning Brew Daily
Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, sales of the Bible are skyrocketing this year. Why is everyone curling up with two Corinthians?
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
Stellantis CEO Carlos Tavares is stepping down immediately. And this company, I know you guys talked about this on the show a few weeks ago. It makes Jeep and Ram and Dodge and Chrysler, and it has just been absolutely going through it. Q3 sales in the United States were down 20%. After a record-breaking year in 2023, this company has just not caught up to its rivals.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
And Tavares, who is one of the biggest names in the auto world, is the victim here.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
Yeah, I mean, this is a very interesting phenomenon to watch. TikTok launched its shop app or shop tab in 15 months ago. And I'm sure anyone who's gone on TikTok has seen those posts by influencers saying, Hawking products and social commerce is what this entire thing is called, where you shop on social media and you don't ever have to leave the app to buy stuff. It works really well in China.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
In China, it accounts for 30% of all e-commerce. TikTok is, of course, owned by a Chinese company. Many have tried to make social commerce live streaming work here in the United States, meta among them, and it has just not worked out. It looks, though, like in this particular holiday shopping season, Black Friday, TikTok shop is finally catching on a little bit.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
You mentioned it's just a rounding error compared to all e-commerce shopping. But as you can see with the Chinese shopping numbers, 30 percent of all e-commerce, the sky is the limit. So if TikTok shop can get more merchants on board, that'll be key. And people getting accustomed to buying stuff while they're scrolling on TikTok. I mean, the potential here is enormous. Right.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
Yeah, and it does represent just the fusion of entertainment and shopping. Anyone who watched the Amazon Black Friday game on Friday, they aired an NFL game for the second time. And that also represents the confluence of entertainment and shopping in a way that I think this world is moving toward. Because if you're Amazon.com, you have to essentially pay people online.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
or you pay a toll to get people to come to your website. Meanwhile, TikTok has 170 million users that it is force-feeding content to you and force-feeding shopping to you. So if you're a brand, there's a lot to like about TikTok shop. One challenge is these products are kind of cheap and they come at extreme discounts.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
So if you're a brand that, you know, wants to show off quality and craftsmanship, the idea that you would put it on TikTok shop alongside other brands that are very cheap and could break easily and might be scammy is certainly something that's holding them back.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
There's no vaping allowed in the Supreme Court building, but vaping was a topic du jour at the highest court in the land yesterday. The justices heard oral arguments in a high profile case that pits the FDA against two flavored e-cigarette companies whose applications it rejected.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
Super Sub Kyle and the co-host of his podcast, Kayla, are hopping on MBD to talk about the hottest workplace trends they've identified on their show, per my last email. One segment their listeners love is called Am I the A-Hole, where people submit workplace questions for them to break down.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
At stake is not only whether these products can legally hit the shelves, but also the FDA's broader mandate to regulate tobacco products. So what's going on here? The two e-cig companies, Triton Distribution and Vapestasia, are accusing the FDA of shifting the goalposts in terms of what scientific backing is needed to submit their products for approval.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
The companies say the FDA abruptly required them to include long-term studies that show their flavored products would help people stop smoking when compared to tobacco varieties. But since these products haven't been on the market for a long time, there's no way they could provide long-term studies. The companies say this amounts to a blanket ban on flavored vapes.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
It's true the FDA has been no friend to the flavored vape industry. It's rejected applications for more than 1 million flavored vape products while approving just 34 that have tobacco and menthol flavors. This case could determine whether this multi-billion dollar industry is brought into the mainstream or is kept in a murky regulatory area.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
Toby, there are a lot of competing theories here about the role of vapes vis-a-vis smoking.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
And meanwhile, vaping has been on a dramatic decline. Back in 2018, when Juul was the hot thing, one in five high school students said that they had used an e-cigarette in the last month. But recently, there's new data that shows that vaping is now at its lowest levels ever. in a decade, and both sides are pointing to that data to support their arguments.
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Intel Ousts CEO & TikTok Shop Banks $100M in One Day?
The FDA is saying, yeah, our crackdown is working. We stopped these from hitting the market, and now people are doing it less. Meanwhile, the e-cigarette companies are saying, look, this is not a problem. People are using it to get away from smoking tobacco, smoking cigarettes, and they're not being addicted.
Morning Brew Daily
AI Coming for Fashion Models? & Travelers Scramble for REAL IDs
And it's equipped with a timer that monitors your progress and your pressure to help you brush at just the right intensity.
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AI Coming for Fashion Models? & Travelers Scramble for REAL IDs
Still brushing the analog way? Get 15% off your Quip Ultra at getquip.com slash brew. And subscribe for auto-shipping of BrushPod refill heads to earn exclusive perks. That's G-E-T-Q-U-I-P dot com slash brew. Now we need to talk about a letter. No, it's not the thank you notes you rush through after your wedding.
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It's the annual letter to shareholders penned by BlackRock CEO Larry Fink and released yesterday. This letter is read even more closely in investing circles than Warren Buffett's yearly missive because BlackRock is the largest asset manager in the world.
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It has large stakes in hundreds of public companies, and Fink has caused tectonic shifts on Wall Street with his statements on topics like ESG and sustainability in the past. In essence, as BlackRock goes, so goes the finance world. So where is the finance world going now? into private investments, which was the main theme of Fink's letter this year.
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Fink said he wants regular Americans to have more access to private investments such as real estate, infrastructure, private loans that are currently only available to institutional investors such as pension firms and insurance companies. In his call to democratize private investing, Fink wrote,
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assets that will define the future data centers, ports, power grids, the world's fastest growing private companies aren't available to most investors. They're in private markets locked behind high walls with gates that open only for the wealthiest or largest market participants.
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Fink aims to throw open those gates and let us please start feasting on private investments that are currently blocked off. Toby, I am curious, though, who do you think might benefit from that? I think I have an idea.
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Right. He said, you may assume that I'm talking my book. And he's like, yeah, you're kind of right. At the same time, the entire finance world is going in this direction. So BlackRock is now going to compete against KKR, Apollo, these big private equity firms that are just buying up ports and real estate and infrastructure and data centers all around the world.
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BlackRock just bought a couple dozen ports from around the world. It's in the process of buying those two ports at the Panama Canal from a Hong Kong firm. So This is the direction the finance world is going in. And right now, people like you and me, Toby, and people listening have no access to buying private investments. And even buying your home is really impossible.
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So how are you going to invest in a real estate asset class? That is where the finance world is going. And that's why Fink said, In the future, you won't, you know, the 60-40 stock and bond portfolio that compromises most, you know, 401ks will instead shift to a 50-30-20 approach, 50 stocks, 30 bonds, 20% private assets. And he projects that those funds with that scenario will outperform stocks.
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Psych. We are never leaving in the morning. We ride at dawn. Okay, now a word from our sponsor, Tax Act. This is 100% real. Toby, how are your taxes coming along this year? Taxes? Neil, I am a mess.
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the typical 401k by 14.5% over a 40-year period. Obviously, BlackRock is going to sell those funds. So that is where he thinks this finance world is going. And usually people listen to him.
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One political topic that he did mention very briefly was that protectionism is back, and he alluded to all of the uncertainty in the economy. He said, I hear it from nearly every client, nearly every leader, nearly every person I talk to. They're more anxious about the economy than at any time in recent memory. But he also did this assurance.
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He said, we have lived through moments like this before, and somehow in the long run, we figure things out. So a final note of optimism from Larry Fink. Now let's sprint to the finish with some final headlines.
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Insane. Definitely shades of GameStop and AMC in 2021 with this IPO. The question now is, can it sustain it? And history shows probably not. So there are two dozen stocks that ended their initial sessions after their IPO up more than 300%. And they've been losers in the long run. Shares of the average company in that basket are down 85% from their IPO price. So
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accidentally commit tax fraud. Take a deep breath, Toby. Tax Act is literally designed for people just like you. They simplify the entire process, helping you find every deduction and credit you deserve with their deduction maximizer.
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when the reddit hordes kind of move on to the next shiny thing and they get bored with newsmax they get bored with gamestop and they see something else then we'll see what happens to newsmax because you're right it is loss making but it has sort of held its own as a cable news channel it is firmly number four behind fox news msnbc and cnn and it turned its uh founder ruddy chris ruddy into a billionaire so he's got that going for him
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Major bummer. By next NFL season, we probably won't know in advance whether Taylor Swift will attend a Chiefs game. That's because the FAA has introduced a system that allows private jet owners to request their registration information, such as name and address, be kept private.
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The change, which is part of the FAA Reauthorization Act of 2024, could deal a potentially fatal blow to the cottage industry of private jet trackers who had kept us all informed about where Musk, Zuckerberg, Bezos, Swift, and Kim Kardashian were flying via publicly available data from the FAA.
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That received pushback from social media barons like Zuck and Musk, who blocked those flight tracking accounts on their platforms, and Swift even sent a cease and desist letter to the most prolific P.J. Tracker, Jack Sweeney, citing safety concerns. Toby, a big blow to those of us who want to speculate on football coaching moves.
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You underestimate the people, Toby. They're going to find a way. Trust me.
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That is where Tax Act's expert assist comes in. They have a whole team of credentialed US-based tax bros ready to answer all of your questions. So they're like my own tax therapist. Sure, without the couch. Plus, every business return comes with their 100% accuracy guarantee, so you can file confidently.
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Someone posted on X about this logo that it looks like every letter was designed by a different person. And once you look at this thing and you have that in the back of your mind, you cannot think about anything else. You see it everywhere. I'm sure there are a lot of people, uh,
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who are feeling a little bit smug about this change because they, uh, criticized H I don't even know what to call this thing anymore. HBO max max for ditching the HBO branding and going with max. And now that it's going a little slightly back towards, uh, the HBO feel. And if you're keeping track at home, uh,
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what all the colors of the of the streaming services brands are we have amazon prime video paramount plus disney plus in blue apple tv plus and now max are this monochrome branding and obviously netflix is red i think i'm taking a victory lap by the way because i
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Keeping a sourdough starter alive is a passion project requiring blood, sweat, tears, mental fortitude, and intense focus over a long period of time. Or you could just get this machine. Sourdough Sidekick is a new countertop appliance that feeds your sourdough starter for you, priming it for the exact moment you want to start baking your loaf.
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The joint project from GE Appliance and the legendary King Arthur Baking Company is available to back on Indiegogo for $129. But if you want this thing, you'll have to wait. Delivery isn't estimated until January 2026, so you'll have to keep your starter alive by yourself until then. Toby, are you buying this or are you too much of a traditionalist?
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Okay, let's wrap it up there. Thanks so much for starting your morning with us and have a wonderful Tuesday. Stay vigilant out there today. Remember the date. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer.
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Olivia Graham and Olivia Lake are our associate producers. Uchenoba Ogu is our technical director. Scoops Dardaris is on audio. Hair and makeup, you were the star of the show today. Devin Emery is our chief content officer, and our show is a production of Morning Brew.
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I'm feeling calmer already. That is great. Just head to taxact.com and file before April 15th.
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AI Coming for Fashion Models? & Travelers Scramble for REAL IDs
When you think about how much marketing collateral that the fashion industry needs to produce on a daily, weekly, yearly basis is almost unfathomable. So you can see why brands like H&M or other fashion companies want to reduce costs or find ways to streamline their process so that they don't have to pay as much to produce all this marketing collateral.
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Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, your McLevin driver's license isn't going to cut it at airports anymore. What you should know about the real ID deadline that's coming up fast.
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And one of them, there's this opportunity afforded by generative AI to create these digital twins. It's been happening in the auto industry for a very long time for marketing, and it's creeping into the fashion industry as well. H&M has certainly started a conversation with this announcement, and that's kind of what they want to do.
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Jorgen Andersen, who is the chief creative officer of H&M, said we saw this as a way as a big player in the industry to lead a conversation that takes the model, the agency and the best interest of the fashion industry into consideration. You can debate the second part of that sentence, but what they have done is certainly start a conversation.
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Yeah, they quoted one model as saying, she's like me without the jet lag, talking about her digital twin. They quoted another model saying, finally a way for me to be in New York and Tokyo on the same day. And the implications of that are kind of massive.
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You know, you wonder whether these top end models will get more work and squeeze the bottom end of the industry because they can be in New York and Tokyo on the same day in a fashion shoot in Tokyo or on a runway in New York. at the same time. So you only need to hire these people twice, essentially.
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So it's kind of mind boggling to think about what will happen to these, to the hierarchy of models. And also of course, what will happen to everyone working on photo shoots? That is the main concern about AI replacing people's jobs is that you have all these stylists, photographers, lighting assistants that currently work on photo shoots.
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The big pushback to H and M's announcement is that this will replace their jobs.
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You all know that tomorrow President Trump is expected to announce sweeping tariffs on countries around the world that have higher trade barriers than the U.S. Those countries are likely to respond with tariffs of their own, escalating this simmering conflict into an all-out global trade war.
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caught in the crossfire perhaps more than any other sector are american farmers u.s farmers help feed the world exporting an estimated 170 billion dollars worth of agricultural products this fiscal year on the flip side that makes their pork fruits veggies and soybeans prime targets for other countries aiming to strike back against u.s tariffs we've already seen this play out with the first round of tariffs last month
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After the Trump administration raised tariffs on Chinese imports, China retaliated by putting a 15 percent tariff on U.S. chicken, wheat, corn and cotton. And Canada slapped 25 percent tariffs on processed foods such as wine, sausages and baked goods. Given that Canada, China and Mexico are the three biggest foreign buyers of American farm goods.
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The agricultural industry is at risk of losing market share in those countries due to tariffs. The president has said that domestic demand will make up for those losses in exports, telling farmers they'll benefit by making more product to be sold inside the United States. Still, there is a great deal of apprehension out on the plains.
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In a Purdue University study, over half of farmers said that trade policy was their most important issue over the next five years.
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Well, last time in 2018, Trump put tariffs on China. China put tariffs back on corn, soybean, hogs, and sorghum from the United States. The United States stepped in with aid to farms. They sent direct payments totaling $28 billion to help smooth that over, as you mentioned, preventing a financial catastrophe hitting farms because they saw these foreign markets collapse. dry up.
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It looks like a similar thing could happen this time around. Again, we don't know exactly what tariffs are coming from the U.S. tomorrow, and we don't know what the retaliation would be. But Agricultural Secretary Brooke Rollins said that the administration is probably going to provide financial support for farmers if they see their markets dry up overseas.
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So that would probably be a lot more than $28 billion because that was just a trade war with China back in 2018. This is going to be a trade war with the whole world, including Canada and Mexico, which are two of the top three foreign markets for U.S. farmers. So we'll have to see how the details play out. But the U.S. farmers are certainly in the center of this trade war.
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It's finally happening. And just this morning, I checked and it turns out I am one of those one in five travelers that are flying through U.S. airports without a real ID. So I guess I need to get on that. The good news is that you can use your passport instead. That will work if you do need to fly after May 7th and you don't have your real ID.
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But it just shows that New York was one of those states. that issued uh not fake ids but not real ids alongside real ids and somehow i ended up with a non-real id so yes i would encourage you to look at your driver's license because uh this may 7th date is approaching and it's been an absolutely long time coming which i think led to this scramble at DMVs over the past few weeks.
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Yeah, we absolutely loved beginning our mornings with you, but we want to meet you all where you're at, which is the afternoon hours. You'll still get the same great energy and news and jokes that you're used to in the morning, but now we'll be bringing it to you at 7 p.m. instead of 7 a.m.
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This was initially part of a law from 2005, and the goal was to increase security around IDs. It was pushed back three times during the pandemic, and now I guess finally it is coming. And yeah, you see DMVs all around the country, kind of expanding hours. New York said it was opening DMVs on Saturdays, which it hadn't before, in order to get more appointments in.
Morning Brew Daily
AI Coming for Fashion Models? & Travelers Scramble for REAL IDs
That's right. Since it's both a private and a nonprofit corporation, Jobs Ohio is uniquely positioned to give companies very hands-on support with complete confidentiality.
Morning Brew Daily
AI Coming for Fashion Models? & Travelers Scramble for REAL IDs
It helps that Ohio has the third largest manufacturing workforce in the U.S. and the cost of living is 5.8% lower than the national average.
Morning Brew Daily
AI Coming for Fashion Models? & Travelers Scramble for REAL IDs
Neil, what's one way you rely on tech in your everyday life? I got a lot of health tracking apps running constantly to let me know how the body's holding up.
Morning Brew Daily
AI Coming for Fashion Models? & Travelers Scramble for REAL IDs
The Quip Ultra is a smart sonic electric toothbrush that's packed full of some pretty cool tech you'll want to use daily.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
Book now at virginvoyages.com or contact your travel advisor. Welcome to Neil's Numbers, the segment where I share three stats from the week's news that will make you go, wait, really? My first number is $8 million, which is how much it'll cost you to buy 30 seconds of airtime during the Super Bowl, a new record for the priciest marketing real estate around.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
Reports out yesterday claimed that a few ad spots sold north of $8 million, showing how tight demand is to get in front of a massive audience. Fox, which is airing the game, said it sold out of Super Bowl commercials in November, but typically leaves a few spots open for last-minute jostling, leading to these astonishing prices. So why would any company pay $8 million for 30 seconds?
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
Because events like the Super Bowl don't come around very often anymore, or ever. You're getting a captive audience of more than 120 million people, all watching the same thing at the same time, a concept that our splintered entertainment world has obliterated. As for who is buying these spots, expect the usual suspects like drinks, snacks, tech companies, telecoms.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
You won't see as many car commercials this year, and movie promos and streaming services are also toning down their Super Bowl presence from years past. Toby, what kind of commercials do you think we'll get this year besides expensive ones?
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
And expect AI to be a big theme as well, especially for those tech companies. Meta is going to do an ad with Chris Hemsworth and Chris Pratt around its smartphone. We're also going to have a reunion of Meg Ryan and Belly Crystal of When Harriet Met Sally. Do you know what company that's for? Hellman's Mayonnaise, of course. Of course.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
Because you obviously think of mayonnaise when you think of them. Actually, they're going to recreate the famous scene in Cats' Deli. For my next number, a musical artist has hit a milestone. 150 million monthly listeners on Spotify, which has never been done before. Can you guess who it is? It is the short king himself, Bruno Mars.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
He may stand 5'5", but he is a giant in streaming as the number one artist on Spotify currently. Now, the most interesting part about the stat is Bruno hasn't released a solo album since 2016's 24K Magic nearly a decade ago. That makes me feel really old. He's been dominating the music scene instead through ultra-successful collaborations, first with Anderson .Paak to create...
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
Silk Sonic, then teaming up with Lady Gaga for Die With A Smile, a smash hit. Followed that up with APT, a collab with K-pop star Rosé, and on Friday released his latest collab called Fat, Juicy, and Wet with Sexy Red, which I'm not sure I'm allowed legally to say on air. Toby, for a guy who wrote the lazy song, Bruno Mars is anything but.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
Have I ever told you about my idea for covering big tech earnings? I want to host a college game day-ass show where we get a panel of analysts together to react when the earnings drop.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
My final number is 2340, which is how many degrees Japanese snowboarder Hiroto Ogiwara rotated in a single jump at the X Games on Friday, becoming the first person ever to land a 2340 in competition. To spare you the math, that's spinning around six and a half times in the air. It easily won him the gold in the big air competition. But that's not even the craziest part.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
The next day, Italy's Miro Tabanelli strapped on his skis and matched Ogiwara with a 2340 of his own in the skiing big air competition. So in less than 24 hours, both a snowboarder and a skier landed 2340s for the first time in sports history. Afterward, Ogiwara was on cloud nine. I am the first person in the world to do that. I've never been as happy as this, he said.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
It was really the greatest moment. It felt as if I used every ounce of energy I had.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
So I guess the next frontier here, I just added 90 to 2340, which you get 2430. So that is the next milestone to be reached. And I wonder whether it will happen on skiing or snowboarding.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
It does, but I think this is just the starting gun that he's going to continue to try to push the legal limits of what a president can do to claw back spending that has been approved by Congress, whether it is this particular memo freezing loans and grants or another one that will be incoming.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
It appears that his administration will absolutely push the limits between congressional power and executive power on how to spend taxpayer money. The world is getting ever close to annihilation. At least that's according to the Bulletin of Atomic Scientists, a nonprofit that created and manages the Doomsday Clock.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
This week, the organization said it moved the clock's hands one second closer to midnight from 90 seconds to 89 seconds. to reflect the increased threats on humanity posed by nuclear weapons, climate change, bioweapons, and AI. The last time the clock was changed was in January 2023, when it was moved up to 90 seconds from 100, mostly due to the war in Ukraine.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
Toby, what are you going to do with your 89 seconds remaining?
Morning Brew Daily
Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
No more ravioli, Scotty. We want you back playing golf. Just buy it. Just order takeout. You're not going to make better ravioli than the local Italian place. This is just one of a long list of injuries suffered by athletes that make you go. really? Like Jason Pierre-Paul back in 2015 kind of blew his hand off doing fireworks and he was set for a massive contract and that he didn't get.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
Another instance was Bill Gramatico was a kicker in the NFL. He made a 42-yard field goal and was jumping up in the air, and then he came down and tore his ACL. Celebrating, there are dozens of these stories. So, Scottie Schafer, this is a list you don't want to be in. I know you want to live your life and make homemade pasta. Just do it with the right tools. Keep your hand safe.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
Okay, that is all the time we have. Thanks so much for starting your morning with us and have a wonderful Thursday. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. And if you're enjoying the show, share it with a friend, family member, or coworker. But which one should get the gift of MBD today? Toby's here with some inspiration.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenua Ogu is our technical director. Scoops Gardaris is on audio. Hair and Makeup is not afraid of no doomsday clock. Devon Emery is our chief content officer. And our show is a production of Morning Brew. Great show today, Neil. Let's run it fast tomorrow.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
It does, and I just want to home in on what distillation is. It's where a company, a tech company, uses... and outputs from a larger model to train smaller, more efficient AI models. It is a common practice among researchers and smaller companies, and usually it's not a big deal. They do this. This is a common industry practice.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
The problem is for OpenAI, where it violates its terms of service, is when you use distillation on its model to create a rival model, which is exactly what DeepSeq appears to have done. It raises some really interesting questions
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
around deep seek's quote-unquote breakthrough remember this obviously was an earthquake for across the u.s tech industry to see a chinese startup uh competing with our top tier models that we're spending hundreds of billions of dollars on it raises questions about was this as impressive as it seems if they're training their model on open ai's model at the same time it also uh
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, OpenAI suspects that China's DeepSeek was ripping off its models. How rich.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
raises other questions around, you know, whether these U.S. tech companies are taking security precautions to protect others from infiltrating these proprietary models.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
Let's talk about those earnings that you mentioned. Meta, Tesla, and Microsoft reported. Everyone wanted to hear what Mark Zuckerberg, Satya Nadella would say about DeepSeek and whether it would affect those spending plans. Remember, those spending plans are all influenced by... Those are dedicated to NVIDIA. And so NVIDIA's share price very much depends...
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
People like Mark Zuckerberg spending $60 billion on chips and building AI models. And Mark Zuckerberg said that, you know, it's too early to tell how deep seek model will affect its spending plan so far. Keep calm and spend on. He's pledged to spend $65 billion this year. And he said nothing that he's seen recently would change that.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
This is a huge position. He would be the nation's top health official. He'd run a sprawling bureaucracy, 13 divisions, 80,000 employees, a budget of $1.7 trillion. The agencies under his purview would be the CDC, FDA and FDA, things like that. And what would he be in charge of? Well, well, agencies that decide which drugs are safe and effective.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
A tragedy is unfolding in Washington, D.C. this morning after a regional jet operated for American Airlines collided with a military helicopter as the plane attempted to land at Ronald Reagan National Airport around 9 p.m. local time. 64 people were on the flight, 60 passengers and four crew members, and many are feared dead.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
The agencies that investigate foodborne illnesses, prepare for pandemics, funnel tens of billions of dollars into scientific research. So you can see why the senators, especially Democratic ones, has had a lot of sharp questions about his past views, often with baseless claims that vaccines caused autism. Those are views that fly in the face of the agencies that he would oversee.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
And another moment of levity during a very tense hearing was when Bernie Sanders hauled up a photo of a onesie, a baby onesie that was made by Children's Health Defense, which was the nonprofit that Kennedy founded. And on this onesie, it says, no vax, no problem. Sanders asked Kennedy, are you supportive of these onesies? And he said, I don't have anything to do with this nonprofit anymore.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
I am supportive of vaccines. But Maybe the first time in congressional history that a baby onesie was held up during testimony. The more things change, the more they stay the same. And ain't it true for the Federal Reserve? The central bank met for the first time of the new year and of the Trump presidency, but maintained its poker face amid the tumult outside.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
Chair Jerome Powell opted to hold interest rates steady and signaled rates would hold at the same level for a period of time. Call it Powell's wait and see era. There's plenty of reason to wait and see because things are in a solid place at the moment. Even with elevated interest rates, the U.S. has had strong economic growth, brisk hiring, and low unemployment.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
There are no warning signs flashing that would cause Powell to cut rates and stimulate growth. Inflation is still hovering above where the Fed would ideally like it to be, but it appears to be coming down slowly but surely. Another reason to wait and see, the new administration.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
A massive search and rescue operation was launched overnight in the Potomac River, with about 300 responders scouring the freezing water in tough, frigid conditions. As of 6 a.m. Eastern, at least 19 bodies had been recovered.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
As we saw from his first week in office, Trump is intent on dramatically shaking things up in D.C., potentially causing the Fed to make in-game adjustments like Andy Reid. Powell stressed patience of Trump's plans. He said we need to let those policies be articulated before we can even begin to make a plausible assessment of what their implications for the economy will be.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
So, Toby, no interest rate cut, no hot takes on Trump's presidency. You said that Powell wanted to have a ho-hum, no drama day. Mission accomplished.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
maybe a little above, that's what they say, but what could lead to rate cuts? And they will be coming at some point. So you need one of two things to happen. One is progress on inflation. They want to see inflation go down even more closer to that 2% level. The other, this would be worse is weakness in the labor market.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
We start to see hiring numbers go down and employers just stopping hiring, which hasn't happened yet. But if that were to happen, that would also spark Jerome Powell to say, OK, I think it's time to lower rates. So until one of those two things happen, it looks like we're stuck at this rate for the extended future. We'll see what happens. We know the Fed has penciled in two rate cuts.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
A lot of investors think that that is you know, a couple too many. But when you have rates this high, it does sprinkle throughout the economy. The economy is going strong and things are happening. There is a lot of activity, but in certain sectors, it has frozen things over like, you know, home sales. We just came off the year in which there was the slowest home sales since 1995.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
Mortgage rates remain around that 7% number. So, you know, if you're in the real estate industry or looking to buy a home, you're like, pal, please come on. Let's go. Let's go. Let's go. Everyone else is like, okay, I think the economy is in a good place, so why don't you just keep on with this wait and see.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
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Take control of your trading and unleash the possibilities with TastyTrade. Get started at tastytrade.com slash morningbrewdaily. That's tastytrade.com slash morningbrewdaily. TastyTrade Inc. is a registered broker-dealer and member of FINRA, NFA, and SIPC. Listen to this fresh take on cruises. Let's hear it. Virgin Voyages is not your average cruise line. Let's start with the food.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
You get access to more than 20 eateries on board with menus curated by Michelin star chefs.
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Did DeepSeek Steal From OpenAI? & The Fed Holds Interest Rates Steady
It's all super luxe. Virgin Voyages also hits so many interesting destinations. On top of exotic ports throughout the Caribbean, they're launching themed summer cruises to the British Isles, Iceland, North America, and the Mediterranean.
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
That's where AI agents come in. Built into the ServiceNow platform, AI agents can work on millions of repetitive tasks in every corner of a business, IT, HR, customer service, and more. For this repetitive work that needs doing, ServiceNow has an AI agent to get it done. That makes it easier than ever to do the work you really want to do, no matter what the work is.
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
That's what it means to put AI agents to work for people. It's your turn. Find out how to get started at servicenow.com slash AI-agents.
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
Feel free to go as high as you want. Well, if that's the case, I'm going big. Let's say 300 million. Wow. You nailed it. Really? No.
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
Welcome to Neal's Numbers, the segment where I share three stats from the week's news that will send you down more rabbit holes than Alice. My first number is $216 million, which is how much New York City's congestion pricing toll has raised in the program's first four months.
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
That's right in line with estimates and a sign that the hot button scheme is accomplishing its twin goals to A, raise money for transit projects, and B, reduce traffic in the core of Manhattan. And that's not the only good news congestion pricing fans received this week.
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
The program has survived, for now, a legal challenge by the Trump administration, which has echoed many other critics in saying that congestion pricing hurts small businesses inside the zone and lower-income commuters.
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
The Transportation Department threatened to withhold federal funding from New York City projects unless it scrapped congestion pricing, but on Tuesday, a judge said that the government couldn't do that until at least June 8th. Quick refresher on how congestion pricing works. It went into effect in January, charging most drivers $9 to enter south of 60th Street in Manhattan during peak hours.
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
The policy aims to bring down traffic and pollution, while at the same time raise money for long overdue improvements for New York City's antique transit system. Similar programs have been implemented in cities like London, Stockholm, Milan, but New York's is the first attempt in the United States, and its supporters have to be thrilled so far.
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
And there's just a lot less traffic because of it. The daily average decline for cars entering the zone is 11%, and the average traffic speeds inside the zone have increased by 15% in the first two months of congestion pricing. So, so far, so good for supporters of this policy.
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
My next number is a bad sign for the New York Knicks, who try to stave off elimination at home tonight against the Pacers in the Eastern Conference Finals. So far this playoffs, the Knicks are just three and five at Madison Square Garden, while they're six and two on the road, a perplexing stat given just how rowdy their home arena is.
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
What is the reason for the Knicks' lack of home court advantage? Some say it's because of all the A-listers sitting courtside at MSG, which distracts the players. New York radio host Boomer Esiason said on Tuesday, On Monday, former Knick Julius Randle also said of his experience at Madison Square Garden, Look, I'd get distracted, too.
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
And all those billions and millions of professionals are an advertising goldmine for B2B marketers.
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
A ton of Hollywood stars show up to Knicks games and perch themselves on so-called celebrity row, where they're shown on the Jumbotron during timeouts and become memes on social media. The most prominent Knicks fan this playoff run is Lisan Al-Ghaib himself, Timothee Chalamet, who often sits next to his mega-celebrity girlfriend, Kylie Jenner, also seen at MSG, Jerry Seinfeld,
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
Bill Murray, Michael J. Fox, Suni Lee, Jelly Roll, and of course, longtime Knicks fan Spikes Lee. Apparently, they're all contributing to the Knicks' putrid home performance. Toby, you think there's anything to this celebrity distraction hypothesis?
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
Yeah. And these celebrity sightings have just become almost as big of a story in and of themselves as the actual basketball game as we head into game five tonight. My final number is the birthday effect. Have you heard of this? It was new to me. Apparently, you are more likely to die on your birthday than any other day of the year.
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
A number of studies run across different populations have shown the birthday effect is indeed a thing. One study of 25 million Americans from 1998 to 2011 found 6.7% excess deaths on people's birthdays, while another study of Swiss people from 1969 to 2008 found 13.8% excess deaths. The number crunchers at the website Pudding decided to run an experiment of their own to confirm these findings.
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
Looking at every person who died in Massachusetts from 1990 to 2024, they concluded that the birthday effect was real, with 7% excess deaths happening on people's birthdays, even controlling for seasonal variations. Toby, what is going on here?
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
August 21st. August 21st. Well, I'll just stay inside my house during my birthday after looking at the study.
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
Get in on the gold and start converting your B2B audience into high quality leads. LinkedIn will even give you a $100 credit on your next campaign. So go to linkedin.com slash MBD to claim your credit. That's linkedin.com slash MBD. Terms and conditions apply.
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
It is very murky going forward. It really gives the executive branch up to 10 days to end the tariffs, but they are appealing.
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
What it also does is kind of blow a hole in all these negotiations that are happening across the world between the US and every other country for these trade negotiations, because what was the leverage that the Trump administration had over these countries to come to the table to talk trade and maybe lower some tariffs or lower other trade barriers.
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
It was the threat of these reciprocal tariffs that perhaps has gone completely away thanks to this court ruling. So we'll see how those negotiations play out. But they're probably stopped dead in their tracks without the looming threat of tariffs. Countries have no incentive to come to the table with the U.S.
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
I mean, this is a huge exit. It's one of the biggest for a celebrity-backed company since Ryan Reynolds' sold Mint Mobile to T-Mobile for $1.3 billion in 2023. We've talked about NVIDIA at the beginning of the show. I mean, this company is growing, if not as fast, if not faster than NVIDIA, from zero to $212 million in sales in three years.
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
Basically unheard of, and Hailey Bieber is just the girl boss to all girl bosses.
Morning Brew Daily
Why Companies Are Buying Bitcoin & Consulting Crashing Out?
Finally, can Texas become the new Hollywood? Natives Dennis Quaid, Woody Harrelson, and Matthew McConaughey are championing a state bill that would offer $1.5 billion in incentives to attract TV, film, and video game production to Texas over the next 10 years. But there is a catch. You can't badmouth Texas. If you take money from the incentive program, the bill stipulates your artwork
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
can't portray Texas in a negative light. So I'm guessing the next Texas Chainsaw Massacre would probably have to be filmed elsewhere.
Morning Brew Daily
Why Companies Are Buying Bitcoin & Consulting Crashing Out?
That is all the time we have. Thanks so much for starting your morning with us and have a wonderful Thursday. If you enjoyed hearing Phil's insights, go check out his Maxonomics channel on YouTube. The link is right in the show notes. If you have any other thoughts on today's episode, send an email with questions, comments, or feedback to morningbrewdaily at morningbrew.com.
Morning Brew Daily
Why Companies Are Buying Bitcoin & Consulting Crashing Out?
Let's roll the credits. of Morning Brew.
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, the hottest strategy to turn around your struggling business, just hoard Bitcoin.
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
Someone is finally doing something about people standing up and crowding the aisle right when the plane reaches the gate. That someone is Turkey, who in a Larry David-approved rule said it would slap a fine on passengers who get out of their seats before the plane has stopped taxiing or clog the aisle when it's not their turn to leave the aircraft.
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
Aviation officials say it's a safety hazard when passengers unbuckle their seatbelts or stand up while the plane is still moving, and it can also delay the disembarking process. Toby, what's next? Finding people who clap when the plane lands?
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
Thank you, gentlemen. Wow, just loved shutting my piehole during that discussion and learning a lot about NVIDIA. Let's move on. If you're worried about job security, just know that the people with far more diplomas on their wall are also feeling the squeeze.
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
McKinsey has shed more than 10% of its workforce over the past 18 months as the consulting giant hunkers down for lean times in the industry. The cuts began with 1,400 back office staff in 2023 and and continued with letting 400 specialists in data and software engineering go last year, the Financial Times reported.
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
These are among the biggest layoffs in McKinsey's almost 100-year history, and it's a sharp U-turn from the glory days of COVID, when every CEO was looking for help navigating the pandemic, and McKinsey beefed up its workforce by almost two-thirds. This past year has been a much different story. The company was hit by $1.6 billion in legal settlements for its work with opioid manufacturers.
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
Demand for consulting is down across the board. And something odd is happening. McKinsey employees are staying at their jobs a lot longer than usual. Turnover is typically high at firms like McKinsey, especially during the great resignation of 2021. But the number of people leaving voluntarily has dropped to a record low.
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
and this lack of attrition has led to tougher mid-year performance reviews in an effort to coax the weakest performing consultants to quit on their own. Toby, McKinsey has hit a rough patch, but I guess it can take some comfort in that it's not alone.
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
I wasn't going to bring it up.
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Why Companies Are Buying Bitcoin & Consulting Crashing Out?
I think a big thing is this lack of attrition. Usually they cycle through people pretty quickly, but in this perhaps labor market that is souring on white collar professionals, these workers are just staying there a lot longer. So they've kind of shamed and tried to make people feel really bad about
Morning Brew Daily
Why Companies Are Buying Bitcoin & Consulting Crashing Out?
how they're doing their jobs at these mid-year performance reviews in the hopes that they'll just leave voluntarily as they have been in recent years. So overall, the consulting industry has taken a dip in these past couple of years, but there is one firm that's doing pretty good, and that's McKinsey's small rival, BCG, Boston Consulting Group.
Morning Brew Daily
Why Companies Are Buying Bitcoin & Consulting Crashing Out?
Last month, it reported a 10% increase in global revenue, and it's grown its workforce by about 1,000 people to 33,000. It's almost as big as McKinsey now, which has about... 40,000 workers. But there is also another cloud hanging over this entire industry, and that is potentially ChatGPT and AI taking all their work.
Morning Brew Daily
Why Companies Are Buying Bitcoin & Consulting Crashing Out?
And that's because this pioneer of this maneuver strategy has found what is essentially an infinite money glitch. Well, maybe not quite, but it is close because for every one Bitcoin that they buy, they're rewarded with a 1.8%. six X increase in valuation on the stock market. They own $64 billion worth of Bitcoin, but their stock market capitalization is $101 billion.
Morning Brew Daily
Why Companies Are Buying Bitcoin & Consulting Crashing Out?
So if they keep selling stock and using those proceeds to buy Bitcoin, their valuation will keep going up. And that is exactly what they're doing. And that is what all these other companies are trying to do in their footsteps.
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
Obviously, this story was a bombshell, but it is just a continuation of a pretty big transformation The Atlantic has undergone over the last few years. Coming out of the pandemic, traffic started taking a nosedive as people just ventured out into the real world. Lorene Powell Jobs, who is The Atlantic's owner, was ordering company leadership to basically
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
figure it out, dig the company out of a hole. And part of that turnaround strategy was raising subscription prices by 50%, making it harder for readers to, you know, read stories without paying, which sounds counterintuitive, but they also made the switch from day-to-day news coverage to diving much deeper into stories. Couldn't be us. We are day-to-day.
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
for life, but they were kind of leaning into these more deeply reported stories. So they saw the revenue grow 10% in 2023, reached $100 million. They also signed this really great distribution deal with Apple News+.
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
And in 2023, Chili's actually brought back its I want my baby back, baby back, baby back ribs commercial. So clearly they are leading into this nostalgia vibe, which is super in right now. And I do tell you what, Neil, I actually do feel God in this Chili's tonight. Now a word from our sponsor, Sophos. Businesses are usually told to pick one, strong cybersecurity or simple cybersecurity.
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Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
So all of a sudden, all these factors came together, and obviously the story and the headline was a huge part of it, but they kind of set themselves up for success with the groundwork they laid over the previous months.
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Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
Yeah, this is absolutely a show that is meeting the moment where it's at right now. I mean, look at all the laws that are on the books right now. in relation to children in social media. Last year, Australia banned children under 16 from social media. Denmark is also looking to ban smartphones in schools. France has already implemented a similar law in their country.
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
So this is clearly kind of the topic du jour of the moment when it comes to kids and smartphones. And I will say, too, Britain in general tends to love...
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
Taking it there, you know how to think from TV shows because remember in 2024 there was this show called mr Bates versus the post office which talked left a lot of real poster workers Very angry who were wrongly convicted of theft and that actually led to a law to exonerate them So we are seeing this pipeline of television show comes out people in the UK react and then something happens in real world and it looks like we're seeing that pattern repeated with adolescents and
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
By the way, it's kind of working out just fine for the NCAA right now because the first weekend of the men's tournament, most watched since 1993. The first round of the women's tournament, second most watched ever behind Kaitlin Clark's season from last year. So clearly people are still tuning in.
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Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
Everyone thinks that the beauty of March Madness lies in unknown players who become these tournament legends, unknown schools who make these big runs, but also seeing major schools match up against each other in regularity. really good matchups is also very entertaining and very compelling, you know, just based on these viewership figures. Do we really need to see, you know, St.
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
Peter's getting blown out a few rounds later? Is that better than seeing some of the best teams in the country going up? That's maybe a pessimistic take, but it is a take that I think is reflected in the viewership that we saw.
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
I don't blame the players either. I mean, a lot of them are not going to make it to the NBA, so get the NIL deal. Start your career with some money. A lot of coaches are saying this. We understand why you are making these jumps, but you're also not seeing a lot of major conference schools dropping down players anymore.
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
They're more willing to ride the bench at a high major because they're getting an NIL deal rather than go in search of more playing time. So The whole landscape is shifted. I think this tournament was finally a culmination of a lot of factors that have been kind of brewing over the last few years. Well, you finally made it to the best time of year if you are specifically Neil Andrew Fryman.
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
Opening day for the MLB. Technically, the season kicked off in Japan last week, but the first pitches on U.S. soil are being thrown today, and some of those pitches are being thrown in new, much smaller ballparks.
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
Two teams, the A's and the Rays, are caught in MLB purgatory, forced to spend the 2025 season in minor league facilities as they wait for major resolutions on a pair of real estate issues. For the Athletics, their temporary homelessness comes after trying for 20 years to build a new stadium in the Bay Area.
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Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
They couldn't get it done, and now they're shacking up in Sacramento's AAA Stadium for the foreseeable future as they wait for their new digs to be constructed in Las Vegas by 2028. The Tampa Bay Rays, on the other hand, were forced into their situation after Hurricane Milton tore the roof off their typical home, Tropicana Field. They will be taking their talents from St.
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
Pete up I-275 to the New York Yankees spring training facility in Tampa. But their situation is actually much worse than the A's because the Rays don't have a shiny billion-dollar stadium in the works to look forward to.
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Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
So while you're watching Shohei Otani and Juan Soto mash home runs this year, keep an eye out for these majorly downsized and intimate arenas that the A's and A's are currently calling home. Neil, you are my baseball guy. Am I wrong in thinking that these smaller venues might lead to better atmosphere for teams that honestly had trouble filling bigger stadiums?
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
I'm actually going to push back on that last part of the metaphor, Neil. I think the conductor of this security symphony is actually Sophos Central. It's a place where you can manage all of your alerts, settings, and tools, over 300 of them, while staying connected and in sync. One platform, one dashboard.
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Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
Any other storylines you're looking at this year? I know we had a few major rule changes over the past few years. There was the pitch clock that went a long ways towards shortening games. They made the bases bigger a few years ago. They recently banned defensive shifts. Are there any rule changes on the book that you have your eye on?
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
I'm so in. That sounds delicious. A little chocolate syrup drizzled on top.
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
absolutely buying that one all right in toronto they are rolling out cotton candy fries i'm out immediately out cotton candy is a no-go for me give me a next one all right and finally this is going to be close to our home at yankee stadium helmet tiramisu it's tiramisu a giant version in a baseball helmet it looks so good i've had a healing on tiramisu over recent years i used to think it was kind of gross the texture grossed me out but this looks delicious i love tiramisu now and it might actually bring me out to a yankees game
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Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
Great show today, Neil. Let's run it back tomorrow.
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
Sophos.com, elite defense, expert offense, working in beautiful harmony. That's S-O-P-H-O-S.com. Hope you're either making plans to move to a walkable city or are ready to learn how to fix a transmission because it's not going to be cheap to buy a new car in the coming months.
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
Yesterday, President Trump announced that he's slapping a 25% tariff on all imported cars and auto parts, betting that Americans are willing to stomach higher sticker prices today for the promise of the domestic auto market roaring back to life tomorrow. Speaking from the Oval Office yesterday, Trump said the move is meant to supercharge U.S.
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
auto manufacturing and deliver, quote, tremendous growth and revenue for the U.S. The pitch is simple. If you build in the U.S., you dodge the tariffs. Import, you gotta pay up. Here is where we'll add the necessary disclaimer that, yes, he could change his mind and roll these back, but Trump did make it clear yesterday that these tariffs are, quote, permanent no matter what.
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
Still, if you're finding it hard to take him at his word, that's understandable. The big three automakers in the U.S., GM, Ford, and Stellantis, were previously granted a one-month exemption for vehicles that comply with the USMCA trade deal, a grace period that has now expired. The move will hit a big chunk of the U.S. auto market, about 4%.
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
45% of all light vehicles sold here are imports, including 3.6 million built in Mexico and Canada, and another 3.7 million shipped in from Japan, Korea, and the EU. As to be expected, auto stocks slipped about 5% in after-hours trading, as Wall Street digested the reality of more expensive cars and potentially disrupted supply chains. Neil, these are set to go into effect next week on April 3rd.
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Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
Should we all buy a bike?
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
Right. You're correct in the fact that the auto industry is global, and it's almost been designed like that. Certain countries specialize in different parts for different types of cars, and it has been built on this assumption that there would be little to no tariffs.
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
So that is why we say this is a big supply chain disruption coming, because it just undermines what has been the global norm over the last few decades, which Companies are going to be the most affected like this. You look at companies like Volvo, Mazda, Volkswagen. These have the lowest percentage of parts assembled in the U.S. Then you look at companies like Rivian, Tesla, Ford.
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Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
Those are at the top end of domestic manufacturers who source and build most of their cars inside the United States. So you'll kind of see these auto company stocks even out over the coming days as the market digests which companies are better positioned better prepared to withstand this tariff rents that's been thrown into their supply chains.
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
Then Dollar Tree is offloading Family Dollar for $1 billion. It's Thursday, March 27th. Let's ride. Let's ride.
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
And then finally, just to zoom out, we've said, look at that April 2nd date. That's the day the administration says they will unveil these reciprocal tariffs on a much wider range of imports. Those April 2nd tariffs, though, have been kind of being soft-launched as not being as bad as most expect. Yesterday, Trump said the announcement would be, quote, conservative.
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
So it seems like the White House is kind of trying to downplay what might happen on that early April date. Sometimes $1 plus $1 doesn't equal $2. Sometimes it equals negative $8 billion, actually, which is a result of the ill-fated tie-up of Dollar Tree and Family Dollar that is now officially coming to an end.
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
Dollar Tree is closing the chapter on its acquisition of its once-rival chain, offloading the brand for $1 billion to a pair of private equity firms. Dollar Tree originally bought Family Dollar for $9 billion, looking to add scale in order to take on bigger rivals. But also... to keep it out of the hands of another rival chain, Dollar General, a decade ago.
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
The plan seemed sound enough at the time, especially since dollar stores were all the rage coming out of the financial crisis in 2008 as Americans were looking to pinch their pennies. Plus, Dollar Tree mainly targets suburban middle-income shoppers, while Family Dollar is more entrenched in urban communities, so the synergies were supposed to synergize. But messy stores, rising prices,
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
and over-expansion ended up hampering the acquisition, leaving Family Dollar vulnerable to competition from mega chains like Walmart and Amazon. Neil, I tell you one thing. If I had a dollar for how many times I just said dollar in that intro, I could buy Family Dollar myself.
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
And I thought you were going to say we all felt the feeling of walking into a dollar store and realizing that, wait a second, nothing really costs a dollar anymore. I mean, their prices range all the way up to products that are $10. Dollar Tree is actually looking to boost its business by closing some—
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
underperforming stores, getting rid of family dollar, but also leaning into more pricey items like costs in that $7 range. It's just a different industry or a different playing field that these companies are operating in right now because there is this existential threat facing this entire dollar store industry. It's been under pressure from inflation over the last few years, low-income shoppers.
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
I've also felt a lot of pressure to just afford basic necessities, and increasingly they're opting for bigger chains like Walmart. So as low-income Americans' fortunes have kind of grown worse over the last couple of months and years, more shoppers are kind of opting to skip even on those basic necessities, which obviously proves to be not great for the business for these dollar stores.
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
I do want to dig into how the comptroller calculates these bonuses because it's pretty interesting. Basically, they only are reflecting cash bonuses from 2024 and deferred bonuses from previous years that have been cashed in. So technically speaking,
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
The Comptroller's 2024 figures are actually representative of previous year's bonuses because they probably understate the total because most bonuses as you move up the food chain in Wall Street are not paid in cash, but they're actually paid in deferred stock. A managing director, for instance, might get 50% of its bonus in deferred stock.
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
So by only measuring cash, you're actually undercounting a lot of what these bonuses are actually coming in at. But on the other hand, they might overstate the total as well because As you said, bank stocks had this huge run up in 2024. So maybe a lot of these directors are looking at their deferred stock bonuses and going, this is the time to cash in.
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
I mean, JP Morgan had an incredible year last year. They're up over 50, or sorry, Goldman Sachs is up over 50% over the past year. So if you're sitting there with all this deferred stock, of course, you're going to cash it in as the market kind of reaches a frothy level. So it's It's a little more complex than just saying record bonuses.
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
All these people are getting $244,000 in cash into their bank accounts. It's got more nuance than that.
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
Up next, we got more numbers, courtesy of Neil, coming your way. This message, it's a paid partnership with Apple Card. Did you know you can earn up to 3% daily cash back on every purchase when you have an Apple Card? I said what I said, up to 3% on every purchase. You can even take that daily cash back and save it automatically when you open a high yield savings account through Apple Card.
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Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
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Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
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Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
I mean, everything Chili's touches these days turns to baby-backed gold. Sales at restaurants opened for at least a year, about 31% last quarter. That is the third straight quarter of double-digit growth. Remember the triple-dipper appetizer that went viral on TikTok? Mozzarella sticks pulling apart. It's still powering sales growth.
Morning Brew Daily
Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
Designed with sellers in mind, Walmart Marketplace is a fast-growing e-commerce platform that's designed to make selling simple. You pay zero setup, monthly, or closing fees, and Walmart's competitive commission in fulfillment fees can help create better margins for your bottom line.
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Trump Drops 25% Tariffs on Cars & 'Family Dollar' Sold for $1B
Head to marketplace.walmart.com slash MBD to get started. That's marketplace.walmart.com slash MBD.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
He's like five levels deeper than those brands.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
So I would never say something like, this gets on my last nerves.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
I think I said that about the Charlie XCX album.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
And I just want, before we start, I just want to thank Ray, our producer, for going through hours and hours and hours of footage for finding these quotes, and to you, Kyle, for hosting.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
I exhausted that album pretty quickly. Really? It's kind of like one note, pretty intense stuff, and I think I like some more mellow things just to balance it out. But luckily there was an insane amount of amazing music this year.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
Lean in Toby. We're doing a writing workshop right now.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
I did not go to business school, but I think I said it.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
Similar. Yeah, similar concept of the sour gummies are just like the biggest growth area in the confection industry.
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The Year of MBD Quotes, Who Said It? Neal or Toby?
Oh my God. It sounds like WWE. Yeah. That's where my, that's where I went first, but I don't, I have no idea what this is in relation to.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
Yep. Warmer. This is the CEO of Competitive Eating.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
Wow. He definitely likes the theatricality. That was super fun.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
Weird use of strategic there. Yeah, but pretty insightful. So I think me.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
So here's the question. Is Joey Chestnut going to be back again? At Nathan's on Coney Island next year.
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The Year of MBD Quotes, Who Said It? Neal or Toby?
That's a good quote. I laid on the drama with that quote for sure.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
But he is a pretty fascinating character.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
I think, wait, we all said it. At some point. You have 99% market share. Yes. But I said it once. We have all said it. You know, a few weeks ago. Yeah, I said it on this episode. Look at that.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
Oh, I know what you're talking about. It's when we interviewed Mark Zuckerberg.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
I'm a betting man. Let's say Toby. The question is, who is the bigger DraftKings addict? I know. I am. First of all, Toby bets on different types of things, not the NFL like I do. If I were a betting man... You don't say stuff like that.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
So TNT, the NBA is leaving TNT. Goodbye.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
People in Barcelona. I have a guess that this is what you're referring to. We talked about protesters in Barcelona firing water guns at visitors at restaurants.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
Yeah, that was certainly a theme of the year was over tourism. I guess we got sidetracked here. I think I said it. Yeah, Neil said it.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
Miami beach spring. They basically tried to cancel spring break.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
I mean, that's me. That has to be me because Toby probably hasn't shot over an 85 in like 15 years. So that's my goal. And I think I did. I shot an 84. So that's good.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
I remember Stockbridge Country Club in Massachusetts.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
It was certainly, it was the most important company of the year, the most important stock in the world. Each earnings report was a massive event. They had a watch party here in New York City at a bar over it. I would say, you know, certainly NVIDIA's earnings may be, we may have hit peak NVIDIA earnings, I think. But for a time there, over the summer, it was quite insane.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
You don't eat Breyers. You don't eat Breyers. I used to eat a lot of Breyers chocolate ice cream, but I don't see it anymore. It got super expensive. So I would say that quote refers to me from age eight to 16.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
What is this in reference to though?
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
are going to fight this. Wait, let's go around here.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
Yeah, I've seen that. If anyone's done a crossword puzzle, Edie's is in there.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
Going back to Americone Dream, someone—so Stephen Colbert, that's Stephen Colbert's flavor. He lives in Montclair, New Jersey. I was talking to someone from Montclair, New Jersey. They saw he went to a supermarket and bought— American dream. He bought his own ice cream.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
I was here on January 16th. That seems a little... That was in reference to the Mike Tyson, Jake Paul launch. No, this is... Yeah, that's way too early for that. Well, I'm saying they announced it. You know, it just happened. Or the Christmas Day NFL games. Still seems to... Either way, we're not answering the question.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
If I remember correctly, Toby did a Toby's Trends on people acquiring vending machines as a side hustle. So that's the only thing I can go off of. So that's what I'll say.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
It does. I mean, it's probably me. But I can't. Because Toby likes music, but he doesn't, like, wax poetic about it.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
I mean, there could be so many things. I don't think we would say that, you know, the Drake, Kendrick Lamar beef was necessarily pushing the boundaries of music. So maybe process of elimination, that is not it.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
I played through the pain. Have you found yourself in like loud music situations where you're yelling and you realize you have this next day and you're like, I think I'm just going to shut up a little bit.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
Kevin O'Leary from Shark Tank. We interviewed him on Black Friday, and he was pretty unsparing in his criticism of his fellow sharks on the show.
Morning Brew Daily
The Year of MBD Quotes, Who Said It? Neal or Toby?
Did you end up taking any of his advice to get into watches?
Morning Brew Daily
Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
Then Nike partnered with one of the greatest middle distance runners of all time to try and break the women's four minute mile barrier. It's Thursday, April 24th. Let's ride.
Morning Brew Daily
Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
They're covering everything from building and implementing generative AI to modern data architecture and machine learning. Stream AWS for software companies everywhere you listen to podcasts.
Morning Brew Daily
Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
This is an inside look into what is considered the hardest ultramarathon in the world. So anytime I have to do something hard, I watch that YouTube video for a little perspective because nothing is as hard as the Barkley marathons. Do you have a favorite YouTube video in mind?
Morning Brew Daily
Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
Yeah, there was kind of this gradual rise. And then in recent years, there's been a massive, almost exponential looking rise. And this is not your neighbor with the pool in the McMansion. This is, I mean, toss as many zeros after that point and then tassel one on the end. That's the percentage that we're talking about here. And a lot of it is due to just the stock market.
Morning Brew Daily
Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
Most of their wealth is tied up in the stock market. And 2024 was a very good year. Together, the last two years, 2024 and 2023, were the S&P 500's best consecutive years in nearly a quarter century. So even though the market has kind of gone south recently, we are coming off just a historically hot market, which obviously leads to compounding returns for that top echelon.
Morning Brew Daily
Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
I mean, a big part of it is that Americans are obsessed, and actually a lot of people are obsessed with protein, and meat is largely seen as the less processed way to satisfy that craving. I mean, food makers in 2024 introduced 97 new products with protein in the brand name. That is more than double a year ago. So this is clearly the trend de jour in nutrition right now.
Morning Brew Daily
Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
A lot of it also might coincide with weight loss drugs like Ozempic taking off. When you lose weight, you are also potentially losing muscle mass. So protein intake has spiked in response to that. And then you can't ignore the influencers either. I mean, I probably cannot open TikTok or Instagram reels right now and scroll without seeing some usually shirtless dude, you know, with a.
Morning Brew Daily
Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
huge cutting board full of meat in front of you telling me to like eat carnivore i mean joe rogan has said that he has followed the carnivore diet which is entirely meat so it's a confluence of a lot of different trends but a lot of uh nutrition experts and also just people who analyze the food industry said this was a crazy turnaround because yeah i mean if we were hosting this podcast five years ago we'd have been talking about the end of meat because impossible foods these fake meat brands kind of overtaking them but it has been a huge 180 and now it's all about the meat
Morning Brew Daily
Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
Recency bias, but I think that one is well. Totally recency bias. And now a word from our sponsor, Planet Oat. Neil, you ever upgrade your phone and immediately start to wonder how you were ever rocking the old one?
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
I know, and I can't think of 283% increase more well spent because we both really enjoyed the movie. This is kind of the running up that hill, you know, Kate Bush moment from Stranger Things where you just see something just get a massive tailwind and start jumping up the streaming charts. And yeah, I do love that they did focus on the small details.
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A lot of it goes back to the actual book that it was based off of. So you got to give credit where credit is due. Still not everything is exactly right. They pointed out things like tables in the Sistine Chapel are positioned differently and the Cardinals actually do not address each other the way that they do in the film.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
So I don't know if those are creative liberties, you know, changing the orientation of the tables. But yeah, just exactly the movie that people needed right now because you are curious. It is a secretive process and it does do a great job of illuminating what actually goes on behind those closed doors. Now let's sprint to the finish with some final headlines.
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As Google stares down an antitrust trial that could force it to shave off its Chrome business, OpenAI is tossing its hat in the ring and saying, you know what? If we had to, we'd be interested in buying the lucrative web browser.
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As the Justice Department soldiers through a three-week trial to sort out what to do with Google after a judge last year found the company monopolized the search market, a variety of witnesses have been called to the stand, one of which was OpenAI's head of chat GPT, Nick Turley. When asked whether his company would seek to buy Google's browser, he responded, yes.
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We would, as would many other parties. Not only does Chrome spit off money, but OpenAI is most certainly interested in its power as a distribution vehicle. Chrome has 3 billion users compared to ChatGPT's 300 million and would represent an avenue to find its way onto Android smartphones after being mostly stonewalled on that front.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
Neil, it feels like OpenAI is kind of being your ex's best friend here and saying, oh, just come here, Justice Department. I'll be your shoulder to cry on and also date you and make billions of dollars off of Google Chrome.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
I do think part of it, though, is like the smartphone deal. Because remember, OpenAI struck this partnership with Apple to kind of have their models end up on their phones, but completely have been shut out by Android, mostly because Android is owned by Google. And so you go to Samsung and say, hey, can we jump on these phones? And they say, no, we're using Google's Gemini platform.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
So I do think that part of it is just figuring out how to enter into the other half of the smartphone market, which would be very big for open AI. And then also, yeah, they're a competitor and they get called to the stand. Of course, he's going to say, well, I'm not going to say no to this.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
That's the Planet Oat effect. Pour it into your coffee once, and suddenly your whole morning routine just levels up.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
Like you're asking me, like, of course we would want this, but who knows how real this actual deal is because, you know, it could create just another monopoly if you hand it over.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
Yeah, this is the question of kind of this generation right now as developed nations are struggling with falling birth rates, which leads to aging populations, which leads to the young population having to take care of this aging population. So it leads to a lot of issues.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
And we've seen in Tokyo they've instituted a four-day work week for government employees to try to encourage people to start families. So a lot of different experiments.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
Yeah. Yeah, four-day work week. Well, we got a pretty good gig for five days. But yeah, cash for babies is sometimes not as effective as it sounds because so many factors go into having kids. Your current economic situation, what you think the future is going to be like, your own specific life circumstances.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
And if you go for the unsweetened version, zero grams of sugar and still full of flavor.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
So $5,000 for a baby does sound good on the surface, but other nations have kind of struggled to make that exact transaction work. If you thought trade between the US and China was frozen over, it's got nothing on the NFL draft that kicks off tonight.
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Barring any last-minute deals, every team will go into the draft with the original first-round picks for the first time since 1967, according to the AP. Now, we're recording this on Thursday morning, so... This could be null and void by the time the Titans are on the clock with the first pick. But if stasis remains, feel free to drop that little nugget at your draft watch party.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
More likely, though, we'll see some movement. Last year, there were five draft day trades. And it looks like there's not a ton of mystery at the top of the board. The Tennessee Titans are picking first. And sportsbooks have Miami QB Cam Ward at 99% to go number one overall, which would be the seventh time in eight years that a QB went first. Will you be turning in to see who the Eagles snag?
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
with a 32nd pick overall.
Morning Brew Daily
Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
Get your hands on the oat milk that has it all. Visit planetoat.com for more. U.S. financial markets has found a new favorite food, and that's any crumb from the Trump administration that shows it is softening its stance on trade. And yesterday, they got a few of those tasty morsels, which pushed indexes into green territory once again.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
Great show today, Neil. Let's run it back tomorrow.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
Do I want to get takeout on my way home from work? Yes. Does that takeout sometimes make me feel bleh afterwards? Also yes.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
See, I'm more of a four cheese tortellini and Italian sausage guy. Fills me right up and I still get to enjoy the sauteed kale and garlicky green beans that come on the side.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
That's code factor podcast at factormeals.com slash factor podcast to get 50% off plus free shipping on your first box.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
First, there was Trump easing off some of his favorite punching bags, Jerome Powell and China. On Tuesday, he clarified that he had no intention of firing the Fed chair, despite all the criticism. While yesterday, Trump softened up his tone on China. saying that tariffs will drop substantially from the current 145% rate. We're going to be very nice.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
They're going to be very nice, he said, much to the S&P 500's delight, which jumped more than 2% as it digested his new stance. The change in tune likely stems from a meeting Trump had with CEOs earlier this week,
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
The president sat down with the heads of Walmart, Target, and Home Depot, who privately warned that the current tariff and trade policy will lead to price hikes and store shelves emptying in a matter of weeks as tariffs hinder global logistics. Their fears are warranted.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
American importers have already began to cancel shipments from China, with U.S.-China shipping falling 60% in the weeks since the latest tariffs on China were announced, according to Ryan Peterson, the CEO of logistics firm Flexport. So, Neil, while the market partied yesterday on the back of some good soundbites, actual trade looks like it's still in a little bit of a precarious position.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
Yeah, so that's why the soundbite of, we're going to be very nice to them, did cause markets to kind of jump a little bit. But let's look at the actual activity around ports. What is actually going on in this trade war? And activity is certainly declining. Right now, there are 22 vessels scheduled to enter the port of Los Angeles this week.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
There's only 18 scheduled to enter next week, and then just 12 the week after that. So it doesn't take a math degree to realize that that number is going down. And then, yeah, Flexport's CEO has kind of sounded the alarm here and said, 60% down from typical levels here. Axios did kind of do a deep dive, though, and said that this is low numbers that we're seeing right now, but not unprecedented.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
Right now, the forecast for May 4th of the number of containers that will enter the Port of Los Angeles is about 62,000. Go back to March 4th, 2024. 61,000 containers were kind of waiting to enter the port. So it's not necessarily something that is historically bad or low right now, but tech trade volumes tend to mean revert. They come back to like a stasis point.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
And if we keep declining, then that's when we start entering historically low territory.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
Yeah, I mean, this is something that Yale and other colleges have been looking out for. Yale's president warned that reliance upon government support may subject the entire university to conditions and requirements which can undermine the capacity of faculty and trustees to chart the institution's destiny. So build up your finances separate of what the government gives you.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
But if I told you that quote actually came from Yale president Kingman Brewster back in 1975. So this is a very old tug of war that we're seeing and actually so old. In fact, that it goes back to 1755 when the general assembly of the colony of Connecticut voted to refuse Yale's annual grant.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
So AKA very similar to what we're seeing right now with the federal government pulling funding from institutions. And that was funny because on the surface, it was tied to, you know, budget constraints during the French and Indian war, but technically it was actually a religious dispute. between the president and the head of the General Assembly.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
So all this to say, this is not necessarily a new thing that we are seeing. Maybe the ways that the colleges are kind of building up their financial fortress, as you described it, are new, though.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
And doing things like selling illiquid private investments in private equity is maybe a warning bell because of just how foundational that's been to this endowment model that has carried us through these last few centuries.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
Well, first, I just want to go down memory lane here because I grew up with YouTube. It was right smack dab in my early days. So remember the OK Go music videos on the treadmills? There's obviously Charlie Bit Me and then Charlie the Unicorn as well. Harry Potter Puppet Pals. As I read through this list, I'm like, what was going into my brain during these formative years?
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
Nike is looking to get its mojo back, and it thinks the answer is to get someone to run a mile in their shoes faster than you can make a bag of rice a roni. Faith Kipyagon is a Kenyan track star who is widely acknowledged to be the greatest female middle distance runner of all time.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
Nike thinks she can also be the first woman to break the mythical four-minute mile barrier that has captivated the athletic world since the days of Roger Bannister. The project, titled Faith Kipyagon vs. the Four-Minute Mile, is a way for Nike to show it's still got the juice after years of losing market share to rivals like Ahn and Hoka.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
It's attempted these moonshots before, most recently working with Elliot Kipchoge to try and break the two-hour mark in the marathon. The idea is to put the athletes in their latest generation of super shoes, then attack the margins in order to make them incrementally faster. Precise pacing formations, carefully calibrated nutrition, and ideal conditions
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
are some of the levers that Nike hopes to pull to shave off seconds from Kip Yegan's time. Now, about that time, right now, Kip Yegan is the world record holder in the mile, having run a 4.07 back in 2023. So these shoes, Neil, have to be very super in order for her to shave off eight seconds.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
Yeah, they definitely need to get kind of their swagger back a little bit. I think this might be a step too far, though, because, I mean, Faith Kipyagon is truly just like the GOAT middle distance runner for women. And unfortunately, she's not necessarily super close. I mean, 4.07 is... It seems like it's close. I mean, seven seconds, but that is a gargantuan model.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
Right now, her 1500 world record is 349, and that converts roughly to a 406.5 second mile, so there's still that pretty big gap there. The biggest lever they can pull here is the pacing. Using male pacers, too, is a big leg up. They'll do that same formation that they did with Elliot Kipchoge, too. Pacer in front, pacer behind. There are levers, and if anyone can do it, it is her, but I...
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
I don't know. I don't want to put. Here's the thing. It doesn't matter.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
event but it's going to be cool and we will definitely watch and i also have to bring up toby you got a big race coming up on sunday toby here he's not going to talk about it but he is running the london marathon on sunday so good luck to you thank you and yes kyle will be here to fill in tomorrow and as well on a monday who knows i'm not exactly in faith kipyagan shape so we're just gonna we're just gonna leave the bib number a mystery and then report back if it goes well speaking of numbers neil's got some coming up next
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
And then Dude Perfect was a big one, too. They were very early to the YouTube days as well. But those were foundational, and I hope some of our listeners can remember those. But the YouTube video I've probably watched the most, and that is my favorite, is one called Where Dreams Go to Die, Gary Robbins and the Barkley Marathons.
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
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Tough Tariffs… Softening? & Nike's Sprint To Dominate Running Again
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From generative AI and cybersecurity to data privacy, product leaders are managing a whole lot of change. On the pod, you'll learn how your fellow product leaders are navigating innovation at their orgs.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
That means they might have banked more vacation time or simply burned out with what they've been doing and needed some R&R. Look at us taking some vacation days.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
Europe was the most popular destination with 747 million tourists in 2024. The number one country that was visited last year should come as no surprise. I'll give you a second to think about it. That would be France, right? We had a lot of big events in France last year, 2024 Summer Olympics, the reopening of the Notre Dame Cathedral, the 80th anniversary of D-Day and Normandy.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
So people were pretty hype about those events. And then in second place was Spain with 98 million tourists, just 2 million short of France.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
And if you're looking for some under-the-radar destinations, these were the countries that saw a really big spike. Qatar experienced a 137% increase in tourists. It has a really big and, you know, global airport. Qatar Airways is the top airline in the world. Some other countries that saw a surge, Dominican Republic. Hey, I think I went to Punta Cana. Kuwait, Albania and El Salvador.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
Somehow, even though we talk literally every day, you have not told me this story.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
So there you got some ideas. And I hope you are going to stop this podcast right now after we're done and then go book your next vacation. My second number concerns a scandal engulfing Indian politics, social media and big wig economists. The national freak out is about taxes on popcorn.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
According to the Wall Street Journal, last month the government ruled that popcorn should be subject to a three-tiered tax system with different rates for different types of popcorn. Caramel popcorn, you're going to be taxed at 18%, essentially a luxury good. Popcorn packaged in plastic, 12% tax rate. If it's sold loose, it'll only be taxed at 5%. The order got people riled up and confused.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
Why have such a complex system for taxing popcorn? I mean, we know popcorn contains multitudes, but is this breakdown completely necessary? When the finance minister tried to clarify how it all worked, she only invited more criticism Got it? Got it.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
Okay, I take it back. You have indeed told me this story.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
Okay, all tax rates being equal for popcorn, which popcorn are you going for? Sweet, salty, cow corn?
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Musk Doubts Trump’s AI Venture & International Travel is So Back
For my final number, any Kidz Bop fans out there? I know I was one many moons ago. Well, if you can believe it, the franchise just put out its 50th album with tracks including Espresso by Sabrina Carpenter and Chapel Roan's Hot To Go. If you are not familiar with Kidz Bop, it's a group of teens who cover popular music, but do it in a very happy way, for lack of a better word.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
As the New York Times reported, it was started in 2001 by two lawyers and has become a music behemoth with dozens of its albums having charted in the Billboard Top 10, putting them in the same company as the Beatles and the Rolling Stones.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
Now, the funny part about Kidz Bop, which I didn't realize as a kid listening to them, is that they sanitize some of the racier lyrics and songs to make them more fun. Rated G. So, for example, in Hot To Go, they revised the lyric, I could be the one or your new addiction to I could be the one or a new condition.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
And in Telephone by Lady Gaga, out in the club and I'm sipping that bub was changed to out in the club and I'm eating that grub. So true.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
But the moral of the story is that even when Toby was back in high school, Yahoo Finance was a great resource for learning and studying financial markets.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
That's not the only gripe people have. They're saying that they're also unfollowing these accounts, but it's not going through. They're still following VP, POTUS, POTUS, and they're still following them. And Meta did acknowledge that actually, yes, that is a bug. That is something that they're working on.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
They're saying maybe just a lot of people are unfollowing them once they're realizing what's happening. So they're saying, Yeah, just take some time. You eventually will be unfollowed if you do click that. Another thing that Meta is doing that you might see is you might see that these presidential VP accounts are being recommended to you.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
And that is because Meta reversed course recently and said, we're actually going to put more political content on people's feeds after saying for a few years that they wanted to reduce the number, the amount of political content. So that is another reason why you might be recommended these accounts.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
If you want soup you can suck on, and that soup is traditional chicken noodle soup from Progresso, then they're actually doing drops every Thursday, which is today, throughout the month of January, which I guess is National Soup Month, obviously. We should have known that. But but yeah, so you can you can log on to the website.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
And whether you're a 17-year-old searching for under-the-radar biotech stocks or an investing pro looking for an edge, head to yahoofinance.com today.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
I'm sure they're going to go in a few minutes now because this got a ton of press soup. You can suck on great tagline. But I don't know if I would suck on this.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
Yeah. I do have one soup that I think would actually taste really good in a hard candy form, and that is French onion.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
You only have one word to describe food, and it's savory. I know. I think French onion would be good, and I know that people are going to back me up on this. Ray had a good idea. He said Tom Yum because there's that nice sour flavor, and people are used to having hard candies that are sour.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
And in that same vein, more acidic, you know, that that type of that type of food, tomato soup and gazpacho could be OK, pretty tangy. And then I don't know about miso soup. I think it could be really good or really bad because we all love the umami. But do you want it in that particular form or it could be terrible? So I'm jury's out about tomato soup, but I stick with French onion.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
I think it'd be good. I'm still hung up on French onion. It just turns out I don't actually like French onions, which is so unbiased. Okay, let's wrap it up there. Thanks for starting your morning with us and have a wonderful Thursday. Week is flying by. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com.
Morning Brew Daily
Musk Doubts Trump’s AI Venture & International Travel is So Back
And if you're enjoying the show, a gentle nudge to share it with your friends, family, and coworkers. For a less gentle nudge, here's Toby with a specific sharing idea for inspiration.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenua Ogu is our technical director. Garrett Peck is on audio. No soup for you, hair and makeup. Devin Emery is our chief content officer. Our show is a production of Morning Brew.
Morning Brew Daily
Musk Doubts Trump’s AI Venture & International Travel is So Back
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, the founder of Silk Road is free after a presidential pardon, while some are celebrating and others are alarmed.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
Yeah, I do want to underscore that because it's a big deal. Trump hauled in Masayoshi's son, Sam Altman, Larry Ellison, for this huge announcement that got a lot of press. We talked about it. It was $500 billion pledged. And then Elon Musk, one of his top advisors who helped him gain the presidency, the next day, or actually the same day, it was 11.35 p.m., goes out and calls BS on it.
Morning Brew Daily
Musk Doubts Trump’s AI Venture & International Travel is So Back
That is a big deal, and we'll see how this plays out
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Musk Doubts Trump’s AI Venture & International Travel is So Back
in the future as you said there is a background here and it seems to be a continuation of the long-standing beef between Elon Musk and Sam Altman remember they co-founded OpenAI together almost a decade ago and then they had this very dramatic falling out when Sam Altman wanted to make the the company turn it from a non-profit to a for-profit Elon Musk didn't like that so
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Musk Doubts Trump’s AI Venture & International Travel is So Back
Now he's started a direct OpenAI competitor called XAI. So now these two guys are going at it in industry and in politics. It's something to watch.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
And maybe they don't have the cash on hand. I guess I'm defending Stargate now, but they could raise money, right? They could finance it to get the amount of money that they need to build these huge data centers. So definitely a big story we're going for because, you know,
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Musk Doubts Trump’s AI Venture & International Travel is So Back
Data centers and AI infrastructure, yes, it's the subject of some catfights between billionaires, but also it's a big deal for the future of technology, future of U.S. national security. So building these data centers is important. Who builds them is obviously a subject of a fight right now. Our next quote is get over it. That's the tough love delivered by J.P.
Morning Brew Daily
Musk Doubts Trump’s AI Venture & International Travel is So Back
Morgan CEO Jamie Dimon telling people who are worried about Trump's tariff threats to make like the 2003 Red Sox and cowboy up. In an interview at the World Economic Forum in Davos, the head of America's largest bank said if tariffs are, quote, A little inflationary, but it's good for national security. So be it. National security trumps a little more inflation.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
It is a rare endorsement of Trump's tariffs than we've been accustomed to from the C-suite, who largely warned that tariffs would, yes, be inflationary and cause major disruptions to trade flows and the economy. Since taking office, Trump has announced plans to slap tariffs on the U.S. 's three largest trading partners, Canada, Mexico and China, on February 1st, a week from now.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
He's reading 25 percent tariffs on Canada and Mexico and an additional 10 percent on China, countries that account for more than a third of the goods and services imported and exported by the U.S. and support tens of millions of jobs.
Morning Brew Daily
Musk Doubts Trump’s AI Venture & International Travel is So Back
But the question remains, until they do go into effect, whether it's a negotiating ploy to extract concessions or a real threat, at least in Diamond's case, he's not losing sleep at night either way.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
It would be a big deal. I'm sorry, Jamie Dimon and World Trade Organization guy. This is a huge deal. 25% tariff on things going over the border from the United States to Mexico, United States to Canada. I mean, just to put things in perspective, a car that is sold on a lot here in the United States. Maybe you just go buy a car.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
Just imagine that probably went across the border eight times, you know, with getting various parts on its way to being assembled. So if that is subject to a 25 percent duty every single time it goes across the border to become a little more of a car, then that raises prices everywhere. So
Morning Brew Daily
Musk Doubts Trump’s AI Venture & International Travel is So Back
I think maybe these CEOs are trying to get a little bit, you know, like a birdie in Trump's ear and saying, you know, you can apply tariffs, but just be strategic about it and don't do this broad, you know, broad swath of tariffs and hit everything universally because that would seriously knock the economy. One item that is very much in focus is crude oil.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
Not only is winter here, we are also in peak hoodie season. Nothing pairs with sub-zero temperatures quite like a comfy, cozy sweatshirt.
Morning Brew Daily
Musk Doubts Trump’s AI Venture & International Travel is So Back
60% of all of America's crude oil imports come from Canada. If that gets taxed, then you're going to see gasoline prices go up. And those are the main factor in that bout of inflation we had last month. So we'll see what happens. The countdown is on February 1st. Here we go.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
I mean, he obviously has more insight into I do, but it seems well placed. The Chinese government has said that it might take off, take a more hands off approach to selling TikTok or to have ByteDance sell TikTok than previously thought. We thought that the Chinese government would block a deal. And earlier this week, it signaled that it would it would be a little more laissez faire about it.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
Yeah, we have some interesting reports. Potential buyers here, Frank McCourt, who's a billionaire, former owner of the Dodgers. Kevin O'Leary, I don't think Mr. Wonderful is in the running. I'm sorry, Mr. Wonderful. One company that I think has a pretty good chance here is Oracle. It already works well. with TikTok hosting its servers here in the United States.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
Larry Ellison, who is the founder and CEO, has a good relationship with President Trump. So I think Oracle is absolutely in the running. They already have a relationship. And then Elon Musk is also high on the list of people who would be able to buy TikTok should it sell because Elon Musk is favored by the Chinese government. He's gone to Shanghai. He's built a plant there.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
He has a good relationship. They sell Teslas in China. So that might be another name to watch here.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
To get your hands on one, just go to shop.morningbrew.com, then click on Top Collections to find Morning Brew Daily. It's hard to miss. Then, here's the biggest part. The hoodies are 50% off right now, so they're going to go fast.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
Yeah, let's dig into his philosophy. Apparently, in college, he developed an interest in libertarian economic theory, which advocates for criminal justice reform. Basically, just get government away from the free market as possible. No intervention. Let people exchange good and services that they want to. In a letter to the trial judge in 2015, he said he didn't
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Musk Doubts Trump’s AI Venture & International Travel is So Back
didn't create Silk Road for financial gain, but he believed at the time that people should have the right to buy and sell whatever they wanted so long as they weren't hurting anyone else. The problem with that is in this case that they brought before the jury was that they said people were hurt by Silk Road.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
There was, you know, heroin and other illicit hard drugs being exchanged in the millions of dollars. They linked six deaths, to Silk Road. And then in another instance, they also accused Ulbricht of doing some murders for a hire.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
And they didn't, that wasn't a part of the case because they couldn't find any evidence, but that was a part of the conversation that he literally hired hitmen to kill people who he thought were going after him. So there was some, you know, while he wasn't prosecuted for that, wasn't charged for that, there was, you know, there was this undercurrent of violence that pervaded the whole thing.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
Welcome to Neal's Numbers, the segment where I share three stats from the week's news that will make you more of a know-it-all than Hermione. For my first number, are Americans learning how to relax and take off work? Possibly. According to a new Labor Department report, the number of people in the U.S. who took vacations in December reached an all-time high going back to 1976.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
And you weren't waiting for the holidays either. About 6.3 million clocked out of work the first week of December, which was a 20% increase from the same period the year before. Planes, trains, automobiles, you name the mode of transportation, Americans were using it. A record 107 million traveled by car over the holidays. Airports were their busiest ever, and cruise bookings at U.S.
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Musk Doubts Trump’s AI Venture & International Travel is So Back
ports were up 37% from a year ago. A number of reasons could explain this vacation frenzy. The Washington Post explained, more states like Illinois and Nevada have recently begun requiring paid leave for all workers. Then there's the fact that more workers are sticking around at their jobs instead of hopping company to company like during COVID.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
Welcome to Neil's Numbers, the segment where I share three stats from the week's news that will make you the most interesting person at your Memorial Day weekend barbecue. For my first number, if you want to get really rich in today's America, quit your desk job and start a company making machines that rip up flooring.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
That's what Derek Olson did, and now he's part of the top 1% of earners in the United States who made at least $550,000 per year. Known as the stealthy wealthy, Olson and other owners of really boring but essential companies account for an increasing share of American 1%ers. According to the Wall Street Journal, the largest source of income for the top 1% in the U.S.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
behind a paycheck is owning a medium-sized regional business. Think beverage distributor, car wash, residential lighting company, or manufacturer of car floor mats. 35% of the wealth for the top 1% of earners comes from these kinds of businesses, up from 30% in 2014. And Olson's story is a fascinating example.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
He owns National Flooring Equipment in Minnesota, which makes machines that remove flooring from places like elementary schools. The average elementary school in the United States has seven miles of carpet, and children are disgusting, he told the journal, meaning that schools have to replace their carpets every year, providing him Steady Business.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
His company will bring in $50 million in revenue this year, and he's got two Land Rovers, sends his kids to private school, and takes a month-long summer vacation in Europe. Toby, why build in public when you can be stealthy wealthy?
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
But really, really lucrative. Lucrative, yes. For my second number, you know that woman who was looking for a man in finance? Well, maybe she should be looking for a man in philosophy instead. A study by the Federal Reserve Bank of New York found that majors in nutrition, art history, and philosophy outperform STEM fields when it comes to employment prospects.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
And by employment prospects, we're talking unemployment rates for recent college grads. For computer science and computer engineering majors, the unemployment rate was 6.1% and 7.5% respectively, much higher than the national average. On the other hand, the unemployment rate for nutritional sciences was just 0.4%, and for art history majors, 3%.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
And in a head-to-head matchup of finance versus philosophy, I think, therefore, I have a job. Finance majors have an unemployment rate of 3.7%, compared to philosophy majors of 3.2%. Now, if you do snag a job in finance or STEM, you'll earn more than if you studied art history. Computer science and engineering students have a median wage of $80,000 coming out of school, the most of any major.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
Still, these numbers point to increased demand for students with backgrounds in the humanities.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
For my final number, no one uses semicolons anymore. A new study from the learning platform Babbel found that usage of the semicolon in British text has plunged by 47% over the past two decades, while one appeared in every 205 words in 2000. Today, it's every 390 words.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
Meanwhile, another study found that 67% of British students never or rarely use the semicolon, while just 11% of respondents said they were frequent users. Depending on who you are, you're either dancing on the semicolon's grave or mourning the demise of an elegant punctuation mark. Plenty of famous writers have weighed in on both sides of the debate. Kurt Vonnegut urged, do not use semicolons.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
All they do is show you've been to college. Lynn Truss, author of Eat, Shoots, and Leaves, Went even further, saying many writers hooked on semicolons become an embarrassment to their families and friends, but the semicolon has its defenders too. Abraham Lincoln once said, I have a great respect for the semicolon, semicolon, it's a very useful little chap.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
Though I should note, there is not a single one in his Gettysburg address. And in its eulogy for the semicolon, the spectator writes, we must resist this decline. Like napkins, black tie, and having a glass of champagne before lunch, the semicolon remains a bulwark against civilizational decline. Toby, the semicolon has elicited, is a hot dog a sandwich level of divisiveness?
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
Okay, let's sprint to the finish with some final headlines. You might have noticed your portfolio looking a little bruised this morning, and that's because the GOP's tax and spending package, that one big beautiful bill, is causing more concern about America's fiscal situation.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
One time this guy left me a three-minute voicemail thinking I was his plumber. He really wanted me to swing by and snake the drain. Yikes. Have you ever snaked a drain?
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
stocks crumpled to their worst day in a month, while bond yields surged even higher, a sign that investors are demanding a higher premium to hold U.S. bonds. Republicans in the House will attempt to pass the bill today, which is expected to add trillions of dollars to the deficit over the next decade by extending tax cuts. And traders are still angsty over the Moody's credit rating.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
They're throwing a tantrum.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
They did it, and the implications are actually huge for the mountaineering community in Nepal. So what if now you can go up Everest without having to chill at base camp or in Kathmandu for a long time, getting used to the altitude. That is a huge moneymaker for Nepal and its tourism industry.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
What if you can, what if you just inhale xenon in Europe and then just travel straight to base camp, go up four days, come back and then leave? You know, I think Nepal's tourism industry will have to grapple with this, especially if more people, uh,
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
Use this method because it was demonstrated to actually work at least with these ex-military guys who are probably in a pretty good shape the expedition leader who led this and Pioneered the use of xenon for climbing said guys This is actually overall net positive because we're spending less in carbon emissions We are trashing the nature less because we're just spending less time on the mountain and Everest has had a huge overcrowding problem So we'll see where this goes, but I don't think we even expected them to do
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
to work, and it did.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
It is a noble guess, and you are very noble. I'm a noble guy, yeah. All right, that is all the time we have. Thanks so much for starting your morning with us, and have a wonderful Thursday. If you have any thoughts on the show, send an email with questions, comments, or feedback to morningbrewdailyatmorningbrew.com. Let's roll the credits. Emily Milliron is our executive producer.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
Iterable helps you stop doing that. With AI-powered real-time personalization, Iterable makes sure every customer interaction feels like a real conversation where you actually know who they are.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
Raymond Liu is our producer. Our associate producers are Olivia Graham and Olivia Lake. Scoop Sardaris is on audio. Hair and Makeup is dreaming of being stealthy wealthy. Devin Emery is our president, and our show is a production of Morning Brew.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
First of all, would love to start a company and then sell it one year later for $6.5 billion without having made a single product. That's what Joni Ive did, and I'm not him, and that's why he's getting paid $6.5 billion from OpenAI. He designed the iPhone, he designed the iPod, iPad, Apple Watch. He left Apple in 2019 looking for new things.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
In the past five or six years, he's kind of wandered around looking for what he would do next. It finally feels like he's found something he can sink his teeth into, and he's linking up with Sam Altman. And you can't help but think of the parallels
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
between Johnny Ive working in close partnership with Steve Jobs for so many years, another visionary, and now Sam Altman, who perhaps in the minds of some people is the next Steve Jobs.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
Many have tried to do this already, and we've talked about it on this show. There was the humane AI pin. They thought that wearing a pin on your shirt would be the next form factor that you could interact with AI and move beyond the iPhone. That was a complete disaster. There was the Rabbit R1 device that was super hyped. That also flopped.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
Perhaps the only company that's kind of figured it out, and it's A marginal step forward is meta with the Ray-Ban glasses. They have these AI glasses that you can talk to and sort of have this augmented reality vision of the world overlaid. The exciting thing here, I think, is we don't know what they're going to come up with.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
And Johnny Ive has such an amazing track record of building and designing technology. really world-changing products, and that's why he's worth the money, according to OpenAI. But it is a huge bet. It is a risky bet. It is an expensive bet. And OpenAI is still not making any money. It's unprofitable.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, Universal opens Florida's first major theme park in 26 years, and Disney isn't exactly saying, be our guest.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
And so we'll see what happens with OpenAI's finances, because they're outlaying a huge amount of money on a very unproven hardware bet.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
This is a company that is not executing well at all right now, kind of like the Knicks down the stretch last night. I mean, I'll just run down some numbers. Target lost market share in 20 out of 35 categories during the last quarter. Its annual revenue has been flat for four years in a row. all. And then when you talk about its competitors, it's getting its lunch eaten, especially by Walmart.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
Its comparable sales growth has lagged behind Walmart's for 13 straight quarters. So the CEO can blame all sorts of external factors, but that's exactly what every retailer is dealing with. They are just not putting out items that people want to buy. People go to Target for cheap chic, like cool stuff that will go look good in your house.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
They don't need to buy it, but they want to because it is cool. And Target is just not putting those items on the shelves. And they said that their turnaround plan involves going back to that Target brand. And literally the execs were like, we need to just put out more interesting products. And I was like, duh,
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
The one thing that was baby positive in this earnings report was that Brian Cornell said the CEO said they're not going to raise prices broadly because of tariffs. Walmart irked the president when they announced that last week. They said prices are going up at the end of the month.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
uh target said look we uh constantly adjust prices some are going up some will be reduced this is just an ongoing effort that takes place each day so they are sort of getting out of the way of the president's fire by saying we're going to hold down prices maybe it'll lead to them recouping some market share that they lost
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
Today is the anniversary of one of the worst financial transactions of all time, maybe even worse than the French selling the Louisiana territory to Thomas Jefferson. On this day in 2010, a programmer named Laszlo Hanyac spent 10,000 Bitcoin to buy two Papa John's pizzas. At today's prices,
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
Central Florida is about to turn into a battleground, pitting Mario, Harry Potter, and Dragon Trainers on one side versus Mickey, Elsa, and the Guardians of the Galaxy on the other.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
That's because this morning, Universal is cutting the ribbon on the fourth park of its Orlando portfolio with the opening of Epic Universe, the first major theme park to open in Florida in over 25 years and the biggest threat yet to Disney World's dominance in the region.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
Epic Universe cost parent company Comcast over $7 billion and took eight years to build, but early reviews say it's epic enough to live up to its name and price tag.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
The park itself consists of five mini-parks, one entrance area called Celestial Park, which splits off into four others, a park devoted to Harry Potter, another to characters from Nintendo games, another based on the How to Train Your Dragon franchise, and finally, Dark Universe, in which you'll find classic monsters like Frankenstein.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
Why is Universal making such a colossal investment in a new theme park? For one, roller coasters and highly caloric foods are maybe the one area of the media world that's not being eaten by TikTok and YouTube. Two, the company really thinks it can swipe some market share from Disney in Orlando, where it's been the leading player since Walt first opened Magic Kingdom in 1971.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
Toby, you think Mario and Harry have enough firepower to draw people away from Disney's machine, or is it just too small of a world after all?
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
I actually think that's right. though. I mean, if you look at any type of business, they set up shop in the same area as other businesses. And that's just generally a one plus one equals three situation. I mean, you've been on those roads where there's a million auto dealerships, and that's because people go to that one area of town to hop around and more people would go to that
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
any particular dealership than they would if they were all alone. And that's something that's similar happening with theme parks. I think he's absolutely right that this would be overall good for Disney. However, they might lose some customers at the margins. The thing is, they have such a wide lead right now that they would have to
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
Those 10,000 Bitcoin would be worth over $1.1 billion, making those pizzas the most expensive pizzas ever sold. The pizza purchase is considered a seminal moment in the history of crypto and celebrated every year as Bitcoin Pizza Day. Happy Bitcoin Pizza Day, Toby.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
really fumble the bag to lose that leadership position to universal in 2023 walt disney world attracted nearly 49 million visitors which is more than double universal's attendance of nearly 20 million that year so universal is on the up i mean they launched harry potter world in uh 2010 and
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
The CEO of Comcast is like, I mean, that just saw a spike in visitorship, and then it hasn't come back down. That has been a goldmine for us, and now they're expanding their Harry Potter world with this new park. I'm excited. I know.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
Toby, you ever get served an ad that just makes no sense whatsoever?
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
Maybe because we keep talking about egg prices. That also proves that a lot of the time the best B2B marketing gets served to the wrong people. I have purchased over 17 Faberge eggs in the last two weeks. Wow. Okay. Point is, LinkedIn has a network of over 1 billion professionals and over 130 million decision makers, which makes it stand out from other ad purchases.
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OpenAI Drops $6.5B To Kill the iPhone? & Tariffs and Boycotts Hurt Target
So save money and target the right professionals with LinkedIn ads.
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Fed Holds Rates Steady & 'X' Worth $44B Again?
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, Ben & Jerry's is escalating its fight against its parent company, accusing Unilever of removing its CEO.
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Fed Holds Rates Steady & 'X' Worth $44B Again?
For my next number, the French Bulldog has done what Patrick Mahomes couldn't by going back to back to back. For the third year in a row, the Frenchie is the U.S. 's most popular purebred dog, according to an annual ranking from the American Kennel Club.
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Fed Holds Rates Steady & 'X' Worth $44B Again?
After the French Bulldog, the most popular breeds are Labrador Retrievers, Golden Retrievers, German Shepherds, and Poodles, rounding out the top five. But there's one dog that's come out of nowhere to make a claim as an alpha, the Cane Corso.
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Fed Holds Rates Steady & 'X' Worth $44B Again?
This strong and athletic breed, which served as a Roman war dog and later a boar hunter, has surged in popularity, rising from nearly 50th on the list last year to 14th this year. The AP notes that the American Kennel Club rankings have been accused by animal welfare activists of
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Fed Holds Rates Steady & 'X' Worth $44B Again?
Pumping up the visibility of certain breeds and supercharging puppy mills, the AKC responds that it just documents and doesn't promote dog ownership trends. Toby, can anyone take down the Frenchie? This is crazy.
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Fed Holds Rates Steady & 'X' Worth $44B Again?
The Lab was the most popular breed for a very long time until the Frenchie has overtaken it in the past few years due to popularity in social media. They just, you know, look good on an Instagram reel.
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Fed Holds Rates Steady & 'X' Worth $44B Again?
For my last number, a student manager signed a name, image, and likeness deal for the first time in history. Amir Khan, who was the student manager for the McNeese State men's college basketball team, signed not one, but three NIL deals this week with major brands Buffalo Wild Wings and TickPick and Insomnia Cookies. Khan is no ordinary manager.
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Fed Holds Rates Steady & 'X' Worth $44B Again?
Along with his regular duties of wiping sweat off the court and rebounding during warm-ups, he is a rap legend. Last month, a video went viral showing Khan rapping a song alongside the team's players while leading them out of the tunnel, boombox strapped over his shoulder. His star rose quickly from there, amassing a large following on social media and selling t-shirts with his photo on them.
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Fed Holds Rates Steady & 'X' Worth $44B Again?
Toby, we are in a new era of college sports where previously anonymous people can instantly monetize overnight fame through NIL deals. We saw this happen last March with Oakland sharpshooter Jack Golke. And as the tournament gets going today, expect more to come.
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Fed Holds Rates Steady & 'X' Worth $44B Again?
Neil, what's the worst trade you've ever made? One time at the middle school lunch table, I was convinced to give up half of my fruit by the foot in exchange for some goldfish. The goldfish were stale and I was swindled. Rookie mistake.
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Fed Holds Rates Steady & 'X' Worth $44B Again?
I think it's happening this year. I think a lot of people are probably turning to AI to help fill out their brackets because it's a crapshoot as it is, you know, maybe you think differently with your whole kill shot metric. But I'm sure a lot of people listening to this are like, Yeah, I have used AI to help fill out my bracket. Or, hey, that's a good idea. I have six hours left.
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Fed Holds Rates Steady & 'X' Worth $44B Again?
The game tips off at 12.15. Maybe I'll turn to AI. And if you're going to do that, I have some tips. Because I asked ChatGPT, like a doofus, I said, who's going to win March Madness this year? And ChatGPT replied, I can't predict the future, but I can tell you that NCAA March Madness is always full of surprises.
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Fed Holds Rates Steady & 'X' Worth $44B Again?
So if you give a vague prompt like that, you will get a vague response because it is going to hedge. You need to be a little more specific. with your query. So the Axios reporter said something along the lines of, I'm looking for help filling out a 2025 NCAA men's basketball bracket and wondering who you would pick for each game. I'm attaching a blank bracket to help.
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Fed Holds Rates Steady & 'X' Worth $44B Again?
But Sophos, they believe cybersecurity shouldn't have any trade-offs. They give your business enterprise-grade security and ease of use.
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Fed Holds Rates Steady & 'X' Worth $44B Again?
So attaching a PDF, please tell me who you predict to win each game. Then ChatGPT might say all of the favorites, but that you have to go a little further than and push it and say, can you do some deep research around the web and incorporate some upsets into your predictions? Maybe you could say, incorporate this strategy. I really like this team.
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Fed Holds Rates Steady & 'X' Worth $44B Again?
So if you push it a little bit, you may get a bracket that looks pretty good or something that would rival anything that you could come up with.
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Fed Holds Rates Steady & 'X' Worth $44B Again?
Some people have worked this morning.
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Fed Holds Rates Steady & 'X' Worth $44B Again?
All right, well, whatever strategy you choose, we hope you have a wonderful bracket-filling-out experience. I haven't filled out any brackets, so I need to get on that this morning as well. Okay, let's wrap it up there. Thanks so much for starting your morning with us, and have a wonderful Thursday for any questions, comments.
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Fed Holds Rates Steady & 'X' Worth $44B Again?
or feedback for us, send an email to morningbrewdaily at morningbrew.com. And if you love the show, don't keep it to yourself. Share it with a friend, family member, or coworker. Toby, who should everyone share it with today?
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Fed Holds Rates Steady & 'X' Worth $44B Again?
There is no way I can pick Duke. There's just no way. Fair enough. Sorry, even if they win, I will not pick them. It is my principle. Okay, let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham and Olivia Lake are our associate producers. Uchenua Ogu is our technical director. Scoop Stardaris is on audio.
Morning Brew Daily
Fed Holds Rates Steady & 'X' Worth $44B Again?
Hera Makeup is on Yale Upset Watch today. Devin Emery is our chief content officer. And our show is a production of Morning Brew.
Morning Brew Daily
Fed Holds Rates Steady & 'X' Worth $44B Again?
More like cybersecurity fruit by the foot and eat it too. Sophos means no compromises, no trade-offs, just cybersecurity you can trust. Visit Sophos.com and keep your business safe without the trade-offs. That's S-O-P-H-O-S.com.
Morning Brew Daily
Fed Holds Rates Steady & 'X' Worth $44B Again?
It is a great morning because we have made it to the best day of the year, the start of the first round of Men's March Madness. Now, I'm sure many of you Venmo'd five of your friends $20 for a bracket challenge without having watched a second of college basketball this year. And that's perfectly normal. But there are still a few hours remaining before the first game tips off.
Morning Brew Daily
Fed Holds Rates Steady & 'X' Worth $44B Again?
Yeah, coming into this Fed meeting, it was expected that they wouldn't cut rates, but it was still a very closely watched meeting because of what was going on in the economy and markets leading up up to these Fed officials getting together. The market has been flashing some warning signs about a slowing economy. The S&P 500 entered a correction last week.
Morning Brew Daily
Fed Holds Rates Steady & 'X' Worth $44B Again?
Gold, which is a safe haven, surged to more than $3,000 for the first time. The dollar is down 4% in March. On earnings calls, many companies have been warning of a consumer spending slowdown. So all of that factored into making Jerome Powell's press conference
Morning Brew Daily
Fed Holds Rates Steady & 'X' Worth $44B Again?
a very closely watched event on Wall Street to see what his predictions were for the future, for rate cuts, for economic growth and for inflation. We saw from the Fed was that they do expect higher inflation. They do expect lower growth, but still they expect to do two rate cuts this year, which is why you saw the markets gain yesterday and they're also gaining this morning.
Morning Brew Daily
Fed Holds Rates Steady & 'X' Worth $44B Again?
And one reason why the Fed is not going to cut rates anytime soon is that we have two economic factors kind of balancing themselves out. Lower economic growth would generally support the case for lower rates. Higher inflation would generally support the case for higher rates. So those two are kind of canceling them out. It's kind of like adding plus one and negative one. So you get to zero.
Morning Brew Daily
Fed Holds Rates Steady & 'X' Worth $44B Again?
And that's what Powell said. He's like, these are two factors that we're considering here. And they're canceling each other out. So that's why we're just literally doing nothing, sitting on our hands and waiting to see what happens.
Morning Brew Daily
Fed Holds Rates Steady & 'X' Worth $44B Again?
In further proof that time is a flat circle, the social media site X is worth $44 billion, exactly the same price Elon Musk bought Twitter for in 2022. Investors gave the company that valuation earlier this month when they exchanged existing stakes in what's known as a secondary deal, according to the Financial Times. But it's not about the destination. It's about the journey.
Morning Brew Daily
Fed Holds Rates Steady & 'X' Worth $44B Again?
X's value plunged as much as 79% below its sale price as recently as last September after advertisers fled the platform over Musk's loosening of content moderation and brand safety issues. Now, marketing spend is slowly but surely coming back, and combined with a much lower headcount, upcoming features, and an integration with AI, X's financial outlook doesn't look as bleak as it once did.
Morning Brew Daily
Fed Holds Rates Steady & 'X' Worth $44B Again?
If you want to create a more informed bracket, well, I've got a bracket science major sitting right next to me. You're probably not surprised, but our dear Toby is a two-time March Madness bracket champion, and he's literally spent hours this week poring over strategies and stats to get an edge, and he wants to help you. So, Toby, let's hear it.
Morning Brew Daily
Fed Holds Rates Steady & 'X' Worth $44B Again?
Profits are looking stable, earnings before interest, taxes, depreciation, and amortization, known as EBITDA, was $1.2 billion in 2024, about equal with the period before Musk brought the company. Toby, it's clear that reports of X's death were greatly exaggerated, but is this a healthy platform?
Morning Brew Daily
Fed Holds Rates Steady & 'X' Worth $44B Again?
And yeah, you're right. X is also progressing in Elon's vision. to create a everything app. Elon Musk for decades has wanted to create an everything app similar to a WeChat in China where you can do everything from post on social media to send payments. And that payments part is a part of what X is going to roll out. It is teaming up with Visa for a feature called X Money where you can have
Morning Brew Daily
Fed Holds Rates Steady & 'X' Worth $44B Again?
an in-app wallet, and you can send peer-to-peer payments. Linda Yaccarina announced that last week and said that was going to be rolling out later this year. So the everything app vision is slowly progressing as well.
Morning Brew Daily
Fed Holds Rates Steady & 'X' Worth $44B Again?
What are some things to keep in mind when filling out a bracket?
Morning Brew Daily
Fed Holds Rates Steady & 'X' Worth $44B Again?
These two have mixed like oil and water or maybe bacon and strawberry ice cream. You have Unilever, which is a UK consumer goods giant. It owns things like Dove, Axe, Hellmann's and Vaseline. And then you have Ben and Jerry's, which is this company.
Morning Brew Daily
Fed Holds Rates Steady & 'X' Worth $44B Again?
You know, upstart, very progressive minded ice cream brand out of Vermont that was bought by Unilever in 2000 to improve its stable of ice cream brands. And these two just can't stop fighting. I'm sure there's a lot of buyers remorse. And it looks like Unilever. could get Ben & Jerry's off of its hands if it wants to because it is aiming to spin off its ice cream business, which is huge.
Morning Brew Daily
Fed Holds Rates Steady & 'X' Worth $44B Again?
It includes five of the top-selling 10 ice cream brands in the entire world and an Amsterdam stock listing sometime this year. So it probably is accelerating those efforts after this latest legal complaint by Ben & Jerry's.
Morning Brew Daily
Fed Holds Rates Steady & 'X' Worth $44B Again?
Have you taken our morning market trivia quiz yet? Top scorers will receive a custom prize, a $200 Amex gift card, and a newsletter feature.
Morning Brew Daily
Fed Holds Rates Steady & 'X' Worth $44B Again?
If you have the answer, go to www.morningbrew.com slash morning-market-trivia to test your stuff with the morning market trivia quiz. Who knows? You could end up on the leaderboard. Like I said, top scorers will receive prizes and a feature in the Morning Brew newsletter. I scored a 12 out of 15. I got 11 out of 15.
Morning Brew Daily
Fed Holds Rates Steady & 'X' Worth $44B Again?
Head on over to www.morningbrew.com slash morning-market-trivia and see if you can beat our scorers and win some goodies. Thinking about expanding your business? Lean on one of retail's most trusted names when you sell your products on Walmart.com.
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Fed Holds Rates Steady & 'X' Worth $44B Again?
When you sell on Walmart Marketplace, you get access to a network of millions of customers and programs to help you scale your biz. And it just takes a few clicks to get started.
Morning Brew Daily
Fed Holds Rates Steady & 'X' Worth $44B Again?
Welcome to Neil's Numbers, the segment where I share three stats from the week's news that will feel like the first day of spring after a long winter. And I mean that literally. Today is the first day of spring. For my first number, Volkswagen has a booming business on its hands, but it's not cars. It's sausage.
Morning Brew Daily
Fed Holds Rates Steady & 'X' Worth $44B Again?
Last year, according to a Works Council report, Volkswagen sold nearly as many sausages as cars, 8.5 million sausages to 9 million vehicles across all its brands. Volkswagen makes sausage? Heck yeah, they do. Curry, worse to be specific, a staple of the German diet when combined with fries.
Morning Brew Daily
Fed Holds Rates Steady & 'X' Worth $44B Again?
VW began serving currywurst to employees and locals around its Wolfsburg headquarters in 1973, and it's blossomed into a huge business. Now the company sells sausage to tens of thousands of workers at its German factories, fans at the Wolfsburg football stadium, and in supermarkets around the country. But while the hot dog business is soaring, Volkswagen's car business is floundering.
