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It's Berkshire's first big day without Buffett as host...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fr3cjv.2d5aj/aaa68847.gif" alt="" border="0" /></a> May 02, 2026View Online | Sign Up | Shop Morning Brew Presented By Sponsor Logo: Cytonics Hold your horses. It’s Kentucky Derby day. A horse named Emerging Market is 15-1 and a popular longshot pick among prognosticators. Consider this your chance to tell people “I’ve got my money in an emerging market,” so you can sound like a savvy investor instead of a casual gambler. —Brendan Cosgrove, Dave Lozo, Matty Merritt, Sam Klebanov, Abby Rubenstein, Holly Van Leuven In today’s newsletter, we’ll look at: Berkshire Hathaway’s first big meeting without Warren Buffett Spirit Airlines preparing to shutter An effort to bring back an extinct antelope MARKETS Nasdaq 25,114.44 +0.89% S&P 7,230.12 +0.29% Dow 49,499.27 -0.31% 10-Year 4.378% -1.0 bps Bitcoin $78,164.61 +2.57% Apple $280.14 +3.24% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: The S&P 500 and the Nasdaq have been racking up more records lately than your ex who overidentified with High Fidelity, with both indexes starting May by closing at new heights yesterday. Apple rose a day after delivering better-than-expected quarterly results.   SHARE APPARENT Omaha stakes: Can Berkshire still deliver the sizzle? Greg Abel and Warren Buffet Kevin Dietsch/Getty Images, Spencer Platt/Getty Images It’s not easy taking over hosting duties from a legend (just ask Ken Jennings), but that’s exactly what Berkshire Hathaway’s new CEO, Greg Abel, will be tasked with today at the conglomerate’s annual shareholder meeting. It’s the first time in 60 years that former CEO Warren Buffett will not host the popular event, so the pressure is on—especially since Berkshire has underperformed the market this year. The Greg Abel Experience Buffett, 95, remains the firm’s board chair and will be in attendance, but passed the chief executive oracle baton to Abel at the beginning of this year. So, the meeting—long known as “Woodstock for Capitalists”—is kind of like Abel’s welcome party, with an estimated 25,000 to 30,000 guests expected to attend the event this weekend. But while Buffett’s annual Q&A session was known for unlimited folksy wisdom, Abel is decidedly more businesslike and operations-focused (you know, like Woodstock). That may not be a bad thing, though, because business is what’s on many shareholders’ minds. And Abel isn’t likely to get the same benefit of the doubt that the legendary Buffett did. Per CNBC: Berkshire shares have trailed the S&P 500 by more than 30 percentage points since Buffett’s announcement last May that he would be stepping down. That underperformance persisted even as Berkshire bought back about $226 million worth of its stock. Year to date, Berkshire shares are down more than 5%. Over the same period, the S&P 500 rose 4%. Abel to answer questions. The new CEO will face no shortage of queries, such as: Will he start winding down some of the company’s Buffett-era positions? What’s the long-term strategy for handling Berkshire’s disappointing stake in Kraft Heinz? What will he do with that massive $373 billion pile of cash that Berkshire is sitting on? And how does AI inform what’s next? Then, if there’s time, maybe he can tell us whether he likes Cherry Coke as much as Buffett does. Earning his place: Berkshire’s Q1 earnings will also be released tomorrow, showcasing Abel’s first quarter as the big boss—yet another reminder that the Buffett era is over. It’s Abel’s Hatha-way or the highway.—BC     Sponsored By Cytonics This biotech did what Big Pharma couldn’t Sponsor: Cytonics Big Pharma companies spent billions trying to cure osteoarthritis. A biotech startup called Cytonics may have actually done it. Their first-gen therapy has already been used to successfully treat 10,000+ patients. The opportunity? 500m+ people deal with osteoarthritis worldwide, with no treatment that can actually stop it. It’s a $560b market in total. It’s also why Cytonics has raised $25m from over 7,000 investors. Now, after completing phase 1 FDA trials, Cytonics is gearing up for the next stage of clinical trials for “CYT-108,” their next-gen drug candidate that’s 200% more potent and built for global scale. And you can join them ahead of phase 2 trials. Get up to 15% Cytonics investor bonus stock as an early-stage shareholder today. WORLD Tour de headlines Spirit Airlines airplane flying off into the sunsetJustin Sullivan/Getty Images Spirit Airlines may be coming in for a hard landing as government talks falter. The struggling budget carrier is preparing to liquidate after it couldn’t get its bondholders and the Trump administration to agree to a bailout that would have given the airline $500 million in exchange for giving the government an up to 90% stake, the Wall Street Journal reported yesterday. Without a deal, Spirit is rapidly running out of cash, especially with elevated fuel prices. President Trump said yesterday that the government had given Spirit its “final proposal.” Iran offered a new deal, but Trump’s “not satisfied” with it. Iran gave the US a new proposal to end the war yesterday, hoping to restart stalled peace talks. The proposal reportedly included some elements of compromise concerning the timing of reopening the Strait of Hormuz and ending a US naval blockade. Oil prices fell amid hope for progress, but President Trump swiftly rejected the proposal. “They want to make a deal, I’m not satisfied with it. We’ll see what happens,” he said yesterday. Trump threatens 25% tariff on EU cars and trucks. Accusing the 27-nation bloc of not complying with a trade deal struck last year that capped tariffs on most EU imports to the US at 15%, President Trump said on Truth Social yesterday that he’d be increasing the tariffs on vehicles imported from the European Union next week. Trump did not explain how he thought the EU had violated the deal. The renewed trade fight comes amid global economic uncertainty from the Iran war. While European-made cars are a small part of the US auto market, the US is the second-biggest market for EU car exports.—AR BUCK AROUND AND FIND OUT Mad scientists want to bring back an extinct antelope The bluebuck (Hippotragus leucophaeus) Colossal Colossal Biosciences, the company that claims it can reverse extinction, announced it has taken steps to restore the bluebuck antelope, which was native to Africa and vanished from the planet around 200 years ago. The biotech firm—with its $10 billion valuation and a nightmare blunt rotation of investors that includes Peter Thiel, Tom Brady, and Paris Hilton—extracted DNA from a bluebuck specimen from the Swedish Museum of Natural History in 2024. Now, people in white lab coats who probably get cornered at parties when they mention their jobs are cooking up new bluebucks in a lab. However: The scientific community says that Colossal technically isn’t bringing back extinct species; it’s creating new hybrids by editing them into the modern genome of a similar animal. Applications for the living: CEO Ben Lamm said that the reason for revealing the company’s bluebuck work now is because the technology could be used to preserve endangered antelope species, of which there are 29 in the world. What’s next: The bluebuck’s original habitat is likely gone, so Colossal is partnering with nonprofit Advanced Conservation Strategies to find potential new host countries. The company is also collaborating with private landowners and governments to create a reintroduction plan.—DL     READER POLL Should scientists bring back extinct species? Yes, these are important breakthroughs.No, I have seen Jurassic Park.In some cases, maybe, but there should be guardrails. Sponsored By Peak Saunas Sponsor: Peak Saunas The sauna that actually gets used. Most home saunas get used three times, then gather dust. Peak Saunas built the fix: full-spectrum infrared with medical-grade red light therapy, plus a free guided wellness platform for life. The result? Members average 4.2 sessions per week. The hardware is premium; the habit is the point. Your wellness routine starts here. ICYMI Have you heard… Here’s everything that didn’t make it into this week’s newsletters but we immediately sent to the group chat. New satellite images from NASA show Mexico City is sinking almost 10 inches a year. The massive city is primed for sinkage because it was built on top of an ancient lake bed, but it doesn’t help that y’all are bringing an overstuffed carry-on every time you visit. Pavel Talankin, who won an Oscar for his documentary Mr. Nobody Against Putin, finally got his Oscar statuette back after Lufthansa Airlines briefly lost it. TSA made Talankin check it at New York’s JFK airport. Newark would never. Scotland soccer fans in Rhode Island booked a fleet of 20 school buses to avoid ballooning transportation costs to travel to Boston’s stadium during the World Cup. If you see a hayrack ride flying down the highway with England fans, mind your business. Chanel debuted a new half shoe that only covers the wearer’s heel, finally letting those little piggies breathe. The sandal is perfect for pacing parking lots, factory work, and cleaning up broken glass. The future of Albany’s iconic 28-foot-tall terrier statue, Nipper, is uncertain. The warehouse it’s been perched on since the 1950s is starting to fall apart, but moving the statue would be a logistical nightmare. Plus, older dogs always have a harder time getting adopted.—MM NEWS What else is brewing The US military will withdraw about 5,000 troops from Germany in the next six to 12 months, the Pentagon said, following Chancellor Friedrich Merz saying the US was being “humiliated” by Iran’s leadership earlier this week. A federal appeals court temporarily halted abortion pills by mail yesterday. The Pentagon inked deals with seven companies—OpenAI, Google, Microsoft, Amazon, Nvidia, Elon Musk’s xAI, and the startup Reflection—to use their AI tools in classified settings. You’ll note that Anthropic isn’t on that list, as the Defense Department has deemed it a supply chain risk, meaning it won’t work with the company. Estée Lauder plans to cut as many as 3,000 more jobs, bringing the total layoffs to around 10,000, even as it upped its profit forecast. President Trump said he’s lifting tariffs on Scotch whisky “in honor of the King and Queen” of the UK after their visit to the US. Roblox shares fell 18% yesterday as new child-safety measures slow user growth on the gaming platform. GameStop is preparing an offer to buy eBay as part of an effort to transform the meme-stockers’ favorite company into a $100 billion empire, according to the Wall Street Journal. Sponsored By Fisher Investments Sponsor: Fisher Investments Will your retirement income last? A successful retirement can depend on having a clear plan. Fisher Investments’ Definitive Guide to Retirement Income can help you calculate your future costs and structure your portfolio to meet your needs. Get the insights you need to help build a durable income strategy for the long term. COMMUNITY Crowd work Last week, we asked, “What was the coolest field trip you went on in your school days?” Here are some of our favorite responses: “It wasn’t until I was an adult that I realized our behind-the-scenes tour of Canada’s Parliament buildings, including a Q&A session with Prime Minister Pierre Trudeau, was not a typical elementary school field trip.”—Sarah from Ottawa, Canada “Detroit, Michigan: a tour of the Ford plant; liquid molten steel poured into forms for cars. Dozens of little kids on the catwalks—no helmets, no goggles, or noise suppression headphones...1970s.”—kjnyc from Scottsdale, AZ “Our elementary school in Oyster Bay on Long Island put on a play about Theodore Roosevelt. His daughter, Ethel Roosevelt Derby, invited my entire fourth grade class to her mansion. She served us tiny finger sandwiches. It was kind of a big deal.”—Carol Anne from Rochester, NY “I don’t know if it was the coolest, but it was the most impactful: In seventh grade, we took a school bus to the local landfill and drove around on it, experiencing the magnitude and stench of the mountains of garbage. I have been a recycler ever since.”—Maria from Birmingham, AL “In high school, the first year Boy Scouts let girls be Explorer Scouts. I joined my town’s Medical Explorer Scout group. One field trip was to a hospital where a cardiologist did open heart surgery for us on a large dog from the local pound. It was fascinating, but certainly quelled my interest in a career in the medical field.”—Linda from Jacksonville, AL This week’s question What’s a purchase you made while traveling that you were really pleased with? Sam’s answer to get the juices flowing: “I bought a pair of gorgeous leather shoes in a small town outside of Bogotá, Colombia, for $60, and wore them almost daily for two and a half years. They were the most comfortable footwear I’ve ever owned.” Submit your response here. RECS To-Do List Gift: Get mom something nice that you can personalize without cracking out the macaroni art.** Get the lay of the land: A map of which US states are drawing the most foreign investment. Go back in time: This website shows you where on Earth your house (or any place else) was 320 million years ago. Drive: Check out this year’s new license plates (and see if your state has one). Enhance your home: Fragrance is the fastest way to elevate your space. Aura House’s cold-air diffusion wraps every room in a signature scent. Use code BREW10 for 10% off.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Crossword: Your sample clue from our biggest puzzle of the week is “Star Trek zapper.” Play the Crossword here. Open House Welcome to Open House, the only newsletter section scared to death of termites. We’ll give you a few facts about a listing and you try to guess the price. Large teal ranch-style home in West Virginia. The home sits on a hilly property in a forest. The interior of the home is almost entirely wood with lots of intricate designs on the walls and in the flooring.ZillowToday’s home is in Huntington, WV, and its builders seem to have gotten a deal on bulk two-by-fours. The 6,372-square-foot home sits on just over 16 acres of Appalachian forest. Amenities include: 4 beds, 5 baths + onsite barn Massive wraparound porch Sunken living room How much for the big teal house? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER $799,000 Word of the Day Today’s Word of the Day is: queries, meaning “questions.” Thanks to Allen from Virginia for the unquestionably good suggestion. Submit another Word of the Day here. ✢ A Note From Cytonics This is a paid advertisement for Cytonics’ Regulation CF offering. Please read the offering circular at https://cytonics.com/. Forward-looking statements are subject to risks and uncertainties. There is no guarantee of performance. Past performance does not predict future results. All investments involve risk, including loss of principal.           Written by Abigail Rubenstein, Brendan Cosgrove, Dave Lozo, Matty Merritt, Sam Klebanov, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