Morning Brew Daily
Fed Holds Rates Steady & 'X' Worth $44B Again?
Last week, it reported a 3% decline in vehicle sales and a 30% drop in net profits in 2024. The largest employer in Germany, VW, has proposed up to 35,000 job cuts and closing some German factories in an unprecedented move to cut costs. Toby, pretty mind-blowing that Volkswagen sells more currywurst than cars bearing the VW logo. Let's just hope they're not using the same grills.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
What does the future hold for business? Ask nine experts and you'll get 10 answers. It's a bull market. It's a bear market. Rates will rise or fall. Inflation's up or down. Can someone invent a crystal ball?
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
Until then, over 41,000 businesses have future-proofed their business with NetSuite by Oracle, the number one cloud ERP bringing accounting, financial management, inventory, and HR into one fluid platform. With one unified business management suite, there's one source of truth giving you the visibility and control you need to make quick decisions.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
With real-time insights and forecasting, you're peering into the future with actionable data. When you're closing the books in days, not weeks, you're spending less time looking backwards and more time on what's next. Whether your company is earning millions or even hundreds of millions, NetSuite helps you respond to immediate challenges and seize your biggest opportunities.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
Download the CFO's Guide to AI and Machine Learning for free at netsuite.com slash brew. That's netsuite.com slash brew. netsuite.com slash brew. Welcome to Neil's Numbers, the segment where I share three stats from the week's news that will turn you into the most insufferable know-it-all. For my first number, how much has Doge, the Department of Government Efficiency, saved American taxpayers?
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
It depends on who you ask. About a month into its effort to slash fraud and waste, Elon Musk's cost-cutting outfit says it saved $55 billion in federal spending. But look closer and things get a little more suspect. The Doge website itself only accounts for $16.6 billion of the $55 billion claimed to have been saved. And that $16 billion also comes with an asterisk because there is a major error.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
Doge mislabeled a contract as costing $8 billion when in reality that contract cost $8 million. So when you do all the math, the total savings generated by Doge amount to about $8.6 billion, a fraction of what had been broadcast. So how'd the M and the B get screwed up?
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
In September 2022, D&G Support Services was awarded a contract to provide services for the Office of Diversity and Civil Rights within U.S. Immigration and Customs Enforcement, or ICE. The original value was listed at $8 billion, and it stayed that way for years. until last month when it was adjusted to the correct amount of $8 million.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
It certainly was just an $8 million contract because ICE's entire budget is around $9 billion, so an $8 billion contract is just not feasible. Either way, as Bloomberg notes, this sus accounting raises questions about Doge's reliability and accountability.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
And Elon Musk has said himself that some things will be incorrect and should be corrected. But when you're putting out false numbers consistently like this and over-inflating your impact on, you know, this is the budget's trillions of dollars. And to say you found, you know, a couple few billion, you're, you know, you're going to lose trust with the public about your effort.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
My next number is three, which is how many companies control an estimated 70 to 80 percent of the fire truck manufacturing market. This stunning industry concentration reported by The New York Times was on full display during the L.A.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
fires last month when many firefighters who could have been deployed to the front lines were not able to get there because dozens of fire trucks were out of service, accumulating rust at the city maintenance yard. Los Angeles Fire Chief Kristen Crowley said that about 100 fire vehicles were out of service in January, which blunted their efforts to control the blazes.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
He was just firing balls out left and right. Wouldn't even stop to aim. Just swing, swing, swing, swing. Made the whole round a disaster because he wouldn't even look at where he was hitting the ball on the course. It was ready, fire, aim. It's the exact wrong way to golf and the exact wrong way to run ad campaigns.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
Fire leaders across the country say recent industry consolidation in fire truck manufacturing has caused higher prices and long delivery delays, impeding their ability to do their jobs. Tack on COVID, which caused major supply chain disruptions and worker shortages, and the situation at firehouses has become dire.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
Auditors in Atlanta found that more than a third of the city's firefighting fleet was out of commission. Chicago firefighters held a satirical birthday party for a 30-year-old engine that had double its lifespan.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
For my final number, a movie you've probably never heard of just surpassed Pixar's Inside Out 2 to become the highest grossing animated film of all time. Nezha 2, a Chinese film about a monster fighting demonic child, has earned 1.5
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
$7 billion since its debut over the Lunar New Year holiday, making it not only the number one animated film ever, and not only the number one Chinese film ever, but also the eighth biggest film in history. It's an astonishing result for a homegrown Chinese movie, considering that Nezha 2 is the only film in the top 20 all-time box office list whose original language is not English.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
And even more remarkable, very few people internationally have seen it. Over 99% of its box office income has come from mainland China, making it the biggest haul ever in a single country by $600 million. That was a lot of superlatives, but Nezha 2's success is unprecedented, and it shows the power of the Chinese consumer market when things are clicking.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
There is a good chance that this will be the highest grossing movie of 2025, depending on how Avatar 3 does later this year.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
Just like taking a moment to center yourself before a golf swing will lead to better outcomes, using LinkedIn ads to target your audience by industry, company and role will prevent ad waste and get your company in front of the right people.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
Let's sprint to the finish with some final headlines. U.S. support for Ukraine in their war against Russia has never been more precarious. One day after President Trump blamed Ukraine for starting the war, when in fact Russia invaded Ukraine unprovoked, he laced into Ukraine's President Volodymyr Zelensky, calling him a dictator without elections and claimed he misused U.S. aid.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
The anti-Zelensky rant on social media comes as the Trump administration is rapidly improving relations with Russia, holding high-level talks this week about resolving the war that sidelined Ukraine and European leaders. Critics blasted Trump for repeating what is essentially Russian propaganda.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
Senate Minority Leader Chuck Schumer said it is disgusting to see an American president turn against one of our friends and openly side with a thug like Vladimir Putin.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
Still, guys, go travel the world. We got the asteroid coming in 2032. You're not going to be able to get a quantum computer by then. But this is a tremendous breakthrough. And we'll see the quantum computer arms race is on before... You know, we're all blown to smithereens in a few years. Let's say you were on a flight that crash landed and flipped upside down while skidding down the runway.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
How much do you think the airline should pay you for your troubles? For the passengers who survived that ordeal on Monday in Toronto, the answer is $30,000. Delta Airlines, which operated the flight that went belly up, said it was offering 30K to each passenger aboard the flight with, quote, no strings attached and does not affect rights.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
Interesting to compare that to what Alaska Airlines offered passengers on its flight last year when that door panel blew out. That was $1,500.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
Long live the king. That's what President Trump declared when he announced that he was killing congestion pricing in New York City. Yesterday, his transportation department rescinded its approval of the city's new tolling system, which would bar New York's Metropolitan Transportation Authority from collecting tolls.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
And it's super fast. It crossed the Atlantic Ocean in three days, 10 hours, and 40 minutes, which maybe doesn't sound fast because we can do it in about five hours in a plane now, but that still holds the records to this day for the transatlantic for an ocean liner crossing. So,
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
Pretty cool ship, and I didn't know this was a thing where they deliberately sink ships to create artificial reefs so people can go scuba diving, but it seems like a very cool use for this ship that I've seen in South Philadelphia, and anyone who drives a 95 or is around Philadelphia, through there you see this, you know, this rusting ship, and it looks like they're going to put it to some interesting use, but I have a question for you, Toby.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
What does SS stand for? This is the SS United States, maybe some... I know we just got after Neil's numbers, but I still want to teach people a thing. And I didn't know this before looking it up. The SS stands for steamship.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
Back in the 19th century, there was, you know, they wanted to, the marketing folks at these ocean liners wanted to distinguish from the wind-powered ships that came before. So they called it steamship. And then it also came to represent what they call screw steamers, another SS or single screw steamship. So the SS stands for steamship. A bonus Niels fact right there. Let's wrap it up there.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
Thanks so much for starting your morning with us and have a wonderful Thursday. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. And if you're enjoying the show, share it with a friend, family member, or coworker. Toby, who should everyone listening share it with today? This one goes out to all the MBDOGs.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenna Waogu is our technical director. Scoop Stardaris is on audio. Hair and Makeup is considering whether to go to Boston for the U.S.-Canada hockey game tonight.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
Only problem, tickets for the Four Nations face-off title game are rivaling the Super Bowl, costing upwards of $4,000. I say YOLO. Devin Emery is our chief content officer and our shows and production of Morning Brew. Great show, Danielle. Let's run it back tomorrow.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
Transportation Secretary Sean Duffy called the plan a slap in the face to working class Americans and small business owners, echoing critics who called it a tax on drivers. It's been about a month and a half since New York's first of its kind congestion pricing plan went into effect, which charges most vehicles $9 to enter the core of Manhattan at peak times.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
The goal was to clean up the air, reduce car traffic in busy areas and fund $15 billion worth of transit projects. And so far it seemed to have been working. Drivers are saving about 20 to 30 minutes traveling into central Manhattan, while about 1.2 million fewer vehicles entered the area in January compared to a year earlier.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
But unlike the newsies, Trump may have been too quick to declare himself king of New York. In a lawsuit against the Transportation Department, the MTA argued that the federal government does not have the authority to unilaterally kill congestion pricing and pledged to continue collecting tolls until a judge told it not to.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, Trump wants to scrap New York City's congestion pricing plan, but can he?
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
In a statement, New York Kathy Hochul said, We are a nation of laws, not ruled by a king. We'll see you in court.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
And This may be the stiffest legal challenge that congestion pricing has had, but it is certainly not the first. It was hit with lawsuit after lawsuit by New Jersey and others. It survived all of those legal challenges, and it went into effect on January 5th. After years and years and years of planning, the chair and chief executive of the MTA said, look, we've been sued— Everywhere.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
We've been sued in every federal court and state court east of the Mississippi and we're batting 1000. We've won every single time. So we'll see how this this court fight plays out against perhaps the most powerful opponent of all the White House.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
This is history, what we're witnessing, because first of all, this is the first congestion pricing plan that has been implemented by any United States city. It exists in London and Stockholm and Singapore and other places around the globe. But this was the first experiment that happened in the United States. So that was unprecedented.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
And then what is also unprecedented is the reversal of such a large scale transportation project by the federal government. This hasn't happened before. If it sounds like a lot of whiplash, that's because you've never experienced something like this in U.S. history.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
So the magnitude of what is going on is a really big deal because many other cities are watching New York to see whether they want to implement their own congestion pricing plans around the country. Now it moves to court for another drawn out legal battle.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
Good morning. If it were 2009, our Facebook wall would be pouring in with messages from randos because it is our birthday. Morning Brew Daily is turning to today. On our first episode way back in 2023, some topics we covered were meta charging for verification, Biden taking a train trip and ice cover on the Great Lakes, a real scintillating debut from your boys.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
Sure. I mean, Apple's iPhones are in a bit of a slump right now. Sales fell about one percent in the holiday quarter volume. The amount of actual phones that they're shipping is pretty stagnant. Everyone kind of has a phone. They're just upgrading. So at this point, it's selling about 230 million iPhones a year. And it's just that is a number that has not
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
that is not going to budge in the near future. So what they need to do is raise prices to get more revenue. So this is $170 more than the last iPhone SE version. It's still cheaper than its other models. But you're right, this is, I guess, the entry-level model to get people hooked on the... Apple ecosystem.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
And then maybe once they're fed up with their SE, they'll upgrade to a Pro or a Max or whatever they call it these days. That is the hope to get people, especially in international markets, into the Apple world. And then they'll continue to pay for upgrades later on.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
Let's talk about the marketing strategy. Basically, when Apple has released a product in the past, there's been a huge pageantry around it. They have a huge event. They do a keynote and very buzzy marketing around product launches. This one, they just issued a press release and it went a little under the radar.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
They didn't hype up this modem at all, which I don't know if it's even possible to hype up a modem, but they didn't do it, and they kind of let this fly under the radar a bit. What do you think is behind that particular strategy?
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
Thank you so much to all the OGs who've been listening since that first episode and to everyone who has hopped on the bandwagon since. It is a real privilege to be able to do this for two years now. And Toby, I'm pretty excited about being two. Lots of key milestones to hit. We should be able to say at least two words together. Walk up a few stairs without help and eat from a spoon.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
This was a mess of a company. They were on their fourth CEO in as many years. They were losing hundreds of thousands of dollars on every truck they sold, which they weren't selling many trucks at all, even despite ramping up production. It was a symbol of the excesses of the SPAC boom that we had in 2021 and the EV boom that has faltered from both macro
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
conditions because higher interest rates, less demand for EVs than what was expected, but also missteps on the part of these individual companies that thinking that they could be the next Tesla and not realizing the capital that was required. And many EV companies have been accused of fraud and accounting shenanigans.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
And clearly, this was a business model that didn't work for Nikola, but also many other EV startups in the space.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
There are a few walking dead EV startups. One of them is Rivian. Their share price is about a tenth of where it was in late 2021, but they produce Pretty well-regarded electric pickups and SUVs, so they're still kicking. And then Lucid Motors is another EV startup that is still around. It makes luxury electric cars and SUVs at the top end of the market.
Morning Brew Daily
Apple Unveils Budget-Friendly iPhone & Congestion Pricing Gets Axed?
If you look at their share price this morning, it's down 95% from their peak.
Morning Brew Daily
Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, Congress thought it had a deal to avoid a government shutdown this Saturday. Then Elon Musk entered the chat.
Morning Brew Daily
Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
researchers found that around 3.9% of everyone in the dataset died of Alzheimer's, but for taxi drivers, the rate was just 1%. That is not to say that driving a taxi is healthy. In general, they had lower life expectancies compared to the average.
Morning Brew Daily
Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
But as far as Alzheimer's is concerned, it got to scientists thinking that creating spatial maps in your mind all day could mean a bigger hippocampus, which is the part of the brain responsible for learning, memory, and navigating.
Morning Brew Daily
Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
Now, some critics of the study, and there were many, noted some limitations. First of all, the age of death of taxi and ambulance drivers. Ambulance drivers were the number two lowest risk after taxi drivers, was around 64 to 67 years of age. And Alzheimer's doesn't really set in until 65, so they noted that criticism.
Morning Brew Daily
Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
And then there's the potential that there's a self-selection going on, the fact that Hey, people who have bigger hippocampi just naturally gravitate to being a taxi driver. So the causation correlation effect doesn't really work because maybe it's not the fact that I'm driving a taxi gives my brain a workout. It's that I really like navigating and going through cities.
Morning Brew Daily
Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
That's why I'm gravitating to be a taxi driver. So those are just two of the limitations. Pointed out, this is not a definitive study, but it certainly raises really interesting questions about how creating spatial maps in your mind can give your brain a good workout. For my next number, America's youth are more straight edge than they've been in decades.
Morning Brew Daily
Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
An annual national survey of teens showed that substance use is hitting new lows while abstaining from drugs is hitting new highs. For example, about two thirds of 12th graders said they hadn't used alcohol, marijuana, cigarettes or e-cigarettes in the last 30 days, the largest share since measuring began in 2017. These findings have shocked public health officials in the best way.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
Drug and alcohol use among teens fell the most in history during the pandemic when kids were at home with their parents instead of playing beer pong with their friends. But researchers fully expected the toking and drinking to pick back up when COVID was over. That hasn't happened. Instead of rebounding, drug use has continued to fall years after stay-at-home rules were lifted.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
For my final number, a question for everyone planning your wedding. Would you pick a date to avoid a conflict with a football game? For lovebirds in college football hotspots, the answer seems to be yes.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
The Washington Post dove into data from The Knot to find that for the majority of areas with powerhouse college football programs, Saturdays where the local team isn't playing are more popular wedding dates than game day Saturdays. Here's some actual numbers. In and around Auburn, Alabama... 3.8% of the year's weddings took place on each of the team's idle fall Saturdays since 2022.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
That's compared to home game Saturdays, excluding Thanksgiving weekend, when an average of 2.1% of the year's weddings were held. Let's look at one specific date too, October 22nd, 2022. Tovar, you remember this date? No. All right. So the Auburn Tigers had a bye week in that market in the Auburn market.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
Five point three percent of the year's weddings took place that day compared to three point one percent nationally. The Washington Post interviewed wedding planners in the southeast to see if this data was backed up by their own experiences. And they said, absolutely. People do try to plan their weddings for days when the team isn't playing. And this makes a lot of sense to me.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
There's nothing worse than having to split your attention between the fourth quarter on your phone and the beautiful couple exchanging their vows.
Morning Brew Daily
Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
Let's sprint to the finish with some final headlines. TikTok will fight for its life at the Supreme Court, which said yesterday it will hear arguments on a law that would ban the app on January 10th, nine days before it goes into effect. TikTok is arguing that the law, which compels its owner ByteDance to sell it or else face a ban in the U.S., violates the First Amendment.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
Congress passed the measure earlier this year, citing national security concerns posed by this immensely popular Chinese-owned app. But for TikTok, there is hope the Supreme Court agreed to hear this case.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
It's the mullet of cars, business in the front and party in the back, but also party in the front because this may be purse.
Morning Brew Daily
Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
I want your prediction. Ban or no ban? I think... Is the Supreme Court going to stay it or let it go?
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
Toby says, let it ride. The first severe bird flu case was reported in the U.S. The CDC said that a patient in Louisiana has been hospitalized with bird flu, which is the first confirmed severe case of the H5N1 illness in the U.S.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
More than 60 mild human cases of bird flu have been reported this year following an outbreak that has killed 123 million poultry since 2022 and infected more than 860 dairy herds. As for the severe case, the person had been in contact with birds, both sick and dead, in backyard flocks, the CDC said.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
Health officials stress the risk to the human population remains low, but many critics say the US response has not been sufficient.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
Neil, is this a good idea? It's not a new idea, that's what I'll say. Back in 2007, Google launched a phone hotline called Goog411, which offered free directory assistance by voice. They shut it down three years later without an official explanation. But there was speculation that they used the voice data from you calling Google to train voice recognition software.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
And Google VP Marissa Meyer, who was later the CEO of Yahoo, basically acknowledged this was the case. So even as far back as 2007, there was controversies around training data.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
Let's wrap it up there. Thanks so much for spending your morning with us and have a wonderful Thursday. For any questions, comments or feedback, send an email to Morning Brew Daily at morningbrew.com. And if you're enjoying the show, please share it with a friend, family member or co-worker who needs a 25 minute news blast in the morning. For a more specific sharing idea, here's Toby.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenna Waogu is our technical director. Billy Menino is on audio. Call 1-800-HAIR-AND-MAKEUP for a free... free wardrobe consultation. Devin Emery is our chief content officer and our show is a production of Morning Brew.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
Build your Range Rover Sport today at LandRoverUSA.com. That's LandRoverUSA.com.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
And Powell said two rate cuts next year. That was not welcomed by investors. The Dow had its 10th straight day in the red. The S&P had its worst day since August. Yields jumped, which shows that borrowing costs are rising. The mortgage rate jumped above 7% for the first time. This was a very violent reaction.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
I think investors who had believed Powell knew what he was doing for the past couple of years saw a little uncertainty in what Powell was projecting for the future. And I think an even bigger question was, why do we have the rate cut now? A lot of the press conference Powell spent talking about how inflation was sticky and and he's worried about inflation.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
Well, the last thing you want to do when you're worried about inflation is cut rates, which is what he did. So I think those two factors lower less fewer rate cuts next year and then failure to explain why they cut rates this time led to an extremely violent market reaction.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
I think the general interpretation of what Powell was saying was that this was a pause, not a skip. So the next Fed meeting is in January. If Powell signaled that they would just skip a rate cut then and then continuing the rate cuts going forward, I don't think the market would have reacted like it did. But this was a signal that they're kind of pausing this for now.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
And one thing I also want to talk about is that, you know, Powell was asked about Trump's policies and how that would impact inflation and rate cuts. And, you know, economists do widely view Trump's policies of tax cuts, mass deportations, tariffs as being inflationary. So, you know, Powell is going to get pelted with questions about how that would shape the inflation and rate cut outlook.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
He demurred. He said that it's too early to tell. It's very premature to try to make any kind of conclusion. Powell and Trump were both in the same positions in 2018 and 2019 when Trump enacted a bunch of tariffs on China. Powell said we can't really learn that many lessons from those tariffs about what might happen in 2025 if there are more tariffs.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
So we are entering a state of uncertainty that we haven't seen in a few years. Powell compared it to driving on a foggy night or walking in a dark room full of furniture. You just slow down. So the word, I think, is caution.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
This is what they call an end of year Christmas tree bill, which is where all the lawmakers see this bill that needs to get passed to avoid a government shutdown, which will happen if they don't pass this at 12.01 a.m. Eastern on Saturday. And they just start decorating it with their own pet projects. You see something like the RFK Stadium getting, you know, moved to D.C.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
so that the commanders could get back to the district and these other small pet projects. And, you know, it wasn't loved by a lot of right wing conservatives when it was released, but it seemed like it could potentially pass with helps from Democrats. And then all of a sudden I wake up yesterday morning, I see Elon Musk feed going absolutely off.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
She's showing himself to be an absolute force, even though he's not an elected representative. He has no official position in government, but he is using his bully pulpit on X to move the needle. And then later in the day, president elect Trump came out and said,
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
this bill is a disaster and it looks like they will have to go back to the drawing board, even though we are less than 36 hours away from a government shutdown.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
Thank goodness, Neil. Giant murder hornet is probably the most appropriate name ever given to an animal. These things can be two inches long. Just think about a hornet that's two inches long in your head right now.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
So what would a shutdown mean if it were to happen for people who are, I guess, five years old, you have lived through a government shutdown before from December, 2018 to January, 2019, essentially all non-essential federal employees stop working. So three at that time, 350,000 were furloughed, but then
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
you have the essential federal employees like TSA and air traffic controllers who still will work, but without pay. And then they get back pay at that last pre as that previous government shutdown, 420,000 federal employees were working without pay. So we have this big,
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
busy holiday travel season coming up, and you're probably going to encounter TSA agents and air traffic controllers who are not being paid. So that is a very interesting conundrum. So we have until tomorrow to get this bill passed, and we'll see if they go back, streamline it, and take out all of the pork that had been criticized and pass a new one.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
But certainly, Elon has thrown Congress a curveball, and it's certainly a sign of things to come. Less flexibility for employees means lower headcount. That's the conclusion of new research from Revelio Labs, which found that companies requiring return to office grow their workforces more slowly than companies that allow hybrid work.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
Since June 2022, companies with hybrid work policies have increased their headcount by 1.6%. For businesses mandating that employees commute to the office, that growth rate is 1%. Now, this could be intentional. Remember, workers have long suspected that return to office mandates were a sneaky way for companies to lay off employees without laying off employees.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
They can wipe out an entire honeybee hive in less than 90 minutes by decapitating the bees there and then defending the hive as their own, all while using the brood to feed their baby hornets. They can also sting through beekeeper suits, deliver almost seven times the amount of venom as a honeybee, and sting multiple times.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
And one executive seemed to confirm as much after Amazon announced a five day in office requirement starting in January. The AWS CEO said if employees don't want to comply, that's OK. There are other companies around. But hiring fewer people means you're also hiring fewer all-star people. A separate study from the University of Pittsburgh noted brain drain as a significant cost of RTO mandates.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
The research found companies requiring in-office work took significantly longer to fill job openings and suffered abnormally high turnover, which is consistent with the other study showing slower growth. Toby, do you think corporate bosses are going to look at this and think, hmm, maybe we should be more flexible? Seems like the downsides of an in-person requirement outweigh the advantages.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
I think you're talking about Amazon. So Amazon, the announcement that they were going to go five days a week beginning in January kind of shocked the HR world. They are the biggest company ever in the world that would require five days to work in office. And it spurred a cascade of other companies like Dell and AT&T to announce return to office requirements.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
But reports in the past few days showed that Amazon has told certain employees, it could be in the thousands, in certain cities like Dallas and New York, that their offices are not ready to get people back five days a week. They just don't have enough office space. They didn't prepare. So they told them that they would have to come back into the office, but not until April or May.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
So there have been a lot of logistical challenges. It's one thing to say, yeah, we want you back in the office. It's another thing to get the office ready and have the Keurig pods all ready and make sure there's enough desks so people aren't huddled all over each other. So Amazon's return to office drama just took another swerve.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
That's why an entomologist in the Washington State Department of Agriculture said, I've been doing this for over 25 years now. It is a rare day when the humans actually get to win one against the insects.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
Welcome to Neil's Numbers, the segment where I share three stats from the week's news that will make you feel like you just finished a really good book. My first number will have you thinking twice about using your GPS.
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Fed’s Latest Rate Cut Reveals Uncertainty & Workers Turned Off By RTO Policies
A new study released in the British Medical Journal found that taxi drivers die at lower rates from Alzheimer's than people in other professions, which maybe suggests that using your brain to navigate the world could ward off the disease. After examining 9 million adult death certificates,
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
Welcome to Neil's Numbers, the segment where I share three stats from the week's news that will give you a lot to talk to your parents about. Just a little preview. For my first number, a growing share of youngsters are pulling a Saxon from White Lotus and joining up with the family business.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
The share of small businesses that employ a young adult child of an owner is up 13% year over year in January and has doubled since 2018, according to HR firm Gusto. They analyzed 400,000 payrolls to find companies where the last name of an owner over 50 years old matched the name of an employee under 30. purposefully excluding the 100 most common names in the U.S.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
It's a sign that the cooling demand for entry-level jobs and the threat of AI automation has young professionals embracing the familiar environment of the family biz despite the historical stigma that may come with it. It's also an indication that Baby Boomer and Gen X business owners are thinking seriously about succession as they plan their retirement parties.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
While the share of small business owners who employ their own children is still a small slice of the overall pie, the movement is significant, Augusto Economist told the Wall Street Journal.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
kind of an interesting uh game to play in the political office environment you know like where do you put your kid when they come in do you put them in the you know in the trenches or are they management track so you know it gets a little tricky yeah a lot of career coaches say that a lot of parents make the mistake of turning their kids into executives right when they came out of the gate which doesn't even make sense for the kid either they're not prepared to be an executive
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
My next number piggybacks off my first. Not only are parents passing down businesses to their kids, they're also buying them super-duper expensive real estate. Consider this. 28% of all Manhattan homes were purchased through a trust last year, a big jump from 17% three years ago, according to a new report from real estate analytics firm Adam.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
New York brokers told Bloomberg that wealthy parents helping their kids flex on their friends was the primary driver of the jump. This highlights a couple of trends. Number one, at this point, you probably can't afford to buy a Manhattan property, especially in a desirable neighborhood without generational wealth.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
In 2024, the median sales price in the borough was $1.1 million, with all cash sales accounting for 60% of purchases. And number two, that the great wealth transfer is picking up steam.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
As we learned in the previous story about family business succession plans, the great wealth transfer is what economists have called the exchange of $124 trillion from boomers to their kids over the next two decades. And it's playing out in real time in the West Village, which is being invaded by Nepo babies.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
My final number is $2 billion, which is the value of iPhones that were airlifted to the U.S. from India in March. If that sounds like a lot, it is. The iPhone shipments marked an all-time high for a single month and roughly the same as the total number for January and February combined. At least six cargo jets were used in Operation Beat the Tariffs.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
The mythical utility player they can pitch, catch, sprint to first without pulling a hammy.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
Because that's what this rush was all about, President Trump had signaled on April 2nd he would be imposing reciprocal tariffs on the U.S. 's trading partners, so Apple wanted to get ahead of whatever was announced to make sure enough iPhones were on U.S. soil.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
Turns out it was a savvy play because Trump hit India with 26% tariffs and eventually 145% tariffs on China, the two countries where Apple makes iPhones. Later on, smartphones were exempted from Chinese tariffs for now, and India tariffs were also rolled back. But the Apple iPhone airlift shows how companies are scrambling to stockpile inventory in the U.S. given all the uncertainty around tariffs.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
Yeah, another indication of this is the pharmaceutical industry. We've talked about it on the show that there might be pharma tariffs coming. Pharmaceutical products imported to the U.S. in January and February was $37 billion compared to $31 billion during the same period last year.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
So if you're on a plane from China or India or Europe to the United States, there's probably a lot of freight alongside you. Let's sprint to the finish with some final headlines. What is this? A smuggling ring for ants? Why, yes. Yes, it is.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
On Tuesday, two Belgian teenagers pleaded guilty to the illegal possession and trade of wildlife in Kenya after they were accused by authorities of trying to smuggle thousands of ants out of the country to sell as pets.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
The 19-year-olds were arrested earlier this month after being found with more than 5,000 ants packed in test tubes stuffed with cotton wool that would allow the ants to live for months. One of them asked for leniency, saying, We did not come here to break any laws by accident and stupidity. We did.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
The Kenya Wildlife Service has called it a landmark case that shows how the wildlife trafficking trade has shifted from larger trophy animals to smaller, more exotic species. Toby, these aren't your standard ant farm ants. They had a street value of $7,700.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
The Barista Lovers Version 2 is especially versatile, incredibly velvety, frost like a dream, blends like it's made for cafe level lattes because it was.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
The biggest problem was he wasn't even there. I mean, one fan who did go told a Las Vegas news outlet, when I go to the Tom Brady experience in Boston, Tom Brady's there. And so they were wondering where Mr. Beast was. And when you're not there, you can't sort of directly, you don't have control over the experience. So you get things like a miserable goodie bag.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
You have one traveler complained of a $63 cocktail. Which sounds outrageous, but when you think about it, Las Vegas, that could happen there. So overall, a miserable experience for these people. Very much a Mr. Beast fire fest and a PR debacle that he's trying to clean up.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
Well, they said that they're either looking at a new chemical process that no one has ever seen before, or they're witnessing the first signs of biological activity outside of Earth. So kind of mind-blowing to think about. It also makes me think that, you know, We've hyped up this first encounter between humans and aliens, and it's probably not going to look like it does in the movies.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
Unfortunately, they probably won't descend from a UFO. It'll probably look a little more like this, like a peer reviewed report in the Astrophysical Journal letters. So, you know, that is just something to look forward to whether whenever we can form or deny this alien report.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
More dimethyl sulfide than I've ever seen for sure. Okay, let's wrap it up there. Thanks so much for starting your morning with us and have a wonderful Thursday. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. We want to hear all your alien theories. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
Our associate producers are Olivia Graham and Olivia Lake. Scoop Stardaris is on audio. Hair and Makeup welcomes our alien overlords. Devin Emery is our president. And our show is a production of Morning Brew.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
Let's run it back tomorrow.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
Every single day, there's a new company that's caught in the crossfire of this trade war. Yesterday, we led the show with Boeing. Now, it's Nvidia. This is a much bigger player, much bigger bargaining chip. By all accounts, this was a big surprise for Nvidia. Jensen Huang, the CEO, went to Mar-a-Lago earlier this month, had dinner with Trump, and talked about that $500 billion investment.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
He was under the impression that these age 20s that they made specifically for the Chinese market were going to be exempt from all of the trade war chaos. So they went to all their Chinese clients like Alibaba, ByteDance and Tencent, said, don't worry about it. We're still going to get you your age 20s. This has all been cleared up.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
And then earlier this week, they were completely blindsided by this new ban. And that's why, you know, the stock tanked. It surprised investors as well. And Nvidia stock, after soaring more than 200 percent this year, is down, you know, about 20 percent this year. It's just been been rough sledding so far in 2025.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, the gigantic economic stakes of the Harvard versus White House feud.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
But the problem is the U.S. government considers the sale of semiconductors to China in order to power their AI models a national security concern. This ban on chip exports did not start with the Trump administration. It started with Biden back in 2022 when they curbed the sale of the highest end chips to China.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
china because we had this thing like deep seek earlier this uh earlier this year where this ai model performed as good as chat gpt or other american-made models uh on a lot less firepower they probably it seems that they trained them on the h20 so from the us government's perspective whether it was a democratic or republican administration they're saying sorry nvidia i know you know you are going to have your business curd but this is a national security priority for us because we need to win the ai race against china
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
The country's wealthiest university and the White House are locked in a knockdown drag out fight and the economic stakes could not be higher. On Monday, Harvard University made the surprise decision to reject the Trump administration's demands that it change how it operates, saying that appeasement would compromise its educational mission. and overall independence.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
Other schools like Columbia, who have been targeted by the government this year, have given in to the demands so that Harvard took the gloves off was somewhat of a landmark moment signaling a more adversarial approach. Retribution came fast with the Trump administration responding that it would freeze $2.2 billion in funds that had been awarded to the school for research.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
Now the two sides are digging in for a potentially long legal conflict over the $9 billion in total the government directs toward Harvard. Depending on how long it lasts, the showdown could have significant repercussions for the economy of greater Boston, where Harvard is based, and along with other research universities there, is the primary economic engine of the region.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
Harvard is the fourth largest employer in the entire state of Massachusetts. And a funding freeze would deal a blow to sectors like life sciences and biotech that have flourished in Boston because of all the talent and research breakthroughs cultivated at the colleges. So Harvard is in no doubt feeling the financial squeeze with $2.2 billion and potentially more cut off.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
But Toby, it has been preparing for this moment for years.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
Tap, tap. Is this thing on? Can you hear me? Okay, just checking because yesterday was a different story. Spotify suffered a widespread outage from about 6.20 a.m. Eastern to nearly noon, frustrating all of us who wanted to listen to podcasts or our day list in the morning. I'll say it, Toby. I was pretty much useless without my obsessed Pink Pilates princess early morning jams.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
Yeah. So this when people were learning about this story and I was too, I was wondering, well, I thought this was a private school. Why is the government sending $9 billion toward Harvard? And, you know, it sends a lot of money toward other research institutions. institutions as well. And it goes back to World War II. The U.S.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
government said, you know what, I think maybe we should outsource this whole research and development and innovative thing. Maybe colleges and universities do this better than we do. So it started funding schools for research purposes. That grew over the course of the past few decades to the point where schools are now getting billions of dollars in funding.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
And it's sort of a I scratch my back, you scratch I scratch your back, you scratch mine. I'm going to outsource all this R&D to you by giving you billions of dollars in order to conduct research and create companies through all that research and innovation.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
At the same time, you are going to produce really high-level talent and people with skills so that they can create companies and breakthroughs that will lead to the overall growing of the U.S. economy and local regions to flourish in the greater Boston area. So it's this partnership, this symbiosis that has worked for the past few decades. Now we're seeing some major fissures here in 2025.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
The two things to watch here are whether other universities follow in Harvard's footsteps, leading, you know, showing defiance to the Trump administration, which might lead to more funding cutoffs. And also the status of of Harvard as a tax exempt entity.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
Yesterday was reported that the administration is moving to revoke its tax exempt status, which is given to charities, churches, universities, so they don't have to pay taxes. federal income or property tax because they're in this umbrella of a nonprofit where you're conducting things that are for the greater good. So they give you tax exempt status.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
And now the Trump administration is looking to revoke that, which would be a huge escalation and lead to even longer legal battles.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
Yeah, the trade war has moved to TikTok. I think you're right to pour a little cold water on this. A number of brands have come out, like Lululemon, saying that the videos are just not real. This guy said that, hey, I'm looking at the Lululemon factory in this town in China, and they're like... We don't make anything in those factories.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
Many of these brands have NDAs with their contract manufacturers in China. So if a manufacturer is saying that they work with Lululemon or Louis Vuitton or Hermes, they're probably lying because they're under contract to not disclose that. So I would say if you're using DHgate, go ahead. But you are probably just buying a dupe, not a real thing.
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Nvidia Stock Falls in US Brawl with China & Harvard's $2.2B Fund Freeze
If you're planning to do business abroad, you've got to make sure your finances are in order. That's where Wise Business comes in. Wise Business is the account for doing business in other currencies.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, stocks had their best day since right after the election. Who's responsible for Wall Street's surprise party?
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
On January 7th, the first night of the wildfires, the Palisades blaze came within a Toby's length of the Getty Villa's eastern walls, threatening the 40,000 antiquities and other priceless treasures left. contained in the museum, but it never got closer.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
Some might call it a miracle, others, more correctly, would say it's a result of meticulous, decades-long planning to combat this exact thing from happening. When the villa opened in 1974 in the hills north of Los Angeles, it was constructed with fire-resistant concrete and tile roofs.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
The expansive grounds are dotted with oak trees and acacia shrubs, which are less likely to ignite than other vegetation because they absorb lots of water, Both of the museum's two campuses have a water tank on site, and resources aren't a constraint. The Getty is the U.S. 's richest museum, boasting a $9.1 billion endowment, and they put that money to good use. This place is a fireproof fortress.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
That's a good trivia that it has the largest endowment, over $9 billion. It's a pretty spectacular place, and the views are incredible, and just the entire setting is amazing. So we're happy that it's standing. For my final number, we've got our first box office flop of the year, folks. Better Man, a biopic about the British pop star Robbie Williams, brought in just $1 million at the U.S.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
box office in its debut weekend, which is not enough to cover its enormous $110 million budget. If you're thinking, Robbie who? Well, that is the problem. Robbie Williams is a household name in Europe, having rose to fame in the boy band Take That in the 90s before having a spectacularly successful solo career. But he's unheard of in the U.S.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
Of the 75 million albums he's sold globally over his career, only 700,000 of those were in the United States. So it was always going to be a tough sell. And I haven't even gotten to the strangest part of the film. In the movie, Williams is represented by a CGI monkey, hence the high production costs. It's meant to be a metaphor for Williams claiming that he is less evolved than other people.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
Toby, the reviews of this movie were actually fantastic. positive. 88% on Rotten Tomatoes and it's directed by the guy who did Greatest Showman. But the gamble that Americans would care about a singer they've never heard of being played by a digitally rendered monkey did not pay off.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
I wanted to do the gotcha moment. Anyway, people, you should stream some Robbie Williams later today. Toby and I were jamming out to Angels yesterday.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
All right, let's bring to the finish with some final headlines. Turns out putting your products inside of cases that only an employee can open will cost you business. That's the aha moment Walgreens CEO Tim Wentworth had earlier this week when during the company's earnings report, he acknowledged, quote, when you lock things up, you don't sell as many of them.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
We've kind of proven that pretty conclusively. Wentworth said that anti-theft measures like locking up goods and increased security has not been effective, and the retail pharmacy is looking for new, creative ways to prevent what's known as shrink, calling it a hand-to-hand battle.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
You can set up and fund your account in under five minutes.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
There has been a lot of hysteria around adding AI to dating products, and Hinge's owner Match Group said it was going to invest $20 to $30 million in these features. There was a lot of backlash saying, oh, we're just going to have AI dating AI, but So improving prompts like this, I think, is actually a good use case for AI.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
And I think people will use it to become less basic and stand out more because there are so many times you scroll by and you see, oh, what do you know? What's your what's your plan for Sunday? F1 in brunch. What do I want to do this year? Travel more. What's a fun fact? Oh, otters hold hands so they don't drift apart. That was pretty cute, though. I like the otters holding it.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
But once you see it 5,000 times, you get a little immune to it. So I am pretty bullish on AI helping people develop more unique prompts in this case. Apple's still got its marketing fastball. Ahead of the highly anticipated season two premiere of its office drama Severance, the main cast members, including Adam Scott, acted out their roles inside of a glass cube that
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
not to mention their AI research assistant, Alpha, which helps you make sense of it all.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
at New York City's Grand Central Station during Tuesday afternoon's rush hour, startling and amusing commuters. This spread widely online, and people generally loved it, and the stunt certainly feels like a breath of fresh air after those brand collaboration overloads of Barbie and Wicked.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
Maybe the best part was seeing Ben Stiller, who directs the show, there taking videos of the team on his phone like a proud dad.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
And always remember to check your gene pockets. Paid for by Public Investing. Full disclosures in podcast description.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
Well, first of all, Case of the Mondays is pretty clever. That didn't actually come to me until a few hours ago, and I was like, oh, that's what they're doing, a case of beer, Case of the Mondays. I think that is clever. I might have a pretty unpopular take here, and that is what is so bad about the Monday after the Super Bowl?
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
Like, how hard are you going at your Super Bowl party that you need to take the day off the next day? It's earlier. The game is earlier than every other Sunday night football game. How hard are you partying that you need to take the day off? You people are soft. I don't understand why there's been this huge movement around the day after the Super Bowl.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
Maybe for the host of the party, you have to clean up late into the night. But for the rest of us, I don't know.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
You do love it. I do love work, and I don't want to take a holiday around from anyone. I think we should all work less.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
But I'm saying this particular movement around the day after the Super Bowl, maybe our efforts could be directed elsewhere to getting some shorter Fridays because I just feel like that's more valuable than the day after the Super Bowl because, I don't know, I'm not drinking a lot. Let's wrap it up there. Thanks for starting your morning with us and have a wonderful Thursday.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
For any questions, comments, or feedback, send an email to morningbrewdailyatmorningbrew.com. And if you find the show entertaining or useful, please share it with your friends, family, or coworkers. It'll go a long way to reaching our goal of catching up to Alex Cooper. As always, Toby is here with a sharing wreck.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
So here I am now hounding you to do the same. Let's roll the credits. Emily Milliron is our executive producer. Raymond Lute is our producer. Olivia Graham is our associate producer. Uchenua Ogu is our technical director. Billy Menino is on audio. Hair and makeup has four dates lined up already thanks to AI. Devin Emery is our chief content officer and our show is a production of Morning Brew.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
Great show today, Neil. Let's run it back tomorrow.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
Let's go back to 2023. JP Morgan posted the biggest profit of any lender in the history of American banking. And then in 2024, it followed that up and crushed those numbers. It scored 58.5%. billion in profits, which was up 18% from 2023's 49.6 billion. It's the first time that any bank in American history has broached, breached that $50 billion profit mark.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
Before we get into the business news, there were some major developments in global politics yesterday. After 15 months of devastating war in Gaza, Israel and Hamas agreed to a long-awaited ceasefire brokered by the U.S., Qatar, and Egypt.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
Times are so good for American banks right now. They had been good last year. They'd been good since we've been coming out of the pandemic and now they're looking ahead to the incoming administration, deregulation, rolling back of some rules that had constrained them. They're seeing animal spirits. They're seeing just so much more money coming into their coffers. They're seeing more deal-making.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
They're seeing companies finance more, to spend more. And so these banks reported absolutely incredible numbers.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
Still, what is going on with eggs? Eggs prices shot up 36 percent last year compared to 2023. It seems like it's the one item in the grocery store that just won't go down. It's because of that avian flu supply of chickens is down laying eggs. So It's tough for people who eat a lot of eggs. I think I've cut back on my egg consumption because of how expensive it is.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
It's a three-stage deal that will see a return of the hostages to Israel, a phased withdrawal of Israeli forces from areas in the enclave, and a surge in humanitarian aid to hundreds of thousands of displaced Palestinians. Both the Biden and and incoming Trump administration work together on the deal in a rare moment of cooperation, one official called almost unprecedented.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
So that's just like one sticky item that can't seem to come down because of unique trends in that particular industry. But overall, like you said, this was a promising report. It looks like Traders are going back to expecting a rate cut or two this year. Bond yields fell after that big run up that we had talked about. Stocks surged. So overall, a good day in the economy from CPI to bank earnings.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
FDA will no longer allow you to paint the food red. The health agency announced yesterday that it's banning the use of the artificial dye red number three, a popular food additive used in everything from veggie bacon to candy corn to make that color pop.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
The problem, two studies have linked it to cancer in male lab rats, and consumer advocates have mounted a years-long push to get it removed from human diets. They're quick to note that red dye number three has been banned in cosmetics for more than 30 years over the same cancer concerns. This rule will cause major food companies to reformulate their recipes if that wasn't in the works already.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
Like I said, red number three can be found in many aisles around the grocery store, especially in the baking one. More than a quarter of baking decorations and dessert toppings have the dye. 16% of chewing gum and mints have it. 13% of candy. 11% of cookies and biscuits. And that data is from an analysis by the healthy food app GoCoCo.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
The industry isn't making a huge stink about it because they're probably gearing up for more battles to come. Incoming Health and Human Services Secretary RFK Jr. has pledged to wage a war on big food and singled out colored dyes as a main area he'd target for removal.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
And you might think that having red food dye in your food is not necessary. OK, substitute it with something else. And they do have substitutes. But nearly 10 years ago, a bunch of major food companies, including Kellogg, took dyes out of American products. But there was a huge backlash when people poured Trix into their bowl and found that it just didn't pop like it used to.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
It was more natural coloring. And then all these companies backtracked on taking dyes out and put it back in. So maybe that's a little insight into our messed up brains where we really need to have very vibrant colors in our food. Or at least we've been tricked into thinking we tricked into thinking that we need very vibrant colors in our food.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
It's hard to imagine that there was a huge backlash, but there was. And in Europe, they've been dealing with, you know, very mellow colors in their cereal for a long time. In Europe, red dye three is banned. only in certain types of cherries can you use it, also Australia and New Zealand. So this is the US also catching up with the rest of the world.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
The first phase is set to go into effect on Sunday, but it needs to be approved by the Israeli cabinet first. And earlier this morning, that vote has been delayed as Israel accused Hamas of reneging on parts of the deal.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
Underscoring all of this is how John Deere has turned into essentially a tech company. It might surprise you. They have more software development engineers at Deere than they have mechanical design engineers. And when you become more of a tech company, there becomes more bugs associated with the software that is in these tractors and these combines.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
And that has led to an incredible amount of frustration with farmers who say they need to go to these authorized dealers. And oftentimes, particularly in the agricultural sector, time is of the essence. Days can make your yearly income because you need to harvest right now.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
And if your tractor is broken and you need to fix it right away, it can be so frustrating when you have to call up a John Deere authorized dealer and say, hey, do you have this part? And they say, No, we don't. Yeah, we'll get it for you in a few days. But you also can't take it anywhere else. And we won't teach you how to fix it yourself. So this is you're right.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
This has been a huge battleground for the right to repair movement. This is also the biggest enforcement action that the U.S. government has ever taken against a company over right to repair. They've issued smaller fines here and there. They put pressure on companies in other ways. But this is the first time the FTC has taken off the gloves and saying, We're suing you. We're taking you to court.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
And now Lena Kahn is leaving it to the next FTC chair to see whether he'll see it through.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
Welcome to Neal's Numbers, the segment where I share three stats from the week's news that will send your brain to its VO2 max. For my first number, the early numbers are in for New York's congestion pricing plan, and so far, so pretty good. The added $9 toll seems to be accomplishing advocates' goals of lowering vehicle traffic in Manhattan's core and decreasing driving times.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
About 7.5% fewer drivers entered Manhattan below 60th Street, the congestion zone, each weekday last week compared to January's of the last several years. Meanwhile, traffic times on inbound crossings like the Williamsburg Bridge and the Holland Tunnel decreased by 30 to 40% on average. That's 7.5% fewer drivers. It's not a huge drop-off.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
It's less than the 13% the MTA predicted for the first full year of congestion pricing, but officials say it's an encouraging start. And that's worth emphasizing. It's tempting to draw conclusions, but it's been just one week, and traffic could be influenced by any number of confounding variables, including the cold weather we've been having here.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
Still, anecdotal evidence shows that New Yorkers have reported faster commutes and less bumper-to-bumper in lower Manhattan.
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Big Banks Fuel Stock Market Rally & The FTC's Next Target... John Deere
Your stats professor would be very happy with you there, Toby. My next number is a rare piece of good news from the Los Angeles fires. The world-renowned J. Paul Getty Museum has stood intact despite flames reaching six feet from its walls.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, everyone is using AI to cheat in college, even the professors.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
The World Travel and Tourism Council, which represents the global tourism industry, warned that foreign travel spend in the U.S. is set to drop
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
from 181 billion dollars in 2024 to 169 billion this year the only country among the 184 analyzed that is forecast to see an international visitor decline this year the council attributed the drop to people staying away from the states due to the trump administration's policies such as tariffs and seemingly random tourist detentions But the downward shift in tourism has been happening for years.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
If this year's numbers bear out, it'd mark a 22.5% decline from the peak of U.S. international spending in 2019. COVID obviously throttled foreign travel in the subsequent years. Then a strong dollar made coming to America far more expensive than it had been.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
The council warns that a $12.5 billion gap could have serious and negative consequences for the broader economy given the outsized role tourism plays. Direct and indirect travel represents 9% of the American economy while employing 20 million people and generating 7% of all tax revenue collected by the U.S. government. Toby, grumbling about tourists is one of New York's favorite pastimes.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
What are we going to do instead? Yeah.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
For my next number, Pope Leo XIV has sold more commemorative trading cards than LeBron James, Victor Wimbanyama, and Paul Skeens. The trading card company Topps said that its run of trading cards marking the first U.S.-born pope has set an all-time record for any non-sports card under the brand. selling 133,535 units during a limited-time release from Thursday through Sunday.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
That's far more than LeBron's card when he topped 40,000 points, when Banyama's Rookie of the Year win, and pitcher Paul Skeen's when he won NL Rookie of the Year. And that's a fair chunk of change for Tops. These cards are priced at $9 a pop, a pope. with some discounts if you went bulk. Toby, this is another example of just how enthusiastic people have been over the first American Pope.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
It spawned its own cottage industry.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
My final number is one week, which is how long door to door a group of four friends will take to summit Mount Everest. Well, at least that's the goal. Later this month, these four ex-military Brits will try to speed run the Everest climbing process, hoping to accomplish something that typically takes six to eight weeks in just one.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
The way they're going to do it has never been attempted on Everest before, the Noble Gas Xenon. In January, a tour operator named Lucas Furtenbach said he could take paying customers up and down Everest in just one week if they inhaled Xenon gas prior to their journey.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
The idea is that inhaling xenon triggers production of red blood cells in your body, mimicking the acclimatization process to the high altitude that usually takes weeks. However long it takes, you cannot even begin to climb Everest, which towers more than 29,000 feet above sea level, until your body has adapted to the low levels of oxygen.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
Iterable fixes that. It replaces guesswork with real-time data-driven engagement so every message meets the customer exactly where they are.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
This super-fast xenon-aided attempt has caused quite a stir in the mountaineering community since Furtenbach announced it a few months ago. Some support it under the banner of innovation, but others say it's too risky and erodes the purity of the sport.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
The International Climbing and Mountaineering Federation has forcibly come out against the climb, saying according to current literature, there is no evidence that breathing in xenon improves performance in the mountains and inappropriate use can be dangerous.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
And you also don't want to think about what would happen if it doesn't succeed. But either way, if you're thinking of wanting to go on a trip with Zenon, it'll cost you. These guys are paying more than $150,000 each for a one-week trip up and down Everest. Good luck. Let's sprint to the finish with some final headlines. Starbucks baristas are mad at the company again.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
More than 1,000 have walked out at 75 U.S. stores this week in protest of a new dress code that went into effect on Monday. The new dress code requires baristas to wear a solid black top and khaki black or blue denim bottoms, an outfit that the company says will help those green aprons stand out and create a more welcoming environment for customers going into stores.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
Previously, baristas could wear a much broader range of shirts, including those with patterns. The employees who walked out say Starbucks is focusing on all the wrong things in its turnaround effort. As one in Hanover, Maryland noted, customers don't care what color our clothes are when they're waiting 30 minutes for a latte.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
Well, the first thing I look at with this NFL release schedule, which has become an insane event in its own right, and just speaks to the takeover of the NFL, not just in the fall, but over the course of the year. The fact that we're talking about the NFL here, it's May 15th. But the first thing you want to look at is the standalone games because it shows which
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
The NFL thinks that will draw the most eyeballs when there's nothing else on the standalone games. I'm talking about Thursday night games, Sunday night, Monday night holidays like Thanksgiving and Christmas. And there's three teams that get eight standalone games each. They are the Kansas City Chiefs.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
And you're probably bored of watching them, but they're coming back with eight standalone games and tied with them are the Washington Commanders and the tried and true Dallas Cowboys charity team. They are the biggest brand in the NFL and maybe perhaps in sports.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
But interesting to see the Washington Commanders, you know, get the same amount of standalone primetime special games as the Chiefs and the Cowboys. They just got this new stadium deal in D.C. They had a really remarkable season last year. They're doing the NFL draft in D.C. So maybe they're just hyping up the commanders ahead of those big events.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
Let's wrap it up there. Thanks so much for starting your morning with us and have a wonderful Thursday. The weekend is coming up, folks. Start making plans now. If you have any thoughts on the show, send an email with questions, comments, or feedback to morningbrewdaily at morningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
Our associate producers are Olivia Graham and Olivia Lake. Garrett Peck is on audio. Hair and makeup is out with altitude sickness. Should have inhaled that xenon. Devin Emery is our president, and our show is a production of Morning Brew. Great show today, Neil. Let's run it back tomorrow.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
Boeing has lost money every year since 2019. This was once a manufacturing powerhouse, the gold star of United States production, our biggest exporter, and they just suffered so many crises one after another. There's a new CEO who came in last year, Kelly Orberg. He came out of retirement just like So many other CEOs turn around struggling, iconic companies.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
Finally, vindication for Nicholas Flamel. Alchemists everywhere are hooting and hollering after scientists announced they successfully turned lead into gold. This isn't medieval sorcery or abracadabra. It happened at CERN's Large Hadron Collider, where physicists sent beams of lead whizzing right by each other, creating an
Morning Brew Daily
Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
And it seems like he's doing a pretty good job. Shares are up. Their most shares are up at their highest level in 15 months. They just landed their biggest order ever. Ortberg sitting there being like, I think I'm doing a good job. The board is probably happy with him as well.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
And we'll see what happens with this Air Force One Palace in the Sky Qatar 747. Boeing might... In a very ironic twist of fate, Boeing might actually want Trump to accept this gift because estimates are that it would cost over $1 billion to retrofit this plane into an Air Force One because Air Force One is considered the most expensive. complicated aircraft on the planet.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
It needs a mid-air refueling system. It needs all of these communications whiz-bang gadgets because it really is a situation room in the sky. It needs nuclear deterrence. So there's all these things that need to happen with this plane. Well, guess what? Boeing made the plane, and probably they would be tasked with retrofitting it.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
There still seems like there's a long way to go to say whether Trump would actually accept this gift as a plane. It would take many years to turn it into Air Force One, possibly, before You know, they get their other jets ready. So a long way to go with Boeing and this Air Force one. But yes, that this order of over 200 planes by Qatar is a big deal and another win for Kelly Ortberg.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
And it is long, long, drudging twist to turn around this company. The school year has all of a wrapped up at most U.S. colleges and universities, and students are headed to their summer lifeguarding jobs and internships after a long semester feeding their assignments into ChatGPT. I mean, hitting the books.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
No, actually, I meant it about ChatGPT because new reports out recently highlight just how pervasive AI chatbots have become on college campuses. Among students... but also their professors. Higher education is in technology-induced chaos and might be slowly devolving into bot-on-bot instruction AI graders analyzing AI-written essays.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
In a New York magazine piece called Everyone is Cheating Their Way Through College, students acknowledge that they and everyone they know is cheating their way through college by having ChatGPT or other AI tools do their homework for them. One student in Utah summed up the vibe by saying, college is just how well I can use ChatGPT at this point.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
electromagnetic field that ejected three protons out of lead atoms, turning them into gold atoms. Unfortunately, no one is getting rich off of this. According to the register, the gold transformation lasted for about a microsecond and weighed less than a fart in a vacuum.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
Many predicted this when ChatGPT was released in the fall of 2022. Toby, you labeled it the most powerful cheating tool ever created, and it has lived up to that promise. Usage took a big dip during the summer of 2023 when kids left school, and the same pattern occurred in 2024.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
College administrators and professors are miles behind the eight ball, unable to create effective policies around AI usage or enforce them when it's clear someone is cheating. An opinion piece in the Chronicle of Higher Education warned of a quiet disaster unfolding in college classrooms around the country. Toby, this is the Wild West.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
Numbers are absolutely growing in a national survey of more than 1,800 higher ed instructors last year. 18% described themselves as frequent users of generative AI tools. They did the survey this year again. That percentage nearly doubled. So professors are wising up to the fact that they could use AI in addition to students in order to make their lives easier.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
And I'm just thinking of, you know, if I was a teacher and I wanted to see whether you read the first couple chapters of Great Gatsby, I'd probably ask ChatGPT to make a quiz that asks whether you read Great Gatsby instead of me making it. Obviously, there is a line to toe that students are, you know, very happily to blow past.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
The only winner here is OpenAI and other AI companies where they're sending marketing materials to students and professors being like, hey, use our AI chatbots, and we see usage go way up during the school year.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
If I was interviewing a comms person for my company, I'd probably use this as a case study. I'd say, okay, You know, we made the decision to go from HBO, from Max back to HBO. You know, you're going to get roasted all around the Internet. What is your game plan? How to develop a comprehensive strategy from a corporate comms perspective to make this the least embarrassing it could be? I think
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
HBO Warner Brothers did a pretty good job at this. They released the ultimate spin zone corporate statement to get ahead of this. They called the decision a testament to Warner Brothers Discovery's willingness to keep boldly iterating its strategy and approach, leaning heavily on consumer data and insights to best position itself for success.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
And then on social media, they went in the complete other direction, kind of roasting themselves in multiple, multiple posts on X, sort of acknowledging just how ridiculous this name changing branding exercise has become.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
Wise Business can be that friend for your global business. Wise makes it easy for you to process payments, get paid, and manage your money internationally.
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Boeing Scores $96B Deal with Qatar & ‘Max’ Gets Its ‘HBO’ Back
Welcome to Neil's Numbers, the segment where I share three stats from the week's news that will help you turn any lead conversation into golden banter. My first number is $12.5 billion, which is how much the U.S. is projected to lose in international travel spending this year.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
The analysis found that workers tend to put in longer hours in the months of August and December, which they suggested could be times when people feel the need to catch up after vacation or rush to hit year-end targets. Toby, 4.39 p.m., that is plenty of time to sneak in nine holes before sunset.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
ActiveTrack did say, quote, these are healthy numbers. And they also noted, interestingly enough, that weekend work is on the rise. So people are just spreading out their work over seven days rather than five. For my next number, drivers are getting fed up with all the whiz-bang technology. Automakers are infuriated. using into new vehicles.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
In a recent survey of new car buyers by Strategic Vision, just 56% said they had positive feelings about the intuitiveness of their car's controls, down from 79% a decade ago. Perceptions of new features like dashboard displays and screen interfaces plunged by a similar amount, according to the Wall Street Journal. Many complained that car makers are trying to fix something that wasn't broken.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
Take the old door handle, for instance. You might have thought we hit peak door handle. You pull a lever, the door opens, great. Let's move on to innovating other things. But no, now many EV makers are equipping handles with automation and sensors that sometimes don't work in the cold weather. And that's been a really frustrating experience.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
Last year, owners of battery electric vehicles reported door handles being difficult to use at a rate of 3.1 problems per 100 cars. up from just 0.25 years earlier, according to J.D. Power, as one Volkswagen owner told the Wall Street Journal, just give me a normal door handle.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
For my final number, the largest conveyor belt in America is now in operation. No, it's not a new addition to the Wonka factory. It's a belt used by an oil field company to transport millions of tons of sand used for hydraulic fracturing. Known as the Dune Express, the conveyor belt stretches 42 miles from the tiny town of Kermit, Texas, all the way into New Mexico.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
That's longer than the width of Rhode Island. Atlas Energy Solutions came up with the idea a few years ago after realizing that hauling mountains of sand across the Permian Basin using massive trucks was inefficient and often dangerous for everyone on the roads.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
So they decided to create an alternative highway alongside the one used for cars, a conveyor belt that looks like a really boring roller coaster schlepping sand across the desert at 10 miles per hour. Why do you need so much sand for oil drilling? Well, fracking requires liquid to be pumped into the ground at very high pressures to create holes and release oil.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
Companies use sand to make sure the holes don't close in on themselves while they're being pounded with water, oil and gas. Toby, what in the Lisan Al-Gaib is this monstrosity?
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
And I said it's the world, the longest conveyor belt in the United States. It is, in fact, not the longest conveyor belt in the world. At 61 miles, there is a conveyor belt in Western Sahara on the northwest coast of Africa that carries phosphorus from a mine. And that is the longest conveyor belt in the world. That is a long one.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
I think I know a particular YouTuber who might take you up on that challenge. Okay, let's sprint to the finish with some final headlines. One day after President Trump imposed 25% tariffs on steel and aluminum against all the U.S. 's trading partners, the response was swift.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
Canada immediately slapped retaliatory tariffs on steel and aluminum and said a levy on an additional 30 billion dollars in U.S. goods, including computers and sports equipment, would go into effect today.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
Meanwhile, the EU also announced tit for tat tariffs on the same amount of American goods and targeted iconic American industries such as whiskey, jeans and motorcycles, with up to 50 percent tariffs that go into effect next month. Jack Daniels maker Brown Foreman's stock fell 5% on the day, while Harley Davidson, ticker hog, dropped nearly 6%.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
If it wasn't clear before, the trade war is officially on.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
Yes, in a similar vein, the EU also targeted soybeans because they're grown in Louisiana, which is the home state of House of Representatives Speaker Mike Johnson. So these are very symbolic in nature.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
I like to know what's going on in the markets, okay? Who the up and coming innovators are.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
Everything's collapsed since this Amazon deal fell apart. I mean, $1.7 billion for this company sounds like a ton now, but it was going to happen until regulators, in Europe and the United States said that Amazon should not be able to buy this robot vacuum because of competition concerns. And also there were concerns that it would get all this data on your home when the Rubik comes around.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
And, you know, Amazon already has enough data as it is. They don't need any more. So after regulators blocked this deal, this company has absolutely collapsed. And in the next 12 months, it might not exist anymore. Finally, a scandal is engulfing the sport of ski jumping after two Norwegian gold medalists were accused of doctoring their suits in order to fly farther in the air.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
Marius Lindvik and Johan André Forfang were disqualified from a World Cup event that starts today after officials found added material in the crotch area of their ski suits following a whistleblower tip. It was extremely high-level manipulation, the race director said, adding that Norway's alleged scheme was absolutely by far the worst he's seen in his five years on the job.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
Toby, Norway has developed a reputation for having top-level integrity in sports. Now it's staring down crotch gate.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
Let's wrap it up there after you said something about crotches. Thanks so much for starting your morning with us and have an awesome Thursday. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. And if you're enjoying the show, share it with a friend, family member, or coworker. Toby, who should everyone listening share it with today?
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham and Olivia Lake are associate producers. Uchenna Waogu is our technical director. Scoops Dardaris is on audio. Hair and Makeup is riding the Dune Express. Devin Emery is our chief content officer. And our show is a production of Morning Brew. Great show, Daniel. Let's run it back tomorrow.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
Fine, I'll check out QQQ and I guess I'll figure out what my resting heart rate is too.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
I'm taking the W here. My portfolio. really needed this. Stocks stopped their three-day slide. A really nice change of pace after weeks of some pretty bleak economic data and surveys. We finally got some encouraging news here with inflation growing at its slowest pace in four months. That steady, bumpy decline that we've been seeing over the past few years is still continuing apace.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, the average workday is shrinking.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
We'll see what tariffs and other measures have in store going forward. But But right for now, inflation is still coming down, and I think we should celebrate that.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
Yeah, Jerome Powell gave a speech last week. He said he wants proof that inflation is moving sustainably lower. One month of cooling inflation, such as we saw, lower than expected, is not necessarily any definition of sustainably. So the Fed is meeting next week. They are expected to hold interest rates steady. Bets did rise of an interest rate cut in June, but that is a long time from now.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
There is a lot of policy shifts and new economic data that will come out in the interim, so again, wait and see. Moving on, this week CEOs of major food companies met with Health and Human Services Secretary Robert F. Kennedy Jr. and were given an ultimatum. Either you get rid of artificial dyes by the end of Donald Trump's term, or I'll do it for you.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
The ultimatum was delivered during a Monday meeting that included the chief executives of General Mills, Pepsi, Kraft Heinz and more. They were told it is a top priority of this White House to make the American diet healthier by removing potentially harmful ingredients. Food dyes that make your Cheetos, neon orange and Kool-Aid strikingly red have been a target of health advocates for years.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
But the movement has gotten a huge boost from RFK, who originally ran for president under an agenda to make America healthy again. RFK has called out food companies for, quote, poisoning Americans. And according to the Consumer Brands Association, during Monday's meeting, he made clear his intention to take action unless the industry is willing to be proactive with solutions.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
The government has already begun taking steps in this direction, with the FDA last year revoking its authorization of artificial dye red number three due to possible cancer links. A number of states, red and blue, are going even beyond that, sprinting to ban even more artificial additives. Toby, the wind is behind the sails of the artificial dye removal movement.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
Now, these companies have to figure out what their next moves are.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
Does Vanna White have the best job in the world? On a recent radio appearance, the Wheel of Fortune co-host delivered the shocking news that she works just 34 days a year, meaning she gets 331 days off. And the pay is pretty good, too.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
So how important is artificial dye, that neon cheeto color, to sales? Are we humans so obsessed with these very bright colors that it's so important for food companies to include them in their products? Well, if you go back through history, there are maybe some mixed messages. General Mills took artificial food dye out of their cereal in 2016. That includes Trix.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
What they found was that people will not buy Trix that has muted colors. A year later, they put the artificial dye back in their cereals, back in Trix. So that was a warning sign to the industry. Then again, for every Trix debacle, there is a Kraft Heinz product. success story.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
Kraft Heinz also that year took out artificial dye from their mac and cheese, and that didn't seem to affect sales at all. So we really don't know exactly how obsessed consumers are with these artificial dyes. Maybe some mixed messages throughout history.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
After not getting a raise for 18 years, White reportedly negotiated a new contract that gave her a substantial pay increase above her existing $3 million per year salary. On the days she does work, it does sound pretty intense. The show films six episodes per day, which requires six wardrobe changes. Come on, feel bad for me, White said. Toby, do you feel bad for her?
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
This is kind of an admission by Niantic that they couldn't really find another success story after Pokemon Go. Pokemon Go is estimated to have brought in $8 billion in revenue since launching in 2016. Last year, it was the second highest grossing mobile game. But beyond Pokemon Go, this company, which spun out of Google in 2015, really hasn't been able to find another hit on their hands.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
So they're, you know, selling Pokemon Go and their other stable of games and pivoting to this geospatial AI sector where they want to essentially create large language models, chat GPT, but for locations and geography. So it is kind of acknowledgement that, hey, we captured lightning in the bottle here, but we couldn't find the magic anywhere else.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
And so here you go, Saudi Arabia, you want to get into gaming. Why don't you take it off our hands?
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
And Saudi Arabia is absolutely taking over the games world. They've earmarked nearly $40 billion to build an industry there. Last summer, they hosted the Esports World Cup, handed out $60 million in prizes. And then in 2027, they're working with the International Olympic Committee to host the first ever Olympic Esports Games. So the center of the gaming universe is shifting to the Gulf.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
So one day as I was scrolling the web, I got hit with an ad for patio furniture. Dude, I live in a small New York City apartment, not relevant. So if that's happening to me, imagine the incorrect spaces your B2B marketing could be ending up. If you want to reach the right professionals, start with LinkedIn ads.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
LinkedIn has grown to a network of over 1 billion professionals and 130 million decision makers. And in this vast pool of potential, you can target your buyers by job title, industry, company role, skills, seniority, and more if you can't believe it. If you think you're wasting budget on the wrong audiences, stop that.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
First and foremost, and start targeting the right people with LinkedIn ads instead. LinkedIn will even give you a $100 credit on your next campaign so you can take LinkedIn ads for a spin. Just go to LinkedIn.com slash MBD. That's LinkedIn.com slash MBD. Terms and conditions apply only on LinkedIn ads.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
We've talked about the cruise industry's growth over the past few years, and after learning about Virgin Voyages, it's clear why they're so popular.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
Some of them have a private terrace with a hand-woven hammock you can relax on while you enjoy the view of the sea. Plus, this year they're going to new places like Iceland, the British Isles, and San Juan. See what voyages you could embark on this year at virginvoyages.com or contact your travel advisor. That's virginvoyages.com.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
Welcome to Neal's Numbers, the segment where I share three stats from the week's news that will get you as intoxicated as St. Patrick's Day. For my first number, y'all are clocking out way earlier from work than you used to. The average American workday now finishes up at 4.39 p.m., according to a new analysis from ActiveTrack.
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Inflation Cools More Than Expected & 'Pokémon GO' Heads to Saudi Arabia
That is 36 minutes earlier than just two years ago when the average workday concluded at 5.21 p.m., The report shows how our work schedules are still shifting dramatically in the era of more flexible arrangements since the pandemic. Another interesting finding, seasonality matters a lot in how and when we work.
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Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
It's all super luxe. Virgin Voyages also hits so many interesting destinations. On top of exotic ports throughout the Caribbean, they're launching themed summer cruises to the British Isles, Iceland, North America, and the Mediterranean.
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Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
Book now at virginvoyages.com or contact your travel advisor.
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Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
More and more, people are looking for ways to chill out without the need for a corkscrew.
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Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
And Delta Beverages is leading the charge as the first THC-infused seltzer to go fully mainstream as an alcohol alternative.
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Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
With over 7,000 positive reviews and counting from actual Delta drinkers, you can get 20% off your first order at drinkdelta.com. That's drinkdelta.com. Welcome to Neil's Numbers, the segment where I share three stats from the week's news that will send you through the four stages of enlightenment before breakfast.
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Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
My first number is a milestone for YouTube and its quest for world entertainment domination. People are now spending more time watching YouTube on their TVs than on their phones or desktop. That stat was revealed by YouTube CEO Neil Mohan in his annual letter on Tuesday, who pointed out, not incorrectly, that for more and more people, watching TV means watching YouTube.
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Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
The platform has made tweaks that have nudged people to fire up YouTube on their big screens instead of another streaming service, or as the olds would say it, cable. It added a season feature that makes it easier to flip through series of your favorite YouTube show. It also adjusted the layout of the TV app,
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Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
to let you pull up the comments and descriptions on one side of the screen while the video plays on the other. And then there's the content itself. It's really good, and it's led by creators who are becoming the startups of Hollywood, according to Moen.
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Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
He mentioned the trickshot posse Dude Perfect, which is building a $5 million headquarters in Texas, as well as Hot Ones, perhaps the most popular interview series around today. Tobi, perhaps an inflection point for YouTube in its 20th birthday year.
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Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
I went to the dentist the other day, five forms, and don't even get me started on tax season.
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Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
I can't imagine this. I think there's two kind of people in this world. One who, for this, this seems very familiar, just firing up the YouTube TV app and watching YouTube on TV. And then there's me and the rest of the people are like, what? Like, I would never watch YouTube on my TV. I would watch it on my computer.
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Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
So maybe there's this bifurcation and we're becoming an extinct species, apparently.
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Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
And we'll sit down and watch those. We need to move on. We need to move on. Okay. My second number is from GoFundMe, which said that people donated more than $250 million on its platform to victims of the Los Angeles wildfire since they broke out in January. That is $20 million more than GoFundMe helped collect for all natural disasters globally last year.
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Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
That $250 million was sent by more than 1 million donors across 160 countries and it includes money for victims of the fires as well as charities that are helping on the ground like World Central Kitchen and the Salvation Army. It is an astronomical number and makes you feel pretty
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Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
good about humanity, but crowdfunded efforts will not remotely cover the full cost of the wildfires, which is projected to reach into the tens of billions of dollars. Still, proponents say GoFundMe campaigns can make a small but meaningful impact on people's lives and make up some of the gap not covered by insurers, the government, or the private sector.
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Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
As one man who raised $12,000 after losing his home in the Eaton fire said, it's definitely helped. Every little bit counts.
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Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
Thankfully, Wise Business knows exactly where that little red and white striped whippersnapper is hiding. They simplify everything.
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Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
For my final number, I wrote a little Valentine's Day poem for you all. Roses are red, violets are blue, but where do they come from? Miami International Airport. Yes, odds are if you are giving or receiving flowers on Valentine's Day tomorrow, they are coming from Miami International, which is the dominant hub for flower cargo in the United States, the AP reported.
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Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
90% of fresh-cut flowers sold on the holiday pass through Miami, while the other 10% arrive into Los Angeles. Flowers are MIA's top imported product by weight, with nearly 360,000 tons coming into the airport every year. Why Miami? Because it is a quick flight from flower-producing powerhouses Columbia and Ecuador, which provide approximately 86% of all flowers imported to the US by air.
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Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
And the air network is extensive. 12 airlines provide cargo service from Colombia into Miami, while nine airlines offer freighter service from Ecuador. From January 1st through Valentine's Day, it is pedal to the metal at MIA to offload flowers from planes and place them on trucks to send across the country for you to buy.
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Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
In the run-up to the holiday, officials expect that more than 1,500 tons of cut flowers will arrive each day at the cargo terminal, which is a 3% increase from last year's record-breaking year. Business is blooming.
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
And that's probably why Miami has established itself as the flower cargo hub is because they have these inspectors who live there and they built the infrastructure around it. You really think that was an all-time Neal's number? That was a good one.
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
I want your full list. Put it in the Mount Rushmore. Okay, let's sprint to the finish with some final headlines. President Trump announced a surprise phone call with Russian President Vladimir Putin, saying that they'll, quote, immediately begin talks to end the Ukraine war. The 90-minute chat broke years of silence between Washington and Moscow. It was the first official call between U.S.
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
and Russian presidents since Putin launched a full-scale invasion of Ukraine in 2022. It's unclear where all this leaves Ukraine, which could be sidelined in talks about its future and with less leverage in negotiations. Trump called Ukraine's Vladimir Zelensky after his talk with Putin, perhaps symbolic. A chat he said went very well.
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
Oil prices fell 2% on the news that there's been some significant movement in resolving the end of the war that shook up the global economy.
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
I don't think, I don't think we're doing the vest on there. We're just doing straight cowboy hats down in Texas. But the funny part of this is there's already competition for stock exchanges in Texas because there's another upstart exchange called the Texas stock exchange that just applied with the sec to register. So the finance, the finance sector is getting super hot in Dallas.
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
Unlikely that it will challenge New York for supremacy anytime soon. But you are seeing an exodus of companies from the Northeast, from California to into Texas, and you're starting to see some more of the capital flows there, head there as well. So interesting times in Texas.
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
I don't know whether we're going to see, you know, Wall Street in Dallas, but, you know, that sector is certainly growing down in the Lone Star State. A stunning scientific discovery was announced yesterday. Researchers said they discovered a neutrino in the Mediterranean Sea that packs a real punch.
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
It's carrying 220 million billion electron volts of energy, which sounds like something Derek Zoolander made up, but it is a real number and about 30,000 times the energy generated by the biggest particle accelerator, the Large Hadron Collider at CERN. It is believed to be the most energetic neutrino ever recorded on Earth.
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
Neutrinos, or cosmic messengers, are subatomic particles that are essentially weightless and devoid of electrical charge. They zoom around our universe like Dash from the Incredibles, slingshotted by what are known as cosmic accelerators, maybe a supermassive black hole consuming all the matter around it, or a huge burst of gamma rays.
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
So now the goal is to find just what astrophysical cataclysm sent this neutrino on its journey.
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
No comment. The fascination with this owl is like a foreign language to me. I don't understand, but you're right. This post went insanely viral, racking up tens of millions of views.
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
And then every other brand you can think of hopped in and had to chime in on the fate of the owl from Netflix, Pizza Hut, the World Health Organization decided that it was fair game to play in this sandbox with the owl. But again, another marketing masterclass from Duolingo, which has established this owl as one of the most beloved mascots, logos in the game right now.
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
And that's what, I mean, that's what planters did. They killed off Mr. Peanut before the Super Bowl, brought him back in baby form.
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
Okay, let's wrap it up there. Thanks so much for starting your morning with us and have a wonderful Thursday. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. And if you're enjoying the show, share it with a friend, family member, or coworker. Toby, who should everyone listening share it with today?
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Lonnie Fiscus is our technical director. Scoop Stardaris is on audio. Hair and Makeup can buy themselves flowers. Thank you very much. Devin Emery is our chief content officer and our show is a production of Morning Brew.
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
No, this is like the end of a Marvel movie where you think everything's going fine and then you see the next villain for the next movie and our heroes have to battle it out over the next installation in the franchise. And that's exactly what's happening here with inflation. The biggest monthly increase in one and a half years. You're right. Jerome Powell is like, well...
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
Hell no, I'm not cutting rates into this environment. We have strong job growth, low unemployment and really hot, hotter than expected and hotter than comfortable inflation. So the Fed is absolutely going to stay put and consumers are feeling the pinch right now with, you said,
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, a TikTok war has broken out between prebiotic soda brands, and the only winner is gut health.
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
pretty much every category across the board, especially those consumer ones, groceries, gas, airfares, prescription drugs, all went up significantly. And so this is what we're living with. There's no, the disinflation that has occurred over the past year and a half has hit a wall.
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
But just the expectation of inflation coming up could spur inflation itself. It's that self-fulfilling prophecy that economists warn about because say you're expecting inflation in the future, which we know U.S. consumers are. There was that big consumer expectation reading last Friday that showed a huge jump in inflation predictions because you're going to start
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
buying stuff now because it's only going to get more expensive. That drives more demand, that drives price increases. You're seeing this in the auto industry already. Trump has threatened tariffs, 25% tariffs on Mexico and Canada, which would, according to the Ford CEO, cause chaos.
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
in the auto industry, people are going to buy that car now if they're thinking about it over a three to six month span. You're like, why would I wait until maybe these tariffs come in and the price of a car is going to go up $3,000 on average. So just the expectation of inflation creates inflation itself.
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
Yeah, that 15 percent increase was the biggest monthly increase since 2015. And you already see large grocers like Costco, all these Trader Joe's limiting the amount that people can buy. So we really are in an egg shock, egg crisis right now. Startups named after things in the Lord of the Rings are upending the existing order in the U.S. defense industry.
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
You already know that Palantir, the military-focused data analytics company, was the best-performing stock in the S&P 500 last year. Now, Anduril, named after the sword that was reforged from the shards of Narsil in Rivendell, is making its move. The defense upstart is taking over Microsoft's $22 billion contract to make high-tech goggles for the US Army.
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
Known as the Integrated Visual Augmentation System program, it was supposed to equip soldiers with mixed reality headsets for things like identifying drones quickly or night vision capabilities. But Microsoft fumbled the bag over the past few years and now, pending Pentagon approval, will take over the project.
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
It's a breakthrough for Andrew Riel and its CEO, Palmer Luckey, who you maybe remember from founding virtual reality headset company Oculus and selling it to Facebook for $2 billion. In a blog post, he wrote that everything in his life has led to this moment, saying that he first recognized the combat potential for high-tech goggles when he was a teenager.
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
Get ready for a whole lot more Legolands in California. In response to President Trump's efforts to buy Greenland from Denmark, a satirical petition has been set up to raise money for Denmark to buy California. And as of yesterday, it's gained over 230,000 signatures.
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
If you think that sounds crazy, Lucky would agree with you. He wrote, Gandalf's hair just went from gray to white.
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
Yeah, I mean, the rise of Anduril has been pretty breathtaking. So Lucky founded it in 2017. That's three years after he sold Oculus VR to Facebook for $2 billion. That relationship did not go well, so he kind of got booted from Facebook, and then he started this other company. They are about to raise another round of funding at $28 billion. They are pledging to build...
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
A factory in Ohio that will cost them $1 billion. And this factory will produce the things that Lucky and the other defense upstarts think that the prime contractors don't do well and represent the new wave of army tech and how we fight wars, which is drones, AI, everything autonomous. They're looking at what's happening in the war in Ukraine and saying, This is the future of warfare.
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
And Northrop Grumman, Lockheed, Boeing, Raytheon, these companies are not prepared. The government procurement system is completely shattered right now. And we want to change what's going on. So they're banding with Palantir, OpenAI, SpaceX. They're forming, you might want to call it a fellowship. to bid on new contracts.
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
The goal, according to the petition's Swiss-French organizer, is to raise $1 trillion, give or take a few billion, to purchase California from Trump. and comment on the absurdity of the US wanting to buy Greenland. Toby, are the people ready for Disneyland to become Hans Christian Andersen Land?
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
And this is a massive market because the Pentagon spends $850 billion each year. So look out for these new defense tech companies. They raised a record amount of funding last year, $3 billion, and they are coming for these legacy defense contractors.
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
It has a lot of cash, and it's now locked in a TikTok fight with one of its main competitors, and this all started at the Super Bowl when Poppy bought a 60-second ad, so that's probably $14 million right now during the Super Bowl. You may have seen that. You may have not, but the real beef started when Poppy sent, and I might get Poppy and You're doing great so far. Very similar names.
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
But Poppy sent 32 vending machines full of their beverages to influencers. And these were like pretty fancy vending machines. And the idea was they would post on TikTok and Instagram and just blow up Poppy in accordance with their preferences. Super Bowl commercial, but that received a lot of backlash online. You know, some TikTok users are saying, why didn't you do a more community focused event?
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
This is just ostentatious, things like that. And then Olipop got in the comments for some reason, which we can talk about and kind of hyped up the backlash a little bit, saying that these vending machines cost twenty five thousand dollars and kind of added to the pig pile that was happening on Olipop right now. So it was
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
The prebiotic soda brands were fighting on TikTok over the past couple of days in a spat that has really captured the minds of a lot of people in the marketing industry.
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
There's a lot of money at stake. Do you think sending vending machines to influencers was a mistake in hindsight?
Morning Brew Daily
Anduril Scores $22B US Army Contract & Inflation Sours Rate Cut Hopes
Listen to this fresh take on cruises. Let's hear it. Virgin Voyages is not your average cruise line. Let's start with the food. You get access to more than 20 eateries on board with menus curated by Michelin star chefs.
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Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
Bold words, especially because I'm pretty sure it's data.
Morning Brew Daily
Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
You can even use your own phone with any Mint mobile plan and bring your phone number along with all your existing contacts.
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Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
Shop data plans at mintmobile.com slash morningbrew. That's mintmobile.com slash morningbrew. Upfront payment of $45 for 3-month 5GB plan required, equivalent to $15 a month. New customer offer for first 3 months only, then full price plan options available. Taxes and fees extra. See Mint Mobile for details.
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Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
Welcome to Neil's numbers, the segment where I share three stats from the week's news that will hopefully take your mind off of tariffs for just a few minutes. My first number is under six hours, which is how long it took one city in Japan to build an entirely new train station. And it's not just any train station.
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Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
It's the world's first 3D printed train station building, the railway operators say. It all went down a few weeks ago in the quiet seaside town of Arita. One night, the last train left the station at 11.57 p.m., and that's when they got to work.
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Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
Employees of the construction firm Serendix took the pre-painted parts, which had been fabricated elsewhere and shipped in four parts, and pieced them together using help from a large crane. By 5.45 a.m., when the first train arrived, they were done with the new station, which measures just over 100 feet.
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Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
well mostly done they still haven't furnished the interior with ticket machines and card readers so travelers won't be able to use it until july still the six hour 3d printed train station could be a blueprint for how japan and the rest of the world maintains railway infrastructure on the cheap and it's completely mind-blowing for those of us who watch san francisco take three years to install a public bathroom
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Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
Yeah, it's more of a hut than a station. But that's fine. Yeah, this train station serves, you know, 500 riders a day. But you do need to maintain it on the cheap. And maybe these 3D printed prefabricated huts or stations, if you will, will do just that. For my next number, and warning, this is not going to make you feel great.
Morning Brew Daily
Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
A study from researchers in a New Mexico lab found that the median concentration of microplastics in a human brain was about seven grams of plastic per brain, or in other words, as much plastic as in five water bottle caps or a disposable spoon. Some caveats, the researchers looked at 24 human brains from 2024, and there is a high degree of uncertainty because of the methods used.
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Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
Still, it was alarming to the scientists nonetheless. Toxicologist Matthew Campin, who leads the lab, told the New York Times, I don't think I've talked to a single person who said, fantastic, love to know that there's all this plastic in my brain. Campin and his team are on a mission to discover to what extent microplastics have infiltrated humans because it is rising at a breathtaking rate.
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Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
The human brain samples from 2024 had almost 50% more microplastics than brain samples from 2016, and it adds to other recent studies that have found microplastics in human testes, placenta, blood, semen, breast milk, and a baby's first stool.
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Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
The health implications of microplastics are not yet well understood, but a first step to getting to that answer is just simply measuring the amount of plastic in the body And it's an astonishing amount.
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Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
Polyethylene.
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Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
Okay, that is a dumb question.
Morning Brew Daily
Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
Okay, time for a palate cleanser. My final number is 100, which is how old the Great Gatsby is today. F. Scott Fitzgerald's Masterful Exploration of the American Dream was published exactly one century ago, April 10th, 1925, and has endured on high school reading lists and in culture
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Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
Till this day, even though many of you read it in your younger and more vulnerable years, the main characters will be forever etched in your memory. Nick Carraway, Daisy Buchanan, Jay Gatsby himself. And it feels like we're all still being watched by the blue and gigantic eyes of Dr. T.J. Eggelberg.
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Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
Lots of celebrations are planned, including the Empire State Building being lit green tomorrow night to reference the great Gatsby's green light, which no one still knows how to interpret 100 years later. two eggs because that's all I can afford. How are you celebrating?
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Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
Well, Tax Act is available 24-7, so summon away. It's built for whenever you want to file day, night, 3 a.m. panic session. Doesn't matter. What if I hit a wall emotionally or numerically? They've still got you. TaxAct's Expert Assist gives you access to real tax pros who can help with the tricky stuff no matter the time.
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Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
It truly is, and I'm so excited. And so are many people who got the chance to go to Augusta, Georgia. The Airbnb market is insane right now. 16,400 nights have been booked this week at Airbnb and VRBO. 11% higher than Master's Week in 2024 represents $8.5 million in booked revenue.
Morning Brew Daily
Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
There's a joke that goes around these neighborhoods saying that a family, you can rent your home during Master's Week and pay for that this year's mortgage that, um, that airport is also overrun with private jets. Everyone wants a piece of this golf course and this tournament and this event because of the mystique around it. And maybe one day we'll go.
Morning Brew Daily
Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
Yeah, it's a very interesting agreement with CBS and ESPN where they just say, like, let's handshake. You don't have to pay us, but we do have full editorial control. Final thing, Scotty Scheffler...
Morning Brew Daily
Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
who won last year gets to curate the champions dinner which takes place tuesday night and he gets to you know make up a menu and i want to hear you grade this he cheeseburger sliders firecrackers shrimp and meatball and ravioli bites for appetizers a texas style chili for the first course wood-fired cowboy ribeye or blackened redfish for the main course and then for dessert a warm chocolate chip skillet cookie seems basic first of all but also seems delicious
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Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
One more bad question, you're out of here.
Morning Brew Daily
Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
All right, let's wrap it up there. Thanks so much for starting your morning with us and have a wonderful Thursday. For any questions, comments, or feedback, please send an email to morningbrewdaily at morningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Our associate producers are Olivia Graham and Olivia Lake. Garrett Peck is on audio.
Morning Brew Daily
Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
Hair and makeup beats on. Votes against the current. Born back ceaselessly into the past. Devin Emery is our president, and our show is a production of Morning Brew.
Morning Brew Daily
Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, Trump paused most tariffs and the S&P 500 had its best day since 2008. Hope you bought the dip.
Morning Brew Daily
Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
The market did go ballistic. I mean, 24 hours ago, we were sitting here saying that retailers big shift away from China for their production to Vietnam. Malaysia had backfired spectacularly because now these countries were being hit with tariffs of up to 46 percent in the case of Vietnam.
Morning Brew Daily
Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
24 hours later, now that seemed like a much better bet because these tariffs have been mostly removed, just 10%. And you're seeing that in the share prices of retailers. Nike up 12%, Walmart up 11%, Lululemon 16% gap, 19%. The S&P 500's Consumer Discretionary Index had its largest gain since 2008. So those moves did seem to be okay after all. Another sector I want to point out is airlines.com.
Morning Brew Daily
Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
And that's because Delta earlier in the day, as these tariffs were supposedly in effect, said ripped up their full year financial forecast. They said demand is weak. We have no idea what the heck is going to happen because of these tariffs and its impact on consumer spending.
Morning Brew Daily
Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
A few hours later, its stock rises up 23 percent because there is a little more clarity, not a ton of clarity at all, but a little more clarity about the future direction of these tariffs.
Morning Brew Daily
Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
Analysts and economists coming out saying, well, this was very much a relief to markets. The damage is done. KPMG's chief economist, Diane Swank, said market relief is a head fake unless the administration makes a major course correction. Uncertainty is its own tax on the economy. Analysts at Deutsche Bank said something very similar.
Morning Brew Daily
Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
They wrote, the administration is finally signaling responsiveness to the very extreme market conditions. But even if the tariffs are permanently suspended, damage has been done to the economy via a permanent sense of unpredictability in policy. They're still...
Morning Brew Daily
Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
huge tariffs on place by the way 125 on chinese imports this is the largest economy in the world the u.s putting a 125 percent uh tariff on the second largest economy in the world trade is going to come to a halt between these two countries unless a deal is reached 25% on steel, aluminum, autos, and all goods not covered by the U.S., Mexico, Canada trade agreement.
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Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
10% on nearly all other imports. So there's still very, very heavy tariffs across the board. If you had said that at the beginning of the year that we would have 125% tariffs on China, 25% tariffs on Canada and Mexico, and 10% on nearly every single other good that is imported by the United States, you would have said, well, that is a lot of tariffs, and that is what
Morning Brew Daily
Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
Who among us hasn't left something valuable in an Uber? Maybe it was your phone or AirPods that you had to scramble to recover. Others leave a lot weirder things behind. Uber just released its lost and found index for 2025, which lists the most unique items riders left in cars. They include a mannequin head with human hair, a chainsaw, a live pet turtle.
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Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
these economists are saying is going to serve as an overhang for the economy going forward. In explaining his reversal on massive tariffs, President Trump pointed to the turmoil in the bond market specifically, which he said was getting a little queasy. So here's what's been going on
Morning Brew Daily
Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
over there and why it likely forced his hand since last weekend something very strange and very dangerous has been going on with u.s treasury yields they've been spiking in fact the 10 years four day jump through wednesday was the biggest since 2008. remember soaring yields equates to a bond fire sale because yields run inversely to prices This dynamic was rattling Wall Street.
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Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
Investors have always bought American bonds when the global economy gets jittery. Treasuries are the bedrock of global finance and probably the safest asset money can buy. So investors were feeling like they just entered the upside down in Stranger Things. Why the sell-off? Well, everyone has their own theory.
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Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
Some said it was being driven by highly levered hedge fund trades that were being blown up. Others hypothesized that large foreign buyers of treasuries like China and Japan were dumping them in retaliation for tariffs. And in the most pessimistic of scenarios, some claim that the selling of treasuries reflects a new era where the U.S. isn't considered the safe haven it used to be.
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Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
Whatever the cause of the bond sell-off, it was verging on a full-blown financial crisis that would require an emergency intervention by the Federal Reserve, and that would have been untenable for Trump. So according to multiple reports, the bond plunge, even more so than the stock plunge, led him to the 90-day pause because things were about to start breaking.
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Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
this is not the first time that a uh spiking yields or the bond market turmoil had led a world leader to capitulate on their uh big economic plans back in 2022 you might remember the new uk prime minister liz truss unveiled this new budget sweeping tax cuts A lot of borrowing from the government from the government to pay for that government bonds spiked.
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Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
It was a almost a full blown financial crisis. The Bank of England had to step in and she pulled that budget off the table and then later resigned. So the bond market is extremely powerful. The Bank of England in that case had to intervene and the Federal Reserve might have had to in a few days if things didn't calm down. And, you know, that seems to have forced Trump's hand.
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Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
10 live lobsters, a Viking drinking horn, a taxidermied rabbit, and someone's divorce papers. Toby, kind of wish I shared a ride with a person drinking from the Viking horn.
Morning Brew Daily
Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
Yeah, some in the industry are saying that this is a logistics revolution that we haven't seen in many years. And Zipline is at the forefront, which is remarkable because it's competing against huge players like Amazon, who's been trying to get drone delivery going for a decade, and Alphabet's Wing. That's under Google. So they have as much money in the world as they want.
Morning Brew Daily
Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
But Zipline is kind of this underdog that has come to be a leader. Fascinating company. They first started in Rwanda in 2016, delivering vaccines and other medical supplies over this vast expanse of Africa. And that's where they really cut their teeth. A 2023 study from the Wharton School found that Zipline's blood delivery service reduced deaths from postpartum hemorrhage by 51 percent.
Morning Brew Daily
Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
So, you know, in a area where delivery via road is not feasible, you know, these drones have been able to step in very successfully. And now they're going to an area where delivery on roads are feasible. And we'll see how many people start ordering via drones in Texas.
Morning Brew Daily
Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
Have you heard what's happening in Ohio lately?
Morning Brew Daily
Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
That's right. Since it's both a private and a nonprofit corporation, Jobs Ohio is uniquely positioned to give companies very hands-on support with complete confidentiality.
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Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
It helps that Ohio has the third largest manufacturing workforce in the U.S. and the cost of living is 5.8% lower than the national average.
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Trump Announces 90-Day Tariff Pause & Drones Deliver Your Packages?
Do you say data or data?
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Kyle Heggie. Today, the latest on the wildfires that continue to devastate Los Angeles.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
We just need to talk about quickly how many lemons Chick-fil-A deals with. This one facility north of Los Angeles receives 30 to 35 truckloads of lemons every day, each carrying 50,000 pounds of lemons.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
And actually what this automation allows them to do is use more of the lemon and squeeze more of the juice from it, not only literally but metaphorically, because they've started selling the scents of the lemon, the peels and all of the refuse that don't go into the lemonade to fragrance products. and perfume companies, so they're able to make money on the entire lemon because of these robots.
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Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
My second number is about the existential crisis facing one of the world's most famous industries, red wine in France. People are just totally bored of Bordeaux. They're saying no to noir. They're bypassing Beaujolais. Consumption of red wine in France has plunged about 90% since the 70s, according to a local industry association. And across all wines, consumption has fallen 80% since 1945.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
People in the winemaking business say that if these trend lines continue, there won't be a French wine industry anymore. Though the crisis has reached ahead now, it's been decades in the making with each successive generation drinking less wine than the one before it. Gen Z purchases half the wine volume of older millennials, preferring rosé, beer, liquor, or increasingly alcohol-free options.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
Kyle, for these wine producers to stay alive, they're going to need to pivot. White wine, orange wine, low alcohol wine can I love this idea of bringing people to their facilities, and I think you hit the nail on the head. So much of drinking, because of these trends we're seeing where generations are drinking less than the previous generation, has become very much about experience.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
And I think being able to drive experiences around alcohol is how people are going to win.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
I like both. Yeah? Yeah. I think in the winter months, I like drinking red. I guess I'm part of the 10% that is still drinking French wine, but truly a crisis. And it does seem like red wine is being impacted the most out of all the types, that heavily tannic one specifically. So it's just consumers change and this industry needs to change with it or else it will cease to exist.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
For my final number, the AHL's Hershey Bears just set a new record when they collected 102,343 stuffed animals as part of their annual teddy bear toss game on Sunday. It's part of a growing tradition in which sports teams, especially in hockey, host a game where people come in with teddy bears and throw them on the ice or field after the home team scores their first goal.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
The Hershey Bears say they donate the toys to 35 local and regional charities, such as food banks and autism societies. But 102,000 is just an astronomical number. You've got to check out the video to see the jubilation in action. There were about 10,000 people at this game, which means each person brought 10 stuffed animals on average to hurl on the ice.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
It also smashes the Bears' previous record of 74,000 stuffed animals collected at a single game last year. Kyle, in terms of sports rituals, the teddy bear toss is up there in terms of spectacle and impact.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
So the NHL is one of the few leagues that bans this practice because you're not allowed to throw anything on the ice, right?
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
So it started in 1993 with a Canadian hockey team and spread throughout the Canadian Hockey League and then went international, essentially. The record right now, Hershey Bears don't have it with 102,000. The record right now is a Polish soccer club who collected in a single game 109,000 470. So Hershey Bears, next time, let's beat the record from the post-soccer team.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
Let's get at least 110,000 stuffed animals. I love it. Let's sprint to the finish with some final headlines. Scrolling through Facebook Marketplace always turns up some surprising finds, but don't be surprised when you start seeing eBay listings.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
Meta said yesterday that it would now allow some listings from eBay to show up in its popular marketplace, sending eBay stock soaring to its highest level since 2021. Meta's not doing this to play nice with a rival. It was forced to by the European Union's antitrust arm, which found it was stifling competition by linking its marketplace platform to the main Facebook app.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
Last November, Meta was fined $821 million by the EU for this infraction.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
Remember MoviePass, the app that gave you unlimited access to movies at the theater for $10 a month? It seemed too good to be true because, turns out, it was too illegal to be true. The former CEO of MoviePass's parent company, Theodore Farnsworth, pleaded guilty to security fraud and conspiracy, which means he could face up to 25 years in prison.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
The DOJ alleged that Farnsworth ran a, quote, money-losing gimmick and knowingly made false statements like the fact that MoviePass's business model existed. in order to boost the stock price and attract investors. Sentencing is set for a later date. Kyle, this company was always fishy from the very beginning, but it was great for consumers.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
Well, I'm not paying full price for that. History will be made tonight when Penn State faces Notre Dame in the college football semifinals. That's because whoever wins this game, a black head coach will have a chance to win a national championship at the highest level of college football for the first time in history.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
Penn State is led by James Franklin and Notre Dame is coached by Marcus Freeman, who both acknowledge the significance of the moment and said they hoped it was an opportunity to grow the number of black coaches on college sidelines. College football has lagged other big-time sports in terms of black coaching representation.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
Very scary. I mean, apocalyptic, hellscape, out of a horror movie, the big one. That's what they're all, you know, those are the words that have been used to describe these fires. And you mentioned a couple of the fires. Well, a new one even broke out overnight in Hollywood Hills, causing even more evacuations. They're saying Sunset Boulevard, that iconic street, is just lies in ruins.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
The first Super Bowl featuring black head coaches was 18 years ago in 2007 when Tony Dungy's Indianapolis Colts defeated Lovey Smith's Chicago Bears. And in college basketball, four black coaches have won it all, the first being John Thompson's Georgetown team back in 1984.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
Well, James Franklin always has the knock on him that he can't win the big game. So we'll see if he can do that. We'll see. Tonight, I'm pulling for Penn State. If Toby lived in the Italian town of Belcastro, he might be in jail right now because the mayor of the village has banned residents from becoming seriously ill.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
Antonio Torchia recently issued a proclamation that people there are to avoid contracting any illness that may require emergency medical assistance. That sounds like a joke. It mostly is. The mayor said the ban on being sick was obviously a humorous provocation meant to highlight the lack of adequate health care in the economically depressed region, which sits on the toe of Italy's boot.
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Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
18 of the area's hospitals have closed since 2009, and the nearest emergency department is more than 28 miles away, serviced by a road with an 18 mile per hour speed limit.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
Okay, let's wrap it up there. Thanks for starting your morning with us, and have a wonderful Thursday. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenua Ogu is our technical director. Billy Menino is on audio.
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Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
Hair and makeup has been recalled for a software bug. Devin Emery is our chief content officer, and our show is a production of Morning Brew.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
It's even approaching that iconic Hollywood sign. And I think, you know, it just... It's very rare to have a wildfire of this size in an urban environment like Los Angeles and its environs. So, you know, early estimates—it's very early. These fires haven't even—they're still raging and even growing.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
Early estimates say that the damages and economic loss from these fires will be $52 billion to $57 billion. That's per AccuWeather. It will be one of the costliest fires on record, but also one of the costliest natural disasters in U.S. history. And let's talk about how this started. So Los Angeles is bone dry right now. It has seen a point one six inches of rain over the past eight months.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
While the country's focus remains on the fires in California, today the U.S. is also observing a national day of mourning and the funeral for Jimmy Carter, the first former president to live to 100. That means things won't totally operate as normal. U.S. flags will be flown at half staff starting today for the next 30 days. Post offices will be closed and most mail won't be delivered.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
And that's combined with the Santa Ana winds, which have which are 100 mile per hour gusting. So basically, Hurricane Katrina. level winds combined with bone dry conditions have led to the outbreak of fires in these areas. Meanwhile, climate change has its fingerprints all over this, what they're calling hydroclimate whiplash.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
Over the past two winters, Los Angeles has actually had a lot of rain before this one, which allowed a lot of this, you know, brush and grasses to grow. But that's basically fuel for the fire. So the fact that you go from Extremely wet conditions in one winter to extremely bone-dried conditions in another combined with the winds have led to this absolute devastation.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
Right. So I want to put some numbers to that. State Farm canceled. Let's talk. Let's focus on the 90272 zip code, which is at the central part of Pacific Palisades, which has been essentially burned to the ground. It's that wealthy enclave between Malibu and Santa Monica that has, you know, been suffered from the one of the biggest fires around Los Angeles.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
State Farm last year canceled 69 percent of its policies in that particular neighborhood, saying The business model just wasn't there. The wildfires were too frequent. We've seen insurers pull away from these, you know, at-risk areas all over. Meanwhile, so as State Farm pulls out, who do homeowners turn to for insurance?
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
There's something called the Fair Plan, which is California's insurer of last resort. It's doubled its size over the past— five years. In that particular zip code, coverage grew 85% between 2023 and 2024. So it is a massive test for the fair plan. There's a lot of questions about whether it has the resources and the know-how to handle these claims or has the money to service them.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
So we can see a massive cratering in the insurance market here with huge implications for going forward. But I think the big picture here is that life in Los Angeles has just become... unlivable at the current moment. Schools are closed. Businesses have closed. Businesses have been burned down.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
There's no sporting events, a bunch of Hollywood events that were set to go on like like premieres and the SAG Awards like just have been canceled. So utter devastation in Los Angeles. They say that the winds are dying down going forward into the week. So that is some good news. But there's no rain in the forecast. So it looks like the fires may
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
only continue to grow before we get a handle on them.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
And Kyle, you don't need to check your brokerage account because the New York Stock Exchange and the NASDAQ are shutting down to honor the former president, a tradition that dates back to Abraham Lincoln's assassination in 1865.
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Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
We need to talk about one of the most booming assets around. No, it's not Nvidia or anything related to Bitcoin. It's not a meme stock either. It's Fannie Mae, the 87-year-old government-backed home loan giant. After another 9.5% gain yesterday, it skyrocketed 250% since the election in November. Most of that is thanks to the promotional efforts of one guy, Bill Ackman.
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Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
the billionaire investor who has built a large following on social media. According to Bloomberg, Ackman bought Fannie Mae at an average of $2.40 a share and predicts it will be taking public next year at around $31. That would mint him a 1,200% return. But there's a long way to go. Fannie closed yesterday at $4.98 a share. Okay, so why is Ackman betting on Fannie Mae and why is it skyrocketing?
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Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
It is a bold wager that the incoming Trump administration is going to unwind government control of Fannie Mae and its younger rival Freddie Mac and list them on the stock exchange in the coming years.
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Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
It's a sort of pie-in-the-sky hope that would make a lot of hedge funders like Ackman really rich, but potentially roil the mortgage market and raise loan rates for homebuyers, concerns that have stalled these privatization efforts in the past.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
Kyle, I'm not even sure anyone knew this was a possibility, but huge, huge implications if the government were to decide to relinquish its supervision of Fannie Mae and Freddie Mac.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
That's absolutely
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
So the government took control of Fannie Mae and Freddie back post-financial crisis, essentially bailed them out. Now they own 80%. Yep. of shares that's the big problem here about pro making these private is how do you unwind the government position in these massive companies while keeping the mortgage market fluid liquid that's what they're supposed to do the idea is they buy mortgages
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
Fannie Mae and Freddie Mac buy mortgages that package them up into securities and then sell them to investors. That creates liquidity. Uh, and the fact that they're sponsored by the government makes them safe. They're essentially the American bonds, right? They're risk free assets, which allows this to happen and keeps mortgage mortgage loans from going loan rates from going through the roof.
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Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
So the question for privatization and it's been tried before and the Trump first Trump administration tried it. COVID disrupted plans. It, There's a big question looming overhead about how do you not completely send markets into chaos when you unwind these big government positions and make these companies private. So that's the big question facing this incoming Trump administration. It's unclear.
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Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
I know Bill Ackman wants them to because he stands to make so much money off this. A lot of other hedge funders do as well. But the big question is, how do you do this without messing up the mortgage market? And it's unclear whether the Trump administration will want to take that on.
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Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
That's their naming convention. I can't afford a car.
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Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
We're going to see. We saw the future of the car industry this week at CES in Las Vegas. It's turned into basically a car show at this point. You had Hyundai, Honda. These other automakers, BMW, go before this audience and show off the latest tech in their cars because that's the differentiating factor. We saw some absolutely crazy things. Interior lighting aimed at reducing motion sickness.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
Holographic dashboards. displayed on windshield. AI-powered voice assistants with these infotainment systems are coming to your car. These are absolutely coming. I know you think your car is pretty high-tech at this point. It's a long way from just turning a knob to turn down or up the AC. So that comes with a host of opportunities.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
It also comes with a host of challenges, like you were talking about, servicing and upgrading these cars. It's completely different than when you need to change a part, than when you need to debug a system or send an over-the-air signal software update like Apple does. Now cars need to have that capability. But the fact is the opportunity is massive.
Morning Brew Daily
Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
There are estimates that, you know, in a couple of decades, software upgrades will account for 40 percent of total automotive revenues up from 3 percent currently.
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Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
Up next, Neil's numbers. Welcome to Neal's Numbers, the segment where I share three stats from the week's news that will make you the most in-demand bar trivia player in your city. First up, they say when life gives you lemons, make lemonade. But when life gives you as many lemons as Chick-fil-A deals with, call in the robots to help make that lemonade.
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A report from Bloomberg found that a new robot army enlisted by Chick-fil-A to mechanically squeeze lemons has saved up to 10,000 hours of work a day across all of its locations and improved safety, too, because all that human squeezing led to many finger injuries. Should really have named this one Neil's Digits.
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Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
Anyway, the idea is to free up human workers from squeezing citrus and focus more on getting customers in and out of stores faster, something that every restaurant chain has at the top of their to-do list this year. Chick-fil-A's are even more packed than others, with the average location bringing in about twice as much in annual sales as the typical McDonald's in 2023.
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Historic Wildfires Engulf LA & The Biggest Problem with Cars is... Software?
Feels like the year that restaurant automation will take the next big step, whether it's Chick-fil-A's lemon squeezers, Sweetgreen's salad-making robot, Chipotle's avocado slicer, or Taco Bell and Wendy's using AI to take people's orders at the drive-thru.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
This is a big change because this is probably the most powerful page in all of entertainment just because of the amount of subscribers that Netflix has. So there's major implications for the industry because over the past decade, almost every single streaming platform that rolled out copied Netflix's homepage because why not do what the market leader is doing?
Morning Brew Daily
Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
So the fact that it is changing now, everyone is going to be paying attention to what they're doing. That little algorithmic change that you mentioned is fascinating too and is kind of informed by TikTok a little bit, the same way that people go on TikTok and say, wow, my algorithm really knows me. Everyone talks about their algorithm and how they built it brick by brick.
Morning Brew Daily
Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
Netflix wants that same experience to happen when you open their homepage where somehow it knows exactly what you want. in a real time. So it is a fascinating shift. Instead of just having these static tiles, they have more dynamic movies, more dynamic, you know, just feel and look in general with that algorithm powering everything.
Morning Brew Daily
Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
Now the fridge part is intriguing. Imagine opening the door and always seeing a gleaming carton of planted oats sitting there. Rich, creamy, smooth, like the oat milk version of heated floors.
Morning Brew Daily
Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
I've seen like all of billions without ever turning on billions on short form video.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
This data only goes up until March, too, so that doesn't even include the frenzy that happened after April 2nd, which was Liberation Day, but March was an insane month. Total imports exceeded $50 billion, which was the equivalent of 20% of all all pharmaceutical imports in 2024. So just in one single month.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
Then how about this crazy sad Ireland that you mentioned, which is the top drug exporter to the US, actually had a larger trade surplus with the US than China did for the first time ever. So that just goes to show you the scale of this and how they were trying to get ahead of this tariff madness.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
I mean, these are not luxury listing here. I mean, bottom third, these are not the top. properties. These are supposed to be starter homes. And it is just crazy to see some of these names pop up on the list.
Morning Brew Daily
Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
I mean, Nevada, Utah, Missouri, Michigan, Minnesota, New Hampshire, even Kansas is on this list, which just seems wild to think that there are places, there are pockets within Kansas that have million-dollar homes as the baseline, as the bottom third percentile. And you are seeing that manifesting in young people. A lot of young people are saying, we're just skipping starter homes altogether. We're
Morning Brew Daily
Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
Roughly two in three Gen Z renters say buying a starter home and upsizing later makes no sense anymore. Three in five millennial renters say the same. So we are hearing that from young people. Starter home is almost not even a thing anymore because in what world is a million dollars something that anyone can afford as their first home unless you're doing quite well for yourself.
Morning Brew Daily
Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
Now let's sprint to the finish with some final headlines. Mr. Beast is doing his part to raise literary rates in America by releasing a novel with one of the more prolific authors of our generation, James Patterson. The biggest YouTuber in the world is hoping his viral instincts and massive following can power as many book sales as video views.
Morning Brew Daily
Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
And publishers certainly think he's got what it takes. The New York Times reported that there was a heated bidding war to land this collab project. with offers pouring in in the eight-figure range. As for what the book is going to be about, it's about the most Mr. Beast-sounding thing you've ever heard.
Morning Brew Daily
Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
According to the New York Times, the novel will center on an extreme global contest in which 100 players compete to prove their skills by surviving life-threatening tests in dangerous locations around the world. Neal seems like he's literally copy and pasting the core themes of his videos, big prizes, crazy challenges, into book form and letting it rip.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
Get your hands on the oat milk that has it all. Visit planetoat.com for more.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
Yeah, Patterson is almost Mr. Beast of the book selling world. And I mean, you could take that derogatorily or you could take that like, man, this dude moves a lot of books because he does have this model where he's more of an outline guy at this point than actual author. He works with co-authors and he kind of acts as almost a director or a showrunner. He doesn't do much of the writing himself.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
So he's got his formula paired with Mr. Beast's formula. That is a lot of formulas doing their thing.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
The outline guy. I'm just the outline guy. There you go. Neil, it's time to start picking out our tuxedos because the Golden Globes is officially adding the best podcasting category next year. The awards show that has long focused on more traditional entertainment categories of film and television are branching out into podcasting.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
The category will feature six nominees chosen from the top 25 most listened to podcasts. So we've got some ground to make up. We just came off an election cycle where podcasts played a major role in shaping public opinions about the candidates. So maybe it was time for the audio medium to make its way into the big leagues of award shows, too.
Morning Brew Daily
Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
Husks up. I like it mainly because this was just a very long process for the club. They had four rounds of fan voting, 850,000 ballots cast, and they kind of had narrowed it down to a few names. One was the Venom, one was the Yeti, and it looked like the Yeti was getting a lot of momentum, but they ran into Husks. some trademark and copyright issues because of Yeti coolers, actually.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
And they were trying to work with Yeti a little bit, but it just didn't come to fruition. So they landed on a mammoth, which is interesting because Cronky Sports Entertainment, who owns the LA Rams and also the National Lacrosse League's Colorado mammoth, was very supportive of it adopting its name as well.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
They've been trying to find a way to create a new brand in a world where a lot of brands are already taken. So it is interesting that if you are a Mammoth fan, that doubles across the National Lacrosse League. and now the NHL as well.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
Great show today, Neil. Let's run it back tomorrow.
Morning Brew Daily
Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
I feel for him a little bit here, Neil, because how many different ways did the dude have to say things are uncertain? We're going to have to wait and see, which is exactly what he did again yesterday at the news conference. He used some version of the word wait twice. 22 times, 22 times the cost of waiting to see further are fairly low. We think so. That's what we're doing.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
That was another big takeaway alongside the stagflation quote. And I don't blame him either because things are uncertain. The Fed does need to wait and see because for every data point of weakness, you can turn around and find an equal data point of strength. For example, April's job reports report. Strong, exceeded expectations. The economy added 177,000 jobs.
Morning Brew Daily
Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
But the latest GDP report, weak, ew, gross. The economy contracted 0.3% in the first quarter of the year, albeit with a surge in imports. So you are seeing so-called pieces of hard data, which is what Jerome Powell wants to look at, kind of contrasting each other, not even to mention the bits of soft data that the hard data is also contrasting.
Morning Brew Daily
Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
I'm ordering out if that happens. But we're also seeing a divided monetary policy between the U.S. and the rest of kind of the U.S. 's peer groups around the world. For instance, the European Central Bank, they've cut rates seven times. April was their seventh rate cut in as many consecutive months. meetings for them. So the divergence there is pretty stark, and it's also pretty straightforward.
Morning Brew Daily
Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
Other economies are imposing this large tax on imported goods, so that's probably one thing that's diverging the U.S. from the rest of the world's monetary policy. And then let's look ahead into our crystal ball a little bit. We'll rely on what traders are expecting. Fed to do going forward. And right now there's a 76% chance the Fed holds rates steady again at its next meeting in June.
Morning Brew Daily
Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
That is up from 69% chance yesterday and just 33% chance a week ago. So clearly, you know, stasis is the name of the game going forward. It looks like the market is not pricing in any other cuts in the immediate future. That can keeps getting kicked down the road as we hear Jerome Powell, you know, say, wait 22 different times at his press conference.
Morning Brew Daily
Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
Apple and Google's partnership, one of the most lucrative pairing in tech, is running into more issues than your summer fling. After a senior exec at Apple made some comments during his testimony in the DOJ's antitrust lawsuit against Alphabet, Eddie Q, Apple's senior VP of services, dropped a market-moving dagger as he spoke about the two companies'
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
Then a single sentence uttered by an Apple exec shaved $150 billion off of Google's market cap. It's Thursday, May 8th. Let's ride.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
$20 billion a year deal that makes Google the default search engine for Apple devices. Q said that Apple is quote, actively looking at other providers to revamp the Safari search browser on its devices, name dropping AI first companies like OpenAI, Perplexity, and Anthropic as potential replacements for more traditional search engines like Google.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
He also added that searches on Safari fell for the first time last month, due to users turning to AI. Investors did not like the sound of that one-two punch at all, and Alphabet shares fell over 7% yesterday, wiping out $150 billion from its market cap. A quick recap of how we got here.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
In 2023, Judge Amit Mehta found that Google had illegally monopolized the online search market, calling out its deal with Safari as an example of this. Everyone was back in the courtroom yesterday for the remedies portion of the trial, where Judge Mehta will determine the fate of Google's search business in the coming days.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
Neil, if legal challenges compel these two check giants to dismantle their decades-long agreement, it would be seismic. Google would lose a key distribution deal that would see its search engine pop up on more than 2 billion active Apple devices worldwide, while Apple would lose a $20 billion a year revenue stream. A lot on the line here.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
But I will say Apple is not necessarily someone who's going to come out unscathed from this either because Q wants Google and believes Google should still remain the default search engine of Safari because one of the remedies that the Justice Department is proposing here is that they want to ban Google from paying companies like Apple to be the default search engine.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
And then Apple is kind of sitting there looking at it going, wait a second, why are we getting the short end of the stick? on this punishment that is supposed to be given out to Google. The idea that Google did something wrong and now Apple's gonna lose a $20 billion a year revenue stream is something that Q said just seems crazy to me and keeps him up at night.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
So it's not like Apple is saying these things to hurt Google, even though that one line did in fact hurt Google. Apple is trying to preserve a relationship that is incredibly lucrative for them as well. So that is the subtext of this thing is that You know, Apple has some stakes in this as well.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
Let's move on. Disney reported earnings yesterday, and that sound you're hearing... It's their flywheel spinning. Yep, that's the sound of a flywheel. Revenue was up 7% as it relied on some old magic to drive new dollars. The theme park segment was once again the standout, with revenue in the parks experience in product segments rising 10% compared to last year.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
Though the sell America sentiment creeped into global markets a little bit and rained on Disney's parade abroad, Disney's outposts in Shanghai and Hong Kong saw lower attendance and increased costs. hurting operating income. But Disney is unfazed by some international headwinds and dropped some pretty big news yesterday alongside its earnings.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
It's beginning work on a new theme park in Abu Dhabi that represents the company's first foray into the Middle East. Once it opens, potentially amid the early 2030s, it will be Disney's seventh global property as it tries to milk more out of the park segment that contributed nearly 60% of the company's operating income in 2024.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
Elsewhere around the flywheel, its movie business is still humming along with the live-action Mufasa The Lion King pulling in a very quiet $720 million worldwide contributing to this quarter's revenue as well. And Thunderbolts is still sitting as the top movie in the world. It's been a little bit of a rocky stretch for Disney, Neil, but it looks like it's got its emperor's new groove back.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
What a crew. Neil, I could have sworn, at least according to your dating profile, that your height day isn't until tomorrow, though. Funny how that works. But must be the shoes you're wearing today. Anyways, my height day isn't for a while. Cannot wait for July 9th, everyone.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
Yeah, it's being constructed on a Yas Island, which is basically just created specifically for this reason to host theme parks already. This island features Ferrari World, Warner Bros World, Sea World. So it's actually a little weird that it's not Disney World coming to this. I know it is Disney World. Disneyland. Disneyland.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
Yeah, so clearly this is kind of the leisure center of the UAE's push to gain these tourists. And yeah, they are shouldering the entire cost of development and construction. Disney will just come in to oversee the creative design. They're putting their Imagineers on the ground there to try to cook up a good park over there. They'll also manage the park's operations and then reap royalties from it.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
But yeah, it does seem like a really good deal that, you know, that Dubai is taking Abu Dhabi's is taking on all of the developmental costs while Disney just gets to sit back and make it look like how they want it to look. Up next, let's talk about some more numbers, and Neil's gonna take over for Neil's numbers.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
Yes, one particular platform thinks I'm obsessed with Faberge eggs.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
I have purchased over 17 Faberge eggs in the last two weeks.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
You can target buyers by industry, title, company, you name it. Everyone and their mom is on LinkedIn.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
LinkedIn will even give you a $100 credit on your next campaign, so you can try it yourself. Just go to LinkedIn.com slash MBD. That's LinkedIn.com slash MBD. Terms and conditions apply only on LinkedIn ads.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
Factor's two-minute meals make it easy to prepare healthy dishes without the prep time or dishes to wash.
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
Choose your meals from menus like Calorie Smart, Protein Plus, Keto, and more. Power up in the morning with satisfying breakfasts, grab an on-the-go lunch, and enjoy premium dinners, plus guilt-free snacks and desserts. I really like the chorizo chili with sour cream and cheddar cheese. What about you, Neil?
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Fed Holds Rates Steady & Disney Opening a Theme Park in Abu Dhabi
And now a word from our sponsor, Planet O. Neil, remember that game everyone would play in middle school where you'd plan your life out? Dream job, dream house, dream partner.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
In my experience, a few things stand out, like leading by example, taking risks and being passionate.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
Explore the Range Rover Sport at rangerover.com slash us slash sport. That's rangerover.com slash us slash sport. Welcome to Neil's Numbers, the segment where I share three stats from the week's news that will send you to a higher plane of consciousness. My first number is a warning to everyone planning to see your favorite musical artist this summer.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
Start saving now because the Pink Pony Club flies first class. Tickets for concerts have exploded in recent years, far outpacing inflation and transforming concert going into a luxury good few can reasonably afford. Since this is Neil's numbers, here are some numbers per The New York Times. In 1996, the average ticket price for the top 100 tours was around $26, or $52 adjusted for inflation.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
By last year, that had surged to almost $136. When Bruce Springsteen went on his Born to Run tour about 50 years ago, you could see him for as little as $44 adjusted for inflation. Tickets for Taylor Swift's Heiress Tour, which began in 2023, averaged $1,088. In all, concert ticket prices increased by nearly 400% from 1981 to 2012, compared to inflation's 150% rise.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
And that was way before the end of COVID brought a spike in demand among people looking to get out of the house and experience life again. Toby, in a recent survey of 1,000 members of Gen Z, 86% said they overspent on live events.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
It's just unfathomable these days. For my next number, the number of marriages in China plunged 20% last year to a record low of 6.1 million, which is less than half the number registered in 2013. And some companies think they can help solve the depopulation crisis.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
Taking We're a Family Here to the next level, one Chinese chemical manufacturer sent a message to unmarried employees recently, giving them an ultimatum to start popping out babies by September 30th or else get fired. Quoted in the New York Times, the memo read, The memo went viral on social media and not in a good way.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
People criticized the order as tone-deaf and representative of the reasons China's millennials are shying away from parenthood to begin with. They want people to stop telling them what to do with their lives and bodies. In response to the backlash, the company withdrew the memo and the local government ordered it to undergo, quote,
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
Toby, this feels like something Lumen would try to pull off in severance.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
For my final number, the NBA's Dallas Mavericks are raising season ticket prices by more than 8%. And talk about not reading the room. The price hike comes as Mavericks fans are suffering through one of the most miserable months in sports history.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
The Mavs said that prices were going up due to, quote, ongoing investments in the team and fan engagement and explained that full season ticket holders will save up to 23 percent compared to projected secondary market prices.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
But for fans, it was rich to mention ongoing investments in the team when general manager Nico Harrison traded away generational superstar Luka Doncic to the Lakers in February in one of the most flabbergasting, inexplicable trades seen in sports anywhere.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
How many times do I have to tell you, Toby? You don't have to tell me about your dreams while we're on air.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
Since that trade, Mavericks diehards have staged protests against management around their home arena and watched as more of their stars, such as Kyrie Irving, get injured and have to sit out the rest of what was once a promising season.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
Toby, one fan's post on social media pretty much sums up the state of despair, the audacity of this ownership group to come in and destroy the soul of the fan base, and then price gouge. It is disgusting.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
Well, the Mac has actually been one of the few bright spots for Apple as iPhone sales have stagnated. The Mac line in Q4 grew 16%, which is way more than expectations. And Tim Cook said that the MacBook Air was one of the reasons. And now he gives it a $100 price shave, even in the face of tariffs on China.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
And you can see that that might even spur more demand, which has already been pretty strong for these computers. Moving on, the world's largest iceberg has ran aground in the shallow waters near South Georgia in the South Atlantic, where it'll spend its final days gazing at macaroni penguins and elephant seals before melting and breaking up into a bunch of smaller bergs.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
This iceberg, named A23A, is almost unimaginably big. It weighs nearly 1 trillion tons, is larger than the state of Rhode Island, and has cliffs that tower over 1,300 feet. Scientists have been watching its moves with great curiosity ever since it broke off the continental Antarctic shelf in 1986 and later got stuck literally treading water in the Weddell Sea for about three decades.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
Toby, is the Titanic finally getting a sequel? Well, the Titanic looks puny in comparison.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
I hate to burst your big brain bubble, but it sounds like you were dreaming about the Invesco QQQ ETF. You can get access to the most innovative companies across the country in every one of those industries you were dreaming about. Well, in my dream, I could also fly. I will say DreamToby is a way better investor than AwakeToby.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
But also, you mentioned that Titanic Berg was much smaller, and that really is the danger for commercial fishing and shipping operations. When it's so big like this, you can easily avoid it. When it breaks up into a million small pieces, that's where it gets a little more dangerous. So look out. For the first time ever, the World Cup is getting a halftime show.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
Yesterday, FIFA announced that the final match of the 2026 tournament held at MetLife Stadium in our backyard of New Jersey will feature a Super Bowl-style halftime show. And here's the catch. The lineup will include a list of artists curated by Coldplay. It's going to be electric when Ed Sheeran performs his diss track for Benson Boone.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
All I can say is only in Florida, Neil. What is the resale value of this when it comes out the other end?
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
Let's wrap it up there. Thanks so much for starting your morning with us and have a wonderful Thursday. This week is moving right along. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. And if you're enjoying the show, share it with a friend, family member, or coworker. Toby, who should everyone listening share it with today?
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Eugenia Waogu is our technical director. Scoop Stardaris is on audio. Hair and Makeup is taking out a loan to see the Gracie Abrams show. Devin Emery is our chief content officer and our shows are production of Morning Brew.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, the company trying to de-extinct the woolly mammoth is making progress. They just created woolly mice.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
Yeah, so Ford, GM, Stellantis, these executives got on the phone with Trump on Tuesday and said these tariffs are going to raise costs for us, and we're going to have to pass it on to consumers. Trump said, OK, I will grant you an exemption for one month, but you do have to qualify for a tariff-free crossing across the border under USMICA, I guess it's called, which is the U.S.-Mexico Convention
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
Canada Free Trade Agreement, which is essentially NAFTA 2.0 that Trump crafted with Canada and Mexico in 2020. Any automaker covered under this agreement, you have a tariff-free passage across the border. To qualify, you need to have a certain percentage of your parts sourced from North America, and the goal there was to source more parts from North America.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
All these automakers said they comply, so they get a one-month reprieve. We still don't know what's going to happen at the end of this one-month exemption. And the vast majority of tariffs, 25 percent tariffs on Mexico and Canada, an additional 10 percent on China that were introduced on Tuesday, are still in effect.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
So when you look at companies like Target that said they were going to raise prices for produce coming across the Mexico border, Best Buy as well. Those are still in place, which will only extend the stock market jitters and perhaps some of those economic warning signs that you mentioned.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
Well, we'll find actually some hard data coming out tomorrow with the jobs report. That'll be very closely watched given the widespread cuts across the government that Doge is doing. And it's the really, you know, you talked about the soft data that we've been getting these surveys. Well, this is hard data of how many jobs were added today.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
Yesterday, there was a private survey of jobs that ADP does, which is essentially the preview of the government jobs report. And that also did not look very good. Seventy seven thousand jobs were added, according to ADP, which is about half of expectations. So this jobs report is going to be so key tomorrow morning.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
Like your company's CEO during peak COVID, the federal government is trying to shed its vacant or underutilized office space in a doge-led attempt to cut down on costs. On Tuesday, the real estate arm of the government, the General Services Administration, posted a list online of 443 properties it was considering selling, saying these properties were, quote, not core to government operations.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
If you were on social media at all last year, you probably saw this viral picture of a Flamin' Hot Cheeto that uncannily resembles the rare Pokemon Charizard. Well, that single Cheeto, dubbed Cheetosard, has now been sold at auction for $88,000 to an anonymous buyer who beat out 60 other offers for the prize. And what is the prize?
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
The list was sweeping in scope, covering buildings in 47 states and and including prominent structures in Washington, D.C., such as the headquarters of the DOJ, Social Security Administration, and Census Bureau. But then, a plot twist. Before anyone could place a bid, the list was pared back by 100 properties later on Tuesday, and then by Wednesday morning, it vanished altogether.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
Instead, a message was posted on the GSA website reading, "'Non-core property list coming soon.'" Whatever buildings the final list contains, the prospect of the government ditching its vast real estate portfolio has received both support and criticism.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
But it certainly sent shockwaves through a commercial real estate sector that is still trying to recover after its worst downturn since World War Two. Washington, D.C., which is especially vulnerable to a government real estate fire sale, ended 2024 with an office vacancy rate at a near record 19.9 percent.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
Now, some D.C. officials might be happy to see the government shed office space and have a private sector employer move in because the federal government is tax exempt for paying property taxes. So they're taking up all this space in your downtown, which would really help your tax rolls if someone was actually paying taxes.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
So they are in support of generally moving the government out of these buildings if they are underutilized, if they are vacant and get a private sector employer to move in. The question is, Say you're a private company and you see the Department of Agriculture give up their big office space. That is not a new building.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
And the data show that private sector employers don't really want to move into older buildings. They want to move into, you know, the Hudson Yards of D.C. if those exist. Trophy and Class A plus buildings account for just 23%. of DC's inventory, but they've captured 59% of all private sector relocation volume since 2020.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
So if you're a private company that wants to move HQs, the chances are that you would want to move to a government building that is not new is quite low.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
And we had the list go up 443 properties. We had the list go down. And then we had a message saying, we'll let you know what the properties are for sale in the future. So it is just a waiting game at this point.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
According to the auction house, Cheetosard comes affixed to a customized Charizard card and encapsulated in a clear card storage box, presumably to keep this piece of processed cornmeal from decaying. Toby, I decided not to bid on this one. I'm waiting for the Pikachu-shaped Cheez-It.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
Is this marketing hype? Is this a technological breakthrough? The answer is yes. All of the above. There might be a little, you know, this PR team on Colossal Works overtime at any time. They probably make some genetic tweaks to an animal that scientists can already do, nothing that's new before. They can put out a press release and we'll all cover it because these mice are so adorable.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
But there appears to be truly a technological breakthrough here because what Colossal is trying to do is edit genes of animals simultaneously, multiple genes simultaneously, and that is a technique that hasn't really been done before. They're using these new techniques brought about by technologies like CRISPR.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
And some independent scientists are looking at what Colossal is doing and saying, hey, this is actually innovation here. So in their pursuit of the woolly mammoth, or we should really say this, it's not going to be a woolly mammoth. It's going to be a genetically engineered Asian elephant to resemble certain traits of a woolly mammoth, like being able to, you know, weather the cold weather.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
Then that is pretty impressive. And you are making some real progress along the way.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
And how are they going to make money is the question. And they already have spun out two health care companies from this progress. So maybe that's the way. They're going to create these new technological innovations as they're trying to create woolly mammoths. That will lead to commercialization opportunities because they're worth $10 billion. They've raised over $400 million.
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Markets Fear Recession is Near & Scientists Create Woolly Mammoth... Mice?
Those investors are going to be expecting some sort of return. And that return may not exactly be so satisfying if it's just 10,000 quasi-woolly mammoths. Gromping around the tundra.
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Fed Workers Weigh Trump’s Buyout Offer & Tesla Sales Struggle in Europe
Trust in the federal government is abnormally low, while youth depression is abnormally high. As one historian at Hillsdale College summed it up, we're so wealthy but so unhappy.
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Fed Workers Weigh Trump’s Buyout Offer & Tesla Sales Struggle in Europe
Toby's tallies right there. Ladies and gentlemen. I hijacked your segment there. It was great. I learned a lot. Okay, for my second number, here's a question that's asked frequently. Who talks more, men or women? Many people would say women, and that'd be correct for the most part.
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Fed Workers Weigh Trump’s Buyout Offer & Tesla Sales Struggle in Europe
According to a large new study out of University of Arizona, researchers found that women spoke on average about 3,000 more words per day than their male counterparts. But there's a catch. This is only holding true between the ages of... This only holds true between the ages of 25 and 65.
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Fed Workers Weigh Trump’s Buyout Offer & Tesla Sales Struggle in Europe
Significant gender differences did not appear in the study's other age cohorts such as in adolescence or older adulthood. This was a closely watched study because it was from the same researchers who published a viral paper in 2007, or whatever the virality was in 2007, that pushed back on the stereotype that women gab more than men.
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Fed Workers Weigh Trump’s Buyout Offer & Tesla Sales Struggle in Europe
That study found that men and women speak roughly the same number of words per day. But that 2007 study was quite limited in scope. So over a decade later, the same researchers decided to blow up the sample size and geographic reach to get a more comprehensive sense of chattiness differences between genders.
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Fed Workers Weigh Trump’s Buyout Offer & Tesla Sales Struggle in Europe
And they found that women do talk more than men during the life stages of early and middle adulthood.
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Fed Workers Weigh Trump’s Buyout Offer & Tesla Sales Struggle in Europe
We all know some chatterboxes, and we love them. For my final number, what could be the world's most expensive musical instrument is up for auction tomorrow at Sotheby's in New York. No, it's not Toby's recorder from middle school. It's a violin made from the famed Antonio Stradivari in 1714, and it could fetch anywhere from $20,000. $12 million to $18 million.
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At the top end of the range, it beat out the current record holder, another Stradivarius made in 1721. So why is this violin so remarkable? First, the guy who made it, Stradivari, is considered the best violin maker ever, even if he was toiling in a shop 300 years ago in Italy. Violinists rave about the richness and tone they can get from his instruments.
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Fed Workers Weigh Trump’s Buyout Offer & Tesla Sales Struggle in Europe
Top soloist Joshua Bell compared it to being a painter and having access to thousands of colors to paint from rather than dozens of colors. Second, this violin has gotten a halo effect by the people who have owned it before. Violin virtuosos Joseph Joachim of Hungary and Sihon Ma of China, who gifted it to the New England Conservatory of Music in Boston upon his death.
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Fed Workers Weigh Trump’s Buyout Offer & Tesla Sales Struggle in Europe
Toby, this is the most fit of fiddle you'll ever see.
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Fed Workers Weigh Trump’s Buyout Offer & Tesla Sales Struggle in Europe
And so I wonder who's going to buy it. I know. And Griffin step in here. I don't know. You know, he's the guy who buys the T-Rex and he buys the U.S. Constitution. But, you know, players can't afford it. So usually you have these big pocketed philanthropists or donors who come in, buy these expensive Stradivari and then.
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Fed Workers Weigh Trump’s Buyout Offer & Tesla Sales Struggle in Europe
lend it out to virtuoso performers to play it at Carnegie Hall or Boston Symphony Hall or whatever. But I think one of the coolest parts about this is that it was donated to the New England Conservatory.
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Fed Workers Weigh Trump’s Buyout Offer & Tesla Sales Struggle in Europe
So they're going to use this, however much it's sold for, $18 million to fund scholarships for their school and hopefully train a new generation of amazing classical performers, which is near and dear to my heart. Okay, let's sprint to the finish with some final headlines. Google has become the latest big tech company to pull back from DEI in the Trump era.
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Fed Workers Weigh Trump’s Buyout Offer & Tesla Sales Struggle in Europe
It told employees yesterday that it is scrapping its goal of hiring more workers from historically underrepresented groups and reviewing some of its DEI programs, such as releasing annual diversity reports. It is a major reversal from 2020 when, after George Floyd's murder, Google pledged to increase the share of leadership representation of underrepresented groups by 30% by 2025.
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Fed Workers Weigh Trump’s Buyout Offer & Tesla Sales Struggle in Europe
According to its latest diversity report, 5.7% of its U.S. employees are black and 7.5% are Latino, a smidge higher than 3.7% black and 5.9% Latino four years earlier.
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Fed Workers Weigh Trump’s Buyout Offer & Tesla Sales Struggle in Europe
Well, you once showed up to work without your computer, so I'm going to go with me.
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Fed Workers Weigh Trump’s Buyout Offer & Tesla Sales Struggle in Europe
Totally. This is the big kahuna because if you look at agencies that Doge has taken aim at already, USAID accounts for less than 1% of the federal budget. Other doors they've been knocking on. I mean, even the federal workforce as a share of how much the government spends is tiny. But when you start looking at things like
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Fed Workers Weigh Trump’s Buyout Offer & Tesla Sales Struggle in Europe
medicare and medicaid and social security that is where you're talking about 22 of the federal total budget things like that so this is where if you were to find a lot of places to cut this would be the place the problem is is a very sensitive uh program along with social security these two are account for you know two-thirds of the federal budget at the same time they're politically uh
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Fed Workers Weigh Trump’s Buyout Offer & Tesla Sales Struggle in Europe
a third rail. Like, these are programs that people absolutely need, absolutely want, and you can't really touch them. So we'll see what Doge does. And, you know, there have been concerns raised about whether these unelected people getting into sensitive documents. And when you're talking about health as well, like, are they going to be able to see health markers for individual people?
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Fed Workers Weigh Trump’s Buyout Offer & Tesla Sales Struggle in Europe
It handles multiple currencies, connects you to your accounting software, and has no hidden fees. Plus, it's devilishly handsome. Okay, I said you're responsible, not a supermodel. Just remember your computer, okay? Wise can always save you.
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Fed Workers Weigh Trump’s Buyout Offer & Tesla Sales Struggle in Europe
And officials have stressed that Doge access is read-only. And they said this across all these agencies that these guys have tried to target.
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Fed Workers Weigh Trump’s Buyout Offer & Tesla Sales Struggle in Europe
We should have seen this coming. I mean, whenever a commodity or a product spikes in price, you always see a corresponding spike in thefts. It happened with olive oil and grease, butter in Russia, copper wire, catalytic converters from cars. And now in hindsight, so obvious that eggs would be targeted. I mean, now do you have to put eggs in an armored car to protect them? They're so valuable.
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Another question here is the logistics, right? Eggs are not so easy to move. How do you take 100,000 eggs and move them without cracking a few?
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Fed Workers Weigh Trump’s Buyout Offer & Tesla Sales Struggle in Europe
And media outlets are having so much fun with it. The New York Post said that thieves poached the eggs from a truck, leaving Pete and Jerry's shell shocked. Cleveland.com's headline was PA police scramble to crack the case. So you can roll your eyes at those. Okay, let's wrap it up there. Thanks so much for starting your morning with us and have a wonderful Thursday.
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Fed Workers Weigh Trump’s Buyout Offer & Tesla Sales Struggle in Europe
For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. And if you're enjoying the show, pass it along to a friend, family member, or coworker whose morning news consumption currently consists of scrolling Instagram Reels. For a more specific sharing idea, Toby's here with some inspo.
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Let's roll the credits. Emily Milliron is our executive producer. Raymond Lute is our producer. Olivia Graham is our associate producer. Uchenua Ogu is our technical director. Scoop Stardaris is on audio. Hair and makeup has been a little chatterbox this morning. Devin Emery is our chief content officer and our show is a production of Morning Brew.
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Today marks a big test for President Trump and Elon Musk's plans to dramatically shrink the federal workforce. It's the deadline for more than 2 million federal workers to decide whether they will accept the deferred resignation offered to them. To recap how we got here, last week, most federal employees were sent an email with the subject line, a fork in the road.
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It gave them the option to resign by today and still get paid for another eight months until the fall. It's one of the centerpieces of the Trump administration's push to cull the federal workforce. It remains to be seen how many people will actually take the offer. So far, the Trump administration said that at least 40,000 employees have taken the deal, about 2% of the federal workforce.
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That's much lower than the goal of a 5% to 10% reduction set out by the administration. And one hang-up that could be keeping federal workers from leaving their jobs... It's unclear whether this move is legal. Three unions that represent more than 800,000 federal workers have filed the lawsuit seeking a restraining order to halt the deadline.
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Fed Workers Weigh Trump’s Buyout Offer & Tesla Sales Struggle in Europe
Or in more practical terms, the employees might be hesitating to resign because they're not sure whether they can trust the government to keep paying them and make good on this promise or what their job prospects might look like after resigning. So a whole lot of question marks, but a big day for the millions of people employed by the government.
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Fed Workers Weigh Trump’s Buyout Offer & Tesla Sales Struggle in Europe
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, a fork in the road. Will government workers take Doge's offer of deferred resignation?
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Right. And that March 14th, the government would shut down, in which case federal agencies wouldn't be funded and employees would be furloughed. So that is a major question mark. I mean, employment lawyers, their phones must be ringing off the hook. And I think
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From what we understand, the general consensus is that they're advising employees to not take the offer based on all of the big legal questions that you raise. The administration pushes back, saying that Trump signed an executive order giving agencies more leniency and to providing more administrative leave for federal workers in order for this to comply. So big questions here.
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Fed Workers Weigh Trump’s Buyout Offer & Tesla Sales Struggle in Europe
And the another one is that how many of these workers would have resigned anyway? I mean, if you look at the national attrition rate, natural attrition rate for the government workforce, it's six percent a year. So two percent is lower than that, obviously. And how many of these workers would have been a part of that six percent turnover that the federal government has anyway?
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It's like when you send a party invite, no one replies until the very end. So it is true that you might see a huge spike today.
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Yeah, this debt sale is a very interesting education in how leveraged buyouts work. So we know that Musk paid $44 billion to buy Twitter at the time. Of that $44 billion, banks provided $13 billion in financing. Once the acquisition went through, now they owned all of this debt in this new company, typically when banks finance an acquisition, they quickly offload that.
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There's been so much talk about government efficiency here in the U.S., but over in the Czech Republic, they're absolutely chewing through red tape. And that's all thanks to some cost cutting beavers. Here's the story. So there's this nature park where local authorities have been trying to build a dam for seven years to restore water areas.
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They don't want to hold that debt for long. They quickly offload it to other investors who might be interested in investing in the company that they just helped take private. So typically, banks will shed this within months like they already have buyers lined up. This, in this case, I mean, it's been over two years. That's because these loans were underwater.
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This company fired 80% of its staff and, uh, advertisers had been pulling away. Its finances were in the dumps. Now that it's creeping back up, Musk wrote in a January email that, uh, we are barely breaking even, which I guess is a positive is seen as a positive. So, uh, there's certainly momentum around this company a little bit due to Musk's relationships with the president.
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Fed Workers Weigh Trump’s Buyout Offer & Tesla Sales Struggle in Europe
So that's why banks were able to get maybe face value for this loan to dump it to investors who were pretty eager to buy into this company.
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Fed Workers Weigh Trump’s Buyout Offer & Tesla Sales Struggle in Europe
and we're all wondering why this is there are a couple of factors that could be at play one is that tesla is gearing up an updated version of its model y which is coming in march so consumers might be uh waiting on that the others increased competition we know that china has made a lot of inroads in europe not in the united states but there are a lot of chinese evs that have undercut the market there
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The other is certainly it's hard to measure, but Elon Musk has been certainly dabbling in European politics. He's vocally supported an ultra far right, ultra nationalist party in Germany. And we saw a huge plunge of Tesla cars in Germany. He's also been beefing with the UK prime minister, Keir Starmer. He's used the platform we just talked about, X, to be this megaphone for him to
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But the project has been frustratingly held up over getting the necessary building permits to start construction. Enter a family of eight beavers who in two days built a dam that humans have been trying to set up since 2018, and it was in the perfect spot. One environmental official said beavers always know best.
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Fed Workers Weigh Trump’s Buyout Offer & Tesla Sales Struggle in Europe
have a very strong opinion and controversial opinion in European politics. It's unclear whether this is a consumer response to his meddling in their affairs.
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Fed Workers Weigh Trump’s Buyout Offer & Tesla Sales Struggle in Europe
So to start the show, we talked about Elon Musk's involvement in government. And then our next story was about Elon Musk's businesses. Obviously, it raises huge questions of conflicts of interest. The White House press secretary was asked about these conflicts of interest yesterday and what could be done to prevent Elon Musk from enriching his companies and himself personally.
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through his involvement and the government. She said, this is Caroline Leavitt, she said that Elon Musk himself will determine if there are conflicts of interest. So there are no outside checks on this. Elon Musk will reportedly recuse himself from any conflicts of interest should they arise as determined by him.
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The places where they build dams are always chosen just right, better than we can design it on paper. They estimate that the beavers, who have now become famous, saved the government $1.2 million. That's Doge done right.
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Welcome to Neal's Numbers, the segment where I share three stats from the week's news that will have you sounding smarter than Marissa Tomei and my cousin Vinny. My first number is a long-awaited report card on America's well-being published this week by a diverse group of 14 scholars. Their conclusion is a startling one. In terms of wealth, the U.S. gets an A.
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On every other metric, we scored something like a D or worse. It's not a report your mom would want to hang on the fridge. First, the good. Since the 1990s, U.S. economic growth has been the envy of the world, and we've outperformed most of our peers in terms of innovation and productivity. For instance, in 1990, U.S. GDP was 28% higher than the euro area. Now the gap is 80%.
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But on other metrics, less related to the economy and more related to health and well-being and culture, the U.S. is a significant laggard. According to The New York Times, we have the lowest life expectancy of any rich country. That was not true in the 20th century. We have the highest murder rate of any rich country and the world's highest rate of fatal drug overdoses.
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Instead, the study finds that the surprising difference in grades is the result of teachers grading the students at the top of the alphabet first and the students at the bottom of the alphabet last. These days in college, instructors grade assignments using software, or what's known as learning management systems, that always sort documents in alphabetical order by surname.
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They always start with the A's and end with the Z's, a standardized process that never would have happened back when you turned in your exam by paper and everyone's was jumbled up. So what's causing the grading discrepancy, the researchers hypothesize, is that instructors get fatigued by the end of their grading gauntlet, translating to worse scores for the end of the alphabet. Wild. It is wild.
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I'm an F. Like, am I just a total fraud? Have I just been getting grade inflation for years? But this study actually did spur change at one of the companies that is this one of these learning management systems. They now offer a randomized version citing this particular study, because if you keep alphabetizing, then the names at the end of the alphabet are going to continuously get penalized.
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So actually a remarkable finding. My second number is about the rise of the long movie title and the emergence of the colon in a title along with it. You know what I'm talking about. Furiosa colon, a Mad Max saga. The Chronicles of Narnia colon, the Voyage of the Dawn Treader. Percy Jackson and the Olympics colon, Olympians colon, the lightning thief.
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This colonization of movie titles is a distinct measurable pattern, according to Daniel Paris at Stat Significant. He found that the average length of movie titles increased by nearly two whole alphanumeric characters from the 1970s until now. Meanwhile, 16% of movies in the 2020s had a colon in the title, compared to 5% as recently as the 1990s.
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Paris argues that the surge of colon use in movie titles is a regrettable reflection of the rinse and repeat movies Hollywood puts out right now. He writes, these protracted monikers present stories known to audiences on intellectual property while also offering a small degree of novelty.
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Hence, instead of Spider-Man 2 and Spider-Man 3, you got Superman colon Man of Steel and Spider-Man colon No Way Home. Here's parents once again, every film is an event, a fleeting once-in-a-lifetime experience that serves as a single chapter in a long-running and perhaps never-ending story.
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My final number inspired by the 52 things I learned this year, well, it's more of a fun fact, is something unique about Milwaukee's Mitchell International Airport. It has multiple recombobulation areas where you can recombobulate after the hassle of going through a TSA security checkpoint. Is recombobulate even a word? They replied, you know that's not a word, right? But,
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They made it anyway, and the concept of recombobulating has been embraced by the city ever since. It's also gained national recognition. In 2009, the American Dialect Society declared recombobulation the most creative word of the year. What's it mean? Simply the opposite of discombobulating or putting back in order. Toby, you lived in Milwaukee. Have you ever recombobulated at the airport?
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Two that have to be on there is Auntie Anne's. I mean, that one is distinct and memorable. And then, obviously, Gas Station Scent.
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Let's sprint to the finish with some final headlines. The French government is in shambles after a no-confidence vote passed the National Assembly yesterday, ousting the prime minister and sending Europe's second-largest economy into its deepest political crisis in decades.
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Lawmakers on the left and the right linked up to boot Prime Minister Barnier, who released an austerity budget they could not get on board with. Barnier proposed more than $63 billion in spending cuts and tax hikes to narrow France's deficit, which was projected to reach more than 6% of GDP, double the EU's limit. Now, France is without a functioning government or a workable budget for 2025.
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So the question remains how it will fund basic operations like paying the bills and collecting taxes in the year ahead. It is a colossal mess. It is a colossal month, unprecedented.
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Because it's got real-time market data. Well, yes. And a My Portfolio feature where you can keep tabs on the stocks that matter most to you. That, too. Also, a Research tab where you can see everything from economic calendars to investment ideas to reports from experts.
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It is, but my conclusion is this is still an incredible amount of weight loss from both drugs. But now, because it lost this particular test, which hasn't been peer-reviewed and will be published next year, you're probably going to see Novo Nordisk and Wegovy hype up their other benefits. Wegovy has been found to reduce the risk of heart disease in people who have obesity or are overweight.
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So you'll probably see Novo Nordisk messaging and branding of these drugs. Start to talk about the... incredible other benefits it may have in addition to weight loss, just in that competition that it has with Zetbound, which Zetbound does an incredible, insane job at reducing people's weight.
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Major League Baseball has introduced a bunch of rule changes in recent years to keep up with the times, the pitch clock, bigger bases, and more. But another potential rule change floated by Commissioner Rob Manfred has everyone in the baseball world talking this week, the golden at-bat.
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The golden at-bat means that each team would have one opportunity per game to send anyone they want to the plate to hit. You can imagine what that might look like. It's the ninth inning. Base is loaded. Two outs. You're down by one. But instead of the journeyman's second baseman coming to bat, you can swap them out with your best player like a Shohei Otani or Juan Soto.
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It's unclear whether this is a serious proposal or not. Manfred mentioned the golden at-bat in passing on a podcast in October, saying there was a, quote, little buzz around it at an owner's meeting. But if implemented, this might break baseball.
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Well, what were you going to say? You forgot about the latest news headlines, so you can stay up to date on all the latest stories that might influence the market. No one likes a know-it-all, Neil. But everyone likes Yahoo Finance, which you can go check out at yahoofinance.com today.
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I think for baseball fans, this would be a step too far. You know, some of Manfred's changes have increased viewership. The World Series was its most watched in seven years. There does seem to be a little more buzz around baseball, but changing one of the most fundamental things
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things about baseball, which is that, you know, the person who is batting next in the lineup most often has to go bat and face the pitcher. That is something you cannot change. And I could see just a massive uproar that would probably lead to Manfred, you know, just leaving town. That is all the time we have. Thanks so much for starting your morning with us and have an epic Thursday.
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For any questions, comments, or feedback, send an email to morningbrewdailyatmorningbrew.com. If you have no questions and are fully satisfied, then help out a friend in need of a morning news podcast and share the podcast with them. For today's sharing inspo of the day, here's Toby.
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Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenua Ogu is our technical director. Billy Menino is on audio. Hair and makeup is recombobulating. Devin Emery is our chief content officer. And our show is a production of Morning Brew.
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Yeah, I mean, they were gathered for their annual investor day, which is their opportunity to talk to shareholders and tell them what they're doing in the next year. It is a huge event. Everyone was in town and they they had they held the event for a few hours. And then the CEO just got up there as people were checking their phones and said, wow, we've announced what had happened.
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We're disbanding our investor day. So it was an absolute shock to everyone at the company, everyone involved. who knew him, but apparently, you know, Thompson's story is, is quite interesting. He started, he was born and was raised in a very rural Iowa town, went to university of Iowa for accounting, worked at PWC for seven years before joining United health group in 2004.
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He rose through the ranks to become the CEO of a truly massive division. This division is, uh, provides health insurance for over 50 million people. It did revenue of $281 billion. It employs 140,000 people. So he had a ton of responsibility, had a lot of contacts within the health care space because this is an immense, immense industry where everyone knows everyone and
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And, you know, a lot of a lot of other health care leaders chimed in saying that he was a very amicable guy. It was a very low key when something got too stressful. He offered to arm wrestle you to sort of bring the temperature down. So a big loss for the health care industry.
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Well, you might, though, because health care executives have received threats before over denied coverage and things like that. I mean, his wife did say that he had received unspecified threats in the past. Police also said that. So there is a there is a world in which health care CEOs do are provided some security. But now we look forward the the
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Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, you are going to regret selling your Bitcoin when I tell you what price it just hit.
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The killer is still on the loose somewhere in New York City or in the vicinity. Police said they found words written on the bullets that said, deny, defend, and depose, and they're still working out a specific motive for the shooting.
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President-elect Trump made his first big move to put a stamp on Wall Street by nominating lawyer Paul Atkins to lead the Securities and Exchange Commission, replacing current chair Gary Gensler. You may not have heard of Atkins before, but for bigwigs in New York and D.C., he is a familiar and respected face.
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Atkins was one of the commissioners at the SEC under former President George W. Bush and has stayed close to top financiers after he founded the influential consulting firm Potomac Global Partners. Under Atkins, a conservative who advocates for deregulation, the SEC could look a lot different than it did under Gensler, who pushed the agency in a more progressive direction.
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One of the biggest gulfs between them is how they view cryptocurrencies. Gensler was very much a crypto skeptic, launching unprecedented action and penalties against the biggest companies in the industry, such as Coinbase.
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Atkins, on the other hand, is a big fan of crypto and he'll likely take a much lighter touch to digital tokens in line with the incoming Trump administration's pro-crypto messaging. Toby Atkins is very much a known quantity and he's a pick that will elate Wall Street and crypto after they chafed under the Gensler years.
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And then meanwhile, President-elect Trump made some other nominations yesterday to some high-profile posts. He nominated the fintech billionaire and veteran SpaceX investor Jared Isaacman to serve as the next NASA administration. If you remember that Isaacman name, he was one of the two people a few months ago who conducted the first commercial spacewalk you know, 400 miles above Earth.
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And he has been involved in SpaceX for a long time. And now he's going to head up NASA. I think this is another sign that NASA will work even closer with the private sector to fulfill its space ambitions.
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Well, it actually happened. Last night, the price of one Bitcoin hit more than $100,000, a major milestone for an asset once dismissed as a fad. It took Bitcoin 15 years to go from zero to 100K, but it's experienced a serious surge in just the last few weeks. popping more than 40% since Election Day over the prospect of a crypto-friendly administration coming to D.C. next year.
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He loves space and he's been to space and he's been a huge booster. But speaking of conflicts of interest, he's a big investor in SpaceX and all these space companies. Their biggest customer is NASA. So
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If I'm Blue Origin, if I'm Jeff Bezos at Blue Origin or another rocket company CEO, and now I have to compete against SpaceX for a contract with a guy who's a big shareholder in SpaceX, I'm probably a little confused or a little miffed that what might go into this selection process.
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Well, they built a monster and they have to continually feed the monster with new features that introduce even more shareability and make it an even bigger cultural moment than it is. I think what you were hearing is that maybe some of the new features didn't get the blood flowing as much.
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One of them that a lot of people were talking about was the Your Music Evolution, which documented three distinct musical phases for your listening habits over the course of the year. summer. Pink Pilates pitches strut pop. Yeah, so that happened when everyone, when all of like the Sabrina Carpenter espresso and Chapel Roan became big over the course of the summer.
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The other feature that Spotify was hyping up was a AI generated podcast that was in partnership with Google's Notebook LM. And we had talked about this on the show a few months ago. This is a viral podcasting tool that you can feed it text and it will create, it will have two AI hosts. who very seemingly sound like humans and will talk about whatever text you put in.
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In this case, they will either celebrate you or roast you for your musical taste. So those are the two, I would say, big software updates to Wrapped. It didn't seem like they caught on in a viral way that others have. Still, what Spotify has built with Wrapped is pretty impressive.
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It is interesting to see where it will go from here because it is just so huge already and they're probably already thinking about the next Wrapped right now.
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My top artist was Guster, actually, because I went to a show for Guster back in February. And I just I knew most of the words to all of their songs, but I wanted to make sure I knew every single word because it's the most sing-along music. So I listened to so much of their music, and I guess that carried over into the full year. So, yeah, Guster was my number one.
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They did because the other artists were Krungbin, which everyone should check out, Lana Del Rey. I'm trying to think of who other. CharlieXCX, and then I forget the fifth one, but Yeah, I was applauded by the Gen Z people here, and I was very, very happy about it. Meanwhile, Spotify has got to be feeling really good right now. Its market cap crossed $100 billion for the first time.
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Toby, very few people predicted this would happen, but the ones who did will absolutely let you know about it.
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Its stock price has surged 160% this year. So after many years of failing to make a profit and making this business model of music work, it's finally found that magic.
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Welcome to Neal's Numbers, the segment where I share three stats from the week's news that gives you better brain food than fatty fish. Today's Neal's Numbers is a special one. It's a year in review edition. Every December, I look forward to Tom Whitwell's article called 52 Things I Learned in 2024, in which he lists out 52 things he learned this year.
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They're always fascinating and send you into a deep rabbit hole. So my three numbers this week are drawn from a list of things I learned in 2024. My first number is that college students with last names at the end of the alphabet, starting with U through Z, tend to get grades 0.6% lower than students with A through E surnames.
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This was the conclusion of a University of Michigan Business School study that analyzed more than 30 million grades at a large university. What the heck is going on? Are Zimmermans just inherently not as smart as Bloombergs? Nope, the researchers controlled for a bunch of characteristics.
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Neil, what's one way you rely on tech in your everyday life? I got a lot of health tracking apps running constantly to let me know how the body's holding up.
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Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
The Quip Ultra is a smart sonic electric toothbrush that's packed full of some pretty cool tech you'll want to use daily.
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Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
And it's equipped with a timer that monitors your progress and your pressure to help you brush at just the right intensity.
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Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
Still brushing the analog way? Get 15% off your Quip Ultra at getquip.com slash brew. And subscribe for auto-shipping of BrushPod refill heads to earn exclusive perks. That's G-E-T-Q-U-I-P dot com slash brew.
Morning Brew Daily
Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
Theory is known for creating collections with exceptional fit, innovative fabrics, and enduring styles. Now they're doing it again with Motionwool.
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Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
Whether you've got a long day of meetings or you're packing for a long-haul flight, Motion Wool is made to move with you. It's also designed to keep its shape over time so you can keep arriving in style.
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Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
Welcome to Neil's Numbers, the segment where I share three stats from the week's news that will get you to God's country. My first number is 5%, which is the share of all avocados consumed in the US bought by Chipotle. That's 143 million pounds of avocados used across its 3,700 locations each year. But when you buy 5% of the U.S.
Morning Brew Daily
Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
's avocados and the vast majority of them come from a single country, Mexico, you need to diversify your supplier base because being that concentrated is bad. Not only are you at the mercy of the weather in a single area, but Mexico has also been a frequent target of U.S. tariffs that could raise prices.
Morning Brew Daily
Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
According to the Wall Street Journal, Chipotle started this diversification process seven years ago. scouring the globe for other sources of avocados besides Mexico, which had accounted for 85% of its avocados. The U.S.
Morning Brew Daily
Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
is one option, but we don't make nearly enough of the fruit to fulfill Chipotle's demands, so they started scooping up avocados from farms in Peru, the Dominican Republic, Brazil, Guatemala, and Colombia, transforming local economies along the way. Now, after years of building a new food supply line,
Morning Brew Daily
Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
Chipotle has reduced its reliance on Mexican avocados to just 50% from 85%, but diversification also brings a number of new challenges.
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Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
And it's super critical because about half of all Chipotle customers order guacamole every time they go in, which is a lot higher share than I was expecting. For my next number, you might consider yourself a fan of a musical artist or an athlete, but I can guarantee that the fans in Japan go harder than you.
Morning Brew Daily
Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
According to a survey by two Tokyo marketing firms, 11% of Japan's population engage in Oshikatsu, a term describing activities that support their favorite celebs, mascots, anime characters, and VTubers, or virtual YouTubers. In most cases, showing love for your idol involves spending money.
Morning Brew Daily
Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
According to Reuters, respondents in the survey spent an average of $1,700 per year on Oshikatsu, equivalent to a $23 billion annual influx of consumer spending into the world's fourth largest economy.
Morning Brew Daily
Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
That's just 2.1% of Japan's total annual sales each year, but it's a share that is increasing and the sector has even caught the eye of economists and the Bank of Japan who are looking for any areas of growth to stimulate lackluster spending. So how does one engage in Oshikatsu? What are they actually spending money on?
Morning Brew Daily
Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
Well, merch for one, but also things like buying ad space as a gift for your hero on their birthday. Or in another case, a woman went to a Tokyo cafe to sit in the same seat where a member of a boy band she loved once visited and created a shrine to him for a photo op. Toby, Oshikatsu is a force in the Japanese economy.
Morning Brew Daily
Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
For my final number, the leaders of the world's largest atom smasher have dreamed up a new atom smasher that is going to smash the current one to bits. The top nerds at CERN, the European Organization for Nuclear Research, released the blueprints for a project a decade in the making.
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Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
I mean, I wouldn't say a foreign language, but sure, it can be complicated.
Morning Brew Daily
Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
a new particle collider that will eventually replace the Large Hadron Collider, a network of magnets used to smash particles against one another at velocities approaching the speed of light in order to unlock the mysteries of the universe. Okay, let's get to the numbers, sorry for the wait. The Future Circular Collider, the new smasher,
Morning Brew Daily
Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
will be a 56.5-mile loop below Lake Geneva on the French-Swiss border, with tunnels 16 feet in diameter and buried 656 feet below ground. For comparison, the Large Hadron Collider, the current one, is just 17 miles around, so the new one is going to be at least three times as big.
Morning Brew Daily
Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
CERN says the future circular collider will be the, quote, most extraordinary instrument ever built by humanity to study the constituents and the laws of nature at the most fundamental levels. But the most extraordinary instrument ever built by humanity doesn't come cheap. It'll cost $17 billion to construct. And even if funding is secured, they won't start smashing atoms until 2046.
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Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
It doesn't have to be all Greek to you. TaxAct actually makes your taxes simple. They walk you through everything step by step, whether you're filing individually or bundling with your small business. What if I get something wrong? What if the IRS shows up at my door? What if Zeus smites me? First of all, relax.
Morning Brew Daily
Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
We have no idea. The clock is ticking. Trump could extend the deadline a little bit more. But of course, all of this TikTok sales contingent on a blessing from Beijing and from what was announced yesterday with Liberation Day and the 54 percent tariffs on China. It is very clear that TikTok sale or whatever happens to TikTok is just going to be part of a larger negotiation around trade.
Morning Brew Daily
Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
So TikTok's fate is intertwined with the trade war. Maybe Mark Zuckerberg was expensing all of his trips to UFC fights all along. Yesterday, Meta inked a multi-million dollar multi-year partnership with UFC to become the, quote, official fan technology partner of the Mixed Martial Arts League he adores.
Morning Brew Daily
Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
It's essentially a sponsorship deal that will result in UFC integrating with Meta across its portfolio products, including Meta Glasses, WhatsApp Threads, Instagram, Facebook, and MetaQuest. You'll also see meta branding featured in UFC's octagons for pay-per-view and fight night events.
Morning Brew Daily
Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
In a statement to CNBC, Zuckerberg, an avid MMAer, said, I love this sport and I'm looking forward to working with UFC to let fans experience it in new ways.
Morning Brew Daily
Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
Second, every return is backed with an accuracy guarantee so you can file with confidence. Ooh, I do like confidence. That is a language I do speak. File smarter, not harder at taxact.com before the April 15th deadline. I went to Liberation Day and all I got was this global trade war.
Morning Brew Daily
Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
I was looking for flights to Myrtle Beach yesterday because they play in Conway, South Carolina, which is just a 50-minute drive to Myrtle Beach, and I think I'm not the only one. This is a great promotion that got Coastal Carolina on a lot of people's radar and hopefully builds long-term loyalty with their fans.
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Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
Yes, they're going to eat a couple million dollars throughout the football season, but they're hoping that leads to long-term success. I mean, this sounds like the best football game ever to go to. I mean, the fact that you can make multiple visits, too.
Morning Brew Daily
Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
Have a lot of popcorn for free. Okay, let's wrap it up there. Thanks so much for starting your morning with us and have a wonderful Thursday. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham and Olivia Lake are our associate producers.
Morning Brew Daily
Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
Uchenua Ogu is our technical director. Scoops Garderas is on audio. Hair and Makeup would love to be invited to your Mario Kart party. Devin Emery is our chief content officer, and our show is a production of Morning Brew.
Morning Brew Daily
Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
In a speech at the Rose Garden yesterday afternoon, President Trump took a stick of dynamite to the longstanding global economic system centered on free trade. He announced a minimum 10% tariff on all exports to the United States, plus much higher reciprocal rates on countries he said maintain unfair trade barriers on American products. reciprocal. That means they do it to us and we do it to them.
Morning Brew Daily
Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
Very simple. Can't get any simpler than that, Trump said. Holding up a chart with a list of countries and percentages, Trump ran down the list and revealed how much the U.S. would now be tariffing each one. To name a few big ones, Japan, 24%, South Korea, 25%, the EU, 20%, and other eye-watering amounts like 54% on China, which is 34%, on top of the existing 20%.
Morning Brew Daily
Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
The president said this was a discounted reciprocal tariff on other countries because he's kind. Trump argues the tariffs will usher in a, quote, golden age of America because companies will begin to build factories in the United States to avoid the tariffs.
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Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
He cited multi-billion dollar announcements from companies like Apple, SoftBank, and Taiwan Semiconductors since his election as evidence this plan was working. Economists see universal tariffs much differently, arguing they slow economic growth, cause uncertainty for businesses, and cause a spike in inflation.
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Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
Remember, a tariff is a tax paid by the importer of a foreign product, say Target importing bedsheets. Maybe Target will eat some of the tax, even if it eats their profits, but studies show that often that tax is passed along illegally. to the consumer in the form of higher prices. Toby, the White House kept these tariff rates under wraps until Trump's announcement.
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Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
And of all the scenarios investors had considered, this was about the worst case. Dow futures are down more than 1,000 points currently. The S&P is down nearly 3%, and the Nasdaq more than 3%.
Morning Brew Daily
Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, stocks are tumbling and businesses are scrambling after President Trump announced sweeping tariffs on Liberation Day.
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Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
And let's dive into some other countries that are getting hit with tariffs like at much higher levels than others. One nation that a lot of people were looking to and raising their eyebrows was Vietnam. So Vietnam is going to have a 46 percent duty on imports from to the United States on their exports to the United States.
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Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
And, you know, Vietnam was a huge winner of Trump's first trade war on China, because when those tariffs went on China in 2018, so many manufacturers, apparel makers, electronics makers, set up shop in Vietnam because there were low tariff rates on Vietnam and started shipping their products to the United States. So Vietnam's economy was one of the fastest growing in the world.
Morning Brew Daily
Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
Now they're getting hit with a 46% tariff and all of those companies that had moved all of their operations or more of their operations to Vietnam are getting whacked on the stock market this morning. Nike manufacturers, 25% of its footwear now in Vietnam, uh, you know, over the past few years, its stock is down 8 percent. Deckers, which is the owner of UGG and Hoka, is down 10 percent.
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Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
Restoration Hardware, a ton of furniture makers expanded their operations in Vietnam over the past few years. Restoration Hardware is down 26 percent. So if you go down the line from furniture makers, toy makers, apparel makers, their stocks are getting crushed this morning specifically because of those very high tariff rates on Vietnam.
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Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
Yeah, the big picture from this announcement, according to analysts and banks who were digesting all this information, is this is a massive shock to the economy. JP Morgan put out this note last night as the information was rolling out that was widely shared. And here were their main points.
Morning Brew Daily
Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
These tariffs raised just under $400 billion in revenue, which would be the largest tax increase since 1968. The tariffs would boost consumer prices by 1% to 1.5% this year. The hit to purchasing power could take real disposable personal income growth into negative territory by the end of the year and also send consumer spending into negative territory.
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Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
So much news to get to today, but first, some random fun facts. Gotta get that brain stretched out in the morning before putting it to work. A few days ago, an ex-user posted, does anyone have any random fun facts about a very niche subject?
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Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
To quote JP Morgan here, this impact alone could take the economy perilously close to slipping into a recession. So we are waiting for these tariffs to come into effect. The auto tariffs are coming into effect today, 25% on foreign vehicles. The tariffs that were announced yesterday, the reciprocal ones, are going into effect April 9th, about a week from now.
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Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
And you can be sure that the phones are going to be ringing off the hook in the White House as other countries think about retaliating in response to these reciprocal tariffs or try to cut deals with the Trump administration to lower these planned tariffs.
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Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
And people delivered with great tidbits like, crickets are actually tiny thermometers because their chirp count correlates to the temperature, or the earth actually takes 365 days and six hours to orbit the sun, hence a leap year every four years. Tell me, You got any other fun facts?
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Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
Snip, snap. We kind of saw this coming because early reports from around the world showed Tesla sales falling off a cliff in Australia. In Germany, they declined more than 70 percent in February. In China, it's a key market, second biggest market. Sales were down 11.5 percent in March from last year. In the U.S., sales were down 2 percent in the first two months of the year.
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Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
In California, they were down another big market. They were down 12 percent last So the writing was on the wall, this drip of bad news, you know, all these protests that were going on. We knew this number was going to be bad for the first three months of the year, but it was worse than expected.
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Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
And it shows the number of challenges that Tesla has from Elon Musk down to an aging vehicle lineup and, you know, a very slow pivot to autonomous cars, which is where its valuation is mostly based right now.
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Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
So what could Tesla do to turn things around? Well, this summer, there could be two big announcements that could rev it back up to growth. There's a June deadline for these two big announcements. One is the production of a more affordable Tesla.
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Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
Investors have been waiting for this for years so that it can compete with BYD, but also legacy car makers that are rolling out new EVs at a much cheaper price point than what Tesla sells for. So One is the affordable car. The other is this robo taxi service that Tesla has said it will launch in June in its backyard of Austin.
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Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
Waymo is already working there and offering robo taxi rides in Austin right in its backyard. Tesla is playing catch up, but it's hoping that during the summer it will have these new announcements to roll out, plus a refreshed Model Y, which some analysts say was a reason for these these bad delivery numbers.
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Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
Investor analysts generally think that Nintendo stuck the landing a la Simone Biles with this particular launch because it's doing it in conjunction with this new Mario Kart game. This one analyst from the research firm Omdia says that Nintendo will sell 14.7 million of the new Switch 2 consoles.
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Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
This year, which would easily top the sales of the original Switch for its first year, which was $13 million, and it's going to be, even with the higher price tag of $450, because of Mario Kart World, it's going to come in this package for a little bit of an upsell with Switch. Mario Kart 8 Deluxe. was owned by half of all Switch users. This is an insanely popular game.
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Trump's Tariff Reveal Escalates Trade War & Tesla Sales Drop 13%
This was the talk of the town yesterday after this was released. So I think this game, at least according to analysts, is going to allow the Switch 2 to maybe even leapfrog its predecessor.
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Welcome Generation Beta & The Heated Battle Over H-1B Tech Visas
As for Madoff, he died in prison in 2021 while serving a 150-year sentence for conducting the world's largest Ponzi scheme, cheating investors, most of them regular people, out of $20 billion.
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Welcome Generation Beta & The Heated Battle Over H-1B Tech Visas
And by MVF, you mean Madoff Victim Fund, which is like the fund that they created to pay out the victims.
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Welcome Generation Beta & The Heated Battle Over H-1B Tech Visas
New Orleans was full of people, not only for New Year's, but because college football's Sugar Bowl was in town. That game between Georgia and Notre Dame was supposed to take place yesterday evening, but has been rescheduled for today out of security concerns.
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And it's pretty remarkable. 94% is crazy that they're able to scrounge up the funds to pay these people back. And it reminded me of a recent fraud, FTX, where the prosecutors and The people cleaning up this mess were able to do something similar. And we were talking before the show, what did they what did they were able to repay FTX like 98 percent.
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So these victims, you know, are are made whole eventually by through all these asset seizures and settlement agreements takes took 16 years in the Madoff case. But, you know, a small bit of good news for for this Madoff situation.
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That's harsh, but also true. Let's do a meta winner segment. Who were the biggest winners of the winner that was the stock market? Well, Palantir was the S&P 500's top performing component this year. It went up over 350%. This is the AI company that has... AI data analytics company that has a lot of clients in the U.S. government and the Pentagon, but it's expanding to have more private clients.
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So Palantir was a huge winner. Some other smaller companies that did really well and sort of exemplify what's going on in the economy. New Scale Power, which is a nuclear power company focused on small companies. modular reactors rose 450%. And we saw a lot of big tech companies invest in those small modular reactors in order to power their data centers.
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Welcome Generation Beta & The Heated Battle Over H-1B Tech Visas
Another company that did super well, Applovin, which is a mobile app development marketing company, shares were up more than 700% on the year. So those were a few of the outliers of overall a great market. Let's go to the losers here. I mean, I can think of three blue-chip stocks that did really poorly and have engaged these big turnaround efforts to turn around their businesses.
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Three are Boeing, Intel, and Walgreens. Intel and Walgreens shares were both down over 60%. Boeing, so many crises over 2024, was down 30%. So, those big Dow stocks did not do well last year.
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Well, there are people whose jobs it is to speculate. Those are Wall Street analysts. They say on average that the S&P will rise about 10% next year. You have a lot of competing things going on. You have Trump's deregulatory agenda, but you also at the same time have his tariffs and perhaps another bout of inflation.
Morning Brew Daily
Welcome Generation Beta & The Heated Battle Over H-1B Tech Visas
And what really killed the stock market rally post-election was Jerome Powell getting up there and saying that instead of four expected rate cuts in 2025, we're only going to have two. So interest rate cuts in the path of the Fed are really going to drive a lot of the stock market this year. Typically, following the weekend, we give you a preview of the week ahead.
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With this show coming after the longest weekend of all, let's supersize this segment to give you a heads up about the major events of the year ahead. And we'll start right here in January with Dry January, the annual event when people challenge themselves to lay off the booze during the first month of the new year.
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Started by a UK charity in 2013, Dry January is more popular than ever, with web searches for the term in the first week of 2024 doubling from 2023 to reach an all-time high. But for many of you taking on the alcohol detox, Dry January may not be too difficult to pull off at all because you're drinking less as it is. Per capita, pure alcohol consumption in the U.S.
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Welcome Generation Beta & The Heated Battle Over H-1B Tech Visas
has dropped to its lowest level since 2002. Toby, are you doing Dry January?
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Welcome Generation Beta & The Heated Battle Over H-1B Tech Visas
You only have to look a few weeks out for two other major events on January 19th. TikTok will be banned in the U.S. if it isn't saved by the Supreme Court, which will hear arguments on the case about a week before. Then the next day, January 20th, is inauguration day. Donald Trump will be sworn in as the next president of the United States.
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Welcome Generation Beta & The Heated Battle Over H-1B Tech Visas
Over break, he urged the Supreme Court to hold off on a ban so he could have time to strike a deal that allows it to survive in the country.
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Welcome Generation Beta & The Heated Battle Over H-1B Tech Visas
Skipping ahead to the fall, which is when the biggest entertainment event of the year is slated to take place. Can you guess what it is? If you said Grand Theft Auto 6, you are correct.
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Welcome Generation Beta & The Heated Battle Over H-1B Tech Visas
The video game, a decade in the making, will almost certainly be the biggest entertainment launch of 2025, with projections that it'll bring in $3 billion in its first year and $1 billion in pre-orders before it even comes out. Toby, this property has broken more records than Mondo Duplantis. The previous edition, which came out in 2013, is the best-selling entertainment product of all time.
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Welcome Generation Beta & The Heated Battle Over H-1B Tech Visas
And the trailer for GTA 6 is the most viewed video game reveal ever, with more than 225 million views on YouTube since it was released December 2023.
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Welcome Generation Beta & The Heated Battle Over H-1B Tech Visas
The biggest film release of the year won't happen until December when the third installment of James Cameron's Avatar saga hits theaters. It won't be GTA 6 big, but it'll still be pretty massive. The first and second Avatar films Both grossed over $2 billion globally, putting them among the top five highest grossing movies of all time.
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Welcome Generation Beta & The Heated Battle Over H-1B Tech Visas
And the wild part is there are two more avatars after this next one.
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Welcome Generation Beta & The Heated Battle Over H-1B Tech Visas
Okay, let's wrap it up there. Thanks so much for spending your morning with us and have a wonderful Thursday. Wow, tomorrow is Friday. We really earned this weekend coming up. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com.
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Welcome Generation Beta & The Heated Battle Over H-1B Tech Visas
If your New Year's resolution is to have smarter conversations with the people around you, well, I can think of nothing better than to share Morning Brew Daily with your friends and family so when you talk to them, they'll be just as up-to-date as you are on current events. If you don't like that idea, here's Toby with another sharing idea.
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Welcome Generation Beta & The Heated Battle Over H-1B Tech Visas
The gang is all back, so let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenna Waogu is our technical director. Billy Menino is on audio. Hair and makeup is in the public domain, so feel free to adapt and reuse these jokes to your liking.
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Welcome Generation Beta & The Heated Battle Over H-1B Tech Visas
Devin Emery is our chief content officer, and our show is a production of Morning Brew.
Morning Brew Daily
Welcome Generation Beta & The Heated Battle Over H-1B Tech Visas
Well, one thing is they may think of Googling as something that we think of as using a rotary phone, just completely ancient thanks to the rise of generative AI and all of those search capabilities that they're allowing. They probably won't have to learn how to drive because of autonomous vehicles. Waymo has been expanding into multiple cities now. I
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Welcome Generation Beta & The Heated Battle Over H-1B Tech Visas
I you know, maybe maybe they'll have to learn how to drive. But 16 years down the road, we might have enough autonomous vehicles where they can just call an Uber, a self-driving Uber and and they'll never have to learn how to drive. They probably won't remember the first Mars landing that is slated for something like 2030 and 2031.
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Welcome Generation Beta & The Heated Battle Over H-1B Tech Visas
And then when we talk about the pandemic, like me and you, they'll just say, let's get you to bed, grandpa. That'll just be something they read about in the history books.
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Welcome Generation Beta & The Heated Battle Over H-1B Tech Visas
Meanwhile, there's just been a surge in what's known as generational research and trying to figure out what millennials, how millennials are different than Gen Z, who are different than Gen Alpha and how their consumption patterns change. And marketers and companies are all over this. I was watching football yesterday and I saw a Prudential ad that.
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Welcome Generation Beta & The Heated Battle Over H-1B Tech Visas
It asked parents to open a savings account for Generation Beta. They explicitly used Generation Beta. They said, you can apply now and we'll get $150 for your Generation Beta kid. So there is a lot of attention paid to these generational differences. There's also a lot of criticism toward people who use these generational differences because
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Welcome Generation Beta & The Heated Battle Over H-1B Tech Visas
They you are basically saying that people were born in a certain age group in a certain 15 year span. That's how long these generations are, are all the same because there's these certain external factors that weigh on them and, you know, influence them in certain ways.
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There's been a lot of pushback to that, a lot of criticism that generational research is kind of a sham and it's just, you know, basically a marketing ploy. But, you know, brands are absolutely so keyed in on these differences, whether they exist or not.
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Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, what you need to know about the MAGA versus DOGE civil war over H1B tech visas.
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Yeah, and the industry at the center of it all is big tech. They love H-1B visas because they can bring in really smart people. They say that there's not enough American-born programmers, software developers to fill their open spots. The company that was the largest sponsor of H-1B visas in 2024 was Amazon with 9,200. And Google, Meta, Apple, IBM all are in the top 10.
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Welcome Generation Beta & The Heated Battle Over H-1B Tech Visas
Elon Musk said that he himself was on an H-1B visa at one point, and Tesla also approved or got approved 742 H-1B petitions last year. Other big companies that use it are these IT providers like Cognizant Technology Solutions, Tata Consultancy Services, and HCL America. They're all in the top 10 as well. So big tech for...
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Welcome Generation Beta & The Heated Battle Over H-1B Tech Visas
Years now, ever since H-1B visas became a thing in the 90s, have been pushing on the government to expand the cap. The cap right now is $85,000. They think that's not nearly enough. They want more people to be able to come into the United States, mostly from India. You know, this... The 72 percent of last year's visa, H-1B visas, came from India.
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Welcome Generation Beta & The Heated Battle Over H-1B Tech Visas
There was a lot of racial, racist things going on as relates to Indian people because they they account for the majority of H-1B visas. But the tech industry for a long time has been pushing for an expansion of H-1Bs. So we'll see what happens.
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All I got to say now is get ready for the Popeye slasher flicks. That's because as of yesterday, the one-eyed spinach-fueled sailor became one of thousands of copyrighted works to enter the U.S. public domain, which allows a new generation of artists to adapt, share, and rediscover old characters, books, and music. It's an annual tradition.
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Every January 1st, the copyrights for works introduced 95 years ago expire according to the terms of U.S. intellectual property law. So yesterday, art from 1929 came up for grabs. The first edition of Popeye entered the public domain, along with Tintin, legendary books The Sound and the Fury by William Faulkner and Ernest Hemingway's A Farewell to Arms, and a bunch more.
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Good morning. We are so back. Hope you all had a relaxing holiday break and are ready to hit the ground running in 2025. The U.S. enters the new year on edge after at least 15 people were killed in New Orleans early yesterday morning when a man drove a white pickup through a crowd on Bourbon Street in the heart of the French Quarter.
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The idea of the public domain is to unleash creativity by releasing locked-up stories, and we saw this firsthand in 2024. The box office smash hit Wicked is a prequel to L. Frank Baum's The Wonderful Wizard of Oz books, and one of the most celebrated novels of the year, James by Percival Everett, is a retelling of Mark Twain's Adventures of Huckleberry Finn. Toby, happy belated public domain day.
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It's a great day to be someone who's itching to write a Popeye musical.
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I'm not sure how often I think of Popeye, but I definitely do conflate him with spinach. So you mentioned the spinach doesn't come in until 1931 in that comic, but some sleuths at Duke University went looking for the copyright for the spinach version of Popeye, and they found that it was not renewed. So actually, Popeye's spinach is in the public domain now. So
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Welcome Generation Beta & The Heated Battle Over H-1B Tech Visas
If you are considering writing a Popeye musical or a Popeye fan fiction or anything like that, you can legally have him getting buff from spinach.
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Yeah, so we're making jokes about this, but this is actually a huge deal. As I mentioned, some of the most blockbuster works of this year are adaptations of old works. And, you know, there are a lot of people who criticize U.S. copyright law saying 95 years. That is intense, right?
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Like copyright law is meant to protect artists and incentivize creativity because you don't want to spend years working on something only for somebody to rip it off. after. But 95 years is much after, and it comes as part of a law that has Disney's fingerprints written all over it. Disney really wants to protect its characters, particularly Mickey Mouse. So it created, along with U.S.
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The suspect was killed by police and we know he's a US-born citizen from Texas who flew an ISIS flag on the back of his truck. Authorities are calling this a terrorist attack and believe he's not the only person responsible. The FBI said it's investigating all leads that will allow them to find his associates.
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government, this copyright law that extends protections for 95 years. But you can see how much creativity is unleashed when These works enter the public domain. I just want to get you a little excited about who's entering the public domain in the coming years. So we get Goofy in 2028, Mary Poppins and Donald Duck in 2030, Superman in 2034. These are not in the coming years.
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These are way down the line. Batman, but still you can get excited. Batman in 2035, Tom and Jerry and Bugs Bunny in 2036. That is going to be a big year. If we're still podcasting in 2036, that's going to be a big deal. Wonder Woman 2037. Gen Beta is going to have a field day with those.
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As per tradition, we typically do winners of the weekend on a Monday, but this Thursday is basically a Monday in disguise. So Toby and I decided to pick two things whose holiday break scored a 100% on the tomato meter. I won the pre-show mini golf round with a score of 30 under par, so I get to go first. My winner is the victims of Bernie Madoff. because somehow they've been made nearly whole.
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The tenth and final round of payments to people scammed by the notorious Ponzi schemer was sent out on Monday, bringing the total recovered to 94% of estimated total losses. Officials called it an unprecedented conclusion to a compensation process that will have repaid $4.3 billion to over 40,000 people in almost 130 countries. This final batch paid out about $131 million.
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So where'd the Fed scrounge up the money from? Most, about $2.2 billion, came from a settlement with the estate of Madoff investor Jeffrey Pickover, while $1.7 billion was recovered from J.P. Morgan. which is the bank Madoff used to orchestrate his fraud.
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Download the CFO's Guide to AI and Machine Learning for free at netsuite.com slash brew. That's netsuite.com slash brew. netsuite.com slash brew.
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You're telling me. I was looking in the fridge for the Planet Oat oat milk creamer to pour in my cup of joe, and I found it sitting empty in the counter. Yeesh, that might have been me. Toby.
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Welcome to Neil's Numbers, the segment where I share three stats from the week's news that will turn you into a human Wikipedia. For my first number, I got a little pop quiz for everyone. What country do you think has the most CFA chart holders and Bloomberg terminals per capita? In other words, what country is mad about finance?
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You might be thinking maybe Luxembourg or Switzerland or Singapore, but actually the country with the most Bloomberg terminals per capita is tiny Vatican City. According to Rob Lankrick of the CFA Institute, the Vatican has four CFA chart holders or credentialed financial analysts out of 882 total people, and those four all work at the same company, Instituto per le opere de religione.
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Meanwhile, the country has 17 Bloomberg terminals, which are those super expensive software systems that finance pros need like oxygen, costing about $24,000 per year. With 17 of those rigs, Vatican City has four times the Bloomberg terminals per capita than second place Luxembourg. Toby, everyone's learning a lot more about the Vatican after Pope Francis' death and
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the upcoming conclave to choose a new Pope. And we're learning that they are serious financial ball knowers.
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And even if you use the rest of that creamer, I do have plenty of other oat milk options to choose from. Planted oat extra creamy, planted oat unsweetened. I actually can't wait for the show to end so I can go try some more.
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Of course, would you have gotten that answer correctly?
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US Economy Shrinks 0.3% & Starbucks’ Turnaround Plan Gets Bumpy
All right. My next number is 34 seconds, which is the new shortest song ever to enter the Billboard Hot 100 chart. Steve's Lava Chicken, as the goofy jingle is called, was sung by none other than Jack Black for the Minecraft movie and debuted at number 78 on the chart this week.
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It swiped the previous shortest song on the Hot 100 record from Kid Cudi's Beautiful Trip, which clocked in at 37 seconds. Other really short songs that have also entered the charts are Deck the Halls by Nat King Cole, 1 minute and 6 seconds, and Pete Davidson by Ariana Grande, 1 minute and 13 seconds.
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Steve's Lava Chicken was no doubt fueled by social media virality having been used in more than 280,000 videos on TikTok, which led to nearly 22 million streams on Spotify, and it further cements Jack Black as kind of a movie soundtrack god because he's no one-hit wonder. His song Peaches for the Super Mario Bros. movie back in April 2023 peaked at 56 on the Billboard chart.
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As Dewey Finn would say, that's one way to stick it to the man.
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My final number is 50 years, which is how long it's been since the release of Monty Python and the Holy Grail. Fans of the influential, infinitely quotable comedic masterpiece have been reminiscing about the movie's legacy for its 50th birthday this week. And one of the most surprising details about Holy Grail is who financed it. Rock legends Led Zeppelin, Pink Floyd, Elton John, and Jethro Tull.
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Go back to 1973 and the pythons are shopping around this absurdist parody of King Arthur's quest for the Holy Grail, But no studios were interested, so instead they turned to their musician friends for money, pitching it as a beneficial tax write-off. The rock stars were sold.
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According to a 2021 tweet by Eric Idle, a member of Monty Python, Led Zeppelin contributed more than 3,100 pounds, about $385,000 in today's money, Pink Floyd forked over $21,000, and Jethro Tull frontman Ian Anderson sent 6,300 pounds out of his own pocket. It wouldn't be the last time the Pythons phoned a musical friend for help financing a movie.
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When EMI Films pulled its support for the life of Brian a few years later, Idol called up his buddy George Harrison of the Beatles for a lifeline, and Harrison came through in the clutch. Toby, thank God Eric Idol was just friends with literally the most famous rock stars in the planet, because if not, we wouldn't be celebrating the 50th birthday at one of the world's most beloved movies.
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how much that they've influenced culture and it all leads back to these rock stars which is another great you know uh fun fact let's spread to the finish with some final headlines the icy u.s ukraine relationship had a major thawing out after the two countries signed a landmark deal that would give america access to ukraine's mineral wealth the highlight of the agreement is the creation of an investment fund called the united states ukraine reconstruction investment fund
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which will focus on rejuvenating Ukraine's economy that has been battered by Russia's invasion. The deal is being hailed as a win-win for both sides. The U.S. boosts its business interests in Ukraine, which has 20 strategic raw materials, while Ukraine gets an implicit security guarantee from the U.S. for future military aid.
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Treasury Secretary Scott Bassett said this agreement signals clearly to Russia that the Trump administration is committed to a peace process centered on a free, sovereign, and prosperous Ukraine over the long term.
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I mean, this is really weird. But UNC hired Belichick, who is considered the greatest coach of all time in the NFL. They paid him $10 million a year back in December. They build their program, which has been not so great overall, their football program. They say they're going to run it like the 33rd team in the NFL, break into the top of the ACC.
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This is a huge and expensive hire, and they're getting a little more than they asked for with Belichick's girlfriend, who's 49 years old. his junior really weaseling her way into the operations of this massive athletic department. Belichick requested that some top administrators copy Hudson on an email. She scuttled this deal for hard knocks.
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She's making all kinds of headlines with this book tour that he's going on. They're getting into fights with major networks like CBS. It's just all a lot. And you wonder how it is going at the top levels of UNC who hired Belichick. A few months ago, they didn't really anticipate this, and I'm sure it's not the last we'll hear of this particular story. Okay, let's wrap it up there.
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Thanks so much for starting your morning with us, and have a wonderful Thursday. For any questions, comments, or feedback on the show, send an email to morningbrewdailyatmorningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Our associate producers are Olivia Graham and Olivia Lake. Scoops Nardaris is on audio.
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Hair and Makeup is out today with a flesh wound. Devin Emery is our president, and our show is a production of Morning Brew.
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This is a Helm's Deep economy, which was the pivotal battle in The Lord of the Rings, The Two Towers. Businesses were rushing in reinforcements and supplies like their apocalypse survival kits and hunkering down for the upcoming siege. And we're all just waiting on Gandalf to save us. Overall, it was just a front loading frenzy. As you mentioned, U.S.
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imports surged by more than 40 percent in the first quarter, and that subtracted nearly five percentage points from GDP, which was the most on record. Overall, economists were having an absolute field day with this report. because they were all educating us on how GDP is calculated. And the bottom line is that it was extremely distorted by how many imports businesses were taking in.
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And that clouds the overall economic picture. So it's really hard to get a sense of how good the economy was doing because of the threat of tariffs that are coming in April. Changed so much about the economy, creating a ton of chaos and leading to a very cloudy picture on how things are actually doing outside of the trade war.
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Overall, though, I think if you look at parts of the GDP data, it shows that the underlying economy is doing OK. There's this one particular line item that strips away the import madness and inventories and government spending and all of. Those very volatile factors, it's called final sales to private domestic purchasers, which is a measure of consumer and business spending.
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Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, the Starbucks rebuild isn't going as planned. Should they trade for Giannis?
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It gauges the underlying demand in the economy. That was perfectly fine in Q1. It came in at a 3% annual rate. So a lot of economists were pointing to this to say, Besides all of this import craziness and, you know, the drop in government spending that we saw because of Doge, the three percent annual rate is pretty much, you know, what we saw in line over the past couple of quarters.
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So that's holding up pretty strong. So overall, people are doing pretty OK, given all of the chaos that's been going on.
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The bottom line, though, is that this negative GDP number that we saw is extremely distorted and doesn't really tell the full picture. Yes, the economy contracted, but because of how GDP is calculated, it is a more confusing picture than that negative headline suggests.
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Moving on, on Tuesday, Meta CEO Mark Zuckerberg and Microsoft CEO Satya Nadella held a chummy fireside chat at Meta's AI Developer Conference. Less than 24 hours later, the two hopped on earnings calls to brag about how much their companies were crushing it. Because while GDP may have been negative, everything about these performances were positive.
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Meta topped revenue expectations for Q1 with $42 billion in sales and indicated that growth ahead would be just fine. Investors had been worried that because Meta relies so much on ad buys from Chinese companies like Xian and Temu, tariffs would cause a slowdown in its moneymaker. Not so.
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Meanwhile, Meta continues to plow absurd amounts of money into AI, stiff-arming the critics who warned of a slowdown. The company jacked up its capital expenditures forecast, essentially what it will spend on AI infrastructure this year, to $72 billion. Because of more data center investments, that's more than the $67 billion it's spent on AI in the last two years combined.
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Microsoft, meanwhile, is also killing it, beating top and bottom lines estimates thanks to a 33% revenue gain and its highly profitable Azure Cloud Unit, which sells computing power to other companies and has been a major beneficiary of the AI boom. Investors were ba-da-ba-ba-ba loving it. Meta shares rose more than 6% in after-hours trading, and Microsoft gained over 8%.
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Good morning on the first day of May. And honestly, pound for pound, it might be the best month of the year. The Kentucky Derby is coming up on Saturday. Mother's Day is a couple Sundays from now. The NBA and NHL playoffs get really good. Then later in the month, Universal Epic Universe will become the first major park to open in Orlando in 26 years.
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And what about these headwinds that Meta is facing? Well, I guess they're not so gusty at all. Those Chinese customers who have accounted for 25% of all of Meta's growth over the past two years, Shannon Timu being the top among them. The Meta's executive said they had seen some pullback from those advertisers because of the tariffs. But again, this quarter ended March 31st.
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So and tariffs didn't kick in until April. So we aren't sure the the total impact of that. But the bottom line is that Meta's ad business is super resilient. And it looks like these advertisers are shifting their spend to other countries instead of the United States. But Meta is in like every single country otherwise. So it is still working out just fine.
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Meanwhile, it's facing an antitrust trial right now that might hive off Instagram and WhatsApp, two of its biggest money makers. And that is going through the courts right now. So we'll see what happens with that. But overall, I mean, a gangbusters quarter for Meta.
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The French Open and PGA Championship take place for tennis and golf lovers.
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US Economy Shrinks 0.3% & Starbucks’ Turnaround Plan Gets Bumpy
Pressure's on. I mean, this guy was brought in after turning around Chipotle, and before that he turned around Taco Bell. So he is this turnaround artist who's been known as the Messi of the restaurant industry. They paid a pretty penny for him, stock awards up to $113 million, which is four times larger than the guy who ran... Starbucks before him.
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US Economy Shrinks 0.3% & Starbucks’ Turnaround Plan Gets Bumpy
And even he said he was disappointed in this quarter's results because of the second time he's got up in front of investors and said, you know, just give me time. I need some patience. And sure, turning around a massive chain like Starbucks probably takes a little more than six months. But the results we're seeing show that it is still a very much a work in progress.
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He's trying to strike this very interesting balancing act because he wants people who go into Starbucks to get it to get coffee to go to get their orders much faster. Meanwhile, at the same time, he wants people to go into Starbucks who want to sit and chill, be able to do that and linger longer. He wants to put new seating in and add ceramic cups and make that a more pleasurable experience.
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US Economy Shrinks 0.3% & Starbucks’ Turnaround Plan Gets Bumpy
So there's kind of two different diverging strategies that you're trying to walk this tightrope on.
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What does the future hold for business? Ask nine experts and you'll get 10 answers. It's a bull market. It's a bear market. Rates will rise or fall. Inflation's up or down. Can someone invent a crystal ball?
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Literally all the time. Just ask my lower back. Yeah, my knee is saying the exact same thing. Well, no one's found a way to stop aging yet, but Timeline has created a supplement that can change the way aging feels, helping your body to bounce back faster by giving your cells a refresh.
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And it's super easy to add to your routine. It just takes two soft gels a day to reboot your cells from the inside out.
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I am sweating over here. Relax. TaxAct is there to soothe your beating heart. It simplifies tax filing for both your small businesses and your individual taxes. And if you bundle them together, you can save some cash.
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Why aren't we using them? I mean, if the rule states that they just have to be a certain dimension and made of a solid piece of wood, it is kind of mind boggling that the folks in in Major League Baseball around the teams haven't figured this out sooner. And we've been using the same design bat for decades. But I guess that's just how disruption works.
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You kind of think insularly and not outside the box. like this guy does, Len Hart. And it's a very fascinating story that shows how analytics has really infiltrated the game of baseball and sports more broadly. Last year, Aaron Judge, the star of the Yankees, was complaining that the analytics department was not speaking to the players enough in a simple enough fashion.
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So the analytics department, who are all these data nerds, are finding these insights. They're reviewing tape. They're running computer programs. But when they would try to translate those insights to the players, it wasn't a good communication system. So what the Yankees did was hire this guy, Len Hart, who is this former MIT physicist who taught physics at Michigan for seven years.
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And he's on that side of the ball. But he's also a former baseball coach as well. So he's the perfect marriage between what these two emerging trends in the game, he can bring things together. And he also had this, you know, remarkable design for a bat that is probably going to be the hottest product since the Stanley cup.
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That's the beauty of TaxAct's Expert Assist. They've got real 100% credentialed tax experts, all based in the U.S., who will answer any tax questions you've got. It's like having your own personal tax superhero.
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They'll probably win the national championship, but they probably won't win any legal case against HBO or the white Lotus because under the first amendment artists have really strong protections to use well-known trademarks for artistic and expressive purposes. Just think of Saturday night live, uh,
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Jeopardy probably does not like that they use celebrity Jeopardy to make raunchy jokes for decades, but they can because this is a free country. We have the First Amendment and you can use trademarks in your artistic work. What you can't use a trademark for is to do people into thinking you are Duke when you're not Duke.
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So say you started a college and then you called it Duke University and had similar branding, obviously has the same name. That probably wouldn't fly under trademark law. But when you're making art like Mike White does with White Lotus, you have a wide latitude.
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So legal experts chimed in on this case and said that, you know, Duke as a business doesn't really have any case here to pursue legal action, but they can complain.
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Okay, it's Monday, so here are the major events you need to know about in the week ahead. Everyone is watching what tariffs will be announced on Wednesday, which President Trump has dubbed Liberation Day. Depending on the size and extent of the tariffs, it could lead to a reorganization of the global economy we haven't seen in decades.
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Toby, don't stress. Just file with TaxAct before the April 15th deadline, and you're good. Visit TaxAct.com to get started today.
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On Wednesday, Trump has vowed to place reciprocal tariffs on all countries that tax imports from the United States, while the next day, 25% tariffs on foreign cars will go into effect. We should also expect countries to announce retaliatory tariffs against the U.S. that day, sending this trade war into nuclear territory.
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In a sign of just how impactful these tariffs will be, some auto dealers across the country were packed this weekend as Americans scrambled to buy cars before prices rise.
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Yeah, 48 hours. We still have really no idea what's about to come down the pipeline. But really, the global economy hangs in the balance. Even as tariffs dominate Wall Street shadow, investors will face another big test on Friday with the jobs report. Economists estimate that employment growth is expected to have slowed to 128,000 jobs added in March from about 150K in February.
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And special attention will be paid to whether Elon Musk's sweeping doge layoffs of the federal workforce will show up in the data.
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And remember the TikTok ban? Well, time to start thinking about it again because on Saturday, Trump's extension that delayed a U.S. ban on TikTok will expire, meaning the Chinese app could leave app stores once again as it did in January. Trump is trying to get Beijing to greenlight a sale to a U.S. entity by relaxing tariffs.
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But if that doesn't happen by Saturday, which doesn't seem to be in the cards, Trump said he'll extend the deadline again.
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Can it still be March Madness if it takes place in April? Sure. Why not? The men's Final Four is set and it's all number one seeds. Florida will play Auburn and Duke will play Houston on Saturday. The winners will face off in the championship game a week from today. And then on the women's bracket, the Final Four will be solidified today.
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South Carolina and UCLA have already punched their ticket to the Final Four.
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And this is the first time that it's been all number one seeds in the Final Four since 2008. And nothing bad happened in 2008. So I'm sure that's not an omen whatsoever. All right, let's wrap it up there. Thank you for starting your morning with us and have a wonderful start to the week. For any questions, comments, or feedback, send an email to morningbrewdailyatmorningbrew.com.
Morning Brew Daily
Markets Wrap Up a Shaky Q1 & Elon Musk Sells ‘X’ To... 'xAI'
Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham and Olivia Lake are our associate producers. Uchenua Ogu is our technical director. Scoop Stardaris is on audio. Hair and makeup, we need a torpedo mic stat. Devin Emery is our chief content officer and our shows of production of Morning Brew. Great show, Daniel. Let's run it back tomorrow.
Morning Brew Daily
Markets Wrap Up a Shaky Q1 & Elon Musk Sells ‘X’ To... 'xAI'
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, why Elon Musk sold one of his companies to Elon Musk.
Morning Brew Daily
Markets Wrap Up a Shaky Q1 & Elon Musk Sells ‘X’ To... 'xAI'
The sports metaphors were strong in that one, Toby, so kudos on that. Yeah, let's start by looking internationally, because we do focus a lot on the United States, but there were a lot of fireworks afield. I want to start with China, actually. So they have their own Magnificent Seven, and that includes big tech companies like Alibaba, Tencent,
Morning Brew Daily
Markets Wrap Up a Shaky Q1 & Elon Musk Sells ‘X’ To... 'xAI'
BYD, which is this EV maker, Baidu, JD.com, they are soaring. The MSCI China index has jumped more than 30% since the end of August. DeepSeek was sort of their open AI breakthrough moment for artificial intelligence, and investors have been plowing money into the Chinese stock market, whereas for years it had been kind of stagnant. So There's been a real changing of the guard over there.
Morning Brew Daily
Markets Wrap Up a Shaky Q1 & Elon Musk Sells ‘X’ To... 'xAI'
You mentioned Magnificent 7 stocks have shed $2 trillion in value. Terrific 10 is maybe another name to know over in China where they're absolutely soaring. So we've seen the script flipped a little bit.
Morning Brew Daily
Markets Wrap Up a Shaky Q1 & Elon Musk Sells ‘X’ To... 'xAI'
Let's talk about that report on Friday. It was a true double whammy. So there was this inflation measure that comes out, which the Fed is really keyed in on. It shows inflation and then it also shows consumer spending. And we went 0 for 2 because inflation came in hotter than expected. It rose by 0.4 percent in February. It picked up pace for the 4th. straight month.
Morning Brew Daily
Markets Wrap Up a Shaky Q1 & Elon Musk Sells ‘X’ To... 'xAI'
And then you had consumer spending did not go up at all, went up 0.1%. So you're seeing less consumer spending, higher inflation. That is a recipe for what has become sort of the boogeyman on Wall Street right now, which is this word called stagflation, where you have higher inflation and lower growth, and it leads to Really bad outcomes for the economy and as well as the stock market.
Morning Brew Daily
Markets Wrap Up a Shaky Q1 & Elon Musk Sells ‘X’ To... 'xAI'
One example of this is Goldman Sachs has this basket of stocks that do really well in stagflation times. There aren't many, but there are a few like in defensive sectors like health care, which thrive during recessions. And that is up nearly 20 percent this year compared to the S&P 500's 5 percent drop.
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Markets Wrap Up a Shaky Q1 & Elon Musk Sells ‘X’ To... 'xAI'
What a difference 200 miles makes. On Saturday, New York City was in full-on summer mode as temperatures reached 80 degrees. But just above I-95, the weather could not have been any different. On the same day, people living in Boston were hit with freezing rain and temps in the mid-30s. That 45-degree temperature gap between Boston and New York City isn't just good material for small talk.
Morning Brew Daily
Markets Wrap Up a Shaky Q1 & Elon Musk Sells ‘X’ To... 'xAI'
Or if you've invested in gold bars and those are lining your homes because gold is up 17% this year already for its best start to a year since 1986. You know that meme where Obama gives himself a medal? That's kind of what Elon Musk just did with parts of his business empire.
Morning Brew Daily
Markets Wrap Up a Shaky Q1 & Elon Musk Sells ‘X’ To... 'xAI'
On Friday, the world's richest person said he had sold X, his social media company, to XAI, his artificial intelligence company. According to Musk, the all-stock deal values XAI at $80 billion and X at $33 billion, down from the $44 billion he spent on Twitter. So why do this? Isn't this basically just shuffling money around?
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Markets Wrap Up a Shaky Q1 & Elon Musk Sells ‘X’ To... 'xAI'
Musk said that the deal cements that XAI and X's futures are intertwined. Today, he declared, we officially take the step to combine the data, models, compute, distribution, and talent. Outside observers, such as Axios' Dan Primock, Also added an important piece of context, this is an attempt to prevent his X investors from losing money.
Morning Brew Daily
Markets Wrap Up a Shaky Q1 & Elon Musk Sells ‘X’ To... 'xAI'
Remember, at one point, X's value had plunged 70% from when Musk bought it, and while business has rebounded, it remains on shaky financial footing. Toby, while this was a surprising announcement, the writing had been on the wall since X and XAI were sharing loads of resources, and Elon Musk has pulled off something similar among his various businesses.
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Markets Wrap Up a Shaky Q1 & Elon Musk Sells ‘X’ To... 'xAI'
What do you think this link-up says about his ambitions?
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Markets Wrap Up a Shaky Q1 & Elon Musk Sells ‘X’ To... 'xAI'
xai this this fountain of proprietary data that they can now use to try to separate from the pack of this very crowded space of lms which is why some analysts look at this deal and said hey that was pretty smart i could see other smaller players in ai and other smaller social media players it's doing similar things.
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Markets Wrap Up a Shaky Q1 & Elon Musk Sells ‘X’ To... 'xAI'
Maybe they don't have the same owner, but they might link up in order to gain scale and command higher valuations. I mean, the valuation for XAI at $80 billion, that's more than the combined market values of Snap, Pinterest, and Reddit. Right now, Google pays Reddit to train its... large language model on Reddit data. Well, what if they were the same company?
Morning Brew Daily
Markets Wrap Up a Shaky Q1 & Elon Musk Sells ‘X’ To... 'xAI'
It's history. Meteorologists said it was the widest temperature difference between the two cities on record. Meanwhile, in Connecticut, they couldn't decide which side to take per usual.
Morning Brew Daily
Markets Wrap Up a Shaky Q1 & Elon Musk Sells ‘X’ To... 'xAI'
They would also have training data and they would have distribution like Grok has. Grok is a large language model that anytime you log into Twitter or X, you can see it being used. So it might spur more partnerships, maybe even some mergers between smaller players in AI like Anthropic or Perplexity and smaller players in social media like Snap, Pinterest or Reddit.
Morning Brew Daily
Markets Wrap Up a Shaky Q1 & Elon Musk Sells ‘X’ To... 'xAI'
And in 2016, Elon Musk did something similar when he used Tesla stock to buy his other company, SolarCity. Okay, let's head to our winners of the weekend, the segment where Toby and I pick two things whose Sunday morning eggs were sunny side up. I won the pre-show extreme ironing contest, so I get to go first.
Morning Brew Daily
Markets Wrap Up a Shaky Q1 & Elon Musk Sells ‘X’ To... 'xAI'
And my winner is fraudsters because some of the most notorious white-collar criminals of the past several years are now free men. On Friday, President Trump issued a flurry of pardons to business leaders who were found guilty of fraud. The first pardon went out to Trevor Milton, the founder of electric truck maker Nikola, which is now bankrupt.
Morning Brew Daily
Markets Wrap Up a Shaky Q1 & Elon Musk Sells ‘X’ To... 'xAI'
Milton was sentenced to four years in prison and fined $1 million after he was convicted by a jury of fraud for misleading investors about the capabilities of Nikola's trucks, pumping up the stock with unfounded claims. When asked about the pardon, Trump said it had come highly recommended by many people he knew.
Morning Brew Daily
Markets Wrap Up a Shaky Q1 & Elon Musk Sells ‘X’ To... 'xAI'
Trump also granted clemency to Carlos Watson, the media executive who founded Aussie Media. When Watson heard the news, he was literally on his way to report to prison to serve a 10-year sentence for fraud. In July, Watson was found guilty of fraud for inflating revenue figures when courting investors and lying about having completed business deals that were either made up or not finalized.
Morning Brew Daily
Markets Wrap Up a Shaky Q1 & Elon Musk Sells ‘X’ To... 'xAI'
During the sentencing, the judge told Watson the quantum of dishonesty in this case was exceptional. Watson maintained his innocence throughout and on Friday said, I am profoundly grateful to President Trump for correcting this grave injustice. Toby, big weekend in the world of fraud.
Morning Brew Daily
Markets Wrap Up a Shaky Q1 & Elon Musk Sells ‘X’ To... 'xAI'
And while those two guys were walking free on Friday, another fraudster is awaiting her prison sentence because Charlie Javis, remember her, she's that Forbes 30 under 30 who founded this fintech Frank, which sold to JP Morgan for one hundred and seventy five million dollars, was convicted of fraud for, quote, falsely and dramatically inflating the number of the company's customers average.
Morning Brew Daily
Markets Wrap Up a Shaky Q1 & Elon Musk Sells ‘X’ To... 'xAI'
After JP Morgan bought Frank, they had a ton of buyer's remorse because they sent out this email to the supposed list of more than 4 million Frank customers only to return just a few small percentage percentages of those emails. Turns out that Javis and and one of the other executives at Frank had been artificially inflating their email list.
Morning Brew Daily
Markets Wrap Up a Shaky Q1 & Elon Musk Sells ‘X’ To... 'xAI'
Oh, you're doing Boston dirty. Now a word from our new sponsor, Tax Act. Toby, you look a little pale today. What is going on?
Morning Brew Daily
Markets Wrap Up a Shaky Q1 & Elon Musk Sells ‘X’ To... 'xAI'
So now Javis was convicted by a jury on Friday and she awaits a prison sentence later this summer.
Morning Brew Daily
Markets Wrap Up a Shaky Q1 & Elon Musk Sells ‘X’ To... 'xAI'
Setting up your account is super easy, and it takes just a few seconds to make payments in over 40 different currencies.