Eli Lilly is absolutely booming...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fr2y30.259xn/2e5c575e.gif" alt="" border="0" /></a> May 01, 2026View Online | Sign Up | Shop Morning Brew Presented By Sponsor Logo: Aflac It’s gonna be May. After OpenAI accidentally made ChatGPT’s personality too nerdy, the AI chatbot started talking about goblins, gremlins, and other mystical creatures so often that the company had to train it to “never talk about goblins” unless it’s relevant. Coincidentally, that’s also what our dad used to beg of us every night before dinner. —Matty Merritt, Molly Liebergall, Sam Klebanov, Adam Epstein, Holly Van Leuven, Abby Rubenstein In today’s newsletter, we’ll get into: Eli Lilly doubling profits (thanks to GLP-1s) The House voting to end the DHS shutdown LIV Golf on life support MARKETS Nasdaq 24,892.31 +0.89% S&P 7,209.01 +1.02% Dow 49,652.14 +1.62% 10-Year 4.390% -3.0 bps Bitcoin $76,511.98 +1.14% Alphabet $384.80 +9.96% Data is provided by *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. Markets: There was probably a whole lot of Matthew McConaughey-style chest-thumping on Wall Street yesterday after the S&P 500 and the Nasdaq closed at record highs, rallying after fresh economic data and Big Tech earnings inspired optimism that the AI boom can buoy the economy. That lift helped stocks clinch their best month since 2020. Stock spotlight: The tech giants that beat earnings expectations while committing to big spending plans after the market closed on Wednesday were the ones to watch yesterday, with Google parent Alphabet rising and Amazon, Meta, and Microsoft falling.   STILL CLIMBING Eli Lilly is booming from the belt-tightening Eli Lilly headquarters Scott Olson/Getty Images Eli Lilly obliterated Wall Street expectations yesterday, quashing any concerns that the drugmaker’s weight loss drug-fueled growth is slowing down. Lilly also raised its full-year sales outlook by $2 billion, expecting big things from its newly launched GLP-1 pill. The details. The drugmaker’s Q1 revenue of $19.8 billion beat Wall Street’s expected $17.62 billion and was up 56%, compared with last year’s first quarter. Lilly is now expecting full-year sales to potentially reach $85 billion, up from its previous high forecast of $83 billion. The revenue boom is thanks to the company’s GLP-1 products: Revenue from Mounjaro more than doubled in the last year, jumping 125%, to $8.66 billion in worldwide sales during Q1, compared with the same time last year. And revenue from Zepbound was up 80% during the first quarter of the year, compared with the same period last year. The drug brought in $4.16 billion in quarterly US sales. The golden child Although Novo Nordisk’s Ozempic kicked off the GLP-1 craze, Lilly has repeatedly outpaced its rival in the GLP-1 sector. This quarter, it snapped up 60.1% of the US obesity and diabetes drug market, while Novo held 39.4%. But Lilly’s biggest test will be whether the public adopts its new weight loss pill, Foundayo, which was approved just last month. Novo Nordisk’s Wegovy pill had a three-month head start. Still, Lilly CEO Dave Ricks said yesterday that 20,000+ people have already started taking Foundayo, and about 1,000 people start the drug every day. As if pharma giants need more gas…yesterday, the FDA proposed excluding semaglutide (Novo’s active ingredient) and tirzepatide (Lilly’s active ingredient) from the list of drugs that compounders can obtain in bulk. The move, if finalized, would kneecap popular copycat makers like Hims & Hers from producing their own weight loss drugs. GLP-1s are moving markets, even outside pharma: Magnum Ice Cream Company said in its earnings report yesterday that portion-control ice creams helped make up for slower treat sales, as consumer preferences shift with the popularity of weight loss drugs. Meanwhile, Hershey CEO Kirk Tanner reported sharp rises in gum and mint sales, which he chalked up to the unofficial “Ozempic breath” side effect.—MM     Sponsored By Aflac A benefits strategy that benefits all Sponsor: Aflac According to the LIMRA 2024 U.S. Supplemental Health Insurance Total Market Report, Aflac is the #1 provider of supplemental health insurance in the US.* Here’s how they earned this ranking: Aflac delivers a wide portfolio of insurance coverage solutions to help with expenses not covered by health insurance through tools that can help simplify enrollments. Many plans are offered at no direct cost to businesses, and claims are paid fast and accurately—directly to insureds, unless otherwise assigned. Create a winning benefits strategy that can work for everyone. Discover Aflac’s solutions today. WORLD Tour de headlines Apple storeYing Tang/Getty Images Apple’s revenue blasted past analysts’ expectations. The iPhone maker reported earnings after the closing bell yesterday, and the news was pretty good. Apple’s services revenue hit a record $30.98 billion during the fiscal second quarter. Additionally, iPhone sales rose 2%, to ~$57 billion. It’s still the company’s best-selling product after nearly 20 years on the market. CEO Tim Cook said it was the company’s “best March quarter ever,” with “double-digit growth across every geographic segment.”—HVL The House voted to end the DHS shutdown. At least one long national nightmare is over. Yesterday, the House voted to approve funding for most of the Department of Homeland Security (DHS), ending the longest partial shutdown in US history. Without their paychecks, TSA agents—who technically work for DHS—had been calling out sick, leading to long airport security lines. They were set to miss another round of paychecks in days, had the House not voted to restart funding. House Republicans had opposed the plan, which passed the Senate unanimously in March, but acquiesced yesterday under pressure from the party’s moderate wing. The package includes no money for federal immigration enforcement (ICE), which is seen as a win for Democrats.—AE US GDP rose last quarter—but so did inflation. Gross domestic product (GDP) grew 2% in Q1, up from 0.5% in the fourth quarter of 2025, and a sign of some economic resilience despite the ongoing Iran war. That increase, however, fell short of the 2.2% estimate, and it also came with another major caveat: Due to rising energy prices, inflation rose 0.2% in March to 3.2%, while the Fed’s preferred gauge, which includes gas and grocery prices, jumped 0.7% to 3.5%. The closure of the Strait of Hormuz amid the conflict in the Middle East has sent oil prices skyrocketing, pushing prices at the pump to over $4.30 per gallon.—AE IN THE ROUGH LIV Golf may be a lost ball after Saudis pull support Jon Rahm Hector Vivas/Getty Images This is why Shania Twain says to dance with the one that brought you: Saudi Arabia’s Public Investment Fund (PIF) announced yesterday that it will stop funding LIV Golf, its high-paying disruptor league, leaving players who defected from the PGA Tour in the lurch. This is probably the end of LIV, at least in its current form. The upstart league is looking for new investors after the PIF confirmed weeks of speculation that it was pulling out. But it’s tough to imagine who might be willing and able to fill the Saudi-sized hole left in LIV’s business after the current season ends in August: As LIV’s sole backer, the PIF poured $5+ billion into the league since co-founding it in 2021. It reportedly spent $100 million per month on LIV this year. And the league is bleeding money. Despite luring top talent with extravagant tournament purses and contracts worth up to $300 million, LIV struggled to sustain US fan interest. Looking ahead…LIV players who violated their PGA Tour contracts to join LIV may have some groveling to do. “There were rules, and they were broken,” the PGA Tour’s CEO said this week. The league recently offered four elite players a way to come crawling back from LIV, but only one took the deal, at a cost of up to $90 million in reentry fees.—ML     READER POLL Have you ever watched a LIV Golf event? Yep.Nope.What’s LIV Golf? Together With JobsOhio Sponsor: JobsOhio Go where business gets taken care of. In Ohio, talent comes first—aka people who spot opportunity and figure out a way to make it happen. Ohio is where businesses can thrive, thanks to its strong infrastructure, cost advantages, and a quality of life that meets today’s high standards. Build something big. INFINITE STREAM Netflix wants you scrolling clips on your phone Nick Iluzada Netflix is finally acknowledging that most people looking to kill time while waiting for the bus would rather scroll 30-second videos than watch The Irishman. The streaming service launched a short-form vertical video feed called Clips as part of an app revamp unveiled in the US and eight other countries yesterday. While it sounds like Netflix is entering TikTok’s turf, the streamer insists that Clips won’t be the place to witness a day in the life of a 28-year-old who works in private equity in New York. Instead, Netflix’s algorithmic feed serves clips from the shows and movies in its content library to help viewers discover new titles: Eventually, it’ll also feature clips from podcasts, a content genre Netflix has invested heavily into in recent months, as well as live events. The streamer will soon let users choose collections of video genres they want to watch, like romance and reality TV. Big picture: Netflix says Clips is meant to meet people where they’re at—namely, on their phones—to command their eyeballs when they’re not in front of a TV. Netflix’s streaming rivals Peacock and Disney+ also recently launched vertical video feeds.—SK     STAT Prime number: Facial procedures up by 19% Woman having face surgery consultation with doctorGetty Images The faces are all changing, and not just because you took too much Benadryl. With social media normalizing cosmetic work, plastic surgery is no longer reserved for the ultrawealthy. Per the New York Times: The number of facial procedures in the US last year increased by 19%. The three most popular procedures were rhinoplasties (aka nose jobs), face-lifts, and blepharoplasties (eyelid surgeries). Procedures aren’t necessarily getting cheaper. Instead, young people increasingly appear to be willing to spend on cosmetic work because other purchases, like homes, are out of reach.—AE Sponsored By Starbucks Sponsor: Starbucks More time with the people who matter most. Starbucks partners can get up to 18 weeks of paid parental leave, even if they work just 20 hours per week. So they don’t miss a moment as their family grows—even if they miss out on sleep. QUIZ Friday news quiz Friday news quiz banner The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to your document printing perfectly the first time. It’s that satisfying. Ace the quiz. NEWS What else is brewing US senators voted to ban themselves from trading on prediction markets like Kalshi and Polymarket amid rising concern about insider trading. Maine Gov. Janet Mills dropped out of the race for Senate, paving the way for oyster farmer and Marine veteran Graham Platner to take on incumbent Sen. Susan Collins. President Trump pulled his nominee for surgeon general, Casey Means, and replaced her with radiologist and former Fox News contributor Nicole Saphier. Amazon is reportedly considering a reboot of The Apprentice, with Donald Trump Jr. as a potential host. The Devil Wears Prada 2 opens in theaters today, 20 years after the original. Florals? For spring? Groundbreaking. RECS To-Do List Brew: A high-tech kettle that looks good on your counter.** List: Time’s 100 most influential companies of 2026. Visit: The coolest building in every US state. Mental Health Awareness Month: The Project Healthy Minds free mental health marketplace can match you or someone you love to a variety of resources. Is your car insurance expensive? This free tool can help you find better options and save you up to $600 a year. (You’re welcome.) Try it here.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Jigsaw: Warning—this week’s puzzle may make you want to get up and dance. Play the Jigsaw here. Friday puzzle Name the longest English word with this property: When you flip it upside down, it stays the same word. Use capital letters. SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER SWIMS (h/t Adam Aaronson) Word of the Day Today’s Word of the Day is: acquiesced, meaning “accepted or agreed to reluctantly.” Thanks to Shelley L. from Toronto and many others for the suggestion. Submit another Word of the Day here. ✢ A Note From Aflac *Source: LIMRA 2024 U.S. Supplemental Health Insurance Total Market Report           Written by Adam Epstein, Matty Merritt, Molly Liebergall, Sam Klebanov, Holly Van Leuven , and Abigail Rubenstein Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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Powell says he'll stay at the Fed...