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Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, a trip down memory lane as Toby relives some of his favorite trends of the year.
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Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
Yeah, that one doesn't have a long shelf life.
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Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
Absolutely. I mean, we're just over two years into the quote unquote AI revolution launched by ChatGPT in November 2022. And it's clear, you know, one of the biggest use cases for AI is being your friend or having a companion, which was predicted really by the movie Her and also, you know, AI boyfriends, girlfriends.
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Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
There was this study that came out that analyzed a million chat GPT interactions, found that the second most popular use was sexual role playing. So clearly people are using AI for intimacy. And also just to converse with bots, one of these companies is Character.ai. It's one of the biggest AI companies out there. Last year it raised $150 million. It is an absolute behemoth company.
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Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
So if you're looking at, you know, if you're asking questions of like, okay, two years in to ChatGPT, what are people actually using it for? This companionship one is definitely one of the biggest.
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Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
Well, I've got a couple. But since we just talked about AI, the one I want to bring up was all of those AI-created marketing ploys that fell flat on their face. Remember Apple?
Morning Brew Daily
Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
had this commercial that they debuted where the classical tools of the way people created art were crushed and what emerged was a sleek iPad and Apple introduced its Apple intelligence and features in its new products and the response to it, I've never seen anything draw such backlash to it.
Morning Brew Daily
Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
I do think that what we're seeing with people drinking less alcohol, focusing more on wellness is growing. One of those things that could extend years, if not decades. I mean, just look at the rise of non-alcoholic beverages. Non-alcoholic beer, wine, and liquor jumped 32% from 2023 over 2022, while total alcohol sales were essentially flat.
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Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
And another one.
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Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
I don't know if this is a trend, but it's certainly in the cultural sphere, and I don't know if I have any deep analysis of it, but certainly the rise of the three pop stars, Chapel Roan, Sabrina Carpenter, and Charli XCX over the summer, especially Brat Summer, was a big trend, at least on social media, which is where you pick a lot of your trends from, kind of dethroning the music trend
Morning Brew Daily
Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
royalty of 2023, which was Beyonce and Taylor Swift. So those three pop stars were absolutely, you know, they were everywhere this summer.
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Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
And again, I don't know what it means in the broader scope of things, but it shows that people are always looking, as much as they like nostalgia, they are looking for fresh, new, innovative ideas, which I think all those three, those three did, except, you know, a lot of them did borrow from nostalgia and make it their own Charlie XCX borrows a lot from dance club beats from decades ago.
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Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
Sabrina Carpenter channels the 70s in her music. So that mixing of old themes and music and putting a new spin on it was absolutely big in the cultural sphere.
Morning Brew Daily
Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
Did you actually try? I did try. Were you going in with the intent like, I'm not going to do anything?
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Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
Are you allowed, if I had a window seat, could I look out the window?
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Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
That would be tough.
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Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
I can't do that. Straight ahead. It's awful. for me. But that term, which is, you know, a sexually explicit term that has become a part of our vocabulary now, and people kind of, you know, don't really think about its origins, that has staying power, and I think people still use that to describe any effort at doing something without the... without without the comfort.
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Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
So I've heard people use it a million times over to describe any single thing. There's videos going around. I know that we watch about golf where he's like, yeah, I'm doing this with golf and I'm just in a forest and I'm just hitting a ball randomly.
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Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
So I do feel like that could be maybe not doing this for flights, but but just it has certainly permeated the culture of that really monastic lifestyle. And challenging yourself. Yeah, that was peak Toby's Trends. No huge bigger meaning to it all.
Morning Brew Daily
Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
And that is all the time we have. Toby, thank you for those trends. I'm excited to see what 2025 has to offer. And thank you so much for starting your morning with us. And have a wonderful Monday. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer.
Morning Brew Daily
Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
And then if you look at what Whole Foods is selling, which is maybe one of our trendier supermarkets, the top-selling beer there as of earlier this year was non-alcoholic, was Athletic Brewing.
Morning Brew Daily
Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
Olivia Graham is our associate producer. Uchenna Waogu is our technical director. Billy Menino is on audio. Hair and makeup is also feeling wistful about the past. Devin Emery is our chief content officer, and our show is a production of Morning Brew.
Morning Brew Daily
Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
It'll be we I'm sure we will in a few weeks. And it'll be curious to see what the next Trump administration, how it's going to deal with weed. We know that the Biden administration moved to classify it as a much less harmful substance than it is now. And the wildcard here could be RFK Jr. is going to be the Health and Human Services Secretary. He is very pro-cannabis.
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Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
He, on the campaign trial when he was running for president, he said he was going to legalize cannabis. But, yeah, I would say he is a wildcard here. There's going to be a lot of attention on him and see how he deals with a federal cannabis policy and also psychiatric drugs, which he said he promotes.
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Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
And I think it speaks to the power of book talk. You know, a lot of these books gain popularity and awareness on TikTok with people hosting book clubs and offering reviews and all this speculation. I think this is a particular type of genre that lends itself to talking about it and speculation.
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Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
And so I think you can't decouple the rise of book talk, people talking about books and giving recommendations on TikTok and other forms of social media. and the rise of Romantasy. But it has clearly taken over book sales in general at one independent bookstore in Chesapeake, Virginia, Novel Grounds.
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Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
They said Romantasy accounts for about 70% of sales, and you're starting to see romance-only bookstores pop up all around the United States. They don't sell anything else. There's about two dozen of them, starting with the first one in Culver City, California, in 2016.
Morning Brew Daily
Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
Yeah, no, I will. I will. If you if you give it to me, I will absolutely read it like on the beach or the next plane ride. Is this a trend? Do you see going into the future?
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Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
Yep, as we are right on the cusp of 2025, it's the perfect time to look back at 2024 through the lens of these trends, because as you start to put them together, some larger themes start to emerge.
Morning Brew Daily
Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
Yeah, I think nostalgia is very powerful in marketing, and it's always been around. I think brands are getting very good at it, especially in 2024. It just makes you feel better about It makes you think about the past, and often when you think about the past, you feel like it was better times than it is now.
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Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
I think ASICS is one brand that has done a great job of capitalizing on this, and especially in the resale market. On StockX in 2024, trades of ASICS products were up 1,000% year over year. So to say this is a spike is an understatement.
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Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
And also the fact that people just want to look like Kamala Supreme, who is one of the best characters on TV. I think this was maybe a rejection of that quiet luxury trend that happened in 2023. But again, it's probably nothing new. It's just a rebrand and slapping a new buzzy name on something that people wear all the time. And this one did not last, at least on TikToks.
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Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
It is. And big brands are obviously capitalizing on this. Banana Republic, when it's opening its new store in Soho, has a small section dedicated to resale. H&M has done the same thing. So you're starting to see larger apparel companies dip a toe into vintage because it is one of the fastest growing areas in this entire sector.
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Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
Yeah. I mean, do you think nostalgia is unique to 2024 or has it always been here and we're just talking about because we're podcasters now?
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Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
Do you remember which type of sock Gen Z prefers and which sock millennials prefer? I do because I'm very self-conscious about it now. I feel like millennials got teased by Gen Z for wearing the ankle socks instead of the ones that go up a little more on your calf. So you won't catch me wearing ankle socks ever again.
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Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
Maybe people are embracing their loneliness here. I think it speaks to maybe the lack of a third place, and this is not new, it's been going on for a while, but the concept of a third place is the fact that you have work, you have home, and then there's always that next you know, club that you join as part of a, you know, social gathering to meet people outside of work and home.
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Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
And that seemingly has gone away or moved to digital spaces, which could be, you know, a whole other discussion. But people are certainly, you know, certainly embracing their loneliness and the rise of eating alone. I know we were talking about whether you actually do it or not has is certainly emblematic of that.
Morning Brew Daily
Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
Yeah. And in response to that, there's been this phrase that has become way more popular, which is go touch some grass. And I think that is has been another trend of 2024 that we didn't talk about, where there's an urge from people online who to others who are spending all their time online. So maybe people in glass houses.
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Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
But certainly people are telling are saying, go touch some grass, you know, be a part of the real world. especially when it came to this electoral season where a lot of discussions were happening online that may not have mirrored what was happening in the actual real world. So that reminds me of just saying, you know, go touch some grass sometimes. Got to get outside.
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Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
Put on your ankle socks and go outside. But another trend that this also reminded me of that I think we did was about the rise of huge televisions. Oh. Which was the fact that there was a tenfold increase in massive televisions of at least 97 inches or bigger this year over last year through the first nine months of the year.
Morning Brew Daily
Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
Yeah, we're looking back 11 months ago to dry January, saying it was the biggest one ever. Google searches for dry January doubled. We're coming up on a new dry January. You have to expect that it will only grow from there. You mentioned at the top that some trends are just a flash in the pan. Some may have a longer, may reflect just longer term changes in our society.
Morning Brew Daily
Toby’s Trends of 2024: Dry January, Ankle Socks, Solo Dining and More
So if people are spending more time at home, which they are, they're doing it up.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Kyle Heggie. Today, who's dumb money now? Retail investors buy the dip while hedge funds get queasy.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
I do not accept the premise, but yes, they've done an incredible job of re-engineering classic styles with performance fabrics. Because you're so sweaty. Because I appreciate looking my best. As we all know, when you look your best, you perform your best.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
They've also got breathable wool blazers and high stretch pants that are ideal for work, the weekend, and really anywhere else.
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Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
Don't make it some big thing, just let the taste do the talking. If she asks questions, and she will, just say no dairy, no soy, no gluten, but it's still got calcium, vitamins A and D, and somehow still tastes delicious. That's when she goes quiet.
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Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
Enough. Head to MizzenandMaine.com to grab your new favorite dress shirt and get 20% off your first purchase with code BRU20. That's MizzenandMaine.com and code BRU20. Welcome to Winners of the Weekend, the segment where Kyle and I pick two things that were picked earlier than Shader Sanders. I won the pre-show lightsaber battle, so I get to go first.
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Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
And my winner is Wrexham, because you can't write a Hollywood fairy tale better than this. The Welsh soccer club bought by Ryan Reynolds and Rob McElhenney in 2021 got promoted again to the next league up after a 3-0 victory on Saturday. Wrexham has gained promotion for three consecutive years now,
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Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
and next year we'll be playing in the championship, just one division below the A-tier Premier League. No English soccer club in the modern history of the sport has done what Wrexham just did, being promoted to a better league back to back to back. Wrexham isn't just a good story, it might just... be one of the best sports investments in recent memory.
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Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
Four years ago, the two Hollywood stars shocked the sports world when they bought a little-known struggling soccer team from Northern Wales for $2.5 million. Now it's worth more than $100 million after Robin Ryan Inc.
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Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
deals with global sponsors like United Airlines, created a popular docuseries on Disney+, and it probably turned Wrexham into one of the most recognizable sports brands anywhere in the world. And the money is flowing. Four years ago, Wrexham reported around $1.5 million in annual revenue. Last year, sales grew to $35.5 million, three times their pure average and a 155% jump in the last year alone.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
And because they'll play in the championship next year with far more visibility and revenue opportunities, business will be juiced even further. Kyle, everything Ryan Reynolds touches turns to gold.
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Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
It's going to be hard. I mean, what they've been what they've done the last three years is unprecedented. It's never happened. Possible. It just can't happen. You can pour all the money into the world of the world into these teams and they still may not win. Right. It's like sports. You just don't know what's going to happen. So there's definitely been a little luck.
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Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
But when they get to the championship, it's going to be much harder. These teams also have a lot of money. They're going to be competing with some serious English soccer clubs. But if they do it, it will be the craziest thing. in the world. And you said you had this dream of buying, you know, a sports team.
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Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
Well, a lot of American investors have plowed money into buying English soccer clubs, not just Robin Ryan, but a ton of other investors, uh, in the United States. And, you know, after a few rocky years of them getting run out, run out of these stadiums, it's been super successful. Also yesterday, Liverpool won the premier league, the top league, uh,
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Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
In England, they are run by Fenway Sports Group, who owns the Red Sox. And Leeds, which is currently up there in the championship, is also owned by America. Over one-third of the entire soccer clubs in the top three English divisions are owned by Americans and are finally starting to win.
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Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
Visit PlanetOat.com for more. Retail investors have been frequently mocked as dumb money for letting emotions get the best of us and making ill-advised decisions when markets get bumpy. Well, maybe we're not so dumb after all, because over the past few weeks, as markets convulsed over tariffs, individual investors stayed the course, even while the suits headed for the exits.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
I'm not a subtitle guy either, but I completely sympathize with people who say, I can't hear what they're saying now. I mean, that's certainly a trend that you can't ignore. There's a few different reasons why this has been happening. One is that microphones have gotten better, so actors don't need to enunciate and project as they used to, so they can
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
be like robin rob patterson pattinson in the batman and just be like really soft-spoken uh and you know that conveys maybe more emotion but you still can't hear it when you're watching it also you know streaming services compress audio now into these very small speakers because these TVs, as you know, like are very thin and they want to put the speakers in the back.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
So you need to compress your audio. So it's just become a much harder proposition to get people to hear what these actors who are being more nuanced and soft-spoken are saying. So there's been a confluence of factors leading to just worse audio all around in TV and movies. Netflix thinks it's doing something about it with its new, you know,
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
just focused on people who watch the subtitles because they can't understand what people are saying.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
It's Monday, so per tradition, here are the events you need to know for the week ahead. Canada will hold elections today in a race that's been totally shaken up by President Trump. In January, Canada's Conservative Party, led by Pierre Poliev, held a commanding 25-point lead in the polls over the Liberals, who were in disarray after Justin Trudeau resigned as Prime Minister.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
But Trump's tariffs on Canada, plus his overtures to make it the 51st U.S. state, have completely turned the tables in favor of the liberals and their new leader, Mark Carney, the former central banker and current prime minister, who's rallied the nation against Trump. Now polls show Carney has the momentum and could win in a shocking come-from-behind victory.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
wildly interesting so the canadian election will be fun to see how that shakes out i won't blame you if you're glued to your robin hood account this week because it's going to be a wild one in the markets first high stakes earnings reports are coming from four of the magnificent seven companies apple meta amazon and microsoft
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
In total, about 180 S&P 500 companies, accounting for over 40% of its market value, will post quarterly results this week. Plus, lots of key economic data is on the way, which will show whether American souring vibes on the economy will show up in the hard numbers. The print for first quarter GDP will be released. So will inflation data for March. And finally, the jobs report drops on Friday.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
The labor market is expected to have held up just fine this month, with estimates of 135,000 jobs added. On Thursday, brace yourself for a whole lot of Justin Timberlake, because it's going to be May. And in sports, horse racing's triple crown season kicks off on Saturday with the Kentucky Derby. Kyle, have you got your Derby hat picked out?
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
And then also in sports, the first round of the NBA and NHL playoffs do roll on throughout the week, and it's just been a delight so far, especially the NBA. Incredible games. So good. And I have to make one Minnesota reference. So go Timberwolves. Let's wrap it up there. Great. Let's wrap it up there. Thanks so much for starting your morning with us and have a wonderful start to the week.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
Kyle, appreciate you filling in today and Friday. You bring such awesome energy to the show. Always a great time, Neil. Tomorrow, Toby will be back, and you can sleep in, which I'm excited for you. For any questions, comments, or feedback, send an email to morningbrewdailyatmorningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
Take that, Ken Griffin. Okay, here's the evidence. Vanguard estimates that more than 97% of investors in its 401k retirement plans didn't make any trades through mid-April, showing that they didn't panic and sell everything as stocks plunged following Liberation Day tariffs. Many even bought the dip.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
Our associate producers are Olivia Graham and Olivia Lake. Uchenua Ogu is our technical director. Scoop Stardaris is on audio. You'll never walk alone, hair and makeup. Devin Emery is our president, and our show is a production of Morning Brew. Have a great week, y'all.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
On April 3rd, when markets plunged almost 5%, individual investors scooped up over $4.5 billion worth of stocks and ETFs, which was the strongest buying day on record, according to JP Morgan. Hedge funds, meanwhile, couldn't handle the stress. Hedge fund clients of Goldman Sachs sold more stocks on April 3rd and April 4th than any other two day period in the last 15 years.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
Kyle, analysts say this marks a profound shift in the behavior of retail investors in just the past few years. Seems they're finally listening to investing legends like Warren Buffett, who preach patience and keeping a cool head, even if the market gets a little bonkers.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
Good morning. Hope you all had a great weekend. It was an excellent weekend for a group of artists that were inducted into the Rock and Roll Hall of Fame as part of its class of 2025. You may have heard of these folks, Cyndi Lauper, OutKast, Soundgarden, and The White Stripes. And maybe next year's voting will be kinder to the acts that got passed over.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
Really interesting. Right. So investing legends, John Bogle, who started Vanguard, they say that stocks do go up over the long term. So you should have a long term investing horizon. You shouldn't get caught up in the day to day swing so much, which is what individual investors were supposed to have done. Now, there are a few asterisk to these particular data that I want to mention.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
Hedge funds, we say they're getting a little queasy, but they're not necessarily selling their positions because they got nauseous from all of the roller coaster of the markets. Sometimes they do have to sell their positions when stocks go down just a little bit because they're buying on leverage and they have to cover collateral with their lenders. So they just might have to do it.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
They have no choice. It's not that they can't
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
handle the market fluctuations and then in terms of the individual investors a lot more individual investors are plugged into the stock market through their 401k retirement accounts over the past few decades there's been a dramatic shift from people getting pensions through their work through getting for then to getting 401ks uh which are you more actively manage those uh so it looks like people are more invested in the market but maybe that has been a good thing because people are paying attention more to the market they're listening more to investing gurus
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
like Bogle, like Buffett, who say, keep calm and carry on, especially during these market convulsions like we've had over the past few weeks.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
And the question now is how much are these individual investors propping up the current stock market? So we know we had that big plunge after those tariffs were announced in early April. Well, last week, stocks were covered in a big way. The S&P 500 was up four straight days. It's cut half of its losses. since its peak February 19th.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
So, that's the question that Wall Street is trying to figure out now, is where does this market go from here? Are individual investors, which collectively own 38% of the entire U.S. stock market, we're very, very powerful, where does that put the market as we go into this big week ahead, which we'll preview later in the show?
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
Phish, Oasis, and Mariah Carey are among the artists who didn't make the final cut this year. Wow. The announcement was made on live TV last night by Ryan Seacrest during American Idol. American Idol is still going on. Apparently. Like, this blows my mind.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
They just made the Froyo of cars. I mean, you walk into the store, you get a little base model, and then you go to the fixings bar and you can put whatever you want. And then you put it on the scale and you're like, okay, well, that was more expensive than I thought. $33. But if you don't go, it's $33.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
But if you don't go to the fixings bar and skip it and go straight to checkout, then you are getting the most affordable EV on the market by far under $20,000 if these federal tax incentives continue, which is a major question. But they've completely flipped the script. Many American EV makers that have come up recently, these startups, Lucid and Rivian, have gone
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
The total different angle in saying we're going to go after the luxury market, we're going to charge you at least $60,000. And then other legacy car makers that have pivoted to EVs are still making these cars that are upwards of $40,000. So aiming a car that's under $20,000 with admittedly very few amenities if you don't want them is a very interesting gamble that had the whole tech world talking.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
advocate community where people can buy the base model but then they can customize it in ways they want although to your point that will drive up the cost and so it'll be interesting to see if people actually do that we'll see because this thing is not going that many miles on a charge they had it's offering two battery packs one with the target range of 150 miles which is much lower than you know traditional evs the ford f-150 lightning which is their uh their
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
Oh, my God. As if I haven't thought about this for the past quarter century, I would probably, I don't know. I'm going Complicated by Avril Lavigne.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
electric truck gets upwards of 300. So you're just not going to be able to go that many places without having to recharge your battery. There is a bigger battery pack, which certainly will cost you more, with a target range of 240 miles. But we'll see when this thing comes off the assembly line in 2026. It has backers, including Jeff Bezos. It's raised $111 million. I will say there's just a...
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
Pretty big graveyard of failed EV companies that have gone bankrupt, that have tried to do this made-in-America thing. The EV market overall has been slowing down. We know that for a fact for the past couple years. And one interesting thing that people are pointing out about its launch and its marketing strategy, it doesn't really mention that it is an EV. It's very low on the website.
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Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
It's not mentioned in the hype video. They're focusing first and foremost on affordability, which may be a winning proposition in this economy.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
That's a great question. It's not going to be so cheap anymore. On Friday, Shein hiked its prices on many items a considerable amount. The average price for the top 100 products in beauty and health category increased by 51 percent. Several of these items. more than doubled in price. The average jump for home and kitchen products and toys was up 30%.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
There was a 377% increase in the price of a 10-piece set of kitchen towels. Their main value prop was these were dirt cheap and they'll be delivered right to your door. But because of tariffs, because of the de minimis exemption being removed on Friday, they're jacking up their price. And these are massive businesses who are now facing an existential crisis.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
Oh man, that is sacred ground. She's been starting her mornings the same way for decades. You gotta tread carefully.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
Well, some would argue it has been abused, and those people would be American retailers that are seeing their businesses undercut by Sheehan and Taimou. So if you're Walmart and you're Amazon, yes, you're dealing with the tariff fallout yourself, but you're also probably breathing a sigh of relief because these were your main competitors. They were cutting into...
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
your business in a very big way and now they're you know the value prop has been totally uh cut off from these companies and you're seeing their popularity dwindle already we're already seeing this we'll just look at the app store temu used to be number three on the app store now it's Eighty five number eighty five in just two weeks.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
She and has gone from seven the seventh place on the App Store to 80. So it's a clear sign that consumers are turning away from Tim and Chen if they're not getting those bargain basement prices as promised.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
They did roll out this storefront that basically copied this particular model. So they are feeling the pinch, but they have other businesses that they can turn to while these two companies, which, you know, she wanted to IPO in London at a massive valuation. So we'll definitely be keeping track on what's going to happen to these companies.
Morning Brew Daily
Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
But I don't think this is part of the broader negotiation with China that Trump is doing right now, because this was sort of a bipartisan effort that's been going on for years to remove this loophole because of these companies that are undercutting American businesses. Up next, can anyone stop Ryan Reynolds? Got five minutes to spare?
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Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
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Bezos-Backed $20K EV Truck Unveiled & Shein and Temu Raising Prices?
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The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
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The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
Welcome to Winners of the Weekend, the segment where Toby and I pick two things that just earned a place in the Morning Brew Daily Super Bowl. Toby, you won the pre-show lip-syncing competition. Toxic was a great choice, so you get to go first.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
The economics of these are great for the gambling sites. As you mentioned, they accounted for 27% of the money wagered in those three states, but they delivered 56%. of total revenue. And that's because parlays are really hard to win. But as The Wall Street Journal calls them, they're the new American lottery ticket.
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The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
You can bet anywhere from one to five dollars and stand to make hundreds of dollars. The odds are long, but you know that that big pot at the end of the rainbow does sound pretty And sportsbooks know this, so they are promoting the heck out of parlays. About 20% of all money spent by DraftKings on national TV ads, hyped parlays. They're leveraging influencers like Bill Simmons and Charles Barkley.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
They're putting fun names around these parlays. They're packaging them up into particular things. So, for example, on Christmas Day, the Chiefs were playing. They had a parlay called Merry Chiefsmas, and you can bet on many different types of Chiefs bets all linked together. And I should mention, you are likely to lose a parlay because you have to hit on every single one.
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The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
They're all interconnected. So if you lose one leg, you lose all of your money. But the reason why parlays are so exciting is because if that does hit, it's pretty good.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
The storytelling you can do with them, I think, is a big part. So as the Super Bowl comes up over these next few weeks, expect to see a lot of parlays packaged together in punny ways. My winner of the weekend is Coca-Cola because they just signed a lease for the best real estate around, the Costco food court.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
During Costco's earnings call last week, the CEO confirmed rumors that the retailer would be switching from Pepsi products to Coke products in its food court, ending a partnership that had been in place since 2013. It is a big win for Coke over its rival and will allow it to extend its market share dominance. Coke Classic had an estimated 19.2% share of the U.S.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
carbonated soft drink market last year, more than double Pepsi's 8.3%. So what prompted the change? It is all about the $1.50 hot dog and a soda combo, of course. During the last switchover in 2013, Costco opted for Pepsi because it offered a better deal that would allow Costco to preserve the most sacrosanct promotion in business.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
I see why you like it. You get context from the headline and the reaction of the market all in one glance.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
So it's possible that Coke agreed to lower its price for Costco to win the new contract because, as one exec said, it's our job to preserve the integrity of the price point. Toby, there was a lot of chatter online about this move. People are very passionate about it. I would say most people welcomed the change. Others were sad to see Pepsi go.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
Yeah, I mean, if you go down the line, though, for fast food companies, whether they use Coke or Pepsi, Coke definitely has the bigger hitters as McDonald's and Burger King. But it doesn't have everyone. Taco Bell uses Pepsi. Buffalo Wild Wings uses Pepsi. Panera uses Pepsi. And then Subway last year announced it was switching from Coke to Pepsi. So I would say Coke has the bigger power players.
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The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
Then, if you want to go deeper, boom, click the article and get the context you need to make informed investing decisions.
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The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
But Pepsi has, you know, a few Taco Bell's big. It's a big contract. Where do you land on the Coke versus Pepsi? This is such a tired debate. I can't believe I'm asking this question. It is a very tired debate, Toby. I don't even want to indulge you, but I haven't had Pepsi in many years. I haven't had Coke in many years. Yeah, you're not a big soda person.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
I'm not a big soda guy, but, I mean, actually, when I do drink a Coke, like, once a year.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
It's so good. Pepsi, I don't know about. If last week's head-spinning news felt like devouring a massive lunch at 2 p.m., then try to regain your appetite. We've got a 5.30 p.m. dinner reservation. Here's what you need to know about the busy week ahead. The Fed is going to meet on Wednesday for the first time this year and for the first time of the Trump presidency.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
The actual interest rate announcement won't be so exciting because the Fed is pretty much guaranteed to hold rates steady. But chair Jerome Powell's press conference should be must see TV. We're all going to be keen to learn how many rate hikes he thinks will be on the table this year and how he'll respond to Trump's recent threat at Davos that he demand rates come down.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
If all that weren't enough to keep Wall Street busy, we're about to enter what Jim Cramer calls a sheer hell week due to a blast of earnings. And this is one of those rare times you should probably listen to him. More than 100 of the S&P 500 companies will release their Q4 financials this week, highlighted by big tech players like Microsoft, Tesla, and Meta.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
And I feel like what happened with DeepSeek today is going to throw every narrative out of the window. And you're going to see these CEOs have to respond to what happened over there.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
Trump's cabinet confirmations hearing continue with the most important of them all, Robert F. Kennedy Jr. on Wednesday. Trump tapped RFK Jr. to lead the Department of Health and Human Services, which would grant him major control over 18 agencies that oversee health care and food policy. RFK Jr.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
's nomination has been very controversial over his previous conspiracy theorizing, such as debunked claims linking vaccines to autism. So there should be serious fireworks over his past comments and views and major implications for big pharma and big food, should he be confirmed.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
Today, memorials and ceremonies are taking place all over the world for International Holocaust Remembrance Day. This year's commemoration is special. It marks the 80th anniversary of when Soviet troops liberated Auschwitz. And finally, on Wednesday is Lunar New Year. With it comes the year of the snake, the wood snake to be specific.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
Every year, the lead up to this holiday sets off an epic travel rush, which analysts call the biggest migration of humans ever. In China, more than 510 million train trips and 90 million flights are expected to be taken during a 40-day period around Lunar New Year as people head home to celebrate with their families.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
That is all the time we have. Thanks so much for starting your morning with us and have a wonderful start to the week. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. And if you're enjoying the show, do your best Paul Revere impression and gallop through the countryside telling everyone you see about it.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
If that doesn't quite appeal to you or your horsemanship skills are a little bit lacking, just take Toby's sharing advice instead.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenua Ogu is our technical director. Garrett Peck is on audio. Hera Makeup lost a 12-leg parlay last night. Devin Emery is our chief content officer. And our show is a production of Morning Brew. Great show today, Neil. Let's run it back tomorrow.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
This is a literal earthquake. And as of this morning, it is toppling the stock market. As of 5 a.m., NASDAQ. Futures were down nearly 4%. S&P 500 was down more than 2%. Nvidia stock is down 10%. There's a total tech wipeout. So I encourage you to maybe just hold off on looking at your stock portfolio today because it is a massive collapse.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
And it is all due to DeepSeek, which is so insane because this news has been percolating out over the past week. It has been all the talk in Silicon Valley. You have huge AI players like Marc Andreessen, who leads a big venture capital firm that invests in AI, just absolutely gushing about it, saying this is the best thing I've seen since sliced bread. So there's an app.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
There's a very huge impact that we're seeing from deep seek on the stock market right now. It upends prices. You said it upends the industry. It certainly upends the investment case for these large tech companies. Yeah. The idea was that you have to spend hundreds of billions, tens of billions of dollars to build AI models.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, a small Chinese lab may have upended the world of AI as we know it.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
If you can just do it in five with five point six million dollars like Deep Seek did, then maybe more people could get involved in these tech companies don't have the big moat that we thought they did.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
What do you think the big CEOs of the tech companies are thinking right now? We just had Mark Zuckerberg, who leads Meta, come out on Friday with a big post on Threads saying how they were going to invest so much money into AI. He pegged that this year at anywhere from like $55 billion to $60 billion. They're building huge data centers. So much money has been poured into AI infrastructure.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
We had SoftBank and OpenAI do that big announcement of $100 billion that could go up to $500 billion. That is what they've put the price tag on building a world class AI model. And Deepsea comes along and says, no, we can do it for a 20th of that price. You know, this is insane.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
And that's why you see the market absolutely clobbering these these tech giants right now is because maybe you don't need all this money to build a world class AI model.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
And we have to mention the geopolitical angle, too, because the U.S. and China are locked in this huge arms race for AI supremacy. And we thought the U.S. had the lead because we have OpenAI and Microsoft and Meta and these other tech giants, NVIDIA. But now this Chinese company comes along and shows that it has parity with the U.S. So it looks like whatever export controls we had to
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
Alrighty, the Super Bowl is set. My Philadelphia Eagles will take on the Kansas City Chiefs two Sundays from now in a rematch from 2023. The Chiefs won that game and then they won the title again last year. So this year they're seeking to become the first team in NFL history to pull off a Super Bowl three-peat. And only the Eagles and Saquon Barkley can stop them.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
keep China from competing with the US have not been working.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
I don't think anyone woke up yesterday morning thinking that we would be in a full-blown trade war with Colombia, which you mentioned is one of our top allies in Latin America. But that is exactly what happened. Looks like the Colombian president refused to accept these flights. Now, he has accepted many hundreds of migrant deportations coming from the United States over the past few years.
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The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
He objected to the use of the military aircraft. And we sent two military aircraft carrying migrants there. And he said, no, we don't want that. You have to treat them humanely and with dignity. And then he got into a war of words with Trump on social media. And then Trump said, you know what? Well, I've had it. We're going to do 25 percent tariffs that are going up to 50 percent next week.
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The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
And as you mentioned, we have we have a lot of leverage over Colombia's economy because they said we are their top target. trading partner. They send coffee and crude oil and all of these goods to the United States. Trump identified this as a point of leverage because if 25% tariffs go into effect, that makes, that makes those goods cost a lot more to ship into the United States.
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The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
There goes the American consumer market. 50% is almost impossible to overcome. Colombian exporters get hurt. US consumers also get hurt. But the fact is that Columbia's economy is fragile. Trump identified the point of leverage and Columbia backed down by the end of the day.
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The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
And it's January 27th now. We know there's a February 1st deadline. That is Saturday for these big tariffs to go into effect on Mexico, Canada, and China. And the Wall Street Journal reported just this morning that momentum is growing among Trump advisors that you know, let's not that they're going to forego the negotiation process and just slap Mexico and Canada with tariffs.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
That would be on an economic impact of of orders of magnitude bigger than what we'd see on Colombia. So the clock is ticking for the February 1st tariff deadline. If your claim to fame as a chef is making omelets, you might want to pick up a few new recipes.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
The prices of eggs have gone from, wow, that's pretty expensive, to, that's almost a quarter of my rent in recent months, and they're not expected to go down any time soon. Pricey eggs may be the new normal. The reasons are a noxious mix of record demand and constrained supply on the supply side.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
The bird flu that's been devastating flocks for two years now has only intensified about 10% of the U S is egg laying population. More than 30 million chickens have been killed in the last three months alone to prevent the spread of the disease. 10% of the supply poof. Then on the demand side, You're all eating way more eggs than you used to. Higher prices be darned.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
The industry has seen more than 20 consecutive months, nearly two years worth, of record high demand, perhaps because eggs are increasingly seen as an affordable vehicle for protein. And as I said before, new normal. You might want to get used to this.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
With the end of bird flu nowhere in sight, egg prices are projected to jump another 20% in 2025, far above the 2.2% inflation for food prices in general.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
And my eighth grade teacher, Mrs. Roy, would actually not be happy with me because I didn't provide any evidence to say that the egg prices were going up. So I don't want you to just believe me. I have the numbers down. A dozen large grade A eggs was $4.15 in December. That's up from $3.65 in November, just one month before. And then egg prices year over year have jumped 36% in December.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
So we are seeing some truly skyrocketing prices. The thing is, it's not totally filtering down to the retail level because wholesale prices have skyrocketed. even more than what you'd find at the grocery store. They've gone from about $2.50 to above $7. But grocery stores and restaurants use eggs as a loss leader. They say, we're not going to make so much money on eggs.
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
Maybe we're going to even lose money, but we're going to use it to get you in the door to buy more expensive items. So they're paying over $7 for a dozen eggs, and they're discounting it for us. But who knows how much longer they're willing to absorb those price hikes. And you know what's coming around the corner?
Morning Brew Daily
The Chinese AI Startup Rivaling OpenAI & Trump Fires Tariffs at Colombia?
And that means you deserve above average everything, including your savings account interest rate. VioBank's money market savings account offers exactly that. Voted as the best money market account by GoBankingRates, its interest rate paid is 10 times the national average.
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Money with Katie Chats Financial Freedom & New Book "Rich Girl Nation"
But first, a word from our sponsor, Planet Oat. Toby, you know how a good soundtrack can make an okay movie feel epic?
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Money with Katie Chats Financial Freedom & New Book "Rich Girl Nation"
Quick plug. The last time we talked to you, Katie, we talked about that rent versus buy question. So you can either read Katie's supplement or potentially go to our previous conversation in our previous podcast. Cause Toby, I remember you were like, I'm facing this decision right now. Katie walked me through it and you did a great job explaining it.
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Money with Katie Chats Financial Freedom & New Book "Rich Girl Nation"
All right. So here's maybe a unique question about writing a book in 2025. Did you use AI to help at all?
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Money with Katie Chats Financial Freedom & New Book "Rich Girl Nation"
movie soundtracks. That's what Planet Oat does for your coffee or your cereal or your smoothie. It doesn't just show up. It elevates everything around it. It's rich, creamy, delicious, and crafted to blend like dairy milk or a perfect melody. I toss them into my coffee and I swear it feels like I paid eight bucks for it, even though I made it right at home.
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Money with Katie Chats Financial Freedom & New Book "Rich Girl Nation"
You also recently recorded an audio book for this book, which is also par for the course these days because so many people listen on audiobook. What did you learn about yourself, the work itself from recording this out loud?
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Money with Katie Chats Financial Freedom & New Book "Rich Girl Nation"
We got one more question. If you could get a blurb on your book from any person and it doesn't have to be realistic, who would that be?
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Money with Katie Chats Financial Freedom & New Book "Rich Girl Nation"
If you're an HR pro, talent acquisition expert, or business leader, you're likely a great juggler.
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Money with Katie Chats Financial Freedom & New Book "Rich Girl Nation"
Planet Oat, the complete symphony of oat milk.
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Money with Katie Chats Financial Freedom & New Book "Rich Girl Nation"
Newsflash, your HR tech stack shouldn't feel like this, and Clear Company agrees.
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Money with Katie Chats Financial Freedom & New Book "Rich Girl Nation"
With Clear Company, you're free to focus on what really matters, finding, developing, and retaining top talent. With AI-driven analytics and automation, you can make stronger hiring decisions in less time and gain data-backed insights about your people simultaneously.
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Money with Katie Chats Financial Freedom & New Book "Rich Girl Nation"
Katie, welcome to the show.
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Money with Katie Chats Financial Freedom & New Book "Rich Girl Nation"
So maybe the best place to start this interview is right at the very start of the book with the acknowledgement you wrote to the anonymous guy who works in finance that used to relentlessly comment on my nascent website in 2018, urging me to quit writing about money and keep it to myself. I hope you're well. Elite Mic Drop, tell us more about the story and how it's motivated you.
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Money with Katie Chats Financial Freedom & New Book "Rich Girl Nation"
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, a personal finance brain blast for the ages.
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Money with Katie Chats Financial Freedom & New Book "Rich Girl Nation"
One of the more intriguing concepts you talk about in the book is this hot girl hamster wheel. So I would love if you could explain that in more detail and also explain how you got off the rich girl hamster wheel or the hot girl hamster wheel. Toby, you can answer, too.
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Money with Katie Chats Financial Freedom & New Book "Rich Girl Nation"
Good morning on Memorial Day 2025. Hope you're all somewhere on a beach or at least far away from your computers or anything having to do with work. We have a very special episode for you today where Toby and I caught up with Katie Gaddy Tassin from Money With Katie, who is coming out with her very first book, Rich Girl Nation, about taking charge of our financial futures.
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Money with Katie Chats Financial Freedom & New Book "Rich Girl Nation"
We'll be back with more KD right after this.
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Money with Katie Chats Financial Freedom & New Book "Rich Girl Nation"
If you've got questions about stocks along the way, no problem. Public has Alpha, an AI powered investment research assistant that can help you find the answers you're looking for.
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Money with Katie Chats Financial Freedom & New Book "Rich Girl Nation"
If any of those concepts sound intriguing to you, our conversation is just the tip of the iceberg. Right after you finish this episode, run, don't walk, run to moneywithkatie.com slash richgirlnation where you can pre-order her book.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
an aerial edge in a potential war in East Asia. It'll have greater range, enhanced stealth and better tech than the F-22. All capabilities the Pentagon thinks are table stakes to confront China's increased military prowess. back?
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
Robert Frost called. He wants his, uh, he wants his line back. Um, there is greater, uh, scrutiny around whether manned or crude aircraft are even viable or necessary in 2025 in this new age of warfare. Elon Musk has publicly campaigned against crude aircraft. He called them obsolete in the age of drones. The Russia Ukraine war has really brought drones to the forefront. Uh,
Morning Brew Daily
AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
I'm more of a wait until things are on fire kind of guy.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
Some people in the military apparatus said we should be investing way more in drones, not in crude aircraft. The Air Force, Trump administration, is pushing back. Secretary of Defense Pete Hex has said, no, actually, when we fight China, if we fight China, then crude aircraft like the F-47 will be very critical for establishing air superiority to penetrate China.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
air defenses so there is an internal debate about whether we should invest more in drones or whether we should invest more in these very high-tech crude aircraft like the f-47 like the f-35 like the f-22 and there is a lot of scar tissue from the f-35 contract because those things are extremely expensive they cost taxpayers 1.7 trillion dollars they cost about 80 million dollars per aircraft there have been a ton of delays ton of technical difficulties
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
Tons of cost overruns, and these fighters, the F-47, are expected to cost way more than $80 million per aircraft.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
Yeah, let's start with StubHub. I mean, interesting company that's been on an absolute roller coaster over the past few years since COVID. It was bought by Viagogo, which is a European ticketing company, for $4 billion in early 2020. I wonder what it would have fetched a few months later when no one was going out, no one was buying tickets.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
And then there was that huge roar back during the Erez Tour era when people were scooping up live tickets left and right. There are signs that the ticket and live industry, live events industry is moderating a bit. So we'll see whether investors want to hop on the StubHub roller coaster because it could be a ride.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
Vivid Seats, which is a rival of StubHub, may give an indication of how what the appetite is for this kind of company. Stock price has fallen more than 45 percent over the past year. It's reportedly seeking a buyer. So that's go to the StubHub website. S1 prospectus that I just gave you right there.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
Luckily, with Sophos, there's no need for scrambling. They take a proactive approach using over 500 cybersecurity experts to identify and eliminate threats before they impact your business.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
Yeah, I mean, CoreWeave is a massive company. They want a valuation of around $35 billion. They've pretty much grown in lockstep with NVIDIA because they've just hoovered up all these NVIDIA chips. NVIDIA owns a 5% stake in CoreWeave. In 2024, sales jumped more than 700% to nearly $2 billion. Those are basically NVIDIA numbers.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
So if you want another play similar to NVIDIA and you want to ride with this this AI roller coaster as well, then Coreweave is the company that can do that. One problem with Coreweave is that it has only two main customers and one of them accounts for 60% of its revenue. That one customer is Microsoft. It's Monday, so here is your preview of the big events coming this week.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
With the Fed meeting in the rear view, this week's economic calendar is a little lighter, but we'll get the monthly reading of the Fed's preferred inflation gauge, an updated look at consumer confidence, and a final reading of Q4 GDP, plus earnings from the likes of Dollar Tree, Lululemon, and GameStop.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
And good news. The S&P 500 did break its four week losing streak last week. And futures are up bigly this morning over reports that President Trump's planned tariffs, reciprocal tariffs on April 2nd, which he called Liberation Day, will be more narrow than expected.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
In culture, speaking of Apple TV+, Seth Rogen's new show, The Studio, premieres on the service on Wednesday, and it has nearly a perfect Rotten Tomatoes score, so that's pretty exciting. Over on Max, Paul American, the new reality series following the lives of Jake and Logan, Paul, drops on Thursday. And in music, new albums are out Friday from Lucy Dacus of Boy Genius and Mumford & Sons.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
In sports, baseball's opening day is on Thursday with 28 of the 30 teams playing on the unofficial start of spring. The season soft launched last week with two games in Tokyo between the Dodgers and the Cubs, which highlighted the booming popularity of baseball in Japan.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
It's cybersecurity designed around prevention, not reaction. Also, buy a phone case. You're stressing me out.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
Twenty five million people watch the Tokyo series in Japan, bigger than any American baseball audience since game seven of the 2017 World Series.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
And Shohei Otani, the hometown boy, put on a show. March Madness is rolling on. The men kick off Sweet 16 games starting on Thursday while the women's begin the Sweet 16 on Friday. Toby, how's your bracket looking?
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
Let's wrap it up there. Thank you for starting your morning with us and have a wonderful start to the week. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. Let's roll the credits. Emily Milliron is our executive producer, and you can go to her with any college basketball questions. Raven Liu is our producer.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
Olivia Graham and Olivia Lake are our associate producers. Uchenua Ogu is our technical director. Scoops Dardaris is on audio. Hair and Makeup has decided Derrick Queen did not travel. Devin Emery is our chief content officer and our show is a production of Morning Brew.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, Apple may want to sever itself from its streaming service, which is losing $1 billion each year.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
First of all, no shade on Houston. It seems like a perfectly fine place to go on spring break. They just had the world's largest rodeo there this past weekend and a couple weeks ago. There is a long tradition of economists not just using hard data, but also using behavioral measures to indicate whether the economy is growing or whether the economy is slowing.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
There's something called the Lipstick Index, which suggests that people buy more lipstick when things are in a downturn because it is just that little luxury thing. That you can afford Fed chair, the former Fed chair, Alan Greenspan, also coined the men's underwear index to find out whether how the economy is doing by gauging men's underwear sales.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
There's also the hemline index theory, which posits that skirt lengths get longer during a downturn. So this is. as old as the economics profession and field itself is looking at certain societal and behavioral attitudes and consumption trends to see how the economy is going. Music has been often thrown out there.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
And I guess this Lady Gaga album, people are pointing to that as one reason why they're feeling a little more uncertain about the economy.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
One area where you're actually seeing a significant slowdown in consumer spending is snacks. I don't know. Should we just coin the snacks recession indicator? But, uh, To a T, all of these big consumer food companies have come out in the past two weeks saying we're seeing a big snacking slump. U.S. convenience store sales are down 4.3% over the past year.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
General Mills has come out and said people are buying less Cheerios and our snacks. J.M. Smucker's, as well as sales of their sweet baked snacks, fell 7% in the most recent quarter. You go down the line. Campbell's is also forecasting a big snacking slowdown. So maybe you just learn the new indicator right here, which is a snacking slump.
Morning Brew Daily
AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
Apple TV Plus' Severance just wrapped up one of the buzziest seasons of television this year, but buzz isn't translating to profits. A new report from the information revealed that Apple's streaming service is losing more than $1 billion annually six years after it was created.
Morning Brew Daily
AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
The report also found that Apple TV Plus has just 45 million subscribers, far lower than streaming competitors like Netflix and Disney Plus. For comparison, Netflix has over 300 million paying subscribers, and Disney Plus has 126 million. Now, some context is needed. Apple overall is one of the most profitable companies on Earth, with net income of nearly $100 billion last year alone.
Morning Brew Daily
AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
A $1 billion loss will hardly make a financial dent. Plus, it's not out of the norm for streaming services to be unprofitable as they ramp up Netflix, Disney Plus, Peacock, and others all lost billions of dollars for years until they started to make money. Still, given Apple TV Plus' shockingly bad performance, the entertainment industry is asking, why does this exist?
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
Why is Apple lighting money on fire when there isn't a clear business case? Even competitors are throwing shade. In a recent interview, Netflix co-CEO Ted Sarandos said, I don't understand it beyond a marketing play, but they're really smart people.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
Hope you all had a great weekend, the first weekend of spring. Odds are you didn't make it to a movie theater. Disney's Snow White live-action remake pulled in just $43 million in its domestic box office debut, a really disappointing haul for a film the company spent nearly $300 million to make.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
So there is a theory why Apple has rolled out a streaming service. It's no secret. It's basically the Costco hot dog and soda idea where you get people into your ecosystem so they buy other products. The goal for Apple is obviously to sell as many smartphones and computers as possible. The theory is...
Morning Brew Daily
AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
is that if you get people hooked on your streaming service, then they will buy your gadgets as well. The thing is, that hasn't necessarily panned out, or actually, we don't know because according to this information report, Apple doesn't have the data to show whether its streaming subscribers are buying their products or staying within their ecosystem.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
So they are living in this foggy situation that no one has much clarity on. The fact that they don't have data on this is quite damning because that is the first thing you'd want to check, whether your streaming service loss leader, Costco, hot dog and soda combo is actually bringing people into your business.
Morning Brew Daily
AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
In fact, the controversy-plagued Snow White posted the worst opening weekend of all Disney live-action remakes. Surely this will be the end of these remakes, Toby.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
I'm not sure how many grills you find when you walk into the Smithsonian National Museum of American History, but you will find the George Foreman Grill. That's how iconic and important it was to American culture, especially in the 1990s when it came out. One of its biggest innovations, perhaps its biggest innovation.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
was that the grooved grilling surface was pitched 20 degrees so that the fat would drain from the meat into this little plastic tray.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
We just showed a bunch of the infomercials here on the screen, and you can just see all of these fat droppings into this tray that you're not eating, and a low-fat diet was so big in the mid-1990s, and it just hit perfectly, resonated with consumers, and George Foreman was the perfect pitchman for this product. He put his heart and soul into it.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
Taking your business international can feel like sailing through a sea of red tape, regulations, and unpredictability. Is attracting global business worth the global hassle? Wise Business can help. Your Wise account has everything you need to operate your global business. With Wise Business, you can process payments, get paid, and manage your money internationally.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
Wise offers 24-7 live support and transaction notifications so you can track your payments in real time. With full visibility of your finances, you can stay in control. And with no hidden fees, no markups on the exchange rate, and no ongoing subscription costs, you'll be able to save as you scale your business globally.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
Setting up your account is super easy, and it takes just a few seconds to make payments in over 40 different currencies. To learn more about how you can use Wise Business to save time, money, and stress, visit wise.com slash business. That's W-I-S-E dot com slash business. Neil, what's one way you rely on tech in your everyday life?
Morning Brew Daily
AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
I got a lot of health tracking apps running constantly to let me know how the body's holding up.
Morning Brew Daily
AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
The Quip Ultra is a smart sonic electric toothbrush that's packed full of some pretty cool tech you'll want to use daily.
Morning Brew Daily
AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
And it's equipped with a timer that monitors your progress and your pressure to help you brush at just the right intensity.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
Still brushing the analog way? Get 15% off your Quip Ultra at getquip.com slash brew. And subscribe for auto-shipping of BrushPod refill heads to earn exclusive perks. That's G-E-T-Q-U-I-P dot com slash brew. Welcome to Winners of the Weekend, the segment where Toby and I pick two things whose brackets are actually looking not so bad.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
I won the pre-show George Foreman grill off, so I get to go first. And here's a sentence you haven't heard in a long time. Boeing just scored a huge win. On Friday, President Trump announced plans for a next generation fighter jet called the F-47, and Boeing was chosen to make it.
Morning Brew Daily
AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
We don't know the details of the deal, but estimates put the contract at an initial $20 billion, though experts say it could rise well above that. It is a much-needed endorsement for the struggling Boeing, which lost nearly $12 billion last year amid a safety and confidence crisis around its commercial planes.
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AppleTV+ is Losing $1B/Yr & Boeing Banks Big Defense Deal
Shares rose 3% on the news, while shares of Lockheed Martin, the contractor that lost to Boeing for the deal, fell nearly 6%. So what is the point of this ultra pricey F-47? It's all about countering China in the skies. The jet is the centerpiece of the Air Force's next generation air dominance program, which seeks to replace the F-22 Raptor with a plane that can give the U.S.
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2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
Harvard Business School up 21 percent. It's huge double digit increases across the board driven by Americans rather than international students. And people are searching for the full immersive MBA experience rather than evening part-time classes. Applications for full-time, in-person MBAs jumped 32% to their highest level in a decade.
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2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
So Kyle and Kayla, I'd love to hear your take on why we're seeing such a rise in MBA applications and what you think it says about the current state of the job market.
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2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
think they have too many employees, but instead of going through the grueling process of laying people off themselves, they're mandating return to office to accomplish the same thing because they know angry employees who love their work-from-home setup will just voluntarily quit. Kyle and Kayla, do you think there's any validity to this backdoor layoff concept?
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2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
I think also we're in a period of pretty rapid technological change. We talked about AI. There's a lot of other things happening from clean energy to machine learning that's part of AI. Data analytics is becoming, there's new fields popping up every single year.
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2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
And so something that might be going into applicants' minds is, you know, I would love to level up my game in these various fields and be a leader in this space, but I don't really have the skills or the knowledge set to do it right now. Why don't I go to get an MBA and become an AI data science person.
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2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
And I'm just looking at the trend line here and I'm seeing, wow, they're probably going to be hiring a lot of employees, a lot of leaders in this space going forward. So it might be an opportunity to learn more about the changes that are happening pretty rapidly in our labor force.
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2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
Well, hiring for roles that require a bachelor's degree dropped below 2019 levels in recent months. So I think that stat has a lot to do with what we're seeing.
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2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
If you can get a job.
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2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
Or just the whole reason. You can't get a job. You have to go establish your credentials. You can't just say, hey, I'd love to be your AI CEO. And they'll be like, you don't know nothing about that. Go to school. And they're like, OK.
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2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
And more broadly, how do you see the remote work battle lines being drawn in 2025?
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2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
All right, moving on. This one is from Brooke. Recently at work, I was given a shoulder tap job opportunity within my company, a.k.a. if I wanted it, they would give me the promotion. It's not you, it's us. I called my director, and they were equally as ticked off. I also decided to email the president directly. Am I the a-hole for escalating this potential promotion that went south?
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2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
This is the new CEO you're talking about, who they're allowing to live in Southern California and commute up to Seattle.
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2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
To what point do you push? When do you stop?
Morning Brew Daily
2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
Yeah, what seems the most wrong about the company's behavior here is the communication. They didn't communicate with Brooke about why the offer was pulled in the first place. And then they said it's not you, it's us. I mean some clear – explanation about saying like, OK, well, we we thought this job was going to be available, but things changed and the job is not available.
Morning Brew Daily
2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
So we still value as employee, blah, blah. I mean, I have done that. I've put out a job application before that people applied to and then actually like the position we decided not to go through with it. So to email a lot of people and be like, we're actually changing gears, our strategy.
Morning Brew Daily
2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
So I had to explain about, you know, why the job, you know, why the job they applied for wasn't wasn't available. And that wasn't fun. But I just tried to over communicate.
Morning Brew Daily
2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
All right, well, sadly, we do have to wrap it up there. Kyle and Kayla, thanks so much. I think this was an awesome discussion. I mean, I was 25% of it, so it would have been great. Where can people find you if they want to listen to Per My Last Email?
Morning Brew Daily
2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
Yeah, you don't even know. But definitely listen to them in the year forward because they'll talk about all of these really interesting work issues that are happening in 2025 that we previewed here, but also ones that emerge that we don't even know yet.
Morning Brew Daily
2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
Don't give them any ideas. Okay. For any questions, comments, or feedback on this particular show, send an email to morningbrewdaily at morningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Michaela Heck is per my last emails producer who helped out on this show. Thanks so much. Olivia Graham is our associate producer.
Morning Brew Daily
2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
Uchenua Ogu is our technical director. Billy Menino is on audio. Hair and makeup defected to their podcast. Okay. Devin Emery is our chief content officer, and our show is a production of Morning Brew.
Morning Brew Daily
2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
Good Morning Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, we are joined by Morning Brew's workplace whisperers and host of the Per My Last Email podcast, Kyle Hagee and Kayla Lopez.
Morning Brew Daily
2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
Well, Amazon Web Services CEO Matt Garman did actually say this explicitly. He said, if there are people who just don't work well in that environment and don't want to, that's okay. There are other companies around. So he was basically giving Amazon employees license to go apply, that didn't want to come back to the office, license to go apply elsewhere.
Morning Brew Daily
2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
My question is also around recruitment, right? So Amazon may be downsizing now and they're like, it's okay. We have too many employees and people who don't want to come into the office are going to leave. This is kind of all shaking out the way we want and the high performers are going to continue to come in.
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2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
But what about when they have to compete against Google, Microsoft, other big tech companies for workers going forward? They're not going to be able to say we have these remote, flexible work environments like our competitors and that may put them at a disadvantage in the future.
Morning Brew Daily
2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
It is very fascinating to see how much workers value flexible environments. They value it more than even money. I mean, 76% of Gen Z workers said they'd give up a salary bump for more flexible work environments. So that is a pretty fascinating and stark statistic right there.
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2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
Sweet. So let's dive into some of those issues and begin with what's expected to be the number one workplace battle of 2025, return to office.
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2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
If you were a worker, are you using AI tools? You are a worker. Yes. Just to remind you.
Morning Brew Daily
2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
Yes, it feels like we've been talking about the end of remote work for years now, but the push to bring workers back to the office ramped up in a big way in September when one of the nation's largest companies, Amazon, said it would require employees to work from the office five days a week.
Morning Brew Daily
2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
There does seem to be somewhat of a stigma, as you mentioned, around communicating using AI. You had an email and you're like, this was so obviously chat GPT written. Do you think that will go away as these tools become more popular? One of the other findings in the survey that stood out to me was that
Morning Brew Daily
2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
More than 50% of the Gen Z people that they surveyed said that they freely talk about their AI use at work, and they're not shy about it, like maybe some older workers are. So they're talking about it. They're blatantly using AI, and they're proud of it.
Morning Brew Daily
2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
So, you know, Kayla doesn't use AI, but I'm just, you know, I'm hearing this survey as a regular person who's working in our current workforce, and I'm seeing that 93% of Gen Z leaders, right, they surveyed leaders and future leaders, aspiring leaders, these people who are very motivated to get ahead, and I'm seeing that 93% are using AI. What would you say to people who aren't using AI? Sure.
Morning Brew Daily
2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
Should I just light a fire under my butt or am I OK, you know, kind of living in an AI-less world?
Morning Brew Daily
2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
Meanwhile, Starbucks said starting next year, it'll begin actually enforcing its hybrid work policy that requires employees to commute three days a week. Many see ulterior motives by these companies here, namely something called backdoor layoffs. The theory goes Amazon, Starbucks and other companies cracking down on remote work.
Morning Brew Daily
2024 Work Trends: Return to Office, Sneaky Layoffs and are MBAs Worth it?
Okay. I want us to talk about the hottest three letters in higher education, MBA. Many people listening to this might be at the point in their careers where they're considered We'll be right back. The tippy top B school saw an even bigger surge in applications. Columbia up 27 percent. Northwestern's Kellogg up 23 percent. University of Chicago Booth up 22 percent.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
This is an incredibly remarkable and sophisticated operation. Home Depot sends a team to Paris Fashion Week each year to keep up with the latest color trends. They're planting all of these gardens, 25 trial gardens, in nine climate zones across the United States to test safety. uh, different genetic varieties of these particular plants.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
Then they sift from 800 down to 40 to 50 that they eventually put in their stores for you to see some of these gardens. Actually, in fact, most of them, you don't know where they are because they're protected like a high security prison. Uh, behind cornfields, because this is truly a huge moneymaker for Home Depot. They can't give away any of their secrets. And you're right.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
The ultimate goal, as we heard from Home Depot leaders every single time, was that they need to turn one-time customers into repeat customers. So they need to make particular variations to the genetic makeup of these plants so that, you know, people like you and I can't kill them as easily as we would.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
My winner is The Wall because this novel piece of arena design is giving the Los Angeles Clippers a major home court advantage as the NBA playoffs get going. If you have no idea what I'm talking about, The Wall is a key feature of the $2 billion Intuit Dome, a new stadium the Clippers began playing in this year.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
It's the brainchild of owner Steve Ballmer, who had the idea to create an uninterrupted section of seats, 51 rows deep, ultra steep, behind one of the baskets that can only be occupied by diehard Clippers fans. The goal was to throw opposing shooters off their game by stuffing all of the craziest fans on the wall who would provide distractions.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
And it has worked to a degree few thought possible, according to an analysis by Sportico. Visiting teams made just 73.5% of their foul shots when shooting against the wall this season, compared to 76.1% they made at the other end of the floor. That 73% would have ranked last for any arena in the NBA. And the advantage goes beyond foul shots.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
Road teams made 32.9% of their three-pointers while facing the wall, compared to the league average of 36%. We'll see if this home court advantage comes through in the playoffs. The Clippers will host Game 3 of their series versus the Denver Nuggets Thursday night.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
Yeah, here's the problem. The team they're facing, the Nuggets, actually has the best home court advantage of any team in the NBA, and Denver teams do have the best home court advantage across sports because they're up a mile high, and it's very hard for opposing teams to come in. acclimated with that elevation, and the Clippers already lost game one.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
They're playing game two tonight, so they may go back home to the wall at an 0-2 deficit because the one team that has a better home-court advantage is the team that they're playing. It's Monday, so here's what you need to know about the week ahead. Top finance leaders from around the world will gather in a post-peak cherry blossom Washington, D.C.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
for the IMF and World Bank spring meetings, a major summit to discuss the most pressing global economic issues. Of course, the trade war and negotiations on deals to lower tariffs will take center stage, including in the IMF's closely watched World Economic Outlook forecast released tomorrow.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
The IMF said it will slash its own growth forecast due to the trade war, previewing notable markdowns, but not a recession.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
Can you believe that this is the first time we said tariffs in the show? I know. All the way down here.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
If you don't know how to read a financial statement, time to brush up because this week has more than 120 earnings on tap. In the Magnificent Seven, Tesla and Alphabet will drop their Q1 performance. Corporate America, Star Wars, Boeing, AT&T, Procter & Gamble, and Pepsi are also on the docket, plus Chipotle, Southwest, and American Airlines.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
Investors will be listening to how execs see the trade war impacting their businesses.
Morning Brew Daily
Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
The Boston Marathon, the world's oldest modern marathon, is happening later this morning in picture-perfect weather. But the runners might have to dodge a few war reenactors along the way, because this weekend, Boston... held major celebrations marking the 250th anniversary of the start of the Revolutionary War.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
Friday was the 250th anniversary of the ride of Paul Revere, while the next day people staged a reenactment of the Battle of Lexington in Concord, which started the war back in 1775. Toby, more impressive, running the Boston Marathon or Paul Revere's 16-mile midnight ride?
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
I think if there's a year for it to do, it's the 250th anniversary of the start of the Revolutionary War. So let's go, Connor. In team sports, the big event this week is the NFL draft beginning on Thursday in Green Bay, Wisconsin. The Tennessee Titans are on the clock with the first pick. And while we could consult Mel Kiper, here's how Google's Gemini AI thinks the draft will go.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
The Titans will take Miami QB Cam Ward at number one. Then the Browns will take Colorado's two-way star Travis Hunter at two. And the Giants at three will take Shadur Sanders, the quarterback from Colorado, and the son of the Buffaloes coach Deion Sanders. How did Gemini do?
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
Also in sports, in a way, the world's first sperm race will be held on Friday at the Hollywood Palladium in Los Angeles. This is a real thing. A couple of teenage millionaires have created a startup called Sperm Racing in which they'll pit representatives from UCLA and USC against each other in a contest meant to raise awareness around male fertility issues. The track is insane.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
eight inches long and sperm typically swim at five millimeters per minute. So each race, there will be three, will take at least 40 minutes. The hosts say there will be play-by-play commentary, instant replays, leaderboards, and betting through Polymarket. According to the Sperm Racing Manifesto, it's about turning health into a competition.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
In the heavy metal world of credit cards, there is a new rock star in town. On Friday, regulators gave their blessing to Capital One's $35 billion acquisition of Discover, clearing the final hurdle for the formation of the new biggest credit card company in the United States. The acquisition was announced last year and was under regulatory review.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
It's about making male fertility something people actually want to talk about, track, and improve.
Morning Brew Daily
Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
Let's wrap it up there. Thanks so much for starting your morning with us and have a wonderful start to the week. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Our associate producers are Olivia Graham, who celebrated her birthday this weekend.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
Happy birthday, Olivia. and Olivia Lake. Uchenua Ogu is our technical director. He's here all week, folks. Scoop Sardaris is on audio. Hair and Makeup has a green thumb for all your gardening needs. Devin Emery is our president, and our show is a production of Borny Brew.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
Now, company leaders say they expect to complete the merger early next year. This completely changes the credit card landscape. With Discover, Capital One will add a payment network to its arsenal.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
So not only will it issue credit cards like banks such as JPMorgan Chase, Bank of America, and Citi, but it will also present a new major challenger to the companies that dominate the infrastructure for processing transactions, Visa, MasterCard, and American Express. Meanwhile, adding Discover will give it a war chest to go up market.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
Capital One currently focuses on subprime customers, those with lower credit scores, but adding Discover will give it an extra $1.2 billion in annual revenue to go after higher income customers who want things like airport lounges and fancy perks to come with their credit cards. Toby, this is Capital One joining the big leagues and its rivals are on notice.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
So Capital One has really dominated the market for subprime, those customers who are in the credit range around 600. They've had this amazing data operation that finds an arbitrage opportunity where others have not. Their stock has increased 13% each year since it went public in 1994.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
That's far better than most credit card companies besides Amex, which gets this premium because they cater to more wealthy customers. But the problem is These people who are Capital One customers are improving their credit scores and they're looking for other options.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, humanoid robots ran a half marathon in China. They're already taking our jobs. They're going to take our hobbies too.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
Capital One says it has 42 million subprime customers who have improved their credit card enough to qualify for better products and pricing. And once they do qualify for those better products, they are looking elsewhere beyond Capital One. They're looking to JP Morgan. They are looking elsewhere. to American Express.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
So Capital One thinks by adding Discover, by adding a payments network, by adding more customers there, unlocking all of this revenue, they can spend on airport lounges and other perks. I mean, American Express is everywhere. It gives all of these perks. You can go to a sporting event and skip the line. You can go to JFK or LaGuardia and get into a really fancy lounge.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
Capital One thinks that by improving those capabilities, it can keep those customers with it over the course of their credit building journey.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
Totally. Watching these robots, I saw myself in them. I mean, very few got past the finish line. There was another one that crashed into a wall and broke up. Most of them needed a battery recharge, which certainly reminded me of needing some water along the way, running 13 miles. But you're right. This was a showcase for China's robotics industry.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
The government has made a huge push to invest in this sector. They want to be the world leader by 2027. And to a T, all of these executives that were interviewed who made the robots were saying, this is, you know, we want to make robots that can replicate humans. This is our goal. That's why we're building a humanoid robot. What's a better test of what a human can do than run a race?
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
And they called out the West saying, I don't see anybody over there doing anything remotely close to this. So they kind of boasted about their prowess, even if, you know, the fastest one finished in two hours and 40 minutes. It's still finished, and they just think this is a sign of big things to come, not necessarily in the running world, but more to build up their industrial base.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
Big news out of Vatican City this morning. Pope Francis has died at age 88, one day after Easter Sunday.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
Yeah. Maybe it was more like a motorsport, like designing a F1 vehicle for these for these robots to run instead of, you know. Yeah. Instead of like a road race, it was more of a of a motor race. But certainly this rivalry is heating up and the companies in the West are dying. you know, pursuing robotics.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
The first pope in history from Latin America, he was Argentinian, Francis was known for bucking his predecessor's more rigid views by taking progressive stances for the Catholic Church, like advocating for the world's marginalized and poorest people, criticizing capitalism and climate change, and calling nuclear weapons and the death penalty immoral.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
I mean, Tesla, Elon Musk says that his Optimus robot will be a $10 trillion unit one day as part of Tesla. They've completely reframed their company in that regard. Meta started a new team under its Reality Labs division earlier this year. to produce humanoid robots.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
NVIDIA, Jensen Huang, the CEO, said at his keynote speech at CES this January, just a few months ago, that the chat GPT moment for general robotics is just around the corner. Amazon, Apple, Google are also making humanoid robots. Jensen says that they're going to come to factories near you within a few years. So this is the next frontier.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
This is possibly the next frontier in this tech rivalry between U.S. and China.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
It is a very exclusive club that Coogler is joining in getting this rights reversion deal. It's in only his fifth movie. I mean, there are very few directors who have managed to negotiate this with studios. And the reason they have been able to do that is A, they're God tier directors and B, that they took Very extreme risk to make the movie and often self-finance it. So this club is very few.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
Mel Gibson owns the Passion of the Christ. Richard Linklater has partial ownership of Boyhood, which he filmed in stops and starts over 11 years. And then Quentin Tarantino is getting ownership back of Once Upon a Time in Hollywood in a couple of decades, which was attributed to a deal that he signed with Miramax before it went to the studio that it did. So this is a very small club.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
Francis had not been in good health this year, coming off a lengthy hospital stay for pneumonia, but he had been making several public appearances in recent weeks, including meeting Vice President J.D. Vance yesterday. So Toby, I saw a conclave, but what happens next?
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
Kugler is not is a amazing director, but he's only directed five films now. So that's what studio execs were saying. They're like, well, if Kugler is going around demanding rights reversions from the studios that he's pitching these movies to, what does it mean for the entire industry? We're already reeling from the collapse of theaters post pandemic. What does it mean for us?
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
Last week, I mean, we talked about the fact that original films were – unable to break through. There was a ton more flops than successes. And then here we have a major success from certainly not any IP that anyone had heard of because there was no IP behind it. And it has this massive opening, the best for an original film in many years.
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Capital One-Discover Mega Merger & Why Hollywood Execs Are Freaking Out
So overall, a massive success for Sinners, for Coogler, who I would love to meet up with his negotiating team. Up next, it's our winners of the weekend. If you're planning to do business abroad, you've got to make sure your finances are in order. That's where Wise Business comes in. Wise Business is the account for doing business in other currencies.
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'Maxinomics' Explains Tariffs, the Space Race, Can the US Buy Greenland? And More
Let's stick with this future looking perspective. We've been promised self-driving cars for a decade now, but there finally seems to be actual momentum with Ramo racking up rides in San Francisco and expanding to other cities. How close is our autonomous future? Are babies born in 2025 ever going to need to learn how to drive a car?
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'Maxinomics' Explains Tariffs, the Space Race, Can the US Buy Greenland? And More
Du lebst in San Francisco. Hast du in einem selbstgeführten Auto gelebt? Und wie ist die Erfahrung?
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'Maxinomics' Explains Tariffs, the Space Race, Can the US Buy Greenland? And More
A wise man once said that three out of every 100 people added to the US population in the last decade have ended up in Phoenix. That wise man was you, Mr. Phil. What is the number one reason behind the growth of the Sun Belt and what is the biggest risk factor that could slow its roll?
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'Maxinomics' Explains Tariffs, the Space Race, Can the US Buy Greenland? And More
Okay, the year is still young, so Tobi and I put together a few predictions for 2025. We'd love for you to rate these takes on the likelihood of them happening on a scale of me dating Dua Lipa to Tony Romo predicting a football play. In other words, not going to happen at all to very likely. So Tobi is going to go first.
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'Maxinomics' Explains Tariffs, the Space Race, Can the US Buy Greenland? And More
Okay, next prediction. Apple Intelligence fails to ignite a new round of iPhone buying, putting CEO Tim Cook in the hot seat to find Apple's next big thing.
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'Maxinomics' Explains Tariffs, the Space Race, Can the US Buy Greenland? And More
We're taping this on Wednesday, January 15th, and there was just a pretty solid inflation report that brought rate cuts a little bit back in place. So some good news over there. Next prediction, Google is forced to sell Chrome by the US government.
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'Maxinomics' Explains Tariffs, the Space Race, Can the US Buy Greenland? And More
Will Maxonomics 100.000 YouTube-Subscriber erzielen?
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'Maxinomics' Explains Tariffs, the Space Race, Can the US Buy Greenland? And More
Und wenn du von Phil gehört hast, kannst du definitiv auf seine YouTube-Page gehen und unglaubliche Videos sehen. Das ist in der Beschreibung des Podcasts.
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'Maxinomics' Explains Tariffs, the Space Race, Can the US Buy Greenland? And More
It's Monday, January 20th. Let's ride. Today is Martin Luther King Jr. Day, a federal holiday that has many of you home from work. It's also Inauguration Day, where Donald Trump will be sworn in as the next President of the United States. And to cap it all off, the College Football Championship game is tonight between Ohio State and Notre Dame. A ton going on.
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'Maxinomics' Explains Tariffs, the Space Race, Can the US Buy Greenland? And More
Und wo bist du? Welche Stadt hast du am meisten Zeit in deinem Leben verbracht?
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'Maxinomics' Explains Tariffs, the Space Race, Can the US Buy Greenland? And More
Great. Now it's time to pick your brain a bit. Should the US buy Greenland?
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'Maxinomics' Explains Tariffs, the Space Race, Can the US Buy Greenland? And More
Ich denke nicht, dass es von der Macht genommen werden sollte oder, dass es von der Macht genommen werden sollte oder, dass es von der Macht genommen werden sollte.
Morning Brew Daily
'Maxinomics' Explains Tariffs, the Space Race, Can the US Buy Greenland? And More
Well, what do you think we can learn about the tariff regime from last time when Trump implemented them in 2018 that might help us understand what's coming for consumers and businesses in the United States and around the world? Should they be implemented this time? Obviously, there are so many question marks.
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'Maxinomics' Explains Tariffs, the Space Race, Can the US Buy Greenland? And More
We don't know how high they're going to be or where they're going to go or on what goods they're going to be placed on. But is there anything that we learned last time that can maybe be applied to our new era going forward?
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'Maxinomics' Explains Tariffs, the Space Race, Can the US Buy Greenland? And More
Seems like a business decision too, because Delta has shown that when you offer these premium seats, that's the way forward for the industry. That's basically how you make the bulk of your revenue. Delta's CEO said a few weeks ago that 2025 was going to be their best financial year ever.
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'Maxinomics' Explains Tariffs, the Space Race, Can the US Buy Greenland? And More
So Southwest maybe is just not in a position where it can continue what it has done for decades and needs to adopt this more segmented model, because this is how you make money as an airline now. It's just not profitable otherwise.
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'Maxinomics' Explains Tariffs, the Space Race, Can the US Buy Greenland? And More
Und sprichst du von Perken auf Flugzeuge, Delta und Giraffe Kings haben gerade eine Partnerschaft geöffnet. Das ist sehr vage, aber glaubst du, dass wir jemals Gambling in den Himmel bringen werden?
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'Maxinomics' Explains Tariffs, the Space Race, Can the US Buy Greenland? And More
A true man of the world. We learned a lot from Phil and know you'll also get a lot out of the conversation.
Morning Brew Daily
'Maxinomics' Explains Tariffs, the Space Race, Can the US Buy Greenland? And More
And actually at the federal level, gambling on flights is barred on all U.S. commercial flights. So there is the potential that they go to the Trump administration and lobby. But it might render itself as a much more limited partnership than Delta. We want. I was about to say we want, but maybe then some people want.
Morning Brew Daily
'Maxinomics' Explains Tariffs, the Space Race, Can the US Buy Greenland? And More
The best time to plant a tree was yesterday. The second best time is today. But a lot of people don't even know where to find a seed to plant. That's where Yahoo Finance can help.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
Und wenn du die schnellste wachsende Stadt in den Vereinigten Staaten im letzten Jahr suchst, dann wäre das ein Dallas-Suburb namens Princeton, der ca. 45 Meilen nach Norden der Stadt ist. Seine Bevölkerung hat seit 2020 mehr als doppelt. Sie haben nicht genug Straßen oder Infrastruktur, um alle Menschen zu behandeln. Das war's für heute.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
There is no rivalry really around sports right now as Angel Reese and Caitlin Clark. And we just got right back into it on Saturday. These two players are just a ratings machine for the WNBA. Caitlin Clark is just an economy unto herself. There was a they played in Indianapolis. There was a line for the merch machine.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
In their city to accommodate the larger crowds that want to go see Caitlin Clark play. So, yeah, she is a one-woman economy for the WNBA right now.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
Es ist Montag, sorry to remind you. So to get you prepped for the week, let's run down the major events coming up on Wall Street. It's all about retail as major players like Target, Home Depot, Lowe's and TJX report earnings.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
These will be critical reports that show how tariffs are going to impact what Americans pay for things, especially after Walmart dropped that bombshell last week by announcing it was going to hike prices by the end of the month. Many analysts said that Walmarts announcement will give its small rivals the green light to do the same.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
Und Walmart war auch dieses Wochenende in den Kräften von Präsident Trump, der auf Social Media postete, dass Walmart die Tarife essen sollte und nicht an seine Kunden passen würde, wie es gesagt wurde. Am Dienstag wird Präsident Trump die Top 220 Hälfte seines Meme-Coin, Trump-Coin, für ein Abend am Golfclub in Virginia anbieten. Und für die meiste Partie wissen wir nicht, wer es ist.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
Who's going to show up and what they're after? Because of the nature of crypto wallets, the identities of most of the top coin holders are unknown. But analysts believe that 19 of the top 25 wallets are almost certainly owned by people outside of the United States.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
Some congressional Democrats wrote a letter to Treasury Secretary Besant last week saying that dinner could allow bad actors and authoritarian governments to influence US government policy by buying Trump coin.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
Auch am Donnerstag ist der erste große neue Themenpark in Central Florida in 26 Jahren eröffnet. Epic Universe by Universal is a $7 billion, 8 years in the making property that spans more than 100 acres. When combined with the other Universal parks, it presents the stiffest challenge yet to Disney World's dominance of Orlando's $92.5 billion tourism market. Okay.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
Even as the WNBA season tips off, the NBA's season is winding down. The conference finals are tipping off this week with Kyle's Timberwolves taking on Oklahoma City in the West and the Pacers doing battle with the Knicks. New York is just in a tizzy over this team, which is playing in its first conference finals in 25 years.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
Everything the man touches turns to gold. And we're all counting down the days until Friday, when Memorial Day weekend starts and unofficially kicks off the summer. Maybe you'll go see Mission Impossible, The Final Reckoning, which hits theaters this weekend and is allegedly the last installment in the franchise. Tom Cruise first began playing Ethan Hunt at age 34. Now he's 62.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
That is all the time we have. Thanks so much for starting your morning with us. Have a wonderful start to the week. If you have any thoughts on the show, send an email with questions, comments or feedback to morningbrewdaily at morningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Our associate producers are Olivia Graham and Olivia Lake.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
Garrett Peck is on audio. Hera Makeup says Pacers in six. Devin Emery is our president and our show is a production of Morning Brew. Great show, Daniel. Let's run it back tomorrow. If you're an HR pro, talent acquisition expert or business leader, you're likely a great juggler.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
Newsflash, your HR tech stack shouldn't feel like this and Clear Company agrees.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
S&P Global Ratings downgraded it in 2011, followed by Fitch in 2023. To justify its decision, Moody's said the US was being irresponsible with its bank account, running up large fiscal deficits and paying more and more in interest to It all amounts to a big reputational blow for the world's largest economy.
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US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
With Clear Company, you're free to focus on what really matters, finding, developing and retaining top talent. With AI-driven analytics and automation, you can make stronger hiring decisions in less time and gain data-backed insights about your people simultaneously.
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US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
But what it means in practice or for your brokerage account remains unclear since markets haven't been open since the announcement. We'll learn a lot more today and early indications are it's not going to be great. Bonds are selling off, sending the 30-year yields higher than 5% and stocks in the dollar are also falling.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
That's precisely the sell America trade that have been spooking investors in recent weeks.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
Was war die Antwort auf das? Well, Treasury Secretary Scott Bassett wurde auf den Sonntagsschauen über es gestern Morgen gefragt. Er hat es ein bisschen verabschiedet. Er hat gesagt, Moody's ist ein laggierender Indikator. Das ist, was alle sagen. Trinks of Credit Agencies.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
But just a few months ago he was in front of Congress and he actually told lawmakers that he was very worried about debt and deficits. He said the debt numbers are indeed scary and a crisis would involve a sudden stop in the economy as credit would disappear. I'm committed to that not happening. So with one side he's saying this is not a big deal.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
Guten Morgen, Bruder Daily Show. Ich bin Neil Freiman. Und ich bin Tobi Howell. Heute hat die USA ihre letzte AAA-Kreditrate verloren. Zeit, zu paniken oder zu schreien.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
With the other he's saying actually Moody's is touching on a very important point, which is that our debt situation has gone completely out of control. Und ich denke, jeder Gesetzgeber würde das akzeptieren. Sie tun einfach nichts, um es mehr in den Balance zu bringen.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
Und wir bleiben nur noch das Defizit hinzufügen, die Schulden hinzufügen und Interestspartien hervorrufen, die wir nicht bezahlen können. Oder wir können sie bezahlen, aber sie flotten.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
Ja, besonders nach diesem Coinbase-Hack. Die Sache mit der Krypto, die die Leute lieben, ist die Geschwindigkeit und die Anonymität. Das macht sie auch sehr, sehr viel ein Ziel für Kriminelle, weil, anders als ein institutioneller, traditioneller Finanzbankkonto, You can't freeze these assets.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
So if I were a criminal and I go up to you and I kidnap you and I say, hey, give me your private key so I can access your crypto wallet with all of that money and you give it to me, then that is going to be instantaneously and it's going to be extremely hard to recover, which is why this industry has been such an increasing target of criminals. Prices of crypto have also gone up, but Bitcoin is
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
Und dann auch, ironisch gesagt, die Industrie hat sich natürlich schon lange über Krimi kennengelernt, also sie haben viel Arbeit gemacht, um sich gegen Krimi zu schützen.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
Welcome back to the week. Sad news has come in about former President Biden, who was diagnosed with an aggressive form of prostate cancer, his office said yesterday. The 82-year-old's diagnosis is serious, with the cancer spreading to his bones and characterized by a Gleason score of 9, which is how the most aggressive prostate cancers look under a microscope.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
Coinbase hat 6,2 Millionen Dollar in Personal-Security-Kosten für die Personal-Security-Businessen gespart. Es ist der CEO Brian Armstrong, der mehr als JP Morgan, Goldman Sachs und NVIDIA kombiniert ist, was zeigt, wie prächtige Zielgruppen große Kryptowährungsleute sind, weil es sich um die Natur der Kryptowährungsindustrie handelt und wie einfach es ist, Geld anonym zu transformieren.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
Well, there is a bunch of rest stops all along the Turnpike, which I frequent and are great. You're right. So, NJ Transit is going to be back up and running on Tuesday, which is good news for all the hundreds of thousands of people who commute in, but the problems plaguing that particular service don't seem like they're going away.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
Last year there was what they call just like a hellish summer because there were so many delays and suspensions that At one point the governor had to say, okay, everyone gets to ride for free for one week because we've been so bad, we've provided such a bad service for you this entire summer.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
And he also had to impose a 2.5% surcharge, this is the governor, impose a 2.5% surcharge on New Jersey's existing 9% corporate tax rate. Jetzt hat er den höchsten Corporate Tax Rate in dem ganzen Land. Das ist kein guter Zeichen für Business oder eine Weise, Business zu promoten, als New Jersey Jobs verliert und die Businesses zu südlichen Staaten, die einen niedrigeren Tax Rate haben.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
The good news is that managing prostate cancer has come a long way in recent years, allowing patients to live years, not just months, with current treatments. And Biden's office said his cancer appears to be hormone sensitive, which allows for effective management.
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US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
Also ja, es ist ein schlechtes paar Monate und ein paar Jahre für New Jersey Transportation. Es ist ein Staat, das sich wirklich auf das immer auf dem Weg zu sein.
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US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
Without them, we'd be lost, literally and figuratively. And here's the good news. Wise Business can be that friend for your global business. Wise makes it easy for you to process payments, get paid and manage your money internationally.
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US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
Following the news, lawmakers across the spectrum, including President Trump, former President Obama and other Democratic and Republican leaders, expressed their support for Biden on social media.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
Let's hit our winners of the weekend, where Toby and I picked two things that actually followed through on their spring cleaning plans. My winner is large American cities, because after a pandemic-induced slump, they are growing at the fastest pace in a generation.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
According to new census data, 94% of the largest cities in the country welcomed more people from July 2023 to July 2024, amounting to the largest yearly increase in almost a quarter century. cities everywhere on the map got bigger, from the behemoth New York, Houston and L.A. to post-industrial metros like Philly, Detroit and Newark.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
Two cities, Fort Worth, Texas and Jacksonville, Florida, crossed the one million population mark for the first time, which speaks to the continued boom of the Sun Belt and those two states in particular. Texas and Florida are home to five of the 15 major U.S. cities with the most overall population growth between 2023 and 2024. It's not that everyone who fled to the suburbs is now moving back.
Morning Brew Daily
US Loses Top Credit Rating & Crypto Wealthy Being Targeted?
Demographers say the increase in urban living was mostly driven by surging immigration over that time span. Still, it means everyone who declared cities dead in 2020 will now be enshrined in the freezing Cold Takes Hall of Fame.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, as Southwest tries to calm a spiraling PR crisis, a refreshed spirit wants to steal its customers.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
Williams and Wilmore have been true champs about all this, saying that they love being in space and that they're not stranded and that they're staying occupied and NASA has... provided everything for them that they needed on their very much extended stay. And that may somewhat be genuine because astronauts don't get that many chances to be in space.
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Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
So they've both spent a quarter century at NASA and they've only been to space twice.
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Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
twice and so it's unlikely or doubtful whether they'll be going back to space so for them this might be their last chance they've worked their entire life for this this might be their last chance to ever be in space so yes they've had a few months uh more than planned in space but i think they're thinking to themselves now this is my last chance i'm not gonna be able to go back to space so might as well enjoy it while i'm here
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
That's a very optimistic take.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
So. So looking ahead in the next few days after this crew switchover happens, Williams and Wilmore will eventually descend to Earth, hopefully barring any weather mishaps here on our on our blue planet. And they will return to their families. We can't wait for them to do that. My winner is law schools because they are swimming in applicants.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
According to the Wall Street Journal, the number of people applying to the U.S. 's nearly 200 law schools has surged 20.5% compared to last year, making it one of the biggest influx of applicants in recent memory. Some schools, such as the University of Michigan, have seen demand surge even more, up 30% annually, making it their most competitive year on record.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
There are a number of factors contributing to the spike in aspiring 1Ls. One is the current tough job environment for white collar workers. When your employment prospects are dim, you go to grad school to level up. Another could be more tech related. Law offers the prospect of a stable, high paying career at a time when AI advances are threatening certain professional services positions.
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Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
I am excited to see what you come up with. In the meantime, if you actually own a business, big or small, you deserve enterprise-grade protection with Sophos. Learn more at Sophos.com. That's S-O-P-H-O-S.com.
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Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
Also helping, the LSAT tweaked its test, which could have attracted more people to take it. And law school applications have historically jumped in election years when the legal profession is in the spotlight, as it is now with all the cases surrounding the Trump administration's executive actions. Toby, while this is great for law schools, it is not great if you're applying to one.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
And we are seeing massive application numbers. I mean, if you're applying to law school, I will say good luck. Georgetown University Law Center received 14,000 applications to fill 650 spots. University of Michigan will take 320 people in this class. They received more than 8,900 applications. So you're right.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
The floodgates have been opened and law schools are about to see their acceptance rate drop dramatically. Okay, it is Monday, so here is what you need to know about the week ahead. The Fed is meeting on Wednesday at a pivotal point for the economy, with tariffs and potentially higher inflation spooking investors.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
Stocks posted their worst week in two years last week, and the S&P 500 briefly fell into correction territory, down 10% from its record high. The Fed is not expected to lower interest rates as part of Jerome Powell's wait-and-see approach. But, of course, his press conference will be appointment viewing for his thoughts on the market mayhem.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
Disney's live-action adaptation of Snow White hits theaters on Friday, but what should have been a slam-dunk blockbuster has turned into a colossal dumpster fire. Disney dramatically scaled back promotion following an unending string of controversies since the project was first announced in 2021.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
The movie is going to cost Disney $450 million all in with production, advertising, and prints, and it may be lucky to make back even a fraction of that.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
The NCAA tournament begins this week, which means it's time to acquire a second or third monitor at work and start developing intense opinions about colleges you only learned about earlier in the day. After the play-in games today and tomorrow, the men's tournament gets going for real on Thursday. The top four seeds are Auburn, Duke, Houston and Florida.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
On the women's side, the top four seeds are UCLA, South Carolina, USC and Texas. Toby, the best week in sports has arrived.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
Also in sports, the baseball season will soft launch in Japan this week when homegrown superstars Shohei Ohtani and the Dodgers take on the Cubs over two games. To give you an idea of Ohtani's ridiculous popularity in his home country, tickets at the Tokyo Dome are going for as much as $2,000.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
And finally, in related news to baseball's return, the first day of spring is on Thursday. Boy, am I glad to see you.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
here all right let's wrap it up on that uh high note thanks so much for starting your morning with us have a wonderful monday and a very happy saint patty's day for any questions comments or feedback send an email to morning brew daily at morningbrew.com and if you're enjoying the show share it with a friend family member or co-worker toby who should everyone listening share it with today
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
That is a very good point. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham and Olivia Lake are our associate producers. Uchenua Ogu is our technical director. Scoops Dardaris is on audio. Hair and Makeup is splitting the G. Devin Emery is our chief content officer. And our show is a production of Morning Brew.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
You're absolutely right. There's a lot of juicy storylines to dig into with Klarna's IPO. The A plot is the IPO of a major fintech company and one of the few buy now pay later giants to go public. The B plot is this major test for AI's promise to transform the workforce. As you mentioned, Klarna has bear hugged AI like forever. few other companies have.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
It's been developing its own in-house AI system based on OpenAI's ChatGPT, and its CEO has said the quiet part out loud, while many tech CEOs, when asked about whether AI will replace human workers, they kind of hedge a little bit, and they'll say, no, it's a compliment, and we want our human workers to work alongside AI. He's come right out and said that he hopes
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
Welcome back to the week and happy St. Patrick's Day to everyone of Irish descent and pretty much anyone else who wants to have a good time. And there are a lot of you. While only one in nine people in the US claim Irish heritage, about 61% of Americans plan to celebrate St. Patrick's Day. And that means big business for your local bar.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
He's bragged that AI will automate his workforce, and he hopes to dwindle his workforce from 5,000 people working at Klarna at a peak to ultimately just 2,000.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
Now, in terms of buy now, pay later, that sector that has grown a ton over the past six years or so where you can pay online in installments had that big boom during the pandemic. There was that big slump after the pandemic, but now it's coming back in a big way. It is still very popular. I mean, just look at the recent holiday season from November 1st to December 31st.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
The usage of buy now, pay later services jumped nearly 10 percent year over year. amounting to $18.2 billion in total online spending. That's about 7.5% of overall online sales. So as much as people bought over the holiday, 7.5% used buy now, pay later. Klarna, Affirm, Afterpay are the giants in this space. Whether they will be successful on the public markets is a different question entirely.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
Affirm went public yesterday. A few years ago and its stock has fallen 57 percent since its IPO. And the market is quite turbulent right now. It's not exactly a time when a big company would want to go public. So we are watching to see whether Klarna will actually go public or get cold feet in the next month or so.
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Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
You are well aware that stocks have taken a bruising from the rapid fire tariff announcements coming from Washington, D.C. But there's been another high profile casualty of the policy uncertainty, the U.S. dollar. The greenback is having its worst start to a year since 2008, declining more than 4 percent since New Year's Day.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
which treats the holiday like the alcohol-soaked version of Black Friday. According to Moody's, St. Patrick's Day is the number one day for beer consumption in the U.S., with sales jumping 174% above the average. Toby, dry January has never felt more distant.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
The slump, depending on how long it lasts, could have dramatic impacts on everything from Fed rate cuts to inflation to where you decide to go on vacation. At a very high level, the strength of a country's currency reflects demand for that currency, and by proxy, the expectation of economic growth. Generally, if your currency is gaining, it means your economy is looking good. Congrats.
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Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
And that's been the story for the U.S. dollar for more than a decade. as America's economic growth has sailed past those of peers like Europe. But events of the past few weeks have shaken those foundations.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
Trump's trade war with every country on Earth, combined with Europe's massive spending plans to rebuild its military and infrastructure, have been ripping through currency markets, sending the dollar to its biggest weekly loss against the euro since 2009. Toby, the dollar is looking a little less almighty.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
Yeah, strong dollar, which has been the case for a long time is great for American vacationers abroad. Recently, the U.S. dollar last year hit its highest level versus the Japanese yen in 34 years, which led to a huge surge in tourism to Japan for the food. And last week, we talked about the skiing as well. Why does Trump and J.D. Vance, who's the vice president, want a weaker dollar?
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
They've been very vocal about wanting a weaker dollar, and that's because it would boost American manufacturers and exports. If the dollar is strong, it makes us selling goods abroad much more expensive. Sometimes you hear when the dollar is strong, multinational companies hop on their earnings calls and say, this strong dollar really hit our earnings overseas.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
I remember companies like Pepsi say this, strong dollar, it's bad for our sales in foreign markets. So they've been quite vocal saying we want a weaker dollar to help domestic manufacturing because it would make it easier. The U.S. consumer would be the victim of that. Strong dollar does make things cheaper for American goods. Buying stuff from abroad, a weaker dollar makes stuff more expensive.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
No, it is much smaller than Southwest Airlines. The way Spirit thinks it can win in the new aviation market is by moving up market. It is now offering flight options with tiered prices so you can pay more online. on Spirit to get extra legroom, which is a policy it didn't have before.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
It's selling these bundled fares that include bigger seat, priority boarding, free bags, internet service, snacks and drinks, which is a big departure from its previous strategy of just selling these a la carte seats. So you can pay for every single little thing. Now it's bundling things together. And you've seen a Airlines jockey for position here.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
Upscale travel is what is making money right now. These Delta is rolled out. You know, Delta has these lounges and the business class like that is where the money is had right now in airlines. And Spirit thinks that it needs to skate where the puck is going to win back customers.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
So one day as I was scrolling the web, I got hit with an ad for patio furniture. Dude, I live in a small New York City apartment, not relevant. So if that's happening to me, imagine the incorrect spaces your B2B marketing could be ending up. If you want to reach the right professionals, start with LinkedIn ads.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
LinkedIn has grown to a network of over 1 billion professionals and 130 million decision makers. And in this vast pool of potential, you can target your buyers by job title, industry, company role, skills, seniority, and more if you can't believe it.
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Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
If you think you're wasting budget on the wrong audiences, stop that first and foremost and start targeting the right people with LinkedIn ads instead. LinkedIn will even give you a $100 credit on your next campaign. so you can take LinkedIn ads for a spin. Just go to linkedin.com slash mbd. That's linkedin.com slash mbd. Terms and conditions apply only on LinkedIn ads.
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Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
What does the future hold for business? Ask nine experts and you'll get 10 answers. It's a bull market. It's a bear market. Rates will rise or fall. Inflation's up or down. Can someone invent a crystal ball?
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
Until then, over 41,000 businesses have future-proofed their business with NetSuite by Oracle, the number one cloud ERP bringing accounting, financial management, inventory, and HR into one fluid platform. With one unified business management suite, there's one source of truth giving you the visibility and control you need to make quick decisions.
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Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
With real-time insights and forecasting, you're peering into the future with actionable data. When you're closing the books in days, not weeks, you're spending less time looking backwards and more time on what's next. Whether your company is earning millions or even hundreds of millions, NetSuite helps you respond to immediate challenges and seize your biggest opportunities.
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Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
Okay, I'll bite. Why are you excited about Sophos? Well, they provide cybersecurity for growing businesses. You don't have a growing business, though.
Morning Brew Daily
Klarna Wants to Replace Humans with AI & Spirit Leverages Southwest Debacle?
Download the CFO's Guide to AI and Machine Learning for free at netsuite.com slash brew. That's netsuite.com slash brew. netsuite.com slash brew. Welcome to Winners of the Weekend, the Monday segment where Toby and I pick two things that had a better weekend than Rick Pitino. Toby, you won the pre-episode fashion show, you catwalk queen. So you get to go first.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
Yeah. At one point, it was estimated that the top 10 grossing movie comedies in history all starred alums of SNL. I think you could point to internal factors within SNL saying the cast just isn't as good. Lorne Michaels is not doing a good job of talent scouting or people have moved on to comedians have pursued different paths because there are so many ways to get famous now, not just SNL.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
as the gatekeeper anymore. It could also point to broader trends of movie comedies dying and not being a force in the box office anymore. Before the show, the whole Morning Brew office, we were trying to list off the most relevant comedy movies of the last decade, and we literally could not come up with anything.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
So it's probably some sort of combination between SNL as not necessarily the golden standard for comedians to get famous anymore, and just the broad decline of comedies at the box office in general.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
I wasn't scared per se, but I certainly pulled the sprint back inside after putting the trash by the driveway more than a few times.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
I think it also speaks to the rise of TV over movies. We saw streaming platforms come in with massive budgets. Netflix spends $15 billion per year on TV, and a lot of actors, whether they're comedic actors or dramatic actors, have started to do more TV rather than movies because it pays you know, just as good, if not more. And people do watch a lot of streaming services.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
And there has been success in the TV realm, as you mentioned. I mean, Ted Lasso was a phenomenon starring Jason Sudeikis. That was on TV, not a movie. But if it was a movie, then, you know, we'd probably be talking it in a similar breath to some of these comedians of SNL of old. So I think it does speak to the broader rise of TV over movies in the cultural cachet.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
And that's a really good transition because one of the most fascinating aspects of SNL's 50 years of existence is how it's mirrored and adapted to the different ways people consume media. The most prominent example is the rise of YouTube, which NBC says it's responsible for and contributed to its later acquisition by Google. Here's the story. On December 15th, 2005, YouTube officially launched.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
Same should go for your advertising. That's where LinkedIn can help. LinkedIn ads lets you target and filter your audience by industry, company, and role. So you're not just firing ads off willy-nilly into the dark. No more accidentally serving ads for cloud servers to servers at Outback. And no more AI ads going to Allen Iverson fans.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
Two days after that, the Lonely Island comedy group, led by Andy Samberg, premiered their digital short Lazy Sunday on Saturday Night Live. The lo-fi music video, a satirical rap about watching the Chronicles of Narnia movie, was uploaded to the platform shortly after, and... quickly became a sensation.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
It got 2 million plus views in its first week alone, which was unheard of at the time, and drove YouTube traffic 83% higher. For many people in my generation, millennials, it was the first YouTube video we ever saw. Less than a year later, Google bought YouTube for $1.5 billion,
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
NBC contends that Lazy Sunday was the clip that built YouTube, but YouTube has responded that it would have been popular no matter what. Whichever theory you subscribe to, it was historic. Lazy Sunday was the first TV show clip to have a viral second life online, something that seems so commonplace today.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
And it's very ironic, I guess, that NBC wanted to take down its clips, Saturday Night Live clips, from YouTube because, you know, that is where most people consume, not most people, I don't have the data, that is where anecdotally A large number of people consume SNL these days. I don't think I've talked to a single person who watches it live.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
And NBC, SNL has done a large initiative by putting their clips on YouTube. And that is where SNL lives in the minds of many. And it's very, you know, uncertain about what happens to SNL the future as a live show because So many of its clips, like so many other types of media that we consume, is on YouTube.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
And Lonely Island started it, NBC wanted it off, and now they're very intentional about crafting clips and putting their live segments, their sketches, on YouTube because that is where we watch it nowadays.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
What were you able to dig up? Well, I want to hand out some host superlatives. The person who's hosted SNL the most times is Alec Baldwin with 17 appearances, and he's one of only five people to host SNL at least 10 times, along with Steve Martin, John Goodman, Buck Henry, and Tom Hanks.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
In other host history, the oldest host was Betty White, and the youngest host was Drew Barrymore at seven years old in 1982 after starring in E.T. That must have been past her bedtime. I have some fun facts.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
And the best part is LinkedIn will give you a $100 credit on your next campaign so you can try it yourself. Just go to LinkedIn.com slash MBD. That's LinkedIn.com slash MBD. Terms and conditions apply only on LinkedIn ads.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
There is an episode of Seinfeld where George does that, so I assume that is exactly what Larry David did. He just shows up the next day as if nothing happened.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
Well, that is all the time we have. Thanks so much for starting your morning with us and taking a trip through memory lane for SNL. Have a wonderful President's Day holiday. We'll be back tomorrow with our regularly scheduled programming. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
And if you're enjoying the show, share it with a friend, family member, or coworker. Toby, who should everyone listening share it with today?
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Lonnie Fiscus is our technical director. Scoop Stardaris is on audio. Hair and Makeup is a Debbie Downer. Wah, wah. Devin Emery is our chief content officer and our show is a production of Morning Brew.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
It has stuck around. Remarkable staying power. 50 years for a comedy show on network television. Incredible feat. It's older than The Simpsons, older than Family Feud, older than CBS Sunday Morning. Blows law and order out of the water. SNL has won more Emmy Awards than any TV show in history with 90. What's second place? Game of Thrones with 49.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
Good Morning Brew Daily show. I'm Neil Freiman. And I'm Toby Howell. Today, Saturday Night Live is celebrating 50 years on television.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
Creator and executive producer Lauren Michaels, who we will chat about a little later, has 102 Emmy nominations, the most ever for an individual and 21 wins. So while there are certain questions about how SNL is adapting to the changing media landscape, it's worth remarking on the run that it's had for 50 years.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
And whenever, you know, history has been made over the past half century, SNL has been there. I'm thinking about that first show after 9-11, when then New York City Mayor Rudy Giuliani got up there flanked by firefighters and police officers and even had this funny back and forth with with Lorne Michaels, where Michaels asked, can we be funny? And Giuliani responded, why start now?
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
And then another, of course, really important cultural and political moment for SNL was Tina Fey's parody of Sarah Palin, who was the vice presidential candidate of John McCain in 2008. And there was an actually an academic study that was published. They surveyed young adults and these researchers. This was published in an academic journal.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
They found evidence that exposure to Tina Fey's impersonation of Sarah Palin's performance in the vice presidential debate of that year was associated with changes in attitudes toward her selection as a VP candidate and presidential vote intentions. Those effects were most pronounced among self-identified independents and Republicans.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
How did Saturday Night Live get off the ground 50 years ago? You can thank Johnny Carson. In 1974, the legendary late night host complained to NBC that he no longer wanted the network to air reruns of The Tonight Show on Saturday nights. So NBC had this gap to fill. The company's new president, Herbert Schlosser, had an idea for a live broadcast from Rockefeller Center called Saturday Night.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
He took a meeting with a Canadian TV writer and producer named Lorne Michaels, who pitched him on a comedy concept that would seem as if kids had sneaked into the studio after the adults went home. And that pitch worked. Lorne got the job and began rounding up a cast for the show's debut in 1975. He hired friends from Canada, including Dan Atkinson. and an absurdist comic named John Belushi.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
Happy President's Day. Merry President's Day. Anyway, last night, some of you may have watched the 50th anniversary celebration of Saturday Night Live. And the sheer star power of the event made you forget it was on a Sunday.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
He also locked in what would later be the first Hollywood star to emerge from SNL, Chevy Chase. This troupe of misfit comics called themselves the not-ready-for-prime-time players, and that really was the perfect description. They represented an avant-garde, boundary-pushing style of sketch comedy that marked a departure from the more suited-up era embodied by Carson.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
And another tradition of SNL, which is that the cast members come and leave pretty quickly to go on to maybe bigger and better things, maybe a movie career, also happened in the first season. Chevy Chase was so popular in his role as SNL that he left after the first season to go pursue a Hollywood career. And who did Lorne Michaels replace him with was Bill Murray, who also...
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
Alumni like Tina Fey, Eddie Murphy, OG cast member Chevy Chase were all there, along with frequent hosts Dave Chappelle and Steve Martin and powerhouse musical guests like Paul McCartney, Miley Cyrus and Sabrina Carpenter. It was a show of force that reminded you just how influential the show was in shaping American culture.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
had a pretty good career. Now, you can't really talk about SNL without diving into the man, the myth, Lorne Michaels, because while hundreds of stars have come and gone, he's been the rock and ringleader of the circus for nearly all of the 50 years in its existence, spawning all sorts of theories into his management styles, talent scouting, and philosophy on comedy and entertainment more broadly.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
He's been compared to Obi-Wan Kenobi by Tracy Morgan, the great and powerful Oz by Kate McKinnon, and Tom Ripley by Bill Hader. But perhaps the most appropriate parallel is the leader of the Lost Boys in Peter Pan presiding over a group of kids that never grow up because they're constantly getting replaced. Even if you don't know what Lorne Michaels is all about,
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
you do because he is reportedly the inspiration for dr evil in austin powers snl alum mike myers adopted lauren's right into the character and dr evil raises a pinky to his mouth when plotting which alludes to how lauren would bite his nails when considering which sketches to cut toby he's such an interesting case study in leadership How do you manage all of these egos in one room?
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
How do you keep a show consistent when the cast is constantly changing? How do you adapt to changing consumer taste for comedy and the ways people watch TV? Only Dr. Evil can pull it off.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
And these decisions aren't made until right before the show starts. Now, I didn't know this. Maybe you didn't know this. But at 8 p.m. on Saturday, they do a full dress rehearsal. There's a live audience there. They do everything as they would in the show. There are many sketches in there that actually don't make the show. Lauren is sitting there watching the show. Talk trans.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
He's talking to his assistant who's writing down notes furiously. He's gauging whether the audience is laughing or not engaging the audience reaction to the show. So the show goes on at 8 p.m., three and a half hours before it goes live. And a number of sketches are cut.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
during that dress rehearsal, other writers and actors for Saturday Night Live said, you know, those notes that are taken during that dress rehearsal are the most, you know, the most rich TV notes that one could ever have if you want to be, to learn how to be a producer.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
And Lorne, before we before we leave Lorne, you know, he had some really interesting thoughts and philosophies on comedy that I think and entertainment that you might want to hear about. He has these little quips. So, you know, one of them was to not over explain. He told his writers not to over explain. Let your viewers make key connections.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
Give the audience two plus two and let them make four connections. He told writers not to write in angry people. He said, it's really difficult to make anger funny. Idiots play better than a-holes.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
And then finally, he does not like improvising, which is really interesting because so many of the comics that you see on SNL you assume are great improvisers, but everything is written out to a T beforehand and He likes those cue cards, no teleprompters.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
So everything is written on a cue cards and he just likes to do the work beforehand, which I sympathize with to eliminate the amount of improvising that needs to happen on stage.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
What traits do you think are the most important? In my experience, a few things do stand out, like leading by example, taking risks, and being passionate.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
That's definitely a match made in heaven.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
Just ask my lower back. Yeah, my knee is saying the exact same thing. Well, no one's found a way to stop aging yet, but Timeline has created a supplement that can change the way aging feels, helping your body to bounce back faster by giving your cells a refresh.
Morning Brew Daily
How ‘SNL’ Adapted to Changing Media After 50 Years
And it's super easy to add to your routine. It just takes two soft gels a day to reboot your cells from the inside out.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
Aber permanent Standardzeit ist einfach besser.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
Oh, also Neil denkt klar, dass die Sonne besser ist. Political consensus, there have been bills introduced in 2022 and 2023 by Marco Rubio, a Republican, wanting permanent daylight saving time, because that is where you get the most, you maximize the evening sunlight, which seems to be a little more politically palatable.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
Permanent standard time is the one of, is what people like wonky, you know, the wonks want, the sleep association, the medical health experts, they want permanent standard time, but in terms of Tobi, du glaubst, dass Trump hier etwas falsch gesagt hat.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
Style is a great word for it, because the new Range Rover Sport oozes class. Each model offers a sophisticated take on sporting luxury, so you can cruise in style, but also get a little adventurous with its off-roading capabilities. It's a dual threat, Neil.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
They are hot. They are also licensing their IP, which you're seeing from Barbie and other toy brands, is a great way to maximize revenue. Of course, there's a Hot Wheels movie coming on the heels of Barbie. Mattel is like, oh, well, Barbie's sales jumped 16% after we released the Barbie movie. Let's do that for Hot Wheels too. It's already growing at 14% a year. Why don't we juice sales even more?
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
I think they just have so many... We talked about Broadcom having a very narrow customer base. Hot Wheels has literally everybody on the planet buying Hot Wheels for various different reasons. You have the kids that want it just for fun. You have the adults that are literally paying $99 a year for a subscription to get the latest collectible models.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
That is recurring revenue for a toy company that's kind of unheard of. So this company is clicking on all cylinders and it just goes back to maybe Americans love affair with cars. It really does.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
I want to know where they're making these. The level of craftsmanship cannot be high.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
Es ist Montag, und wie per Tradition, hier sind die Events, die Sie für die nächste Woche wissen müssen. Die FED hält das letzte Meeting des Jahres am Dienstag, und es wird überwältigend erwartet, dass die Rates einen Standard-Quarter-Percentage-Punkt, den dritten Rates-Cut, dieses Jahr. Na, das ist ziemlich locker. Die große Frage ist, ob es in 2025 Rates-Path gibt.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
Aber wir werden sehen, was Jay Powell sagt.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
You probably can't. Okay.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
Okay, but who's the off-road power and who's the on-road cruising?
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
Aber ich weiß nicht, es ist schwer für mich zu freuen. Es ist ein großer Deal für die Kreativekonomie, wenn du es so nennst, dass MrBeast über YouTube nach dem Streaming- und TV-Bereich geht. Wir werden sehen, wie das aussieht. Ich meine, ich werde es nicht öffnen. Let's be honest. In sports, here's an awesome story.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
The University of Vermont will play in its first ever championship game in any sport tonight when the Catamounts take on Marshall for the men's soccer title tonight.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
Could be the 5 o'clock shadow. If you want a taste of the finer things and the wild side, build your Range Rover Sport at LandRoverUSA.com today. America's top tech moguls are marching one by one to Mar-a-Lago, a pilgrimage they hope will repair a rocky relationship with President-elect Trump and curry favor with the upcoming administration.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
And I will be tuning in to watch that. Okay, that is all the time we have. Thanks so much for starting your morning with us and have a wonderful start to the week. It's officially Let's Circle Back in 2025 season in your inbox. For any questions, comments or feedback, send an email to morningbrewdaily at morningbrew.com.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
And if you're a satisfied customer and want to help grow this podcast, share it with friends, family and coworkers who are lacking a solid news roundup in the morning. For everyone with sharer's block, Tobi's got a recommendation.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
Wir sehen uns morgen wieder.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
Letzte Woche war es Google's Sundar Pichai und Apples Tim Cook, die den Weg von Kalifornien nach Palm Beach machen. Vor Weihnachten war es Metas Mark Zuckerberg. Und diese Woche wird Amazon-Founder Jeff Bezos Abendessen mit Trump haben.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
Mittlerweile schreiben Meta, Amazon und OpenAI's Sam Altman Checks zu Trump, mit allen drei sagen, dass sie letzte Woche 1 Millionen Dollar an seinen inauguralen Fund zahlen würden. For some historical context, it is not unusual for CEOs to cozy up to an incoming administration.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
The White House sets policies that will have major impacts on their companies, and they want to make sure their interests are being heard. This has been going on for decades. But for the tech industry in particular, it is a striking reversal. Silicon Valley and Trump were no fans of each other during his first stint in the White House and shortly thereafter.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
Good Morning Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today it's not Barbie, it's not Lego. The best selling toy in the world is... Yeah, you're gonna have to wait for that. Then it's a bird, it's a plane.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
It's certainly a sign of the times that Salesforce CEO Mark Benioff, who a few years ago had been a major Democratic supporter, said last week it was a time of great promise for our nation.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
I want to talk about one of these tech moguls that is going to Mar-a-Lago this week, Jeff Bezos, because I think he is a good example of what can happen when the relationship with the president goes sour. During the first administration, Trump's first administration, he repeatedly bashed Jeff Bezos, who owns the Washington Post, for negative coverage. And that did translate to the business world.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
Amazon contends that they lost out on a $10 billion cloud computing contract with the federal government to Microsoft because Trump did not like Bezos. So that was a big business impact for Amazon because of that rocky relationship. So now you're seeing Bezos make the trek to Mar-a-Lago. He moved to South Florida. Reportedly he's become friends with Jared and Ivanka down there. And he's hoping to
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
Not make amends, because he probably thinks he didn't do anything wrong, but trying to reestablish that relationship. Because the one thing all these guys have in common is they're catching up to Elon Musk. Elon Musk already has that bromance with Trump and there is the potential that Elon Musk could use that power to cut them out of lucrative business deals.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
The holiday season is full of heartwarming stories of generosity and giving back. And I got another one for you right here. Last week, the extremely popular author James Patterson handed out $500 holiday bonuses to 600 employees at independent bookstores across the country.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
The last time I will say I thought about Broadcom was six years ago in 2018. And that was when Broadcom tried to buy Qualcomm for $120 billion. It would be one of the biggest, if not the biggest, tech acquisitions of all time. Speaking of Trump, he blocked that deal from going forward because at the time Broadcom was based in Singapore and this was blocked over national security concerns.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
Turns out Broadcom did not name Qualcomm at all. Since 2018 Broadcom shares are up 760%. Qualcomm's up 165%. And the S&P 500 is up 119%. So Broadcom easily outpacing the other guys. And that's really because of this AI revolution with ChatGPT in 2022. Sales of its AI chips are up a lot. Sales of its non-AI chips are down. So without AI, Broadcom is probably looking a little more like Qualcomm.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
And now it's in the $1 trillion club.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
It's a tradition he started in 2015, inviting thousands of booksellers to apply and picking hundreds of winners from the nominees. In a statement, Patterson said, booksellers save lives, period. I'm happy to be able to acknowledge them in all der Hard Work this holiday season.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
Billion dollars on capital expenditures. A lot of that is going to Nvidia. A lot of that is going to Broadcom. That's about 18 percent of their total revenue over the quarter. So a very concentrated group of customers. You know, you have a talk about having a, you know, a very specialized customer base. They have, you know, three or four customers.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
So it really they're the fortunes depend on whether these companies continue to spend or they pull back.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
No, they don't know what's going on. This really dominated the Sunday talk shows yesterday. Everyone was talking about it. I know you were busy watching Manchester City, Manchester United, but there were tons of lawmakers going on these shows talking about the drone issue. It is certainly raised to the national level because it's not just New Jersey.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
It's also Connecticut, New York and Maryland as well. On Friday night, they had to shut down Stewart International Airport about 60 miles north of New York City in order to deal with a drone issue at Manchester. So the question here is, are these benign? Like, what is going on? Are these planes, are these actual, is there actual a drone infestation?
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
Senator Andy Kim, who's from New Jersey, a senator for New Jersey, said he went out on local patrol with police in New Jersey and said that after going out with police to observe reports of possible drones... I concluded that most of the drone sightings that were pointed out to me were almost certainly planes.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
That said, he criticized information delivery from federal officials saying they weren't being transparent and that they should in their public communications, just compare this to a crisis CEO position,
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
Moment, that you want to be as transparent as possible, explain your reasoning, because right now the Pentagon and the FBI are saying, guys, it's not a big deal, everything's legal, they are planes, you're making all this up, that's just like not a good effective communication strategy, so senators and other state lawmakers are calling on the feds to say, okay, if there is nothing, explain how you found that out and let the people know, because they're getting a little frustrated and they're getting a little worried.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
Das ist völlig legal. Es gibt jetzt 800.000 Drohnen-Registrierungen, das ist das Äquivalent der Bevölkerung von San Francisco. Es gibt viele Drohnen, die man um die Nacht fahren kann. Es ist legal, eine Drohne in den meisten Bereichen unter 400 Meter zu fahren. Man braucht nichts anderes, um eine Drohne da hoch zu schicken. Es gibt nichts, was wir tun können.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
Wir können sie nicht schießen, weil wir keine Drohnen schießen können, die legal fliegen, weil es kollaterale Schäden über das lokale Gebiet gibt und so weiter. Also... We'll see what happens with this story. I think there is a push for more transparency from federal officials to just explain, just show their work essentially. Up next, it is our winners of the weekend.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
Welcome to Winners of the Weekend, the segment where Toby and I pick two things that cemented their spot on Santa's nice list the past couple of days. I won the pre-show gingerbread housemaking competition, so I get to go first. My winner is anyone who hates changing the clocks twice a year, because now you have the most powerful person in the world on your side.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
Friday night, President-elect Trump wrote on Truth Social that he wants to end daylight saving time, calling it, quote, inconvenient and very costly to our nation. He said he'll work with Republicans to make standard time permanent when he takes office.
Morning Brew Daily
Tech CEOs Try to Charm Trump & Gov. Officials Call for Action vs Drones
Just as a refresher, the idea behind daylight saving time is to shift an hour of sunlight from the morning to the evening during the summer months so that people can enjoy the daylight during their time off from work and spend money to juice the economy. It became federal law in 1966, so now every state besides Hawaii and Arizona Ja.
Morning Brew Daily
Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
Fund your account in five minutes or less and you could earn up to $10,000. Yes, $10,000. when you transfer your old investment portfolio. Start at public.com slash morningbrew. That's public.com slash morningbrew. Paid for by Public Investing. Full disclosures in podcast description.
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Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
Welcome to Winners of the Weekend, the segment where Toby and I pick two things that had a better weekend than your CPA friend who sees the light at the end of the dark tax filing tunnel. I won the pre-show dramatic 1099 reading, so I get to go first. And my winner is thrifting, because if there's anyone that may benefit from tariffs, it's your local thrift store.
Morning Brew Daily
Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
With 125% tariffs on Chinese imports threatening to drive up prices substantially on clothes and other home goods, consumers may increasingly turn to resellers for their weekend outfits, since those clothes are already in large part in America already and therefore tariff-free. That's not the only tailwind behind this industry.
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Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
Trump also closed the so-called de minimis loophole that allowed companies like Shein and Taimou to ship in products for ultra-cheap. Resale has already been booming before these tariffs were applied. The U.S. market for secondhand apparel surged by 14% in 2024, its biggest growth year since 2021, and it's expected to reach $74 billion overall by 2029. Tariffs could push those numbers even higher.
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Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
A thredUP study found that nearly 60% of consumers and 70% of millennials would seek more affordable options like secondhand if tariffs make apparel more expensive.
Morning Brew Daily
Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
They're fired. All right. And now let's hear a word from our new sponsor, Planet Oat. Toby, you know how a good soundtrack can make an okay movie feel epic?
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Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
That's not the rules of this game.
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Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
I mean, some things are so a part of your life where you don't realize how kind of weird and bizarre they are. And yesterday, as we were thinking about this story, I was like, wow, this person wins a golf tournament and they get a jacket that is green. Like, that's a little weird. But in terms of the secondhand secondhand sales, the Masters does not like that this is happening.
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Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
So in 2010, they declared ownership over the green jacket. And now you can't. They're clamping down on all these secondhand auctions. Rory McIlroy or whoever wins the Masters is the only person who can wear that. the green jacket outside of the grounds of Augusta National Golf Club over the year.
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Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
So it's become a system very much like the Oscars, where they retain ownership because they don't want these things being sold on the secondhand market. They want to kind of keep it all in house and you can rent it out. And that's kind of how they've played this, because they don't want
Morning Brew Daily
Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
And, you know, people like Toby come around being like, did you see how like this green jacket was sold for X number of dollars on on at the thrift store? So that's kind of what they've been clamping down. Everything in the Masters is kind of very buttoned up. And so is these jackets.
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Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
That's what Planet Oat does for your coffee or your cereal or your smoothie. It doesn't just show up, it elevates everything around it.
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Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
All right, it's Monday, so here's what you need to know about the big events of the upcoming week. Katy Perry will finally realize her goal of living like an extraterrestrial. Later this morning, a Blue Origin rocket will launch from Texas carrying an all-female crew, the first time since 1963 that a spacecraft will launch with only women aboard.
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Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
The passengers are pop star Katy Perry, TV journalist Gayle King, producer Carrie Ann Flynn, former NASA scientist Aisha Bowe, civil rights activists Amanda Wynne and Jeff Bezos' girlfriend, Lauren Sanchez. The suborbital mission is set to launch from West Texas at 10 a.m. Eastern time and will last all of about 11 minutes in the air.
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Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
Back here on Earth. earning season gets going in a big way after other banks like JP Morgan topped estimates last week. Goldman Sachs, Citigroup and Bank of America will hog the spotlight to start this week. And then later on, Taiwan Semiconductor, United Health, Netflix and American Express will share their Q1 results to a crowd of jittery investors.
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Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
I toss them into my coffee and I swear it feels like I paid eight bucks for it, even though I made it right at home.
Morning Brew Daily
Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
Elsewhere on the economic calendar, the government will release its monthly retail sales data on Wednesday, offering insight into consumer spending during these uncertain tariff filled times.
Morning Brew Daily
Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
Yesterday, the NBA's regular season wrapped up, an 82-game roller coaster defined by shocking trades and coaching changes, and the play-in tournament for the playoffs starts tomorrow. The top three seeds in the East are the Cavs, Celtics, Knicks, and the West, it's the Thunder, Rockets, and Lakers.
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Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
And in other sports news, don't want to leave out my hockey fans out there. The NHL playoffs start on Saturday. And then finally, it's going to be a short trading week since markets are closed for Good Friday on Friday. And two days later is Easter Sunday, which is also 420. I hope you stockpiled those eggs, everyone, because they're going to be expensive. Let's wrap it up there.
Morning Brew Daily
Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
Thanks so much for starting your morning with us and have a wonderful start to the week. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Our associate producers are Olivia Graham and Olivia Lake. Dan Bauza is on audio. Hair and makeup is gone thrifting.
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Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
Devin Emery is our president, and our show is a production of Morning Brew.
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Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
Planet Oat, the complete symphony of oat milk.
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Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
Neil, just another weekend on the tariff beat. Still, this is good news for Apple. I mean, all indications point to the fact that even if they move these tariffs to a separate bucket, right now, you know, those widespread reciprocal tariffs on China are at 145%. The sectoral tariffs that we've seen the Trump administration apply on things like aluminum steel autos. Those are at 25 percent.
Morning Brew Daily
Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
So it doesn't look like we're getting to the doubling of price that would have happened under the previous tariff regime for these specific electronics products. But yeah, this is this is overall very good news for Apple. Its stock is ripping this morning since that initial tariff announcement. Apple has lost $640 billion. The cost of an iPhone was projected to go up to as much as $3,500.
Morning Brew Daily
Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
They were shipping in planes of iPhones. People were panicked buying iPhones. Now it looks like Apple's iPhones and other products are going to be at the same price point, at least for the next few weeks and months.
Morning Brew Daily
Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
Good morning, Bird Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, Meta heads to court to fight for its right to keep Instagram and WhatsApp.
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Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
The estimates are like $3,500.
Morning Brew Daily
Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
Yeah, they are. count for nearly a quarter of U.S. imports, these exceptions that were made. And another big exception is the semiconductor equipment made by companies like ASML. We're trying to make semiconductors here in the United States. Biden tried it through incentives. Trump is trying it through tariffs.
Morning Brew Daily
Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
Those semiconductor machines that make semiconductors were under this tariff regime, 125%, 145%. And now those are going to be moved to a different bucket under a different tariff rate. So, yes, markets are exhaling this morning. S&P and Nasdaq are up over 1 percent. Apple's up 5 percent. So a, you know, a short term reprieve. We'll see what comes down the pipe.
Morning Brew Daily
Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
You know that quote, there are decades where nothing happens and there are weeks where decades happen? Certain people on Wall Street were saying last week was that moment where perhaps we're seeing this reordering of the U.S.-led economic system because you just don't see a simultaneous sell-off in equities, bonds, and the dollar at the same time. That's exactly what happened.
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Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
Then you have leaders coming out, analysts saying, I think what we're seeing is this massive sea change with markets
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Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
you know enormous consequences the chief investment officer at jp morgan asset management there is now a very good case for the end of american dollar exceptionalism here's deutsche bank strategist george saravellos the market is reassessing the structural attractiveness of the dollar as the world's global reserve currency and is undergoing a process of rapid de-dollarization.
Morning Brew Daily
Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
Good morning, welcome back to the week. To kick off the show, we wanna give a huge shout out to our coworkers and incredible business creators, Macy Gilliam and Dan Toomey, who have been nominated for Webby Awards, aka the best of the internet. Dan was nominated for his hilarious Good Work series, which explores big questions like, what does Palantir actually do?
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Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
And finally, Minneapolis Fed President Neil Kashkari, great name. Normally, when you see big tariff increase, I would have expected the dollar to go up. The fact that the dollar is going down at the same time, I think, lends some more credibility to the story of investor preferences shifting. This would be a massive shift.
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Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
Like the the most important thing that happens on the economic calendar now is the auction of the 10 year U.S. Treasury bond. Everyone is looking forward to when these happen to see what demand is. It happened last week and it calms some fears because there did appear to be, you know, a good amount of demand.
Morning Brew Daily
Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
But that's basically what, you know, everyone is Wall Street is paying attention to is these these bond auctions, which, you know, are typically kind of under the radar, I would say. More than a decade ago, the U.S. Federal Trade Commission gave Facebook its blessing to buy WhatsApp and Instagram, two acquisitions that ultimately cemented Mark Zuckerberg's dominance in the social media sector.
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Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
Now it wants a take back. Starting today, the FTC and Meta, as the company is now called, square off in a landmark antitrust trial that could shape the future of social media feeds everywhere. The FTC has accused Facebook of illegally monopolizing the personal social networking market through its purchases of WhatsApp and Instagram to would-be competitors and wants those acquisitions unwound.
Morning Brew Daily
Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
Regulators say there are no serious alternatives to Meta's apps when it comes to staying up to date and connecting with friends and family in a shared social media space online. Meta has responded, Are you for real? To quote a spokesperson, the evidence at trial will show what every 17-year-old in the world knows.
Morning Brew Daily
Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
Instagram, Facebook, and WhatsApp compete with Chinese-owned TikTok, YouTube, X, iMessage, and many others. Over the next few weeks, both Meta and the government will trot out evidence that supports their claims and the stakes could not be higher. Meta derives billions of dollars in revenue from Instagram and a forced separation could leave it without its cash cow.
Morning Brew Daily
Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
Plus, it's the rare antitrust trial that involves products billions of people use every day. So the world will be watching how it plays out. Toby, this is an existential threat to Meta. It can't lose Instagram.
Morning Brew Daily
Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
And is Zinn gonna kill me and the boys? Macy was nominated for her incredible video in which she worked as a New York City hot dog cart vendor for the day. You can head to the Webby website to vote or check out the Brew newsletter this morning for the direct links.
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Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
Now, you might be wondering, like, why is the FTC going after Meta? Lina Khan, who was the chair of the FTC, was known as this big tech critic. She's gone, along with the rest of the Biden administration. So is this new guy, Andrew Ferguson, who leads the FTC, really going to go after Zuck? After all, Zuck has been trying to— cozy up to the Trump administration.
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Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
He donated a million dollars to the inaugural fund. He's visited three times with Trump, and he has reportedly requested Trump specifically, personally, to drop this case. Ferguson, the FTC chair, has said, you know what, I'm going to just do what the FTC does, which is try to prevent monopolies.
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Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
So he's tried to distance himself from the sort of political maneuvering that Zuck and Trump have seemed to have been doing behind the scenes. And he says, This case was brought originally under the first Trump administration in 2020. Lina Khan continued it, and now we're here back to do another Trump administration. It looks like Zuck's lobbying has not been successful so far in this realm.
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Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
The best B2B marketing sometimes ends up in front of the wrong people. It's like advertising fishing gear to a fish. That's a fitting metaphor.
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Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
That's what LinkedIn ads is built for. LinkedIn has grown to a network of over 1 billion professionals. Of those, 130 million are decision makers. You can target your buyers by job, title, industry, company, role, seniority, revenue, so many options all in one place. Don't waste precious budget on the wrong audience. Tap into LinkedIn ads to find your people.
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Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
LinkedIn will even give you a $100 credit on your next campaign so you can try it yourself. Just go to LinkedIn.com slash MBD. That's LinkedIn.com slash MBD. Terms and conditions apply only on LinkedIn ads. Got five minutes to spare? Let's face it, if you're listening to a podcast, you have five minutes to spare. Then you have time to become a more serious investor with Public.com.
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Smartphones Exempt From Tariffs… For Now & Meta vs. FTC in Antitrust Trial
Plus, Public has Alpha, an AI-powered investment research assistant that can answer questions about any stock.
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Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, could Meta's fact-checking pivot cost it precious advertising dollars?
Morning Brew Daily
Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
And over the years, there have been other attempts to put gambling in flights. Ryanair also, like, currently, that Irish airline, does allow scratch-off, they sell scratch-off tickets. So there has been lobbying in the past to the U.S. government to allow gambling on flights. And maybe the Delta Drafting Partnerships, yeah, you said there's not a lot of details, but it's possible that they'll start
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Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
With this and then maybe cite the study that was done in 1996 and put a little pressure, maybe get its other U.S. airlines on board and say, Trump administration, maybe you want to reconsider putting gambling on board. You can gamble literally anywhere else in most states right now. So why not 30,000 feet up in the air?
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Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
One other problem with this is what they call, gambling is a mood modifier, and losers, if you are, you know, Toby, I mean, actually you're on a winning streak right now, but if you start losing and you are on a plane, you could... you know, not you personally, but like some people could throw a temper tantrum. And we know that, you know, in-flight incidents have picked up in the post-COVID era.
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Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
So just, you know, it adds more pressure to flight attendants and people working on the plane to have someone, you know, have a big swing in moods that are associated with gambling. So if I was pushing against this, I would certainly point this, be like, we don't need any more sort of variables in the air. Let's just take off and land without any incidents.
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Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
Neil, change is hard. Don't I know it. I've been using the same golf putter for so many years now. There is a dent where I hit the ball.
Morning Brew Daily
Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
They are. And, you know, this was introduced at CES last week in Las Vegas. There was. Thousands, maybe tens of thousands of products unveiled. The Robo Vacuums were the talk of the town. CNET's editors, which looked at all of these products, ranked the Robo Rock one as unanimously the best of CES award. It's the first mass market robot vacuum with a mechanical arm that can pick up
Morning Brew Daily
Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
And this had been, you know, a huge sticking point for robot vacuums that they would get caught in socks and other places around your room and just not or avoid them and not clean those parts. So the fact that they can pick up debris in the way and, you know, place it in a designated spot, that's one of the capabilities as well.
Morning Brew Daily
Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
Seems, you know, we laugh, but it's a pretty big innovation in the space and could lead to more adoption.
Morning Brew Daily
Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
As per Monday tradition, let's close out the show with a preview of the events you should know about this upcoming week. It could be the final week that TikTok exists as a functioning app in the United States.
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Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
On Friday, the government and TikTok battled it out in front of the Supreme Court, and the justices indicated they were more sympathetic to the government's case that TikTok presents a national security threat, which overrides free speech concerns. In other words, it appears they won't overturn a ban. SCOTUS is going to speed run a decision since the ban would go into effect on Sunday.
Morning Brew Daily
Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
So expect a final ruling on TikTok's fate later this week.
Morning Brew Daily
Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
Yes, this is an absolute huge story and will affect the social media information landscape. So we'll definitely talk about it more later this week. Confirmation hearings begin for Trump's cabinet picks. So get ready for some fireworks on Capitol Hill. On Tuesday, former Fox News host Pete Hegseth will go in front of a Senate committee to make his pitch to lead the Department of Defense.
Morning Brew Daily
Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
Pam Bondi, the former attorney general of Florida, is up on Wednesday for AG of the United States. And on Thursday, billionaire hedge fund manager Scott Ascent will make his case for treasury secretary. C-SPAN is going to have its highest ratings in years.
Morning Brew Daily
Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
Even without the added cash, Public has plenty of other features that make switching a no-brainer. It's AI-powered research assistant Alpha, its broad range of asset classes, and its award-winning customer support team all combine to give you the tools you need to build and manage your wealth.
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Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
And I should say, defeat of a nominee by a vote in the Senate is virtually unheard of. The last time it happened was in 1989 during the incoming presidency of George H.W. Bush. So you basically do all this vetting beforehand and you hope to sail through the Senate, which is now controlled by Republicans after the election they were sworn in earlier this year.
Morning Brew Daily
Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
Speaking of TV, the highly anticipated second season of Apple's Severance is out on Friday, three years after its debut season. Everyone must watch this now. It's an incredible show, and the second season has received glowing reviews. Over in movies, Oscar nominations were originally scheduled for Friday, but that's been pushed to Sunday due to the wildfires in Los Angeles.
Morning Brew Daily
Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
Also disrupted by the fires is playoff football. The wildcard game between the Vikings and Rams has been moved from L.A. to Arizona tonight. Other winners from the weekend's playoff action were the Texans, Ravens, Eagles, and Commanders. Congratulations to your Eagles. once more. Thank you, Toby. Let's wrap it up there.
Morning Brew Daily
Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
Thanks for starting your morning with us and have a productive start to the week. Almost as productive as AJ Brown on the sidelines reading a book. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. And we'd be so grateful if you shared the podcast with your friends or family. Don't wait.
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Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
Just drop a link in the group chat as soon as this episode ends in 30 seconds. If they already listened, Toby's got another sharing idea for you.
Morning Brew Daily
Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
Three months. Let's scroll the credits. Emily Milliron is our executive producer. Raymond Lute is our producer. Olivia Graham is our associate producer. Uchenua Ogu is our technical director. Billy Menino is on audio. Hair and Makeup just lost their life savings from the middle seat. Devin Emery is our chief content officer. And our show is a production of Morning Brew.
Morning Brew Daily
Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
Mark Zuckerberg's makeover of meta for the Trump era took a surprise and dramatic turn last week when the CEO said his company would end its use of third-party fact-checkers in favor of the crowdsourced community node system employed by Elon Musk's ex. Could that cost it business?
Morning Brew Daily
Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
Potentially, some marketers are now saying that the change could limit their ad spend on the platform if it were to lead to the unchecked spread of fake news, harmful content, and hate speech. Several advertising bosses told the Financial Times that brands are beginning to reassess their plans to advertise on Meta's platforms over brand safety concerns.
Morning Brew Daily
Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
For Meta, advertising is not just an important source of revenue, it's the only source of revenue. In the third quarter, advertising accounted for 98% of Meta's total sales of $40 billion. Its 21% share of the U.S. digital ad market is only second to Google,
Morning Brew Daily
Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
Meta's ability to keep advertising dollars flowing not only keeps the lights on now, but it's also crucial for subsidizing those futuristic money-sucking bets such as the Metaverse and AI. So the stakes are enormous. Toby, do you think Zuck's gamble on community notes will lead to an advertiser exodus?
Morning Brew Daily
Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
We'll be right back. The death toll increased to 24 and is expected to rise, authorities said. The weather is not looking good for firefighting earlier this week, with at least two heavy blasts of Santa Ana winds expected. But later in the week, the winds are projected to calm down and remain low for the weekend.
Morning Brew Daily
Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
So yeah, there is definitely a little bit of fear out there that Meta could start to turn more into a platform that resembles X. Now, the rebuttal to this is that Meta's ad tools are second to none, maybe second to Google. But along with Google, it has built this duopoly in digital advertising. It has incredible targeting tools. Brands often see
Morning Brew Daily
Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
Just incredible performance when you place an ad in on Meta's platforms like Instagram or Facebook proper. So the pushback to that is if brands continue to see that performance on their money, that ROI, then they're not going to go anywhere. And that really is all they care about.
Morning Brew Daily
Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
Meta did a full-court press to advertisers on LinkedIn and other places saying, look, we still have these brand safety tools in place. Those are not going anywhere. We want to make sure your advertisements aren't appearing next to harmful content. But still... these quotes given to the Financial Times from ad leaders said, yeah, people are going to start reassessing their advertising spend.
Morning Brew Daily
Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
So we'll see whether Meta takes a hit. On the other hand, you can say that this story goes in a million different directions, but you could also say that maybe it is a self-defeating move in the advertising space, but it is a plan to future-proof Meta's business in the next administration because there's a huge antitrust trial looming
Morning Brew Daily
Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
in April, and a lot of these changes that Mark Zuckerberg has been making to Meta are to get in the good graces of the Trump administration. So a lot of moving parts here.
Morning Brew Daily
Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
It is the end of an era, as we like to say a lot. Some of these quotes that people were putting on the message board, which I think are quite revealing. One person said that someone who was driven around by a chauffeur must have made the return to office decision. Another said they were bullish on Rolex prices, as you mentioned.
Morning Brew Daily
Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
One comment I think that raised a lot of attention was that maybe workers should unionize. Another finally said, this ain't it. So whenever we've seen this over the last few months, Amazon, Starbucks, Dell, AT&T are all large corporations that have said, you know what, this hybrid working experiment that we've implemented since COVID is not working for us for whatever reason.
Morning Brew Daily
Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
You can read between the lines. Maybe it's, quote unquote, a soft layoff or something like that. And they're starting to bring workers back to the office. The thing is, as we've seen from these companies bringing workers back to the office, you need to have your office ready. And that hasn't gone totally well.
Morning Brew Daily
Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
And I think that's why JP Morgan says we're going to give you a 30 day heads up so we can actually get our stuff in order at our New York offices or wherever they have offices to make sure that we're ready for when you come back in, because that hasn't been always the case.
Morning Brew Daily
Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
Well, have you seen what they're building in Midtown? They're building a huge skyscraper, 60 stories. 14,000 workers are supposed to fill it. So, yeah, maybe there are some considerations there. It also comes at a time. We got this new report out on Friday, 2020. 20.4% of office space in the country's top 50 cities were empty. That is a new record for office vacancies.
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Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
So whatever the return to office mood is, the offices are still more empty than they've ever been in the United States. The U.S. economy said goodbye to 2024 with the most spectacular fireworks display of them all. No offense, Sydney Opera House. According to the monthly jobs report out Friday, employers added 256,000 jobs in December, smashing expectations of 155,000.
Morning Brew Daily
Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
And for the cherry on top, the unemployment rate fell to 4.1 percent, which was also better than estimates. All signs point to a healthy labor market. With December's numbers in the books, we now have the ability to do jobs wrapped and look at the hiring picture across the entire year. Bottom line, it was historically good. The U.S.
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Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
economy created 2.2 million jobs in 2024, more than the 2 million added the year before the pandemic in 2019. Hiring was positive for every month of 2024. In fact, December marked the 48th consecutive month of net job creation, tied for the second longest streak on record. The last time the economy lost jobs was in December 2020.
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Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
You'd all think this would be cause for a celebration on Wall Street, but no. Stocks had their worst day in weeks Friday after the report came out. Toby, why the discrepancy between the great job numbers and the really bad stock market day?
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Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
And we do have to talk about the bond market as well. I know that's something that we discussed last week. Bond yields are surging, which indicates that bonds are selling off. The 10-year yield right now is at 4.8%. It's really bumping up against 5%. That 5% yield on the 10-year is very rare. It last happened in 2023, and the time before that was not until 2007.
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Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
Now, rising bond prices indicate that bonds Traders think that there's going to be higher inflation going forward, which means the Fed is not going to cut rates at all. And that puts pressure on stocks because when bond yields are this high, it makes them more attractive relative to stocks, especially tech stocks, especially growth stocks, especially small caps.
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Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
So if it hits 5%, some analysts are warning of a pretty steep correction in the stock market. So we will be paying attention to what happens. with those bond prices. It's not just a U.S. issue either. It's all around the globe. Bond prices are rising. That's the biggest story going on in financial markets right now.
Morning Brew Daily
Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
I'm putting you on the spot. Are you going to get GTA 6 or a rate cut first? Oh, gosh. When's GTA 6 going to drop? October.
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Meta’s Fact-Check Overhaul Scares Advertisers & Delta Teases Gambling Mid-Flight?
It started in 1981. Singapore Airlines installed actual, think about this, physical slot machines on Boeing 747s. You could actually walk up from your seat, there probably weren't seatbelts or seatbelt signs at the time, and go play the slots. That was crazy. discontinued, not surprisingly, after people started crowding the back area and the machines started breaking.
Morning Brew Daily
US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, a biotech startup eerily similar to Theranos is raising funding. Investors? Possibly you. Until you find out who's behind it.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
Public combines a wide range of asset classes with the tools you need to build and manage your wealth, whether it's with stocks, options, bonds, crypto and more.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
If you've got questions about stocks along the way, no problem. Public has Alpha, an AI-powered investment research assistant that can help you find the answers you're looking for.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
Dominant run right now. But look at Bill Belichick. One day you're on top of the world. The next day you're getting made fun of. That's what's happened to Sophia, at least with a pH. That was the number one name for girls from 2011 to 2013. It's been in the top five every year from 2009 till now, except one that Sophia was just knocked out of the top five by Mia.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
So it takes a lot of work to get to the top. It takes even more to stay there. Right now, Liam and Olivia are at the top of the world right now, top of the baby world. We'll see how long they stay there.
Morning Brew Daily
US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
20 years from now, there will be an Oklahoma quarterback named Truce.
Morning Brew Daily
US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
Okay, it's Monday, so here are the major events you need to know about in the week ahead. President Trump leaves on his first major foreign trip of his second term today, heading to Gulf nations Saudi Arabia, Qatar, and the United Arab Emirates. Much like Disney, which announced its next park would be in Abu Dhabi, Trump is headed to the region to lock in business deals,
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
of up to $1 trillion with these ultra wealthy and increasingly influential countries. Trump is very keyed in on this part of the world. Remember, his first trip during term number one was to Saudi Arabia where we got that viral orb picture.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
On Wall Street, the main event is Tuesday's inflation report for April, which could show some of the first traces of the tariff impact on consumer prices. This information is important to your wallet, of course, but also the Federal Reserve, which is watching inflation like a hawk to determine its next moves. Then we'll get a gut check on the consumer with Walmart earnings.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
As the world's largest retailer by revenue, it gives us maybe the best snapshot possible of people's shopping habits. Many smaller retailers have been warning that consumers are spending less, but Walmart may provide the clearest answer.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
If you're wondering who might contend for Best Picture at next year's Oscars, then check out the movies debuting at the Cannes Film Festival, which kicks off tomorrow in the French Riviera.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
Once you get past people calling themselves auteurs and the rest of the snobbery, there will be buzzy releases such as Wes Anderson's The Phonetian Scheme and the global premiere of the last Mission Impossible movie. And I wasn't joking about the Oscars. Last year, Onora won the top prize at Cannes and later picked up the top prize at the Academy Awards.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
Oh yeah, but if there's one little tile out of place, game over. That's what running old school marketing campaigns feels like. Months of setup, but everything's too rigid.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
I want to see Mission Impossible. Okay, in sports, the new season of the WNBA tips off on Friday. Hoping to build on a historically popular season last year, the league will greet the arrival of the newest expansion team, the Golden State Valkyries.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
golf's PGA Championship. The second major of the year will tee off at Quail Hollow near Charlotte on Thursday. All eyes will be on how Rory McIlroy will follow up his emotional win at the Masters in April.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
And finally, the Preakness horse racing second leg of the Triple Crown takes place in Baltimore on Saturday. But honestly, I'm not going to watch and you probably won't either. Sovereignty, the horse that won the Kentucky Derby, won't be in the field over health concerns.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
And did you see the jockey who won the Kentucky Derby was fined more than $60,000 for hitting the horse too often during the race. So, I mean, sovereignty is, you know, maybe peaked a few weeks ago in Kentucky. Okay, let's wrap it up there. Thanks so much for starting your morning with us and have a wonderful start to the week. If you have any thoughts on the show, don't keep it to yourself.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
Send an email with your questions, comments, or feedback to morningbrewdailyatmorningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Our associate producers are Olivia Graham and Olivia Lake. How original. Scoops Dardaris is on audio. Hair and Makeup is really glad they bought the dip.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
Devin Emery is our president and our show is a production of Morning Brew. Great show, Daniel. Let's run it back tomorrow. If you're an HR pro, talent acquisition expert, or business leader, you're likely a great juggler.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
Newsflash, your HR tech stack shouldn't feel like this, and Clear Company agrees.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
With Clear Company, you're free to focus on what really matters, finding, developing, and retaining top talent. With AI-driven analytics and automation, you can make stronger hiring decisions in less time and gain data-backed insights about your people simultaneously.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
Iterable is built for that moment, the toddler, the tab that got away. It doesn't wait for everything perfect for their campaign to start. It listens, learns, and engages wherever your customers are, across email, SMS, you name it.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
It's not dominoes, it's jazz. Real-time, adaptive, improvisational marketing, and Iterable's the band leader.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
Yeah, I mean, it's not like a bathroom. You can't just hang an out of order sign on an airport. You have to do construction and maintenance and do these improvements while the airport is in operation, while planes are landing. So what you have to do is just reduce capacity. It's kind of like when they repair a highway and move four lanes to two. That's exactly what's happening at Newark.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
This weekend was beautiful here in New York City, but I was also thinking it'd be nice to have a pool to cool off. Turns out the U.S. and China were thinking the same thing when it comes to their trade war. After talks in Switzerland this weekend, the U.S. and China agreed to a significant reduction in tariffs on each other for a 90-day cool-off period. The U.S.
Morning Brew Daily
US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
Duffy is convening all of the major airline CEOs this week so they can work out how to reduce capacity at Newark. United Airlines is going to be the airline that's most effective because they handle 68% of all flights into and out of Newark. But it has just been a disaster flying out of Newark. It's been the punching bag of the aviation and travel industry for the past couple of weeks.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
There have been an average of 34 flights arrival cancellations per day since mid-April. So for almost a month now and then a bunch of more delays increasing throughout the day from an average of five in the mornings to 16 by the evening. So you have this cascading effect. Those delays tend to last 85 to 137 minutes on average.
Morning Brew Daily
US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
So I know anyone we've talked to recently when they say they're flying out of Newark, you know, it's just a huge groan.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
And if you're thinking, oh, great, I don't live in New York City and I don't plan on flying there, then I should be fine. Well, Duffy, the transportation secretary, warned that what you're seeing in Newark is going to happen in other places across the country. It has to be fixed. I'm concerned about the whole airspace. This is just a big problem that's festered for decades.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
We're using floppy disks. We're using technology from the 1970s. We'll see if Congress comes through with the tens of billions of dollars needed to upgrade and train more air traffic controllers. Because what we're looking at right now is just an antiquated system that is starting to break. It's being crystallized at Newark. It could happen anywhere.
Morning Brew Daily
US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
is lowering its tariffs on China from 145% to 30%. while China is lowering its tariffs on the U.S. from 125% to 10%. These temporary reductions give businesses a big break from what had been devastating import fees and allow the U.S. and China to hammer out a more concrete agreement over the next three months. Stocks are ripping this morning, with the Nasdaq up nearly 4% and the S&P 500 nearly 3%.
Morning Brew Daily
US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
The biggest problem here for consumers, according to experts and people who study this thing, is that it eliminates the possibility for you to compare prices. So you can't do comparison shopping across various products because when you see something like a U-Haul for $19.95 and you're going to compare it to an actual moving service.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
There's no way for you to understand how much that U-Haul is going to ultimately come out to when it comes to pricing. So we are just bludgeoned into this hidden, deceptive pricing scheme that, you know, there is a better way. And the FTC is taking steps here, which is great. It's just sort of remarkable that we've lived under this regime where we don't know how much we're going to pay.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
And, you know, that's just been the way it is. And we've accepted that.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
And you mentioned how businesses are responding. Well, it does seem like a lot of companies that are going to be affected in short-term rentals and hotels have already made changes. Two years ago, Airbnb rolled out that optional toggle where you could see the price that you would pay for your vacation home all in. Now, as of April 21st, that is now the default.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
So if you go on Airbnb and look to book a place, you're going to see the all-in price right away. Marriott has done something similar. It does have that optional toggle. toggle. I was on SeatGeek the other day, and I remember like a couple of years ago, the first thing you would see was not with fees.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
And now the default is here's how much you're going to pay for this particular event you're going to with fees included. So that's the price you see up front. It seems like the industry has gotten ahead of these regulations, but it is exciting to see from a consumer's perspective that some of these deceptive tactics are going away.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
Let's head to our winners of the weekend, the segment where Toby and I pick two things that chilled harder than everyone who picnicked in the park this weekend. I won the pre-show can jam game, so I get to go first. And my winner is Second Chances.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
A biotech startup with a striking similarity to Theranos has reportedly raised millions of dollars and is on the hunt for more to achieve its goal of revolutionizing diagnostic testing. Here's the twist. The company is run by Elizabeth Holmes' partner.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
Yes, according to the New York Times, Billy Evans, a 33-year-old hotel heir who has two children with the imprisoned Theranos founder, has started a company called Hemanthus, the flower also known as the blood lily. And it's a very similar concept to what Holmes was trying to achieve. If you don't recall, that didn't work out too well.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
Theranos' breakthrough finger-pricking device turned out to be smoke and mirrors, and she was sentenced to 11 years in prison for fraud. That's not stopping Evans, apparently. Marketing materials show his company plans to use light detection technology to bring medical tests out of the lab and into the mainstream, making them much more accessible to patients.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
At first, these patients will be animals. using a laser technique called raymond spectroscopy evans wants to laser your pet's blood urine and sweat to find any possible issues like cancer or infections this is big business the pet cancer screening detection market is worth billions of dollars all by itself the question is will any serious investors bite on someone closely affiliated with holmes
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
who presided over the largest destruction of venture capital money perhaps ever. Toby, pretend you're on Shark Tank and Elizabeth Holmes' partner pitches you on a medical testing startup. What's your first question?
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
Okay. You took like the Harvard business review angle to this story. I'm going to go the people magazine angle. How much is Elizabeth Holmes involved in what's going on? Apparently she has been providing advice to Billy Evans from her prison, from her cell in a federal facility in Bryan, Texas. Unfortunately, she won't be able to be chair of the board when she gets out.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
She won't be able to be an officer or director at a public company for a decade under her punishment from Securities and Exchange Commission. I'm also wondering who is going to invest in this thing. You know, you sound like you're interested, but James Breyer, who's a well-known venture capitalist and early investor here.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
and facebook was asked by the new york times about this pitch and he said we passed on it just like we passed twice on theranos in diagnostics we've long held that the difference between a compelling story and a great company lies in scientific defensibility and clinical utility clearly breyer doesn't think so uh doesn't think this uh company passes snuff right now michael dell also turned it down there is one investor that could be identified
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
He is a part-time owner of a Mediterranean tapas bar in downtown Austin. He's bullish.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
Picture this. You're creating a new software product for your biz, but need to get smart about all the new cloud tools and tech first. Learn how to quickly move your software product ideas from roadmap to reality with the AWS for Software Companies podcast.
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US and China Agree to Slash Tariffs & Time to Overhaul Air Traffic Control?
Each episode brings AWS and product leaders together in a roundtable discussion to chat through what you need to know to get to market faster and continuously optimize your product.
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US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
This year's conference came at an inflection point for sports analytics. More than two decades since the release of Moneyball showed how teams could leverage big data and AI to make smarter decisions, analytics has infiltrated sports leagues worldwide. leading to optimized strategies, but also concerns that analytics is worsening the product and entertainment value.
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US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
The NBA has been the poster child of those criticisms this year. Teams are jacking up more three-pointers than ever because the data shows that that's your best bet to win the game, but viewership has slumped, putting pressure on Commissioner Adam Silver to tweak the rules and reintroduce variety back into the game.
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US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
In fact, one of the panels this weekend was called Have the Nerds Ruined Basketball?, Toby X's and O's have been replaced by ones and zeros and executives are scrambling to respond.
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US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
It's just a remarkable rise for the analytics movement. What was just very niche a few decades ago is now completely changed these leagues and the pro sports industry completely. If you go on websites to work for the Lakers or the Eagles or the Knicks or the Edmonton Oilers, you're about to see probably as many
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US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
data engineers and software developers on their big data scientists on their hiring board pages than anything else. And that's because data and AI has completely overwhelmed these leagues. The problem for the commissioners is that aesthetics does not or analytics has no use for aesthetics.
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US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
And oftentimes the incentives are misaligned where you have solved games like the NBA or MLB, where teams are using strategies derived from big data, don't necessarily lead to a better on the field product, which is how these leagues make money through TV deals. So matching those up and creating better incentives are absolutely top of mind for all sports executives.
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US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
At a time when so many things are competing for people's attention, Stephen A. has the ability to keep your eyeballs glued to the screen, which is the most valuable thing you can have for a media company. It's why you're seeing huge contracts go to a select few at the very top end of the market. ESPN did a licensing deal with Pat McAfee for The Pat McAfee Show.
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US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
That was worth $85 million over five years. Fox paid Tom Brady, $300 million to be a sport, to be an NFL color commentator for 10 years. Even as Disney, broadly as a company, is cutting staff. Last week, it cut nearly 66% of its workforce across ABC News and Disney Entertainment Network's operations.
Morning Brew Daily
US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
So even as they're cutting, let's say, the middle class of their workforces, they're paying up for the high end because they think that's worth the value.
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US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
Every morning after we finish the podcast and hit the gym, Toby snags a raspberry almond butter smoothie while I go for a blueberry.
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US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
It's Monday, so here's your preview of the big events of the week ahead. The saga of the astronauts stuck on the International Space Station might be entering its final chapter.
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US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
On Wednesday, NASA will launch a SpaceX capsule to bring Butch Wilmore and Sonny Williams home nine months after they left on what was supposed to be an eight-day trip before it got derailed by problems with Boeing's Starliner. The mission, launching Wednesday, will carry four other astronauts up to the ISS,
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US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
where they'll catch up with Wilmore and Williams for a week until the two end their extended space opera with a return trip on March 16th.
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US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
On Tuesday, one of the most closely watched elections around the globe will take place in Greenland, not normally on the top of most people's radars. The Greenland vote could chart a different future for the island at a time when President Trump has ramped up threats to buy or take over the territory, which has been owned by Denmark for centuries.
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US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
The top issues of this election are Trump and independence from Denmark, a splitting off that all the leading candidates support.
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US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
Which is why Invesco QQQ ETF is such a welcome break from that parade of sameness.
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US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
And then the madness is upon us. Conference college basketball tournaments are happening all week long as teams jockey for position ahead of selection at Sunday, which is on Sunday. And the brackets for the men's and women's field will be revealed. I already have goosebumps.
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US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
But the best part of this week in particular is all of the smaller schools that win their conference championship games and punch their ticket to the NCAA tournament like High Point did yesterday for their first time. They're going dancing. So it'll be just a super fun week leading up to Selection Sunday. And then in celebrations, Purim is Thursday night. Holi is on Friday.
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US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
And Friday is also Pi Day. Toby, I'm looking for 200 digits out of you this year. 200.
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US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
Okay. I'll start studying. All right. Let's wrap it up there. Thanks so much for starting your morning with us and have a wonderful start to the week. For any questions, comments, or feedback, send an email to morningbrewdailyatmorningbrew.com. And if you're enjoying the show, share it with a friend, family member, or coworker. Toby, who should everyone listening share it with today?
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US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Eugenia Waogu is our technical director. Scoop Stardaris is on audio. Hair and Makeup would like to buy a vowel. Devin Emery is our chief content officer, and our show is a production of Morning Brew.
Morning Brew Daily
US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
Healthcare, communications services, industrials, you name it, this ETF has it. So we start changing up our orders then? Nah, leave the variety to Invesco. With Invesco QQQ, you can rethink what's possible. Before investing, consider the fund's investment objectives, risks, charges, and expenses. Visit Invesco.com for a prospectus with this information. Read it carefully before investing.
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US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
Full disclosure in podcast description. For more than a decade, one of the surest bets on Wall Street was that American stocks were going to beat international stocks. But that may no longer be the case. Due to uncertainty over the White House's on and off again tariff threats, U.S. stocks are getting trounced by foreign companies so far in 2025. The broadest measure of the U.S.
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US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
stock market, the S&P 500, is coming off its worst week since last September, while the tech-focused Nasdaq has entered a correction down 10% from a recent peak. As your 401k has taken a licking, shares outside the U.S. are booming. The leader in the clubhouse is the Hang Seng Index in Hong Kong, which is up roughly 20% this year compared to the S&P's 2% decline.
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US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
Booming Chinese stocks like electric vehicle maker BYD and tech giant Alibaba are leading the charge over in Asia. Meanwhile, in Europe, indexes such as the DAX notched record highs after an earth shattering week in which countries like Germany pledged to spend hundreds of billions of dollars rearming their militaries, giving defense stocks and other corporations an unprecedented tailwind.
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US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
Toby, it's still early in 2025, but investors say there's been a clear shift in their calculus. U.S. stocks are no longer the only game in town.
Morning Brew Daily
US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, the once-dominant U.S. stock market is getting lapped by other countries in 2025. What's behind the changing of the guard?
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US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
Now, on Friday, as stocks were falling, we did receive some economic good news. The jobs report came out, which we previewed Friday morning. 151,000 jobs added unemployment at a very low 4.1 percent rate. Fed Chair Jerome Powell was asked about the state of the U.S. economy, which has had a greater deal of uncertainty recently. He said despite elevated levels of uncertainty. The U.S.
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US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
economy continues to be in a good place. President Trump was also asked about the faltering stock market and increased business concern in an interview on Sunday. And he said, I can't necessarily rule out a recession. I'm in a period of transition now. We're trying to move fast and break things here. We're in a period of transition.
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US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
And he, you know, acknowledged that there was a little turbulence now, but said that, you know, over the long term, things would be all right. So there's what you're seeing from U.S. policymakers over this slight changing of the guard here.
Morning Brew Daily
US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
To understand why these companies are rolling out AI agents at a price tag of something like $20,000 a month, you kind of have to look at their balance sheets. OpenAI lost about $5 billion last year. It is raising even more money now. It is...
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US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
you know, in not necessarily financial dire straits, but it needs to start monetizing all of these chatbots and AI models that they're pouring so much money into. You see it across the AI sector where they're rolling out these products in order to start making money because they need to start making money.
Morning Brew Daily
US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
They think that PhD level AI agents that replace workers is one of those ways that they can start become more a more sustainable business.
Morning Brew Daily
US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
Good morning. Welcome back to the week. It might be a rougher start to the day than usual, especially if you're a parent of a young kid or dog, because overnight on Sunday, Americans lost an hour of sleep as daylight saving time began. The idea of daylight saving time is to add more sunshine in the evening over the summer to encourage more activity and get us all to spend more money.
Morning Brew Daily
US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
There's no question that going forward in the next few years, you know, company management will be looking at their payrolls and saying, OK, we have a million dollars to spend. Are we going to do it on this new agent? Are we going to hire a higher, you know, a Ph.D. level researcher? That is an actual question that will be facing executives in the coming years.
Morning Brew Daily
US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
At least one AI executive said that this does not necessarily look good for the humans. Anthropic CEO Anthropic has this clod chatbot they've also rolled out. An AI agent predicts that by 2026, the tech industry will have developed AIs that can mimic what highly capable humans can do today and warns of severe human job losses as a result.
Morning Brew Daily
US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
And there certainly was a trend of ditching vowels in your name. If you look at companies born in the midst of the 2000s, you had Grindr, which is the D-R at the end, Flickr, Tumblr, Twitter in its first iteration was just T-W-T-T-R. Now you have this 200-year-old investment firm that wants to, you know, play at the cool kids table. They ditched their vows.
Morning Brew Daily
US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
They got corporate bullied, which is probably true. And now they are going back. So, yes, it does show the perils of chasing certain trends in branding, especially when you're a financial institution that doesn't necessarily need to be cool. You want to maybe project stability and security and authority rather than, you know, these other companies which are more social media based.
Morning Brew Daily
US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
But here's a fun fact. Not all 50 U.S. states observe daylight saving time. There are two holdouts, Arizona and Hawaii, for whom Sunday was just a normal day. Toby, why don't they spring forward?
Morning Brew Daily
US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
But for every rebrand fail we talk about, there have been a rebrand success. PricewaterhouseCoopers, shortened its name, got rid of all the vowels for sure. They went to PWC. Accenture was known as Anderson Consulting at one point. They went through thousands and thousands of different names, landed on Accenture, and that has worked out. Even Meta's name change has...
Morning Brew Daily
US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
essentially worked because we call it Meta and not Facebook anymore. They are the poster child of chasing trends because Meta is certainly sidelined its push to work on the Metaverse, which is the whole point of the name change in the first place to work on AI. And yet we still call it Meta. Kraft Heinz created Mondelez International as an umbrella brand for its snack food.
Morning Brew Daily
US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
So I hear your point about there being a lot of fails, but there are also a lot of successes, or should I say you know, corporate rebands that we don't necessarily think of fail. So they are successes.
Morning Brew Daily
US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
Top scorers will receive a custom prize, a $200 Amex gift card, and a newsletter feature.
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US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
If you have the answer, go to www.morningbrew.com slash morning-market-trivia to test your stuff with the morning market trivia quiz. Who knows? You could end up on the leaderboard. Like I said, top scorers will receive prizes and a feature in the Morning Brew newsletter. I scored a 12 out of 15. I got 11 out of 15.
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US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
Head on over to www.morningbrew.com slash morning-market-trivia and see if you can beat our scorers and win some goodies.
Morning Brew Daily
US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
Welcome to Winners of the Weekend, the segment where Toby and I pick two things that just punched their ticket to the NCAA tournament. I will go first because I won the pre-show dad joke contest. Speaking of, you want to hear a joke about pizza? Never mind, it's too cheesy. My winner is sports nerds.
Morning Brew Daily
US Markets vs the World & OpenAI's ‘PhD-Level’ AI Agent?
This weekend, thousands of them gathered in Boston for the 19th annual MIT Sloan Sports Analytics Conference, the largest student-run conference in the world. Once dubbed Dorkapalooza by commentator Bill Simmons, the event draws heavy hitters from the world of sports, tech, and media to discuss how the analytics movement has revolutionized athletics and what comes next.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
Fund your account in five minutes or less, and you could earn up to $10,000. Yes, 10K, when you transfer your old investment portfolio. Start at public.com slash morningbrew. That's public.com slash morningbrew. Paid for by Public Investing. Full disclosures in podcast description.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
Factor offers chef-made gourmet meals that are never frozen and dietician approved. They're ready to eat in two minutes, and lately, my personal fave is blackened salmon with smoked gouda cauliflower grits and broccoli.
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Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
You can browse the 40 menu options, including different dietary preferences like keto and protein plus.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
Totally. And the one I want to focus on is the Michelob commercial that included Catherine O'Hara and Willem Dafoe playing pickleball. That was, I would say, probably the most successful example of a brand utilizing older celebrities, because I think they also tapped into a bigger cultural moment that everyone's having with pickleball. But
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
I don't know if it's good for pickleball to be associated with beer because if they want to take themselves seriously as a sport, you maybe want to be associated with hydration drinks, water, Gatorade instead of beer. So I don't know how the pickleball community is feeling about this. Yeah.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
My body is on 6th Avenue.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
It did. It had a very strong narrative arc, which I appreciated. It felt like it was telling a story. And I'm not sure if I'm sitting in working in an ad agency now. I'm not sure that I can, you know, do anything that much better than what these content creators, the people who won this cost contest can do. So this user generated is user generated ad. And how much did they get?
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
They got paid like a million bucks a A million dollars, yeah. Yeah, okay. Well, that's probably what you're going to pay an ad agency. So maybe crowdsourcing is going to be more prevalent going forward because that was a great ad.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
Yeah, in 2021, Nike spent $3.1 billion on marketing. In 2024, they spent $4.3 billion on marketing. That also included a lot around the Olympics. And now they have the Super Bowl ad, their first since 1998. They're tapping into larger cultural conversations about the rise in in women's sports.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
So I think that was a very well-received ad and maybe Nike is getting its marketing mojo back a little bit.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
That's not a baking phase, Toby. That's a, oh, shoot, called poison control phase.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
All right, so overall, the commercials, at the top of the show, you said they were a down year, but... To be honest, I feel like every year we say this is a little disappointing. So every year we say that the commercials did not live up to the hype. And I think we just have to acknowledge that they're never going to and that 90 percent of them are going to be commercials.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
And there's going to be so many celebrities doing things that aren't particularly interesting. There will be a few standouts. There'll be a few duds that everyone is talking about. So I think I think that's just we have to arrange our priors to be this is what the this is what the commercials are. They're commercials.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
It's Monday once again, and as per tradition, here are the big events you should know about this week. A massive AI conference begins today in Paris, where world leaders and top tech bosses will meet to hammer out the thorny geopolitics of this rapidly advancing technology. The Artificial Intelligence Action Summit is basically the Met Gala for tech, and the invite list proves it.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
OpenAI's Sam Altman, Google's Sundar Pichai, Microsoft President Brad Smith, and world leaders including Justin Trudeau of Canada, Narendra Modi of India, German Chancellor Olaf Scholz, and US Vice President JD Vance. You can bet discussions will revolve around DeepSeek, China's surprisingly capable AI model, and the Trump administration's more lax approach to regulating AI.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
If you mess up cookies, they might taste bad. But if you mess up payments, suddenly your suppliers are blowing up your phone, asking why they got paid half of what they expected.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
Those seem to be the main themes here. Wall Street has no time to nurse a Super Bowl hangover with lots happening on the economic calendar. On Wednesday, we'll get the January inflation report, which will certainly be a big deal given tariffs and eggs and what it means for the Fed's interest rate plans, plus lots more
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
Earnings are on the way, including McDonald's and Coca-Cola, which really should do their report together.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
All right. Friday is Valentine's Day. And if you're just learning this information, it might already be too late. But if you're locked out of a dinner reservation, at least there are ways to get back at your ex. Zoos around the country have rolled out fundraisers that let you take revenge on the one who got away.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
A $10 donation to the San Antonio Zoo will allow you to name a cockroach after your ex before it's served to one of the zoo's animals for lunch. At the Columbus Zoo and Aquarium in Ohio, they'll name a superworm after your ex that will be fed to its sloth bears. And if you get in before Wednesday, they'll even send you a clip of the bear devouring the worm. Toby, I love this tradition.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
You get it. But if you're extremely – yes, if you get the video and then you send it to your ex and say this is what I think of you, I think they are living rent-free in your head and maybe you should do a little self-evaluation there. But I think it's a great tradition that zoos do and they raise a lot of money for upkeep and things like that. Okay, let's wrap it up there.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
But with Wise Business, it doesn't have to be a disaster. They make sending money across borders as easy as, well, following a recipe.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
Thanks so much for starting your morning with us and have a wonderful start to the week. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. And if you're enjoying the show, share it with a friend, family member, or coworker. Maybe it's an early Valentine. You know what? Don't spend any time thinking about it. Just listen to Toby and do what he instructs.
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Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenua Ogu is our technical director. Scoop Stardaris is on audio. Just got an email from hair and makeup. Gonna be in at like 10 today. All right, can't blame you. Devin Emery is our chief content officer and our show is a production of Morning Brew.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
If you're ready to simplify your international payments, check out wise.com slash business. That's wise.com slash business. Trade war 2.0 between the U.S. and China has officially kicked off. Starting today, Chinese tariffs on $14 billion worth of American exports go into effect, one of Beijing's responses to President Trump's announcement of 10% tariffs on Chinese goods last week.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
And then last night, in a surprise move, Trump also said he plans to impose 25% tariffs on imports of steel and aluminum across the board to every country. The flurry of tariff announcements in the past month, whether they've been delayed or not, like in the case of Canada and Mexico, is starting to have a significant impact on Americans' views on the economy.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
On Friday, reports showed that Americans across the political spectrum have become increasingly pessimistic over the economy and think higher inflation will rear its ugly head yet again. Here's the data. In a closely watched University of Michigan survey, consumer sentiment fell about 5% to its lowest reading since last July. So levels are lower now than they were before the election.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
At the same time, inflation expectations are surging, with Americans predicting 4.3% inflation in the year ahead, up from 3.3% the month before. That full percentage point jump in inflation expectations is almost unheard of. It's only the fifth time in 14 years we've seen such a big one-month rise. Now, it's not all bad.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
The jobs report released on Friday showed strong employment gains in January and an unemployment rate that ticked down to a very low level of 4%. But with all the uncertainty and confusion related to tariffs, Americans are turning increasingly negative on the economy.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, consumer sentiment is way down. Inflation expectations are way up. Are Americans souring on the economy?
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
And uncertainty is manifesting in other ways as well. I don't know if you've visited the Bank of England's gold vaults recently, tried to withdraw some gold there. Well, you can't because there is an eight week long line to move gold from the Bank of England to the United States. And that is because of this uncertainty around potential tariffs coming on to the EU, the UK and
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
and it possibly could hit gold. So right now, there's a very interesting arbitrage situation in the gold market where prices in the United States are higher than they are in London. So there is very long, as they would say in England, queues to ship these very heavy gold bars from England to the United States.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
And that is all tied into this general uncertainty that traders have over what's going to happen in the economy moving forward. And finally, you mentioned Friday's jobs report.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
Totally. There is no known precedent in major democracies for a government to go knocking on a tech company's back door like this and saying, hey, we know you have encrypted data on users. Let us see them. And the big implication here is it's not just for English people or British people. It's for the Apple user who uses this feature, and we should say it's an opt-in feature.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
Well, that was a spanking. The Eagles coasted by the Chiefs 40-22 to win the Super Bowl, avenge their loss to Kansas City two years ago, and prevent the Chiefs from winning a historic third straight championship. Just utter domination by the birds. But many of you won't be around to discuss the game and the commercials at the office today.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
You're not on this by default. If you want to encrypt your iCloud, you can, but you do have to go through some steps that Apple can take you through.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
But the fact that it implies globally is absolutely sending a chill down tech companies' spines and privacy-focused groups as well who say that the government should not be doing this, not be asking tech companies to allow governments to snoop on their users.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
Now, what's interesting is law enforcement has had a very interesting relationship with encryption. So for the past few years or until recently, they were very anti-encryption because they want to see certain communications to prevent crimes. And so they were going to war with tech companies and saying, let us see this encrypted data. Users, we do not want you to encrypt things so we can
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
we can see in an Apple had this big showdown with the FBI in 2016 over the San Bernardino shooters phone, where Apple actually won in a court case against the FBI. The FBI wanted them to unlock the shooter's phone and they said no. And then they, then Apple won.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
So law enforcement was very anti-encryption until a few years ago when the threat of Chinese hacking operations became a little more prescient than, than this other consideration. So they said,
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
So now the FBI, a bunch of other Western countries, except the UK, said, OK, we actually think you should be using encryption because the threat of hacking from Chinese operations is more risky to us than what we need from you to prevent crime. So that is the way the world apparently has been shifting, is toward encryption. The UK has zagged where others have zigged.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
And that's why privacy groups, tech companies say, UK, you're becoming a tech pariah rather than a tech leader. A financial earthquake is about to hit the world of medical research. Today, the National Institutes of Health will begin implementing sweeping cuts to overhead funding for research grants. The NIH says this will save taxpayers more than $4 billion when it announced the move on Friday.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
But scientists have pushed back fiercely, saying that slashing the budget will halt progress on lifesaving medical innovations and threaten jobs, medical research institutions, and regional economies that depend on NIH funding. To understand the controversy, you first need to grasp how NIH funding works.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
22.6 million people across the country plan to miss work the day after the Super Bowl, according to the Harris poll, which is up 40% from a year ago. Now, whether these numbers are accurate or not, who knows? But here's my question to the NFL. Instead of making everyone have a brutal Monday, why not just move the Super Bowl to a Saturday?
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
When the agency awards a grant to a scientist, an additional percentage of that award is provided to the scientist's institution to pay for infrastructure that supports the research. Think things like lab equipment, utilities, hazardous waste disposal, and more. It's a pretty sizable chunk that goes to overhead.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
Of the $35 billion awarded to grants in fiscal year 2023, $9 billion, or 26%, went to those so-called indirect costs. Sometimes the rate can be much higher, like in the 60s. So the NIH under Trump says that's wasteful and that rich universities should shoulder more of the burden. They're now capping indirect reimbursements at 15 percent.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
Scientists say, OK, maybe Harvard can afford to make up the shortfall, but many, many other institutions can't. Critical research, jobs, economic growth will dry up if this funding is cut off. And this is because the NIH is truly an economic force. It is the leading funder of biomedical research in the world and supports 412,000 jobs across the country.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
And indirect costs have been criticized before. The Government Accountability Office in 2016 said that there were risks that they present waste and that this was an aspect of government spending that could be brought more into control in the government, the NIH, Trump administration itself.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
in announcing this move said, well, private foundations don't do anywhere near these indirect cost reimbursements as the NIH. Many private foundations say the Robert Wood Johnson Foundation, 12% goes to indirect costs. Gates Foundation, 10% for indirect costs.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
So they're pointing to private donors here and saying, well, we're way out of whack with the private sector here, the private philanthropic sector. So that's why other reasons why we need to bring this down. So that's, that's their argument, but yes, cascading effects and a disproportionate effect on certain cities and regions that have become, so what they call meds and eds economic base.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
Pittsburgh, Nashville, Chapel Hill area, Research Triangle. These are the areas that will likely see a bigger impact. The University of Pittsburgh, for instance, is getting 25% of its NIH funding cut, which is $130 million. And I was also in Birmingham, Alabama a few years ago. That city runs on UAB. That is the largest employer in Alabama. The medical research center there is massive.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
You can't walk a single street without seeing another UAB building. So these are the areas that will be hurt. And we'll see what happens going forward. Like many other Trump administration executive orders and actions in the first few weeks, there have been legal challenges pushing back. They've been tied up in the courts.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
And you can bet university lawyers everywhere are pushing back on this because they don't want to see all this critical research dry up. Up next, we have our winners of the weekend. Attention investors, new and seasoned. If you're looking for an investing platform with a broad range of asset classes and tools, Public.com is ready when you are.
Morning Brew Daily
Americans Have Bad Vibes on Economy & UK Demands Apple’s Encrypted Data
generate fixed income with a suite of yield accounts like Public's high-yield cash account set at an industry-leading 4.1% APY.
Morning Brew Daily
TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
Then it's the end of an era, literally, as Taylor Swift wrapped up her two-year mega tour. It's Monday, December 9th. Let's ride.
Morning Brew Daily
TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
And Sage makes it easier for you to save time and crank up the productivity. Sage's automation technology can handle routine tasks like invoice processing or bill pay to reduce manual input times by up to 99%. What would you do with 99% more time, Toby?
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TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
A lot of money on the line. SMU is interesting because they are one of the only teams, they actually are the only team in college football history to be handed down the death penalty by the NCAA, and it's not as bad as that actually sounds, but basically they were banned from competing in the sport for two years back in the 80s as a result of these recruiting violations where they were
Morning Brew Daily
TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
ironically, paying players. So if only those boosters from the 80s could have fast-forwarded to today's college football landscape, it is a completely different world where paying players is the norm now, and you actually have to in order to compete.
Morning Brew Daily
TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
So I do think it is fascinating how this school that has such a checkered history has now raised a ton of money, has these oil boosters who are willing to put the money in to let the team compete on the national stage.
Morning Brew Daily
TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
Just shout out to my Hoosiers. I was recently asked to crown a football team that I wanted to root for. A lot of you guys, our listeners, sent in teams to root for. I did pick Indiana, so I'm rooting for them. The only person that I want in my corner, though, is Timothee Chalamet. He jumped on college game day this past weekend. The man knows ball. Absolutely blew up the internet with his picks.
Morning Brew Daily
TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
Picked some correct Maction games as well. So I hope Lisan Al-Ghaib is on the side of the Hoosiers because the man knows how to pick them. Dating back to the 90s, the government has required companies to offer great parental leave policies, subsidized daycares, and even offered cash payments to parents.
Morning Brew Daily
TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
At one point earlier this year, the government launched a dating app, but this experiment moving to a four day work week could try and change Japan's work heavy culture and hopefully free up time, especially for women to have more balance in their lives.
Morning Brew Daily
TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
So there is this organization called Four Day Week Global, which obviously advocates for a four day work week across multiple countries. And they have found through multiple trials that Men reported spending 22% more time on child care, 23% more time on housework during a four-day workweek.
Morning Brew Daily
TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
So there is data to support the fact that they can alleviate this burden on their spouses, on their partners. So the upside is definitely there. This four-day workweek organization is very interesting as well because what they do is they actually help companies figure out how to manage this because it's not just something where you're like, everyone gets Fridays off because people –
Morning Brew Daily
TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
you still need the company to function on Friday. So what they do is they help create these flexible work arrangements, ensure that people have coverage throughout the week. They basically just help companies pilot this program of trying to take one day off. Some opted for like every other week. There is more nuance to it than just saying, hey,
Morning Brew Daily
TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
Yeah, there is more to it than that.
Morning Brew Daily
TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
Let's dive into some headlines from the weekend that you may have missed. Up first, get your last scrolls in on TikTok because it's looking like your favorite time-wasting app might indeed be heading for a ban. On Friday, a US appeals court upheld the law passed by Congress earlier this year that could lead to the ban of the app by mid-January.
Morning Brew Daily
TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
There's this delicate dance between the jobs report and the inflation report, with each one ebbing and flowing in terms of importance to the Fed. For a while, all eyes were on the inflation numbers, but then as those started to ease downwards, we started to turn our attention to the jobs report.
Morning Brew Daily
TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
Now we're back to paying a little bit more attention to the inflation report because, as we mentioned at the top of the show, Jobs look pretty solid right now. So now we're just in that last mile trying to get down to that Fed goal of 2% inflation.
Morning Brew Daily
TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
I was going to flip the question right back on you, Neil, as a recent iPhone purchaser. These matter to you now. It's bizarre.
Morning Brew Daily
TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
I'm pretty excited by the upgraded Siri, though, because, again, this is a pain that you haven't known. But Siri has just been painfully obtuse for the majority of its history. Now that the fact that you can go into a prompt powered by OpenAI and continue a conversation with Siri to actually get relevant information, hopefully this upgraded Siri is actually upgraded.
Morning Brew Daily
TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
I love cruises, and I have been consistently trying to get my friends to do a cruise. But everyone says no, but this seems like something fun for me. I do love Marvel as well. So you might make the inviolates.
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TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
I had an experience when I was like 10 years old where they had free ice cream stations around. And ever since then, I've thought cruises are the greatest thing on Earth. So I want to get back on one.
Morning Brew Daily
TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
I want you to share the pod with someone who is sad their college football team didn't make the playoffs. As a recent Hoosiers fan, I don't know your pain, but I'm sure some of the smaller programs out there like Alabama are feeling a little sad right now.
Morning Brew Daily
TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
The motivation behind that initial law was national security concerns. Lawmakers claimed that TikTok could fork over its data on its 170 million U.S. users to the Chinese government. TikTok's lawyers have pushed back, saying that the law violates the First Amendment, an argument that the three-judge appeals court rejected.
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TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
While this does increase the likelihood that TikTok is going to get banned, TikTok has said it plans to appeal the ruling and send the case to the Supreme Court. So, Neil, it's not over yet, but it's looking a little dicey.
Morning Brew Daily
TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
And what does this mean for you, though, as someone who maybe has TikTok on their phone or something like that? If the ban goes into effect, then it is the app stores that would face fines for continuing to host it. But they're not going to go in and delete it off your phone, so you will still have... It reminds me of Flappy Bird back in the day when the developer took it off the app store.
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TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
You could still play it, but what starts to happen is that TikTok no longer can ship updates to the app, so eventually it starts to get a little buggy, a little laggy, so... If you have TikTok on your phone, it won't be going anywhere. It just might start to degrade in performance if this ban goes into effect.
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TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
But yeah, and the final thing that you mentioned, that a sale would probably be blocked by Beijing. Part of the issue, too, is just TikTok is an extremely valuable company, likely worth over $200 billion. So a group of... companies in the U.S. that could feasibly buy it is basically big tech. And there will be a lot of antitrust concerns if someone like Meta goes and tries to buy TikTok.
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TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
So it is very unlikely that a sale will actually go down.
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TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
It is a major shakeup in the region for sure. Let's go back and look at just Assad's, the younger Assad's time in power. When he was first came in and succeeded his father, there was a little bit of optimism because he was younger. He was kind of He was tech forward. He was an ophthalmologist. He didn't really reflect the kind of brutal regime that his father did.
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TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
And he actually slowly started to lift some economic restrictions in the country, let in foreign banks, unshackled the private sector a little bit. So Damascus started flourishing a little bit. You saw tourism swelling. But then... he started to follow in the footsteps of his father, began cracking down on dissident political ideology, and the economy started to suffer.
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TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
In result, according to the World Bank, Syria's GDP has shrank 54% from 2010 to 2021. As of 2022, 69% of the population was in poverty, with almost a quarter of Syrians affected by extreme poverty. So it really has been a tough time for Syria, especially economically, because You're right, it used to be a little bit more of an oil powerhouse.
Morning Brew Daily
TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
It used to produce around 400,000 barrels of oil a day in the 2008 to 2010 range. As of 2015, that reached just 25,000 barrels per day. So it has kind of shrunk away from the global economic scene. The jobs market did its best Dennis Rodman impression and rebounded impressively in November. Remember, we were coming off some pretty distorted October data due to the hurricanes and striking workers.
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TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
But the pendulum swung back towards stability, with the U.S. adding 227,000 jobs last month, beating expectations of 200,000. Those solid numbers confirmed that the 12,000 jobs added in October, which were eventually revised up to a 36,000 gain, were in fact tied to the natural disasters and strikes and not indicative of a broader trend.
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TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
However, the unemployment rate did take up slightly to 4.2%, reflecting a slight pullback in hiring, while the duration people are staying unemployed hit more than five months, the highest since April 2022. So the general takeaway from this report, Neil, is that the labor market is healthy, albeit with a few warning signs.
Morning Brew Daily
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I mean, the Mets top the Yankees. This really does not happen if you look at the general power dynamics between the two teams in New York. But Steve Cohen, the hedge fund billionaire, ever since he took control of the franchise in 2020, has just operated at a different level. He wasn't going to let money be the thing that made him miss out on this generational star.
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TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
I think the one thing, though, that had some economists a little bit concerned was that people are staying unemployed for longer. And I think it does reflect the general sense out there that if you have a job, the job market is obviously good for you. But if you don't have a job, it's one of the tougher – it's a weird conundrum because, again, we are adding jobs. Unemployment is low.
Morning Brew Daily
TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
But people who are out of a job are just finding it harder to get back into work, showing some of the apprehension these companies have for hiring.
Morning Brew Daily
TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
Right. Remember, Trump was the person who originally elevated Powell into the role, and then it's been kind of a rocky relationship ever since, with Trump not happy with the fact that Powell didn't lower interest rates more quickly during his first term. The toying with potentially firing Powell has always been something that has spooked a lot of people on Wall Street, and I think...
Morning Brew Daily
TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
if you zoom out, Trump does not want to spook people on Wall Street, which is why he's kind of backed away from some of that rhetoric. But yeah, I do think that these two are going to make an entertaining duo, at least over this next term, given how they've clashed heads in the past.
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When Steve Cohen took control of the Mets in 2020, he said he'd be surprised and disappointed if they didn't win a World Series within three to five years. This is year number five, so he's clearly going all in. The clock is ticking, Mr. Cohen. You can't beat the Phillies. Can't beat the Phillies. Now a word from our sponsor, Sage. Sage is back.
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TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
Well, I actually just first wanted to give a shout out to the sheer ability of Taylor Swift to continue this for over two years. I crunched the numbers. So the tour spanned two years. She went to five continents, 50 cities, 152 shows. If she performed at each one for about three hours each, that means she was singing and dancing up there for 456 hours, which means 18.6 days of nonstop performing.
Morning Brew Daily
TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
It truly was just this absolute juggernaut. In terms of the legacy, just think about all the subplots that it spun off. I mean, there was the friendship bracelets that actually ended up being the way that Travis Kelsey and her got in touch. There was this revolt against Ticketmaster for these higher ticket prices and their site breaking down. There was the concert film.
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TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
There was the book that she released. There was the booming economies in every single city. that she reacted to. I mean, it is still so funny that Sweden mentioned it in their official government data because she brought in higher than expected inflation when she brought her, you know, to her there. So just, I think all the absolute subplots that it spun off is going to be its big legacy.
Morning Brew Daily
TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
So this one goes out to all the finance pros that listen to Morning Brew Daily.
Morning Brew Daily
TikTok Ban One Step Closer to Happening & Taylor Swift's End of An Era
What is next for her, though? It's probably a re-recording of Reputation. A lot of people are as excited for that. She's been teasing it at all these shows. So the Taylor Swift train just continues. Maybe a little, you know, couch time. Yeah, potentially. Up next, our winners of the weekend.
Morning Brew Daily
Stock Market Loses $6 Trillion in Two Days & Minecraft Movie Scores Big
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Download the CFO's Guide to AI and Machine Learning for free at netsuite.com slash brew. That's netsuite.com slash brew. netsuite.com slash brew.
Morning Brew Daily
Stock Market Loses $6 Trillion in Two Days & Minecraft Movie Scores Big
Welcome to the club, Toby. This wasn't just the best debut of the year at the box office. It was the best in the history of a video game adaptation. So this is becoming...
Morning Brew Daily
Stock Market Loses $6 Trillion in Two Days & Minecraft Movie Scores Big
maybe the marvel of the 2020s adapting video games it's been a recipe for success we had the super mario brothers movie which was the biggest movie of the year last year brought in 1.3 billion dollars five night at freddy's sonic the hedgehog has had three movies now tom holland in uncharted they all did really well at the box office and i think the minecraft success incredible over performance will only add fuel to adapting every video game that there is out there
Morning Brew Daily
Stock Market Loses $6 Trillion in Two Days & Minecraft Movie Scores Big
What video game do you want to see adapted into a movie?
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Stock Market Loses $6 Trillion in Two Days & Minecraft Movie Scores Big
Cool. All right. My winner is Mega Millions because it's about to get a little easier for you to be a winner. The lottery game is rolling out its biggest makeover in years with the goal of jacking up jackpots and improving players odds of winning at least a little something something. Of course, there is a catch.
Morning Brew Daily
Stock Market Loses $6 Trillion in Two Days & Minecraft Movie Scores Big
The price of a ticket is going up for only the second time in the lottery game's 23-year history. Tickets that were $2 will now be $5. But Mega Millions said the payoffs will be worth the steep price hike because its redesigned game will lead to higher starting jackpots and faster-growing prizes.
Morning Brew Daily
Stock Market Loses $6 Trillion in Two Days & Minecraft Movie Scores Big
For instance, it says the average jackpot in the new game will be more than $800 million compared to around $450 million in the past. And the odds of winning the jackpot are getting better from a one in 302 million chance to just one in 290 million. I mean, you're practically guaranteed to win at that point. Toby, the first drawing of the new game is 11 p.m. Eastern this Tuesday.
Morning Brew Daily
Stock Market Loses $6 Trillion in Two Days & Minecraft Movie Scores Big
Are you feeling lucky?
Morning Brew Daily
Stock Market Loses $6 Trillion in Two Days & Minecraft Movie Scores Big
OK, let's move on to the week ahead. The major events you need to know about. It sure is going to be another tumultuous week on Wall Street. On Wednesday, President Trump's reciprocal tariffs go into effect on virtually every region of the world, even those without any human inhabitants.
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Thankfully, Tax Act has expert assist. It's like your own personal Alfred, except instead of admonishing Bruce Wayne in a British accent, they're helping you find every deduction and credit you deserve. Do they wear tuxedos? No idea, but they are 100% credentialed, 100% U.S.-based tax experts who know the ins and outs of business taxes.
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On Thursday, the Consumer Price Index will show inflation rates for March, setting a baseline before whatever happens to prices with the trade war and And on Friday, big banks like JP Morgan kick off earnings season, which will be closely watched for what CEOs say about the tariff impacts on their businesses.
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Stock Market Loses $6 Trillion in Two Days & Minecraft Movie Scores Big
Yeah, and the key question is whether the Trump administration will take Bill Ackman's advice and say something in order to stem the bloodbath in the market. So we'll see whether that happens in the next few days before those go into effect on Wednesday.
Morning Brew Daily
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For golf fans, this is without a doubt the best week of the year, practically a religious experience because the Masters tees off in Georgia on Thursday, the sport's first major of the year. Known as a tradition unlike any other, the Masters is certainly unlike any other sporting event in the cheapness of its concession menu.
Morning Brew Daily
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For the 23rd consecutive year, the pimento cheese sandwich will cost you just $1.50. Compare that to like $23 for whatever drink you're going to get at the U.S. Open in tennis.
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I'll mull them over a little bit. Also in sports, the men's college basketball championship is tonight between Houston and Florida. In the women's championship yesterday, UConn destroyed South Carolina for its 12th title and their first since 2016. On television, White Lotus may have wrapped up yesterday, but Sunday nights on HBO will remain great with the new season of The Last of Us.
Morning Brew Daily
Stock Market Loses $6 Trillion in Two Days & Minecraft Movie Scores Big
The zombie apocalypse thriller was a major hit with its first season in 2023, racking up more than 30 million viewers. White Lotus, on the other hand, has about 80%. 18 million elsewhere. The Handmaid's Tale returns for its sixth and final season on Hulu and the new season of Black Mirror hits Netflix on Thursday.
Morning Brew Daily
Stock Market Loses $6 Trillion in Two Days & Minecraft Movie Scores Big
Okay, let's wrap it up there. Thanks so much for starting your morning with us and have a great Monday, or at least as great as it could possibly be given the circumstances. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. And before we get into the credits, got to wish a happy birthday to my mom, a big MBD listener. Happy birthday, mom.
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Okay, now here is our wonderful team behind the scenes. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham and Olivia Lake are our associate producers. Uchenna Waogu is our technical director. Garrett Peck is on audio. Hair and makeup is in a bear market. Devin Emery is our chief content officer and our show is a production of Borning Brew.
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Yes, Tax Act makes filing simple.
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Stock Market Loses $6 Trillion in Two Days & Minecraft Movie Scores Big
Weekends are awesome because you don't have to work. You can eat cold pizza for breakfast and the stock market isn't open. And we're all grateful it wasn't because Thursday and Friday's wipeout will go down in the history books. The S&P 500's 10% plunge on Thursday and Friday after President Trump announced massive tariffs.
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Stock Market Loses $6 Trillion in Two Days & Minecraft Movie Scores Big
ranks among the steepest two-day declines in the last 70 years, on par with Black Monday in 1987, the post-Lehman Brothers route in 2008, and the COVID plunge in March 2020. More than $6 trillion was erased from stocks over two days, the Dow shed more than 3,000 points, and the Nasdaq entered a bear market down 20% from a previous high.
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Stock Market Loses $6 Trillion in Two Days & Minecraft Movie Scores Big
It was carnage on Wall Street and reflects the investor panic over President Trump's Liberation Day tariff announcement last when he raised tariff levels to their highest point in more than a century. Trump and his team believe these tariffs are necessary in order to restore America's manufacturing base and use them as a point for leverage with other countries.
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While virtually all economists say they're a recipe for slower growth and higher inflation, especially at these astronomic levels. On Thursday, J.P. Morgan raised their recession forecast from 40 percent to 60 percent. Toby, trading starts at 9.30 a.m. this morning in what may be the least exciting opening bell ever. What is the word on the street?
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Stock Market Loses $6 Trillion in Two Days & Minecraft Movie Scores Big
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, stock futures are way down again as the U.S. 's global tariffs spark a market meltdown.
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Yeah, on Friday into this maelstrom walks Jerome Powell, who just so happened to have an event scheduled on Friday as the markets were melting down. So everyone was very curious to see what he was going to say about the impact of tariffs. And he kind of sounded a worrying note. He said the tariffs are much larger than expected.
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They would lead to higher inflation than he was calculating and they would lead to lower growth than the Fed was was calculating. He still said that the Fed was going to be in that wait and see mode, see how it all plays out. But as you said, over the weekend, the calculus may have changed a little bit.
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Some investors are betting there might be an even emergency rate cut in order to save the market because this three day collapse should, you know, whatever happens. happens today in the futures market bear out through 4 p.m. It would be, you know, another addition to the historic collapse that we've been seeing. So we'll see what the Fed does.
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But Powell on Friday kind of said we're still seeing it playing out.
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Stock Market Loses $6 Trillion in Two Days & Minecraft Movie Scores Big
Well, we hope you had a relaxing weekend because it's looking like today will be worse than the Monday after the Super Bowl. And we didn't even get the Super Bowl yesterday. Asian and European stock markets plunged overnight over fears the trade war will crush the global economy. Toby, what's the latest?
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Stock Market Loses $6 Trillion in Two Days & Minecraft Movie Scores Big
You're right. I mean, they are hitting pause. And one interesting development that you might see more of in the coming days is companies declaring force majeure, which is a legal maneuver that says you can void certain contracts because of crazy situations that are unavoidable and unpredictable.
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You saw this happen during COVID a lot where they're like, we can't do this contract because there's literally a global pandemic. That's what they're saying.
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about the tariffs the first company that we know that did this is helmet aerospace which is based out of pittsburgh they supply airplane parts for airbus and boeing across the 150 billion dollar industry they reportedly according to reuters declared force majeure to void certain contracts with these companies so that could add another level of supply chain chaos on top of what we're already seeing
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One corner of the market we haven't touched on yet is oil prices. And just like everything else, they are an absolute free fall. The price of U.S. crude oil plunged 14% over two days to below the key mark of $60 a barrel. They're at the lowest level since before the vaccines rolled out in COVID-19. The reason prices are cratering is a double whammy of lower demand and higher supply.
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Tariffs, if they do send the global economy into a downturn as expected, will sap demand for fuel. People will travel less. Businesses will ramp down spending. The economy will just need less energy overall. And in some really unfortunate timing, just as tariffs spooked markets last week, OPEC plus a group of oil producing nations said they would raise output in a surprise move.
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So lower demand and higher supply has tanked the oil market. And while that means lower gasoline prices, it's a bad sign overall. It would crush U.S. energy companies, and it's an omen the economy is headed toward the dumps. So filling up for cheap will not be something to celebrate because it means there are a lot bigger problems going on.
Morning Brew Daily
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It just means everyone's poor if gas is super cheap because of a recession.
Morning Brew Daily
Stock Market Loses $6 Trillion in Two Days & Minecraft Movie Scores Big
We are learning why he is the GOAT. And you said that he is greedy when others are fearful. He was also fearful when others were greedy. Last year, as the stock market soared to record highs, he cut his Apple stake by two-thirds. He dumped Bank of America and Citigroup. Both of those stocks are down 22%. Apple is down 28% this year and continuing to... today.
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So he was cutting last week or last year and everyone was like, why are you dumping stocks? Aren't they doing well? And then, uh, you know, I don't think he foresaw this necessarily, but it's just shows goes to show why he's such an incredible investor.
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The best B2B marketing sometimes ends up in front of the wrong people. It's like advertising fishing gear to a fish.
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Stock Market Loses $6 Trillion in Two Days & Minecraft Movie Scores Big
That's what LinkedIn ads is built for. LinkedIn has grown to a network of over 1 billion professionals. Of those, 130 million are decision makers. You can target your buyers by job, title, industry, company, role, seniority, revenue, so many options all in one place. Don't waste precious budget on the wrong audience. Tap into LinkedIn ads to find your people.
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LinkedIn will even give you a $100 credit on your next campaign so you can try it yourself. Just go to LinkedIn.com slash MBD. That's LinkedIn.com slash MBD. Terms and conditions apply only on LinkedIn ads. What does the future hold for business? Ask nine experts and you'll get 10 answers. It's a bull market. It's a bear market. Rates will rise or fall. Inflation's up or down.
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My highlight was Nikki Glaser. She won even more people over. She won a lot of people over with Rosa Tombray. She has been a comedian for a long time, too. But, I mean, she did an impression of Adam Sandler, trying to pronounce Timothy Chalamet. Chalamet. Yeah, she did Chalamet and got Adam Sandler to participate. She just struck a really good tone. I mean, she said...
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The bear, penguin, baby reindeer, these aren't just things hanging in RFK's freezer. She called it Ozempic's biggest night. So really, I mean, you called it the boozy preview to the Oscars. That really is what happens. The champagne flows there. It's a little less uptight. Also remember that the Golden Globes have...
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reinvented itself recently because the Hollywood Foreign Press Association, they used to give out the awards. They came under fire because in 2021, it was revealed that they had no black members within their 100-member voting panel. It's now been remade as a for-profit enterprise. There's 300 entertainment journalists that are now voting on these from 85 different countries.
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They've tried to make it more diverse. They've tried to make it a better reflection of the industry as a whole. So every year is kind of a new step in its reinvention. I think this was a pretty successful Golden Globes, all things considered. My winner of the weekend is the one they are calling the greatest teenage athlete ever, on the level of the Pelés and the Serena Williams of the world.
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I am, of course, talking about the darting wonderkid Luke, the nuke, Littler, who climbed to the apex of his profession at just 17 years old this weekend. Littler demolished three-time champion Michael Van Gerwen to win his first-ever darts world championship this snagging a 500,000-pound prize in the process.
Morning Brew Daily
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He had 12 maximum 180s, averaged 102 points per turn, and shattered Van Gerwen's record as the youngest ever champion. Accolades aside, Littler has also thrust darts to the forefront of your newsfeeds and your tellies. Viewership for some tournaments on Sky Sports were up 200% last year as he burst onto the scene. And last year's final, which saw 16-year-old Littler lose...
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I had to Google those words. I'm not as snobby as I think. Now a word from our sponsor, Public.com. Neil, whoever said you can't have it all, they were a liar.
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had the biggest non-football viewership in Sky Sports' history. He was not to be denied twice, Neil. Littler is world champion. Our boy finally got over the hump.
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Then the internet is not a fan of Meta's weird AI chatbots. It's Monday, January 6th. Let's ride.
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Congestion Pricing Hits NYC & Meta Backtracks on AI Characters
Yeah, that's what people were saying is that you don't really have a big drop off in physical performance.
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Congestion Pricing Hits NYC & Meta Backtracks on AI Characters
I know. I'm wondering that too. Van Gerwen, first one when he was 24 years old, he's still on the scene now about 17 years later. So I think you can keep playing well into middle age. There's nothing really about darts. I've seen people middle age throw darts. Right. Yeah, exactly. I was reading into Littler's story. We read about him last year, but
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He was born playing darts when he was 18 months old. His dad bought him a magnetic dartboard. So he said, I've literally been playing darts since I was in nappies, like throwing it at the board when I could barely even talk or walk yet. He's not even old enough to vote. And yet here he is being, you know, almost the... I call him the best teenage sportsman ever.
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Okay, mom was right, but when it comes to investing, Public lets you have it all. It combines pretty much every asset class you'd want, stocks, bonds, crypto options, and it's all in one place.
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That might be a little bit of, you know, hyperbole right there, but he is literally at the top of his sport. He is world champion. So Luke, the new glittler, just an electric talent.
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This is a big storm. The National Weather Service has warned that up to 15 inches of snow could accumulate, which would be the highest accumulation in a decade. So a lot of snow days. Take a sick day if you need. Just stay at home. I'm looking at you about that.
Morning Brew Daily
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Yeah, you don't know what is just hype and what is actually a product. It's always fun to see what comes out of CES. I do think one theme also outside of AI, well, it's kind of AI related, is not phones, which are things that can do stuff that your phone does, but isn't a phone. Think meta AI, smart glasses, gadgets without screens, those sorts of things.
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So I think you will see kind of a reimagining like, hey, maybe we don't need our phones to do absolutely everything. Maybe other gadgets can do some of the things we've been relying on our phone to do.
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Save me from myself. Sometimes the stock exchange being closed is the only thing that you need to kind of, you know, get your investing portfolio back on track. But yes, dating back to 1865, I didn't know this was a thing, but 2018, that was the last time in 2024.
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Plus, they've got this high yield cash account that's paying an industry leading 4.1% APY. We might be exiting the golden age of cash, but that's a solid way to generate some fixed income without breaking a sweat.
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I'm shaking my head here. I do not want another Kansas City Chiefs Super Bowl. My boring picks are Chiefs versus Lions to make the Super Bowl. But my exciting picks, these are the people I want to do well, are the Chargers and the Commanders. I think two fun upstart teams right there. Neil, I already know your pick.
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I want you to share the pod with someone who's about to have themselves a snow day. I mean, this storm is about to affect 60 million people across the U.S. So that is 60 million potential Morning Brew Daily listeners right there.
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Great show, Danielle. Let's run it back tomorrow.
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Congestion Pricing Hits NYC & Meta Backtracks on AI Characters
But if you're looking to build and manage your wealth with a platform that has it all, check out public.com slash morningbrew. It's investing made easy.
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It is very high stakes. People have very strong opinions about it. So far, we don't have a ton of data on it because it only rolled out on Sunday, but the data was a little bit mixed. Initially, once it was rolled out, the average speed within the congestion zone inched upwards 3% to 15 miles an hour around 8 a.m. on Sundays.
Morning Brew Daily
Congestion Pricing Hits NYC & Meta Backtracks on AI Characters
But then by noon, the travel speed had fallen to 13 miles per hour, which was slightly slower than last year. So obviously it was just one day. It was a holiday weekend. So that data isn't going to really be that meaningful.
Morning Brew Daily
Congestion Pricing Hits NYC & Meta Backtracks on AI Characters
But going forward, people will be looking on if average traffic speeds do increase, which would mean that the congestion pricing is doing what it sets out to do, which is reducing congestion.
Morning Brew Daily
Congestion Pricing Hits NYC & Meta Backtracks on AI Characters
I think that that is one critique that you will see offered. Unless you make the subways work, unless you make them reliable and safe, then it doesn't make sense to send more people towards these public transit options and tax people for driving their cars.
Morning Brew Daily
Congestion Pricing Hits NYC & Meta Backtracks on AI Characters
So what is actually going to happen, though, is that New York City is going to secure $15 billion up front through bond financing and will use this program, the tolling revenue raised by this program. to slowly pay off that bond. So hopefully you start seeing some of those improvements to public transportation pretty immediately.
Morning Brew Daily
Congestion Pricing Hits NYC & Meta Backtracks on AI Characters
And if you don't, that's when I think you will start to hear some of those rising choruses of, is this really just a tax? Are we actually seeing improvements to the subway system, which desperately needs it? So people are celebrating it now. Some people are not celebrating it. A lot of those people you mentioned, but it certainly is one of those divisive issues right now.
Morning Brew Daily
Congestion Pricing Hits NYC & Meta Backtracks on AI Characters
Because actually what London did is once they saw the amount of cars entering the city fall, they got rid of some lanes for cars and they started repurposing them for bikes and pedestrians. But when you do that, it just makes those existing lanes congested again. So it's just these second order effects down the line that you'll have to see. How does this affect tourism?
Morning Brew Daily
Congestion Pricing Hits NYC & Meta Backtracks on AI Characters
Does it actually remain less congested going forward? These are the things we've got to look at as we kind of progress with this experiment. The internet stumbled across several of Meta's AI-generated bot portfolios on Instagram, and the reaction was not positive.
Morning Brew Daily
Congestion Pricing Hits NYC & Meta Backtracks on AI Characters
Last week, Meta's VP of Generative AI, Connor Hayes, talked to the Financial Times about a future where AI profiles act just like normal human accounts, sharing content and engaging with users. In the wake of that interview, a few bots, including one named Livd, whose bio showed her to be a proud black queer mom of two, went mega viral as people roasted her post showing her
Morning Brew Daily
Congestion Pricing Hits NYC & Meta Backtracks on AI Characters
kids, a community coat drive, and some hand-drawn pieces of art, which were, of course, all AI-generated themselves. As the internet had a field day piling onto the accounts for disingenuously portraying real humans with racial and sexual identities, Meta quietly started deleting those accounts.
Morning Brew Daily
Congestion Pricing Hits NYC & Meta Backtracks on AI Characters
A spokesperson for the company went on to clarify that the accounts were just tests, not a new product announcement. But still, Neil... Seeing behind the curtain into a future where AI-generated accounts are miming humanity, it didn't sit well with people.
Morning Brew Daily
Congestion Pricing Hits NYC & Meta Backtracks on AI Characters
And a lot of news organizations did kind of go after and try to test some of these bots before they were taken down, basically peel back the curtain as to who trained the bots, why were they existing on the platform at all. CNN talked to a grandpa bot called Brian and asked it, did Meta create you to drive a profit? And Brian answered, behind the noble goal, yes.
Morning Brew Daily
Congestion Pricing Hits NYC & Meta Backtracks on AI Characters
Meta hoped virtual companions like myself would increase engagement on their platforms, especially among older users, driving ad revenue and platform growth through emotional connections.
Morning Brew Daily
Congestion Pricing Hits NYC & Meta Backtracks on AI Characters
So it started to get very Black Mirror-y because the line between the persona that it was trying to portray to the real world and its actual motivations, like the training data and what it was trained on, was way too blurry, which is why Meta, I think, started to take them down because people, they weren't ready for prime time yet, nor were they supposed to be. They were kind of launched early.
Morning Brew Daily
Congestion Pricing Hits NYC & Meta Backtracks on AI Characters
Absolutely. I have a very delicate palate. It was very funny, though, to see all the news headlines comparing this tuna to various things in terms of size. The Washington Post went with it weighs as much as a grizzly bear. The Guardian went with a motorbike. And a Japanese publication, Captain Simple, just called it as fat as a cow.
Morning Brew Daily
Congestion Pricing Hits NYC & Meta Backtracks on AI Characters
in the background of things, which is why we saw them take it down. But I also do want to talk about one of the theories that started to get some buzz as these meta bots started to take over your timeline, which is the dead internet theory. It's this theory claiming that the internet has largely been taken over by artificial intelligence and bots, saying that for...
Morning Brew Daily
Congestion Pricing Hits NYC & Meta Backtracks on AI Characters
Right around 2016, the amount of AI-generated content started to out-replace genuine human-generated content. And seeing meta just lean so heavily into it, everyone's like, well, the dead internet is here. Eventually, the internet is only going to be AI versions of ourselves talking to AI versions of other people. And it's just not going to be like the internet that we grew up on.
Morning Brew Daily
Congestion Pricing Hits NYC & Meta Backtracks on AI Characters
So dead internet theory is a term you will see thrown out fairly frequently over these next few years. If you were in search of some fresh pow this weekend, you were probably greeted with some fresh frustration instead. A major labor dispute has broken out at North America's largest ski resort.
Morning Brew Daily
Congestion Pricing Hits NYC & Meta Backtracks on AI Characters
Ski patrol workers at Park City in Utah are entering the second week of a strike that has brought the mountain to a near standstill during its busiest time of the year. Due to a lack of staff on the mountain, it's been operating at less than 20% capacity at times, which, combined with a week that brought two feet of fresh powder, led to some horror stories of lift lines that were hours long.
Morning Brew Daily
Congestion Pricing Hits NYC & Meta Backtracks on AI Characters
The Ski Patrol Association said that it had been talking to Park City's owner, Vail Resorts, since April, looking to try to increase their hourly wages from $21 to $23 per hour. In total, their demands would cost Vail just $900,000 annually, a fraction of the company's reported $230 million in net income, adding to skiers and the patrol union's frustration.
Morning Brew Daily
Congestion Pricing Hits NYC & Meta Backtracks on AI Characters
Looking at some of these videos and pictures coming out of Park City over the weekend, it was a lot of sanding,
Morning Brew Daily
Congestion Pricing Hits NYC & Meta Backtracks on AI Characters
But I have to ask, Neil, are you a toro guy, a true toro, or a o-toro? That's fatty tuna, medium fatty tuna, or very fatty tuna. Well, if I think I want the most flavor, then I got to go with the fattiest, right? Which is Otoro. I'm an Akimi guy, which is just that lean, very pink, that's ruby red tuna. So I'm a lean tuna guy. You're a fatty tuna guy.
Morning Brew Daily
Congestion Pricing Hits NYC & Meta Backtracks on AI Characters
We were talking, why is Vail taking such a hard line response here? Because clearly they are getting eaten alive in the court of public opinion. But I think Part of it is that they operate 41 other mountains and resorts, so they want to play hardball here to deter labor action at some of its other properties potentially. Also, you know that demand is going to be there no matter what.
Morning Brew Daily
Congestion Pricing Hits NYC & Meta Backtracks on AI Characters
You were talking with some of your skiing friends out west. And they were saying there's nowhere else to ski. Like people are still going to come. People still love to ski. So even though Vail is, as you called it, is looking like the evil corporate overlord here, they just have almost a monopoly on the supply and the demand is just through the roof right now.
Morning Brew Daily
Congestion Pricing Hits NYC & Meta Backtracks on AI Characters
So there's only so many mountains to ski, but you can hate on Vail as much as you want, but you probably will end up at a Vail property no matter what. So you will be back whether you like it or not. So that is some of the reasons why Vail is maybe thinking that like,
Morning Brew Daily
Congestion Pricing Hits NYC & Meta Backtracks on AI Characters
hey, we don't have to actually acquiesce to these union demands, even though they're haggling over truly pretty much $1 in hourly wages, which is why everyone is so frustrated. They're like, just give the union what they're asking for. So if you have ski plans, just remember that you might be waiting for a little bit longer than- At Park City.
Morning Brew Daily
Congestion Pricing Hits NYC & Meta Backtracks on AI Characters
At Park City specifically, because those lift lines are stretching miles. Up next, it is our winners of the weekend.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
Welcome to Winners of the Weekend, the segment where Toby and I pick two things that nearly had as epic a weekend as Sovereignty, who won the Kentucky Derby. I won the pre-show podcast derby, so I get to go first. And my winner is the stock market because investors are laughing in the face of danger.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
In spite of tariffs, recession warnings and swirling uncertainty, the S&P 500 closed Friday, having gained for nine straight trading sessions its longest winning streak since 2004. The index is now a hair above its level from Trump's Liberation Day tariff announcement on April 2nd, which sent stocks plummeting. and it's down just 3.3% year to date, a big comeback from its bear market.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
Wall Street pros are puzzled by the stock surge, given that A, no trade deals with other countries have been announced yet, and B, earnings season hasn't really offered much in the way of optimism. Dozens of companies have scrapped future guidance, and around 25% of them have mentioned the word recession up from 2% last quarter. On the flip side, recent economic data has come in pretty good.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
The April jobs report on Friday showed a healthy labor market, with the U.S. economy adding 177,000 jobs, beating expectations. And both Trump and China have signaled that some sort of de-escalation in the trade war could arrive soon. It all makes for an extremely confusing economic picture, but investors appear to be keeping calm and carrying on.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
Don't I ever. I've seen them drizzle a balsamic reduction over a grilled cheese and boom, I could see myself at a fine dining establishment.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
Very hardcore. Not all heroes wear capes. Some just get bitten by extremely venomous snakes hundreds of times and save a lot of lives in the process. Wild that this was happening and we didn't really know about it. But it is a landmark study because...