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fr27ok.2f84o/97c8dfe4.gif" alt="" border="0" /></a> April 30, 2026View Online | Sign Up | Shop Morning Brew Presented By Sponsor Logo: American PowerGen Guten tag. McDonald’s has heard you loud and clear: You want to ingest colors not found in nature. After the success of the Grimace shake, the furry monster is getting his own color-themed menu (in Germany only)—complete with blueberry-filled cake pops, a purple cream cheese pie, berry & cream sauce, and a horrifying purple BBQ burger with violet buns. Maybe some of you are excited, but we’ve seen that episode of SpongeBob SquarePants, and we’re not getting involved. —Holly Van Leuven, Dave Lozo, Molly Liebergall, Matty Merritt, Abby Rubenstein In today’s newsletter, we’ll get into: The tech earnings resetting the market SCOTUS weakening the Voting Rights Act JPow’s plans to stick around at the Fed MARKETS Nasdaq 24,673.24 +0.04% S&P 7,135.95 -0.04% Dow 48,861.81 -0.57% 10-Year 4.418% +6.0 bps Bitcoin $75,800.77 -0.72% Starbucks $105.50 +8.45% Data is provided by *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. Markets: Stocks fell yesterday, though they pared back some losses after the Fed kept interest rates steady as expected (more on that in a bit). But the trading day mostly served as an amuse-bouche before the main event after-hours, when four of the Magnificent Seven reported earnings (more on that just below). Stock spotlight: Starbucks got a boost like an extra shot after the coffee chain upped its full-year forecast.   Markets Sponsored by American PowerGen Join proven energy entrepreneurs: With $5b+ in energy projects sold in their lifetime, American PowerGen’s team is formidable. Institutional buyers are already circling on their new project. Invest today. HYPE CHECK Hyperscalers report big earnings, bigger spending plans Logos of Amazon, Microsoft, Meta and Alphabet Morning Brew Design Four of the Magnificent Seven—Alphabet, Amazon, Meta, and Microsoft—reported quarterly earnings after the market closed yesterday. They all beat top- and bottom-line expectations, and three revealed higher capital expenditure plans for the year than anticipated. Here’s a roundup of takeaways from after the bell: Alphabet went to the head of the investor class after demonstrating what CEO Sundar Pichai called its strongest quarter to date for consumer AI services. It reported that profit jumped by 81%, driven by AI investments. Google Cloud brought in $20 billion last quarter, over an expected $18.4 billion, thanks to an uptick in adoption of tools like Gemini and AI infrastructure. Amazon also saw big gains in cloud computing, which rose 28% year over year and exceeded estimates. Advertising also reached $17.24 billion, above the expected $16.87 billion, with most of that revenue coming from sponsored product listings on the Amazon marketplace. When analysts asked Meta CEO Mark Zuckerberg about the accelerated spending on, he said he does not have “a very precise plan,” only “a sense of the shape of where things need to be.” Meta doesn’t sell cloud computing, unlike the other three. Meta also said that its youth safety court cases “may ultimately result in a material loss.” Microsoft cited the persistence of high-priced memory while announcing that its capital expenditures would likely hit $190 billion this year. The company announced 5 million new paid users for the Copilot AI tools since last quarter, bringing the total to 20 million, but investors worry there’s not enough demand for the Office add-on. Following the reports, Alphabet stock rose 7% in after-hours trading, Amazon rose 4%, Meta fell ~6%, and Microsoft fell ~2%, largely because of how investors were feeling about their spending plans after the reports. Zoom out: This month will likely be tech stocks’ best since April 2020, at the start of the Covid pandemic. The Nasdaq was up 14% for the month as of close-of-day yesterday.—HVL     Sponsored By American PowerGen They’re solving the AI energy crisis Sponsor: American PowerGen 140 new data centers will be under construction in Texas this year. But this need for massive amounts of always-on power creates major strain on the grid. For energy producers, that spells opportunity. And American PowerGen is ready. Led by a team with $5b+ worth of previous power-project acquisitions, they specialize in getting these difficult projects off the ground, fast. This year, they’ll break ground on a project set to supply enough energy to power nearly 3m homes. Institutional buyers have already made offers. But they’re not done yet. By 2028, APG plans to scale capacity 3x+. Become an early-stage investor in American PowerGen by May 24 to unlock guaranteed bonus stock. WORLD Tour de headlines Protestors outside Supreme CourtBill Clark/Getty Images SCOTUS curbs use of race in drawing election maps. In a 6–3 ruling yesterday, the Supreme Court limited states’ ability to use race as a consideration in making election maps to create districts that empower minority voters under the Voting Rights Act of 1965. The decision struck down a Louisiana congressional map that created a majority-Black district, which the court’s majority opinion called an “unconstitutional racial gerrymander.” The dissenting liberal justices said the decision left Section 2 of the law, which outlaws racial discrimination in voting, “all but a dead letter.” The ruling comes as both parties have been pushing redistricting efforts ahead of the midterm elections, although its impact may be felt more in the 2028 election due to mapping deadlines. Bill Ackman’s Pershing Square USA plummets in trading debut. Looks like social media fame didn’t translate into market popularity: The billionaire investor raised $5 billion in an IPO, but shares in his stock-picking fund, Pershing Square USA (ticker PSUS), opened 16% down, suggesting some institutional buyers were already trying to sell. In addition to the closed-end fund, Ackman also debuted trading in his hedge-fund management company, Pershing Square, under the ticker PS. The dual listing was intended to appeal to individual investors as Ackman tries to build his own Berkshire Hathaway-type empire. The Iran war has cost $25 billion so far, Pentagon official says. That’s mostly covered munitions, Jay Hurst, the acting Pentagon chief financial officer, told Congress yesterday, as Defense Secretary Pete Hegseth chastised lawmakers for criticizing the conflict. President Trump told Axios yesterday that he was rejecting Iran’s proposal to reopen the Strait of Hormuz in exchange for an end to the US naval blockade and postponing nuclear talks. Trump said he considers the blockade “somewhat more effective than the bombing.”—AR FED-EX JPow is giving up his chair…but not his seat Jerome Powell Kent Nishimura/Getty Images First, Mo Salah announced he was leaving Liverpool after this season. Then, yesterday, another superstar said goodbye: Jerome Powell held his final press conference as Federal Reserve chair, though his next move won’t be to continue his career in MLS or Saudi Arabia (probably). Instead, Powell will become the first Fed chair since 1948 to vacate the throne, but remain on the board as a governor. Powell did his best Jordan Belfort and said he’s not leaving until the federal investigation into him over the Fed building’s renovations is closed. The DOJ dropped its criminal probe, but recently referred the case to the Fed’s inspector general, and it could still be reopened at any time. Warsh what happens: Yesterday morning, Kevin Warsh was finally approved as the next Fed chair by the Senate Banking Committee. It’s unclear if there’s enough time, however, for a full Senate confirmation before Powell’s chair term ends on May 15. As expected, the Fed held interest rates steady at 3.5% to 3.75%, with Powell saying that inflation from the Iran war “hasn’t even peaked yet.” But the 12-member vote had four dissenters, which was the most since 1992 and a sign that rates could be cut at the next meeting in June when Warsh—who supports rate cuts—has the helm.—DL     Sponsored By SerpApi Sponsor: SerpApi Don’t scrape by. Especially when SerpApi lets AI products tap into real-time web search data without having to build scraping infrastructure. Their APIs enable applications to access real-time, publicly available search engine data programmatically. These include Google, Amazon, and even Walmart. Check out their free trial of 250 credits/month to try it out. CHECKING IN? Private-taxi-for-your-burrito app adds hotel bookings Uber taxi sign Jakub Porzycki/Getty Images Nothing says cultural immersion like ordering Uber Eats to the accommodation you booked through Uber while you’re Ubering there from the airport. This scenario became reality yesterday: Uber launched a hotel-booking feature for US users. As part of the rideshare app’s latest effort to become an everything app: A new hotel tab lets you book Expedia accommodations on the Uber app, with Vrbo rentals coming later this year. Uber One subscribers can get discounts on bookings, including 10% back in Uber credits and up to 20% off some hotels. Regular users can apparently also get deals. A Washington Post travel reporter without Uber One said she booked a discounted Hilton room that was slightly cheaper than it would’ve been through Booking.com, Hotels.com, or the Hilton website. Back scratch: Expedia said it’ll add Uber ride bookings to its app in June. This partnership was a long time coming—Uber’s current CEO previously led Expedia in the 2000s and 2010s, and Uber reportedly considered buying Expedia in 2024. Other assistant-like offerings announced yesterday include: OpenAI-powered voice booking for rides, a room service-like feature for hotel-door deliveries, and, for Uber Black customers, the option to request that drivers have coffee or food waiting for them.—ML     READER POLL Would you book a hotel room through Uber? Sure, I already get rides that way.No, I only book directly through hotels.Maybe, if my friends start doing it first.Depends on who’s offering the best price for the room. STAT Prime number: Married people less likely to get cancer A wedding cake topper of a bride and groom inside a protective bubbleNiv Bavarsky As if there wasn’t already enough pressure from your parents, cancer researchers are now offering a good reason to get married. The Wall Street Journal reports that a recent study of 4 million US cancer cases published in the journal Cancer Research Communications found: Cancer rates were ~68% higher for men who had never married compared with those who had put a ring on it. For women who never tied the knot, the rates were ~83% higher. It’s not that marriage prevents cancer—no matter what your pushiest relatives say—but, as one of the study’s coauthors explained to the WSJ, married people often have more economic stability and strong support systems. Plus, the researcher noted many married people tend to smoke and drink less and are less exposed to STIs, all of which can be risk factors, and they get more preventive care.—AR Sponsored By Rugiet Sponsor: Rugiet Foreplay now starts under your tongue. Rugiet Ready™ is a 3-in-1 ED treatment that targets both arousal in the brain and blood flow in the body—and works in as fast as 15 minutes on average, with effects that last up to 36 hours. Use code MORNINGBREW for 20% off your ED treatment. NEWS What else is brewing LIV Golf is losing its Saudi funding, and the nation’s sovereign wealth fund plans to tell the league’s players and staff today, the Wall Street Journal reports. The Supreme Court heard arguments yesterday over the Trump administration’s efforts to roll back temporary deportation protections for Syrian and Haitian immigrants. James Comey is planning to challenge the new indictment against him over an Instagram photo of seashells spelling out “86 47” in reference to the president as a vindictive prosecution, his lawyer said, as the former FBI director appeared in court yesterday. The suspect in the White House Correspondents’ Association Dinner shooting snapped a selfie at the hotel about half an hour before the attempted assassination, prosecutors allege. Elon Musk accused Sam Altman’s lawyers of trying to trick him during cross-examination at the OpenAI trial. Chipotle posted a surprise growth in same-store sales last quarter, in a sign the king of slop bowls may be making a comeback. Costco changed its $1.50 hot dog combo for the first time in 40 years (don’t worry, it’s still $1.50). RECS To-Do List Build: The most nostalgic Lego set yet.** Work it: How an F1 driver’s 15-minute training regimen can help defeat “tech neck.” Drink: A blind ranking of the best light beers. Watch: A compilation of epic movie explosions. Curtain up: Fiverr has curated renowned AI directors in their brand-new AI Video Hub so freelancers, startups, and Fortune 500 brands alike can create what audiences actually want to see.