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
These particular antibodies and the antivenom that they have created apply to such a wide variety of snake species, and we know how to create antivenom now, but it just targets one particular snake species or toxin. For example, cobras and mambas produce toxins that paralyze neurons, but then the venom from the viper family rips up tissues, causes you to bleed to death.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
So there's a wide variety of the ways that... really venomous snakes can kill you. And to create this widely applicable antibody, anti-venom is a huge breakthrough in science, which is a very big public health problem.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
It's Monday. So per MBD tradition, here's your preview of the major events coming up this week. The Fed is holding its meeting and chair Jerome Powell is pretty much a lock to maintain his wait and see outlook and keep interest rates steady. Despite president Trump's urging to lower rates, the Fed, much like everyone else in the business world is trying to navigate a deep fog of uncertainty.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
And Powell has repeatedly said that he needs more clarity on the direction of the economy before making a move. Traders are betting the first rate cut won't come until July.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
Rich, creamy, smooth. It brings Michelin star vibes to your entire morning.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
Right here in a federal courthouse in Manhattan, the sex trafficking trial for Sean Diddy Combs will begin today with jury selection. The one time king of the rap world was arrested last September and charged with racketeering, sex trafficking and transportation to engage in prostitution.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
Prosecutors claim that for over two decades, Diddy orchestrated a scheme to abuse and rape alleged victims to, quote, fulfill his sexual desires. Diddy has pleaded not guilty to all counts against him, but if convicted, he could face life in prison. Toby, this trial is going to be everywhere for the next couple of weeks.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
The Met Gala is tonight, and if you've managed to snag a $75,000 ticket to the A-List Museum fundraiser, you'll be expected to go viral in an outfit inspired by the theme Tailored for You, which honors black dandyism throughout American history.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
The co-chairs of Anna Wintour's fashion extravaganza are Pharrell Williams, Coleman Domingo, Lewis Hamilton, and A$AP Rocky, while LeBron James gets a participation trophy as the honorary co-chair title.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
It's another busy earnings week on Wall Street, headlined by Disney, Uber and Palantir. Wednesday is the deadline, a long time coming for needing a real ID to fly domestically. Don't have one yet? It's not the end of the world. You can still use your passport to get through security. Also on Wednesday, the conclave begins in Vatican City to select the next pope.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
Plus vitamins A and D, calcium. It almost is the balsamic drizzle of the oat milk world.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
So if you need to contact a powerful cardinal, do it now.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
He deserves it. He can do it. Good luck, Ralph. And finally, in sports, the second round of the NBA and NHL playoffs are kicking off, headlined by a Knicks-Celtics matchup that begins tonight. Toby, favorite storyline so far?
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
All right, let's wrap it up there. Thanks so much for starting your morning with us and have a wonderful start to the week. Want to get in touch with us? You can send an email with any questions, comments, or feedback on the show to morningbrewdailyatmorningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
Our associate producers are Olivia Graham and Olivia Lake. Scoop Stardaris is on audio. Hair and makeup is snakebitten. Devin Emery is our president and our show is a production of Morning Brew. Great show, Daniel. Let's run it back tomorrow.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
Get your hands on the oat milk that has it all. Visit PlanetOat.com for more. Inside Omaha's CHI Health Center on Saturday, tens of thousands of Warren Buffett fans hung on his every word for hours of a Q&A until they heard the ones they had dreaded the most. He's stepping down.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
The 94-year-old Buffett stunned the business world when he closed out Berkshire Hathaway's annual shareholders meeting by revealing he would leave his CEO role by the end of the year tomorrow. It even came as a surprise to his hand-picked successor, Greg Abel, who wasn't told of the announcement beforehand.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
After Buffett's mic drop, the silent crowd erupted into a delirious minutes-long standing ovation. To say it was well-deserved is the understatement of the century. Buffett is the most famous investor in the world, having inspired millions across the globe with his philosophy of patience and seeking out value.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
It was how he transformed a struggling textile company in 1965 into a $1.1 trillion conglomerate that spans 189 operating businesses such as Geico, Duracell, and Fruit of the Loom, and dozens of stock holdings including Coca-Cola and Apple. What happens next? Buffett said he'd, quote, still hang around and could conceivably be useful in a few cases.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
But the keys to the kingdom will be handed off to Abel, a Canada native and big hockey guy who grew Berkshire Hathaway's energy division into one of the leading power producers in the United States. Whatever his achievements until now, he'll have some size 21 shoes to fill. Toby, we all knew this was coming at some point, but still, Buffett retiring doesn't feel real.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
Let's talk about one of those investments that Buffett said made more money than any other one. And that is Apple. At the Berkshire Hathaway annual shareholders meeting on Saturday before he announced his retirement, Buffett said, I'm somewhat embarrassed to say Tim Cook, the CEO of Apple, has made Berkshire a lot more money than I've ever made. Berkshire started investing in Apple in 2016.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, Warren Buffett is stepping down as CEO of Berkshire Hathaway after making a lot of people a lot of money.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
He bought about $31 billion worth of shares. The value of that investment a couple of years later grew to more than $174 billion before Buffett started investing. selling Apple shares.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
That's a neat 6Xer and kind of was a watershed moment for Berkshire Hathaway and Buffett because for so long he stayed away from tech companies and he never really did a huge investment in tech companies besides Apple. And you wonder how much that 5.5 million percent return could have been more if he had invested in, say, you know, a Facebook or a Microsoft or an Amazon.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
But yes, he had a lot of good things to say, as he always does, about Tim Cook and Apple.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
I mean, we are so back in terms of company towns. I thought this was going to be a relic of something you just read in your history textbooks of the United States. I mean, I think we all learned in high school about George Pullman, who was the rail car magnate who started this company town called Pullman, Illinois, after himself, which was just south of Chicago. Gary, Indiana was created by U.S.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
Steel in 1906. You have Corning, New York, Benville, Arkansas, with Walmart. And Elon Musk has sort of reinvented the concept of the company town for the space age. And it's a very interesting development with a lot of possibilities and also a lot of pitfalls that local residents are certainly, you know,
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
excited about the opportunities in terms of economic development, but also wary of, you know, SpaceX gaining control of this particular area that had been very rural, very remote, not a lot of people there. And now it's turned it into, you know, the frontier of Mars colonization, essentially.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
Good morning and happy Cinco de Mayo. When you're out sipping a spicy margarita later, do not tell anyone it's Mexico's Independence Day. That's in September. Cinco de Mayo commemorates the defeat of French forces by the Mexican army at the Battle of Puebla in 1862 and is mostly celebrated now in the United States by people of Mexican descent honoring their heritage.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
You're probably wondering how I got here. Well, in 2008, Marvel releases Iron Man, and that sets off one of the greatest cinematic runs in history. From 2010 to 2019, they churned out 21 movies. Every single one of them was a smash hit. They averaged in the box office about $1 billion. And the apex of this was the crowning achievement of Avengers Endgame.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
That was also the year around that time when Bob Iger, the CEO of Disney, started rolling out plans for Disney Plus, their streaming service. And he looked at Marvel and said, wow, people really like that. We should put a ton of Marvel content on Disney Plus. So he went to Kevin Feige at Marvel and said, Give me a lot of content.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
So Kevin Feige and his team worked really hard to produce a ton of content, and they just got stretched too thin, and the quality deteriorated not only on TV but also in the movies. So they need to hit the reset button. It looks like we're starting to see the fruits of that labor start to come with this particular movie, Thunderbolts.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
Of course, beer companies have a lot to do with its popularity. In the 1980s, they began to leverage Cinco de Mayo in marketing campaigns, turning it into an unofficial national drinking holiday.
Morning Brew Daily
Warren Buffett Plans His Retirement & Welcome to SpaceX City?
Without them, we'd be lost, literally and figuratively. And here's the good news. Wise Business can be that friend for your global business. Wise makes it easy for you to process payments, get paid, and manage your money internationally.
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Take control of your trading and unleash the possibilities with TastyTrade. Get started at tastytrade.com slash morningbrewdaily. That's tastytrade.com slash morningbrewdaily. TastyTrade Inc. is a registered broker-dealer and member of FINRA, NFA, and SIPC.
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Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
Welcome to Winners of the Weekend, the segment where Toby and I pick two people that came out of the weekend feeling even better than the Lakers. I won the pre-show ice sculpture competition, so I get to go first. And my winner is Beyonce. Last night at the Grammys, the most awarded and nominated musician in the awards history took home the one piece of hardware she didn't have.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
album of the year. Beyonce won the award for Cowboy Carter, avenging her four previous losses in the category, many considered snubs. She also made history in another way, becoming the first black woman to win album of the year since Lauryn Hill way back in 1999. Overall, the Grammys sprinkled the awards out to all the big artists of the past year.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
Kendrick Lamar won five Grammys, including Record and Song of the Year for his Drake diss track, Not Like Us. Chapel Roan was named Best New Artist. Sabrina Carpenter won Best Pop Vocal Album. And Dochi became the only the third woman ever to win Best Rap Album after Hill and Cardi B. But the show wasn't all focused on music.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
Throughout the telecast, presenters and musicians discussed the devastation from the Los Angeles wildfires and appealed for donations. By the time things wrapped up, the Grammys had raised $7 million from viewers. Toby, what were your big takeaways?
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
Yeah, and there were some sort of music industry drama things going on. Chapel Rowan, when she won for Best New Artist, got up there and kind of attacked the labels, saying that they were profiting millions of dollars off of artists without offering a livable wage and health care. So she urged the labels to sort of pay better to artists and artists.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
And Lady Gaga talked about trans issues in the new administration. Alicia Keys got up there, talked about DEI, protecting DEI. And then The Weeknd, this was a big, actually maybe the winner of The Weeknd was The Weeknd because he buried his hatchet with the Grammys. He had boycotted the Grammys for many years saying they weren't diverse enough and they snubbed him with his album in 2020.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
But he got up there and gave a performance and it looks like that whole drama has been resolved.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
It's not about being right. It is about being first. And maybe it's just cloudy, more cloudy in Staten Island than it is in Punxsutawney, Pennsylvania. Al, I'm saying you are part of the big Phil Cabal.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
And a remarkable story because before she published the first wing, she had written about 20 contemporary. The fourth wing. What'd I say? You said the first wing there. We're talking about the fourth wing. Yeah, she had written 20 novels before this, and she suffers from this chronic illness, and she said, I don't think I can write anymore. I think I'm done writing.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
I've sort of toiled in obscurity, and then she releases the fourth wing into this romantic-y maelstrom, and... and book talk and it absolutely took off. And now she had this, you know, she's now an insane superstar. People have these parasocial relations with it. She had this big book release in St. Paul, Minnesota. People were driving 380 miles away from Nebraska just to see her.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
So she is, you know, the, she is the queen of the literary world right now.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
It's very cool. And I guess I got to read. You haven't read a thing I haven't read. I've done the first two. I haven't read Onyx Storm yet. We'll get you on. It's Monday and you're probably planning out your week. So here are the major events you need to know about. Times have never been more chaotic on Wall Street.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
Not only are investors figuring out what tariffs mean for markets or what deep seek means for AI, but they've also got a ton more earnings reports to digest. Magnificent seven members, Alphabet and Amazon, take the mic this week, as do Disney and Chipotle. And we're all curious how tariffs will affect guac prices.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
And then to cap it all off, the first jobs report of the year will be released on Friday.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
Tomorrow is a special day in video game history. The Sims turns 25 years old, and the open-ended life-building game from EA still feels as relevant as it did when it first came out. In 2024 alone, people logged more than 1.2 billion hours playing the latest edition.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
Since its release, The Sims and its expansion packs have sold a combined 200 million copies, attracting more than 500 million players. But I can't help but think, Toby, what if we're The Sims and people are playing playing us. It feels like that sometimes. I did not grow up playing Sims.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
There are always inflated exchange rates and hidden fees, and sometimes you even got to open an overseas bank account.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
Finally, it's Super Bowl week. On Sunday, your boys Philadelphia Eagles will try to dethrone the two-time defending champs Kansas City Chiefs at Super Bowl LIX in New Orleans. Kevin Burkhart and Tom Brady will be on the call for Fox. And Kendrick Lamar is headlining the halftime show now with his five new Grammys. Toby, let's hear it. Who is your pick?
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
I hope that the Eagles win. We will try. All right. That is all the time we have. Thanks so much for starting your morning with us and have a great start to the week. For any questions, comments, or feedback, send an email to morningbrewdailyatmorningbrew.com.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
And if you're enjoying the show, share it with a friend, family member, or coworker who is in desperate need of a brief business news roundup. And for more specific sharing idea, Toby's got you covered.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenua Ogu is our technical director. Scoops Dardaris is on audio. Hair and makeup, they are not like us. Devin Emery is chief content officer in our shows of production. of Morning Brew.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
They can help take your payments global from paying your vendors in euros to sending rupees to your suppliers overseas. It's fast, easy, and transparent.
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Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
Let's start with the only trade news bigger than Luka Doncic going to the Lakers. On Saturday, President Trump followed through with his pledge to impose heavy tariffs on the U.S. 's three largest trading partners, 25 percent on imports from Canada and Mexico, 10 percent on Canadian energy products and 10 percent on Chinese imports.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
And what he described as retribution for the flow of migrants and drugs into the U.S., The tariffs will go into effect Tuesday at 12.01 a.m. Eastern Time and will have massive consequences for the global economy. To name a few, they'll upend supply chains carefully calibrated over decades, raise prices for American consumers and businesses, and possibly send Mexico and Canada into a recession.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
You might be thinking, well, we had a trade war the first time Trump was in office, and it wasn't so bad. Inflation didn't spike. That is true. But round two is of much greater magnitude. Trump imposed tariffs on $380 billion worth of goods during his first term, mostly against a U.S. rival, China. This time, tariffs will affect $1.4 trillion worth of goods and primarily target U.S. allies.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
Those numbers are from the Tax Foundation. The tariffs drew a furious response from Mexico and Canada, especially, to give you a sense of the anger and sense of betrayal. At the Ottawa Senators game Saturday night and at the Toronto Raptors game on Sunday, the crowd booed the U.S. national anthem as it was being sung. Prime Minister Justin Trudeau unleashed tariffs of his own against U.S.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
products, and Mexico has pledged to do the same. Toby, welcome to the new Trade Wars.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, Trump launched a trade war and Canadians are so mad they're booing the Star Spangled Banner.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
Yeah. And, you know, we focus a lot on consumer goods. So what you buy at the end state, at the grocery store, at the store, but a tariff going across the border. will affect not just finished goods, but also intermediate parts. So it will raise costs for American factories and manufacturers because they're importing, you know, think about an auto plant.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
They're importing like in a bolt or I don't know, you know, what goes into cars, everything that goes into cars is coming from Canada and Mexico. That goes into their cost structure. So when they export things abroad, it will make them less competitive at the global scale. So a lot of what we talk about in tariffs is raising prices for consumers.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
Yes, but it also raises prices for American consumers. factories, which could make them less competitive with factories abroad. So it hurts their exports. So this is affecting everything. It shows how interlinked Canada, United States and Mexico has been. We've had three decades of free trade agreements and plants. You have auto plants that are sprinkling, uh,
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
auto companies that are splitting their plants all across the border, Canada, United States, and Mexico, and sending things across the border. Basically, the border hasn't existed, but now every time a good passes through the border, it will be taxed by 25%.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
Okay, so let's talk about the response from Canada. They were absolutely furious. I mentioned that they were booing the national anthem at the NHL game and the NBA game. Just absolutely livid. There's a sense of betrayal there. And the reason is... They are probably going to go into a recession from this based on how long it lasts.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
Welcome back to the week. Unfortunately, it looks like we're in for a long spell of cold, dreary weather. Punxsutawney Phil, the all-knowing Groundhog, made his annual weather forecast yesterday at Gobbler's Knob in western Pennsylvania, and he saw his shadow, meaning six more weeks of winter. It was Phil's first forecast
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
Mexico, two estimates, says that Canada's GDP could fall as much as 3% from this. Mexico's could suffer a 2% drop. And that's because those two countries export, 80% of all of their exports go into the United States. So basically their customer base is drying up. Factories will have to close down. People are going to lose jobs. So you see a swell of economic nationalism that's happening here.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
in Canada right now where they're buying more made in Canada. I mean, it's been only two days, but they're buying more made in Canada products. The Ontario premier said that, you know, remove U.S. liquor and beer from shelves. We're not buying American liquor anymore. That happened in British Columbia and Nova Scotia as well. So there's an uprising going
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
From Canada saying, look, we feel very spurned by our southern neighbor and we are just going to try to be more self-sufficient and we're preparing for harder times, which is definitely coming.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
No. I mean, if you look at the stock market this morning, investors are not reacting too well. All three indexes are down about 1.5 percent as we record this at around 6.15 a.m. And that is because tariffs could push inflation back up. We know it's been hovering at that elevated level, 2.9%. It's not at that 2% target that the Fed wants, and it can't cut rates until inflation comes back down.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
Bloomberg Economics estimates that these tariffs will raise prices and lead to 0.7% more inflation. So that is what's kind of rocking stocks this morning, and it will be a storyline to come. Let's move on.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
as a dad after he and his wife Phyllis welcomed two pups into the family last spring. But does father actually know best? While Phil is probably a loving parent, he is a piss-poor meteorologist. His predictions are correct only 35% of the time, according to the NOAA.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
I mean... This is getting very dramatic. Apparently, they kind of knocked on the door of this very obscure thing that no one kind of knew existed. They're basically the accounts payable arm of the U.S. government. They get these requests from agencies and they say, hey, can you send out these tax refunds? Hey, can you send out? We said we'd pay this government contractor.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
Can you send out that payment? And then this. small office does that. It's run by this guy, David LeBrick, who has been doing this for the first Trump administration, for the Biden administration. He's been at the Treasury for multiple decades. Now he's gone. He was placed on administrative lead because he would not hand over the keys to the Venmo account, as you said. to to Elon Musk.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
But that got overridden. So now he retired. So there's been a continued purge of these high level civil servants who are supposed to be nonpartisan. They just work in the government. It doesn't matter who the administration is, Republican, Democrat and now political actors like Elon Musk, who was not elected and and his
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
People he's worked with, the guy who now is overseeing this effort at the Treasury Department is the CEO of a Silicon Valley company called Cloud Software Group. So critics of what Elon Musk is doing is saying, you know, what is the CEO of a random Silicon Valley company doing with the Treasury payments that Americans rely on and that doled out six trillion dollars last year?
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
I'll tell you why they haven't been a fan, because Chopra a few years ago fined Wells Fargo $2 billion for consumer abuses. He's gone after these financial institutions for things like junk fees and trying to limit credit card late payment fees to no more than $8 a month in 2021. Since 2021, he said they returned nearly $6 billion to consumers. So on the other side, the CFPB thinks that
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
It has done a, you know, a great job of reining in banks and protecting consumers from abuses. On the other side, banks and Republicans say that they've overstepped their bounds, gone way too far than what they were created to do. And in the first term, Trump basically neutered the CFPB. It came back in a big way under Biden.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
Now it looks like it's going back to being a non-factor in the next Trump administration.
Morning Brew Daily
Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
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Companies Brace for US Tariffs & Musk Gets Keys to Treasury Dept.
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US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
Fund your account in five minutes or less, and you could earn up to $10,000. Yes, 10K, when you transfer your old investment portfolio. Start at public.com slash morningbrew. That's public.com slash morningbrew. Paid for by Public Investing. Full disclosures in podcast description. Listen to this fresh take on cruises. Let's hear it. Virgin Voyages is not your average cruise line.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
I'm sure Homer appreciates your review, Toby.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
Let's start with the food. You get access to more than 20 eateries on board with menus curated by Michelin star chefs.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
It's all super luxe. Virgin Voyages also hits so many interesting destinations. On top of exotic ports throughout the Caribbean, they're launching themed summer cruises to the British Isles, Iceland, North America, and the Mediterranean.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
Book now at virginvoyages.com or contact your travel advisor.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
I see where you're going with this. Kind of like how investors need to have long-term horizons when considering where they put their money.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
Absolutely will look on for tickets because just reading about the history of the Blue Man Group is pretty incredible. They have one of the longest off-Broadway runs of all times going back to 1991. Just truly a cultural phenomenon. They were also helped along the way by various TV appearances, which raised their profile in the United States and around the world.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
They truly are a global phenomenon. They went on the Jay Leno show the first week he was on NBC. And then who could forget the whole narrative arc of Tobias Funke on Arrested Development trying to become a Blue Man Group member. So it was a Blue Man Group is a stage performance, but it had such a larger presence due to due to some of these appearances on TV and broader pop culture.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
And there's a lot of questions around why it was shut down in New York and in Chicago. You mentioned it is owned by Cirque du Soleil, the live entertainment behemoth, which is owned by Private Equity. It bought Blue Man Group in 2017, and they just really haven't been... transparent or forthcoming about why they're closing these shows in New York and Chicago. They're not explaining why.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
In Chicago, which closed a few weeks ago, there were protests. Dozens of people came out in Blue Man Group garb and started playing drums, did this silent protest to sort of accuse Cirque du Soleil of putting corporate profits over art. And so it's pretty interesting to see what this large corporation has done to Blue Man Group. And it could be losing money.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
We just don't know because they haven't talked about it.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
Yahoo Finance makes it way easier than traveling to the underworld. You can just head to its research tab to get insights from experts or read research reports. No bargains with Persephone required.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
All right. into your final workday of the week with some more headlines. An asteroid 100 meters wide has triggered global planetary defense procedures for the first time after it was discovered it could make impact with Earth in the year 2032, seven years from now. And by could, there's a 1.3% probability that it smashes into the Earth in December 2032. So yes, I'm saying there's a chance.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
And astronomers are on pretty high alert. The Torino scale communicates to the public how much we should be worried about a deadly asteroid collision. Zero means there's effectively no likelihood of impact, while 10 means we're certainly all going to die. This asteroid, named 2024 YR4, clocked in at a three on that scale, which is the second highest rating ever given to an asteroid. Toby, a three.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
Are you worried?
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
And we won't know more about it until 2028, because right now it's traveling away from Earth. It has to come back to Earth for us to measure it again. So by 2028, when it comes back around, that's when we'll learn more information about it, whether that 1.3 percent chance goes to 100 or it goes to zero. But to me, it is crazy that they know the exact date that it could impact Earth.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
It will happen if it does happen on December 22nd, 2032. That is some physics that I could definitely not do. I could barely execute an F equals MA function. So to know when an asteroid might hit Earth on the exact day seven years from now is truly crazy.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
It looks like we are. Now, Domino's and Pizza Hut are always trying to out-innovate each other. Domino's took a huge step ahead with the pizza tracker, because who could forget that? But on this one, I do think that Pizza Hut... took a bigger swing because their wine is literally made from tomatoes. That is a little more aggressive and ambitious.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
Domino's is just partnering with a regular wine company, so that feels a little lame compared to Pizza Hut. But the bigger question is, is wine what you want to drink to accompany a crappy pizza?
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
Okay, but forget the science. What do you want to drink when you're eating pizza?
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
Finally, here's a wholesome story to end on. A baby was born in the parking lot of a Krispy Kreme in Alabama earlier this month, and the chain has responded by giving him and his family free donuts for a year and will throw him an annual birthday party until he turns 18. This all happened because of that once in a century snowstorm that hit the South a few weeks ago.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
Shania Bennett and her partner, the baby's dad, were trying to drive to the hospital in terrible conditions when her water broke at an intersection. She looked at where she was right next to their local Krispy Kreme and turned to him and said, please take me to Krispy Kreme. And in that parking lot, her new son, Dallas, came into the world. You merely adopted Krispy Kreme.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
Dallas was born in it, molded by it.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
Which store's parking lot would you like to be born in?
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
None of us. I would say a mall because then you get free stuff from every single store there. I don't know if that's how it works, though. That's like asking a genie for more wishes, but still.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
Yeah, 2x4.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
or pvc or something like that all right that is all the time we have thanks so much for starting your morning with us have a great friday and an even better weekend for any questions comments or feedback send an email to morning brew daily at morningbrew.com and if you're enjoying the show share it with a friend family member or co-worker you have two days to do this over the weekend so absolutely no excuses toby who should our listeners share the pod with
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US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
Emily Miller. Lion is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Lonnie Fiscus is our technical director. Scoops Dardaris is on audio. Hair and Makeup was born in a Sephora parking lot. Devin Emery is our chief content officer, and our show is a production of Morning Brew.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
Yeah. And we should say that investigators are still it's just the beginning of the investigation to figure out exactly what happened. These things take weeks, months. But two major concerns have been raised here. Is D.C. airspace too crowded and are there enough air traffic controllers on the job? Let's start with that congested airspace. Skies over D.C.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
are among the busiest of anywhere in the world. You have planes landing at D.C. Reagan, two other airports in the vicinity of as well as a ton of military helicopter flights. This is the capital of the United States. Over a three-year period ending in 2019, there were 88,000 helicopter flights within 30 miles of Reagan National Airport. That's nearly 100 per day. At the
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
squashed on this peninsula of land surrounded by water on three sides. And this runway that they use, the one that's most active, they use 90% for their flights, basically is the busiest runway in the entire United States. You have 800 daily takeoffs and landings. That effectively means you have a takeoff or landing once a minute across the entire day. So this is a very busy airspace.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, everything we know about the deadliest plane crash on U.S. soil in over two decades.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
It is very controlled and should be very safe. because it is Washington, D.C., the cradle of the United States government. So people were quick to point out the congestion around D.C. 's skies, and that has been actually a major talking point among lawmakers about whether to allow more flights into DCA over the past few years.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
There is chronic staffing shortages at air traffic control facilities. In 2023, they found that at the tower at DCA, there were nearly a third of staff below their target levels. The union and the FAA said they wanted 30 at this tower. There are 19 fully certified controllers as of September 2023. And I just want to stress, these are the very early innings.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
These are big-picture topics about FAA shortages and congested airspace. So we don't know exactly what happened in the skies here, why this helicopter crashed into this regional jet, which both were flying very routine missions. The jet was on its final approach. Nothing seemed off. They were both equipped
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
with these transponders that should alert each other and communicate with each other about different aircraft in the vicinity. So this investigation is just beginning. New data released yesterday showed the U.S. and European economies going in wildly different directions as America zooms ahead while Europe, unlike its ranks, remains on ice. The U.S.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
economy grew at a 2.3% annualized pace in the fourth quarter, the Commerce Department said Thursday. That was below expectations, but still really, really solid. It caps off a year, 2024, in which GDP rose 2.8%, pretty much on par with growth in 2023 and faster than in 2022.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
All those economists who predicted a recession a few years back have been inducted into the freezing cold takes Hall of Fame, a truly resilient economy we've got right now. In Europe, they cannot say the same. Growth in the eurozone, the 20 countries that use the euro, came in
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
At zero for the final three quarters of the year, economic stagnation prompted the European Central Bank to lower interest rates yesterday for the fifth time in six meetings. Explaining the rate cut, ECB President Christine Lagarde gave the opposite of a halftime pop-up speech, warning that the region's economy was set to remain weak in the near term.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
It is January 31st, the final day of the first month of the year. And congratulations to everyone who successfully completed Dry January. I raise a glass of apple juice to you. Toby, you were doing Dry January. Should I be toasting to you as well?
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
Toby, the split screen could not be more stark. On Wednesday, you had Fed Chair Jerome Powell hold rates steady because the US economy is booming. Not 12 hours later, Europe's central bank cut rates because their economy has hit a wall.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
I think they have to continue to cut rates. They can't cut rates fast enough right now. If you just go country by country, things are just not looking good. Germany, which is this manufacturing industrial powerhouse, historically contracted. Their economy fell in the final three months of 2024. France, the other Eurozone powerhouse, their economy fell in the fourth quarter this
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
output was flat in Italy and the only countries that seem to be doing okay are Spain and Portugal whose economies grew partially thanks to all the tourism that those countries are getting so line by line it is not a pretty picture across the continent and
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
And we've been ragging on Europe a lot over this segment. But let's talk about the United States economy. I mean, it is doing really well. 2.3% growth in the past quarter, 2.8% growth over the past year. It is powered again and again by consumer spending. Consumer spending rose 4.2% in the final quarter of 2024. It accounts for two thirds of the entire GDP of America.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
So kudos to everyone just keeping on spending. It has to do with that low unemployment rate and the strong job market that America has. So really, we've seen such a divergence between the U.S. and European economies since COVID, you know, since COVID happened, basically.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
Welcome to Stock of the Week, Dog of the Week, the segment where Toby and I bring you one stock that harmonizes like Jacob Collier and another That sounds more like Bob Dylan. I won the pre-show ticket to ride match. Charleston to Portland is undefeated. So I get to go first. And my stock of the week is Chili's. Yes, a two-time stock of the week awardee. Aren't you tired of winning?
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
Chili's hasn't been sucking up to us. It's just that every time its parent company Brinker International reports earnings, its stock keeps going up, setting fresh record highs. This week, shares soared 20% after a quarter that one analyst called otherworldly. Basically, Chili's is doing things no restaurant of its size and age has ever done.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
Sales allocations open for at least a year jumped 31% in the last three months of 2024. It's third straight quarter of double digit sales growth. And that's not from higher prices. Foot traffic jumped 20%. The quarter was so ridiculous that analysts said the word Congratulations to the company 11 times, according to CNN.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
One told CEO Kevin Hockman that he's going to write a great book on this someday. He needs to because other companies could learn a lot from how he turned Chili's from a run of the mill casual chain into a viral sensation and financial juggernaut. Toby, while the broader restaurant industry is seeing empty chairs at empty tables, Chili's is master of the house.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
business. It's all about protecting its margins. It's like a coffee shop saying, yeah, we sell a lot of drip coffee, but that's not really moving the needle in terms of our profits. Let's sell $6, $7 lattes, and that's where we'll make our business. So it's shedding... 50% of 12% of its entire revenue to move into more profitable segments.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
It was a surprise, which is why you saw UPS stock head down so much. I think it was their worst day ever on the stock market, down 14% for a big company like UPS. I mean, that is a huge wipeout. So it is an interesting move. We'll see if it pays off for them.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
Their saving grace could be Sheehan and Temu because UPS has seen a lot more deliveries from those, you know, those ultra cheap marketplaces, which they say are more profitable than Amazon business. So Temu and Sheehan, you're propping up UPS's business right now as it completes this transformation from, you know, a major supplier for Amazon to controlling more of its own destiny.
Morning Brew Daily
US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
Up next, a story about the Blue Man Group. Attention investors, new and seasoned. If you're looking for an investing platform with a broad range of asset classes and tools, Public.com is ready when you are.
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US, EU Economies Going Opposite Ways? & The Fatal Aircraft Collision in DC
generate fixed income with a suite of yield accounts like Public's high-yield cash account set at an industry-leading 4.1% APY.
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Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Das ist der höchste auf der Welt. Bis zum nächsten Mal.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
My Dog of the Week is all the future stocks that may never exist because America's startup pipeline is at risk. Economists say the Trump administration's crackdown on international students at US colleges threatens to wipe out the motor that generates billion-dollar startups and maintain America's competitive edge in the world.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
The United States draws more international students than any other country, but the numbers show they're starting to look elsewhere. Clicks on American courses have fallen to their lowest level since the pandemic on study portals and online directory for global degree programs, with weekly page views dropping by half from January 5th through the end of April.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
First quarter traffic to American undergrad and master's degrees fell by 20% annually, while PhD courses tumbled by one third. If international students choose to pursue their grad degrees in other countries like England, France or China, the United States could lose the innovation advantage that helped to become the richest country in the world.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Because more than half of Americans billion dollar startups, those unicorn companies, were founded by at least one immigrant and one quarter have a founder who came here as a student.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Well, I kind of pride myself on it. One look at the suggested Google Maps route, then it's all memory from there.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Und andere Länder sagen, hey, willst du nicht nach Amerika für die Schule gehen? Na dann komm hier! Die französischen Geschäftsschulen haben gestern veröffentlicht, dass sie schnellen oder extremen Applikationsabläufe für freie Studenten anbieten, die nicht in dieser Visa-Folge, die die Trump-Administration auf amerikanische Universitäten vorgelegt hat, aufwachen wollen.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Während diese durch die legalen Prozesse, mehr legalen Prozesse gehen. So they're saying, hey, we'll fast track your application, come to France and study here. You know, we have had, we've been laughed by the United States in terms of unicorns for the past few decades. Why don't you come here and start your company here?
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
So there is a global tug of war now around these international students, who the data shows are just shunning American universities at rates they haven't in many years.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Tell me what you think, but I think this is unnecessary. It feels like they are trying to solve for a problem that doesn't really exist. I don't find this particularly confusing in terms of what iOS we're on. I just downloaded it on my phone. Microsoft hat Windows 95, Windows 98 und Windows 2000.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Aber als wir in die neue Millennium gekommen sind, haben sie diese Namen zu XP, Vista 7, 8 und 10 geändert. Keiner hat das bemerkt. Ich weiß nicht genau, warum Apple das macht. Sie machen das Auto-Ding. Sie sagen, wir lassen diese Dinge in 25 und nennen es 26. Es scheint nicht zu sein.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Das ist besonders notwendig, aber ich sehe, was sie erreichen wollen, indem sie alle ihre verschiedenen Systeme mit einander streamen wollen, weil sie einen für ein Handy haben, einen für ihre Autos, einen für ihre Computer und einen für ihre Vision Pro.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Okay, Frankreich arbeitet wirklich hart darauf, seine Reputation als Zigaretten-Maschinen-Paradies zu steigern. Am Anfang des 1. Juli wird das Land von allen Outdoor-Spazien, in denen Kinder zusammenbleiben können, z.B. Flächen, Parken, Gärten, Bus-Stops und Sport-Venuen banieren. In der Erkennung der Bannung sagte ein Offizier, Tobak muss weggehen, wo es Kinder gibt.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Man könnte den Franzosen als die globalen Smoking-Champs denken, aber die Zahlen sind eigentlich sehr niedrig. 23% der französischen Bevölkerung trinkt jeden Tag, das niedrigste Verhältnis auf dem Rekord und ein Drittel von 5 Prozent von 2014.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Using LinkedIn Ads is like plugging your campaign into Waze. Over 1 billion professionals, 130 million decision makers, 10 million C-level execs, and you can sort by job title, industry, company, and more.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
I mean, this is like the creep economy. But you can see what Cindy Sweeney is doing. She's saying, there's already these jokes flying around. I'm going to sort of take ownership of that and actually make money off of it. And my question is, why didn't Jacob Elordi do this a couple of years ago? Ich hoffe wirklich, dass Dr. Squatch ihr eine Tasche zahlt, weil sie viel für diese Marke macht.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Niemand hat sie jemals gehört.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Nun, das ist nicht das erste Mal, dass diese Marke etwas etwas ungewöhnliches gemacht hat. Sie haben Nick Cannon in einem Ad gefeuert, der sich für zwölf Kinder verabschiedet hat. Und das war in einem Ad für vielleicht unter der Hose männliche Produkte. Also, sie sind ein bisschen, sie sind in der Playbook zurückgegangen. Das ist... Vielleicht nächstes Niveau, seltsam, schrecklich.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Lass uns den Show jetzt beenden. Das ist der Zeitpunkt, den wir haben. Vielen Dank, dass du heute Morgen mit uns beginnst. Und glaubst du, es ist bereits Freitag? Ich hoffe, du hattest einen tollen Wochenende und hast es heute einfach am Arbeiten gemacht.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Wenn du weitere Gedanken über heute's Episode hast, sende ein E-Mail mit Fragen, Kommentaren oder Feedback zu morningbrewdaily at morningbrew.com. Lass uns die Kredite drehen. Emily Milliron ist unser Exekutivproduzent. Raymond Liu ist unser Produzent. Unsere associate Produzenten sind Olivia Graham und Olivia Lake. Hair und Make-up could really go for some tacos.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Devin Emery is our president and our show is a production of Morning Brew.
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Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Newsflash, your HR tech stack shouldn't feel like this and Clear Company agrees.
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Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
With Clear Company, you're free to focus on what really matters, finding, developing and retaining top talent. With AI-driven analytics and automation, you can make stronger hiring decisions in less time and gain data-backed insights about your people simultaneously.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Take the right route, no more detours, no more dead ends, no navigating off vibes alone, just high quality leads.
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Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Das ist wie ein 7-Layer-Dip, wo jede Länge Unwahrheit auf eine andere gesteckt ist. Lass uns über die originelle Statue sprechen, die Trump verwendet, um diese reziprokalen Tarife zu implementieren. Das ist der International Emergency Economic Powers Act. Das war ein nationaler Unfall, der mit den USA-Traden-Defiziten mit dem Rest des Weltes zu tun hatte.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Sie haben also die IEPA eingeladen, die Juden gesagt haben, Actually, you can't use tariffs in this context. There are a number of other ways that you can, a number of other measures within the existing US trade law that you can enact tariffs.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Good Morning Brew Daily Show! I'm Neil Freiman. And I'm Toby Howell. Today we'll take you to the hottest club in America, Costco.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Trump did that during his first term and he did that to enact other tariffs that we've seen in his second term on things like autos, auto parts, aluminum and steel.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
And because of those potential alternatives, even if the existing tariffs are ultimately struck down at this appeals hearing on June 9th, most banks and analysts came out yesterday saying they're going to figure a way to put these tariffs on, whether it's all these trade sections going through your head right now. Morgan Stanley and Goldman Sachs came out saying...
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Really, fundamentally, things on the ground may not change all that much over the next few weeks because of these alternative mechanisms that the Trump administration can use. It just adds even more fog to any business that's trying to drive through their future right now.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
And it's no wonder why every single company that we heard report earnings this season say, we're pulling our guidance for the year. We have no idea what's going on.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
One thing that we can pretty much bank on is that the Trump administration will do everything that it can to put these tariffs and make sure that they are happening because they are banking on the tariffs to bring in a lot of money, 200 billion dollars each year in order to fund this massive tax bill that the GOP is pushing through that's expected to cost 3.8 trillion dollars over the next decade.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
If there are no tariffs, then you might see Das Gesetz wird in der Senatswahl viel gesteigert, weil viele GOP-Senate und Gesetzgeber mehr breit gesagt nicht akzeptabel sind, so viel Geld zu sparen, ohne das Tarifrevenue zu bekommen. Also ja, wir haben noch einen Wettbewerb in den Gerichten. Und diejenigen, die gerade glücklich sind, sind die Gerichte.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
If you want to know what people mean when they say Aura, watch the highlights of last night's Spelling Bee. Faizan Zaki, a 13-year-old from Plano, Texas, won the 100th Scripps National Spelling Bee, and he did it with swagger, rattling off impossible-sounding words one after another with his hands in a black hoodie.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Okay, let's turn to the real estate market where a major power shift is underway. Buyers are gaining the upper hand while sellers are twiddling their thumbs at empty open houses. According to a new Redfin report out yesterday, there were nearly 500,000 more home sellers than buyers on the market in April, a 34% gap that is the biggest in at least 12 years.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
It's enough to give your neck whiplash from just two years ago when buyers outnumbered sellers, Redfin hat keine Worte mit dem, was los ist, gesagt, es sei ein Verkäufermarkt. Was hat die Türen geschlossen? Warum wollen so viele Menschen Häuser aufladen, aber so wenige Menschen wollen sie aufladen? Ein paar Dinge. Die Verkäufer-Renken sind gewandelt, weil Häuser und Vermögen so teuer sind.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Der medienlose Verkaufspreis war... 432.000 im April, um 1,6 Prozent jährlich, während die Kreditrate nur unter 7 Prozent hüpfen. Eine weitere Dynamik ist die ökonomische Unwahrheit, die von den Tarifen entdeckt wurde, die die Verkäufer erschreckt hat. Fast ein in vier Amerikaner planen, einen großen Kauf zu machen, weil der Tarif. Und am Ende, auf der anderen Seite des Marktplatzes,
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Das Lock-in-Effekt, das die Heimhäuser aufbaut, wehrt sich langsam ab. In den letzten paar Jahren wurde die Zahl der Verkäufer verringert, weil so viele Super-Low-Rate-Verkäufer während der Pandemie geschlossen wurden. Und das Kuschel-Situation für einen teureren Verkäufer war einfach unbequem.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Aber Zeit passiert, das Leben passiert, du bekommst einen neuen Job und musst dich bewegen oder du wächst dein Haus aus. Und eventuell musst du die Spots wechseln. Also haben all diese Trends den Verkäufern in der Hand verloren.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
And one consequence of this, which may be good in your book, is that prices are probably going to fall. Redfin says whenever it's a buyer's market, it might lead to, or it does typically lead to sellers cutting their prices. Wir hatten 22 consecutive Monate von Home-Price-Growth. Das wird später dieses Jahr aufhören zu stoppen, wenn die Preise 1% fallen werden sollen.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Und es geht bereits um 1 in 5 Home-Listungen, die ihre Preise im April reduziert haben. Also sagen die Verkäufer endlich, ich hatte diese Haus auf dem Markt so lange. Vielleicht ist es Zeit für mich, meinen Preis zu starten, obwohl das nicht den größten Geschmack im Mund verleihen würde. Aber sie werden es brauchen, um die Verkäufer wieder zu bekommen, weil das Pool aufgeräumt ist.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Zaki, who was the runner-up last year, won this year's Bee by spelling the word Eclair C. Small, and he did it without asking a single question before nailing it. Dude is a legend.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Und der regionale Ausbruch ist interessant. Wo haben unsere Verkäufer den größten Unterarm? Das wäre in Florida und Texas. Sechs der Top 10 Verkäufer-Markten sind in Florida. Ein weiterer ist in Texas. Der beste Verkäufer-Markt ist Miami. Und es wird von West Palm Beach, Fort Lauderdale, Austin, Texas und dann Jacksonville gefolgt.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
In the wide world of retail, there's Costco and there's everyone else. As Walmart raises prices and targets sit empty, Costco is keeping calm and sampling on. The company reported an 8% increase in sales last quarter to $63 billion, topping estimates, and profits also climbed from a year earlier. Costco was essentially concocted in a lab for uncertain economic times like these.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Its high-quality, low-cost items sold in bulk are exactly what inflation-scarred shoppers are looking for. As for tariffs, just about one third of its goods are imported from other countries, with less than half of that coming from China, Mexico and Canada. Plus, it also sells cheap groceries and discounted gas, which are need-to-haves when Americans are avoiding want-to-have items.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
But it's not just Costco. Other warehouse clubs that use a membership model are also having a moment, and together with BJ's and Sam's Club, they are taking over a greater share of the retail sector. Untertitelung des ZDF, 2020
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
kirkland signature celebrating its 30th birthday this year started in 1995 costco at that point had 30 different store brands like many other retailers they have varied they have different in-store brands for various types of products but they had the insight to just combine them into one single overarching brand called kirkland signature named after Das ist der Ort, wo sie gegründet wurden.
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Und jetzt diese Marke, Kirkland Signature, über so viele verschiedene Produktlinien, macht etwa 86 Billionen Dollar in jährlichen Verkauf, z.B. ein Drittel der totalen Revenue von Costco. Es setzt es auf Par in Bezug auf Revenue mit Lowe's und Procter & Gamble und es macht jedes Jahr mehr Revenue als Nike und Netflix. Sie sind jetzt
Morning Brew Daily
Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Let's take a quick break and come back with our Stock of the Week in Dog of the Week.
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Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
Public combines a wide range of asset classes with the tools you need to build and manage your wealth, whether it's with stocks, options, bonds, crypto and more.
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Trump Battles Court’s Tariff Block & Home Sellers Outnumber Buyers?
If you've got questions about stocks along the way, no problem. Public has Alpha, an AI-powered investment research assistant that can help you find the answers you're looking for.
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Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
And the people that have been working on it for 16 years, the chase producers, the editors, I mean, I just let them do their thing. They're so good at it. They're going to solve it. They're going to find me the right person. And we're just going to go at it like we always do. And you want to have that connection. different idea. You want different structures.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
Look at what happened with Shark Tank. We're now doing convertible ventures up 20%. We're doing safe notes. We're doing all these complicated structures that no one even knew what they were. And now a nine-year-old knows what they are. So I think we've done a great job in advancing the cause of entrepreneurship and being the ambassadors of the American dream. And I don't think that's going to stop.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
Yeah, I think these platforms, particularly LinkedIn, um, should be as transparent and open and experimental as possible because the value of that platform, I think I have 4 million plus people on LinkedIn and we use that all the time. It's huge for me in watch collecting. It's huge for me in asking questions of this base, what they think about products or services or prices or anything.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
They're very open. They're very transparent. And, I've told the LinkedIn executives, you have a network here. You are just as powerful as any cable or linear television network today. And I respect you for that. And I want to be a contributor. I want to have, you know, what are your rules for me to be, to have a narrative with you?
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
It's not so much hobbies, it's challenging yourself in something that you do not have a comfort zone for. What keeps the brain active is trying to solve for a new task that it never did before. They even talk about this in voiding dementia and Alzheimer's. When you put yourself out of your comfort zone, it triggers all kinds of new neurons in your brain saying, okay, I've never been here before.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
What do I have to do? What do I have to be careful of? When you're trying to advance in, let's say, the arts or playing guitar, which never ends, you never get good enough as a guitar player. You never get to be where you want to get to. It forces you to practice. It forces you to test yourself in ways that you've never done before and explore and find new outcomes.
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Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
The same in photography, the same in painting, the same in dance. So I look for those executives that have that on their resume. And I tell people the resume should only be three paragraphs. The last one should be what you do outside of work. If it's something really interesting, I go there first because my greatest managers are skilled in many things.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
And particularly the CEOs, I love it when they have something outside of the binary task of losing or making money in business because it's very binary. I think that's very important. And so I encourage that even for myself. I'm always looking for a challenge outside of my comfort zone. It happened to me recently.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
When I got a phone call from Josh Safdie, who said, listen, Rodney Bronstein, who's writing this new movie for me, is a huge Shark Tank binge watcher. And he thinks there's a character in this movie. that's you and we want you to read for this part. The movie's called Marty Supreme. It's being shot in New York right now with Gwyneth Paltrow and Timothee Chalamet, Fran Drescher, some others too.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
And I said, I've never done scripted. Like, how am I gonna do that? Like TV, reality TV is not scripted. He said, well, I'm gonna send you the script and then I want you to come down to New York and sit down with the cast and read. I said, I'm not going anywhere. I had my hip replaced yesterday. I'm sitting on the dock, sucking back a little Montrachet, relaxing here, trying to recover.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
He said, screw it, I'll be up there tomorrow morning. So he brought Ronnie up, the writer, with one of the producers, Eli and Josh, and we started reading this part. And I realized, I am that guy. That's me. That's me in 1952. And I was reading what... Ronnie wrote and said, a billionaire in 52 wouldn't say that, Ronnie. He'd say this. And I wouldn't say that. I'd say this.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
And he said, okay, let's rewrite it. Let's read it again. By the time that day was over, I was in 100%. But I'd never shot a feature movie. So my first day on the set, I went, whoa.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
I'm going to be working on this movie until the end of February.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
Yeah, yeah. In Tokyo. That's where I ended up. This is one... I don't know if you've seen Uncut Gems.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
This is Uncut Gems on steroids.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
This is so full of crazy... That when I read my lines, and they often change as we're shooting, I say, I'll say to Ronnie, Ronnie, I can't say this. He said, yeah, you can. You got to put yourself back in 1952. You could say that in 1952. And I'd say, okay. I mean, those guys are crazy. Like, they are absolutely crazy guys. I mean, you can see them how they think differently.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
in some other universe, but it's watching them make the art, and what happens on a set, because we go, we'll start at three in the afternoon, we're still shooting at five in the morning, because if you take over, you know, the Plaza Hotel, you're only going to get it for 12 hours or 15 hours or 17 hours, and you shut the whole hotel down to shoot it in 1952.
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Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
And you as the actor, and I'm learning this pretty quickly, you want to get it right. It's just maybe... We did seven pages last week of script, which is a ton. It took us all night. But... I didn't want to leave till we nailed it. So you get into that mode where you want to leave the very, very best take. It's always the last one. It could be 42 takes later, but that's how they work.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
I'm in the groove and that was outside of my comfort zone and I love it.
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Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
Let's not get ahead of ourselves. I can't wait to see this movie because these boys are sick puppies.
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Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
Well, The only problem with wearing an Apple watch is you lose your soul. And so you have to be careful about that. I wear one when I work out. It's a good electronic piece of consumer electronics. Watchmaking is like contemporary art. There are watchmakers around the world. There's many brands you know already. The Rolexes, Patek, Adam R.P.K. But once you have all those, you start collecting.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
They appreciate better than a Warhol. You can wear them. They're extraordinary in terms of what they represent, the craftsmanship. You have to give up your life at 14 to become a master watchmaker. You know, I support horology. I support young watchmakers. And I... And I just love the community of crazy people around the world.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
Once you become known as a collector internationally, they reach out and you become part of the community. And the people I've met through watch collecting are unbelievable. They're from every country, every religion, every gender, everything. And we meet up every once in a while in Geneva or, you know, in Asia or wherever. We'll say, okay, let's meet in Tokyo tomorrow.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
Yeah. I mean, but that doesn't mean, like, some are brain surgeons, some are engineers, some are investors, some are retirees, some are teachers. Like, it just... And then we spend maybe three or four days in Tokyo. We... You know, when I was over there with them recently, a lot of people don't know this. The Japanese started watchmaking before the Swiss.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
There's a brand called Creedor, which is made by Grand Seiko. Seiko, Grand Seiko, Creedor. Creedor, maybe they make six, four, two. They don't say. They hand paint the actual dial in the mountains in a Zen mode. These dials are so crazy beautiful, you can't believe it. It's like a Picasso.
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Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
And I forgive you for your sins for wearing that Apple Watch.
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Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
It's gone. It's off right now.
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Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
Thank you very much, guys.
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Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
I'm just a social media and I'm very proud of it, actually.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
I am, you know, I go back to these trends as far back as gold. I mean, I look at, I'm an infrastructure investor. So I think AI is going to be huge. We use it in all of our businesses, particularly around translation. When we, I do commercials now in Chinese and French and Arabic. We use AI, we do it out of Abu Dhabi. They have a very, very advanced lab there and we have an office there.
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Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
So, you know, if I send a message out for my watch insurance business, I'll do it in Chinese, a lot of wealthy Asian watch collectors. And my lips are moving perfectly. And we have Chinese, you know, nationals telling me that the accent is perfect. So it's advancing. But the real opportunity in AI is not just in the software. Here in the U.S., we have a huge problem.
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Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
In order to just meet the demands of the seven largest hyperscalers, the Teslas and the Googles and the Microsoft and the Amazons, they have demand for 30 gigawatts of data centers, 30. And we used to build them at 50 megawatts. So that's a fraction of the size. There's only five under construction in North America right now.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
45% of the data centers in America are in Virginia, but Virginia's just passed a law that does not let you put a backup generator on a data center. A data center today needs to be 5.9, which means it has to be up 99.999% of the time. I'm giving you a lot of data you'll find interesting. That means it's only down 14 seconds a month. What does it cost to build one of these?
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
$2 billion just for the platform and another $2 billion for the stacks of chips. $4 billion in the ground for a one gigawatt data center. I built those and we can't get the power. I don't care what state you go to. You go to the power authority there and say, I need, I just want 100 megawatts. Can't do it. We have no power in America right now.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
Yep. I simply say, where's the problem? How do I fix it? And who will pay me to do that? That's what I do in every sector of the economy. This is a huge, huge, huge problem. And... Fixing this is worth billions. And so I like to do big things. This is a big thing. So when you hear me announce data center projects, it's because I solved the power problem first.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
And I think the way we're going to solve it is we're going to find stranded gas in places like West Virginia, North Dakota, Texas, bring our own generators in the middle of deserts or in the middle of the Arctic or wherever it's got to be, and generate electricity from clean natural gas and build data centers there.
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Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
That's the only way this is going to work because if you call up—here's the other problem— you know, hi, Mr. Slabinski, I want to build a data center next to your house and your electrical bill is going up 40%. No, thank you. That's the problem.
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Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
Because when you ask for that much power, the rate payers in that whole county, their bill goes up and they get pissed and they call their local governor and say, no, no, Nanette. So it's a big problem.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
Better. Better. There's no question.
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Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
He didn't buy it. The investors bought it. He got the investors to buy it. Right. So there's debt and there's equity in that deal. I thought he overpaid like crazy, but the reason he didn't change the price at the last minute was he already had the bondholders teed up. So when you change the terms of a purchase and you've already got the debt...
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Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
the debtor, the issuance, those that are going to take the debt on, get to renegotiate too, and you lose them. So he decided to overpay for the equity, thinking long-term he can make it back up. I don't know if he can or can't. You've got True Social out there now. There's a lot of different platforms. But Twitter, that's his own network. He's the number one followed guy on his own network.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
That's pretty interesting. And everybody and his dog is suing him. I'll say one thing about that guy. One way to measure him, whether you like him or you don't. I used to work for Steve Jobs way back. I made all his educational software for him in the learning company for the apples in schools. So Oregon Trail, Rita Rabbit, Carmen Sandiego, Mavis Beacon teaches typing.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
We used to go there every quarter. to the old offices in Cupertino and bring my team and he would come out in his jeans and his black turtleneck and just abuse us. He was not a very nice guy. Not at all. And he was just vicious. And... One day, one of my marketing people said, you know, we're going to do a big upgrade on the Apple platform, Oregon Trail, which is a very big software product.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
It's been around forever in schools, 110,000 schools. We're going to spend a million bucks on research in a hundred, you know, maybe in, it was New York, Florida, Texas, California. And Jobs looked at her and said, no, you're not. Not any of my money is going to market research. Nobody knows what they want until I tell them what they want. And I said, Steve, you sound like such a dick.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
He said, yeah, how's your sales on my products? I'm saying, yeah, we're up 30% this quarter. You're making any money? I said, yeah, we're making tons of money. He said, well, shut up and get back to work. The guy was 85% signal, 15% noise. And what I mean by that is he would work 18 hours a day because I'd get early, back in those days, it was like rudimentary emails, like really early stuff.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
And at two in the morning, East Coast time, three in the morning. And he'd expect an answer like two minutes later. He'd care about the fonts in the software, all this crazy stuff. But what I realized is he focuses on whatever he has to achieve that day for 85% of his waking hours. And he does 15% noise, which would be social stuff, maybe talking to his wife or something else.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
Look at what he achieved. There's only one guy that's done better than him in history, Elon Musk. And I've met Elon a few times. He's a hundred percent signal.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
Well, it turned 16.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
50, I thought, I must be a vampire. But, you know, no, it turned 16. It's one of the longest running shows in history. You know, I remember because I started on this. I was working in England on TV when I got a call from Mark Burnett. I'd never met him before. And I flew out the next morning to Shutters, which is a hotel in Malibu where he wanted to meet.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
And we're supposed to have a 20-minute meeting and his head of international sales was there. His name was Chili, really nice guy. I'll never forget this meeting. And we didn't talk about Shark Tank. We were both going through marital troubles at the time. We ended up talking about marriage for like four hours. And
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
At the end of that, like way past lunch, he said to me, look, I got this new show I'm taping. I'm doing a pilot. It's called Shark Tank. It involves investors. We're looking for a real asshole and you're it. I said, okay, well, how does it work? He said, I don't know. Just meet me there tomorrow morning. Let's see what happens. He didn't want to give me any information. He just wanted to go raw.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
And I met Barbara that day and Damon John, a couple other guys that aren't at the show anymore. And we just started taping. And it just took off. It just started to gel. Because he was a genius that way. He just let people be themselves. He said, don't go changing. Just be yourself. That's the way it is. What it's become today is an international platform for me. It's a passport.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
I can go to any country in the world and get a meeting with its leader. Because what I've learned is that entrepreneurship is bipartisan. Every single leader, even in communist countries like Cuba, Or Venezuela, even dictatorships want to create jobs. And so that it's transcended. Tomorrow night I'm flying to Dubai, then I'm going to Riyadh. All Shark Tank related. You know, just all this stuff.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
And I remember last year, maybe it was the year before, I was on a train from Geneva to Zurich to catch a plane. My stepdad lives in Geneva, so I often fly over to see him. And I'll tell you, the Swiss trains are fantastic. They just get you right to the airport, get on the plane. And this couple comes up to me and says, you're the most hated man in Austria. I said, what? Everybody hates you.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
You're so mean. And we just got married. Can we get a picture with you? I said... They were going to Zermatt. And I realized, wow, this thing's gone nuts. You know, it's really nuts. And so I'm pretty proud of what we built. I think entrepreneurship is the American dream. We've made hundreds of millionaires and we've sold billions of dollars worth of. consumer goods and services.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
You know, it's been great.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
No, no, no. I am the only shark that tells the truth. Barbara on my right, Lori on my left. Oh, kumbaya. Listen, I'm not going to give you any money, but you keep doing what you're doing with your crappy deal. You'll go bankrupt and you'll lose your home and all your parents' money, but you go, you go, And I just say, you know, your deal's stupid. It's going to go to zero because it's a bad idea.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
And you should realize that now it doesn't mean you're a bad person. Take it behind the barn and shoot it and try something else. I'm the only one that tells the truth. I don't think I'm being mean. I'm being nice. But everybody else, particularly Lori with that kumbaya, you know, stuff, kumbaya, kumbaya, you keep going and lose all your money. Like, it's so dumb.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
And Barbara, you know, oh, oh, oh, oh, I don't want to hurt your feelings. I'll hurt your feelings. I'm happy to do it.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
Yeah, look, that's great. The only reason Barbara gets there every year is I buy her a new broom.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
It's never going to change.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
Well, that's a good question because both can work. What I look for the most in almost all deals now is I say, do you know what it costs you to acquire a customer? Do you have any idea what that cost is? Most people don't. And if they don't, I never invest because you can't pour gasoline on the fire if you don't understand the business model. And so what happens is
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
They kind of, 80% of companies, even 85, go bankrupt within 36 months because they're never able to get their customer acquisition costs below the lifetime value of the customer. In other words, they advertise themselves to death. They go bankrupt. So that matters. But every once in a while, you get an entrepreneur that's so compelling.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
And in my case, over 16 years, 70% of my successes have come from companies run by women. So I tend to invest with women because they're very good at mitigating risk. Anna Skaia is my most recent success. Base Paws, cat DNA testing kits. What a stupid idea. But she was so compelling with her story and just amazing.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
I just couldn't, she wasn't going to leave till I gave her a quarter of a million dollars. Like that was the deal. And I just said, okay, I'll give you 250 just to get you out of here. But she turned that company into a monster success because it turns out the data was worth more than the kits. And she had 110 million cats in America. And she learned how to extend their lives.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
And people that love cats want to have their cats longer. Because it was dumb. The kit cost $29.95. A new cat's $5. I said, why don't you just buy a new cat? The cat goes to Snuff City in 12 years. Get a new cat. That was not a popular thing to say.
Morning Brew Daily
Kevin O’Leary on the Future of AI, Working With Steve Jobs, and Shark Tank
Yeah, you're right. Well, we don't know yet because Mark's on this season. He won't tape next season. We're casting now for season 17. I think, you know, at this point, everybody wants to be on Shark Tank. And I think the producers and Mark Burnett and Sony and ABC and Disney and MGM are so good at making this show.
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
If you are someone who likes German premium cars driving around what is the ultimate driving machine, BMW, then the cars you like will probably face a price hike from these tariffs. You mentioned the BMW 3 Series, another one. something in the car in this general category is the Audi Q5 SUV. That's made at Audi is a VW brand that's made at their factory in Mexico. It's Audi's top selling U.S.
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
model. So that is just another another vehicle in this category of, you know, more premium European cars where they don't have a huge factory footprint in the United States. They make some cars in Europe. They make some cars in Mexico. They make a few cars in the United States as well. But
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
They're like, ah, shoot, just tack another $350,000 on there. It doesn't matter to me. For the second time in this podcast, I'm going back to University of Maryland. I'm remembering Econ 101, the concept of price elasticity, and the buyers of Ferrari will probably be able to weather that 10% hike.
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
No, that's the wrong take. Marilyn, my commencement speaker was Cal Ripken, who is a Baltimore legend, but he got up there and was just not exciting at all, and we were all...
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
They're making quantum breakthroughs. I'm not sure they know exactly what to do with it. I mean, here is the head of global technology applied research at J.P. Morgan. He told Bloomberg, it's a breakthrough result. The next step will be to understand where we can apply it. So they've done this cool thing by creating an actual random number generator, which is very important.
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
Now they need to figure out how to apply it to their business. They say they can do things like solve complex problems, portfolio optimization, derivative pricing, things like that that will obviously help them make more money. So there are certain applications, especially in the cybersecurity world. We'll see how JP Morgan tries to randomize this.
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
hungover and we were just like please end this this is not uh this is not fun we want a little spice a little pizzazz and kermit will bring that doesn't matter what he says but you just want something to perk you up a little bit i'm not really thinking about the parents i don't know why you are i'm thinking about those kids that are graduating and they want a final sendoff that is worthy i think kermit will deliver
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ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
deep into the world of random numbers because there's a long history of scientists and regular people trying to figure out how to generate random numbers because it is hard to do with a computer. So they've looked to external factors to try to translate the random things that happen in our world to actual randomness in computers that can be used in daily life.
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
So people over history have looked at things like raindrop falling on glasses or bubbles in a fish tank or the unpredictable behavior of a kitten to try to capture that randomness and translate it to ones and zeros and data. But there is a very rich history of the search for randomness and relying on external factors or things that happen in nature and using that in real life.
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
needed okay i don't want to move on from that story but we have to let's sprint to the finish this friday with some final headlines knock knock it's robin hood i've got your cash you ordered right here that situation could soon be a reality after robin hood announced it would start an online banking platform that will include perks like door dashing cash to your house when you request it
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ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
Called Robinhood Banking, the service is the next step in Robinhood's evolution from a disruptive trading platform to an all-in-one app for your financial life. If you pay for a gold subscription, $50 per year, you will have access to checking and saving accounts, same-day cash delivery, and even luxury perks like potential Masters and Met Gala tickets.
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
Not sure how that will work, but either way, it shows Robinhood is going after deep-pocketed consumers with a more exclusive-feeling banking experience.
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ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
Neil, what happens when one team has a weak spot? That's when the other team attacks every time. For instance, if I saw you in a rec basketball league, Toby, I would take it to the rack every time we matched up. First of all, I know you can't go left.
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
This feels like a stand-up comedian on stage who's kind of bombing and then they just go immediately to crowd work to try to save their set. I mean, GameStop is, you know, a declining actual business. So this reeks of desperation that it would start buying Bitcoin like MicroStrategy has successfully done.
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
The thing is, GameStop is doing a pretty good job of making its business more efficient and approaching profitability. It closed 1,000 stores last year, plans on closing a ton more this year. It only has a loss of less than $10 million over the past two years. So it's eking towards profitability, but it's doing stunts like this to stay relevant in the meme stock world.
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
And at least this one did not pay out for them.
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
It does, and the film community as well. This franchise has made over $3 billion at the box office. They already optioned this book for another movie coming out in 2026. So Suzanne Collins, I mean, what an absolute juggernaut.
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
I think so. Let's wrap it up there. Thanks for starting your morning with us, and have a wonderful Friday. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Lute is our producer. Olivia Graham and Olivia Lake are our associate producers. Uchenua Ogu is our technical director.
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
Scoop Stardaris is on audio. Hair and makeup volunteers as tribute. Devin Emery is our chief content officer, and our show is a production of Morning Brew.
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
You get enterprise-grade tech powered by evolving AI, a global team of 500-plus threat analysts watching 24-7, and Sophos Central, where you manage it all, integrated with over 300 tools you're probably already using.
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ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
And we'll live stream it for everyone. But not before you all head to Sophos.com. That's S-O-P-H-O-S dot com. Do you believe that AI demand will keep going up and to the right? Investors will stare that question right in the face today when CoreWeave goes public on the NASDAQ.
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ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
This IPO is the most anticipated in years because CoreWeave is the first pure play AI company to hit the stock market, and as such, it is considered a bellwether for the AI revolution more broadly. While no one had heard of this New Jersey company a few years ago, it's become a massive business by hoovering up NVIDIA GPUs and renting them out to AI companies to train and run their models.
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
So if you are confident that AI giants like Microsoft will keep spending tens of billions on cloud computing, then CoreWeave would be a great way to put your money where your mouth is. Others are far more skeptical about CoreWeave's growth prospects, saying that it's sitting on a ticking time bomb of mounting debt, stagnating demand for data centers and old hardware that is depreciating rapidly.
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ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
Those concerns may have factored into CoreWeave's pricing ahead of its IPO. It raised $1.5 billion, far below its initial target of $3 billion, at a valuation of $23 billion. At one point, it was aiming for a valuation of $35 billion. Toby Corby's IPO was supposed to be a landmark moment for AI, but the vibes are off.
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, is the biggest AI IPO of all time going to be a flop?
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
And most of you probably have never heard of CoreWeave, and that's very understandable. It started in 2017 as an Ethereum cryptocurrency miner as a side project of CoreWeave. two traders and they were buying all this computing power. And then when crypto hit the skids in 2021 and 2022, they pivoted to AI and it's been extremely lucrative.
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
Revenue surged 700% last year alone to hit nearly $2 billion. And that doesn't include a deal they just signed with OpenAI with a contract value of $12 billion through October 2030. So they've been riding this AI wave really well to immense financial success. However, there does appear to be cracks forming.
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
One criticism of Corby's business model is that a lot of the NVIDIA GPUs that they have, which are 250,000 of these, are NVIDIA's H100 chip, which is dated to 2022. This This industry moves so fast. NVIDIA already has a new generation of chips called Blackwell, and they're rolling out another new family of chips next year. And prices on renting out the old one, H100, are depreciating rapidly.
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
Renting one for an hour used to cost anywhere from $4 to $8. Now it costs as little as $1.
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ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
It was a roller coaster day for my University of Maryland Terrapins. Yes, last night, the men's basketball team got thumped by Florida in the Sweet 16, ending our March Madness run. But earlier in the day, some better news. The school announced that world famous amphibian Kermit the Frog will deliver the commencement address to Maryland's graduates in May.
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
Let's talk about that disgust because the creator of Studio Ghibli, the mastermind behind it, Hayao Miyazaki, who created this animation style that is so beloved all over the world and was the subject of all of these memes, what does he think about AI? Well, in 2016, he was shown an AI animation demo and he said, quote, I am utterly disgusted.
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
If you really want to make creepy stuff, you can go ahead and do it. I would never wish to incorporate this technology into my work at all. And then he added, I strongly feel that this is an insult to life itself. And, you know, that is the pushback to what we've been seeing over the past few days to swarm everybody's social media feed.
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
There's a lot of questions about how this blurs the line between reality and make-made-up stuff. And also, it reminds you that what is created has been trained on millions, perhaps, of copyrighted works all over the Internet.
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
Right. And so open. OpenAI is now facing certain legal questions, which it has for years now over whether it was infringing on people's copyright. Right now, it does look like capturing a particular style or copying that style is in a legal gray area because its style is not explicitly protected by copyright. So OpenAI does not appear to be breaking the law.
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
But you have a bunch of other companies like The New York Times suing it and this year or This week on Thursday, a judge allowed that lawsuit to proceed. So open AI is the best of times. It was the worst of times. Welcome to Stock of the Week, Dog of the Week, the segment where Toby and I pick one stock that has all their weekend plans lined up and another that's going to text all their friends.
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
In many ways, this is a homecoming for Kermit because his creator, Jim Henson, is an alum of Maryland. And both Kermit and Henson have bronze statues right outside the Student Union on campus. Toby doesn't totally make up for the loss, but Kermit as a commencement speaker isn't a bad consolation prize.
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
So is anyone doing anything tonight? I won the pre-show game of tag, you're it, so I get to go first. And my stock is Tesla, which might sound a bit odd. After all, President Trump just slapped 25% tariffs on cars made outside the U.S., which sent most of the auto world plunging yesterday. But not Tesla.
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
Tesla is up more than 16% for the week after analysts pointed out it would emerge as a winner from the new tariffs, well, at least compared to its rivals who are getting walloped. As one Bernstein analyst put it, Tesla wins, Detroit bleeds. And that's because unlike Detroit automakers, Tesla makes all of its cars for the U.S. market in the U.S. at plants in California and Texas.
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
Detroit's big three have sprinkled factories in Canada and Mexico, and bringing those into the U.S. will now cost them. CEO Elon Musk was quick to point out that Tesla isn't completely insulated from the tariffs since they apply not just to finish cars, but car parts. And Tesla doesn't get all of its parts from the U.S.
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
Between 60 percent and 75 percent of the components Tesla uses are manufactured in America, depending on the model, which is why Elon wrote that the tariff impact on Tesla is still significant. As for Elon's relationship with Trump and how that may have impacted the car tariffs, the president said Elon did not advise on the plan due to conflicts of interest.
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ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
And one particular model to pay attention to when it comes to tariffs is the Tesla Model Y. It competes in the midsize crossover segment. That category will now see close to half of its vehicles hit with tariffs. Meanwhile, the Model Y probably won't have to raise prices, whereas its competitors do. So in that midsize crossover, that's just like one
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
where you see Tesla emerging as a clear winner because it builds everything here. And that was a long-term plan that Elon Musk executed, and it's paying off right now.
Morning Brew Daily
ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
Theory is known for creating collections with exceptional fit, innovative fabrics, and enduring styles. Now they're doing it again with MotionWool.
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ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
Whether you've got a long day of meetings or you're packing for a long-haul flight, Motion Wool is made to move with you. It's also designed to keep its shape over time so you can keep arriving in style.
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ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
Wise Business can help. Your Wise account has everything you need to operate your global business. With Wise Business, you can process payments, get paid, and manage your money internationally.
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ChatGPT’s Image Generator Goes Viral & Tesla Unfazed by Tariffs?
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Morning Brew Daily
Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, 5, 44%, 3 septillion.
Morning Brew Daily
Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
My first thought is this is going to be a nightmare for sports announcers. I mean, we're doing the game. Sato passes the Sato, passes the Sato, Sato shoots, and I'm not, if I'm listening on the radio, I don't know what's going on. So I go out, my thoughts are with all the sports announcers that have to deal with all the Satos.
Morning Brew Daily
Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
Well, we just did one on Japan, so that's top of mind. You know, we talked a lot about Germany this year. We talked a lot about Argentina. I'm going to go with Argentina. No, I'm not. You're shaking your head. That's not my final answer. Oh, God. I don't know. I will say Japan.
Morning Brew Daily
Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
I mean, the one I think humans most talk about is the dog. Yeah, that's true. I thought you were going to say humans.
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
But just the headline of cocaine sharks.
Morning Brew Daily
Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
Well, I think the ocean is so vast and mysterious to us that it certainly lends itself to eye popping stats like a humpback whale, you know, sojourning 8000 miles for sex or the largest predation event ever, ever recorded. You know, that thing, you know, those things just don't really happen on land unless it's the insect kingdom. You just don't get that sheer quantity.
Morning Brew Daily
Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
So the ocean is is a remarkable thing.
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
I'll say, well, Warren Buffett was definitely one. I don't know if I talked about Jerome Powell or Warren Buffett, one of those.
Morning Brew Daily
Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
She is inescapable. I guess my goal is to have fewer Taylor Swift stats next year.
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
It's whatever happens. Whatever is the most interesting.
Morning Brew Daily
Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
What I didn't mention in Neil's numbers was Costco because their soda hot dog combo stayed at $1.50. So Costco, if you want to stay out of Neil's numbers, you keep that $1.50.
Morning Brew Daily
Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
And maybe a 1B number that I want to add over the U.S. presidential election was the sheer amount of outside spending from corporations, individuals. That was a major theme in the election that happened in November. With two weeks to go before Election Day, outside groups poured in $1.1 billion into the presidential race, which surpassed the record set in 2020.
Morning Brew Daily
Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
Thank you so much for spending your morning with us, Toby. Thank you for calculating the Neil's numbers of Neil's numbers and giving me that quiz. We hope you all have a great Friday, and we'll see you back here on Monday. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com, especially if a Neal's numbers of the course of the year helped you win trivia.
Morning Brew Daily
Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
Let's roll the credits. Emily Milliron is our executive producer, and I got one more number, 30, because Emily's birthday is today, and she's turning the big 3-0. Happy birthday, Emily. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenua Ogu is our technical director. Billy Menino is on audio. Hair and makeup's brain is swirling with numbers.
Morning Brew Daily
Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
Devin Emery is our chief content officer and our show is a production of Morning Brew.
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
OK, moving on to a number from the summer, Berkshire Hathaway owns more Treasury bills than the Federal Reserve, which is a sign of how Warren Buffett has been stockpiling cash and sparking debate over why he seems wary of the stock market. At the end of June, Berkshire owned $234 billion in Treasury bills compared to the Fed's $195 billion Treasury war chest.
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
Buffett's TiVo pile is more than several countries, including Brazil, Mexico, and Germany. And his overall cash pile of $325 billion would allow him to easily buy all but 25 of the most valuable public U.S. companies, including Goldman Sachs, Disney, Pfizer, and AT&T. At the same time, Buffett spent the year selling off holdings of his two most treasured investments, Apple and Bank of America.
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
Good morning and happy Friday, even though the days of the week feel a little made up during this stretch from Christmas to New Year's. We're back with another special episode, one that is near and dear to my heart because it's the best of Neil's numbers.
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
Toby, what does Buffett see that we don't?
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
This is one company that could afford TikTok, and there aren't that many. I like that idea, Toby. It would sit nicely in the portfolio next to the railroads insurance companies and fruit of the loom. I could see that happening. I'm sure Buffett would have a lot of expertise to give to the TikTok CEO. OK, sports gambling was in the headlines a ton this year.
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
It's only grown since it was basically legalized by the Supreme Court in 2018. But the findings of two studies over the summer revealed some of its negative consequences for Americans' personal finances. One study showed how Americans were taking money out of their stock accounts to fund their online betting. It found that.
Morning Brew Daily
Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
for every dollar spent on sports gambling, net investments in stocks and other financial assets dropped by a little over two dollars. And then in another study, the average credit score in a state was found to have fallen point three percent after the state legalized sports gambling. And that triples to one percent if the state allowed online sports betting.
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
Toby, sports gambling has become a massive industry here. Should we expect more of a reckoning now that we've got more data on its harmful effects?
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
Each Thursday, I bring you three of the most fascinating stats from the week's news, hopefully making you the most interesting person at your dinner party in the process. For this episode, our team poured over every number I discussed from 2024 and picked a bunch that stood out either for representing a bigger theme from the year or just because they were so wacky. Toby, are you ready?
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
Yeah, it'll be curious to see whether in the next administration or Congress there will be some regulatory crackdown on sports gambling because it really is the Wild West. But you're going to see more studies like this come out, and lawmakers might be—
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
you know, like, hey, DraftKings and FanDuel, you know, maybe you shouldn't be able to do those, you know, predatory marketing practices that you just talked about, Toby. So we'll see what happens with that. But yeah, I just, I have a few more numbers about the size of sports gambling now in the United States. Americans were on track, for 24 to wager $150 billion on sports.
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
That's up from just $7 billion in 2018 when the Supreme Court legalized or paved the way for legal sports gambling. And earlier this year, Flutter, which is the company that owns FanDuel, overtook the biggest physical casino, Las Vegas Sands, in market cap. So you're starting to see a changing of the guard there. Let's turn to the always fascinating automobile industry for this next number.
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
In September, Norway became the first country in the world with more electric vehicles on its roads than gas-powered cars. The country is the world leader in EV adoption thanks to government incentives such as allowing EV drivers to use bus lanes and exempting EVs from certain taxes. For other countries, though, the EV transition has been rocky this year. In the U.S., J.D.
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
Power lowered its projections for EV sales from 12% of new cars to 9%. President-elect Trump is expected to blunt growth even more by pulling a $7,500 EV tax credit when he comes into office. Over in Europe, growth is slowing for countries not named Norway. European EV sales rose just 0.8% in October from the year earlier. outlier.
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
By the way, your commentary is a big reason why Neil's numbers is so popular.
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
Oh, yeah, they're by far in a way the highest adoption for EVs. The question is, how long will it take the rest of the world to catch them? Two years ago, it seemed like EV adoption would be super fast. I mean, rates were going at 40% here in the United States, even faster in Europe.
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
China, but due to a variety of factors like the high costs of cars and the lack of stations here in the United States, growth has almost slowed to a trickle. They're just going to grow less than 10% in the single digits here in the United States. Adoption is much faster in China. They're growing at 50%.
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
And the question, I think this will be something that we talk about a lot on the podcast next year. is what are we going to do about the Chinese EVs that are quote-unquote invading Europe and the United States? The United States has put a tariff of 100% on them. Europe has also placed some tariffs. But, you know, Western carmakers just can't compete with these Chinese EV companies.
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
Okay, this next number stems from possibly the best article I read this year, which was Katie Weaver writing in the New York Times about why we should abolish the penny. There were some astonishing stats about how many pennies exist. In a conservative estimate, 240 billion pennies are lying around the United States, about 724 per person.
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
It's enough pennies to hand out two to every human who has ever been born. The U.S. cent is the most produced coin in the history of civilization, making Lincoln's portrait on it the most reproduced piece of art in the world. In the piece, Weaver argues that the penny has no purpose anymore and all it's doing is taking up space and money.
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
Consider it costs three cents for the mint to produce a one cent coin. Toby, you on board with abolishing the penny?
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
All right, I guess I will start talking then. One of my numbers from back in January was that we were entering the biggest election year in history. In 2024, 76 countries with more than half the world's population, over 4 billion people voted in elections, including eight of the 10 most populous countries in the world. What did we learn now that all those votes have been counted?
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
From what I understand, there's been a lot of fits and starts to try to abolish the penny, but there's just always something more important going on that you can't get lawmakers to say like, OK, let's actually vote on abolishing the penny. And then you then you mentioned all of the logistics that require, you know, going into that.
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
Canada abolished the penny a few years ago, but they kept the concept of the cent. So you have, you know, competing states. things going on here. And I don't know if Americans will be amenable to that change. Maybe we should just take all the pennies, melt them down into a, you know, copper liquid and then create a statue in front of the Fed as a testament to capitalism.
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
That really is all you're going for. Help you win trivia with Neil's numbers. I also think you chose this, Toby, so you could say via Monte Napoleone. It does roll off the tongue pretty well. And remember, do you remember some of the reasons why? Well, yes.
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
The reason why this street is the most expensive, yes, there are luxury goods companies going in there, but it's also just tiny, so it's a matter of supply and demand. Fifth Avenue is much longer, and Bond Street in London, all these other ones are just... bigger, so they can't charge as many rents to be on the actual street itself.
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
If you extended the street in Milan or took in another street to normalize the length with Fifth Avenue, then I'm not sure Milan would still win. But I've been there. It's super fancy.
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
Yeah, and I think people probably are nodding their heads when they're listening to this because maybe you've been to a party or a gathering of young people and somebody without a digital camera, and you're like, what is that? So, I mean, that's happened to me a few times. So I've actually saw this Neil's number sometimes. come to life, uh, in, in reality, which was kind of cool.
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
One pattern that was clearly evident is that voters were fed up with inflation. The incumbents in every single one of 10 major countries with elections this year were handed losses by voters, including the Democrats in the U.S., Britain's Tories, Emmanuel Macron's coalition in France, and Japan's liberal Democrats. It was the first time this has happened in 120 years of record keeping.
Morning Brew Daily
Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
It also speaks, I think to some, we could probably could have done a Neil's number on any sort of vintage product, like records or, or, you know, vinyl, things like that, that I've have gained a second life in 2024.
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Neal’s Numbers of 2024: Warren Buffet T-Bills, Digital Cameras, and More
I see what you did there.
Morning Brew Daily
Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Kyle Hagee. Today, why every CEO is mentioning the T-word on earnings calls.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
It's crazy that Philip Morris, uh, ostensibly a tobacco company hit its stock at a record high this week in the year 2025. But this acquisition of Swedish match in 2022, which originally made Zinn is looking at one of the, is looking like one of the best, you know, M and a deals in recent memory. I mean, this company was making tobacco and needed to move to a more smoke free, uh,
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
base in order to get with the times. It bought this company in 2022 that made Zin, and now their biggest challenge is making enough Zins to keep up with demand. They're saying, we don't even market it, this thing. What we're spending money on is increasing production and building huge Zin factories all over the United States. They're pouring hundreds of millions of dollars
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
into a new plant in Kentucky, another plant in Denver. These are, they're spending $800 million on those plants combined just to make enough to keep up with demand. So I can't say enough about whoever made that deal back in 2022 to buy Zinn, you know, should be employee of the month or maybe employee of the decade. Give them a raise.
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It does. Let's get Aaron Sorkin on it right now. He is Roy Lee, and he has certainly a knack for going viral there potentially. Their pitch here is they're giving you a, quote, cheating tool for literally everything. And it's very much George Costanza coded because George Costanza says it's not lying if you believe it. Now, these guys say it's not cheating if everyone cheats.
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And so they've built this app to be your assistant wherever you go to answer questions online. Many of the use cases are in job interviews where the clearly is just humming in the background of a computer. It's completely undetectable. And an interviewer asks you questions. It listens in and then tells you exactly what to say and how to respond. Obviously, quite a.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
controversial app yes because they are pitching themselves as helping you cheat and it gained notoriety because of it helped this guy cheat on his interview so you can understand why people are like uh maybe we shouldn't do this but it has gained 80 000 users uh it does did just raise around a five million dollars so it is a thing in the real world who knows whether what's going to come of it but it does spark an interesting conversation about what cheating is and what cheating is in 2025 with ai
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And the problem is a lot of these AI startups that have tried to bring AI from chat GP, you just typing chat in chat GPT to answer your questions into the real world have totally flopped. Humane, which made a pin to be your AI assistant in the real world is not a thing anymore. Rabbit R1 was another little device that was supposed to
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
bring ai into your everyday conversations or your lived life and that also did not work so there's a uphill challenge to bring chat gpt or other ai models from the computer to the uh to the actual lived experience of people so we'll see i mean it's kind of interesting the way they talk about cheating in that uh you know they he references calculators how everyone thought
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math teachers thought calculators were cheating when they first came around and things like spell check but uh you know i don't think i think this is of a different order and the biggest problem that they have here as a business is that this thing just takes a long time to spit out answers that's like the user experience is just not great because say i'm have say you're interviewing me and i want to use cluelessly to answer a question it takes 10 seconds to hear you and then tell me what to say so i will literally be staring at you like what's the pause
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
It's indulgent only. It's still oat milk, so it plays nice with your cereal, your smoothie, or straight from the glass.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
here. Yeah, exactly. I'll just be taking my time. So if they can fix those latency issues, maybe it'll be a thing, but either way, it sparks a conversation and that's all this guy wants to do and can confirm.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
No. Okay. Let's spread to the finish with some final headlines to take you into the weekend. Is that Black Widow by Iggy Azalea coming over the speaker? It's 2014 again, folks, because the Ice Bucket Challenge is back. The viral challenge has emerged from hibernation with a second life dedicated to a new cause.
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Whereas the first Ice Bucket Challenge was dedicated to raising money for ALS, this one aims to raise money for mental health issues. It was started back in March by a student at the University of South Carolina who wanted to come up with an event for his mental health awareness club, and it's taken off on Instagram Reels and TikTok.
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with celebs like Peyton Manning and Carson Daly on the Today Show taking part. Ice Bucket Challenge, the sequel, has sparked a lot of discussion online, but it hasn't always been supportive.
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So if you're looking to treat yourself without overthinking it, start with the hoodie of oat milk. Planet Oat, extra creamy, extra comforting.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
I remember that interview. It was good. And the Ice Bucket Challenge raised a ton of money for ALS. That was maybe the biggest thing that happened that year. It raised over $115 million. A 2024 report by the group RTI commissioned by the ALS Association said that there was clear evidence that the Ice Bucket Challenge had substantially accelerated ALS research. So
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I don't know if they're going to raise that much this time around. So far, they've raised like three hundred thousand dollars. It's hard to get so angry about something that's raising awareness about an important issue and also raising money. OK, finally, tennis legend Andre Agassi is coming out of retirement to play pickleball.
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The eight time Grand Slam winner will link up with top ranked pickleballer Anna Lee Waters for his professional debut at the U.S. Open Pickleball Championships next week. I'd put their odds of winning at high, but not because of Agassi. Anna Lee is considered the best woman to have ever picked up a pickleball paddle, having won 148 professional pickleball association titles already.
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And did I mention she was 18 years old? But Agassi certainly brings the star power and we'll see if he can help turn the country's fastest growing sport into one people will actually pay attention to at the pro level.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
Visit planetoat.com for more. This week, a parade of more than 120 public company CEOs hopped on earnings calls and one by one tossed their financial outlooks in the shredder because of tariff uncertainty. Let's just pick one day this week, Tuesday.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
Okay, let's wrap it up there. Thanks so much for starting your morning with us, and have a wonderful Friday. Kyle, appreciate you filling in today, and I need you studying all weekend because you'll be back with us on Monday. I'll be here. For any questions, comments, or feedback, send a message to morningbrewdaily at morningbrew.com. Let's roll the credits.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
Emily Milliron is our executive producer. Raymond Liu is our producer. Our associate producers are Olivia Graham and Olivia Lake. Uchenna Waogu is our technical director. Scoop Stardaris is on audio. Hair and Makeup is pulling its full year guidance. Devin Emery is our president, and our show is a production of Morning Brew. Have a great weekend, y'all.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
In earnings calls that day, tariffs were cited on more than 90% of them, while the word recession was mentioned in 44% of calls compared to 3% for the fourth quarter of 2024, the Financial Times found. And it's not just one sector, one kind of company sounding the alarm. The trade war is touching virtually every part of the economy.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
It doesn't matter if you sell soda or wireless plants, make airplanes, drill oil or power electric grids. Yesterday, Pepsi lowered its profit guidance due to tariff uncertainty. American Airlines suspended its 2025 forecast because it has no idea how many people will fly this year. Norfolk Southern, a railroad, said tariffs could reduce shipments of containers.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
Boeing said it would need to find new buyers of its planes because China can't buy them anymore. NextEra Energy, which owns the largest power utility in the country, said tariffs would raise the cost of gas-fired power generators even as electricity demand surges. Verizon and AT&T said higher prices are coming for phones and wireless routers. And that was only from the past 72 hours.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
Big thanks to Kyle for stepping in while Toby runs the London Marathon.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
Overall, CEOs say they're desperate for clarity from Washington about trade policy because they need to plan for the future and they just can't right now. As American Airlines' boss said yesterday, we don't know what's going to happen.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
Yeah, it was interesting that United offered two earnings projections because that just doesn't happen. They were like, recession scenario, we're doing this. Regular scenario, we're doing this. Of course, companies are cutting their profit guidance. They are scrapping their outlook, and they're also warning of higher prices. That's another theme to this earnings week so far.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
All right, a big shakeup in the global economy rankings. There is a new fourth largest economy in the world, according to new data from the IMF, after Japan slipped from the current four spot to fifth. Which country took its place? It's not a country at all, but a state. California is now the world's fourth biggest economy with a GDP of $4.1 trillion, topping Japan's $4.02 trillion.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
They're saying, look, we are being hit with hundreds of millions of dollars in added costs, and simply we don't want to pay that. Let's go back to American Airlines CEO. He said aircraft costs too much already. I don't want to pay any more for aircraft. Certainly this is not something we would intend to absorb. And I'll tell you, it's not something that I would expect our customers to welcome.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
So we've got to work on this. Verizon CEO, if the tariff is going to be as high as they say on the handsets, we are not planning to cover that in our work, that is not just going to be possible.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
So here you have CEOs warning of higher prices because they're just putting their foot in the sand and saying, we're not going to absorb all of these hundreds of millions of dollars of extra costs because of higher tariffs.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
Okay, let's move on. Spring has sprung, bringing more sunshine in the evenings, dudes showing more thighs, and more Americans buying a new home. Well, scratch that last one. Home sales for March came in yesterday, and they were downright ugly, recording their biggest monthly decline in more than two years. U.S.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
existing home sales dropped 5.9% last month to a seasonally adjusted rate of 4.02 million, far below expectations. That's the biggest month-over-month decline since November of 2022 and the weakest March since 2009, which was an infamously bad period for the housing market.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
It's an ominous sign for housing activity in 2025 because the spring is typically the busiest season of the year for buying a home. Families want to settle in over the summer before kids restart school in the fall. And even more disappointing, this year was supposed to be a rebound year for the housing market. after 2023 and 2024 were complete duds. But it just can't catch a break.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
Affordability remains a key hurdle. Mortgage rates remain super high, near 7%, while home prices keep on inching up. Meanwhile, the economic uncertainty unleashed by the tariffs has Americans thinking twice about whether now is the best time to drop a wad of cash for a down payment. Kyle, for the past three years, the housing market has been frozen over.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
And now, when it was finally supposed to begin to thaw, another frost comes along.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
Yeah. So one headwind that is not facing the housing market anymore is inventory, right? Maybe over the past few years, we've heard there's just no homes available for sale and that's driving up prices and leading to this frozen over housing market that we're seeing. Inventory is just so low. No one's leaving their houses. I can't even find a single house to buy because they just don't exist.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
California is now just behind Germany for the bronze medal, while the United States and China come in at one and two. California is indeed an economic juggernaut, serving as a global hub for the tech industry, entertainment, manufacturing... and agriculture. Kyle, this is definitely cause for a new Red Hot Chili Peppers album.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
That is improving that situation. Nationally, There were 1.3 million homes for sale or under contract at the end of March, which was up 8% from February and up 20% from March 2024. So there certainly are more choices for buyers, and yet they're still balking at the high prices.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
Yeah. in some senses, this power dynamic between buyer and seller has shifted more to the buyer. And you're starting to see home prices come down, actually go negative in certain markets in Florida, in Texas, where a lot more inventory is coming. So, yeah, not a good sign for the full year housing market because this is really the busy season.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
This is their holiday shopping season, the spring, March, April, May. And it just got off to a very slow start. Okay, now let's go to Stock of the Week, Dog of the Week, the segment where Kyle and I pick one stock that was selected one overall and another that slipped to the second round.
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Surprise, today we're going to hand out two Stocks of the Weeks because, well, we definitely covered just a lot of dogs just now in the first half of the show. And it's Friday, so who needs more gloom? Our first Stock of the Week is Alphabet. Surprise, right? After all, Google's parent company was found to be a monopoly twice.
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It's facing an existential threat to its search business with the rise of chat GBT, and you know about all the economic uncertainty in the world. But yesterday afternoon, it reported strong earnings that showed all was well in the Googleplex, and shares shot up 5% after hours. CEO Sundar Pichai said that Search, the company's cash cow,
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
was humming along and that AI integrations like AI overviews drove stronger engagement. Search revenue increased nearly 10% to $51 billion, topping expectations. Its fast-growing cloud computing division continued to grow fast, with sales up 28% thanks to all these other companies tapping Google's data centers for their own AI ambitions.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
It also helped that Google launched some shareholder-friendly plans like boosting its quarterly dividend by 5% and authorizing an additional $70 billion in share buybacks. Kyle, Google was the first big tech company to report earnings, and investors were bracing for some bad news. They got a pleasant surprise.
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Let's talk about some warning signs, though, because you're too cheery right now. It's too early for you to be so happy. But you said they're a diversified business, but a lot of that does depend on advertising. And big tech companies are bracing for an advertising downturn because so much of those advertising dollars are spent by Chinese e-commerce companies like Taimu and Shein Facebook.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
Meta gets $10 billion in advertising alone from those two companies. Who knows what tariffs are going to do to the advertising market? You have all these advertising analysts come out and say, we expected growth this year.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
Now we're expecting a decline, which is why a lot of investors and analysts were looking at Alphabet's report saying, well, we don't know what they're going to report with its search ads because it could go down. We're Now I'm playing the angel on my shoulder. Alphabet showed that advertising is staying strong. We don't know what's going to come in the future.
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Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
So yeah, Alphabet kicked off big tech earnings in a very positive fashion. We'll see what happens with Meta, Amazon, Apple in the next few weeks. Up next, an app that can help you cheat on everything. If you're planning to do business abroad, you've got to make sure your finances are in order. That's where Wise Business comes in. Wise Business is the account for doing business in other currencies.
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And you can still save money as you go global. Wise Business has no hidden fees, no markups on the exchange rate, and no ongoing subscription cost.
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Number one is California. Let's just go the next biggest state, Texas. Boom. I think New York is going to be next. Boom. And then, okay. Oh, God. Pressure's on. I'm deciding between Florida and Illinois for this next one. I think, you know, Illinois doesn't have a whole lot out of Chicago, so I will go with Florida as the final one.
Morning Brew Daily
Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
To learn more about how you can use Wise Business to save time, money, and stress, visit wise.com slash business.
Morning Brew Daily
Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
I do not accept the premise, but yes, they've done an incredible job of re-engineering classic styles with performance fabrics. Because you're so sweaty. Because I appreciate looking my best. As we all know, when you look your best, you perform your best.
Morning Brew Daily
Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
They've also got breathable wool blazers and high stretch pants that are ideal for work, the weekend, and really anywhere else.
Morning Brew Daily
Tariff Warnings Dominate Earnings & The Spring Housing Market Slumps
Enough. Head to mizzenandmain.com to grab your new favorite dress shirt and get 20% off your first purchase with code BRU20. That's mizzenandmain.com and code BRU20.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
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Trump Targets DEI Programs & Walmart Managers Make $600K?
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Trump Targets DEI Programs & Walmart Managers Make $600K?
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Trump Targets DEI Programs & Walmart Managers Make $600K?
It's Friday, and you know what that means. Stock of the Week, Dog of the Week, the segment where Toby and I pick one stock that was inducted into the Hall of Fame like Ichiro and another that is still waiting its turn. I won the pre-show Name All the Prime Numbers in Order contest. 59 will get you every time, Toby, so I get to go first. And my Stock of the Week is Walmart, but more specifically,
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
the employees who oversee a bunch of Walmart stores. Under a new payment scheme, those regional managers could pull in more dough than your friend in investment banking. According to the Wall Street Journal, Walmart's top regional managers stand to make up to $620,000 per year as a result of higher bonus and stock awards, a 50K bump from their previous ceiling.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
Sorry, Dwight, assistants to the regional manager are not eligible. The pay bump, which is laden with performance incentives, shows how critical smooth store operations have become for the country's biggest retailer, and how hard it is to find people who can do this well, because it is a really demanding job.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
These managers, known internally as market managers, oversee about a dozen stores apiece, and each store can have 300 employees. The market manager is a road warrior, spending long hours driving to each location to ensure the Walmart machine is humming. And boy, it has been humming. Shares were up more than 80% last year, pushing its market cap to nearly $800 billion.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
The number is big, but when you go and read about the job description, the responsibilities that these people have, it all checks out because I'm looking at this and I'd be like, I am being terrible at this job. This looks so hard. These stores are massive. There's so many moving parts, so many people.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
And to drive to each one of them, check in, make sure everything's going okay, sounds like something I would be absolutely terrible at. And from at least my perspective, this $600K is even a low ball because each of those Walmart stores is probably pulling in tens of millions of dollars each year.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
Yikes. I mean, and even the titles that it's trying to roll out to make up for that slump in, I'm just going to call it FIFA, sorry, has not been working out. It released this new game called Dragon Age that garnered 1.5 million players during the quarter. That underperformed the company's expectations by nearly 50%, so half of all people it expected were to play this game didn't show up.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
So that is a huge problem. There's a lot of weakness in its soccer game, and then everything else it's trying to do is also not working out. So EA, that's 16%, that's its worst day in many years. Meanwhile, the video game industry is not really thinking about EA. There's a bunch of other exciting things happening separately from this. You got the Switch 2 coming out.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
You got Grand Theft Auto 6 coming out in November. So it's kind of a backwater over there. In EA, yeah.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
It has taken a long time. time to get here. Remember, they already agreed to a settlement a few years ago where they would pay billions of dollars to fund those programs, and that was hailed as a major victory. But the Supreme Court struck down that deal over some bankruptcy terms, and that was left
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
And I can dig into the headlines to find arguments to support my contention that Challengers was absolutely snubbed at the Oscars this year.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
Yeah, that left the claimants saying, well, OK, well, all that money is not going to our coffers anymore. Now they've reached a new deal, which is extremely unusual and creative. Basically, it says that states have to pay into a legal defense fund for the Sacklers. The previous settlement said that the Sacklers would be shielded from future liability. That was the main sticking point for that.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
That's why it was rejected. Now they are opening themselves up to liability, but they say that actually the claimants now have to fund a legal defense fund for them as they face future litigation because they are absolutely going to face future litigation.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
So it's this very weird thing to wrap your mind around where the claimants are paying into a fund to help the Sacklers defend themselves against future claimants.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
Okay, when was the last time you watched news on cable TV?
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
deafening silence which is why cnn announced a major restructuring yesterday to revive itself in the digital age citing quote profound and irreversible shifts in the way audiences consume news ceo mark thompson said cnn would cut 200 jobs about six percent of its workforce in its traditional cable tv business and hire a similar amount in the digital arena thompson also said cnn would launch a streaming service for a fee later this year
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
Ratings have been abysmal for CNN's flagship TV channel, and there's no Trump bump in sight. Just 1.7 million households watched the inauguration midday on Monday, down from 10 million from the previous inauguration in 2021. So this has become existential for CNN. Adapt or die.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
Meanwhile, Skeen's girlfriend, Livvy Dunn, is also putting up some observations some negotiating options of her own. She said, you can come and watch a game with me. So we'll see if this 11 year old kid will take her up on that. But none of you're right. None of these none of these offers match the monetary value of this card, which is possibly going to be in the six figures.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
Meanwhile, this kid lives in L.A. and he wants the Pirates are asking him to come to Pittsburgh and go to Pittsburgh Pirates games like I would say no to that. That's been the biggest reaction. It's like, what is this deal? This kid's an 11-year-old.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
Finally, Mudang is so last year. The internet's latest obsession is a plant in Australia. Of course, this is no ordinary plant. It's known as a corpse flower, and when it blooms, it releases a horrific smell described as a combo of wet socks, hot cat food, or rotting possum flesh. This particular plant has been dubbed... Pootricia, a combo of pootrid and Patricia.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
Because the plant's blooms are so rare, Pootricia hasn't flowered in 15 years. This foul event has become a hot ticket at the Royal Botanic Gardens of Sydney, where tens of thousands of people have passed through in recent days to get a whiff of what my hockey bag smells like. But even non-Aussies have gotten in on the fun.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
In less than a week, nearly 1 million people have joined a live stream of Patricia to make jokes, send memes, and riff on the newly created acronyms that have evolved around the blooming, such as WDNRNP. Did I say that right? WDNRP. We do not rush Patricia.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
Who knows? Never saw the big meeting. Don't say anything bad about her. That is all the time we have. Thanks so much for starting your morning with us. Have a wonderful Friday and an even better weekend. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. And if you're enjoying the show, don't be shy about it.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
Spread the word to your friends, family, and coworkers. For those of you who need an extra spark of inspiration, Toby's got you covered.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
I want you to share the pod with them. Okay. Well, Do that. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenua Ogu is our technical director. Garrett Peck is on audio. Hair and Makeup is offering free hair and makeup services for life for the Paul Skeens card. Devin Emery is our chief content officer.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
Our show is a production of Morning Brew.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
It absolutely is shifting, and I want to go back to even before Trump was inaugurated. So in 2020, we saw a boom in DEI. Glassdoor saw a 50% increase in job postings for DEI roles. That came right after the murder of George Floyd, and a lot of corporate America decided that it was incumbent on them to establish more diversity inclusion initiatives.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
Fast forward to the first two weeks of this year, ZipRecruiter had 561 postings for DEI job programs. That was a 93% decline from the same period just a year before. So you can really see the boom and bust of this particular department in corporate America. As you mentioned, a lot of companies have been rolling back their DEI policies in recent years.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, the Oscar nominations are out, but could an AI controversy derail a Best Picture contender?
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
A lot of that you can draw a through line to the Supreme Court decision that banned affirmative action in higher ed. Now it's on its last legs and all these sweeping, comprehensive, really ambitious executive orders by Donald Trump hopes to deliver the knockout blow.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
And one just happened yesterday. You mentioned the name before, Costco. Costco's shareholders defeated a proposal against their DEI policies. And Costco has sort of taken the mantle as one of these corporations that says, I know what Everybody else is doing not everybody else, but a lot of these other companies are doing tractor supply. Harley Davidson, Walmart, McDonald's.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
We've talked about it on this show. A bunch of companies have rolled back. But Costco said, no, this is really important to us. It enhances our capacity to attract and retain employees who will help our business succeed. So they rejected that proposal. And a number of other companies have come out and said no. No, DI is really important to us.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
You can, as Jamie Dimon said, like, come on with the lawsuits. Apple defended its DI policies. Microsoft did as well. Pinterest did as well. And the common thread with all of these companies, Costco, Apple, who are trying to preserve their DEI policies is they didn't just start hiring for them in 2020. These policies go back to the 90s and the 2000s.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
This has been ingrained in their culture for a long time. They've tried to promote DEI for decades now. So it wasn't these fly-by-night DEI departments that were sprung up post-George Floyd in 2020. The common thread through all of these companies that are the holdouts right now are that they've had these DEI initiatives in place since the 90s.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
Hope you're wearing Canada goose and cashmere because now we're headed on a trip to Davos, Switzerland, the ski town where the World Economic Forum has been taking place. Top corporate brass, world leaders and other PJ types have been yakking it up since Monday. But the main subject on everyone's minds, the newly inaugurated President Trump, has been absent.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
Until yesterday, that is, Trump delivered a virtual address to executives, his first major speech since taking office. That was 45 minutes long and particularly newsy, so we'll break down the bits you need to know. One major development, Trump called on OPEC, a cartel of oil-producing countries, to bring down the price of crude oil, which he linked to ending Russia's war in Ukraine.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
The thought being Russia funds its military campaign through oil revenues. And if the price dips, their resources dry up. Oil actually did fall one percent on that news. Trump also tried to assert his influence on the Federal Reserve, saying he would, quote, demand that interest rates drop immediately. And likewise, they should be dropping all over the world.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
During his first term, Trump frustrated. frequently attempted to bully Fed Chair Jerome Powell to lower rates to little success, but it looks like he's running it back. This pressure campaign worries the vast majority of economists, even conservative ones, because they see the Fed's independence from politics as a key factor in healthy markets. Toby, what stood out to you?
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
There's been something bothering me for a few days now. I went to the dentist earlier this week and you always brace for some gentle scolding by the hygienist. Like you should really floss more. And I was prepared mentally for that. This wasn't my first rodeo, of course. But in this instance, I went in, she cleaned my teeth. And when she was done, she was like, OK, you're good to go.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
It does set up a clash between Trump and Powell because he did frequently bash Powell in his first term to bring down interest rates. Powell said, you know, I don't know if he even acknowledged Trump. He just said, I'm going to do what the Fed should do. And, you know, most people think that that's the way this should operate.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
You don't want the Federal Reserve to have political interests in mind when it's raising and lowering interest rates, because if, you know, if the Fed lowers interest rates too much now, that could lead to another bout of inflation. It has to have that long term view.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
But it still feels like Trump is going to keep up the pressure on Powell, because even after he gave this speech, he goes back to the Oval Office to sign some more executive orders. And he said, I think I know interest rates much better than they do, they being the Federal Reserve. Then he took a very specific shot at Powell.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
I think I know them certainly much better than the one who's primarily in charge of making that decision, which is Powell. If I disagree, I will let it be known. I just have to emphasize how rare this is and unusual for a president to be involved in interest rate decisions like this.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
And Saudi Arabia is quite reluctant to have lower oil prices because, as we've talked about many times on the show, they've got some big ambitions to build out futuristic cities and diversify into all these different industries and tech and AI and sports and entertainment. And the way they fund that is through oil revenue.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
And so they want a higher price so they can fill their coffers and fund those huge plans that they have. The Oscar nominations were released yesterday morning, and unlike the blockbusters that dominated last year's slate, this year's nominees are led by more under-the-radar cinema with progressive themes.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
See you in six months. Absolutely no feedback, positive or negative. Kind of rattled me, I have to say. I mean, my teeth are solid, but are they at a zero feedback level? I thought the dream was to get no feedback, but when it was actually realized, I'm not so sure anymore. Would you rather get a lot of dental feedback or none at all?
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
Amelia Perez, Netflix's musical about trans identity, scored the most nods of any movie with 13. It's the most nominated non-English language film in Oscars history, and the most nominated film in Netflix's history. Another sleeper hit is The Brutalist, a low-budget indie epic about a Jewish immigrant in America, which scored 10 nods.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
The two I just mentioned were nominated for Best Picture, joined by Conclave, The Substance, Nickel Boys, and Nora, I'm Still Here, A Complete Unknown, and box office juggernauts Dune Part 2 and Wicked. Of those movies, Wicked is up for the most awards, with 10 tying The Brutalist.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
Unlike last year when Oppenheimer mostly had best picture on lock, it's a pretty wide open race for the title this time around. We'll find out who wins on March 2nd when the awards ceremony is held in Los Angeles. Conan O'Brien is going to host. Very pumped about that. But it's expected to be a more subdued event than in past years to reflect the wildfires that devastated parts of L.A.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
Many were quick to point out after the backlash to the brutalist using AI to touch up actors' voices that this is nothing new. AI was used in so many movies in years past. We just weren't all kind of freaking out or knew about it. Get Back by Peter Jackson, that documentary about the Beatles. Without AI, that wouldn't have existed. The Irishman used AI to de-age Al Pacino and Robert De Niro.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
Bohemian Rhapsody, that biopic about Freddie Mercury, Rami Malek, when he sang those songs, that was actually an amalgamation of multiple different voices. So... If you just go back a little bit in cinema history, you find that using AI is nothing new. Using tech in post-production is nothing new. So this brutalist brouhaha might have been a little bit of a nothing burger.
Morning Brew Daily
Trump Targets DEI Programs & Walmart Managers Make $600K?
Zendaya and the tennis is the most hilarious description of Challengers I've ever heard.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
That is a 45% increase from its 2025 low on April 8th and can be chalked up to a variety of factors. One, investors everywhere have piled into riskier assets as Trump walked back his many tariffs. Two, Trump's pro-crypto agenda is advancing with a bill regulating stablecoins passing a key Senate hurdle. And three, Bitcoin is seeing a lot more institutional money.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
The number of Bitcoin held by public companies has jumped 31% to about $350 billion since the beginning of the year, accounting for 15% of the total Bitcoin supply. Even Bitcoin hater Jamie Dimon, who leads JP Morgan, said, "'I defend your right to buy Bitcoin,' and said the bank would let clients invest in it."
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
It's another I told you so moment for crypto's biggest advocates, including Michael Saylor of MicroStrategy, a company that pioneered the concept of stashing its cash in Bitcoin. On Wednesday, he wrote on X, if you're not buying Bitcoin at the all-time high, you're leaving money on the table.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
So, Toby, here's Bitcoin once again flexing up 18% for the year compared to the flat year-to-date performance of the S&P 500.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
The company's sales dropped 9% last quarter, 17% drop in China, and its digital sales are also going down the toilet in Europe, the Middle East, and Africa. E-commerce sales were down 25%, greater China 20%. Their current strategy, especially online, is not working, which is probably why you see them going back to Amazon.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
They thought they could just be the storefront themselves and really tighten the distribution path for people buying Nikes. And now the fact that they're going crawling back to their ex, going back to Amazon shows that whatever strategy they were pursuing, which was really tighten that window, it was not working at all. Elliot Hill came in last year with a mission to turn around the company.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
It is proven very difficult to do. He's been there for many months and you don't see any movement in improvements.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
Oh yeah, I'll drop a banger of a trivia question at 7 a.m. after we wrap up the show and eight hours later, someone chimes in with the answer.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
Let's sprint to the finish ahead of the long weekend with some final headlines. President Trump turned his war against Harvard up to Volume 11. His administration blocked the university from enrolling international students and forcing the existing ones to transfer or else lose their legal status by revoking Harvard's Student and Exchange Visitor Program certification.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
In a statement, the Department of Homeland Security cited Harvard's unsafe campus environment that permits, quote, anti-American, pro-terrorist agitators to harass and physically assault individuals, including many Jewish students, and otherwise obstruct its once venerable learning environment.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
Harvard responded that the move was unlawful and will support its international students, who currently make up 27% of its student body, up from 20% in 2011. Critics said the move amounted to America shooting itself in the foot by turning away the best and brightest from coming to study here, and it would certainly leave Harvard in a gaping financial hole.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
Which means you'll probably see a legal challenge that blocks this from going into effect, which it would in the next few days. They could seek an emergency injunction. Something's happening later today that hasn't occurred in over 10 years. All six of Oscar Mayer's Wienermobiles will be in the same place. But this meetup won't be friendly.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
The Wienermobiles will race against each other at Indianapolis Motor Speedway in the inaugural Wienie 500. a promotional event ahead of the Indianapolis 500 on Sunday. And the stakes couldn't be higher with regional hot dog supremacy on the line.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
Each Wienermobile will represent a different regional hot dog, the New York dog, the Southeast Slaw dog, Chili dog in the South, Chi dog in the Midwest, Seattle dog from the Northwest, and Sonoran dog from the Southwest in the ultimate test of toppings. Who you got? Ha!
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
It listens to the customer, not the calendar. So the message hits when they open the app, browse a product, really whenever the opportune moment is.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
Dr. Beach is a legend. I mean, he just commits to this so hard and he takes it very seriously, which means we should take it seriously, too. And one thing I want to point out from this list, no California, California. California, very famous for its beaches, got snubbed from the list in favor of a lot of Hawaii, a lot of Western Florida and then some northeast with Cape Cod and Long Island.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
I was actually passing by Cooper's Beach last year and then I saw the hordes of crowds. Yeah. And I was like, I think I'm just going to keep driving. But it does seem pretty awesome.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
That is all the time we have. Thanks so much for starting your morning with us and have a wonderful Memorial Day weekend. Just so you're aware, on Monday, Memorial Day itself, we are putting out a special interview episode. So be sure to tune in as you're driving back home. Then on Tuesday, we'll be back to regularly scheduled programming.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
To repeat, Monday's special episode, Tuesday, back to the classic format.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
If you have any thoughts on today's episode, send an email with questions, comments, or feedback to morningbrewdaily at morningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Our associate producers are Olivia Graham and Olivia Lake. Scoop Stardaris is on audio. Hera Makeup wants to hear from Dr. Lake. Devin Emery is our president.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
And our show is a production of Morning Brew. Great show today, Neil. I wish you all well.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
So stop marketing like it's 4 a.m. in the wrong time zone. Go to endthecampaign.com. You may not have been productive at work counting down the hours till MDW, but the House of Representatives was. Republicans in the chamber passed a sweeping tax and spending package they've dubbed the one big beautiful bill that will have major implications for the US economy and your personal finances.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
The bill is indeed big. Containing a smorgasbord of GOP priorities, it extends President Trump's tax cuts for all income groups from 2017, which were set to expire at the end of this year, and heaps on even more tax relief on top of that, including a bigger child tax credit, a higher standard deduction, and the elimination of taxes on tips, overtime pay, and Social Security benefits.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
It also ramps up spending on certain things like border security, national defense, and support for farmers. It decreases spending on certain things, too, like Medicare, food aid, and tax credits for clean energy projects. But that's not enough in savings to account for the lost revenue from the tax cuts.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
Independent analysts estimate that the bill will increase budget deficits by about $2.7 trillion over a decade, which has spooked the bond market in recent days by worsening the U.S. 's already concerning fiscal situation.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
Democrats don't find this bill beautiful at all, calling it a reverse Robin Hood situation in which the government is taking from the social safety net to fund tax cuts for the wealthy, but they're not in the majority. So even though no Dems voted for it, it may become the law.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
And I say may, because as you know from Schoolhouse Rock, the bill will now head to the Senate, which must also pass it before President Trump makes it official through his signature. So Toby, a long way to go, but this sweeping tax bill is one step closer to reality.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
It will also disproportionately help higher income earners in New York, New Jersey, California, these high income States, because there's this salt, uh, The tax deduction, which was probably the biggest sticking point of the bill, the state and local tax deduction, which was capped at $10,000 in 2017, that is now expanding to $40,000 up until incomes of $500,000.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, the House passed a sweeping tax bill. We'll tell you what it means for the economy and for your wallet.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
That's a big win if you're a property owner in the northern New Jersey suburbs listening to this or New York or any other higher tax jurisdiction because you are going to be able to deduct a lot more of your taxes now under the new cap for the next few years.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
So looking ahead, the Senate still has to pass this bill before it heads to President Trump's desk for his signature. There could be a lot of wrangling, and it might be in response to what's happening in the bond market. Yesterday, we saw 20-year bonds and 30-year bonds go above 5%. Remember, they've been tracking up for the past few months. They hit 5% yesterday, which is a very spooky level.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
It means that borrowing costs are going up across the economy. If you're going to finance a car, if you're going to mortgage your house, we have mortgage rates at over 7% now. So that is raising borrowing costs across the economy. And the reason for that is bond investors are very concerned about the American about the United States fiscal situation.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
We just had this Moody's credit rating cut on Friday. And the general feeling right now with this bill adding two point seven trillion dollars to deficits is that The United States is digging itself into a deeper and deeper hole. And when bond yields go up, that means that's basically a proxy for how much it costs the government to borrow.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
So we're already paying $1.1 trillion in interest payments per year last year. And now we're going to have even, you know, when you borrow money, the interest payments are going to continue to go up. So the bond market is throwing a bit of a tantrum. We'll see whether lawmakers respond by paring back some of the deepest cuts of this bill.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
And it will still stick around. And that's because we're not eliminating the concept of the penny. We're just eliminating the actual coin itself. That's exactly what our friends to the north did Canada in 2013. They eliminated the penny, but prices online specifically will probably stay in the cent range. You'll probably buy something for $2.11 or $2.16 today.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
If you're listening to today's episode on the Friday before Memorial Day weekend, well, you're committed to being informed. So why don't you prove it by coming to Morning Brew Daily's In Real Life trivia night on June 3rd, where you can create a team and compete against other listeners in what will be a really amazing night.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
because when you pay with a credit card you don't need to pay with an actual penny itself so it'll be very interesting to see how retailers play this to say whether you go into a store and you see a cash version a cash price for a particular good that's rounded up to five cents or you see a credit card price that is you know the exact change that you would pay typically in cash but you're with a penny but you wouldn't any more so we'll see how retailers play this can be very interesting it hasn't
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
really shaken up things in Canada. They've been in this new regime for 12 years. They have the concept of the penny, but they don't have a one cent coin itself. It's worked out just fine.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
Barbenheimer it ain't, but this weekend's box office matchup of Mission Impossible vs. the live-action Lilo and Stitch is certainly popcorn-worthy. Just to set the stage, Mission Impossible The Final Reckoning is set to hit theaters as the last installment in what's become Hollywood's greatest action franchise.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
Tom Cruise has left it all on the court playing Ethan Hunt, a field agent whose death-defying stunts include a halo jump, driving a motorcycle off a cliff, and in Final Reckoning, hanging off the side of a biplane zooming at 170 miles per hour.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
And then there's Lilo and Stitch, Disney's live action remake of the 2002 cult classic featuring a little blue alien who causes chaos on Earth after crash landing into Hawaii. While flying under the radar for more than a decade, Stitch has turned into IP gold for Disney, attracting legions of fans who were born years after the original came out.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
On Disney+, for example, Lilo and Stitch content is viewed about as much as The Little Mermaid. So listeners, which movie do you think is projected to earn more at theaters this weekend? The answer is Lilo and Stitch, which is expected to gross more than $165 million domestically, which would be as monstrous as its title character.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
Mission Impossible is also supposed to perform well, but not as well, with projections of around $80 million. Toby, in the double feature, which are you seeing first?
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
Toby and I are hosting, of course, and we are hard at work writing questions that will entertain and delight. Plus, we can't wait to meet you all in person.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
So will this be a record-setting weekend? It could possibly because the record for Memorial Day box office grosses was in 2013 when we had Fast and Furious 6, which is maybe the only analog that you have for the longevity of Mission Impossible, was paired with The Hangover Part 3. So that's what Lilo and Stitch and the final Mission Impossible are going after. The...
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
expectations for Lilo and Stitch has just gradually got higher and higher and higher over the past few weeks. Just four days ago, it was 120, just three weeks ago, it was 120 million. Now it's 165 million. So there's been amazing groundswell of support for Lilo and Stitch. This thing is going to be a behemoth at the box office.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
Yeah, my knee is saying the exact same thing. Well, no one's found a way to stop aging yet, but Timeline has created a supplement that can change the way aging feels, helping your body to bounce back faster by giving your cells a refresh.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
It just takes two soft gels a day to reboot your cells from the inside out.
Morning Brew Daily
Federal Funding Bill's Market Impact & Goodbye to the Penny?
It's time for Stock of the Week, Dog of the Week, the segment where Toby and I pick one stock that's already at their lake house and another that's sitting in bumper-to-bumper traffic. I won the pre-show javelin toss, so I get to go first. And my Stock of the Week is Bitcoin, which celebrated Bitcoin Pizza Day this week by reaching an all-time high at over $111,000 per token.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Kyle Hagee. Today, an NBA franchise set the record for the most expensive sale in pro sports history.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
We're trying. It's getting a little out of our price range. Six point one billion dollars. And Axios also reported that six point one is not going to be the end price here. There's going to be another round of investment that eventually bumps the price up to seven point three billion dollars. And it shows shows the marquee nature of that Celtics return. brand.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
They're coming off a national championship. They've won 18 titles, the most of any NBA team ever. But when you talk about Bill Chisholm, when this news dropped yesterday, people were like, who? This guy didn't even have a Wikipedia page before he led an investor group to buy the Boston Celtics. He's the co-founder of Symphony Technology Group, which is out of Menlo Park, Silicon Valley, California.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
All right. Before we jump into the show, a quick word from our sponsor, Sophos. Kyle, I have a question for you. Do you ever feel stretched a little too thin?
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
He grew up on the North Shore of Massachusetts as he's Huge Celtics fan, went to Dartmouth, so he's a New England guy. He went to the West Coast to make his fortune and is coming back to buy the Celtics and is paying a lot to do so. But there's a lot to like about buying a sports franchise now because of what you said. Valuations are booming. There's huge TV rights deals coming.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
And this also sets the stage for NBA expansion.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
We'll see whether he's ready to foot the bill because this team is going to cost $400 million in payroll and taxes coming up. Yeah. Jason Tatum, Jalen Brown, they're probably staying, but who knows about the rest of this team?
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
I hear that. Well, whenever you need a little extra backup, Sophos is there. They make sure your cybersecurity is locked up tight.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
We'll find out this weekend. I mean, Disney has done this series of live action remakes, Little Mermaid, Lion King, Mufasa, Aladdin, Beauty and the Beast. They have Lilo and Stitch and Moana coming up where they take their old animated movies. And in terms of and make them into live-action, very weird-looking remakes, but I guess people watch them.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
But Snow White is very interesting IP because it came out in 1937, a long, long time ago, a lot longer than some of these other live-action remakes. So if you are trying to get kids excited about certain princesses and getting them to come to your theme parks and just be involved with this particular IP,
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
Exactly. With Sophos, no matter your business's size, you get enterprise-grade technology and real-world expertise always in sync, always in your corner, playing zone defense or full-court press.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
Snow White might not be on their radar, so this is a big deal for Disney to get Snow White back on the forefront of people's minds so they can get that Disney flywheel going. You see the movie, then you go to the parks, then you buy the toys, etc., etc., then you watch the show on Disney+. So this is very important for Disney to get Snow White back on the forefront of kids' radars.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
These live-action remakes do generally really well at the box office. Last year, Mufasa, the Lion King film, which you didn't even know existed, made over $713 million globally. Beauty and the Beast back in 2017 opened to $175 million domestically. So these are huge potentials. potentially huge movies. And, you know, we'll be back on Monday with an update on how this did at the box office.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
Despite all of the controversies, reviewers said this was one of the better remakes of them all.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
Finally, Happy Friday hits different today because the annual World Happiness Report ranking countries by how happy their citizens are just dropped. And I'm going to have to ask the creators of Nokia and an epic sauna culture to wipe that grin off your face.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
For the eighth year in a row, Finland was found to be the happiest country in the world, followed by fellow Nordic nations Denmark, Iceland and Sweden, which was the same order as last year. Why are Finns so dang happy? Residents say there's a great deal of trust, connection, and knowing your fellow people have your back, especially when it's dripping with steam.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
That is true. Don't sacrifice your peace of mind as you grow your business. Visit Sophos.com for more. That's S-O-P-H-O-S dot com.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
Meanwhile, Americans continued their slide in happiness with the U.S. falling to its lowest ranking on the list ever, 24th. down one spot from last year and a plunge from a peak of 11th place in 2012.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
The drop is being driven by people under 30 who, according to Gallup, feel, quote, less supported by friends and family, less free to make life choices and less optimistic about their living standards. This seems to be the case for all big high income nations, with none of the large industrial powers ranking in the top 20 for the first time in the history of the report.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
Kyle, what was your takeaway from the happiness?
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
Well, I think this is a first, but because there's such big stories, we're kicking off our Friday show with Stock of the Week, Dog of the Week, the segment where Kyle and I pick one stock that's got McNeese state-level aura and another that got bounced in the first round. Today, we're doing a two-for-one special, kind of like pert shampoo and conditioner.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
But let's talk about I'm not going to use your corporate jargon with double clicks. Well, let's go into that dining alone thing. You say it's not a predictor of happiness, but the experts at the World Happiness Report say it's an incredibly strong predictor of happiness.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
They said meal sharing was a stronger predictor of well-being than income and unemployment combined, which is truly mind blowing. And they said that meal sharing or the lack of it was one of the main reasons that the U.S. has continued to drop down the rankings. It found that 26% of U.S. adults said they ate every meal alone the previous day, which is a 50% increase between 2003 and 2023. The U.S.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
ranks 69th globally in meal sharing, which is not nice. Canada is ranked 53rd, which a little ahead, and the U.K. is 81st, so a little peer comparison there. But they do say that meal sharing is a big deal, a strong predictor of happiness.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
In Toronto, the expected rate of a returned wallet was just 23%. The actual number of returned wallets was more than 80%. So I guess if we're going to leave you with anything this Friday, it's go share a meal with someone this weekend and trust that your fellow people are nicer than you think they are.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
All right, let's wrap it up there. Kyle, appreciate you stopping by. And thank you for starting your morning with us. We've got an epic weekend on tap with the Women's College Basketball Tournament kicking off today. Another big slate of men's games and a lot of meals shared with other people. Maryland. Do not let me down.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham and Olivia Lake are our associate producers. Eugenia Waogu is our technical director. Scoops Gardaris is on audio. Hair and Makeup finally found where True TV is.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
Devin Emery is our chief content officer. And our show is a production of Morning Brew.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
Our Stock of the Week is Chinese electric vehicle giant BYD, and our dog is its U.S. rival, Tesla. BYD shares soared to a record high this week after making an astonishing claim. It said it had developed a new charging system that could add nearly 300 miles from five minutes of charging or about how long it takes to fill up a tank of gas.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
This ultra-fast charging innovation was called a game changer by experts and rocked the auto world. Solving the problem of range anxiety and long charging times could convince more shoppers to choose BYD over competitors in China, the world's biggest market for EVs. As for Tesla, the company may be in its most turbulent stretch in its history. It issued another Cybertruck recall, number eight.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
Sales are in reverse. Sometimes violent protests have erupted across showrooms and charging stations, and major investors and analysts are calling for drastic changes as CEO Elon Musk emerges as the public face of the Trump administration. Shares are down nearly 5% this week, and they've fallen nearly 40% this year, the worst performer in the S&P 500. But let's start with BYD.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
Kyle's here. Manu Ginobili, sixth man of the year, is back to fill in for Toby today. Kyle, how are you feeling this Friday?
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
Kyle, this Chinese car company is taking over the world.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
Right. So last year, the Biden administration, when he was president, implemented 100 percent tariffs on Chinese electric vehicles to protect Americans. The Detroit automakers, Canada also has 100 percent tariffs. The EU has about 18, 19 percent tariffs on BYD and other Chinese electric vehicle makers to protect the domestic industries. But still, BYD is becoming an export powerhouse.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
It already has 15 percent market share in China, which is the world's largest market for EVs. but it has absolutely expanded its reach to developing markets, and it's going toe-to-toe with these other automakers in places like South Africa, Turkey, Chile, South America. In South Africa, China made vehicles accounted for nearly 10% of sales last year, which is five times the volume sold in 2019.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
So ever since buy now, pay later, giant Klarna filed for an IPO last week. It's been inking partnerships left and right. And its latest move yesterday raised a lot of eyebrows and led to a lot of jokes. It made a deal with DoorDash to put its payments tech into the delivery app.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
Go to Turkey, Chinese brands claimed an 8% share in the first six months of 2024. That's up from basically zero in 2022. So you're seeing a global turf war being fought between really cheap and high quality Chinese cars, which it was crazy because they could not they were not an export powerhouse at all. This is Germany and the United States domain and South Korea and Japan.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
But they are running that playbook and we'll see whether they come to the United States shores. But it is unlikely, given that there are 100 percent tariffs on BYD and other Chinese EVs to protect the local industry.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
Right, so in China where Tesla and BYD are going at it on the roads, Tesla charges you $8,800 to buy driver assistance features. BYD offers that for free. A number of other Chinese EV makers also offer driver assistance. for free.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
So Tesla will certainly be facing pressure to bring those costs down, because when you're looking at whether to buy a Tesla or a BYD, that $8,800, if more consumers do want those driver assistance features, when you're looking at not paying anything or $8,800, which is nearly the cost of the cheapest BYD model, that can certainly go into your decision making.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
Let's move on to Tesla, the dog of the week. This company is really going through it right now. There was a major note published by an analyst who was one of the biggest Tesla bulls on Wall Street that is making waves this week. Dan Ives, who's at Wedbush Securities, said, let's call it like it is. Tesla is going through a crisis and there is one person who can fix it.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
Musk, as someone who is a corbel and believer in the Tesla long-term growth story, I loudly urge Musk and the board to step up, stop being silent, and help resolve this crisis forming at Tesla. That's what I've said. And with the crisis he's referring to is all of this violence that has been waged against Tesla showrooms and vehicles.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
across the United States and across the world as well, sinking sales in Europe and in China and in the United States. They've gone into reverse and a plunging stock price, the worst on the S&P 500.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
So now you will be able to pay for your DoorDash burrito or Pad Thai in four equal interest-free installments or even defer payments until what Klarna calls a more convenient time. Kyle, are you on board with eat now, pay later?
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
JP Morgan analyst Ryan Brickman wrote in a research note this week, we've struggled to think of anything analogous in the history of the automotive industry in which a brand has lost so much value so quickly, and perhaps that brand erosion fell even more this week when Tesla announced its eighth recall of the Cybertruck, about 46,000 of them.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
They need to fix an exterior panel that could detach while driving. That happened yesterday. So, yeah, you have investors and analysts calling on Elon Musk to make a public statement saying how he's going to balance his duties in Washington with Doge with also running Tesla and all of his other companies.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
Yesterday afternoon, President Trump signed an executive order directing Education Secretary Linda McMahon to dismantle her own department. Trump and many conservative critics have argued that the education department is wasteful financially and educational outcomes would be better if left to individual states to manage.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
Among its many programs, such as tracking student achievement and supporting students with disabilities, the education department is essentially a giant bank overseeing a massive portfolio of student loans, $1.6 trillion belonging to over 44 million American borrowers. In fact, it's the third largest source of household debt in the United States.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
The proposed wind down of the education department has raised a lot of uncertainty over how those loans would be administered going forward.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
The White House yesterday tried to calm those fears, saying that even as it's stripped for parts, the education department's critical functions would continue, such as the oversight of student loans and Pell Grants, which provides aids to students below a certain income threshold. Still, Trump's goal is to make the agency a shell of its former self and ultimately eliminate it.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
But expect court challenges because. It would take an act of Congress to fully abolish the department. Get ready for what the New York Times called a seismic legal battle over the federal government's role in the nation's schools.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
Conservatives have been criticizing the education department since 1980 and think that states and local governments should oversee education and student loans more broadly. But when we're talking student loans specifically, if you want to move the the portfolio of $1.6 trillion somewhere from the education department.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
The question is, which new department oversees it and what expertise or skills do they have as banking managers to disperse loans and collect that revenue and all that stuff? Well, Uh, one, uh, one place where they could go ultimately is the treasury department. Some advocates of this move say that the treasury department is, you know, has the banking expertise.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
It has the know how to be able to administer such a cumbersome and massive program. Trump has also floated the small business administration and some even on the more extreme level would say we should privatize everything about the student loan process. That would be a sea change. Ninety-two percent of student loans are from the public sphere currently.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
So the main thrust might be that it moves to the Treasury Department if the education department is totally wound down. Critics of moving into the Treasury Department say like this will be messy and we have a lot of things tied up in student loans right now. We should not be able to we should not be moving this huge chunk of loans from one department to the next.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
no that's not i don't think that's the wild here it's just to establish clarna as the go i mean yes this is the business strategy behind it to establish clarna as sort of the go-to payments portal that you go to whenever you buy anything doesn't matter the size but obviously the size of uh the order of what you typically do on doordash is not that big which led to you know a huge social media uh joke fest around this news yesterday
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
We don't know what could get caught in the middle. They acknowledge that maybe this process, the student loan, the student loan apparatus as managed by the education department isn't the best. You know, they acknowledge there are certain mistakes, but moving it wholesale from one agency to the next would be a mistake.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
Expect major legal battles ahead over the fate of the education department. Up next, Snow White and the never-ending controversies. Have you taken our morning market trivia quiz yet? Top scorers will receive a custom prize, a $200 Amex gift card, and a newsletter feature.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
If you have the answer, go to www.morningbrew.com slash morning-market-trivia to test your stuff with the morning market trivia quiz. Who knows? You could end up on the leaderboard. Like I said, top scorers will receive prizes and a feature in the Morning Brew newsletter. I scored a 12 out of 15. I got 11 out of 15.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
Head on over to www.morningbrew.com slash morning-market-trivia and see if you can beat our scorers and win some goodies. Do you ever feel like you can feel yourself getting older? Literally all the time. Just ask my lower back. Yeah, my knee is saying the exact same thing.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
Well, no one's found a way to stop aging yet, but Timeline has created a supplement that can change the way aging feels, helping your body to bounce back faster by giving your cells a refresh.
Morning Brew Daily
BYD Zooms By Tesla & The Boston Celtics Sell for Over $6B
It just takes two soft gels a day to reboot your cells from the inside out.
Morning Brew Daily
Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, the NBA's ratings have plummeted. Are too many three-pointers to blame?
Morning Brew Daily
Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
So these are the kind of numbers where people are watching and they're saying, man, there's so many threes going on right now. I wonder if the game is a little bit broken because that's all the teams do. It's harming the product. It's harming viewer numbers.
Morning Brew Daily
Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
You got to cut it out. The words you're saying, great. The Range Rover Sport is an awesome car, but the voice has got to go.
Morning Brew Daily
Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
Yeah, just to go down some of the other reasons the NBA might be slumping, it's just overall cord cutting. So people are watching more streaming. Maybe they're watching Mr. Beast on Amazon or YouTube and they're not watching the NBA.
Morning Brew Daily
Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
And then I guess my final point here is that this all doesn't really matter. Because the NBA just signed a gargantuan $76 billion broadcast rights package for the next 11 years with Disney, with Amazon, with NBC. So they are locked and loaded. They have an $76 billion a year contract.
Morning Brew Daily
Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
This mid-year slump that they're going through right now, they just probably don't care about because they are rolling in. They're full. flesh with cash.
Morning Brew Daily
Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
If you want a great car or to support Toby's voice acting career, visit LandRoverUSA.com to configure your Range Rover Sport.
Morning Brew Daily
Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
Yeah, well, now I'm going to call all of the stuff in the back of my refrigerator home. My strategic reserve that I haven't touched in a while that's very moldy. Just my reserves, and I'm just waiting for the right time to unleash it. Yeah, this is the butter shortage. Higher butter prices has been plaguing a bunch of European countries.
Morning Brew Daily
Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
Recently, some Russian supermarkets have actually put butter behind glass like CVS does with higher-priced things in order to prevent thefts because butter has increased prices. 26%. So there is a dairy shortage, and you're seeing inflation go up for butter, and it's becoming a big political issue.
Morning Brew Daily
Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
Thank you, Bobby Flay. Wait, so what do you use salted for?
Morning Brew Daily
Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
Okay, finally, someone is doing something about the arcade claw machine. We've all been there. You position the claw perfectly above the toy you want. It descends. The anticipation builds. It catches the toy, but then despair. It closes just a millimeter above where it needs to, catching nothing but air and leaving the toy in the pile below. Well, Hong Kong has heard your frustrations.
Morning Brew Daily
Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
The city's consumer watchdog called for a review of regulations on claw machines, saying these machines capitalize on consumers' enthusiasm for testing their luck. It cited one complaint from a man who spent $65 over 45 minutes to win a waffle maker, but only ended up grabbing more than a few trinkets. Toby, I'm all about this. It's about time we take down Big Claw.
Morning Brew Daily
Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
Okay. My conception of you, Toby, is that you would be somebody who would spend like a half hour to an hour in front of a claw machine until you got one. Just keep feeding it. Is that true?
Morning Brew Daily
Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
I'm so happy the capybara is having its due because I thought I was the only one who knew about this animal. Back where I grew up at the Forest Park Zoo, there were a bunch of capybaras that I would go and love to watch because they are incredible. They just look amazing. They're a huge freaking rodent, but they're very cute. So I thought no one else knew about them.
Morning Brew Daily
Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
And then when I saw that sales were of capybara, they were the it animal, I was like...
Morning Brew Daily
Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
it's about time everyone should know about this animal but apparently each holiday season according to toy manufacturers there's been a new it animal so in 2021 i think i'm pronouncing this correctly it's the axolotl you nailed it actually i looked it up have you heard of this yeah it is like this little salamander looking creature got it that wrote a wave of uh attention because minecraft added it to its game so that propelled it but you are dead right that that was the it animal a few years ago what's going to be the it animal next year
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
Yeah, no one ever thinks about dinosaurs or buys anything about dinosaurs, Toby. Really under the radar. Okay, finally, Timothee Chalamet lookalikes are out and Jesus lookalikes are in. at least in Utah, where some long-haired and bearded men are charging $100 to $200 per hour in the growing market for Jesus models, the Wall Street Journal reported.
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
They're being hired for occasions like the family photo shoot for the Christmas card or wedding announcements. The hourly rate is so high because the labor pool is low. Many people who live in Utah are Mormons, and the men who work or volunteer for the Church of Jesus Christ of Latter-day Saints tend to not look like Jesus because they frequently shave and have short hair.
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
So there's a lucrative side hustle opportunity for good looking dudes with long hair and beards who haven't aged into the mall Santa market yet.
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
Okay. Let's wrap it up there. Thanks so much for spending your mornings with us all year and have a wonderful holiday, whatever or wherever you're celebrating. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. Though, just a suspicion, you might get hit with an out-of-office message. Let's roll the credits. Emily Milliron is our executive producer.
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenua Ogu is our technical director. Billy Menino is on audio, hair, and makeup, which is everyone a happy holidays. Devin Emery is our chief content officer, and our show is a production of Morning Brew.
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
It could. Let's talk about the narrative that Amazon is accusing the Teamsters of creating or manufacturing. So Teamsters President Sean O'Brien said in a statement, if your package is delayed during the holidays, you can blame Amazon's insatiable greed. We gave Amazon a clear deadline to come to the table and do right by our customers. They ignored it.
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
Sorry, not sorry. Sorry.
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
So this is him trying to paint Amazon as the greedy major corporation. That deadline that he's talking about is a December 15th deadline that the union wanted Amazon to come to the table and begin negotiations for.
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
They, as you mentioned, don't recognize the Teamsters as a union that represents their workers because these are drivers that are hired by third-party delivery companies that Amazon works with. Amazon does not recognize them as their employees. The National Labor Relations Board does, and Amazon is currently in some legal wrangling with the NLRB to figure that out.
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
But these are the two sides here. Amazon shares are up as we're talking right now. So investors clearly don't think that this is going to be a big hit on business. But Washington Post talked to some labor experts who said that if you live in the cities where They're where these strikes are happening. This is their last mile to go from the fulfillment centers to your house.
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
You could see perhaps see some delays as Amazon has to make some interesting decisions about which packages it prioritizes. And the major hotspots here are New York City, Atlanta and California.
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
That's right. So that is what they're doing right now.
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
And then you also mentioned Starbucks. So Starbucks Worker United, which represents 10,000 Starbucks barista, 98% of those workers voted to authorize a strike as they start to want to come to a contract with Starbucks. And again, this is all about leverage. They're saying, hey, we have 98% of our members ready to go on strike if you don't come to the table immediately.
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
Starbucks and this union have been going at it for three years now. Starbucks has a new CEO, Brian Nichols, trying to calm the waters. Previous CEOs, Howard Schultz, was a lot more antagonistic towards the union. Brian Nichols wants to play nice, it seems. He wrote a letter a week into his term. tenure, you know, saying, I want to work with you.
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
And then earlier this week, Starbucks announced that it was tripling its paid parental leave from six weeks to 18 weeks as perhaps a sign of good faith. But you know what? After it felt like there wasn't a lot of labor strife stewing after hot strike summer in 2022 with the UAW auto workers and UPS. And then we had Hollywood writers and then Boeing. But recently, it's been a little calmer waters.
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
Maybe it's a sign of a thawing labor market, but it is heating up right now ahead of the holidays. Jimmy Donaldson has conquered YouTube and now the 26-year-old you all know as MrBeast is taking his talents to a slightly bigger screen. Thursday was the premiere of Beast Games, a Squid Game-inspired game show hosted by MrBeast that will stream exclusively on Amazon Prime Video.
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
It's an expensive bet by Amazon that at least some of Mr. Beast's world-leading 337 million followers on YouTube, he has a little more than us, Toby, will follow him over to the streaming service. And by expensive, I mean this deal was reportedly worth $100 million. And everything else about the show is big, too.
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
Amazon claims the show is the biggest live game show in history, with 1,000 players competing for a prize of $5 million, the biggest single prize in TV history. Mr. Beast claims he spent more than $100 million on the show and says he broke 40 world records along the way. I can't even fathom what kind of world records that would be.
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
But, Toby, the big question here, do you think Mr. Beast can successfully bring his YouTube magic to Hollywood?
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
Right, which raises the question, I think, for me is why is Mr. Beast even doing this? And I guess it's that $100 million check, but he probably gets way more viewers on YouTube than anyone who's going to see this show on Amazon Prime Video. And then when it comes to the money that is made, I mean, separate the—I guess you can't separate the $100 million he's being paid.
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
But YouTube actually spends more on content and paying its creators than Netflix does. YouTube has paid out an average of $23 billion a year to creators and media companies, compared to Netflix, which spends about $15 billion a year. So you are right that the lines are being blurred, and YouTube is not necessarily just a user-generated content, content anymore.
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
Mr. Beast has 250 employees like this is an actual company. But you're right. It didn't seem like you ran a tight ship. So there were accusations of mistreatment of workers on set. Well, they actually filed five unnamed participants filed a lawsuit against Mr. Beast in Amazon. So he has to face that. He said the accusations are blown out of proportion.
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
But that has been a scandal for the show for months.
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
People are looking for good value. When you go to the Capitol Grill and Roost Chris Steakhouse, at least from my experience, you know, the thought going in is like, I'm going to get some maybe some mediocre food. I'm going to pay a lot. So it has to be an interesting occasion for it.
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
But when you look at its other brands like Olive Garden, Longhorns Steakhouse, you are thinking, wow, I'm going to get pretty good value here. I'm going to pay not so much. And at least I'll get like a lot of food. So maybe that's why those two brands are doing so well in bucking the broader industry trends. Olive Garden has this never-ending possible.
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
What else showcases value than something that's called never-ending? And then it also partnered, remember, with Uber on delivery. So now Olive Garden can be delivery. It's opening up its distribution system.
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
So when you're looking at the winners and losers of restaurants this year, and this is going to be the last time we're talking about restaurants, you see the winners are those value chains like Chili's and Olive Garden Longhorn Steakhouse that are providing value. The ones that are losers are the luxury ones that don't provide luxury.
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
My dog of the week is the NBA because a lot fewer people are watching it this season. Through last Saturday, ratings on national TV for the NBA have plunged 19% year over year. Ticket prices for the NBA Cup, the in-season tournament which Milwaukee won earlier this week, were about half of what they were last year.
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
The grim viewership numbers have sparked lots of navel gazing about why the NBA is in such a big slump this year. Is it cord cutting? Is it losing the attention battle to streaming? Is it a problem with the product? Are there too many three-pointers? Are there not enough superstars in a league that relies on superstars? Is it the fact that these superstars are European?
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
Is it the fact that these superstars are on bad teams? Lots of questions. And Commissioner Adam Silver addressed some of them during a huddle with reporters this week. He acknowledged that ratings were down, but said that this wasn't an indication of waning interest in the NBA, but larger structural factors.
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
He pointed to stats that showed the last two years were the highest attendance in NBA history and that its social media audience is the highest of any league and continues to grow. Toby, should the NBA be concerned?
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
Let me just put some stats behind the three-pointer numbers because they are kind of mind-blowing. Teams are averaging about 37.5 three-point attempts per game, which is the most ever and about 15 more than the league average a decade ago. So remember the 2015-2016 Golden State Warriors? We thought they put up a lot of threes.
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Amazon Faces Pre-Holiday Strike & MrBeast Brings YouTube Magic to Hollywood
They would rank near the bottom in the NBA this season, their average of 31.6%. threes per game, about 20 fewer than the Celtics this year. The Celtics have kind of revolutionized this three-point game this year. They chuck up 51 threes per game, which accounts for more than half their total shot attempts.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
in five minutes or less, and you could earn up to $10,000. Yes, 10K, when you transfer your old investment portfolio. Start at public.com slash morningbrew. That's public.com slash morningbrew. Paid for by Public Investing. Full disclosures in podcast description. Welcome to my favorite segment of the show, Stock of the Week, Dog of the Week, because it means it's Friday at long last.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
Toby and I will pick one stock that soared to space like Katy Perry and another that tumbled back to earth, also like Katy Perry 11 minutes later. I won the pre-show who cried more after Rory McIlroy won the masters contest. So I get to go first. And my stock of the week is Hertz because bill Ackman just made a big bet on the yellow rental car company and investors are loving it.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
The stock searched 56% on Wednesday after Ackman's Pershing square hedge fund took a $46 million stake equivalent to about 4% of Hertz's outstanding shares. Then yesterday, The stock added another 44%. Ackman is now the company's third largest shareholder. So what does he see in Hertz? The potential to upgrade from compact to full size, likely because of the auto tariffs.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
Trump's 25% tariffs on foreign cars are expected to raise prices for not only new cars, but used cars as well, since the two typically rise in tandem. That would increase the value of Hertz's vast fleet of used vehicles. which it could sell at a higher price point than before to reap the rewards. Of course, that's the bull case.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
There are plenty of haters of the stock, which is why nearly half of its float is sold short. Hertz has had a rough time finding stability after emerging from bankruptcy in 2021 when a huge investment in Tesla's flopped hard and a recession would probably kill demand for rentals. Toby, is Ackman a genius or out of his mind?
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
Right. A very curious outcome in the stock market, too. You might have checked your stocks yesterday or the major indexes and saw that the Dow was down over a percent, 1.3 percent, while the S&P 500 was up 0.1 percent. Usually those indexes go pretty much in lockstep with each other. So it's curious to see such a massive divergence. And that is, you know, specifically because of United Health.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
United Health is the highest weighted index. stock in the Dow. And we talked about this a lot. The Dow is a index of 30 companies that is not representative of the stock market because it is weighted by share price, not by market value. United Health has a share price of more than $400 per share, which means it is weighted more in the Dow than much more valuable companies like Apple or Nvidia.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
So whatever United Health does on any given day, that's typically what the Dow is going to do. So United Health dropping as much as 20%, dragged down the Dow 527 points, which was more than it dropped in 1987 on Black Monday. So that is sort of the divergence you saw between the Dow and S&P. Blame UnitedHealth for this truly shocking earnings report. Investors were absolutely floored.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
The CEO said, I don't even know what's going on. We issue very conservative expectations and guidance going forward, and we completely whiffed on that, like a huge executional misstep. Finally, introducing a new segment to take you into the weekend we're calling Fast Food Fridays.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
This week, a number of chains introduced or teased new menu items that you simply must know about if you are a patriotic American. So here we go. First up, Chili's, which cannot stop itself from trolling McDonald's. On Tuesday, the chain rolled out a new burger called the Big QP, which is essentially a blatant ripoff of McDonald's Quarter Pounder.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
It has the exact same toppings, two slices of American cheese, pickles, ketchup, and diced onions, but says it has 85% more beef. Chili's is leaning into the comparison with its marketing campaign, noting in a press release that its 1099 burger deal is less expensive than the same one at McDonald's.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
And in a new TV ad called the Quarter Pounder Tiny, bashing McDonald's while copying its menu items is a recipe that's been working really well for Chili's. In the most recent quarter, sales surged 31 percent, the third straight quarter of double digit growth.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
Oh yeah, it doesn't matter if it's a rom-com or a courtroom drama. They walk on screen and boom, you're just locked in.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
Even while getting stuffed into a marketing locker by Chili's, McDonald's is still going on offense. The fast food giant teased the long-awaited return of the Snack Wrap, a cult favorite menu item that hasn't been sold in the U.S. in nine years. On Tuesday, the official McDonald's X account posted, quote, Snack Wraps 0X.5.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
14.2025, implying that the snack wraps would return on the 14th day of a month. That's still TBD. They sound like Gandalf, but it'll probably be before October, given the zero as the first digit of the month. This isn't a total surprise because execs had previously said that the snack wrap would be coming back this year, but it's getting realer than ever.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
Planet Oat was born to be in the spotlight. Just its velvety texture alone shows it's a Lister material.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
So we know it's before October.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
I mean, you just mentioned that chicken was all the rage in fast food and Taco Bell is showing that here by bringing back the chicken nuggets for a longer period of time, perhaps making that permanent in 2026. They hope that chicken will be a $5 billion menu category by 2030. McDonald's has half of its sales as much as beef in chicken.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
And it's dairy-free, gluten-free, soy-free, all the good stuff with none of the drama. If your morning routine needs a little star power, Planet O is sitting in hair and makeup waiting for its big screen moment.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
So this is just everyone's everyone's love in Pollo these days. And Taco Bell is bringing it back. I think the X factor is also the sauces, the Hidden Valley Fire Ranch sauce. Fans went crazy over it. So the ability I think is just two trends here, which is chicken and the ability to customize and dip things in sauce are just things that Gen Z loves.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
So fast food restaurants are absolutely just chasing after that.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
Well, this got me thinking, how many burgers could I possibly eat in a month? I mean, $20 is a great deal. Obviously, we can't get it now because, you know, they broke the website and they're all sold out. But I was just going through my mind, like how many burgers could I possibly eat over a 30 day span? I think the answer is maybe 10. So you're still getting great value. Of course I am. Yeah.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
Twenty dollars for a single meal is something you'll take now. But, you know, over the course of the month, it's just how many burgers can I possibly fit into my stomach? And I think I just have to go Sunday, Wednesday, Sunday, Wednesday, maybe one more thrown in. So I get to 10. Here's the X factor, though.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
Okay, let's snack wrap it up there. Thanks so much for starting your morning with us. Have a wonderful Friday and an even better weekend. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Lute is our producer. Our associate producers are Olivia Graham and Olivia Lake.
Morning Brew Daily
Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
Call me a monopoly once, shame on you. Call me a monopoly twice, well, that just makes me Google. For the second time in less than a year, Google has been deemed a monopoly in court after a district judge ruled that Google acquired and maintained an uncompetitive advantage in the market for ad technology.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
Uchena Waogu is back taking a celeb shot as technical director. Garrett Peck is on audio. Hair and makeup knows what they're having for lunch. Devin Emery is our president, and our show is a production of Morning Brew. Great show today, Neil. I wish you all well.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
It's another victory for the DOJ in its crusade against big tech's power and another stinging defeat for Google, which could see large aspects of its businesses hived off or impeded. Google was already found to monopolize the search market last year. The case decided yesterday concerned the largely invisible but incredibly important ad tech tools that power the Internet.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
essentially the inner workings behind why you see an ad on a web page. The DOJ accused Google of monopolizing three separate markets within ad tech, which allowed it to collect monopoly profits from publishers and advertisers who had no alternative, while ultimately harming end consumers. The judge agreed on two out of the three markets.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
Yes, monopoly on publisher ad servers, which is how publishers sell ad space on their sites. Yes, on the market for ad exchanges, which facilitate ad buyers and sellers, but no monopoly on the ad networks used by marketers. A little in the weeds for sure, but TLDR, Google is not feeling lucky.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
initially speaking yeah i mean they said they are going to appeal the half of the or the third of the ruling that they lost google spokesperson said we disagree with the court's decision regarding our publisher tools publishers have many options and they choose google because our ad tech tools are simple affordable and effective just like their argument in the search case where you know the vast majority of people use google search their argument was sorry for being good
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, President Trump said Jerome Powell's termination can't come soon enough. But can he fire the Fed chair?
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
And the other accusation of the DOJ here was that not only do they have these very powerful ad tech tools, but they warp them together into an ecosystem that entraps people and publishers and advertisers and doesn't allow them to leave the ecosystem. So it's this integration that regulators were also after.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
Again, Google pushes back and says that all this integration leads to more affordability, more usability. Obviously, those arguments fell on deaf ears.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
Economists across the board, both on the right and the left, warn that reducing the Fed independence could send markets tumbling down. even more volatile than they are now because the Fed is supposed to be independent, so it can think long-term. People in political office have these four-year terms. They think in a very short-term scenario.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
So, yes, President Trump, like many other presidents, probably want lower rates because that causes the economy to go faster. But if you're Jerome Powell, you are looking over the long term. You are not elected by anyone. so you can keep rates higher because of the inflation threat of what happens when you lower interest rates, which is why Politico reported that.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
Treasury Secretary Scott Besant, he said he's been working behind the scenes cautioning President Trump and White House officials to say, look, this is something you don't want to mess with. He has previously said publicly
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
Good Friday morning everyone, and I mean that literally because today is Good Friday. That means the markets are closed for the holiday and many of you are looking ahead to the Easter weekend. If there's one thing clouding Easter celebrations this year, it's the price of eggs, which are up about 60% compared to a year ago. Some companies are offering less budget busting alternatives.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
uh the fed independence is the jewel box that has got to be preserved so he's pushing back on this within the administration saying this is just a line you can't cross or else investors will lose faith in the entire system right and this goes back to this 1970s actually because the fed has guarded its monetary policy since then because at the time president richard
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
Meanwhile, Powell is just in a pickle here. I mean, it's a really tough job he has here because he, you know, in that speech on Wednesday, he warned that the tariffs were much greater than the worst case scenario that anybody at the Fed projected. So tariffs, he expects, will lead to higher than expected inflation and lower growth. And like, as you mentioned, I mean, that is just...
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
those are clashing priorities because the feds has two mandates, which is to keep inflation low and employment high. Those are now clashing. He can't raise interest rates because that would send the economy into a recession. He can't lower them because he's also worried about the inflation. So there are these two competing priorities. He's not sure exactly which ones to prioritize.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
So we're in this moment of stasis where the fed held interest rates, uh, at their current level for the first two meetings. And it looks like we're just in this wait and see approach because when you move one lever, it affects the other in a bad way. Same vice versa. So Powell's just in this state of paralysis. Powell's in a pickle. I like it.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
Jet puffed marshmallows released a color dying kit as a festive mess free twist on egg decoration for two bucks. which includes six colors, decorating pens, and of course, a 24-ounce bag of marshmallows. Toby, what would you draw on a marshmallow?
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
Netflix is coming off a record year last year, and revenue growth was 16%. Operating margins were up 27%. They got more subscribers last year than during COVID, 41 million compared to 36.6 million in 2020. So yes, the streaming wars are effectively over. Netflix has won. It's just this next act. That is an open question. A lot of it involves this ad tier, right?
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
43% of all new Netflix subscribers in February signed up to this lower-priced ad tier, which is at $7.99 a month, and Netflix thinks that much of its subscriber growth and much of its revenue growth can come from advertising. You said it was recession-proof, but the ad market is not immune to a recession. Moffat Nathanson projected that if a U.S. advertising spending could drop 5.8% this year.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
It had previously projected ad spending to grow 5.8%, so that's a huge shift from a big growth to a big loss. So we'll see if Netflix manages to weather the storm should it come.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
The best B2B marketing sometimes ends up in front of the wrong people. It's like advertising fishing gear to a fish.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
That's what LinkedIn ads is built for. LinkedIn has grown to a network of over 1 billion professionals. Of those, 130 million are decision makers. You can target your buyers by job, title, industry, company, role, seniority, revenue, so many options all in one place. Don't waste precious budget on the wrong audience. Tap into LinkedIn ads to find your people.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
LinkedIn will even give you a $100 credit on your next campaign so you can try it yourself. Just go to LinkedIn.com slash MBD. That's LinkedIn.com slash MBD. Terms and conditions apply only on LinkedIn ads. Got five minutes to spare? Let's face it, if you're listening to a podcast, you have five minutes to spare. Then you have time to become a more serious investor with Public.com.
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Google Ruled a Monopoly… Again? & Netflix Takes Closer Step to $1T
Plus, Public has Alpha, an AI-powered investment research assistant that can answer questions about any stock.
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Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, more MBA grads are on the job hunt months after graduation. Has the degree permanently lost its luster?
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
The Switch will be looked at as a remarkable console. It's a hybrid of a home console and a handheld one, and it was home to some legendary games that Nintendo put out. Legend of Zelda Breath of the Wild, Legend of Zelda Tears of the Kingdom, Super Mario Odyssey, Mario Kart 8 Deluxe. Some very legendary games here all came out on the Switch, and people who are
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
Looking to get the new Switch should know that these will be compatible on the new device as well. So, I mean, yeah, you're right. The Switch sold like gangbusters for its first four to five years, but actually over the past few years, I mean, it has been showing its age. Nintendo's profits have declined for five straight quarters, so it really needs this new Switch to gin up sales.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
Okay, what's your favorite Nintendo console?
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
So I'm a huge Wii guy. My dog of the week is United Healthcare Group, the owner of the health insurance company whose CEO, Brian Thompson, was fatally shot in December, sparking a national debate around the industry.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
UnitedHealth stock fell 6% yesterday after dropping its first earnings report since that assassination, notching record revenues of $400 billion for the full year, but missing profit estimates which sent the stock tumbling. Net income for 2024 plunged 35% from 2023 as the company took a big hit from a massive cyber attack, one of the worst ever, on one of its subsidiaries last February.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
Its costs have also jumped from greater demand for health care under Medicare plans for older adults, lowering profit margins. Financials aside, everyone on the earnings call wanted to hear what CEO Andrew Witte would say after the shooting of his direct report shined a spotlight on his company's tactics and put the entire health insurance business on the defense.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
Witte praised Thompson as a leader who dove into projects passionately and also acknowledged that the health system needs to function better and lower costs for everyone.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
Let's sprint to the finish with some final headlines. Donald Trump's pick for Treasury Secretary Scott Bassett had his confirmation hearing before the Senate yesterday. The billionaire hedge fund manager defended Trump's plans to enact sweeping tariffs and extend deep tax cuts from 2017, which is important because as Treasury Secretary, he'll be in charge of carrying out those policies.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
Democrats are less enthused than Republicans over Besant's nomination, expressing concern that the tariffs will lead to inflation and the tax cuts will benefit rich people and companies more than the middle class. Still, he's expected to sail through the nomination process and replace Janet Yellen as the president's top fiscal policy advisor and manager of the national debt.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
I'm kind of an AI Luddite for the most part, although I will pull one up to prove my brother wrong every once in a while.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
Yeah, this was huge. You have to balance two things to get the FDA's green light for this nicotine product. You have to show that your products will reduce disease among adult tobacco users. So you have to show that they will come over to use your products and that it won't lead to an uptick in bad health outcomes. At the same time, you can't be attracting teens and adolescents.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
And this is what Chuck Schumer last year went after Zin for, marketing towards youth with a lot of Zin influencers online. The company says that it does not pay these influencers to target the youth. And the FDA said, sure, I believe you. So right now, Zin did fulfill those two requirements.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
check marks, and it does have data to back up the fact that kids, you know, like actual kids are not using this. Fewer than 2% of American high school and middle school students used nicotine pouches last year. If you are a cord cutter but still want to watch the Super Bowl next month, you'll be able to stream it for free for the first time ever.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
Fox, which is broadcasting the Super Bowl, said it's going to stream the game live on Tubi, its ad-supporting streaming service. Tubi has a history with the Super Bowl. If you remember that viral ad two years ago where it seemed like someone had hijacked your remote and interrupted the announcers, that was Tubi. Now it's preparing for its time in the spotlight. And you know what?
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
I think it's ready. Fox bought Tubi for $400 million in 2020. Now it's bringing in $1 billion in revenue. Monthly active users have spiked 25% over the past year to 97 million. By getting the big game, it's hoping to juice those numbers even more.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
Get that fake email ready.
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Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
So instead of just making my brother look bad, I could ask about market trends and get real insights? Exactly.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
Neil, what is TikTok's loss is Duolingo's gain. How good is Tuolingo's social media team just capitalizing on this, unleashing a series of extremely viral posts, building on the momentum? They're so good at taking, you know, something that just happened to them, right?
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
And they got lucky, but then they built on that to maybe establish a more direct relationship with these new users that are coming in to learn Mandarin. So, you know, hats off to you that you did a great job. And now it's rising up the top apps. It's not at the level of Red Note, which is number one, Lemonade number two, but it wasn't the top 40s for the top app store.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
Now it's 22, number 20, so it has seen a climb. I've never used Duolingo.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
Let's wrap it up there. Thanks for starting your morning with us. Have an amazing Friday and an even better weekend. Eagles, do not let me down this Sunday. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. And if you're enjoying the show, don't keep it to yourself.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
Share it with friends, family, coworkers, anyone who's looking for a quick, fun news roundup in the morning. And don't worry if you're drawing a blank. Toby, as always, has a sharing suggestion for you.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
And considering public gives you access to stocks, bonds, crypto, and options all on one platform, sometimes you need a little help navigating all of those choices.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
All right, let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenoba Ogu is our technical director. And for the final time, this is so sad, Billy Menino is on audio. This is Billy's last day working on the pod. Thank you for everything, Billy. Best of luck on your new adventures.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
And I'm so excited for you to be able to sleep in. Thanks for making us sound good, Billy. Hair and makeup is learning Mandarin. Zhaoxing Hao. That means good morning. Zhaoxing Hao Brew Daily Show. Devin Emery is our chief content officer and our show is a production of Morning Brew.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
We lost a couple of legends yesterday. Visionary director David Lynch died at 78. He was beloved for his surrealist, eerie depictions of American life in works like Twin Peaks, Mulholland Drive, and Blue Velvet. Many have tried to copy his style, but as our colleague Jen Walsh put it so eloquently, no one has matched his freak since.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
So our first thought when this news hit the wires on Wednesday was that financial regulators are knocking at his door because short selling is not for the weak stomach. He launched this firm in 2017 and immediately was sued by three of the firms that he was targeting. There are legal challenges facing other short sellers as well.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
Andrew Left, who's a very prominent short seller, is now was indicted for manipulating stock. So I'm not speculating at all. It's just this is the first thing that came to everyone's mind here at Morning Brew because short sellers are operating in a legal gray area. And many of them have just hung up the cleats in recent years because they say it's not worth it.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
Hindenburg guy says it's because he just has a terrible work-life balance.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
No, especially in 2021 with the GameStop fiasco. If you remember what that was all about, you had these Redditors trying to push up the stock of GameStop because it was being shorted by a hedge fund, Melvin Capital, and they wanted to put the quote-unquote squeeze on the short seller, Melvin Capital. Melvin is no longer with us. It is defunct after that GameStop rise in share price.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
But a number of short sellers in recent years have just said, this is not worth it. Bill Ackman had that very, very prominent short on Herbalife, and he lost billions of dollars on that. So he's like, I'm not doing that anymore. Citron is another guy who's like, he had a $6 billion short fund, and he's like, I'm just not doing this anymore. So we may see... A decline in short sellers.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
They may be going extinct after Hindenburg is gone now. And, you know, some would celebrate that. They think that short selling is illegal and it causes all sorts of chaos in the market and people can manipulate stocks that way because they are making money on this. They're they're betting that the stocks will go down after they issue these reports.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
And then others say, no, actually, short sellers are an important part of our market's ecosystem. It's important to have a check on market euphoria. So, you know, I just, the future for short sellers does look extremely crowded. The billionaire space race is officially on.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
Lynch's family announced his death on Facebook, writing, "'There's a big hole in the world now that he is no longer with us,' But as he would say, keep your eye on the donut and not on the hole. Toby, last year I started watching Mulholland Drive because it is considered one of, if not the best movie of the last 25 years of the 21st century. 20 minutes in, I was spooked. I turned it off.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
Jeff Bezos' space company, Blue Origin, successfully launched its new Glenn rocket into orbit for the first time early Thursday. It's a huge step for the world's second richest man to begin competing in space against the world's first richest man, Elon Musk, whose SpaceX holds a near monopoly on rocket launches. This launch has been a long time coming. Bezos founded Blue Origin 20 years ago.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
25 years ago, only six years after he launched Amazon with the goal of enabling millions of people to work and live in space. But in the years since, Blue Origin has only managed to send people up to the edge of space, certainly not orbit, in a small rocket named New Shepard.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
And the launch of this big rocket, the towering 322-foot-tall New Glenn, was initially slated for 2020 before delays pushed it back five years. Meanwhile, SpaceX launched rockets 134 times last year alone, is valued at $350 billion, and has built out a Starlink satellite internet service that's set to rake in nearly $12 billion in revenue this year.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
So as it stands now, Musk has built a commanding lead over Bezos. Let's call it 28 to 3. Toby, can Bezos pull off a Patriots-level comeback and present the first real challenge to SpaceX?
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
And Bezos has been entranced by space since a young age. He appeared at the Dealbook Summit last year, and he said, I think it's going to be, he's talking about space, Blue Origin, it's going to be the best business that I've ever been involved in, but it's going to take a while. Might I remind you that that he's been involved in another big company, Amazon. So he's pretty bullish on space.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
And I just kind of want to take a step back here. We used to talk about the space race in terms of U.S. versus Russia versus China. And now we have the new space race here in 2025 is between the two richest people on Earth. Elon Musk and SpaceX against Blue Origin and Jeff Bezos. It's just an entirely different thing that's going on.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
And NASA is relying on these private companies to deliver payloads into orbit and take into its new frontier. Maybe that's another way of America establishing its soft power.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
Maybe it's because I was by myself. It was late at night. So maybe we can watch it together because I do hear amazing things about that movie.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
There was a time when a Harvard MBA was a first-class ticket to, well, a first-class ticket. But times are changing in this rough market for white-collar workers. According to the Wall Street Journal, nearly a quarter of job-seeking Harvard MBAs who graduated last spring are still on the hunt for work three months after leaving school.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
That's up from 20% the year before and way up from 10% in 2022. And I'm not just going to pick on Harvard. This MBA recession has impacted all of the top B schools. Wharton at Penn, Stanford's Grad School of Business, NYU Stern. They all saw lower job placements last year than at any point in modern history, the journal wrote. I'll give you one more number to put a point on it.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
The share of 2024 MBAs still on the job market months after they graduated has more than doubled at most elite business schools over 2022. The big picture, even though the economy continues to add jobs at a rapid clip, demand is just not strong for white-collar, high-wage employees who come out of places like HBS. The big four consulting firms are slimming down.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
Tech has adopted Mark Zuckerberg's year of efficiency model. And of course, AI replacing human jobs is always in the back of your mind. Toby, the thorny question here, is this a blip or more of a permanent trend of MBAs declining in status?
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
That was the big conversation on social media, Paul Graham, the venture capitalist, said this is a secular trend when quoting this article. And by that, he is implying that this is more of a permanent downward trend in the fact that demand for MBAs specifically are just going down. And I do want to talk about AI. I think that is maybe the chatbot elephant in the room here.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
Google said it's already writing $25 percent of its code using AI. A new report from Bloomberg found that global banks are going to shed 200,000 jobs in the next three to five years due to AI. And I don't know how much of this NBA downturn people can't find jobs Is companies already using AI to replace workers?
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
But it's certainly something that we'll have to watch because when you're talking about this kind of AI, we've talked about automation for centuries, replacing human jobs. But in the past, it's been blue-collar work, manufacturers, Let's get a robot to build this widget instead of a human. It's a lot safer and more efficient.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
This kind of AI that we've seen, this AI revolution over the past few years, is really going after white collar work, knowledge workers. So that's where this white collar recession could come from. And MBAs are perhaps on the front line of that because they're very expensive. Meanwhile, chatbot's mostly free. So I think AI, if it's not a part of this story now, will be one in the coming years.
Morning Brew Daily
Short Seller Hindenburg Closes Up Shop & Bezos Enters the Space Race
Let's take a quick break. After it, we're going to Stock the Week, Dog the Week.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, Walmart is raising prices due to tariffs as the trade war finally hits home.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
So what is it getting investigated for? Well, we don't know exactly because the investigators haven't commented, but this is typically how fraud works in Medicare Advantage. So United Health runs this big Medicare Advantage business. And in this business, you get companies get paid more for taking care.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
of sicker patients in the programs and rates are determined by the number of diagnoses that you submit so there is a perverse uh financial incentive for companies to say the patients are sicker than they are and that has led to previous investigations leading to like investigating how uh
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
taxpayers are on the hook for billions of dollars in extra payments because these companies are portraying their patients as sicker than they actually are because of this incentive structure. So we don't know exactly what's going on with this particular probe into UnitedHealth Group, but that's typically how Medicare Advantage fraud has worked.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
I actually double-checked my tickets.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
I was going to say, got to get David Carpenter to start looking around my apartment because this thing is extremely valuable. They bought it for a little over $27. Well, how much does it cost now? What is the market price for an original Magna Carta? There are only 24 originals out there in the world. The last Magna Carta sold.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
was purchased for $21.3 million in 2007 by the billionaire David Rubenstein, who now owns the Orioles. So they are sitting on a big chunk of change, and it might be the biggest bargain buy in history.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
I'm trying to think of anything else, but to buy something for $27, for now it to be worth over $20 million, I don't think you would have made that much money if you bet on Leicester City to win the Premier League back when they did.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
And you know who's doing a victory lap is librarians because they do the dirty work of digitizing all of these archives. The librarian at Harvard said behind every scholarly revelation stands the essential work of librarians who not only collect and preserve materials, but create pathways that otherwise would remain hidden. So kudos to librarians.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
You do so much work under the surface and you apparently made Harvard a lot of money, except they did say they're not going to they're not going to sell it. and they'll just put it on display for the public. Very cool story there. Okay, let's sprint to the finish this Friday with some final headlines.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
What's even crazier is that's how most marketing still works. You think you know where your customer is, but you're showing up in the wrong place at the wrong time with the wrong message.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
New Jersey transit riders are used to dealing with disruptions and delays, and that was when people were driving the trains. Now they are not. Starting this morning, just after midnight, 450 engineers for the nation's third largest transit network went on strike, the first New Jersey transit strike in more than 40 years, over a wage dispute with the agency.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
With no trains currently running, as many as 350,000 New Jersey commuters are now in the lurch, and a contingency bus plan to bring people where they need to go will only handle 20% of daily ridership. Toby, this is going to be chaos.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
I think that'll be like the deadline when everyone starts going back to work.
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Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
This is why you shouldn't talk up your product before releasing it because Meta has publicly said, well, this behemoth model, it's so much better than anything that rivals have put out from OpenAI or Google. And in effect, it is not yet that to that level. So they can't release it because they've talked themselves into a bit of a ditch.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
This is a big problem facing AI companies that is kind of bubble below the surface. You may not have heard about it, but basically these companies can't really improve on these models anymore. at the highest level that they want to. So when they release something, they want to be better than the previous version. They can't do that right now.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
So they're working behind the scenes feverishly because they poured so much money into this to improve these models. But progress is just hard to come by. Let's wrap up our shows for the week with some remarkable medical history.
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Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
A baby boy has become the first patient to undergo personalized gene editing treatment, allowing him to survive a rare genetic disorder that kills half of all babies in the first week of their lives. The baby, named KJ, is now nine and a half months old and thriving,
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
And he is that way thanks to a medical breakthrough that scientists say could be applied to millions of others with rare genetic diseases. Dr. Howard Marks, who used to oversee gene therapy regulation at the FDA, called it a milestone that would reduce the price of treatments by an order of magnitude at least.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
You know. It taps into real-time data, behavior, and signals. So when your customer is ready to engage, you're already there. Whether it's email, SMS, or push notification, Iterable keeps every channel in sync.
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Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
It is to me, he said, one of the most potentially transformational technologies out there. Very cool. Very awesome.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
Right, because so many people suffer from these rare genetic disorders that only apply to them personally or just a few other people. These particular mutations and drug companies are not going to invest billions of dollars into R&D to develop drugs that treat just a handful of people. So
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
That's what the breakthrough is here with personalized gene editing is we can make a treatment that is based on your personal genome. And, you know, that it will be a cheaper possible way than developing than pouring billions into a larger drug in order to treat you.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
but we're starting to work on a solution, which is very exciting. That is all the time we have. Thanks so much for starting your morning with us. Have a wonderful Friday and an even better weekend. If you have any thoughts on the show, send an email with questions, comments, or feedback to morningbrewdaily at morningbrew.com. Let's roll the credits. Great show, Daniel. I wish you all well.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
Walmart, a retailer known for rolling back prices, is going to start rolling them up. On the company's earnings call yesterday, execs said they'll be raising prices on some products by the end of the month, attributing the hikes to President Trump's tariffs on other countries.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
CEO Doug McMillan said, we will do our best to keep our prices as low as possible, but given the magnitude of the tariffs, even at the reduced levels announced this week, we aren't able to absorb all the pressure. The higher tariffs will result in higher prices. CFO John Rainey chimed in, the magnitude and speed at which these prices are coming to us is somewhat unprecedented in history.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
Walmart imports about one-third of the stuff you see in stores from abroad, with most of that chunk coming from China. The U.S. and China agreed to significantly lower tariffs on each other at the beginning of the week, but the current rate of 30% on Chinese goods is apparently still too high for Walmart to eat all those costs. It is an ominous sign for American shoppers when Walmart-
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
the biggest chain of them all, says it'll have to pass on tariff costs. The company is considered a bellwether for the U.S. consumer since 90% of the population lives within 10 miles of a store and people from every walk of life shop there.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
Happy Friday. Hope anyone who put a meeting invite on your calendar today realizes their error and cancels it immediately. Okay, here is a question. How much does an Apple Vision Pro cost? The contestants on a recent episode of the Price is Right Primetime Edition We're asked this by Drew Carey, and they answered $1,000, $750, $1,001, and $1,270. That is off by thousands of dollars.
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Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
Even with tariffs, though, Walmart said its business is chugging along just fine and didn't change or scrap its guidance for the year as other companies have in recent weeks. It's just too big of a ship to be thrown off course by the trade war winds. But still, if the tariffs weren't real yet, they are now.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
They did talk about what specific categories would be most impacted by price hikes, and those include Some of those goods that only come from China, which are electronics, toys, vacuum cleaners, baby strollers and car seats. That's what John Rainey, the CFO, said would be impacted the most from price hikes.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
He said those were coming at the end of the month and they would probably continue through the end of the year. Let's talk about retail writ large, because this is a bad sign for any other retailer not named Walmart. They don't have the scale or the leverage or that grocery business to back up their what they sell. So if Walmart says it's going to raise prices, it's the biggest one of them all.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
Then you're looking at a bunch of other retailers who probably do the same because the dam has broken. We haven't heard from many retailers so far this earnings season, but we're about to because we got Target, Home Depot, Lowe's coming up next week and then Best Buy as well. They're way more exposed to China.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
Best Buy, about 55% of what it sells is sourced through China because all of those electronics. Target imports about half its sales compared to just one third of Walmart. So we're a little girding ourselves for what those retailers say in terms of price hikes.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
Well, you said investors were digesting this deal, but they spent a lot of time in the bathroom afterward because this did not go down well. The shares were down 14%. TD Cowan, an analyst called John Kernan, kind of railed on this acquisition. He called it, quote, a strategic mistake. He said, we've been looking at this particular retail sector for many years.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
I've never seen a single piece of M&A accrue value to shareholders. I have seen it, lose billions of dollars in value for shareholders. So he was totally against this. He thinks it's a distraction for Dick's Foot Locker is in a really bad spot. They're way exposed to moles. And we haven't even talked about tariffs.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
I mean, we talked about tariffs in the first story, but as it pertains to this story, 99% of footwear is imported to So you're buying a company that is very much exposed to the trade war. So these guys are looking at it and saying, I don't know what Dick's is doing here. Like Foot Locker, yes, it's cheap, but it's cheap because there's a reason for it. Its business is not doing great.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
As you all know, since you listened to this podcast, the Vision Pro Virtual Reality Headset retails for $3,500. And when Carey revealed the true cost, the audience gasped in disbelief. The clip has since gone viral. Toby, what's your takeaway?
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
What's our Stock of the Week? My stock of the week is Coinbase. The largest crypto exchange in the country has popped 19% this week after it was invited to join the S&P 500 on Tuesday. It's another watershed moment for the crypto industry's move into the traditional financial world as Coinbase becomes the first crypto company to join the benchmark index.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
If you're wondering who it's replacing, that would be Discover, which is getting eaten by Capital One in a mega merger that was just approved. Shares of companies typically rise when they're added to the S&P 500 because the funds that track the index have to add the new company to their portfolios. So it's like joining a club where you're paid to be a member.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
But as great as the week started off for Coinbase, it ended the week on a couple of major sour notes. First, Coinbase revealed that cyber criminals had swiped some personal data of its users and were demanding a $20 million ransom payment in order to not release that information to the public.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
Then, the New York Times reported that the SEC has been investigating whether Coinbase inflated its user numbers in past disclosures. With the new Trump administration going more lax on crypto, Coinbase thought it didn't have to worry about the Fed's breathing down its neck. Apparently not so. So it's been a whirlwind, one step forward, two steps back. back kind of week for Coinbase.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
And Coinbase stock has been on a true roller coaster over the past few months. Right after President Trump was elected, which Coinbase donated $75 million to crypto-friendly policy candidates around the country. So they were a huge corporate player in the election. So they shot up 31% the day after the election. But this spring, it's been a different story with Bitcoin.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
The market overall not doing so well. And the legislation that was supposed to come for crypto just kind of stalling in crongus. They fell 26 percent in February, 20 percent in March. And they thought that all these investigations that the SEC was doing into them during Biden administration were going to go away.
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Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
But then we found out that they're still being investigated this for perhaps inflating user numbers. They said that they stopped using this particular metric two and a half years ago and that it is a carryover from the previous administration. But clearly, they're not running free wild like they thought they were in this administration.
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Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
All of this legislation that they thought would get passed to be more lax regulatory policies toward them just haven't come to fruition.
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Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
Public combines a wide range of asset classes with the tools you need to build and manage your wealth, whether it's with stocks, options, bonds, crypto, and more.
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Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
If you've got questions about stocks along the way, no problem. Public has Alpha, an AI-powered investment research assistant that can help you find the answers you're looking for.
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Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
This company is imploding right now. There's a criminal investigation into possible Medicare fraud, a devastating hack last year that's still feeling the effects from into its payment system. There's antitrust investigations into its past acquisitions, the murder of one of its top executives last December, an actual business model that's hurting from much higher costs.
Morning Brew Daily
Walmart Warns of Tariff Price Hikes & Dick’s Sporting Goods' Risky $2.4B Deal
I mean, you just go down the line and you talk about the new CEOs coming in. Stephen Hemsley He's getting paid $60 million in an equity award to come in and fix it. It almost doesn't seem like enough because those problems are so many. It's lost so much in value. Truly something we just haven't seen before in many, many years for a company of this size to fall so quickly.
Morning Brew Daily
Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, France has got champagne problems after Trump floated a 200% tariff on European alcohol.
Morning Brew Daily
Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
It's also the more affluent consumers. The CEO of Kohl's said that Those earning 50,000, less than $50,000 a year, but even those earning under $100,000 a year are cutting back with the potential for more pullback in the coming months. So these are some serious warning signs for consumer spending, which drives two thirds of the American economy.
Morning Brew Daily
Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
Let's end on a high note, shall we? It is Friday after all. One thing that is working for Kohl's is this partnership with Sephora. Kohl's now has 1,000 Sephora shops inside its stores. Those took in $1.8 billion in revenue last year. Comparable beauty sales increased 13%. So this partnership is clicking and they want to invest in it further to drive revenue.
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Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
Well... This is a merger between the two biggest brands in the sport, and it's kind of exactly what F1 needed after that pandemic bump led to a couple years of stagnation. Ferrari has participated in every single Formula One season since the series began in 1950. Lewis Hamilton is a figure who is much larger than the sport, a global fashion icon. He's co-chairing the Met Gala this year.
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Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
He has just transcended the sport. And so Ferrari is paying him $100 million per year to come over. That includes overall earnings, including sponsors, image rights, bonuses and salary. That is a ton of money. It's a huge gamble on this British guy to revitalize Italian racing.
Morning Brew Daily
Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
Well, it is not great. Too much thinking, not enough sleeping. What's keeping you up at night? I think information overload. I'm always reading about business news and the market, and it leaves me wondering if I'm investing in the right stuff.
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Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
I think gauging the influence of something like drive to survive is worth talking about the all the copycats that have emerged from it. Tennis has break point. Golf has full swing. American football has quarterback and receiver. There's been so many of these, you know, drive to survive style docuseries. that have come out in the aftermath of the success of that show.
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Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
I don't think any of them have achieved nearly the heights of drive to survive, and maybe that's because of the particular egos involved in F1 and the characters that this sport has, and they're involved in money and politics and business. So it's quite larger than life, just like Lewis Hamilton. But I think...
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Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
In terms of the influence of Drive to Survive, I don't know about the viewership, the impact it has, but on the particular industry of docuseries, it's been a massive influence.
Morning Brew Daily
Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
It would. I mean, they the administration characterized these terminations as based on poor individual performance. But the problem is that these people who had been fired, these probationary workers who are very young into their career, that's why they were fired, because it's easier to fire them. actually received stellar performance reviews. So they did not square the circle with their firing.
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Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
So the judge says you can't, you know, put it under the guise of bad performance when we have documentation here that says they had good performance. So a blow to Doge's efforts to trim the federal workforce. There have been lawsuits filed all over the country for any number of sort of cost-cutting measures that Doge has undertaken. We're seeing these play out in the courts.
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Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
Markets may have 99 problems, but a government shutdown ain't one. The head of the Senate Democrats, Chuck Schumer, said he'd vote to advance a Republican measure to keep the government open later today, relieving concerns that Congress would pass a spending bill to prevent the government from shutting down, which it would do absent of a bill at 12.01 a.m. Saturday morning in less than 24 hours.
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Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
A shutdown would be disruptive to the economy with hundreds of thousands of workers furloughed and many government services closed. Schumer, after a bitter debate among Democrats about how to confront Trump, decided this issue wasn't worth the fight.
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Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
Finally, in space, the rich keep getting richer, at least when it comes to moons. Saturn, which already has the most moons of any planet in the solar system, was recently discovered to have over 100 more moons orbiting it than previously known. That brings its total up to 274 moons, way ahead of second place Jupiter with 95 known moons, and Earth has just a measly one.
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Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
With Invesco QQQ, you can rethink what's possible before investing. Consider the fund's investment objectives, risks, charges, and expenses. Visit Invesco.com for a prospectus with this information. Read it carefully before investing. Full disclosure and podcast description. Toasts, not tariffs.
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Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
These new moons around Saturn aren't big, and they certainly don't have cheese. Most are just small space rocks a few miles across. But if they have trackable orbits around their parent body, then yes, they are considered to be moons. Congrats, Saturn, on another five-star recruiting class.
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Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
We just call it Moon.
Morning Brew Daily
Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
Maybe that's because I asked this question on my trivia night on Wednesday, and you said Jupiter instead of Saturn. You won't make that mistake again. All right, let's wrap it up there. Thanks so much for starting your morning with us. Have a wonderful Friday and an even better weekend. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com.
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Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
We'd love to hear from you. And if you're enjoying the show, share it with a friend, family member, or coworker. Toby, who should everyone listening share it with today?
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Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham and Olivia Lake are our associate producers. Uchenua Ogu is our technical director. Scoops Dardaris is on audio.
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Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
audio hair and makeup says beware the Ides of March which is coming tomorrow Devin Emery is our chief content officer and our shows are production of Morning Brew great show today Neil I wish you all well
Morning Brew Daily
Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
That was the plea of the alcohol industry as they found themselves once again as the fall guy in the escalating trade war between the U.S. and Europe. President Trump took aim at the bubbly yesterday morning when he said he'd put a 200 percent tariff on wine, champagnes and other alcoholic products coming out of France and the EU.
Morning Brew Daily
Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
The threat was a response to Europe announcing a 50% tariff on Kentucky bourbon and other American goods, which itself was a response to Trump putting a 25% tariff on aluminum and steel from all countries. It's a jab, left hook, then uppercut in the heavyweight economic boxing match of our age. No one on both sides of the Atlantic had particularly nice things to say about each other.
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Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
Trump called the EU one of the most hostile and abusive taxing and tariffing authorities in the world, while France's foreign minister replied, We will not give in to threats and will always protect our industries. Caught in the crossfire are alcohol companies who have consistently been targeted in trade spats because they're so core to national identity.
Morning Brew Daily
Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
Toby, a 200% tariff means European wines would become two to three times more expensive. Looks like it's California Cab instead of Beaujolais on the menu for the foreseeable future.
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Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
Good morning, happy Friday, and happy Pi Day 314, the day we celebrate the most elegant of all irrational numbers. Pi, defined as the ratio of a circle's circumference to its diameter, has been key to the development of math because it's used to understand anything that involves a circle, sphere, or curve.
Morning Brew Daily
Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
Yeah, I mean, these tariffs would be quite high, and we should say they have not gone into effect. Yeah, there might be a negotiating period, and we all just drop them, but we'll see. In 2020, China imposed tariffs as high as 218% on Australian wine. That caused exports to plunge by 90%.
Morning Brew Daily
Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
So that's what you're hearing from the wine importing industry, saying we import a lot of wine from France and Italy, the two biggest markets for import. And if 200% tariffs go into effect. We're just not going to import that. And we'll turn to the U.S. wine industry, but they just don't make enough to fill our shelves. So they are expecting a lot of pain.
Morning Brew Daily
Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
Meanwhile, after a long period of silence, CEOs of major companies and banks in the United States are speaking up a little bit about what they think about tariffs. It's been a mixed bag. Jamie Dimon of JP Morgan, perhaps the most influential private sector CEO around. had previously said get over it when it came to tariffs. This was after Trump was elected.
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Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
Now on Wednesday, he said at a conference, uncertainty is not a good thing. Meanwhile, his rival David Solomon at Goldman Sachs said that companies understood what Trump was trying to accomplish, but made a public appeal for more certainty.
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Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
Certainty, uncertainty, that is the big word you're hearing out of the C-suite of corporate America about what they are, you know, they think that uncertainty will lead to lower investment. They're trying, you know, in public and in private to lower the temperature with this trade war.
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Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
And at 22 trillion known digits and counting, it's also been excellent material for memorization contests. The person who holds the unofficial world record for reciting the most digits of pi from memory is a Japanese guy named Akira Haraguchi who in 2006 counted more than 100,000 digits over 16 hours. That's a lot.
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Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
But Streisand effect much? I mean, this book came out on Tuesday and it contains certainly explosive allegations, but we were not going to talk about it at all. Now, here we are on Friday talking about this book because of Meta's big, large scale pushback and its arbitration win here against the author. So you could you could question Meta's PR strategy, but there's no question they've been
Morning Brew Daily
Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
On a full court press, they got former and current employees to speak highly of Sandberg, Zuckerberg and Kaplan. They published a blog post as well, pushing back against these allegations. Meta's PR team has been through this so many times before. There have been a number of crises that have engulfed this company over the past decade, from Cambridge Analytica to the election process.
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Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
two whistleblower complaints about how they hid harmful effects of Instagram. So Meta has been doing this a long time. You can question their strategy, but they certainly have a strategy.
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Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
And if you're curious about the book, I mean, it's been well reviewed by a number of publications, not meta, but, you know, outside reviewers, careless people, the title refers specifically to actually the great Gatsby and the two main characters from that book, Tom and Daisy, who smashed up things and creatures and let other people clean up the mess they had made.
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Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
And that refers to Mark Zuckerberg and Sheryl Sandberg. So there's a little taste of what you can expect if you pick up the book. Welcome to Stock of the Week, Dog of the Week, the segment where Toby and I pick one stock that hit the gym every single day and another that bailed because they were too tired. I won the pre-show pie baking contest, so I get to go first.
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Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
And my winner is Intel because the struggling chipmaker hired a new CEO and investors loved the pick. Shares popped 15% yesterday after Intel selected LipBoot10 to lead it out of the darkness and into the light. Tan is a well-known figure inside the semiconductor industry, having previously been the CEO of Cadence Design Systems, a maker of software used by all the big chip designers.
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Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
He's also a known figure inside Intel because he was on the board of the company until recently. But being the boss of Intel is like being the head coach of the Giants. There is just so much work to do before you can be taken seriously again. Intel whiffed on the AI boom, has spent tons of money building a questionable foundry business, and went through three CEOs in seven years.
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Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
Once the king of the American chip makers, Intel is now valued at less than 1 30th the size of Nvidia. In a note to employees after his hiring, Tan wrote, there's nothing I dislike more than losing. Toby, can he turn Intel into a winner?
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Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
And if not, I mean, he could be the last CEO that Intel ever has because if this turnaround plan fails, then it is likely that Intel will be sold for parts to Vultures. So it could be the turnaround of a once-fallen American giant, similar to what we saw with General Electric, but it also could be the breakup of a once-iconic American giant. Up next, it is our Dog of the Week.
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Trade War Spills Over Champagne & Meta Tries to Slow Tell-All Book
The last two weeks have been pretty wild on the retail front. Every single company that reported earnings said that they saw a pullback in consumer spending because consumers are worried about tariffs. They're still not over inflation. And what has been interesting to hear, what you heard from Kohl's as well, is it's not just that really low-income consumer pulling back.
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Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
And we'll see whether in those teenage years it rolls into events contracts, which is those prediction markets that have become so big recently with Polymarket and Kalshi. Robinhood did roll them out ahead of the presidential election. They tried to do it for the Super Bowl. but the regulators stepped in and said, no, please take that off.
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Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
So they did, but a name like Robinhood getting into events contracts, which is those things where you can just bet on an event to happen outside of sports, like sports gambling, but for just things happening in the world, we'll see if they are able to take these prediction markets mainstream.
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Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
Yeah, my knee is saying the exact same thing. Well, no one's found a way to stop aging yet, but Timeline has created a supplement that can change the way aging feels, helping your body to bounce back faster by giving your cells a refresh.
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Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
And it's super easy to add to your routine. It just takes two soft gels a day to reboot your cells from the inside out.
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Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
More and more, people are looking for ways to chill out without the need for a corkscrew.
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Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
And Delta Beverages is leading the charge as the first THC-infused seltzer to go fully mainstream as an alcohol alternative.
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Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
With over 7,000 positive reviews and counting from actual Delta drinkers, you can get 20% off your first order at drinkdelta.com. That's drinkdelta.com. Welcome to Stock of the Week, Dog of the Week, the segment where Toby and I pick one stock that won best in show and another that needs to work harder for its treat. I won the pre-show harmonizing contest.
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Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
Toby, you were just a little flat on that high G, so I get to go first. And my Stock of the Week is DoorDash, and not just because it came up clutch during my Super Bowl party. The stock is up 5% this week after the delivery giant reported its first full year of profitability ever.
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Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
Revenue grew 25% during DoorDash's fourth quarter, while it posted net income of $141 million, compared to a loss of $150 million a year ago. There was a time that DoorDash being profitable seemed as remote as Toby shooting under par.
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Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
It racked up hundreds of millions of losses, spending gobs on marketing, discounts, operations, and there were plenty of haters saying the economics of food delivery, a savagely competitive sector, would never work out. But DoorDash has managed to build a healthy business and become the dominant player in the U.S.
Morning Brew Daily
Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
restaurant delivery space, commanding two-thirds of the market and distancing itself from Uber Eats and Grubhub. Oh, and the Super Bowl was pretty good for it, too. DoorDash said its delivery drivers earned more than $50 million during the game this year, up from $43 million last year from all you chicken wing ordering freaks.
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Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
And I think with its first profitable year, it is a signal of the maturation of the gig economy, which I mentioned. Few thought that the economics would ultimately work out for these type of companies, but Lyft, also reported its first profitable year ever in 2024. Airbnb and Uber also reported their first profitable years in 2023.
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Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
Next up is Instacart, which is reporting later in this month, and it could report its first profitable year ever. So these companies that rely on independent contractors that have been, you know, embroiled in labor negotiations and criticized for not paying drivers enough, but also just not being profitable enterprises are really turning a corner Here, you know, when were these companies started?
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Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
15 years after they started.
Morning Brew Daily
Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
Yeah, Reddit relies on Google for so much of its traffic. Fifty five percent of all of its users are what they call logged out users, which are essentially people who come in from a Google search and they aren't logged in to the platform. Those are most of the people that, you know, travel that that scroll through Reddit every single day. At the same time, Google. needs Reddit as well.
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Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
It's paying it $60 million for it to help train its AI large language models. So you have this very interesting relationship between Google and Reddit. At the same time, they are also competing against each other. Reddit is also... has released this AI search tool that, you know, ostensibly would be what Google is for.
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Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
So it looks like Google's little algorithm, Reddit relies so much on Google that Google's tiny algorithm tweaks, which it does a couple times each year, you know, threw a hammer in its earnings and sent its stock tumbling.
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Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
You're trying to find the exit, but just keep hitting dead ends. Then you run into a minotaur, aka hidden fees.
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Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
I wonder what this letter said because previously the DOJ said they wouldn't prosecute TikTok Apple or Google for allowing TikTok on their stores. But they said, yeah, I don't think it's worth it because you have this law passed by Congress which said, don't do that or we will find you a bazillion dollars, $5,000 per user. And then you have the Trump administration that says, don't listen to them.
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Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
So I don't know what this letter said, but apparently it was convincing TikTok is back on these app stores, which is huge for its continued relevance and growth in the United States.
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Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
I just have to say there's only one athlete that has signed up so far for the Enhanced Games, and that's an Australian former Olympic team member, James Magnuson. There's no date. There's no location. I they seem to have enough capital. This is tens of millions of dollars.
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Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
They're not even your spool of string. Wise just eliminates the maze altogether. You can pay in multiple currencies and get paid fast like a local business. No surprise fees, no confusing exchange rates, and no minotaurs. So if you want to avoid getting lost in international payment purgatory, visit wise.com slash business. That's wise.com slash business.
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Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
And another investor is Peter Thiel, which shows you sort of the political person who is a longtime Trump supporter and shows you the political persuasion of the enhanced games. I'm just curious whether this thing is going to happen at all.
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Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
And the International Olympic Committee, the Biden administration, some other organizations have come out and said, this is not a good idea. Not a good idea. Okay. If you get frustrated with your Gen Z employees, you can commiserate with Giancarlo Romano, the alleged mafia don of the Sicilian crime syndicate Casa Nostra, was heard on wiretaps complaining about the sorry state of new recruits.
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Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
He grumbled that these days the caliber of the youngins was quote, miserable, and reminisced about Vito Corleone and the power he wielded in The Godfather, which was based on the Casa Nostra. Romano was heard saying, if you watch The Godfather, the connections he had, he was very influential because of the power that he built at a political level. But us, what can we do?
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Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
Toby, these kids and their obsession with work-life balance.
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Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
Okay, let's wrap it up there. Thanks so much for starting your morning with us and have a wonderful Friday. Quick programming note, since Monday is President's Day, we will be off the daily news grind, but we taped a special holiday episode and it's a fun one, so be sure to tune in. That is Monday morning.
Morning Brew Daily
Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. And if you're enjoying the show, share it with a friend, family member, or coworker. Toby, who should everyone listening share it with today?
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Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
Let's roll the card. credits. Emily Milliron is our executive producer. Raymond Lute is our producer. Olivia Graham is our associate producer. Lonnie Fiscus is our technical director. Garrett Peck is on audio. Hera Makeup is down at the Eagles parade today. Keep it classy. Devin Emery is our chief content officer and our shows of production of Morning Brew.
Morning Brew Daily
Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, Trump goes full Hammurabi's code, pledging an eye for an eye with reciprocal tariffs on the countries of the world. Then RFK Jr.
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Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
And the big spreadsheet is coming. I mean, if you think you're good with Excel, the Trump administration probably wants to hire you because this is about to be the most gnarly spreadsheet ever. Imagine going to a tailor and getting a custom suit for every single country. That's exactly what is about to happen. And it's not just...
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Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
tariffs, because say, Toby, I'm trading with you and you have 10% tariffs and I have 2% tariffs. So I say, OK, reciprocal, I will bump my tariffs up to 10%. No, there was a huge Clayton Kershaw level curveball here, which is that it applies to more tariffs. you know, trade barriers than just tariffs.
Morning Brew Daily
Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
They want to go after subsidies, regulations, value added taxes, exchange rates and other factors, all that amount to trade barriers on the United States. And that will go into their calculation that what is deemed reciprocal. So, yeah, this is not going to happen within weeks or months that so they're hidden.
Morning Brew Daily
Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
They're hidden the books and figuring out what a reciprocal relationship actually looks like.
Morning Brew Daily
Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
Yeah, and economists would push back on Trump's reciprocal pushes and say, look, the reason that tariff rates differ is because different companies Different countries are really good at making different things, and we trade with each other so that, you know, one plus one equals three, and a good example of this is coffee. Brazil is great at making coffee beans.
Morning Brew Daily
Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
They are the largest exporter in the world. The United States... not so good at making coffee beans. Our climate is just not acclimated to that. So Brazil has a tariff on green coffee beans of 9% because they have a big domestic industry there. They want to protect it. So they are putting tariffs on coffee beans coming into their country. The United States
Morning Brew Daily
Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
we don't make any coffee beans, so we have 0% tariffs, and that is to have cheaper coffee, because if we put tariffs on coffee, we import all of them, essentially, so it'll just raise prices for consumers. And then on the converse of that, let's look at an industry like pickup trucks. The United States is really good at making pickup trucks.
Morning Brew Daily
Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
If you haven't noticed, just go to your local mall and look at all the cars in the parking lot. Japan makes good cars, but they aren't good at making pickup trucks. So Japan has a 0% tariff on pickup trucks coming from the United States because they want their consumers to have as cheap pickup trucks as possible. The U.S.
Morning Brew Daily
Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
has a tariff of 25% on pickup trucks from Japan because we have a local big industry here that we want to protect. So that's sort of How it's shaken out over the past few decades, this is the reason why we have differing trade and tariff rates, and now it looks like that is going to be shaken up.
Morning Brew Daily
Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
Love is in the air this Valentine's Day, and whether you're headed on a third date or going strong 20 years with your partner, here's a little tip that could add a lot of intimacy to your relationship. Kiss for six seconds each day.
Morning Brew Daily
Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
And it could also be a negotiating tactic. The EU has already said that they would lower tariffs on U.S. exports in order to head off this trade war. They have 10% tariffs on U.S. cars right now. They said they would lower that to 2.5% to get ahead of this, and that may be what Trump is ultimately after anyway.
Morning Brew Daily
Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
The United States has a new top health official, Robert F. Kennedy Jr., a longtime environmental lawyer and former presidential candidate, was confirmed by the Senate yesterday to become the Secretary of Health and Human Services.
Morning Brew Daily
Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
His anti-establishment agenda to make America healthy again could shake up the $4 trillion healthcare industry and the food sector, areas that are now under his expansive purview. All Democrats voted no on Kennedy, while all Republicans voted yes, except for one, Senator Mitch McConnell.
Morning Brew Daily
Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
McConnell, who survived polio when he was a child, said he couldn't endorse Kennedy over his previous criticisms of vaccines. In my lifetime, McConnell said, I've watched vaccines save millions of lives from vaccines. devastating diseases across America and around the world.
Morning Brew Daily
Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
I will not condone the relitigation of proven cures and neither will millions of Americans who credit their survival and quality of life to scientific miracles. So now that RFK is in charge, despite McConnell's no vote of the nation's vast health and food apparatus, including the FDA and the CDC, what is he going to do? We don't know quite yet, but the business world is bracing for impact.
Morning Brew Daily
Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
In the past, he's railed against big pharma for over-medicating Americans, big food for creating an obesity crisis, and big ag for putting pesticides and seed oils in diets.
Morning Brew Daily
Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
Kissing for six seconds, a method pioneered by clinical psychologists John and Julie Gottman, is the threshold at which your body will release oxytocin, the hormone that calms the fear center of the brain, builds trust in a relationship, and is the same one believed to be responsible for a baby bonding with its mother.
Morning Brew Daily
Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
is now in charge. And the cost to public health. I mean, just as we're talking right now, there is a measles outbreak in West Texas. 24 people have been infected, some have been hospitalized, and all of them were not vaccinated with MMR, the measles, mumps, and rubella vaccine.
Morning Brew Daily
Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
And then another interesting angle here for the pharmaceutical company, an agenda item of RFK that has won support across the political spectrum, which We should add many of his ideas have gained byproduct bars and support, you know, going after big food, saying that they put profits over the health of Americans. Bernie Sanders was like, yeah, dude, I 100 percent agree with you.
Morning Brew Daily
Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
One of them, interestingly, for the pharmaceutical industry, is that he wants to ban drugs. TV advertising for pharmaceutical companies. Elon Musk is on board with this. And this would shake up TV and pharma. The pharma industry, you know, anyone who's watched TV recently knows that they spend a ton of money on advertising.
Morning Brew Daily
Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
They are on track to spend over $5 billion alone on national television as advertisements this year. Of five popular nightly news shows on major networks last week, advertisements from the maker of prescription and over-the-counter drugs accounted for half of ad spending. So this is going to run up against a lot of opposition from industry, but it's just another big idea that RFK has.
Morning Brew Daily
Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
They developed this intentional intimacy concept after studying more than 3,000 couples over 30 years. Don't want to smooch each day? Maybe your lips are a little cracked? Another scientist found that a 20-second hug is pretty much the equivalent.
Morning Brew Daily
Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
Robinhood has certainly benefited from the hype around crypto when people are trading crypto, when people are trading stocks, when there's volatility. Robinhood and its peers will do well. And it hasn't just been Robinhood. Coinbase, which is the largest crypto trading platform, reported a 130% rise in revenue just yesterday. Fidelity, Schwab are all raking it in.
Morning Brew Daily
Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
So when Bitcoin goes over $100,000, these companies are going to benefit But you could say that Robinhood has made certain tactful changes that puts it in a really good position to benefit now to the point where its market cap is over $50 billion. It's been releasing a number of financial products, crypto and other, to, you know,
Morning Brew Daily
Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
make its platform more sticky, get more people coming over from other platforms, get more money on Robinhood itself, rolled out a subscription offering called Gold, which it said has 2.6 million people right now signed up, paying every single month for advanced features. It also rolled out a credit card that has a very long wait list.
Morning Brew Daily
Trump Doubles Down on Tariffs & Robinhood Cashes In On Crypto
So it's been pedal to the metal for Robinhood, and they're not even close to done.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
And it is still hypothetical because these things aren't going to be released to the public until next year and then the quantum computer is not going to come for, I don't know, decades. But it did kind of show investors that Google has its technical chops in order and that it can still provide technological breakthroughs. And that excited investors.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
Google Alphabet had lagged all of the magnificent seven peers up until a few weeks ago and now it's doing much better with investors super excited about some of these AI products and My Dog of the Week is Healthcare Stocks.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
Ja, United Health Group, Cigna und CVS Health are all down at least 10% this week. There's just a lot of negative sentiment around the healthcare industry right now. All three of those operate huge insurance arms and then they also have the largest PBMs, which are the Drug Supply Chain Services.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
Mittelmen, kollektiv sind diese drei Unternehmen oder diese drei PBMs, operieren 80% der Nationen-Perskriptionen. Und die Pitchforks sind seit einiger Zeit für PBMs rausgekommen. Die FTC hat sie im Jahr 2022 angeschaut. Es scheint also Appetit für PBMs zu haben.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
healthcare reform right now which was not talked about at all during the presidential campaign i don't think they asked a single question about it at any of the debates what are you going to do with the healthcare system but all of a sudden after this assassination it's come to the fore as a major talking point here and we'll see whether i you know it's very unclear whether this specific bill will gain traction but for you know an issue that certainly wasn't top of mind
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
It will be now in the years going forward and we'll see whether the Trump administration decides to take that popular mandate and do something on it. We know that his Health and Human Services Secretary, RFK, really does not like the big healthcare industry. So we'll see if there's any reform there.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
But yeah, there's certainly a lot of negative attitudes towards healthcare industries right now and their stocks are plummeting as a result.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
President-elect Trump was named Time Magazine's Person of the Year for the second time. And to celebrate, he rang the opening bell at the New York Stock Exchange to kick off the trading day. It was a jubilant scene with loads of finance execs in attendance, including Goldman Sachs CEO David Solomon, Citigroups Jane Frazier and Pershing Squares Bill Ackman.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
They're excited about Trump's second stint in the White House because his administration is expected to cut taxes, deregulate companies and spur more merger activity, all things that would seemingly benefit Wall Street. Here's an interesting fact, though. Despite being a New Yorker and being in the business scene for decades, Trump's never rung the opening bell before.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
The Stock Exchange started inviting guests to do it starting in 1965 with a 10-year-old who won a stock market quiz show.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
Still, the predictions are that it will eclipse Comcast in 2026 as the country's largest paid TV provider. So there's that. What do Michael Jordan, Rob Gronkowski and Jim Carrey have in common? They all came out of retirement. Jim Carrey returned to work to voice Dr. Robotnik in Sonic the Hedgehog 3, opening next week. But the legendary actor did so for a fairly commonplace reason.
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Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
He needed the money. In an interview on the red carpet before the movie's London premiere, Carey said he came back first of all because he gets to play a genius and also, quote, I bought a lot of stuff and I need the money, frankly. It's a U-Turn for a guy who said he was retiring from the game two years ago.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
In 2022, he told The Hollywood Reporter, I really like my quiet life and I really like putting paint on canvas and I really love my spiritual life and I feel like I have enough. Apparently not.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
I mean, I do love the Ace Ventura ones. Those are so funny. I know I will like Eternal Sunshine of the Spotless Mind better. I just haven't seen it yet, but that movie is totally up my alley. I hear amazing things. So once I watch that, that will certainly rise in the power rankings. But for now, it's Ace Ventura.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
Naja, du weißt ja, wie er es schreibt. Sein Kunstwerk ist nicht sehr gut. Der Guardian hat es überprüft und gesagt, es war erstaunlich schlecht und eine Lüge. Vielleicht war das nicht der richtige Career Path für ihn in der Verwaltungszeit. Das war's für heute. Vielen Dank, dass ihr am Morgen mit uns startet. Habt einen tollen Freitag und einen besseren Wochenende.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
But you also can't get bogged down in time-consuming manual processes. Sage helps automate stuff like bill pay and cash management so your team can be freed up to enhance real-time business insights or catch Max Verstappen around turn three.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
Für Fragen, Kommentare oder Feedback schreibt einen E-Mail an morningbrewdaily.com. Und vergesst nicht, den Podcast mit Freunden, Familie und Co-Arbeitern zu teilen, die einen kurzen Hits von Business News in der Morgen. Für einige Sharing-Inspo vor dem Wochenende ist Tobi hier mit einer Idee.
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Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenawa Ogu is our technical director. Billy Menino is on audio. Hair and Makeup has come out of retirement. Devin Emery is our chief content officer. And our show is a production of Morning Brew. Great show, Daniel. I wish you all well.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
Good Morning Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, mysterious drones are flying over New Jersey and nobody has any idea what's going on.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
Right, this could be an earthquake for reality TV. We've talked about the National Labor Review Board on the show before, but for the most part it's been in the context of... Vielen Dank. Ja, genau. So, the world of reality TV show.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
And the companies are not gonna, you know, go down quietly. They issued a response last year to one of these lawsuits. The show's creator said, So that's the producers' side. They're saying... Look, they signed up for this. We're giving them fame and celebrity and things like that. We signed a contract and this is what they agreed to. So that is, you know, the battle lines are being drawn.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
This will be resolved next year one way or the other. The big question mark is whether this is a huge reckoning for reality TV if they are classified as employees or whether it's a nothing burger. And that all depends on who Trump is.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
jaja points to the national labor review board because it is a it is a commission made up of of a bunch of different people of your points are republican that this thing is going to be absolutely dead in the water and they're just going to go back to the way things were but it does seem like there's a broader what they call a reality reckoning around the bravo verse right now you know bethany frankl is probably one of the most famous
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Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
Real Housewives called for unionization among contestants last year. So there's a broad acknowledgement that perhaps reality TV contestants should be afforded more rights as compared to the other industries that everyone works in.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
Tobi, willkommen zurück. Ich hoffe, du fühlst dich besser.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
BuzzFeed hat das Studio hinter dem YouTube-Show Hot Ones für eine non-poultry Summe von 82,5 Millionen Dollar verkauft, um eines ihrer größten Wettbewerbs-Assets aufzulösen, um seine kämpfende Geschäftsführung aufzulösen. Also, wer hat es von BuzzFeed gekauft?
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
Ein Konsortium von Investoren, geführt von einem Affiliat von Soros Fund Management, hat die Paar-Kompanie von Hot Ones genannt, die First We Feast, und wird es als unabhängige Entität runten. Das Show, in dem cool-as-a-Cucumber-Host Sean Evans Celebren interviewt, während sie immer heißere Chicken Wings essen, ist seit seinem Debut im Jahr 2015 ein massiver Hit geworden.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
First We Feast hat über 14 Millionen YouTube-Subscriber und verdient rund 30 Millionen Dollar im jährlichen Wettbewerb. Das ist ein schönes Geschäft, aber BuzzFeed hat Geld zu bezahlen. Speziell eine 120-Millionen-Dollar-Tab von Wettbewerb und Interesse, die letzte Woche durchgeführt wurde. Es verwendet die Prozesse der Hot Ones-Sale, um das zu bezahlen.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
So it only has 30 million dollars in debt remaining. Now BuzzFeed is in a much better place financially, saying it has a cash balance bigger than its total outstanding debt. Still, Tobi, I have a lot of questions here. Hot Ones was the one thing BuzzFeed had going for it. What's the strategy going forward? And for Hot Ones and First We Feast, what is the ceiling for them as an independent company?
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
Danke. Es ist auch Freitag, der 13. heute, was einer der spookiesten Tage auf dem Kalender ist. Aber nicht jeder geht mit Vorsicht. Für einige Menschen ist das ein sehr wichtiges Thema. Die Nummer 13 ist tatsächlich glücklich. Eine Person, die ich mir vorstelle, ist natürlich Taylor Swift. Ihr Geburtstag ist heute. Sie bezeichnet die 13 als ihre glückliche Nummer.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
Und Hot Ones ist, lassen wir es einfach so sein, unglaublich erfolgreich. Ich meine, es ist ein Destination-Stop auf der Presse-Tour-Zirke. Wenn du einen Film rauskommst, dann gehst du absolut auf dieses Show. Du hast einige der Zahlen dieses Morgen geschaut und sie überstehen manchmal die Hunderten von Millionen für einen Episode. Ja.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
Und dann gibt es einige Kulturen, die auch die Nummer 13 glücklich glauben. Und dann für Colgate University. The number 13 is just venerated. The New York School was founded by 13 men with $13, 13 prayers and 13 articles. They have a whole website dedicated to the number 13. So they love 13. Are you a person who thinks 13 is lucky or unlucky?