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Mini: Head’s up—today’s Mini is a Schrödinger puzzle, where some clues have two possible answers. The good news is that there are two possible solutions instead of one. Play the Mini here. Three Headlines and a Lie Three of these headlines are real and one is faker than the “no outside food or drink” rule at the movie theaters. Can you spot the odd one out? Charlotte venue double-booked a quilting competition and Taylor Swift trivia. Things got ugly A barge carrying Timmy the humpback whale journeys to the North Sea An experimental cafe run by AI opens in Stockholm Robot dogs wearing Musk, Zuckerberg masks ‘poop’ printed images in Berlin museum SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER We made up the one about the Swifties and the quilters. Word of the Day Today’s Word of the Day is: superstar, meaning “one that is very prominent or is a prime attraction.” Thanks to Alan Fulp from Seattle for the shining suggestion. Submit another Word of the Day here. ✢ A Note From American PowerGen This is a paid advertisement for American PowerGen’s Regulation CF offering. Please read the offering circular at https://invest.americanpowergen.com/. This content contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially due to various factors, including market conditions and execution risks. Past performance is not indicative of future results, and outcomes may vary. Investors should not place undue reliance on these statements and are encouraged to review the full offering materials before making any investment decision.           Written by Abigail Rubenstein, Holly Van Leuven , Dave Lozo, Molly Liebergall, and Matty Merritt Was this email forwarded to you? Sign up here. 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Taylor Swift trademarks her voice to fight AI...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fr1sy2.2f16s/6f4c92ce.gif" alt="" border="0" /></a> April 29, 2026View Online | Sign Up | Shop Morning Brew Presented By Sponsor Logo: iHerb Good morning to everyone, but especially to New York Mets fans, who’ve had a rough month. As of yesterday, the team’s 9-19 start was its worst in over 40 years. On the bright side, going to the ballpark won’t break the bank: Tickets to a Mets game this week are cheaper than the price of a single Crunchwrap Supreme from Taco Bell. Live Más, Mets fans. Live Más. —Sam Klebanov, Matty Merritt, Dave Lozo, Adam Epstein In today’s newsletter, we’ll get into: Why UAE is leaving OPEC OpenAI reportedly missing key targets Taylor Swift trying to trademark her voice MARKETS Nasdaq 24,663.80 -0.90% S&P 7,138.80 -0.49% Dow 49,141.93 -0.05% 10-Year 4.354% +2.0 bps Bitcoin $76,365.38 -0.77% Spotify $434.20 -12.43% Data is provided by *Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean. Markets: Stocks did an impression of a phone call in an elevator and dropped yesterday, after the UAE said it was leaving OPEC and the Wall Street Journal reported that OpenAI missed some key targets (more on both of these later). Spotify, meanwhile, fell after investors were disappointed with its guidance.   UAEXIT UAE leaves OPEC in a big blow to the oil cartel Dubai skyline Fadel Senna/Getty Images The UAE is like the friend who just announced in the group chat that they’re taking their own car on the road trip. The Gulf nation announced yesterday that it’s leaving OPEC, the 12-nation oil cartel that accounts for half of global oil exports. The oil-flush nation’s abrupt departure—which it said will happen on Friday—is a huge blow to the organization that coordinates countries’ oil outputs in order to control prices. The UAE is the third largest oil producer in OPEC, after Saudi Arabia and Iraq. UAE-shaped hole OPEC has already been losing its grip on the world’s oil supply in recent years, as the US fracking revolution floods global markets with American oil. But now, its sway will be even more limited. The UAE said it’s leaving OPEC to have more freedom to decide how much oil to sell, and that it plans to gradually grow oil production as the world demands more of it: Before the closure of the Strait of Hormuz forced the country to reduce oil shipments, it produced 3.6 million barrels of oil daily, maxing out its quota. It seeks to boost production to 5 million barrels daily by 2027 by building pipelines or maximizing shipments once the strait reopens. There are likely geopolitical reasons, too: The UAE is engaged in a regional rivalry with Saudi Arabia, which is the de facto leader of OPEC. The two countries have the most oil sloshing around beyond what OPEC allows to be exported. Why now? The UAE says it made the decision to bid OPEC adieu now, amid the Iran war, when it would have the least disruptive impact, since oil prices are at multi-year highs. Looking ahead: Experts say that while OPEC losing the UAE might not suppress oil prices in the near future it might make them more volatile in the long term.—SK     Sponsored By iHerb Taking one-stop shop to a whole new level Sponsor: iHerb Vitamins and supplements. Sports nutrition. Beauty. No, we’re not playing a conceptual game of “I Spy.” We’re naming just a few of the product categories that iHerb carries. And what makes this wide variety extra special is that when you buy from iHerb, you can trust that the item is genuine and that its handling and traceability are documented from brand to customer. With 100% authentic products and no third-party sellers, you can browse iHerb’s 50k+ offerings with peace of mind. Shop by category, brand, or specific wellness needs (like digestive or circulatory support), and filter by ratings, price, and even dietary preferences. iHerb ships to over 180 countries worldwide. Use code MBDAILY for 20% off one purchase. (Max discount $50.) WORLD Tour de headlines Elon Musk Elon Musk took the stand in his trial against OpenAI. On the first day of the blockbuster trial, Musk accused the company that he helped to co-found of stealing from the public. “It’s not OK to steal a charity,” Musk said, arguing that OpenAI and its CEO, Sam Altman, abandoned its nonprofit mission after Musk left in 2018. In his opening statement, OpenAI’s lawyer, William Savitt, said, “We’re here because Mr. Musk didn’t get his way at OpenAI,” adding that the company’s nonprofit arm still oversees its for-profit business. Musk is seeking $150 billion in damages. Altman is also expected to testify in a trial that observers say could reshape the AI industry. FCC moved to review ABC’s broadcast licenses. A day after President Trump and First Lady Melania Trump called for ABC late-night comedian Jimmy Kimmel to be fired, the FCC made the rare move of ordering Disney, which owns ABC, to file license renewals for its broadcast TV stations years ahead of schedule. The agency did not mention Kimmel in its call for the renewals, which appeared to be tied to its investigation into Disney’s DEI practices. The Trumps had demanded Kimmel’s immediate firing after the late-night host joked that Melania had “a glow like an expectant widow.” Kimmel’s show was briefly suspended last year amid political pressure from the FCC, which objected to his monologue about the assassination of conservative activist Charlie Kirk. Trump’s DOJ indicted James Comey over an Instagram post of seashells. It’s the Justice Department’s second indictment of the former FBI director and President Trump’s political opponent, after charges brought against him last year for allegedly lying to Congress were dismissed by a federal judge. This time, the DOJ accused Comey of threatening Trump when he posted a photo to Instagram of the number “8647” spelled out with seashells on a beach. The number 86 can refer to tossing out or getting rid of something, while Trump is the 47th president of the United States. Comey removed the post the same day, saying he “didn’t realize some folks associate those numbers with violence.” Legal experts told CNN that the case is likely futile.—AE SWING AND A MISS OpenAI reportedly missed some KPIs Photo collage of a bullseye with the OpenAI logo in the middle, and 4 darts clearly outside the target. Morning Brew Design, Photos: Adobe Stock About a month after closing the largest funding round in Silicon Valley’s history, OpenAI’s cracks might be starting to show. The company recently missed internal targets for new users and revenue, according to the Wall Street Journal. The report of the whiffed growth goals sent related stocks nosediving yesterday with investors fearing that OpenAI is getting lapped by rivals. What did all those “people familiar with the matter” tell the WSJ? The AI company had initially pledged to reach one billion weekly active users for ChatGPT by the end of 2025…but never announced hitting that target. Plus, the company missed yearly and monthly revenue targets as competitors Google Gemini and Anthropic grew. OpenAI’s CFO, Sarah Friar, has questioned whether the company would be able to afford its ~$600 billion in data center contracts if it can’t reach its revenue goals. OpenAI dismissed the report as “prime clickbait” and said that the company was “firing on all cylinders” when it came to growth, especially in enterprise customers. It didn’t do much to quell fears. Despite Sam Altman’s promise that everything at the office is chill, companies with OpenAI deals, including Oracle and CoreWeave, dropped by as much as 4% and 6%, respectively, yesterday. Chipmaker Nvidia briefly dipped, but bounced back.—MM     Together With tastytrade Sponsor: tastytrade You didn’t come this far to stand still. No matter what the market is doing, tastytrade’s customizable charts, 100+ indicators, and advanced trading tools can help you stay up-to-date and trade your way through it. Trade stocks, options, futures, crypto, forex, and more in one platform with tastytrade. LOOK WHAT AI MADE HER DO Fighting AI deepfakes (Taylor’s version) Taylor Swift trademarking two sound marks and an image Andreas Rentz/Getty Images Taylor Swift has filed three unique trademark applications to protect her voice and image from use in unauthorized deepfakes. It’s a new legal maneuver designed to give celebrities more protections against AI, though it has yet to be tested in court. How would the trademarks defend against unwanted AI slop? Swift moved to trademark two audio clips where she speaks her name, which falls under a lesser-known category called “sound marks.” That has historically been reserved for things like Netflix’s “tu-dum” sound and the giggle of the Pillsbury Doughboy. The other filing is an image of Swift on stage in a sequined outfit and with a pink guitar. The theory is if someone generates AI content with her voice or a similar image, Swift would have more standing in court if she filed a lawsuit against its creators. The bar for violating a trademark is creating something that’s “confusingly similar,” kind of like The Rock’s action movies or The Bachelor contestants. What about copyright? AI creations can be made without lifting a voice from a copyrighted song recording. These new types of spoken-word trademarks, which have also been filed by actor Matthew McConaughey, attempt to plug the gulf that allows deepfakes to flourish.—DL     STAT Prime number: Most people lose money on Polymarket Illustration of a person losing money on PolymarketNiv Bavarsky If you’ve wagered your mortgage that MrBeast will be the next president of the United States, perhaps reconsider. According to a Bloomberg analysis, nearly every Polymarket trader either loses money or makes little to no profit: More than 100k accounts lost $1,000 since the start of 2025—twice the number of accounts that made at least $1,000. In aggregate, traders lost $131 million. The tiny number of accounts that make lots of money appear to be mostly bots, Bloomberg noted. A separate study found that since 2022, 69% of traders lost money, while three-quarters of total profits were won by only the top 1% of users.—AE READER POLL Have you made money on prediction markets? Yes, I’ve made moneyNo, I’ve lost moneyI’ve broke evenI haven’t placed any bets Sponsored By RAD Intel Sponsor: RAD Intel Still private at $0.91. Share price changes tomorrow. RAD Intel’s Reg A+ round is 85% allocated, and current pricing ends tomorrow (April 30). The company reported 5,400% growth and 2x sales in 2025, and it has secured seven-figure Fortune 1000 contracts backed by institutional funds and the Adobe Design Fund. This is the final 24 hours. Share price changing April 30. NEWS What else is brewing King Charles delivered an address to Congress to highlight the shared values of the US and UK—the first such address by a British monarch since his late mother, Queen Elizabeth II, did so in 1991. JetBlue said it’s planning to cut flight capacity and hike fares due to surging fuel costs. Paramount Skydance said in a filing that the combined Paramount–Warner Bros. Discovery will be nearly 50% owned by foreign investors, Variety reported. GM topped Wall Street’s earnings expectations and raised its 2026 outlook after it received a $500 million tariff refund. The State Department is planning to put President Trump’s picture in limited-edition passports to commemorate the US’ 250th anniversary. Japan Airlines is using humanoid robots to handle passengers’ luggage on the tarmac at Tokyo’s Haneda airport amid a shortage of (human) labor. RECS To-Do List Stroll: A weirder everyday walking shoe.** Rank: The 30 greatest living American songwriters. Stay secure: Security tips if you’re logging into work from a cafe. Watch: A list of all the big movies coming out this summer. Straight from the source: With 100% authentic products and no third-party sellers, browse iHerb’s 50k+ wellness and beauty offerings. Use code MBDAILY for 20% off one purchase. (Max discount $50.)* Scram, scammers! This new shopping experience report outlines how consumers stay protected.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Word Search: Say “ahhh.” The theme of this week’s puzzle is doctor’s office equipment. Play Word Search here. Flight trivia The shortest scheduled passenger flight in the world travels between two islands, Westray and Papa Westray, and takes roughly a minute to complete. This route, operated by Loganair, is in what country? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Scotland Word of the Day Today’s Word of the Day is: futile, meaning “having no effect or achieving nothing.” Thanks to Shawn from Fairfield, CT, for the suggestion. Submit another Word of the Day here. ✳︎ A Note From RAD Intel This is a paid advertisement for RAD Intel made pursuant to its Regulation A+ offering and involves risk, including the possible loss of principal. The valuation is set by the Company, and there is currently no public market for the Company’s Common Stock. Nasdaq ticker “RADI” has been reserved by RAD Intel, and any potential listing is subject to future regulatory approval and market conditions. Please read the offering circular and related risks at invest.radintel.ai.           Written by Adam Epstein, Sam Klebanov, Matty Merritt, and Dave Lozo Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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SCOTUS considers a controversial pesticide...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fr16dm.2dr54/eba7aa8f.gif" alt="" border="0" /></a> April 28, 2026View Online | Sign Up | Shop Morning Brew Presented By Sponsor Logo: David Protein Mornin’ folks. We learned a new word today: thigmotactic. It’s the term for social creatures that like to cuddle, and it applies to Chonkers, the 2,000-pound seal who’s been delighting locals and tourists alike by thwomping onto the docks made for a smaller seal species at San Francisco’s Pier 39. In fact, he's gotten such a high profile in San Francisco that he’s already got beef with Elon Musk, and OpenAI is considering paying him in the low hundreds of millions for his podcast. —Dave Lozo, Sam Klebanov, Molly Liebergall, Neal Freyman, Abby Rubenstein In today’s newsletter, we’ll get into: A Supreme Court pesticide showdown OpenAI and Microsoft recalibrating their relationship A royal visit to the US MARKETS Nasdaq 24,887.10 +0.20% S&P 7,173.91 +0.12% Dow 49,167.79 -0.13% 10-Year 4.336% +3.0 bps Bitcoin $76,885.87 -1.98% Domino's $335.30 -8.93% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: Call the S&P 500 and the Nasdaq Ariana Grande, because they just keep hitting high notes. Both indexes closed at record highs again yesterday, even as oil prices rose amid stalled Iran peace talks. Stock spotlight: Domino’s failed to deliver after the pizza chain reported weak sales. Its CEO said to expect the same from other fast-food chains due to a cold winter and declining consumer sentiment.   TAKING A -CIDE SCOTUS tries to get to root of the weedkiller case Protestors outside Supreme Court Tasos Katopodis/Getty Images Can Monsanto, the manufacturer of the popular weedkiller Roundup, be held responsible for failing to apply a cancer warning to its label? That’s the question at the heart of arguments heard by the Supreme Court yesterday that could decide the future of the agriculture industry, the fate of settlements in pending lawsuits, and the outcome of the midterm elections. So, you know, not that big of a deal. The justices reportedly asked the company’s lawyers tough questions but didn’t tip their hand on how they might ultimately rule. The case boils down to federal vs. state authority: The EPA has never deemed the active ingredient in Roundup, glyphosate, cancer-causing. Bayer, which bought Monsanto in 2018, says that means Roundup doesn’t need the warning label required by state laws. However, the World Health Organization found a link between glyphosate and cancer in 2015, a conclusion that has been reached by other scientific bodies, prompting suits against the company. There are thousands of legal cases against Bayer over Roundup, but the one before the high court involves John Durnell, who claims decades of using Roundup resulted in his blood cancer. In 2023, a Missouri jury awarded Durnell $1.25 million, and Bayer is appealing. A decision is expected by June. A favorable ruling from SCOTUS on the Durnell case would limit Bayer’s liability in current and future lawsuits, as would a $7.25 billion class-action settlement proposed by the company in February. Glyphosate saves farmers $21 billion annually, according to SCOTUS Blog, and is the most widely used herbicide in the US. CEO Bill Anderson said Bayer may stop selling Roundup due to lawsuits that he considers an “existential” threat to farmers. The MAHA quandary: The Trump administration is defending Bayer and supporting a farm bill that includes new protections for glyphosate, rankling MAHA advocates who helped Trump get elected in 2024. Some protested outside the court yesterday, and one wellness influencer told CNN that glyphosate “is going to be a midterm issue” in November.—DL     Sponsored By David Protein Not all protein bars are created equal Sponsor: David Protein David Protein built their products around three core principles: Eat sufficient protein. Don’t overconsume calories. Minimize added sugar consumption. The result? Each David Gold bar delivers 28g of protein, 150 calories, and 0g of sugar (meaning 75% of calories come from protein). That’s the highest protein-to-calorie ratio of any bar on the market. And somehow, they still taste good. Their Gold bars come in eight indulgent flavors ranging from Chocolate Chip Cookie Dough and Peanut Butter Chocolate Chunk to Blueberry Pie and Cinnamon Roll. Get free shipping on your first online order or find David at a nearby Target. WORLD Tour de headlines OpenAI logoJakub Porzycki/NurPhoto via Getty Images OpenAI gets more freedom from Microsoft. Like your friend who finally got up the nerve to force the "what are we” conversation with their situationship, Microsoft and OpenAI are redefining the relationship. Their revamped partnership does away with Microsoft’s exclusive rights to sell OpenAI’s AI models, giving OpenAI the ability to work with Microsoft’s rivals amid a fight among tech companies to dominate the industry. On the flip side, Microsoft will stop sharing revenue with OpenAI, though OpenAI will still share revenue with major investor Microsoft through 2030—though the amount will be capped. Iran offers to stop blocking the Strait of Hormuz—but with conditions. Although peace talks between the US and Iran in Pakistan were canceled this weekend, negotiations appear to be ongoing. Iran has offered to allow ships through the Strait of Hormuz, whose closure has spiked global energy prices, but only if the US ends its blockade of Iranian ships and the war while postponing nuclear talks, officials told multiple news outlets yesterday. Those conditions are unlikely to satisfy the US, but President Trump’s national security team discussed the proposal yesterday. Trump says Disney should fire Jimmy Kimmel. The White House is feuding with the late-night TV host again, with the president calling on ABC and its parent company, Disney, to fire Kimmel over a joke he made last week that described First Lady Melania Trump as looking like “an expectant widow” in a mock White House Correspondents’ Dinner speech. With the actual dinner subsequently disrupted by a shooter who prosecutors allege was trying to assassinate Trump, both the president and the first lady criticized Kimmel on social media yesterday. Kimmel’s show was briefly suspended from the air in September after pressure from the Trump administration over comments he made about Charlie Kirk’s murder.—AR CHINA’S CTRL-U China blocks Meta’s $2b acquisition of AI startup Manus Meta logo with stars of Chinese flag Morning Brew Design Meta is in a pickle like someone who booked a vacation only to learn that their boss won’t grant their PTO request. A Chinese regulator yesterday blocked its acquisition of the AI startup Manus, halting a $2 billion corporate tie-up that was already underway. Meta acquired Manus after the China-founded AI company moved to Singapore last year. Experts say China’s nixing of the deal is aimed at curbing the transfer of homegrown AI know-how to the US—and discouraging other AI companies from relocating abroad in order to seek foreign investment. Minus Manus China has reportedly banned two Manus top executives from leaving the country. Meanwhile, other Manus employees moved into Meta’s Singapore office and reportedly already began learning to use the coffee machine working alongside Meta staff. Losing Manus would be a hit to Meta as the Facebook parent counted on the deal to bolster its own AI competitiveness: Manus’s AI agents wowed users last year by completing multi-step tasks like research and data analysis. The startup surpassed $100 million in annual subscription revenue last December. Meta said yesterday the purchase was legal and that it hopes to resolve the issue. Looking ahead: The deal’s status could come up when President Trump and China’s leader Xi Jinping meet next month to talk trade and geopolitics.—SK     Sponsored By Midori Bio Sponsor: Midori Bio This tech could solve the 400m-ton plastic problem. That’s how much plastic is produced yearly, and regulators are requiring costly manufacturing overhauls for environmental standards. So Midori Bio’s tech shortened plastics’ landfill lifespan 64x with zero factory downtime or capital expenditure. Brands like Planters Peanuts and Boston Beer Co. use it. 150+ more potential partners lined up, part of Midori’s targeted $600b plastic market. Invest at $1.10/share today. ROYAL VISIT Trump breaks scones with King Charles III King Charles III and Queen Camilla visit US Chip Somodevilla/Getty Images The British have come to celebrate America’s 250th anniversary and mend a fractured relationship. With US-UK tensions running high, King Charles III and Queen Camilla arrived in Washington, DC, yesterday for a four-day trip that marks the King’s first official visit to the country since taking the throne. Festivities kicked off yesterday with tea at the White House and a garden party at the British ambassador’s place. Today: Charles and Camilla will get a ceremonial military welcome at the White House and hear a speech from President Trump. The king will address both houses of Congress—only the second time a UK monarch has done so—before a state dinner at the White House. Also on the royal itinerary: a stop in New York City for a visit to the 9/11 memorial site and face time with Wall Street tech leaders. Not on the itinerary: seeing Prince Harry or mentioning Jeffrey Epstein. Charles isn’t expected to heed calls to meet with Epstein survivors or the brother of the late Virginia Giuffre, who accused then-Prince Andrew of assaulting her while she was being trafficked by Epstein. Zoom out: Almost half of the British public disapproves of this visit, per a YouGov poll. Still, the UK likely sees it as a de-escalatory bandaid amid recent Trump threats, which reportedly include un-recognizing the Falkland Islands as a British territory to punish the UK’s lack of action in Iran.—ML     STAT Prime number: $50 for a movie ticket A movie theater seat on a red carpet Niv Bavarsky Dinner and a movie? In this economy? We have reached the point where a date night with two movie tickets can run you $100—and that doesn’t even include popcorn. Regal Cinemas recently sold out in mere minutes for $50 tickets to see Dune: Part Three projected in 70 millimeter IMAX film over its December opening weekend, according to the Wall Street Journal, which notes its part of a premium movie ticket trend: Last year, 17% of film tickets sold were for theaters with bigger screens and better sound (typically at a higher cost), compared with 13% in 2021. Cinema-goers snap up seats in these theaters faster than others, so theater owners are building more of them. By the end of last year, AMC had 517, which is 30% more than the chain had in 2021. But the WSJ says Hollywood studios aren’t sold on movie theaters going big on screens and prices, fearing that upcharging the most devoted cinephiles could backfire by turning a night at the movies from a bit of fun to a special occasion.—AR READER POLL Would you pay $50 for a premium movie ticket? Sure, the experience is worth it.Yes, but I’d sneak in my own snacks.Maybe, for a really epic film.No, my home flat screen is good enough for me. Sponsored By Skechers Sponsor: Skechers Comfort shouldn’t require effort. Skechers’ new Slide-Ups™ and Hands Free Slip-ins® are engineered for people who have places to be. Supportive, stylish, and ready in seconds—because your morning routine is already packed enough. Step into spring. NEWS What else is brewing Cole Tomas Allen, the suspect in the White House Correspondents’ Association dinner, was charged yesterday with the attempted assassination of President Donald Trump and two firearms counts. He faces up to life in prison on the assassination charge. The Supreme Court heard oral arguments over whether law enforcement warrants that force tech companies to fork over cellphone-location data are constitutional. Shell agreed to buy Canadian oil and gas producer Arc Resources for $13.6 billion—its biggest deal in over a decade. California’s billionaire tax has gotten enough signatures to appear on the ballot in November, supporters say. United’s CEO said a merger with American Airlines is “off the table for the foreseeable future” since the takeover target refused to engage, but insisted the combination would be good for customers. Jury selection began yesterday in Elon Musk’s case against Sam Altman over the fate of OpenAI. The liability phase of the trial is expected to end by May 21. Taylor Swift filed trademark applications for clips of her voice and a photograph of her holding a guitar in what looks like an effort to take legal steps against AI imitation. RECS To-Do List Read: This book is a deep dive into the attention economy causing your scrolling addiction.** Have a lazy lunch: Healthy dishes you can prepare in 15 minutes. Write your name: A NASA website that lets you see your name spelled out via satellite imagery. Travel tip: How Wikipedia can help you find the cheapest flights. Make your mark: Create cinematic AI content with crucial help from acclaimed AI directors. See how it works.