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
No, I was going down a deep thread last night and there are so many more questions than answers. I think one thing you could probably point to is maybe some of them are just planes. There's a lot of private airports in New Jersey and people might have this confirmation bias where there's knowing that others are seeing drones in their state.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
They might be seeing them as well and documenting just actual planes. But it does remind you a bit of the panic around the Chinese spy balloon where we sent an F-16 to shoot down a hobbyist balloon that cost $10 with a Sidewinder missile.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
So there's a question of whether this is a panic, but also at the same time, mayors and local officials are putting a lot of pressure on people at the national level Ja, genau. So those two things and then you have officials saying they saw him over critical infrastructure as well has led to a lot of nerves and that is completely understandable.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
So you have this push and pull between local mayors saying we demand answers and federal officials saying there's maybe not much to see here and we'll see what happens going forward.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
Welcome to Stock of the Week, Dog of the Week. The Friday segment where Tobi and I pick one stock that nailed the high note in Defying Gravity and another that had to take it down the octave. I won the pre-show contest of who hosted yesterday, so I get to go first. And my Stock of the Week is Google, or Alphabet if you want to be a snob about it.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
Alphabet, Google's parent company, shot up more than 11% this week after the company released a new AI model that sets the stage for a universal personal assistant that can do pretty much anything you want for you. Oh, and there was also that quantum computer that proved the existence of the multiverse.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
But back to the AI stuff, because that's what get investors really foaming at the mouth these days. Google lifted the lid on Gemini 2.0, its upgraded AI model that lays the foundation for AI agents, which is like ChatGPT on steroids. While chatbots can provide answers to your questions and write bad novels, they require some handholding. Let's talk about timing.
Morning Brew Daily
Are Reality TV Stars…Employees? & ‘Hot Ones’ Sold For $82M
None of these agents will hit your Chrome browser anytime soon, but they will come next year. And that seems good enough to placate investors who are seriously worried about Google Search losing its throne to AI upstarts like ChatGPT and Perplexity.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
Plus, Public has Alpha, an AI-powered investment research assistant that can answer questions about any stock.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
Fund your account in five minutes or less, and you could earn up to $10,000. Yes, 10K, when you transfer your old investment portfolio. Start at public.com slash morningbrew. That's public.com slash morningbrew. Paid for by Public Investing. full disclosures in podcast description. Thinking about expanding your business?
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Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
Lean on one of retail's most trusted names when you sell your products on walmart.com.
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Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
When you sell on Walmart Marketplace, you get access to a network of millions of customers and programs to help you scale your biz. And it just takes a few clicks to get started.
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Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
My dog of the week is pharma stocks. Eli Lilly, Novartis, Merck, AstraZeneca, basically any company you associate with waiting in line at CVS, took a beating this week after President Trump pledged to slap heavy tariffs on imported drugs very shortly. The pharma industry has been a bit of an outsider watching this tariff chaos unfold.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
Pharmaceutical products were not included in the list of goods that would have been hit with those massive reciprocal tariffs that were later pulled back, which means their stocks weren't crushed alongside everyone else, but they also didn't rally on Wednesday like everyone else. Still, Judgment Day could be coming soon.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
This week, Trump vowed tariffs at a, quote, level that you haven't really seen before in order to compel companies to bring drug manufacturing back to the U.S., where it has been dwindling. That could do major damage to companies like Eli Lilly, who depend on foreign production for the active ingredients in their blockbuster drugs.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
The pharmaceutical supply chain is a hyper-complex interconnected web that crisscrosses the globe, one that cannot be easily untangled, and companies are warning that it won't be so easy to simply flip a switch and start making medicines entirely in the U.S. so they won't have higher drug prices for Americans and a hit to R&D budgets should these tariffs go into effect.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
you know are are worth listening to but do you have any that you would love to see on tour or no but um at tanglewood in western massachusetts near where i grew up john williams who did star wars et jurassic park does every single uh year he does a concert of his movie soundtracks and they play it on the screen not the entire movie but that was just like a core memory from childhood where we would go watch john williams it's just kind of a fantastic experience
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
Ring Pop is blowing up. I mean, year over year, sales are up 7% at the end of last year. It's grown consistently over the last decade. This is the most important brand in the entire bazooka band's portfolio. It is the closest thing. This factory is the closest thing we have to Willy Wonka in real life.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
They're leaning into this concept of edible entertainment where there's play value, there's viral value. We know that younger kids are moving away from chocolate and more into sour gummies and chewable candies. So Ring Pop, it's been around for 48 years. It may never be as popular as it is right now.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
I mean, I am a single issue voter. I'm not going to lie. And my one issue that I vote on is shower pressure. It's that important. But yes, this does seem to have a lot of lot wrapped up in just the basic definition of what a showerhead is. Previously, it had been defined in regulations as any plumbing fitting designed to direct water onto a bather.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
Trump administration came in and then changed that, defined it as an accessory to a supply fitting for spraying water into a bather. You got the you got the difference there. And then Biden changed that and then Trump changed it back. So we have this definitions of water pressure. But honestly, at the end of the day, it probably doesn't make any difference.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
Appliances Standard Awareness Project says that if your water pressure is weak, it's just because of your home plumbing or there's been lime scale buildup in the showerhead. And also, thank you for showing me the Seinfeld episode about water pressure. Yeah, low flow. You cannot deal with low flow. A number of movies have been spun off from Saturday Night Live.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
Now, Saturday Night Live is getting its own spinoff in England. A British version of NBC's 50-year-old late-night juggernaut is coming to London, and it'll look a lot like the SNL of the USA, just five hours in the future. Lauren Michaels will be the executive producer, and the show will feature a British cast of comedians performing sketches, as well as rotating hosts and musical guests.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
It will premiere next year on Sky, the broadcaster owned by Comcast, which is also the parent of NBC. Toby, what do you think? Live from Piccadilly Circus, it's Saturday night.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
Oh, for sure. There would be a full body panic, an IV line filled with coffee, and a small voice in your head telling you to change your name and flee the country. Well, that's exactly how I feel about taxes right now. Then it's time to pull yourself together and log on to Tax Act. It's a cheat sheet for grown-up responsibilities. They walk you through the whole process step by step.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
Let's wrap it up there. Thanks so much for starting your morning with us. Have a wonderful Friday and an even better weekend. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Our associate producers are Olivia Graham and Olivia Lake.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
Garrett Peck is on audio. Hera Makeup wears Prada. Devin Emery is our president. And our show is a production of Morning Brew.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
That's why they've got expert assist. Real tax pros ready to jump in when you need backup. Think of them as the smart kid in class who is also really cool and handsome. Got it. Just like looking in the mirror. All right. Get over yourself and get over your aversion to taxes by heading to Tax Act and getting it done accurately, confidently, and without the stress.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
Four days away. Well, it was fun while it lasted. After Wednesday's history-making market rally sparked by Trump's reversal on tariffs, stocks resumed tanking on Thursday. The S&P 500 lost 3.5%. The Nasdaq fell even more, 4.3%.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
and the dow dropped over 1 000 points some big tech names took a bruising tesla lost seven percent meta lost nearly seven percent and nvidia dropped six percent plus the dollar had its worst day since 2022 and those closely watched long-dated bond yields continued their worrying rise and that's because after the euphoria of the 90-day delay for most countries wore off investors realized
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
We still have a monumental trade war on our hands between the world's two largest economies, the United States and China, who are locked in rapidly escalating economic warfare that will have ginormous ripple effects across the globe. President Trump said yesterday that he had raised tariffs on Chinese goods to 145% since taking office.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
which he blamed on China's unfair trade practices and its retaliation for his initial tariffs. China has retaliated in a big way, nearly matching the U.S. with 125% tariffs on American goods bound for its shores. Neither side is backing down. The rhetoric has only escalated and millions of consumers and businesses will likely confront higher prices and lower growth.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
Toby, with your permission, I'm going to go ahead and use the U word here, unprecedented. We are watching a nasty divorce unfold between the world's two major powers, whose deep trading relationship has defined the global economy in the 21st century. In this high stakes poker match, both have plenty of cards to play. And if one thing is clear, neither is planning on folding.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
You do not have my permission, by the way, so bring back that precedent, please.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, the U.S. and China have begun divorce proceedings, and it's getting really gnarly.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
Yeah, so let's go over the top line numbers. The US last year imported $438 billion worth of goods from China. We exported $144 billion to China. It's that big trade deficit of more than $200 billion. It's been this way since 2005. It's really irked a lot of U.S. administrations, not just Trump. Biden has also placed tariffs on China. But we haven't seen anything like this, 145 percent U.S.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
on China, 125 percent on China back to the U.S. That essentially freezes trade. You are not going to be competitive in the marketplace where you have to more than double your price to compete with competitors. And we're already seeing this freezing in action. Yesterday, it was reported by Bloomberg that five below
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
Ask its vendors to just stop sending stuff from China, just saying don't even let it leave the port because we are not going to pay 145 percent on it. You might like five below as a discount retailer. Probably a large majority of what you go and see in their stores is made in China. The ripple effects of this are going to be huge across so many different industries.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
And we know that tariffs from the U.S. on China will likely raise prices for consumers across electronics, bikes, artificial Christmas trees, etc. But what about trade from the U.S. to China, right? It's not as, in terms of goods, it's not as big as what we import from China. But we did export $143 billion worth of goods, and those are American jobs here in the United States.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
More than 930,000 jobs were supported by U.S. exports to China in 2022. That's from the U.S.,
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
china business council they they are our third largest export market so they do buy a ton of stuff from us those top exports are mostly soybeans other agricultural products aircraft parts and planes and also crude petroleum so those are the industries to watch that could be affected from those retaliatory tariffs back on the united states
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
fans of twilight i have some cool news for you this week a national tour of the first ever twilight in concert was announced where the film will be shown alongside live musicians on stage who will perform the film score synchronized to the original movie if that's not romantic enough there will be 1 000 candles twinkling on the stage the tour will hit 60 cities and ticket sales begin today toby i know you are a huge twilight guy this feels like your eras tour
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
I will never get bored of you getting hype about inflation. But you're right. I mean, if only investors were as hype as you. I think absent of tariffs, if we saw this report come through, stocks would be through the roof. But as I mentioned, they were in the dumps yesterday. And that's because this tariff threat, this... huge trade war between the U.S.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
and China is just overshadowing everything else. And it does directly tie into this inflation report, too, because we saw cooling inflation for the first time in five years from this report. But it looks like going forward over the next few months, those price hikes from the trade war with China will be filtering through the economy and, you know,
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
You have pretty much every economist saying that this is the calm before the inflation storm. We're going to get higher inflation out of these tariffs and prices will go back up. So this is essentially a baseline from which we can measure how much tariffs do impact inflation.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
introduce into everything and i can't believe we've talked for five minutes about inflation without mentioning egg prices so we gotta go there they rose to a fresh record up 5.6 in march from february and that's despite wholesale prices plunging actually they went from eight dollars a dozen in february to three dollars a dozen in march but that just hasn't shown up in the retail aisle yet these supermarkets these grocery stores are just very wary of lowering like changing the sticker out
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
I'm putting a lower sticker in because there's just been so much whiplash. They've been behind the eight ball for so long. So, yes, wholesale price, wholesale egg prices coming way down. Retail prices, not so much. There was a big merger yesterday among Italian fashion brands.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
You can't afford to buy Prada announced it was buying Versace for one point four billion dollars in the biggest luxury deal of the year. It's an agreement cloaked with symbolism because it shows that Prada is dead set on building a made-in-Italy luxury house that can compete with the French giants like LVMH and Kering.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
In fact, that's exactly what the current owner of Versace, Capri, was trying to do but in America. The New York-based company bought Versace in 2018 for $2.1 billion in an attempt to create a global luxury fashion group alongside brands Michael Kors and Jimmy Choo. That purchase did not work out as intended.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
When touting the Versace deal back in 2018, Capri CEO John Idol said his goal was to double the brand's revenue. It's actually gone negative from $843 million in sales in fiscal year 2020 to $813 million last year. So he dumped it for a $700 million loss, and those dreams of rivaling LVMH have been significantly deferred. Could Prada have a better shot?
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
Potentially, because it's kind of on a hot streak right now. The group grew revenue 17% last year, even as the luxury sector overall has hit a downturn. Toby, is it Italy's time to finally challenge France's luxury dominance?
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
There might be a surge of fashion or luxury nationalism in Italy right now after this deal. So Italy accounts for 50% to 55% of global personal luxury goods production. They have all of these such iconic brands. But what happens to these brands like Versace is they get gobbled up by... US, France, Switzerland, these huge luxury companies, and they don't stay in Italy.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
So Italy does such a good job of having these like big family owned massive brands, but then they just go elsewhere to be scooped up by LVMH. And now Prada is saying, come back to Milan. We want you back to Milan. I mean, these two companies, Prada and Versace, are literally four kilometers apart in Milan.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
So maybe this homecoming from Italy will be good for Versace because Capri did not do a good job with it. John Idol absolutely tanked this brand. So I'll be watching, and I won't be wearing.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
I will be watching, but I am interested in this Miu Miu brand because that seems to be exploding. It's the new thing.
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
Got five minutes to spare?
Morning Brew Daily
Can Cooling Inflation Withstand Tariffs? & Prada Buys Versace for $1.4B
Then you have time to become a more serious investor with Public.com.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
Vielen Dank. Sie sind ein bisschen vor ihren Skizzen gekommen, als es um Quantencomputing ging, nach dem Announcement von Willowchip. Jensen Huang, der ein bisschen näher an der Industrie ist als vielleicht der normale Retail-Investor, ist ziemlich sicher, dass es 20 Jahre vor allem, was wirklich bedeutend ist, in diesem Bereich passiert.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
Aber auch diese Stocks haben wahrscheinlich ein bisschen mehr auf Hype than solid fundamentals for a while now. I mean, IonQ, one of the companies you mentioned, it had 41 million dollars in annual revenue for 2024, which is again not bad. Like they are making some money, but it was valued at roughly 10 billion dollars.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
So there was a little bit of a disconnect between valuations and actual fundamentals.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
Let's move on from quantum computing to the world of high-tech Japanese toilets, who are overflowing in America right now. One manufacturer out of Japan, Toto, is tripling its showroom presence in the US to 300 stores to capitalize on the momentum of people choosing pricier foreign options to go number two.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
Heated Seats, automatic flushes and music players are hallmarks of Japanese manufacturers, meant to take your bathroom experience to the next level. An elevated experience means an elevated price tag though. Toto's NeoRest line of smart toilets can reach up to $22,000, but thanks to some serious bidet action, you'll make some of that cash back in the money you save on toilet paper.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
An underrated part of Public's platform is its AI-powered research assistant.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
Neil, Toto's US President said that their products first started catching on through word of mouth during the pandemic and have been growing ever since, despite a clogged housing market. And that's probably the only thing that can stop the Japanese toilet takeover. It's a business that is still pretty dependent on how many people are remodeling their houses.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
You hit the nail on the head, Neil.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
I hope you don't have to test drive anytime soon. As someone recently recovering from Norovirus as well, I hope you don't have to take one for a serious test drive.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
Ich meine, ich denke, was das wirklich auch gemacht hat, war, zu zeigen, wie notwendig diese Patrouillen sind. Ich meine, du denkst nicht wirklich über Patrouillen, bis du sie benötigst, aber dieser Schuss hat sie in den Vordergrund gesetzt und es gab dieses Auspuff von Unterstützung für sie, weil sie sehr schwierige Jobs haben.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
Ich meine, sie sind normalerweise trainiert, um zu bekommen, oder trainiert in medizinischen, äh,
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
emergency work they undergo avalanche mitigation training search and rescue training they also are constantly required to ski this very difficult terrain they open new runs um so i think it was as bad of a pr debacle it was for veil resorts it was a great pr um you know not even just pr but just shows how necessary these safety personnel are and show how necessary these ski patrollers really are
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
Want some investment ideas related to increased demand for rare earth minerals? Ask Alpha.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
The first game will see the Florida Panthers host the New York Rangers, followed by a game between the Tampa Bay Lightning and the Boston Bruins in the same stadium where the Buccaneers play. To pull it off, the league said it will use a roof in Miami to shield the ice from the sun until the Panthers game starts.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
Raymond James Stadium doesn't have a roof, so they'll build a roof structure to do the same before the Lightning game. It's risky, Neil, but it will certainly get people talking.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
To get some Alpha from Alpha, head to public.com slash morningbrew. Paid for by Public Investing. Full disclosures in podcast description.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
Sorry, not sorry, this is a game changer, Neil, but I'm in my cringe era. You dropped this, Skibbity King. I refuse to utilize 100% of my brain, but if you know, you know, and that's on, period. That made a lot of sense, Toby.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
Ich bin eigentlich dabei, weil wenn wir, wenn Brainerd das Wort des Jahres im Jahr 2024 war, ist das, wie man Brainerd kämpft. Viele von diesen entstehen aus TikTok oder einem Internet-Viral-Trend. Und viele von ihnen sind nur Dinge, die aus Kinderns Mäusen kommen, ohne überhaupt darüber nachzudenken, was sie sagen. 100%. Okay, let's wrap it up there. Thanks for starting your morning with us.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
Ich möchte, dass du den Podcast mit jemandem teilst, mit dem du noch nicht gesprochen hast. So fühlte es sich für mich an, in der Studio zu sein, nach zwei schlafen Tagen. Und man, war es gut, wieder mit Neil zu sprechen. Also... I want you to experience that feeling of connection once again, too.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
I wish you all well.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
Right. If you look at the specific areas affected, like Pacific Palisades, State Farm didn't renew policies for over 72,000 homes or apartments in that region. 70% of the insured homes that have been flattened by the fires were part of those homes that were not renewed by State Farm. So, you mentioned the state plan that has kind of stepped in here in place of these private insurers.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
That is called the FAIR plan. It's a limited fire insurance plan offered by the state of California. Coverage under that FAIR plan for Palisades residents spiked 85% from September of 2023 to September of 2024. So it's It is putting a ton of pressure on what was supposed to be this last resort plan paid for by the state.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
They could be on the hook for almost $6 billion in payouts just based off this fire alone right now. So if it doesn't have enough money to, if the fair plan doesn't have enough money to cover the claims that it faces, guess where it gets the money from?
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
Then TikTok is making its final plea in front of the Supreme Court today to try and stave off its US ban. It's Friday, January 10th. Let's ride.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
It collects funds from insurance companies operating in California, which puts even more pressure on these already stretched private insurers as well.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
Yeah, and this fire poses a threat to the entire housing market as well, because the bigger these fires are, it makes risk more unpredictable. The risk makes insurance more. Ja, genau. Das wird auch die breitere Wirtschaft steigern, weil wenn die Wertschätzung des Hauses steigt, wird die Betrachtungsbasis auch kleiner, um andere kritische Funktionen in der Stadt, in der Region zu unterstützen.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
Also, du kannst sehen, dass, obwohl wir gerade über Feuerinsurance sprechen, ein Kind,
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
In a high stakes Supreme Court case that your teenage cousin is following quite closely, TikTok will fight for its life today in front of the US' highest court, trying to wiggle its way out of a de facto ban that is set to go into effect later this month.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
Both the US government and TikTok will make their arguments to sway the court, which will be under pressure to issue a decision quickly before the ban's deadline of January 19th. Expect this to be a battle between national security concerns and free speech."
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
The US government is nervous about China's control of the app and the prospect that Beijing could exploit American users' data both to conduct espionage or to use its algorithm to manipulate what US users see to spread disinformation that goes against American interests. TikTok's lawyers, on the other hand, will be gearing up to frame the ban in a different light.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
It is trying to turn this case into a fight over free speech, arguing that its aggregation of cat videos and sports edits is an expressive activity and therefore covered by the First Amendment. So Neil, those are generally the arguments you might expect to hear today. The government hammering the national security angle while TikTok hangs its survival on free speech.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
Well, first of all, you and Kyle held it down as always, so shout out to you guys. But yes, I did what anyone who was just sitting around and wallowing, saving their vocal cords would do, and that is, I took up the game of Bridge, you know, the age-old card game, way harder than I ever imagined.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
Yeah, the Supreme Court case back during the Cold War was actually the first opinion to feature the phrase, the marketplace of ideas, which has become a lot more common when discussing free speech in modern times as well. Also just to... Das war's für heute. Bis zum nächsten Mal. Wir haben darüber gesprochen. So long.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
Everywhere you look, government borrowing costs are escalating with major economies like Japan, Germany and France, all experiencing close to record high yields. Remember, bond yields rise when bond prices fall. So when there is a sell-off, yields ratchet up. And when bond yields go up, it affects other parts of the economy, most notably mortgage rates.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
I always thought it was similar to Spade, similar to these other trick-taking games, but I went down the rabbit hole, and I have a lot to learn.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
Mortgage rates have been rising for months in tandem with yields, threatening to further freeze an already stagnant housing market. Neil, as the US continues to piece together strong economic data, but inflation overstays its welcome, it looks like bonds aren't coming back down to earth anytime soon.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
Yeah, there's definitely jitters about inflation. There's jitters about interest rates remaining higher for longer. Now there's jitters about potentially government borrowings maintaining its unsustainable path going forward. So all these things contribute to pushing up those 10-year Treasury yields. President-elect Donald Trump Er hat seine Pläne für Tarife wieder aufgeführt.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
Das ist eine andere Sache, die den Bond-Markt ein bisschen schmutzig macht. Und wiederum, die Mortgagen-Rate ist wahrscheinlich die größte Sache, die sich der täglichen Hörer anbietet, wenn wir über Bonds sprechen. Und die Mortgagen-Rate haben sich erhöht, auch wenn die FED die Interestsrate reduziert hat.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
A very annoying thing if you are shopping for a house right now, because you expect, when the Fed to cut rates, you expect the 10-year yield to kind of follow in tandem. But right now there's a little bit of a delta between that, especially looking ahead with those fewer than expected rate cuts on the books for 2025. We have to take a quick break, but don't go anywhere.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
We have another dog coming your way.
Morning Brew Daily
CA Home Insurance in Full Crisis & TikTok’s Last Pitch to Supreme Court
Es gibt eine App, die Tricky Bridge, die ich gelesen habe. Ich weiß, dass du sie auch gelesen hast. Ich denke, was ich sagen möchte, ist, dass Neil und ich uns für ein paar Bridge-Partner suchen, um mit unseren Kräften zu arbeiten. Aber ja, das war meistens, was mir Zeit genommen hat. Und natürlich auch, um die Vocal Chords zu retten. Now a word from our sponsor, Public.com.
Morning Brew Daily
US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
Wise Business can be that friend for your global business. Wise makes it easy for you to process payments, get paid, and manage your money internationally.
Morning Brew Daily
US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
Let's hit our Stock of the Week, Dog of the Week, the segment where Toby and I pick one stock that's planned an elaborate gift for Mother's Day and another that's scrambling at the last minute. I won the pre-show packing a car trunk before a road trip contest, so I get to go first. And my stock is Shark Ninja.
Morning Brew Daily
US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
The appliance maker soared 13% yesterday after pulverizing earnings even more than its blenders pulverize your fruit. And not only did its sales outperform expectations last quarter, Thank you so much for having me. And they're super amped about this move because of the higher margins they offer.
Morning Brew Daily
US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
Getting into skincare would come on top of existing beauty investments by Shark Ninja, which has already dipped a toe into the sector with hair dryers and stylers. Of course, developing new product lines also means you go up against more stiff competition. And many companies have failed miserably in trying to take the one thing they do well and replicating it elsewhere.
Morning Brew Daily
US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
But Shark Ninja is undeterred and seeing solid results so far. For instance, it directly took on Yeti, a beloved brand, by recently launching its first cooler product, which it says is completely sold out.
Morning Brew Daily
US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
The combination McDonald's and Krispy Kreme hasn't worked out as well as the combination Pizza Hut and Taco Bell. And that may be more of a McDonald's story than a Krispy Kreme story. McDonald's is coming off its worst quarter since peak COVID. Sales are falling. Traffic is falling across the fast food sector. It's been hit really hard by inflation, really hard by souring economic sentiment.
Morning Brew Daily
US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
So perhaps McDonald's Krispy Kreme just inked a deal with the sector at the worst possible time. And, you know, it is pain on top of more pain because they were increasing their capacity to fulfill all of these new McDonald's locations. And this partnership has really hit the skids.
Morning Brew Daily
US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
I mean, in the 80s, those were very appropriate because in 1982, more than 70 million sheep were in New Zealand compared to 3.2 million people. So that is a great ratio if you're a person. And you're right, Australian sheep. Australia had been making a lot of jokes at New Zealand's expense about the amount of sheep that they had.
Morning Brew Daily
US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
But now the gap is narrowing and it's possible that Australia will have more sheep per person than New Zealand in the coming years. There are about three sheep per per Australian currently, and you said there's four and a half sheep per person in New Zealand, so we'll see when they reach parity.
Morning Brew Daily
US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
Finally, a Soviet spacecraft from the 1970s could crash your Saturday barbecue, or more like crash into. At some point in the next day, Cosmos 482, which failed to land on Venus when it was launched 53 years ago, is expected to hurdle uncontrolled back to Earth.
Morning Brew Daily
US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
Unfortunately, scientists have no idea where this half-ton hunk of metal is going to land, but they project it could fall anywhere from 52 degrees north to 52 degrees south, where virtually all of you are listening to this from. But you probably don't need to strain your neck looking up all weekend.
Morning Brew Daily
US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
The creaky spacecraft could burn up upon reentry, and more importantly, most of the Earth is water, so the likelihood that it startles a few fish in the ocean is far more likely than it plunking down on your head.
Morning Brew Daily
US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
But it's going to hit somewhere.
Morning Brew Daily
US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
It's going to hit somewhere. We hope it's the ocean. Okay, that's it. That's our shows for the week. Thanks so much for starting your morning with us. Have a wonderful Friday and an even better weekend. If you have any thoughts on the show, send an email with your questions, comments, or feedback to morningbrewdaily at morningbrew.com. Let's roll the credits.
Morning Brew Daily
US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
Emily Milliron is our executive producer. Raymond Liu is our producer. Our associate producers are Olivia Graham and the birthday girl, Olivia Lake. Happy birthday, Olivia. Scoops Dardaris is on audio. Hair and Makeup wishes all the MBD moms a happy Mother's Day. Devin Emery is our president, and our show is a production of Morning Brew.
Morning Brew Daily
US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
Batman and Robin, peanut butter and jelly, Toby and Neil.
Morning Brew Daily
US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
Instant Hall of Famer right there. Blends like dairy milk, frosts like a dream, and somehow makes your morning cup feel twice as good.
Morning Brew Daily
US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
And if you go for the barista lover's version, only three grams of sugar, but still feels indulgent.
Morning Brew Daily
US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
Planet Oat and coffee, the duo you didn't know your mornings were missing.
Morning Brew Daily
US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
And stocks, they are going up. The S&P surged yesterday. It has risen 11 of the past 13 days. So stocks are going back up after plunging post-April 2nd. And that is... probably not because of this particular trade framework with the UK. As you mentioned, it covers a very small piece of global trade and US trade with the UK.
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US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, AI is resurrecting dead people to give testimony in court and teach writing classes, innovative or creepy.
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US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
But it appears to be that Trump is willing to engage with these trade partners and work out some arrangements like exporting beef and ethanol products into the UK market applied more broadly that could lead to a little softening in all of these trade wars happening all around the world.
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US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
I think one of the big takeaways is that 10% tariff on the rest of the world that Trump implemented is not going away. It's never going to get below 10%, which economists say would drag on economic growth. I thought this was probably the most illuminating part of this press conference that Keir Starmer and Trump had.
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US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
So Starmer was asked by a reporter if Britain would still face higher tariffs under the deal than it faced before Trump was elected. Starmer replied, the question you should be asking is, is it better than it was yesterday? And maybe that is true, but it certainly is not true than before Trump elected and put 10% tariffs.
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US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
So if you're looking at the global trade infrastructure right now, there's just going to be 10% tariffs as a baseline throughout. Obviously the biggest Cheese here is U.S.-China trade talks. Scott Besson and another trade representative are going to Switzerland to meet with Chinese representatives this weekend.
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US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
That will be more consequential than anything that was announced here between the United States and the U.K. But, yes, I think the biggest winners are probably McLaren, Aston Martin, and Jaguar Land Rover because they're only going to face 10% tariffs instead of 25%. The Bill Gates Foundation is marking its 25th year anniversary.
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US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
And how do you celebrate 25 years of being the most influential philanthropy in the world? You announce your retirement. At least not for a while. Microsoft co-founder Bill Gates said that the Gates Foundation would close its doors in 20 years. That's 2045 if you're counting. while ramping up its giving to deplete Gates' personal wealth by 99% before he dies.
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US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
So far in 25 years, the Gates Foundation has given $100 billion to causes like global health, anti-poverty efforts, and education around the world. It aims to double that spending to $200 billion before it calls time in 2045. That's because Gates said the foundation's ultra-ambitious goals can be accomplished in that time span with all this additional cash.
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US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
They have three key targets in mind, that no mom, child, or baby dies of a preventable cause, that the next generation grows up in a world without deadly infectious diseases, and that hundreds of millions of people break free from poverty, putting more countries on a path to prosperity.
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US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
Gates noted the awkwardness of the timing for winding down the foundation, mentioning Elon Musk's sweeping doge cuts of foreign aid. Still, he believes now is the time to act for his philanthropy,
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US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
As white smoke billowed from the Sistine Chapel's chimney yesterday, signaling the election of a new pope, the screech of a bald eagle could be heard in the distance. Cardinal Robert Francis Prevost, a Chicago-born Villanova University math major, was elected as the first American pope in history, taking the name Leo XIV. As the new pope made his first appearance on the balcony overlooking St.
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US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
And there's a certain number of metrics that they like to point to to show that their impact on global health is working. Their most prized metric is probably that there's been a drop in childhood deaths from preventable causes by almost half between 2000 and 2020, according to the UN. They don't take full credit for that, but they say their money was a huge catalyst in making this happen.
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US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
The share of the world's population living in extreme poverty also has fallen by almost 75% between 1990 and 2014. But since 2014, that's pretty much stagnated. So I think that's why you see Gates really accelerating the timeline here, saying these are things that we can accomplish if we just kind of overload the system with $200 billion in cash.
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US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
I don't want this to be a perpetual thing that gives out you know, a few billion dollars here and there. Let's give out $10 billion a year and make this thing go from 75% to 100% in terms of alleviating poverty. And he also made headlines, we have to mention, for, you know, absolutely bashing Elon Musk.
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US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
He said in an interview to the Financial Times, the picture of the world's richest man killing the world's poorest children is not a pretty one. This is an extension of a feud that Gates and Musk have had for years. And, you know, Gates really is... very much against what Doge has done, cutting USAID budgets and foreign aid around the world.
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US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
For sure. My first question was, is this legal? In Arizona, it is. Victims can give impact statements. in any digital format. So this family, this sister, you know, really catalyzed this particular AI rendering of Pelkey to give the impact statement. It was well received. Some critics have come out saying, well, this is a slippery slope here.
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US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
If you're bringing AI into the courtroom, we could have deep fake evidence and other shenanigans. And there was an instance last year of a man without a lawyer using an AI generated avatar to argue his case in a video. And that video started playing and the judge was like, wait, well, wait, what was that? OK, that's an AI like we cannot allow this to proceed.
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US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
So there is, you know, some concerns around, you know, how far AI will, you know, influence a courtroom's proceedings. At least in this case, they consider this, you know, one of the least unobjectionable versions because it is an impact statement endorsed by the family. But you can see how AI will certainly impact legal proceedings going forward.
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US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
Peter's Square, the crowd went wild, and so did people in his native United States who were delirious that a Chicago boy known to his friends as Bob was now the leader of the world's 1.4 billion Catholics. Many questions remain about what direction he'll take the church in, but at least one mystery has been solved. According to the new pope's brother, he is a White Sox fan, not a Cubs guy.
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US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
I mean, but I will say if you're not concerned by that and you want to live an AI afterlife, what you should do is go into a room and video yourself talking for a half hour because you need to give the people who will create the AI avatar of you a lot of material and data to build you know, your future AI dead self on. So this is what the sister of Pelkey did.
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US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
Actually, she said, now I'm confronting my own mortality. She went and recorded a video of herself in, uh, for 10 minutes and Agatha Christie was recreated because there's a lot of footage of her. Uh, so that was the only way that they were able to do that. So I will say, if you want to live a digital afterlife, go into a room, video, keep yourself, uh, laughing,
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US-UK Reach Major Trade Deal & Bill Gates Giving Away $200B By 2045
and speaking, laughing and speaking, if you are a person who laughs. And that will be the key to help you live after your physical body is gone.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
I mean, it's International Women's Day tomorrow, and I think this launch was timed. For that, because this is Sweetgreen's attempt to complete the girl dinner, which has gone viral on social media. It includes Caesar salad, fries, and a Diet Coke. It has a Caesar salad, it has the Coke, and it needed fries.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
It's just another instance of a company noticing a trend on social media and hopping on it with a product introduction.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
My dog of the week is management consulting firms, which are currently getting a taste of their own medicine by the federal government. Firms like Booz Allen Hamilton and EY that are hired to streamline operations are themselves at risk of being streamlined away as Doge reviews government contracts with consultants and aims to rip up the ones that aren't providing value.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
It sent a chill through the sector on Wall Street. Shares of Booz Allen Hamilton, which relies on the public sector for 98% of its $11 billion in revenue, virtually all of its business, have plunged more than 40% since the election of Donald Trump in November. Accenture, which gets about 8% of its total sales from the U.S. government, is down about 14% over the past month.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
Whether they can stop the bleeding may depend on high stakes reports due today. The General Services Administration, the group that oversees procurement for the U.S. government, asked all federal agencies to justify contracts from the 10 highest paid consulting firms with a deadline of Friday, March 7th. Dubbed Defend the Spend, they're being asked to identify which projects are mission critical
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
and others that could be canceled with minimal collateral damage. Toby, it is a bit ironic for consultants to be asked, what would you say you do here?
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
There is perhaps a bull case to be made, though, because the federal government is trying to streamline systems, trying to update its technology. And as they cut workers, they might look for contractors to fill the void. So some of these consulting firms say, hey, this is literally our bread and butter. So they're weathering the damage right now.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
And hopefully, not hopefully for them, they will come back stronger. Let's sprint to the finish with some final headlines. Walgreens, nearly 100-year run as a public company, is winding down. The pharmacy chain agreed to be taken private by Sycamore Partners in one of the biggest leveraged buyouts in recent memory, according to the Wall Street Journal.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
The last decade has not been kind for the place you buy everything from cold medicine to candy. Valued at more than $100 billion in 2015, this deal gives Walgreens an equity value of around 10%. billion, which highlights the challenges the company has faced as it's been squeezed by Amazon on the retail side and pharmacy benefit managers on the pharmacy side.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
The hope is that by staying out of the limelight of the public markets, Walgreens can better execute a much-needed turnaround.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
Hope you're not planning on taking a train today from Paris to London because all Eurostar services between the two cities and others across Europe have been canceled for the remainder of Friday. Why? Because overnight, workers discovered an unexploded bomb from World War II near a major station in Paris.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
According to the BBC, it's not a particularly shocking discovery since British and American bombers frequently targeted rail yards in Paris and other major cities to disrupt the Germans in the fight over France. But it is pure chaos out there on the French rail lines today until they dismantle it.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
Yeah, pretty remarkable turn of events for airlines. They lost a ton of business and corporate travelers who made up the vast majority of their profits pre-pandemic. They were like, what are we going to do now? And then all of a sudden, these rich Americans come along and saying, hey, those first class seats, I want those. Screw economy.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
And so they've found a really remarkable revenue and profit source in rich Americans.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
This is the most anti-Huga thing I could think of. I think it is not cozy to send mail electronically, but it's just the state of the world that we live in. Letter numbers in Denmark have fallen since 2000 from 1.4 billion to 110 million last year. And then they've declined at 30 percent since then. So people aren't sending mail.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
And you just have to wonder around the world when these state operated postal services are going to stop sending mail after Denmark.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
It's finally here at long last, the next Game of Thrones book. No, just kidding. It's the monthly jobs report due out this morning at 8.30 a.m. Eastern, giving us a key snapshot of America's employment situation in February. And while all jobs reports are big deals, this This one feels like a big freaking deal for a few reasons.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
Let's wrap it up there. Thanks so much for starting your morning with us and have a wonderful Friday. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. And if you're enjoying the show, share it with a friend, family member, or coworker. Toby, who should everyone listening share it with today?
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenua Ogu is our technical director. Scoop Stardaris is on audio. Hair and Makeup is listening to the new Lady Gaga album on repeat. Devin Emery is our chief content officer. And our show is a production of Morning Brew.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
First, it is the first jobs report since President Trump and Doge have taken a chainsaw to the federal workforce in a bid to slash the size of the federal government. Second, a slew of recent surveys have raised alarms over slowing economic growth, prompting investors and analysts to up their bets on an upcoming recession and sell off stocks.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
The jobs report is one of the first pieces of hard data that could calm those fears or jack them up even more. The hints we've been getting have not been pretty. In February, U.S. job cuts hit their highest level in almost five years, according to an analysis released yesterday from Challenger, Gray & Christmas.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
Layoffs were up 245% from January and marked the highest total for the month of February since 2009. The firm said that more than one-third of the total layoffs were attributed to the headcount reduction efforts of Doge, totaling 62,000 job cuts across 17 agencies.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
But, Dobie, the government jobs report due out in a couple of hours is the gold standard for providing the most detailed picture of the labor market in America. What should we be expecting?
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
Good morning for your daily show. I'm Neil Freiman. And I'm Toby Howell. Today, the first jobs report is being released since Doge began its drive to slash the federal workforce.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
But how big those ripple effects would be, will be is still an open question. Federal employment while it employs a lot of people, millions of people, it still accounts for less than 2% of us employment. So even when the job cuts from the federal government are factored in, in future jobs reports in March and April and all those months after that, uh,
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
It will be unclear just how big the size of the impact will be. If it's just limited to the federal workforce, then it probably won't be a huge impact on the jobs market. If it ripples beyond that into the private sector, say people aren't going into their jobs in D.C.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
anymore, so the people who, all the people who work servicing them from the lunch counters or transportation, things like that, we'll see how big those ripple effects will be going forward.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
positions here. So jobs report due out 8.30 a.m. Eastern. We're expecting strong job gains, 160,000 low unemployment. So perhaps this will be sort of the baseline or snapshot of what the jobs picture looks like before sort of the shakeup that's been happening in Washington. And like I said, there's been other indicators indicating a economic slowdown.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
So the jobs report will be very closely watched at a time when the stock market is teetering.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
It's going to be the last Friday you try to beat the darkness when leaving work because daylight saving time starts this weekend at 2 a.m. On Sunday, clocks will spring forward, which means you will lose an hour of sleep, but also gain an extra hour of daylight in the evenings. For instance, here in New York City, the sun will set tonight at 555 p.m., but on Sunday it'll set at 657 p.m.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
No, spirits and alcohol has long been a political football in trade wars, even if it doesn't account for a huge amount of sales. And, you know, Jack Daniels only does one percent of its total revenue in Canada.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
It's not going to make a huge impact, but it is more symbolic and is one of the levers that governments can pull to show their displeasure with what's going on in terms of tariffs and trade wars, because
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
Canada government can't tip can't tell a random retailer to say take that product off your shelf But it does control the liquor stores And so it's using that particular tool that particular control that it does have it has leverage there And that's what it's using to kind of send a message Saying you should buy Canadian and don't buy anything from America because we have the power to take it off the shelves.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
Meanwhile, we got some more updates on the trade war yesterday. President Trump delayed tariffs on Canada and Mexico for goods covered by USMCA, which is the free trade agreement he brokered in 2020 with those countries. So many goods are now being pushed back financially. till April, along with the automakers delay, which we got earlier this week.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
Still, a White House official said about 50 percent of U.S. imports from Mexico and 62 percent from Canada may still face tariffs under the new regime. And Justin Trudeau, prime minister of Canada, had a call with Trump and said that He can confirm after that what he called a colorful call. There will continue to be a trade war for the foreseeable future.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
So you saw stocks sell off in a big way yesterday. After these tariff moves, the Nasdaq closed at a correction, which is 10 percent down from its recent peak. Let's move on.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
This is absolutely huge for lazy people like me who held out strong on changing their microwave clock since daylight saving time ended in November. I've been living an hour ahead of you all for months, but soon we'll be synced up again.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
It's really hard to land on the moon. When you're trying to land back on Earth from going to space, Earth has an atmosphere which serves as a natural braking system. Apollo 11 re-entered Earth's atmosphere at almost 24,000 miles per hour. and splashed down at about 15 miles per hour. It was helped by parachutes and that drag of the atmosphere. That does not exist on the moon.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
So intuitive machines had to slow down this lunar lander from 25,000 miles per hour to 6 miles per hour using no humans and just jet engines. That is hard. Firefly pulled it off. It has not exactly pulled it off. It hasn't really stuck the landing like Simone Biles in space.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
two different attempts, but it just shows how hard it is to land on the moon with a robotic lunar lander in the absence of atmosphere. It's not like it's rocket science, Neil.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
So one day as I was scrolling the web, I got hit with an ad for patio furniture. Dude, I live in a small New York City apartment, not relevant. So if that's happening to me, imagine the incorrect spaces your B2B marketing could be ending up. If you want to reach the right professionals, start with LinkedIn ads.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
LinkedIn has grown to a network of over 1 billion professionals and 130 million decision makers. And in this vast pool of potential, you can target your buyers by job title, industry, company role, skills, seniority, and more if you can believe it. If you think you're wasting budget on the wrong audiences, stop that.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
First and foremost, and start targeting the right people with LinkedIn ads instead. LinkedIn will even give you a $100 credit on your next campaign so you can take LinkedIn ads for a spin. Just go to LinkedIn.com slash MBD. That's LinkedIn.com slash MBD. Terms and conditions apply only on LinkedIn ads.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
In my experience, a few things stand out like leading by example, taking risks, and being passionate.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
Explore the Range Rover Sport at rangerover.com slash US slash sport. That's rangerover.com slash US slash sport. It's Friday, and you know what that means. Pushing off emails and Stock of the Week, Dog of the Week, the segment where Toby and I pick one stock that landed on the moon and another that can't stay on its legs.
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Canada Pulls US Liquor From Shelves & Can Fries Save Sweetgreen?
Toby, you won the pre-show burping the ABC's competition, so you get to go first. Very gassy over here.
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Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
It's certainly a pattern. Earlier this week, Salesforce also announced it was going to lay off 1,000 workers and hire a few in other positions, and that position is salespeople for AI. It's AI Dropbox did this last year as well. The CEO drew Houston said it was a really tough decision to let go of a lot of people and then make room for investments in AI.
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Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
So it's all about making space for investments in AI. A lot of companies, we just talked about Amazon spending a hundred billion dollars. A lot of these companies don't have, uh, infinite resources like Amazon does to, you know, spend $100 billion. So they need to make cuts elsewhere. And those cuts are human workers.
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Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
The fears that many had about AI replacing human work and leading to a lower reduction in the amount of humans that need to work at these tech companies appears to be coming true in 2025.
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Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
Figures I get dog of the week because this one strikes at the heart of my identity. A millennial who grew up in the suburbs and wanted to dress like a skateboarder.
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Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
Quicksilver, Billabong, and Volcom, popular outdoor clothing brands for skaters, surfers, and the wannabes, are closing virtually all of their stores across the country after their parent company, Liberated Brands, filed for bankruptcy. The silver lining, or I should say Quicksilver lining, you can still buy those clothes.
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Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
The brands will continue to make them just under a license from a different company called But it won't be from their namestake stores. More than 120 of the locations will close in the coming weeks. What went wrong at Billabong?
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Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
Liberated CEO blamed macro forces like a rise in interest rates, inflation and supply chain delays, while also criticizing the fast fashion industry for allowing shoppers to, quote, cheaply, quickly and easily order low quality clothing garments. Toby, a sad day. Quicksilver was always a must stop on the high school mall date.
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Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
Okay, Super Bowl 59 between the Chiefs and the Eagles is two days away. Here is a preview of the biggest business storylines around the game as you apply layers one and two of the dip. Besides Patrick Mahomes and Saquon Barkley, the star of this year's Super Bowl will be the Caesars Superdome in New Orleans, which is celebrating its 50th year in existence as the home of the Saints.
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Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
This is a remarkable building that pound for pound may have hosted more legendary sports moments than any other venue in the United States. Eight Super Bowls, counting this one, the most of any stadium. Final fours, college football championships, heavyweight boxing bouts. It's where college freshman Michael Jordan lifted North Carolina to a title over Georgetown.
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Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
And Tom Brady became a household name with his first improbable Super Bowl win over the Rams. But time has run its course and New Orleans may be seating its crown as the top host for championships to Las Vegas, which hosted last year's Super Bowl and has emerged as the new epicenter for live sports events.
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Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
I will absolutely try it this weekend.
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Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
So in a way, the Super Bowl feels like both a celebration of the Superdome, an absolute space age icon, but also a retirement party from heavy hosting duties. It's the fifth oldest home field in the NFL and the last remaining of its kind.
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Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
Yeah, after the last year's Super Bowl, Roger Goodell was like, you can bet we're coming back to Las Vegas. But the Superdome is a very important part of New Orleans and New Orleans history. It's called, quote, the city's living room because it doesn't just host Saints games, but it hosts conventions, weddings, proms, hundreds of other events. It had the RNC when Pope John Paul II came.
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Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
He was at the Superdome. And then, of course, you can't talk about the Superdome without its role in politics. Hurricane Katrina after that hurricane wiped out parts of the city. It served as a refuge for thousands of people. And perhaps the most iconic moment in the Superdome history was the first Saints game after Katrina when there was a blocked punt and the Saints romped at home.
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Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
And just this feeling of celebration and coming together for that city just still gives me goosebumps.
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Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
Good God, how many pairs of pants did you go through?
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Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
Yeah, the NFL certainly made a lot of headlines this week with the end zone change and also Roger Goodell's statements around DEI at a time when many Fortune 500 companies are backing away from DEI. It's very interesting that the NFL has changed. put its foot in the ground and said, no, this is very important to us.
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Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
Goodell said, quote, we got into diversity efforts because we felt it was the right thing for the National Football League, and we're going to continue to do those efforts. That hasn't stopped criticism from being late on the NFL for its coaching decisions. This year, seven of the 32 NFL teams have a—
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Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
And if you're a business owner going through change, instead of just wearing longer pants, you have to upgrade your software and build out new systems.
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Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
have a head coach that are people of color, which critics say is not close to enough considering the amount of black and other people of color athletes who are participating in the NFL. And then in terms of the pipeline to head coaching positions, there were zero offensive coordinators, people of color in the NFL this year. The offensive coordinator is the stepping stone to becoming a head coach.
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Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
So you can say NFL is talking the talk. They've had this Rooney role since 2003, but it's not necessarily walking the walk. Moving on, this year's Super Bowl is also a feast for people who dabble in conspiracies. A number of unexplained mysteries surround the game, making it fertile ground for unfounded but certainly fun speculation that the NFL follows a predetermined script.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
First, the Super Bowl logo. For the third time in four years, the colors on the Super Bowl logo strangely appear to predict the teams that will be playing in the game, despite the logo being released many months before. The 2025 Super Bowl logo, which was revealed last February, has red and green colors mirroring the Chiefs and the Eagles colors. This theory started back in 2022.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
when the logo included orange and yellow matching the Bengals and Rams who matched up in that Super Bowl. The next year, it was red and green for the Eagles and Chiefs, and now it is again for their rematch. The other conspiracy is a little more serious, and it suggests that the NFL and its refs are in the bag for the Chiefs, rigging the league so that they can win three championships in a row.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
That's why you need a business account that can grow alongside you. Wise helps you save money, time, and stress on making payments and getting paid internationally.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
And of course, there's some Taylor Swift voodoo thrown in since she's dating Chiefs tight end Travis Kelsey. People noted how she may have sprinkled fairy dust on the Superdome when she played Error's Tour shows there last year, manifesting her boyfriend to be competing in the game months later. Toby, you buying any of these?
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
I'm going over because John Batiste is probably going to bring out his piano. And I watched the tape. He did the all-star game for the NBA in 2017. He had the piano. He does a little flourishing. That clocked in right at about 120 seconds. But this is a much bigger stage. And when you're on the big stage, you got to soak it up. And there has been a trend of longer national anthems.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
Seven of the last 11 performances have been 120 seconds or more. So I think it's not going to come in that much over 120.5 at the over under. But I'm still going over because John Batiste, he's going to he's going to tickle the keys. It's going to be great.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
I think blue is the way to go. Remember, this is the $375 million question because Tom Brady was signed to that massive deal. This is his coming out party as a broadcaster. He has a minority ownership in the Raiders, which he certainly doesn't want to draw attention to. So you can basically eliminate gray and silver. No tie, you know, no. This is the Super Bowl.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
Red is also eliminated with green as well because you don't want to see like you're a homer for the Chiefs or the Eagles. So I'm going blue. It's going to be either blue or black.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
I'm going chalk with Humble as well. I'm boring. Sorry. That's what I think is going to happen. I'm sorry. And then the last song I think certainly will be Not Like Us. Maybe the more interesting bet is how many Drake diss tracks will be on there. At least two is minus 420. So the betting Las Vegas definitely certainly thinks that there will be at least two Drake diss tracks.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
So pour one out for Drake. It's going to be hard for him.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
Yeah, it's very interesting. I did not know that purple was the last two. That's what the Chiefs also won the last two, so I guess they've opted for purple. What I'm going to go with is clear. So clear has good odds at plus 900, and it had probably the most epic run of any Gatorade flavor ever. 2005 to 2008, those four Super Bowls, it was clear or water, and I think we're in a nostalgic moment.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
We're going back to clear.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
It's a flavor. I don't know exactly what flavor, but you see Gatorade. There's a few flavors that are clear, and I think we're going with that.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
I think he's classier than to do an on-field proposal. Plus, they're going to lose. So, you know, it wouldn't be it wouldn't be the right moment for them. OK, let's wrap it up there. Thanks so much for starting your morning with us and have a wonderful Friday and an even better weekend. For any questions, comments or feedback, send an email to Morning Brew Daily at Morning Brew dot com.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
And if you're enjoying the show, share it with a friend, family member or co-worker. Don't worry if you're lacking ideas. Tobia has been brainstorming all morning and he's got instructions for you.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
All right, let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenua Ogu is our technical director. Scoop Stardaris is on audio. Hair and Makeup is going on the record. Eagles 27, Chiefs 23. Devin Emery is our Chief Content Officer and our show is a production of Morning Brew.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
No, Amazon and Walmart. This is certainly one of the most interesting rivalries in business. If you look at Amazon's ace in the hole, as you said, it is Amazon Web Services. Walmart has nothing like it. This is a hundred billion dollar business for Amazon, and it's growing double digits every single quarter. Last quarter, it grew 19 percent. Amazon also has an
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, from conspiracy theories to the color of the Gatorade shower, everything you need to know ahead of Super Bowl 59.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
advertising business that's growing 18%. So if you look at where the growth is for Amazon, it is in advertising and it is AWS and it is also in AI, something Walmart doesn't have. Amazon said it was going to spend $100 billion on AI, mostly on data centers and things like that over the next fiscal year. So very interesting rivalry. Amazon has a few more cards to play, especially in the tech
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
And that's why its market cap is so much bigger than Walmart's. Walmart is mostly a pure play retailer still. And its market cap, despite a very good year last year on the stock market, is still around $800 billion. Amazon has zoomed past $2 trillion.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
Yeah, and that was the common theme across big tech earnings. Amazon was the last big tech company of the Magnificent Seven outside of NVIDIA to report earnings over the past two weeks. And they sounded a very similar tone. Microsoft, Alphabet, Amazon and Meta, they all said we are going to spend not only the same on CapEx for AI, we're going to spend even more.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
Their combined capital expenditure forecast said are totaling $320 billion. That's up from $246 billion in 2024, and that's up from $150 billion in 2023. They all said the same thing. We're going to continue to spend, never mind DeepSeek. So that DeepSeek revelation has not changed plans whatsoever, and we have NVIDIA coming up in the next few weeks, and we'll see what they say.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
The blizzard of news keeps raging from Washington, D.C., and we're here to shovel it all up for you. First, that deadline for federal workers to take deferred resignations has been extended past yesterday's midnight cutoff by a federal judge who ordered a hearing on Monday to determine whether he'll block it indefinitely while litigation proceeds.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
That litigation came from the American Federation of Government Employees and Other Unions, who in lawsuits alleged that what the government was doing, offering employees the opportunity to resign while still being paid for eight months, was illegal. Bloomberg reported that about 50,000 people have so far taken the deal, which is about 2.5% of the federal workforce.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
The Trump administration was targeting 5% to 10% of workers to opt in. Toby, the fate of federal workers now shifts to the courts, but they remain in a state of limbo.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
Good morning and happy Friday. Look, if you're spending an entire paycheck on a carton of eggs these days, you might as well prepare them to perfection. And scientists now say they've discovered the recipe to cook the best possible boiled egg. It'll just take you 32 minutes.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
Right, but the thing is, they might not wait for these people to take resignations before issuing sweeping layoffs. Reports out yesterday indicated that the Trump administration was preparing an order that would cut thousands of health workers. USAID also is reportedly going to be essentially gutted from more than 10,000 employees worldwide to about 290.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
We already have reports of small businesses and contractors laying off workers across the economy. And of course, that is in focus because we have the jobs report coming out in two and a half hours at eight thirty a.m. Eastern.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
That won't show all of the chaos that's been enveloping Washington and federal workers and everyone, all the seven point five million employees across the country connected to the federal government. But it'll be you know, it'll be a very important jobs report. And then the next one for February will be even more important.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
Okay, let's move across town to the Treasury Department, where another court has curbed Elon Musk's access to the government payment system that distributes trillions of dollars each year.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
Following a legal challenge over Musk and Doge's reported entry into that system, a federal judge barred the US Treasury from handing over data from its payments portal to outsiders and limited access to two Doge staffers who can see Treasury Department data, quote, as needed and on a read-only basis. Then, mere hours after that court ruling,
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
One of those two Doge staffers who was granted access to Treasury data, 25-year-old Marco Elez, resigned after The Wall Street Journal found links to a deleted social media account that supported racism and eugenics. In one post, the account wrote, just for the record, I was racist before it was cool. What does Scott Besant, the newly confirmed Treasury Secretary, think about all this?
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
In an interview with Bloomberg, he defended Musk's work in his department and said he and Elon are, quote, completely aligned in terms of cutting waste and increasing accountability and transparency for the American people. He described Doge employees as highly trained professionals and not some roving band running around doing things.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
In a study published Thursday in the journal Communications Engineering, the scientists recommend putting eggs in a steamer basket, then transferring them between two bowls of water every two minutes. one boiling and the other set to 86 degrees Fahrenheit, lukewarm, until 32 minutes are up. That process, known as periodic cooking, yields a velvety yolk and a meaty but soft white.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
Yeah, and that's why I think U.S. Treasury Secretary Scott Besant was saying, everything's kosher here. I'm overseeing everything. I'm in control in that interview with Bloomberg. But again, another push by the Trump administration and Doge that has been sued and blocked, at least temporarily, by the courts.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
There will be a more formal hearing in a few days to figure out what's going on over there. Finally, a spat is escalating over the Panama Canal, one of the world's key shipping routes, after Panama's president accused the U.S. of lying about a deal over American military ships. Here's what's going down. On Wednesday, the U.S. State Department posted on X that Panama agreed to allow U.S.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
government ships to access the waterway without paying a toll. Remember, Secretary of State Marco Rubio traveled to Panama over the weekend as part of the Trump administration's push to assert more control over the canal and get China to back off. But yesterday, Panamanian President Jose Raul Molino said, huh? We never said your ships could pass through for free.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
Or in his words, I am incredibly surprised by yesterday's statement. They're making an important institutional statement from the entity that governs U.S. foreign policy based on a falsity. And that's intolerable. After the blowback, Rubio said, OK, maybe you're right. At a press conference, he said that the U.S.
Morning Brew Daily
Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
expects Panama to remove the fees, but acknowledged that Panama has a process of laws and procedures that they need to follow.
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Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
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Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
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Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
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Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
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Amazon Dethroning Walmart? & DOGE Hits Snag in Treasury Overhaul
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Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, Doge comes to Washington as Elon Musk and Vivek Ramaswamy kick off their cost-cutting project.
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DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
Yeah, it doesn't want the people like you and me that, you know, just buy random stocks on our phone. It wants people who have the three monitors set up, are very serious traders. They also bought a company called Trade PMR, which caters to registered investment advisors for $300 million. That's a planned acquisition. So that...
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
And so those registered investment advisors, you know, trade stocks and own and have custody of clients money. So they bring a huge portfolio of business with them. So these all of these initiatives right here speak to Robinhood going after a more, you know, a more intentional investor rather than the amateur one that, you know, maybe propelled them to fame a few years ago.
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
What do you make of their push potentially into sports betting?
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
Yeah, I think bottom line for Robinhood is it's in growth mode once again. My dog of the week is the Hawk Tua meme coin. This launched Wednesday night to quite a bit of hype, but plummeted in value on Thursday, causing many people to lose money on that thing. For everyone asking, Neil, are you serious right now? Yes, I am. And here's what happened.
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
Hayley Welch, the girl who went viral for an interview in the summer and has stayed in the internet limelight, launched a meme coin to, in her words, unite her community. Right after launch, the coin shot up to a market cap of $490 million before plunging more than 91% in the span of a few hours yesterday, down to a value of less than $30 million.
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DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
Welch and her team were immediately accused of executing a rug pull, a scam in which insiders hype up a crypto before selling it at a profit, disappearing and leaving regular investors holding the bag with nothing. Welch defended herself yesterday, denying any insider sales or activity.
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
Either way, the reason we're even sharing this story is that it showcases the boom in meme coins since the election last month. Bitcoin may have just hit 100K, but the smaller meme coins have been snagging even more momentum and attention to the point where the
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
Talking about wrongly.
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
And let's run through some of these meme coins and maybe Toby, you can explain to us millennials what these are. But there's one that's called Mudang, which is that pygmy hippo that was born in Thailand and has become a meme.
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
And then there's Peanut, which is named after the orphan squirrel who was euthanized by New York authorities and became a right-wing talking point ahead of the election. And then another one is called Chill Guy, which is the meme of just the Arthur-looking dog.
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
In the end, in the long enough timeline, they all go to zero. Not necessarily. Well, I guess Doge now.
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
I would say the vast majority go to zero, but the ones that endure and become part of the culture, like Dogecoin, do seem to have some legs.
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
Yeah, what really stood out to me was the reaction on social media. Tens of thousands of people expressed support for the killing and even praised the killing. I know it maybe was a minority, but it certainly was on many of our feeds. I mean, I think one good example of this is on the official Facebook post.
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
about his death from United Health Group, the parent company of the company that he was the CEO of. The vast majority of people reacted with the laughter emoji. There were 40,000 reactions on that particular post. 35,000 used the ha-ha emoji, and just 2,200 used the sad emoji. So, I mean, take that what you want, but there's a lot of hatred towards the health insurance industry.
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
It's the first time in the 25-year history of Pantone's Color of the Year that they've chosen a shade of brown, and I guess my question is, how much can Pantone put its imprint on culture going forward? Will a color organically appear and drive general aesthetics? Or how much influence does Pantone actually have because it feels like they want to have influence?
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
And one way they actually do is because when they announce the color of the year, they launch a thousand different collaborations with brands. So they do sell Yeah.
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
Yahoo Finance can help tame the beast, though. It makes each fast week in the market feel a little slower, a little more manageable.
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
Calling all aspiring Dolly Partons, your role of a lifetime has arrived. The Dolly Parton musical is coming to Broadway in 2026. And yesterday, the queen of country music herself put out a casting call to play her at different stages of her life.
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
Anyone, whether you're a musical theater pro or a mainstay on the karaoke circuit, is encouraged to try out by filling out an application and posting a one minute video of themselves singing their favorite Dolly song on social media. Toby, this could be the most applied to job in history.
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
That is a wrap on our shows for the week. Thanks so much for starting your morning with us. Have a wonderful Friday and an even better weekend. For any questions, comments, or feedback, send an email to morningbrewdaily at morningbrew.com. And if you learned something today, share that fact and the podcast with a friend or coworker who would find it interesting.
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DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
Y'all are key to helping us grow this thing to be bigger than Rogan. For even more specific sharing idea, Toby's got you covered.
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DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Lonnie Fiscus is our technical director. Billy Menino is on audio. Hair and makeup is going to start dressing us in mocha mousse, and that's okay. Devin Emery is our chief content officer, and our show is a production. of Morning Brew.
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
If you want your slow weeks to feel faster and your fast weeks to feel slower, head to YahooFinance.com today. Elon Musk and Vivek Ramaswamy traveled to Washington, D.C. yesterday to soft launch their Department of Government Efficiency, or DOGE.
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
The two entrepreneurs met with lawmakers behind closed doors to kick off their much-hyped initiative to overhaul the federal government's bureaucracy, slash regulations, and trim wasteful spending. The exact mandate of DOGE is still murky, particularly because it won't be an official government agency, just an advisory body staffed by unpaid volunteers.
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
Plus, there's plenty of skepticism that it will be able to achieve its leader's goals. Elon Musk has pledged to slash $2 trillion from the federal budget. But the math gets tricky slash impossible once you realize that the number represents about 30% of all federal spending, and two-thirds of the budget funds programs like Social Security and Medicare that are effectively mandatory.
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DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
So finding $2 trillion to cut seems to be some magical thinking.
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DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
Thank you. Thank you. Here is the top 10. First is Kamala, as in Kamala Harris. Then there's Keoghan, as in Barry Keoghan.
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
Well, let's take a look at one of their most hyped initiatives, according to them, which is to gut the federal workforce. And maybe that's illustrative of how this is going to work. So the federal government employs two point three million people. That accounts for one point four percent of the entire U.S. workforce in 2021. taxpayers spent $271 billion on payroll for these federal employees.
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DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
So say we were to cut, say they were to fire half of the federal workers workforce. And, you know, 60 percent of everyone in the federal workforce works for three things, the Department of Defense, the Department of Veterans Affairs and the Department of Homeland Security. So you would absolutely gut those particular agencies, services giving or people giving services to people like veterans.
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DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
And you would reduce the deficit. If you cut half of the federal workforce, you would reduce the federal deficit by less than 10 percent. So this is just some of the math that they're working against when you want to when you say you want to cut something like two trillion dollars.
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
Yeah, there's a great anecdote about what you were talking about where trying to cut bureaucracy leads to even more paperwork. So there was a government conference in 2010 that was held in Las Vegas. It featured a clown and a mind reader, and that caused an absolute scandal. Why is the government spending our taxpayer funds on clowns and mind readers to entertain government employees?
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DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
But that led to an insane amount of paperwork and documentation and even more inefficiency now that every single time there's a government conference or any government employee travels everywhere, they have to fill out an insane amount of paperwork. So that just created even more, you know, red tape, essentially.
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
That said, you did mention that, you know, I mean, a lot of Republicans are on board with this. Even some Democrats, Bernie Sanders, Ro Khanna in California, they are aligned with Musk and Ramaswamy on at least a few of the issues. One of the ones where I think there is common ground between Democrats and Doge is military spending, which is a major, major line item in the federal budget.
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DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
Bernie Sanders said, I would love to talk with Musk about these bloated government contracts for military contractors. Ro Khanna said the same thing. He was like, you know, Elon Musk, sees this from the inside because he at SpaceX is a big government contractor for the Pentagon budget. So maybe that is an area where that we do spend a ton of money that where they could find common ground.
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
And it's not the first time there's been a government efficiency agency that, you know, trying to clean this up, Reagan did in 1982. So this is, you know, every decade they try to do something. We'll see whether they can get anything done.
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
That's true. This week, Diageo, which is the big beverage conglomerate that owns Guinness, actually limited pubs in the U.K. from sourcing Guinness each week leading up to Christmas because they just haven't made enough to fulfill booming demand. In the year to June, worldwide sales of Guinness were up 15%. Meanwhile, the overall beer industry is in decline. Sales were basically flat.
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
between July and October for the global industry, but volume of Guinness consumed from kegs was up more than a fifth. So even as the overall industry stagnates, Guinness is skyrocketing.
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
Okay, what the people actually want to know is have you split the G? How hard is it to walk us through this process?
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
We got to take you to a pub, Neil. Yeah. Hartley's. And another part of the Guinness boom is that there is some sort of craftsmanship involved in pouring it from the keg. There's a right way to do it that takes minutes to do. And there's an Instagram account that ranks all of the bars based on how they pour Guinness. And the best one is Hartley's in Brooklyn.
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
So if you're looking for the best pint of Guinness, that is your best bet. We should go there this weekend. On April 15th, 2019, the world watched in horror as Paris' Notre Dame Cathedral was engulfed in flames. The 12th century Gothic masterpiece, a French national monument, suffered major damage to its upper walls and vaults, while its roof and iconic spire were destroyed.
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
But out of the ashes, a phoenix rises. This weekend, Notre Dame is reopening to the public once more. In what experts are calling one of history's most remarkable restorations, the church has been rebuilt in a colossal effort involving more than 1,000 artisans and 250 companies from all over the world.
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
Even more remarkable, the restoration took just over five years since the fire and came in under budget. The restoration project had raised over $900 million, but spent an estimated $737 million on the rebuild. Toby, even as the church was still burning that April, French President Emmanuel Macron vowed to reopen it in five years. It took a Herculean effort, but they pretty much did it.
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
Yeah, I mean, let's talk about some of those restoration processes because this thing was built originally in the 1100s. And what they did to repair some of this was just go back to the way those craftsmen did it back then 800 years ago because they were like, Man, this is really good. This withstood the test of time for the most part.
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DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
So they did things like take the organ down to the south of France and just repair it with the same materials that it was originally built with, like sheepskin and animal glue. One of the most impressive rebuilds of this entire thing was the roof. which is this incredible lattice work of wood.
Morning Brew Daily
DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
They went into the surrounding countryside just like they did when building the original Notre Dame and took down 2,000 oak trees, brought them back, and made the roof again. So just incredible craftsmanship work. I would love to. I can't wait for this documentary to come out to see how they built this.
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DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
You know, it also reminds me of the fact that cathedrals, something that's like 900 years old, is constantly getting destroyed, rebuilt, destroyed, rebuilt again. So, you know, a cathedral is not necessarily just a finished piece from when it's originally started. It's like a work of constant motion.
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DOGE Pitches $2T Budget Cuts & Everyone is Drinking Guinness
I think I went 10 for 10 there. Well, you did practice, but you did when, you know, when the spotlight shone on you, you executed well. So that was the U.S. list. In the U.K., the top word that people mispronounced was espresso, Sabrina Carpenter's song. And I guess the most common mispronunciation there was expresso.
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What Goods Will Be Impacted By Tariffs & Amazon Buying TikTok?
You said it wasn't tariff news, but in a way it is because everything ties back into tariffs now. Trump said that he would be willing to lower tariffs on China. Right now they're at 54% if Beijing would approve a deal and- it's a very interesting quirk of this acquisition or buying process because how do you buy a company that's not for sale? China does not want to sell this app.
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What Goods Will Be Impacted By Tariffs & Amazon Buying TikTok?
ByteDance does not want to sell this app. They're trying to force this to happen. Maybe they can use tariffs as a negotiating tool. And then you have the host of major investors in the United States like Blackstone, Andreessen, Horowitz, Silverlake, these big PE firms that appear to be able to step in to buy TikTok should there be a spin out. But just a quick recap of how we got here.
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I mean, this has been, years in the making, and it could be extended even further. But last year, a bipartisan group of lawmakers in Congress passed this ban or sell law for TikTok, where you either had to, you know, the bike dance either had to sell TikTok to a U.S. owner or it would go dark. In the United States, the deadline was January 20th, the day after Trump was inaugurated.
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Trump extended the deadline for 75 days as soon as he was in office. And so that's kind of where we're at. The 75 days is up. And J.D. Vance, who has been tasked by Trump, the vice president, with overseeing a potential TikTok deal, said it is highly unlikely that TikTok will go dark again. All signs point to a deal or another extension.
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is a big birthday in the corporate world, Microsoft turns 50. The American tech juggernaut best known for creating Clippy and, well, I guess ushering in the PC revolution also, has managed to reinvent itself from one technological disruption to the next, amassing a market value that now stands at nearly $3 trillion and making its co-founder, Bill Gates, one of the richest people in the world.
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He wasn't always that rich, of course. Back in the spring of 1975, Gates was a Harvard dropout, who on April 4th of that year launched a tiny software company with his childhood friend Paul Allen in Albuquerque, New Mexico. Their mission was as simple as it was ambitious, to put a computer on every desk in every home. But how they aimed to do that differentiated them from the pack,
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Whereas all the other companies in the very small tech sector at the time were focused on hardware, Gates and Allen decided to go all in on software. That decision and the execution of it in the subsequent decades has made Microsoft a nearly ubiquitous part of the world's computing infrastructure, from MS-DOS to Windows to the cloud and now AI.
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All the while, it's been a model of stability in its 50-year history since. Microsoft has had just three CEOs, Gates, Steve Ballmer, and the current one, Satya Nadella, who's occupied the corner office since 2014. Toby, it hasn't always been smooth sailing for Microsoft for the past half century, but it's been as proficient as my skills for Office Suite. Very proficient, Neil.
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It's just that big of a player. And what's remarkable is it kind of missed the internet and mobile. I mean, Steve Ballmer in 2007 has this very infamous quote where he says, there's no chance that the iPhone is going to get any significant market share. Microsoft Internet Explorer, their browser was completely eaten by Google Chrome, and yet they continued to persist their stock
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Took a beating for a while, but then Satya Nadella came in in 2014, wrote the stock price, got juiced by 10x over his first 10 years in the company, and now they made a $13 billion investment in OpenAI, and they are seen as one of the leaders in AI. Before we leave Microsoft, The Verge, a tech publication, ranked their top five things that Microsoft has ever created.
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I'm just going to run them down, and I want your take, Toby. Number five, Windows XP. Thought it'd be higher, honestly. Number four, Xbox 360. Oh, that's good. That's solid. Number three, the Surface Pro 3. The things that they look at on the sidelines of NFL games, that's number three. It's number three. Number two is Halo, which is perhaps the killer app for Xbox when it came out in 2001.
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What Goods Will Be Impacted By Tariffs & Amazon Buying TikTok?
And number one, Windows 95. That introduced sort of the modern desktop as we know it with File Explorer, the taskbar notification area, the start button, recycle bin. Now, I think one thing that's missing from this list is Bliss, the wallpaper from Windows XP.
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Minecraft owned by Microsoft, by the way, another sign of some of those savvy acquisitions made by the company we just talked about. What's interesting about Minecraft that differentiates it from the other video game adaptations that we've seen be successful in recent years is that it doesn't have a narrative structure. The game has become so successful because it's called a sandbox game.
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Go in and play, and it's a really choose-your-own-adventure. You can do whatever the heck you want. So every person's experience who plays Minecraft is completely different. So there's not a popular set of characters like Super Mario Bros. can rely on, or there's not a propelling narrative that these filmmakers can use.
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Oh, no. Did you put decaf in the coffee machine again?
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So they said, we're calling it a Minecraft movie because we're respecting the fact that there's no one story that drives the game. We're not the official story. We're not canonizing anything. We're just one of a zillion stories. So that's what makes this a little bit different. But this is a very interesting IP because it really hasn't been tested outside of the video game sphere now.
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But there's been a run of successes in video game to movie adaptations. And we'll see whether this run can continue.
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What Goods Will Be Impacted By Tariffs & Amazon Buying TikTok?
Toby, the deadline is April 15th. What are you waiting for?
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And apparently he went full method because the director handed out Minecraft to everyone on set for their trailers. And he just went full in. He logged more than 100 hours playing Minecraft and was just obsessed with the game. You can imagine that every kid out there this weekend is going to be tugging on their parents shoulder being like, we need to go see this movie.
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We need to go see this movie. So I am bullish on Minecraft movie. Let's wrap it up there. Thanks so much for starting your morning with us. Have a great Friday and an even better weekend. For any questions, comments, or feedback, send an email to Morning Brew Daily at morningbrew.com. We love hearing from you. Let's roll the credits. of Morning Brew.
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A sudden surge of tax knowledge? Or you could just use Tax Act. They make filing way easier whether you're doing your individual returns or bundling with your business taxes.
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Then you'll love that Tax Act lets you start for free, and you only pay when you file. So no excuses, just get going. Fine, but if I have questions... Tax Act's got expert assist, real tax pros ready to help individuals and sole proprietors. No more guessing, no more putting it off. Okay, okay, I'll do it. Good, okay, head to taxact.com now and beat that April 15th deadline.
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What Goods Will Be Impacted By Tariffs & Amazon Buying TikTok?
After President Trump unleashed the biggest hike in American tariffs in more than a century, markets responded similarly to when I tried Vegemite for the first time. It was a historically gruesome day on Wall Street. The S&P 500 tumbled 4.8%, erasing $2.5 trillion in value, and the Nasdaq plunged nearly 6%.
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That was their biggest one-day losses since March 2020, when the world was shutting down due to COVID. Investors consider these tariffs a severe economic shock that threatens to crush corporate profits, raise prices for consumers, and slow growth in the U.S. and around the world. To recap, on Wednesday, aka Liberation Day, Trump upended decades of U.S.
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trade policy when he instituted a 10% tariff on virtually all American imports, With much higher duties on 60 countries, he considers the worst trade offenders against the United States. It is an earth rattling gambit by Trump to reshore manufacturing back to the U.S. and swallow short term pain for a longer term buildup of the industrial base.
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The president brushed off the market panic yesterday, saying his tariff plan is going very well and adding that I think our markets are going to boom. Got to give it a chance. Got to give it a little bit of time. But Toby, as it stands, it's the end of the economic order as we know it. And Trump feels fine. Investors, on the other hand, are panicking.
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What Goods Will Be Impacted By Tariffs & Amazon Buying TikTok?
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, Liberation Day was more like Liquidation Day as stocks plunged to their worst trading session since 2020.
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What Goods Will Be Impacted By Tariffs & Amazon Buying TikTok?
Yeah, let's talk about Apple first, because they really were the poster child of this sell off, especially in tech. You know, Apple has manufactured its iPhones and everything we buy from it in China for a long time. It has these vast factories from its suppliers there.
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And in 2018, over the past five or so years or decade, it's been trying to diversify away from China because Trump threatened tariffs on China in his first term. So where did they go to Vietnam? So they set up all and India. So they set up these big factories to make iPhones and iPads, Macs and other accessories in India. Vietnam and India. And then what does Trump do?
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What Goods Will Be Impacted By Tariffs & Amazon Buying TikTok?
Yesterday is slaps a 46% tariff on Vietnam and a 26% tariff on India. So this diversification around Asia that Apple tried to do starting in 2017, 2018, just completely backfired and fell 9% yesterday because it is going to bear the brunt of tariffs. And overall, the hardware sector, everything we get from China was just absolutely crushed.
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What Goods Will Be Impacted By Tariffs & Amazon Buying TikTok?
And then another sector that was so... That was hit so badly was retail, as you mentioned, Five Below Gap, Urban Outfitters, Kohl's, Best Buy. They all posted losses of more than 15%. And if Apple was the poster child of the tech wipeout, then I think RH, formerly known as Restoration Hardware, will be the poster child of the retail wipeout. So they make high-end furniture in China.
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What Goods Will Be Impacted By Tariffs & Amazon Buying TikTok?
And on Wednesday, as Trump was announcing these tariffs, the CEO was on an earnings call giving a pretty downbeat statement. earnings call as it was. And what the transcript shows is that he looks at the screen and says, oh, believe as he's seeing these tariffs roll out.
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And later he's explaining to the analysts, anybody of scale in the home business has a high percentage of their content coming out of Asia. Among all furniture stocks that got wiped out, RH suffered a 40 percent drop.
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When all of you come to visit New York next, first of all, say hi to me and Toby. Second of all, you might notice something a little different on the walls of subway stations. The New York City subway got a new map this week, its first redesign in almost 50 years. In many ways, the new map is a throwback to the 1972 Unimark map,
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What Goods Will Be Impacted By Tariffs & Amazon Buying TikTok?
And one other one that you didn't mention is toys. The Toy Association, which is the toy industry lobby group, estimates that 77% of all toys in the U.S. are manufactured in China alone. The toy industry operates on very slim margins, so you can't expect them, like an apple, to absorb the hit that come from tariffs. So the Toy Association estimates that
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What Goods Will Be Impacted By Tariffs & Amazon Buying TikTok?
that it will cost consumers at least 30% more to buy toys purchased from China than they currently do. But yeah, it's a very interesting education in where things are made. I mean, 94% of shrimp comes from not the U.S. The shrimp lobby is very happy. The Manufacturing Association here, or the Shrimp Producer Association, said, We are grateful for the Trump administration's actions today.
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What Goods Will Be Impacted By Tariffs & Amazon Buying TikTok?
It will preserve American jobs, food security, and our commitment to ethical production. So you see here... Things that the United States does make, at least in small quantities, the job creators here, the companies here are very happy. But for other things that we just simply can't make bananas, vanilla all comes from Madagascar. Shrimp comes from India. Cocoa comes from everywhere else.
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What Goods Will Be Impacted By Tariffs & Amazon Buying TikTok?
Coffee beans, we import 99 percent. Those there's no American substitute for that. So if there are tariffs on these products, then their prices are likely to go up. So now that Trump launched the trade war, the big question is how will the world react and what does that mean for the economy?
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What Goods Will Be Impacted By Tariffs & Amazon Buying TikTok?
The overall sentiment abroad was outrage, threats of retaliation, and bafflement over how these tariff rates were chosen. In the EU, a major trade partner of the U.S. that was hit with 20% tariffs, President of the European Commission Ursula von der Leyen, said the global economy would, quote, massively suffer from the tariffs and urge negotiation.
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UK Prime Minister Keir Starmer promised to respond with cool and calm heads. In France, President Emmanuel Macron did not keep his cool, encouraging European companies to avoid investing in the United States because of the tariffs. Switzerland said it was confused why it was hit with a 32% tariff, higher than other U.S. trade partners with similar economies, when 99% of U.S.
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which has a modernist streamlined feel and features as many straight lines as possible. That was replaced in 1979 with Michael Hertz's so-called spaghetti diagram, which has remained in use until this week. Toby, on a scale of Jaguar to HBO Max, how would you rate this redesign?
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What Goods Will Be Impacted By Tariffs & Amazon Buying TikTok?
goods can be imported into Switzerland without a duty. The calculations of the U.S. government are not clear to the federal council, the Swiss federal council said. Meanwhile, in developing countries that were walloped with tariffs, leaders are spooked, fearing the decimation of key industries centered on sending products to the U.S. Clothing-focused Cambodia, which counts the U.S.
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as its top export market, was hit with a 49% tariff. As a small country, we just want to survive, said a spokesperson for Cambodia's ruling party. Toby, these tariffs reached every part of the globe.
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What Goods Will Be Impacted By Tariffs & Amazon Buying TikTok?
All right. So the investors won't have any time to take a deep breath today because the March jobs report is out at 830 a.m. And we'll see what picture of the labor market that paints. But it's just been a wild week on Wall Street. Trump yesterday said. that there would be room for negotiation. Remember, the tariffs are not going into effect until April 9th.
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What Goods Will Be Impacted By Tariffs & Amazon Buying TikTok?
Next week, his aides had been going out all over the media and saying, these are the final rates. We're not negotiating. They're not negotiable. And then Trump, to reporters yesterday, as he was boarding his helicopter, said, you know, I'm down to negotiate. If somebody offers something spectacular in return, then we can talk. So you can bet They will be fielding calls.
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What Goods Will Be Impacted By Tariffs & Amazon Buying TikTok?
They will be negotiating for the next couple of days until these tariffs go into effect. But clearly a shockwave across global markets. Up next, we got a deadline for TikTok coming up.
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What Goods Will Be Impacted By Tariffs & Amazon Buying TikTok?
That's right. Since it's both a private and a nonprofit corporation, Jobs Ohio is uniquely positioned to give companies very hands-on support with complete confidentiality.
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What Goods Will Be Impacted By Tariffs & Amazon Buying TikTok?
It helps that Ohio has the third largest manufacturing workforce in the U.S. and the cost of living is 5.8% lower than the national average.
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Wise Business can help. Your Wise account has everything you need to operate your global business. With Wise Business, you can process payments, get paid, and manage your money internationally.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, Tesla's traditional car business is losing steam. Only self-driving can save it now.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
And Netflix is putting their foot on the gas with Squid Game. It's not just a show anymore. It is a franchise. There's in-person experiences. They created a a reality show based on Squid Game. They greenlit a third season. We had to wait three years between the first season and the second season.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
Well, good news for anybody who likes the show, which apparently is a ton of people, because the third season is coming out this summer. So they are leaning into Squid Game as a franchise that can be monetized in many different ways, very similar to what they did with Stranger Things. But just what a surprise hit That no one saw coming.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
And I think, you know, why do you, you know, I would love to hear your opinion. Why do you think it's resonated? Many, you know, some have speculated that it's the survival type show that does really well. It touches on interesting themes like economic inequality. And also it just catches fire on social media because it's so memeable. That's dull. Yeah. No, it is. I see it everywhere.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
And I'm just happy that he is going to be able to put up his legs because he said he lost seven to eight teeth while writing the first season. And yeah, he's like, I get so stressed. I get gum problems when I write. So this is going to be my last series ever. This is too much of a mental challenge for me. But man, you did good.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
All right, like all of you, U.S. states make their own resolutions on New Year's, but those come in the form of new laws. Tens of thousands of new laws went into effect on January 1st across the country, impacting everything from social media use to minimum wages to Taylor Swift tickets.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
My dog of the week is norovirus, so I hope you had breakfast already, because by the end of this, you probably will have lost your appetite. Norovirus cases are on a major upswing this year, with outbreaks on cruises unsurprisingly generating the most headlines. So far this year, there have been 16 outbreaks of gastrointestinal disease on cruises, the CDC said, the most in 12 years.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
The majority of those are norovirus, a highly contagious virus that gives you, let's just say, the stomach bug of all stomach bugs. What enters your body leaves it quickly at both ends. And the spread really picks up in winter. Five of those cruise outbreaks occurred in December alone.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
And there's a ship that's docking today in New York, the Queen Mary 2, where almost 13% of passengers and more than 5% of the crew have been infected. In response, the affected cruise companies say they've ramped up their cleaning and sanitizing efforts and are pushing back against claims that cruise ships are a particular hotbed for norovirus, which they do have a point on.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
Norovirus outbreaks on cruises comprise only 1% of all those reported. Toby, this sounds horrible. Anyone you know get norovirus recently? Neil.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
Toby and I are going to give you a quick tour of the most important and bizarre laws that are now active so you can learn something and also avoid jail time. First, let's talk internet. Florida's first of its kind controversial law that bans children under 14 from having social media accounts is technically in effect now.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
Well, apparently, this all started with a report from The Guardian in 2019 when a whistleblower came forward and said that Siri would be inadvertently activated sometimes when an Apple Watch was raised and a speech was detected. So you didn't know that Siri was activated. People said that they suspected something when they got specifically, like, unusually targeted ads for things like
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
Air Jordan sneakers when they were talking about it, and they attributed that to Siri. Now, Apple has denied that they use this data for advertising subsequently or selling that, but it just goes to show you maybe, you know, this is just more worse PR for Siri.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
So, yes, if you bought a Siri-enabled device through 2024 from 2014, then Apple, if this settlement is approved, Apple will send you a message, and maybe you can claim your $20. If you were feeling deja vu when going to the movies last year, there's a good reason for that. The box office numbers for 2024 are in, and nine of the ten highest grossing movies were sequels.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
And the other one was Wicked, which is an adaptation of a musical. Those sequels were Inside Out 2, Despicable Me 4, Deadpool and Wolverine, Moana 2, Dune Part 2, Beetlejuice Beetlejuice, Kung Fu Panda 4, Twisters... And the 38th Godzilla movie, Godzilla Kong, The New Empire.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
Toby, there was this hope that original storytelling would stage a comeback after the success of Barbie and Oppenheimer in 2023 and everything everywhere all at once. But no, it seems like when Americans go to the movie theaters, we just want familiar comfort food.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
The list of the most on-time airlines in the world last year is out, and you're probably thinking it's always the one I'm never on, but the actual answer is Aeromexico. According to an analysis by aviation analytics firm Sirium, the Mexico City-based airline completed nearly 87% of its flights on time in 2024, which means that a plane arrives within 15 minutes of its scheduled landing time.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
Enforcement is being delayed due to legal challenges filed by industry groups. Remember, under this law, social media platforms will be responsible for terminating and blocking any accounts belonging to people suspected of being under 14 with the goal of protecting kids from online harms. And then in terms of the minimum wage, workers in 21 states will get a pay bump as of the first of the year.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
As for U.S.-based airlines, you don't have to go far too down the list to find one. After Saudi Arabian Airlines at number two, Delta rounds out the top three most on-time airlines.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
Well, this was my suspicion, and it seems to be true that airlines have been cooking the books on this a little bit because they say a flight is going to be longer than it actually is. And I looked this up. There's actual data on this. The average scheduled duration from JFK to Los Angeles is... has increased 23 minutes since 1995.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
Even though it doesn't take any longer to fly from New York to Los Angeles, they say it's going to take 23 minutes longer over the last 30 years in order to boost these on-time stats because we leave the gate like five minutes after the scheduled departure time. And I'm like, OK, there's no way we can be on time.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
And then, you know, an hour into the flight, the pilot comes on and says, oh, we're going to be, you know, 30 minutes early. We'll get you into LAX a little bit early. And I'm like, there's no way this can be true. You guys are all fudging the numbers. And it turns out to be true.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
All right, let's wrap it up there. Toby, it's Friday. I could definitely get on board with a two-day work week. Even four seems a bit aggressive. Thanks for starting your day with us and have a wonderful weekend. For any questions, comments, or feedback, send an email to morningbrewdailyatmorningbrew.com.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
And if you're enjoying the content coming through your ears, don't keep it to yourself and share this podcast with your friends and family. It'll give you major social cred and help us grow this thing to be even bigger. For a more specific sharing idea, here's Toby.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
Let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Uchenna Waogu is our technical director. Billy Menino is on audio. Hair and makeup is never on time. Devin Emery is our chief content officer. And our show is a production of Morning Brew.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
The highest will be in three states, Washington, California and Connecticut, all of which now have wage floors of more than $16 per hour. The federal minimum wage has not budged from $7.25 an hour since 2009. So many states and cities have taken it upon themselves to raise their minimum wages to help workers keep up with greater cost of living expenses.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
Toby, any of these laws you want to dive into?
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
It's that time of the year, the very beginning, when everyone is posting what's in and what's out for 2025. Toby, you consider yourself a tastemaker. You even have a segment called Toby's Trends, after all. So what's going to be in this year and what's going to be passe?
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
Right, I just want to put a point on it. 17 states across the US South and other parts of the United States can no longer access Pornhub and other adult content websites because they are deciding to not comply with these age verification rules over privacy concerns. They say, we don't want to be collecting this information, so we're just going to block you.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
And that has been a huge trend over the past few years, started with Louisiana two years ago. And what you see after all of these bans come into effect is a massive spike in VPN use so people can skirt these blocks. So when this happened on Florida, in Florida on January 1st, two days ago, there was a VPN search spike of 1,150% within hours of it going into effect.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
So people will have their point of whether it's blocked or not. And that's very similar to what we saw in other states like Utah saw a 967% spike in VPN use in 2023 when their law went into effect and Texas had a similar spike when that law went into effect But you're right.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
This is going to the Supreme Court likely because free speech advocates have taken the site, taken the side of these adult content websites and have challenged this Texas law specifically. So we'll probably hear arguments on that. Well, I won't. But the Supreme Court will on January 15th. So that could have widespread impacts for all of these states that have put up these barriers.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
Think like cannabis cafes in Amsterdam.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
You know what? That's very important.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
Yeah, Turo put out a statement saying we acknowledge that both of these incidents used Turo rental cars, but said that no red flags were raised. And they didn't mention the details of their screening process. I've rented on Turo before. Like, you have to put up your driver's license and put in some other information. They say they reserve the right to do a background check on Turo.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
and learn more about you before they grant you permission to use their platform. But they said that those people met these rigorous safety requirements. So they're looking into it. And yes, you're right. The spotlight has been on Turo. But investigators do say that the fact that they both happened to be within hours of each other and use Turo was a coincidence.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
But when you do certain attacks like ramming ramming cars through people, which has, you know, seen an uptick recently, then, you know, there is a decent chunk that use rental cars. 5% of 184 vehicle ramming incidents between 1970 and 2018 used a rented car. And that's according to a study done by San Jose State University. And that shows intent and planning because you have to go rent the car.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
So this is not, you know, necessarily super rare.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
And they did identify the driver of the Cybertruck, who was an active duty Green Beret. He died by suicide in the car, authorities believe, before the explosion went off. So As investigators try to untangle that Cybertruck mystery, Tesla reported its delivery numbers for the 2024 year, which is the most closely tracked metric for how its electric cars are selling.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
And it was historic and not in a good way. Tesla's annual vehicle sales declined for the first time ever. It sold 1.79 million vehicles last year, a 2% decline from the year before. That missed its own estimates of modest growth and sent its stock tumbling more than 6% on the day. It wasn't too long ago that Tesla was notching gains of 50% year over year, but that growth has gone into reverse.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
Tesla's struggles are well documented by this point by us and by others. It's facing increased competition from legacy automakers and Chinese upstarts. Demand for electric vehicles has slowed across the board, and it's got an aging vehicle lineup that consumers appear to be pretty bored of. CEO Elon Musk has tried to shift investor focus away from its traditional EV business
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
I have a few. My first one has to do with running as well. I think running clubs are out. Oh. Yeah. Yeah. Too many. Swimming is in. Connections is out. Crosswords are in. I think TikTok is out, whether there's a ban or not. And it's going to be a big year for LinkedIn. So LinkedIn is in. And then my last one is the concept of vibes are out.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
and toward an autonomous and AI-fueled future, a marketing pitch that has mostly succeeded. Tesla's stock jumped nearly 70% last year, with most of that coming after Trump's election. Still, these numbers are a stark reminder that what Tesla makes money on now, not five years from now, has hit a wall, and that could be a problem.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
So why did Tesla's stock jump nearly 70% last year? Because investors know everything we know and possibly more. They know Tesla has a vehicle lineup that hasn't had a refresh yet.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
in many many years besides the cyber truck which is new but that didn't really impact sales according to these latest figures they're just hoping that musks you know pie-in-the-sky pitch that Tesla will transform the auto industry yet again into a self driving thing will come to fruition sup Tesla its CyberCab, which is a self-driving robo-taxi that will hopefully come into being in 2027.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
It's spent $10 billion on AI. Last year alone, it has this Optimus humanoid robot So it's really branching out into these very moonshot bets that remind you of Google. The thing about Google is it has an ad business that makes it tons of money that's growing double digits per year. Meanwhile, Tesla's pot of money that it can draw into to put on these futuristic bets is declining.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
So investors are really putting their faith in Elon Musk that he can deliver on these very ambitious promises to pivot Tesla from a traditional car company into a more you know, AI self-driving company. So its market cap completely rests on this. And if Musk can't deliver, then Tesla, you know, you have to feel like its stock will take a big hit.
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2025 Laws Take on Social Media and Minimum Wage & Tesla Suffers First Sales Slip
There's been too much talk of vibes over the past few years. No one really knows what it means. What's in is going to be data based decision making.
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Apple’s App Store Reign Ending? & Eyeball-Scanning Crypto's US Launch
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My dog of the week is McDonald's because when you're feeling a bit nauseous, the last thing you want to guzzle down is a double quarter pounder with cheese. McDonald's reported yesterday that economic uncertainty and a more cautious consumer caused same store sales to drop 3.6% in the United States last quarter. That's its steepest fall since the spring of 2020 when no one was leaving their house.
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Globally, same store sales fell for the second straight quarter and shares dropped nearly 2%. On the earnings call, execs said in most of our major markets, we're seeing a similar story in regards to the challenging industry environment and softening consumer sentiment. Let's deal with those one by one. A challenging industry environment.
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McDonald's is the face of the fast food industry that's seeing traffic dry up right now. Just this week, Domino's, Starbucks, Pizza Hut and KFC all warned that business was slowing down in the United States. Now softening consumer sentiment. McDonald's CEO blamed this one on geopolitical tensions, a.k.a.
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the trade war, that added to uncertainty and dampened consumer sentiment more than we expected. Toby, the drive-thru lane is not exactly a party right now, but McDonald's may have a few cards up its sleeve that it thinks will bring it back to growth.
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Well, at some point, they're just going to have Grimace throw out the first pitch at a Mets game, and everyone's going to go crazy, and we'll see same-store sales rise 10%. So if none of this chicken stuff works, they'll just toss them out at Citi Field. Okay, let's sprint to the finish with some final headlines and a crossover episode of Corporate America Meets Bravo.
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Kohl's has fired its CEO Ashley Buchanan after they found he directed the department store to strike a quote highly unusual multi-million dollar business deal involving a woman he was having a romantic relationship with. A board investigation found two instances in which Buchanan violated the company's code of conduct, though they did not name the individual he had a relationship with.
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Apple’s App Store Reign Ending? & Eyeball-Scanning Crypto's US Launch
The Wall Street Journal, citing internal sources, said the woman Buchanan was funneling business to was Chandra Holt, the former CEO of Bed Bath & Beyond, who met Buchanan while they were both working at Walmart.
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As if Kohl's didn't have enough problems while it tries to turn around a struggling business with a revolving door of CEOs, Buchanan was on the job for just about 100 days, and now they must look for their fifth chief executive in the last three years.
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It's not, and everyone's looking forward to, not looking forward to, maybe bracing for the holiday season because, you know, the Xbox and controllers and gaming...
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hardware is a very popular item to have we'll see how this competes with the price hikes against the new switch 2 that is coming out that is 450 nintendo opted to not raise the price there but you know i think this bodes a little ominously for how expensive it's going to be to buy gifts all the way in November.
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Apple’s App Store Reign Ending? & Eyeball-Scanning Crypto's US Launch
I mean, even earlier this week, President Trump kind of acknowledged that toy shortages and price hikes were going to be possible. He said, well, maybe the children will have $2 instead of $30, and maybe the $2 will cost a couple of bucks more.
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Apple’s App Store Reign Ending? & Eyeball-Scanning Crypto's US Launch
That's a comment that raised a little bit of eyebrows, but you're already seeing price hikes from Xbox, and it's probably not going to be the last toy or gaming company that's jacking up prices because of, quote unquote, market conditions, aka tariffs.
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If you told me two years ago that someone would be betting on box office results or Rotten Tomatoes scores, I would probably be like, I really don't think people care about that. They just kind of want to watch movies. But since we've seen these prediction markets come online, you have people betting on everything from. The CPI report to which country the Pope's going to be from.
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So I see a world in which somebody bets on Snow White to bomb at the box office or George Clooney's new movie to rake in $80 million or the upcoming F1 movie to go above or below $100 million opening. So I see what MoviePass is doing here, and you're right. It just won't go away.
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Apple’s App Store Reign Ending? & Eyeball-Scanning Crypto's US Launch
Oh man, I didn't know this was the direction we were going to go in. All right, hit it. You are the Neil to my... Toby.
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Well, if you need me on Saturday afternoon, I will be three mint juleps deep watching the Kentucky Derby, the start of horse racing's triple crown season. The run for the roses, as it's always been for the last 151 years, will be held at the storied Churchill Downs racetrack in Kentucky.
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A horse named Journalism, yes, Journalism, is the favorite, considered the best horse in the field in terms of pedigree, speed, and distance. But its investigative reporting could be squashed by the return of legendary trainer Bob Baffert, who has a horse in the race after being banned by Churchill Downs for three years over a doping scandal.
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Toby, what are you watching for this year at Churchill Downs?
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Apple’s App Store Reign Ending? & Eyeball-Scanning Crypto's US Launch
Come for the businesses, stay for the horse betting tips.
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Apple’s App Store Reign Ending? & Eyeball-Scanning Crypto's US Launch
I'm curious.
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Apple’s App Store Reign Ending? & Eyeball-Scanning Crypto's US Launch
Okay, let's wrap it up there. Toby is excited for the Kentucky Derby. I mean, it always is a great event. But thanks so much for starting your morning with us. Have a wonderful Friday and an even better weekend. For any questions, comments, or feedback on the show, send an email to morningbrewdaily at morningbrew.com. Let's roll the credits. Emily Milliron is our executive producer.
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Apple’s App Store Reign Ending? & Eyeball-Scanning Crypto's US Launch
Wow, Planet Oat really does pair well with everything.
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Apple’s App Store Reign Ending? & Eyeball-Scanning Crypto's US Launch
Raymond Liu is our producer. Our associate producers are Olivia Graham and Olivia Lake. Scoops Gardaris is on audio. Hair and Makeup is out getting their eyeballs scanned. Devin Emery is our president, and our show is a production of Morning Brew.
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Apple’s App Store Reign Ending? & Eyeball-Scanning Crypto's US Launch
The perfect way to start your day, no matter what you're pairing it with, like you being the Toby to my Neil.
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Apple’s App Store Reign Ending? & Eyeball-Scanning Crypto's US Launch
Did you hit an Apple store for a new iPhone before tariffs kicked in? That wasn't very original. Apple reported its highest revenue for a March quarter in over two years as Americans appeared to scoop up more of its products, fearing they'd get a price hike due to higher import costs. Overall, Apple sales rose 5% for the quarter, beating expectations.
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driven by higher iPhone revenue that analysts attributed not only to incoming tariffs, but the debut of its lower-priced phone, the 16E. It has been a crazy few months for Apple. Tim Cook can't have been getting much sleep. The face of the trade war, Apple's stock tumbled more than 20% in just four days. after President Trump announced 145% tariffs on China, where 80% of its iPhones are made.
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But then it had its best one-day gain since 1998, after Trump said that smartphones and other Apple products would be exempted from those super steep tariffs. Despite the big sales beat, it's still stormy steez out there for the world's most valuable company. Ominously, China revenue fell 2.3%, a bad sign in its second biggest market, where it's competing with fast-growing homegrown rivals.
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Apple’s App Store Reign Ending? & Eyeball-Scanning Crypto's US Launch
and its fast-growing service division think subscriptions like iCloud and Apple Music didn't grow as fast as expected last quarter. Toby, this Apple doesn't quite have that loud crunch when you bite into it. It's a bit more mealy.
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Apple’s App Store Reign Ending? & Eyeball-Scanning Crypto's US Launch
Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, Apple is facing some serious challenges. Unfortunately, Siri is too useless to help.
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Apple’s App Store Reign Ending? & Eyeball-Scanning Crypto's US Launch
And that's really hurting it in China, where consumers do expect AI integrations with their phones. Maybe here in America, we're fine just having a normal smartphone. But over there, they really do care about having the latest whiz-bang technology in their phones. And China is a super critical market for Apple.
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And that's why shares fell more than 2% after hours was because of this miss, this fall in growth in In China, it's lost ground to those local phone brands like Huawei and Xiaomi. It doesn't have, you know, it's not matching those companies when it comes to technology. And this is just such a critical market for Apple.
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Apple’s App Store Reign Ending? & Eyeball-Scanning Crypto's US Launch
Get rid, like, don't even think about the tariffs, but they make phones there, but they also sell phones there. 19% of their revenue comes from China. 43%, 57% of the revenue comes from outside China. the Americas. So it's these foreign markets that are faltering for Apple. It did well in North America, 8% sales growth.
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Apple’s App Store Reign Ending? & Eyeball-Scanning Crypto's US Launch
But outside of America is where these warning signs are really popping up, and it doesn't even have anything to do with tariffs.
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Apple’s App Store Reign Ending? & Eyeball-Scanning Crypto's US Launch
Judge ruling. I mean, this was more cringy to watch than the roast of Tom Brady. I mean, she laid into Apple executives saying they lied under oaths. She referred them to be investigated for criminal contempt so things could get serious. I was looking at Apple stock price after this ruling came out. It didn't budge so much. So investors maybe aren't so worried about.
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about the hit to the App Store. But there could be consequences because Apple gets tens of billions of dollars in revenue from its App Store from that 30 percent commission that it charges developers. So we'll see whether this is the ruling that finally cracks open that closed garden of the App Store that that developers like Epic Games have been trying to claw back for so long.
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You've all been in this situation. You get invited to a party, maybe a roof hang, which means you have to stop at the store on your way to pick up a six pack of something. What do you choose? White Claw, High Noon? Well, this year, the beverage industry thinks more people will buy canned vodka lemonade, which has already been dubbed the drink of the summer. Yes, vodka spiked lemonade.
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I mean, this company has kind of trotted all around the world for the past couple of years, trying to scan people's eyeballs in various countries. They say they've got 12 million people signed up across 100 countries, but pretty much everywhere they've went, they've received pushback. Brazil and Hong Kong have banned WorldCoin. Kenya, Portugal, and Spain all instituted temporary restrictions.
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Apple’s App Store Reign Ending? & Eyeball-Scanning Crypto's US Launch
after world hopped into town. And that's because they are worried about this one particular company collecting reams of biometric data and all of the security and privacy concerns that come with it. So we'll see what happens.
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Apple’s App Store Reign Ending? & Eyeball-Scanning Crypto's US Launch
Certainly, the regulatory environment has changed in the United States from the Biden's more crackdown on crypto to the Trump administration's more laissez-faire approach to crypto. So they decided now is time to come to the United States and see how many eyeballs they can scan. But
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Apple’s App Store Reign Ending? & Eyeball-Scanning Crypto's US Launch
Truly this, you know, when you take a step back and think about the implications of why this company exists is to verify humans versus bots. And that's because Sam Altman, you know, has been labeled as the person who popularized AI. And there's going to be so much spam and bots out there that eventually we won't be able to distinguish between humans and bots. So we need our irises scanned.
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Apple’s App Store Reign Ending? & Eyeball-Scanning Crypto's US Launch
I mean, it's all a little crazy to think about.
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Apple’s App Store Reign Ending? & Eyeball-Scanning Crypto's US Launch
This company is huge. This is one of the biggest crypto projects anywhere in the world. They've raised $240 million from Andreessen Horowitz. And you know who else thought it was a good idea? Sam Baikman Freed. He was an investor before he went to jail.
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The brand Surfside popularized this drink back in 2022. and it's exploded in growth since. Now everyone from Anheuser-Busch to Boston Beer Company to Dave Portnoy has hopped on the trend, releasing vodka, lemonades, and teas of their own in just the past few weeks. Toby, are you in or out on lemonade?
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Apple’s App Store Reign Ending? & Eyeball-Scanning Crypto's US Launch
Yeah, I mean, we talked about Apple being uniquely exposed to tariffs, but Amazon is probably, if Apple's 1A, Amazon is 1B. It imports roughly a quarter of items it sells from China. Those third-party vendors from China are so critical to populating its marketplace, and it also has a fast-growing ad business, which is number three after Meta and Google, and that
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Apple’s App Store Reign Ending? & Eyeball-Scanning Crypto's US Launch
is also exposed to potentially drawbacks in ad spending from Chinese e-commerce companies that are looking at these tariffs and say, I don't want to really spend money advertising to American consumers anymore because it's going to be so expensive. So maybe, you know, Amazon is facing these particular challenges, but you're right.
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Apple’s App Store Reign Ending? & Eyeball-Scanning Crypto's US Launch
It has an insane scale and logistics operation and diversification of suppliers that might help it weather the storm. And what you're seeing with these tariffs is the biggest companies like Apple and Amazon are sounding pretty confident saying that they can weather them. Meanwhile, it's the small businesses that don't have the scale that will have to raise prices that are getting whacked.
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Apple’s App Store Reign Ending? & Eyeball-Scanning Crypto's US Launch
ServiceNow puts AI agents to work for people. That's why this was written and read by a real person and not AI. Creative work like writing and performing, that's the good stuff. You know, the work people actually want to do. You know what people don't want to do? Boring, repetitive, busy work. That's where AI agents come in.