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Mini: Your sample clue for today is “Heartless character of fiction.” Find out whom we’re referring to. Play the Mini here. Marathon trivia Two people have now run a marathon in under two hours. What was the men’s world-record marathon time in 1908? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER 2:55:18.4, run by Johnny Hayes at the Olympics in England. Word of the Day Today’s Word of the Day is: cinephiles, meaning “movie lovers.” Thanks to Niall from Miami for the cinematic suggestion. Submit another Word of the Day here. ✳︎ A Note From Midori Bio This is a paid advertisement for Midorio Bio’s Regulation A offering. Please read the offering circular at https://invest.midori-bio.com/.           Written by Abigail Rubenstein, Dave Lozo, Sam Klebanov, Molly Liebergall, and Neal Freyman Was this email forwarded to you? Sign up here. 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A shooter targeted the White House Correspondents’ Dinner…<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fr0wpr.2ds51/938f4d9b.gif" alt="" border="0" /></a> April 27, 2026View Online | Sign Up | Shop Morning Brew Presented By Sponsor Logo: Greenland Energy Co. Good morning. On Saturday, Buffalo linebacker Red Murdock was selected by the Denver Broncos as the 257th, and final, pick of the NFL Draft, earning him the title “Mr. Irrelevant.” With this distinction, Murdock joins a number of things that are chosen last: a middle seat on an airplane, that decaf K-cup, and your mental health during the holiday season. —Abby Rubenstein, Brendan Cosgrove, Holly Van Leuven, Neal Freyman In today’s newsletter, we’ll get into: The aftermath of the White House Correspondents’ Dinner shooting Sen. Thom Tillis is now ready to back Kevin Warsh for Fed chair The major milestone just hit by (human) marathoners wearing Adidas shoes MARKETS: YEAR-TO-DATE Nasdaq 24,836.60 +6.86% S&P 7,165.08 +4.67% Dow 49,230.71 +2.43% 10-Year 4.310% +14.7 bps Bitcoin $79,021.29 -9.70% Verizon $46.38 +17.59% Data is provided by *Stock data as of market close, cryptocurrency data as of 9:00pm ET. Here's what these numbers mean. Markets: Oil prices rose and stock futures fell last night, following President Trump’s last-minute decision over the weekend to call off the latest scheduled peace talks in Pakistan (more on that below). Stock spotlight: Despite a rough few weeks, Verizon has been dialed in lately, rising more than 18% over the past six months. The telecom company will report earnings this morning.   NATIONAL Details emerge after White House Correspondents’ Dinner shooting Security in the ballroom at the 2026 WHCD Andrew Harnik/Getty Images The organizers of this year’s White House Correspondents’ Association Dinner undoubtedly expected to make headlines as the first such event President Trump has attended while president, but the event filled with journalists, Cabinet officials, and high-profile businesspeople got attention this weekend, not for witty barbs or feats by its mentalist host, but for being disrupted by a shooter. A Secret Service agent by the entrance to the DC event, who was wearing a bulletproof vest, was shot before the suspected gunman was swiftly apprehended by law enforcement (the agent is reportedly in good condition). However, Attorney General Todd Blanche said yesterday that Trump and his Cabinet officials were likely the intended targets. The alleged shooter was said to have written a “manifesto” and left behind writings denouncing the administration’s policies in his hotel room. The suspect was identified by law enforcement as Cole Tomas Allen, 31, of Torrance, CA. President Trump described him as a “lone wolf” and “a very sick person.” The interim chief of the DC police said he was armed with a shotgun, a handgun, and knives. He is expected to be charged in federal court today. The president was whisked away from the event after shots were fired shortly before dinner was scheduled to be served, just as the mentalist was trying to guess the name of Press Secretary Karoline Leavitt’s soon-to-be-born baby. The event is expected to be rescheduled. Undeterred, Trump wants to have a ball(room) The shooting has raised questions about security in the hotel—which happens to be the same one where President Ronald Reagan also survived an attempted shooting in 1981—as there was security around the ballroom, but not the entrance to the hotel itself. And Trump said the concerns demonstrated why the $400 million ballroom he is seeking to add to the White House is needed. The president has raised money for the ballroom from donors that include Amazon, Lockheed Martin, Palantir, Google, and others, and demolished the East Wing to prepare for its construction. The project has been stop–start: Earlier this month, construction was temporarily halted by a federal court, which found it needed congressional approval. But…even if the White House ballroom were completed, a private event like the Correspondents’ Dinner is unlikely to be held there.—AR     Sponsored By Greenland Energy Co. The North Sea has a colder (and icier) cousin Sponsor: Greenland Energy Co. Greenland’s Jameson Land Basin is starting to look like the kid everyone wants to sit next to at lunch—and for good reason. After decades untouched, the 2m-acre basin is back in play. Greenland Energy Co. is pairing legacy seismic data with modern tech to hunt for what could be billions of barrels of untapped resources. The stakes are massive. But this isn’t just about drilling holes. The company aims to balance energy advancement with environmental and social integrity. Success here could mark the early stages of opening one of the last true frontier markets—Greenland and the broader Arctic—at a time when energy security and geopolitics are colliding. The question isn’t just what’s down there. It’s whether this becomes the first real proof point in unlocking Greenland’s resource potential. WORLD Tour de headlines a police officer in Islamabad near banners for the peace talksFarooq Naeem/Getty Images Trump called off sending top diplomats to round 2 of peace talks in Pakistan. The fate of the next stage of negotiations in Islamabad started to look dicey Friday evening, when Iran said it would not meet directly with US counterparts in Pakistan, and instead would be dialoguing with Pakistani officials, who could relay the information to the US delegation. Then, Iranian Foreign Minister Abbas Araghchi left Pakistan on Saturday before US envoys Steve Witkoff and Jared Kushner departed the US, prompting Trump to call off their expedition. On Saturday afternoon, Trump confirmed the cancellation, writing on Truth Social, “We have all the cards, they have none! If they want to talk, all they have to do is call!!!” Araghchi returned to Islamabad for a brief stopover yesterday before heading to Moscow. Sen. Thom Tillis will stop blocking nomination of Kevin Warsh to Fed chair. The Republican from North Carolina, who on April 21 confirmed he would block the nomination of a successor to Fed Chair Jerome Powell until the Department of Justice’s criminal investigation of him was dropped, said yesterday on NBC’s Meet The Press, “I am prepared to move on with the confirmation of Mr. Warsh. I think he’s going to be a great Fed chair.” The news comes following the DOJ’s dropping of a criminal investigation into cost overruns of Powell’s renovation of the Federal Reserve building on Friday, although US Attorney for DC Jeanine Pirro said in that announcement that she would “not hesitate to restart a criminal investigation should the facts warrant doing so.” AI companies’ next great source of talent is…struggling software companies. AI firms have been eating software companies’ lunch in the stock market, and now they’re walking away with the popular kids’ table from the cafeteria all together. Sources told CNBC that Anthropic and OpenAI have poached executives from Salesforce, Snowflake, Datadog, and Palantir as high-level software employees see the writing on the wall in their sector. OpenAI, in particular, wants to pursue enterprise customers as a key source of revenue, which is something many top software execs understand intimately. Sales and go-to-market experience are particularly in demand.—HVL BAD OR A THRILLER? The divisive MJ film everyone is flocking to see-hee Signs for the Los Angeles premiere of the Michael Jackson biopic Leon Bennett/Getty Images The King of Pop might just be the King of Popcorn, too. Audiences rushed to see Michael this past weekend, giving the Michael Jackson movie the biggest global opening for a biopic ever, according to producer Lionsgate. Per The Hollywood Reporter, the movie, which had a final budget of $200 million, made: $97 million domestically. $120.4 million more overseas. Is it actually good? It depends on who you ask. The movie, directed by Antoine Fuqua and starring Jafaar Jackson, the late singer’s real-life nephew, has a stellar 97% audience score on Rotten Tomatoes. But critics mostly thought it was bad, so bad, shamone. The elephant in the room Some of the biggest criticisms revolved around the fact that Michael concluded in 1988, before he was publicly accused of child molestation. The original cut of the movie delved into some of the allegations, but those scenes were scrapped after the Jackson estate realized it had previously agreed with the accuser it was trying to depict not to feature that person in any film, per The Hollywood Reporter. The change required extensive and expensive reshoots. A sequel is reportedly likely: And it could delve into the controversies, but the Jackson estate, which denies all allegations against Michael, would still be overseeing production, underscoring a problem that many authorized biopics face: When an artist or their estate controls the story (and music rights), the audience might not get the full picture.—BC     READER POLL Are you planning on seeing the Michael Jackson biopic? Yes.No.Not in theaters, but maybe on streaming someday.I already saw it. Sponsored By Apple Card Sponsor: Apple Card Shop + earn. Tired of calculating points and converting miles? Earn 2% Daily Cash back that never expires when you use Apple Card with Apple Pay online and in-store. That’s 2% real cash back on your morning coffee, grocery store hauls, vacation rentals, and more at most merchants in-store and online in the US. Learn more. Terms apply. CALENDAR The week ahead Fan at a Berkshire Hathaway annual meetingA Berkshire Hathaway annual meeting in the days of yore. Johannes Eisele/Getty Images A JPow farewell bow? It might be the end of an era at the Federal Reserve. Jerome Powell’s term as chair ends on May 15, so this Wednesday’s interest rate announcement and press conference could be Powell’s last as chief. It’ll all depend on whether President Trump’s pick to replace Powell, Kevin Warsh, is confirmed by the Senate in time. Aside from that, Powell still hasn’t said whether he’ll stay on as a Fed governor, a term that expires in January 2028. Powell previously said he would stay on until there was a resolution to the Department of Justice’s criminal investigation of him. Federal prosecutors announced on Friday that the probe had been closed. A big bag of Mag: More than one-third of the S&P 500 will report earnings this week, including five of the “Magnificent Seven.” Alphabet, Amazon, Meta, and Microsoft deliver results on Wednesday, then it’s Apple’s turn on Thursday. It’s also a big week for businesses based on brownish-black liquid: Starbucks and Coca-Cola will report earnings tomorrow, followed by ExxonMobil and Chevron on Friday. Ready, willing, and Abel: New Berkshire Hathaway CEO Greg Abel will have some Omaha-sized shoes to fill on Saturday at the conglomerate’s first annual meeting without Warren Buffett at the helm. Buffett built the event into a massive attraction that draws tens of thousands of attendees every year. But it’s Abel’s show now, and shareholders will be hoping the so-called “Woodstock for Capitalists” doesn’t end up looking more like the “Woodstock ’99 for Capitalists.” But wait, there’s more: Jury selection begins today in a high-stakes court battle between Elon Musk and OpenAI CEO Sam Altman. Britain’s King Charles III and Queen Camilla arrive in the US today for a four-day state visit. Defense Secretary Pete Hegseth is expected to be on Capitol Hill on Wednesday for his first public testimony since the Iran war began. Q1 GDP numbers and personal consumption expenditures price index data for March will be released on Thursday. Gird your loins. The Devil Wears Prada 2 hits theaters on Friday. The 152nd Kentucky Derby is on Saturday. Buy your fresh mint now, julep fans. STAT Prime number: A sub-2 marathon twofer Sabastian Sawe after the London MarathonAlex Davidson/Getty Images Quite the feat. Quite the feet. Two runners officially broke the two-hour marathon mark in London yesterday. (Take that, robots!) Kenya’s Sabastian Sawe ran 26.2 miles in 1 hour, 59 minutes, and 30 seconds, shattering the world record by more than a minute. Then, Ethiopia’s Yomif Kejelcha crossed the finish line 11 seconds later—not a bad effort for his first-ever marathon. Let’s hope they both BQ’d. Sawe and Kejelcha were wearing Adidas shoes, as was the top woman, Ethiopia’s Tigst Assefa, a nice tailwind for the German shoe company, which has been looking to get a leg up in the performance sports market. According to Bloomberg and researcher Circana, the US market for running shoes was up 13% year over year through February, hitting $8.1 billion.—BC Sponsored By The Bouqs Co. Sponsor: The Bouqs Co. Two roommates solving a $100b problem. John Tabis and Juan Pablo Montufar-Arroyo saw 60% of flowers being wasted by traditional florists. So they created The Bouqs Co. with a model that cuts waste down to less than 2%. The company just made nearly $100m in annual revenue, and they’re planning to open 70+ stores nationwide. Invest in Bouqs before the round ends. NEWS What else is brewing The California billionaire tax initiative has secured enough signatures to qualify for the state ballot in November, proponents told the Wall Street Journal. A North Dakota state legislator and a pilot were killed in a small plane crash near Minneapolis on Saturday. Sloth World, a planned animal attraction in Orlando, had over 30 sloths die in its care and abandoned plans to open. Procter & Gamble said on Friday it would experience a $1 billion profit loss in FY27 due to elevated oil prices. Trader Joe’s coffee drinkers sued the chain, alleging it deceptively advertised its French Roast Low Acid coffee beans as having more caffeine than they really did. RECS To-Do List Laugh: Want to find out who’s best at business? Come see your favorite Morning Brew creators in New York City on Thursday. Track: The next big form factor for sleep-tracking is…earbuds. Read: This thought-provoking blog post says not to enjoy blessings you don’t actually have. Reconfigure: Here’s how to turn off all videos on Spotify (except ads). Reimagining sound: Trusted by 670k+ people, hear.com’s Horizon IX scans the room 10k times per second to isolate every voice from surrounding noise. Start your 45-day no-risk trial.* *A message from our sponsor. PLAY Games available from Morning Brew Turntable: Your center letter is O this week, surrounded by U, P, M, T, E, and C. How many of the 48 words can you come up with? Find out when you play Turntable here. US capitals trivia How many US state capitals have the word “city” in their name? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Four: Oklahoma City (OK), Carson City (NV), Salt Lake City (UT), and Jefferson City (MO). Word of the Day Today’s Word of the Day is: twofer, meaning “something that meets two criteria simultaneously.” Thanks to Andrea for one great suggestion. Submit another Word of the Day here. ✳︎ A Note From The Bouqs Co. This is a paid advertisement for The Bouqs Co.’s Regulation CF offering. Please read the offering circular at https://invest.bouqs.com/.           Written by Abigail Rubenstein, Brendan Cosgrove, Holly Van Leuven , and Neal Freyman Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

The business of being watched...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fr0c0s.20djs/ddd7fccd.gif" alt="" border="0" /></a> April 26, 2026View Online | Sign Up | Shop Morning Brew Presented By Sponsor Logo: Capital One Business Illustration of a TV featuring different people representing reality TV tropes, such as a man holding a rose, a survival enthusiast holding a torch, and a woman cooking, all looking down at a person lounging on a couch, who is completely ignoring the TV and absorbed in their phone. Ian Foster-Dimino EDITOR’S NOTE Good morning. Today’s newsletter is not here to make friends. Instead, we’ll be looking at the business of reality TV, from the state of the genre, to the behind-the-scenes drama, to the shows Brew writers don’t want to miss. While we can’t promise all the fireworks of a Real Housewives dinner party, it’ll still be a fun read. THE TRIBE HAS SPOKEN Is reality TV washed? Jersey Shore Family Reunion, The Bachelor, Real Housewives of New York MTV, ABC, Bravo After a decadeslong boom, reality TV is hitting a low like when Snooki was arrested for public intoxication at the beach. The industry is downsizing harder than a star on Extreme Weight Loss: The number of new unscripted shows in the US took a nosedive last year, falling 15%. That means it’s a third below its 2022 level, according to data from research firm Luminate reported by the New York Times. Coming to terms: “Unscripted” is a broad category that encompasses all TV shows without a traditional script. But unscripted doesn’t mean unstructured: Cooking shows, home improvement shows, and even game shows all travel under the unscripted umbrella. Reality TV is a subset of unscripted that focuses on relationships and their baggage. It has a reputation for being heavily edited and even manipulated to maximize viewers’ emotional investment in it. Both cable and streaming are slimming down their unscripted and reality offerings: Unscripted powerhouse networks like HGTV released episodes of only 35 shows in 2025, compared to 78 in 2019. Meanwhile, the Food Network produced just half as many shows as it did in 2019. Streaming platforms and linear TV combined ordered 31% fewer reality series in 2025 than the previous year. Meanwhile, the shows that are being greenlit are produced on smaller budgets, leaving fewer jobs—not only for people who don’t mind having a drunken fight on camera, but also for production professionals. Economic reality Times have changed from when networks fell in love with reality shows for their ability to get everyone rooting for Kim to get her diamond ring back on a modest budget. While unscripted shows got a boost from a 2007 writers strike, which made reality TV’s (often) nonunionized casts and crews look more attractive to studios, the Hollywood strike of 2023 delivered no such windfall. Industry consolidation left fewer studios as buyers of reality TV content. And the streaming wars of the late 2010s and early 2020s, during which platforms like Netflix and Hulu cranked up content production to win subscribers, have wound down in recent years. The ratings of once-iconic brands like The Bachelor and The Real Housewives are on the decline, even as their budgets have swelled. But…audiences aren’t voting reality TV off the island entirely. Love Island USA was the most-watched original streaming show last year, with 18 billion minutes streamed on Peacock, according to Luminate.—SK     Sponsored By Capital One Business Founder stories from the trenches Sponsor: Capital One Business Whether you’re in the trenches of a Series B or just drafting your first pitch on the back of a napkin, Founder Brew is your twice-weekly deep dive into the real work of building a business. Launching May 5, we’re trading press release prose for honest, as-told-to journalism—the pivots, the trade-offs, and the hard-won lessons that define the entrepreneurial journey. From small businesses to high-growth tech, get the story behind the business. Founder Brew is brought to you by Capital One Business. Founders and business leaders have enough on their plates already. The Capital One Venture X Business card is designed to give small-business owners the flexibility to earn unlimited 2X miles on every purchase, everywhere—no preset spending limit* or extra decisions in sight. The first issue drops May 5. Subscribe so you don’t miss it. REAL WORLD Everything is reality TV now MrBeast's YouTube channel Screenshot via @MrBeast/YouTube The number of reality TV series may have dropped in recent years, but that’s not because there’s a shortage of Kardashians. Instead, much of that drama and unpredictability has moved to different platforms or bled into other aspects of our lives. Don’t forget to subscribe: It’s no secret that cable—the lifeblood of reality TV—is having connection issues. According to Business Insider and media advisory firm Madison and Wall: Nearly 90% of US households paid for a cable TV subscription in 2010. Now, that number is about 50%. Meanwhile, YouTube accounts for nearly 13% of viewing time in the US, the New York Times reported, citing Nielsen data. A lot of that content is unscripted, like the videos put out by Jimmy “MrBeast” Donaldson, who is basically a reality-TV/game-show host with more than 430 million YouTube subscribers (and who has successfully taken a show to Amazon Prime Video, too). Living the stream Livestreaming has also supplanted the more voyeuristic aspects of reality TV. And, like VH1’s run of reality shows in the 2000s, even celebrities are getting in on the action. Per Axios: Livestreaming platform Twitch has more than 21 million active streamers. Year over year, athlete and celebrity streams are up by nearly 20%. Social studies: Social media and the influencer economy are carrying on the spirit of reality TV. Audiences used to watch strangers cook, lose weight, and find love on 30- or 60-minute episodes. Now, that’s five minutes on Instagram. Politics has had a distinctly reality-TV flavor, too: Lawmakers have firmly joined in the influencer space, starting podcasts and getting major exposure through short, fiery clips, sufficiently Jersey Shore-ifying our social feeds. And, back in 2017, the New York Times reported that President Trump (himself a former reality TV star thanks to The Apprentice) instructed aides to think of each day as an episode of a TV show.—BC     DIRTY JOB The biggest reality TV drama is behind the scenes Chris Fusco from Love is Blind Chris Fusco from ‘Love is Blind.’ Netflix Forget about who kissed who, or which housewife snubbed another at her philanthropy event. In the industry that pushes its stars to produce drama, there’s been no shortage of real-life crises this year. The Bachelorette: Just three days before its March premiere, ABC parent company Disney made the unprecedented move to indefinitely postpone its much-hyped season starring Taylor Frankie Paul—a cast member on The Secret Lives of Mormon Wives—after TMZ released a video appearing to show her throwing metal bar stools in 2023 at her then-boyfriend, Dakota Mortensen (whom Paul has also accused of domestic violence), one of which seemed to strike her daughter and make the child cry. The Secret Lives of Mormon Wives reportedly halted work on its fifth season amid an investigation into Paul and Mortensen, though filming may resume soon. Love is Blind: One of the biggest upstarts in reality TV has already faced exploitation allegations and lawsuits dating back to 2022, and its reputation continued to tank this year after its latest season (No. 10) drew manosphere accusations. One male contestant compared himself to alleged human trafficker Andrew Tate, while another is suing a woman (not from the show) who accused him of sexual assault. Some women contestants also said producers cut conversations in which they told men that having voted for President Trump in 2024 was a dealbreaker for them. Documentary fallout: America’s Next Top Model has long been the poster child for reality TV’s 2000s-era psychological warfare. The show’s controversy is back in the limelight with a recent Netflix documentary featuring the show’s creator and host, Tyra Banks, who’s now being criticized for expressing a lack of accountability for the show’s poor treatment of contestants. Months earlier, a documentary about The Biggest Loser, another popular but controversial reality show from the 2000s, raised fresh allegations of physical and emotional harm by trainers Jillian Michaels and Bob Harper, which they deny. Meanwhile…a lawsuit by a former star of The Real Housewives of New York City, which accuses Bravo and producer Andy Cohen of creating a hostile work environment, is proceeding in federal court.—ML     Sponsored By Morning Made Sponsor: Morning Made Summer just showed up in your mug. Morning Made’s new Mango Matcha is ceremonial-grade Japanese matcha meets ripe, juicy mango—and it tastes exactly like that sounds. Slow-release energy, natural L-theanine for focus, under 30mg of caffeine, and less than $1/serving. Meet your new morning. OPENING ACT Famous people who got a start in unscripted TV Some former reality stars are desperately clinging to fame, charging $7 for a Cameo where they wish your dog a happy birthday. Others outgrew unscripted gigs and went on to win major awards, or even become royalty. Here are some celebrities and one government official (but not the one you think) who got their start on an unscripted show: Cardi B (Love & Hip Hop: New York) Beyoncé (Star Search) Kelly Clarkson, Jennifer Hudson, Carrie Underwood (American Idol) Lady Gaga (Boiling Points) Jon Hamm (The Big Date) Tom Hardy (The Big Breakfast) Chris Hemsworth (Australia’s Dancing With The Stars) Kesha (The Simple Life) Meghan Markle (Deal or No Deal) Glen Powell (Endurance) Emma Stone (In Search of the New Partridge Family) Harry Styles, Camila Cabello (The X Factor) Kristen Wiig (The Joe Schmo Show) Theo Von (Road Rules) Transportation Secretary Sean Duffy (The Real World and Road Rules) DEBATE CLUB What’s the best reality TV series ever? Below Deck MediterraneanBravo Below Deck: It’s the Bravo show that takes hot people, makes them serve rich people on a yacht in a beautiful location, then plies them with alcohol to see who hooks up or throws punches at the end of every episode. And when they’re so bad at their jobs that a captain (preferably Sandy) loses it on them, that’s the stuff. Sometimes, a random famous person, like former Major League Baseball player Johnny Damon, rents the yacht just to keep viewers on their toes (see it here). They’ve really figured out the recipe for compelling television.—DL Say Yes to the Dress: In an industry of reality shows broadcasting brides acting outrageously, TLC’s Say Yes to the Dress offers a heartwarming alternative. The roughly 20-minute episodes follow a few soon-to-be brides as they choose their wedding dress at the iconic Kleinfeld’s in Manhattan. Over the course of its 23 seasons, 337 episodes, and 20+ spinoffs, you’ll enjoy opinionated bridesmaids egging on broke brides lusting after Pnina Tornai ballgowns, and the divas who make magic happen (aka go into that little room to get a few thousand dollars knocked off the dress price). You’ll laugh, you’ll cry, you’ll vow to never try on a trumpet silhouette.—MM Chopped: The Food Network show’s concept is simple: Chefs have limited time to make a dish from a basket of mystery ingredients, and judges pick a winner. But sometimes, the ingredients are Fun Dip and canned octopus. And contestants all have chef’s knife tattoos and there are pots of boiling water everywhere. One time, a judge who hated raw onions kept getting served raw onions. And there was a time when a chef cut their finger and tried to “cauterize” the open wound with lemon juice before hand-tossing a fresh salad. Sometimes children do the cooking—or everyone is on a desert island for some reason. And winners compete in a Tournament of All-Star Ultimate Master Champions. There you have it: all the ingredients for a perfect reality TV show.—BC CHARTED TERRITORY Bar chart with blue horizontal bars showing the top 15 longest running reality TV shows by number of seasons. Survivor leads with 50 seasons.Designer: Jessica Russo It might feel like The Real Housewives franchise has been screaming at you from Bravo for hundreds of years, but there’s a long list of unscripted shows that have offered up even more drama—at least based on the overall number of seasons, if not the quality of interpersonal dissing: Despite its debut just 26 years ago, Survivor recently premiered its 50th season and has been renewed for at least two more. A few of these shows have had nonconsecutive seasons, including America’s Most Wanted and American Idol. Cops, which premiered in 1989, is the oldest reality show on the list. The show was permanently removed from Paramount Networks following nationwide protests against police brutality in 2020, but was picked up by Fox Nation in 2021. BREW'S BEST To-Do List Drink: Sip wine and start fights with these glasses that seem to be all over reality TV.** Watch: Revisit the weird ’90s game show for kids, Uh Oh!. Buy: The best on-camera highlighter out there is Kryolan’s TV White Paint Stick. Cancel: The case for getting rid of The Bachelor franchise altogether. Assemble: Imagine a season of Survivor where all of the worst and unluckiest contestants are invited back to Fiji. Your edge starts here: Founder Brew launches May 5. The pivots, trade-offs, and hard-won lessons that define great builders. Subscribe early. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ✢ A Note From Capital One Business *No preset spending limit does not mean unlimited spending. The amount you can spend can change over time based on your spending behavior, payment history, credit profile, and other factors.           Written by Sam Klebanov, Molly Liebergall, Dave Lozo, Brendan Cosgrove, Matty Merritt, Adam Epstein, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

The tech titans head toward a court showdown...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fr0mkb.2dmrt/3fe6f85d.gif" alt="" border="0" /></a> April 25, 2026View Online | Sign Up | Shop Morning Brew Presented By Sponsor Logo: Automated Retail Technologies Happy Saturday. We know your schedule may feel a little light right now as it starts to warm up. But do not complain, or you will be cursed with four hometown wedding invites for June, an ill-planned lake house request for the Fourth of July, and a thousand “we should do a garage sale or something this summer” texts. —Molly Liebergall, Matty Merritt, Sam Klebanov, Abby Rubenstein, Holly Van Leuven In today’s newsletter, we’ll look at: Musk v. Altman taking the future of AI to court The DOJ dropping its criminal probe into Jerome Powell The $100 landline parents love MARKETS Nasdaq 24,836.60 +1.63% S&P 7,165.08 +0.80% Dow 49,230.71 -0.16% 10-Year 4.310% -1.0 bps Bitcoin $77,622.50 -0.34% Intel $82.54 +23.60% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: With US–Iran peace talks appearing to be back on, the S&P 500 and the Nasdaq closed at record highs yesterday. Intel had its best day since the shoulder-pad-heavy days of 1987 after its earnings report showed the chipmaker’s turnaround is coming together. That helped propel Nvidia, which rose enough to regain its $5 trillion value.   BILLIONAIRE BATTLE These guys are finally going to fight… Elon Musk and Sam Altman Chip Somodevilla/Getty Images, Anna Moneymaker/Getty Images …in court. A high-stakes California trial between Elon Musk and OpenAI CEO Sam Altman is set to begin Monday with jury selection. It’s the culmination of a yearslong friends-to-enemies arc that could reconfigure the AI landscape. The crux of the case: takesies backsies. Musk, an OpenAI co-founder and original funder, accuses Altman and OpenAI President Greg Brockman of breaking their vow to keep the ChatGPT maker as a nonprofit: Musk claims the OpenAI squad “assiduously manipulated” him out of millions of dollars in donations by promising to develop AI more safely than “profit-driven tech giants” like Google and Microsoft (the latter, as OpenAI’s main partner, is also named in the lawsuit). OpenAI calls Musk’s accusations “baseless” and “motivated by jealousy, regret for walking away from OpenAI, and a desire to derail a competing AI company.” For context, Musk left OpenAI’s board in 2018 after failing to convince other founders to fold the AI startup into Tesla. The next year, Altman officially became CEO of OpenAI. Then, in 2023, Musk started xAI. Now, Musk demands $100+ billion in damages—which he recently said he’d give to OpenAI’s nonprofit arm—the removal of Altman and Brockman, and the reversal of OpenAI’s recent for-profit restructuring. Expect a courtroom drama “We are about to witness the landing of the Hindenburg on the deck of the Titanic,” a corporate litigation expert told the Washington Post. Drama is expected in part because Musk, Altman, Brockman, Microsoft CEO Satya Nadella, and several OpenAI insiders are slated to testify. Plus, court filings have already mentioned Big Tech tea, including: Musk’s prior attendance at Burning Man. Meta CEO Mark Zuckerberg telling Musk that he’d remove “threatening” posts. Musk calling Amazon founder Jeff Bezos “a bit of a tool.” Looking ahead…if Musk prevails, OpenAI could be kneecapped right as it’s racing xAI to an IPO, handing a win to Musk’s AI startup, but potentially also to Google, Anthropic, and China’s DeepSeek.—ML     READER POLL Do you think Elon Musk or Sam Altman is right in the lawsuit over OpenAI’s values? Elon, it should’ve stayed a nonprofit.Altman, OpenAI needs money to grow.Neither, nobody wins when tech titans fight. Sponsored By Automated Retail Technologies White Castle slides into the future Sponsor: Automated Retail Technologies An up-and-coming robotics company is letting America’s oldest fast-food chain expand anywhere there’s an electrical outlet. Thanks to Automated Retail Technologies, White Castle will now serve its beloved hot sliders in 1,000 new locations with robotics. ART’s robotic kiosks let brands open new locations at .001% the cost of a brick-and-mortar store. It’s why big-name brands like Nestlé and Macaroni Grill are also partners. Meanwhile, foodservice giants like Sodexo, Aramark, Compass Group, and Vistar have all partnered with ART to bring their kiosks to colleges, hospitals, businesses, and the thousands of other locations they manage. Big-name investors like Shark Tank OG Kevin Harrington already invested. Get 3% guaranteed bonus stock as an ART shareholder by midnight ET. WORLD Tour de headlines Jerome PowellKevin Dietsch/Getty Images The DOJ dropped its criminal probe of Jerome Powell. The Department of Justice ended its investigation into Federal Reserve Chair Jerome Powell over the cost of building renovations, with US Attorney for DC Jeanine Pirro saying the Fed’s internal watchdog was looking into the matter instead (it has already done so previously and found no wrongdoing, per NBC). That’s almost as good news for Powell as it is for his Trump-picked successor, Kevin Warsh, who will now likely be swiftly confirmed. Critics had decried the investigation as politically motivated, and, with Powell’s term as chair ending on May 15, Sen. Thom Tillis, a North Carolina Republican, vowed to block Warsh’s confirmation until the probe ended. White House sending team to Pakistan for talks with Iran. Although peace negotiations have stalled recently amid a continued standoff over the Strait of Hormuz, the White House confirmed plans to send Jared Kushner and Steve Witkoff to Pakistan today for direct talks with Iran. However, Vice President JD Vance, who led the last round of talks, will not go this time. Iran’s foreign ministry spokesman said in an X post yesterday that the Iranian delegation would meet with Pakistani officials, but not directly with the Americans. Meanwhile, the US announced sanctions yesterday on a Chinese oil refinery and about 40 shipping companies involved in transporting Iranian oil. Maine governor vetoed US’ first statewide data center ban. With backlash to AI data centers growing, Maine almost became the first state to ban them after state lawmakers approved an 18-month moratorium on new data center construction. Instead, Gov. Janet Mills, a Democrat who’s currently running in a tough Senate primary, vetoed the measure, saying it would economically harm the state by shutting down a proposed project on the site of a defunct paper mill. Although the bill passed with unanimous support from members of Mills’s party, that’s not enough to override her veto. Meanwhile, other states and locales are considering curbing data centers.—AR IS YOUR REFRIGERATOR RUNNING? Kids are chatting old school Child using Tin Can phone Tin Can The next generation will be expert prank callers: There’s a monthslong waitlist for a screenless, landline-inspired device for kids called Tin Can. The pared-down phone has only been on the market for a year and has already sold hundreds of thousands of units, the startup that sells it told Bloomberg yesterday. Tech that parents actually like? The wi-fi-enabled phone costs $100, and offers free calls between Tin Cans and to emergency services. Its most popular plan, according to the company, is an extra $10/month that lets users call non-Tin Can phones: The phone was created by Chet Kittleson, a father of three, who says he felt exhausted by the choice between letting his kids get a smartphone or managing all their playdates with friends. His company has since raised an initial $3.5 million, followed by a $12 million seed round in December led by Greylock Partners. Tin Can says its fastest-growing market segment is bulk orders from schools. This month, the Nativity Parish school in Kansas delivered free Tin Cans to 200+ families of elementary school students. Big picture: The retro device has attracted parents as lawmakers around the world pitch social media bans for kids. Just last month, Meta and YouTube lost a huge social media addiction trial a day after Meta lost a different child safety case.—MM     Together With Dose Daily Sponsor: Dose Daily Give your liver new life. A 2oz shot of Dose for your Liver tastes like OJ and supports your liver so it can do its 500+ functions, like energy production and digestion. Plus, it’s clinically-backed for measurable results. Start building healthy habits. Get 35% off with code MORNINGBREW. ICYMI Have you heard... Here’s everything that didn’t make it into this week’s newsletters but we immediately sent to the group chat. An AI-powered table tennis bot built by Sony is beating some elite human players at their own game, in what’s being seen as a milestone for robotics. To think we spent all these years fearing a Terminator-like uprising when the true threat was a Marty Supreme android. Alex Cooper has more to worry about than just her public feud with influencer Alix Earle, as employees are reportedly leaving Cooper’s media company, Unwell, in droves. We’re waiting to form an opinion until consulting a third blonde woman named Alyx, Alexx, or Sasha. Atlantic salmon that were exposed to cocaine’s main byproduct swam faster and nearly twice as far in a week as their sober compatriots, according to new research on the drug’s pollution in waterways. Thanks, science, now we know that. In an effort to create truly smoke-free generations, the UK passed a bill that will ban anyone born after 2008 from ever buying cigarettes, which has probably made young Brits realize that they need to be nicer to their older siblings. Netflix has started production on a new live-action Scooby-Doo series that will focus on the gang’s teenage origins. The streaming service released first looks for Fred, Daphne, Velma, and Shaggy, but not Scooby, who might’ve been busy smoking different rigarettes than the ones British youths can’t have anymore.—ML NEWS What else is brewing Google plans to invest up to $40 billion in Anthropic, as tech companies keep spending on AI like Cher Horowitz let loose at the mall. Yes, even. The FDA said it will fast-track its review of psilocybin, the active compound in magic mushrooms, and methylone, an MDMA-like molecule, after President Trump signed an order directing it to speed up approvals for psychedelic treatments. Citadel blasted NYC Mayor Zohran Mamdani for calling out its CEO Ken Griffin’s $238 million apartment in his pitch for a pied-à-terre tax on pricey second homes. A federal appeals court rejected President Trump’s order suspending asylum applications at the US–Mexico border, likely teeing up a Supreme Court fight. Michael, a controversial biopic of Michael Jackson whose narrative ends before the pop star was accused of abusing children, raked in cash with previews and is expected to dominate this weekend’s box office. Sponsored By Underbrush Sponsor: Underbrush Your 3pm slump just met its match. Uprising Energy Gum from Nathan & Sons delivers caffeine, nootropics, and adaptogens—faster than your coffee, cleaner than your energy drink. Built on a natural resin base (no synthetic plastic, no crash), it’s a full-focus stack that fits in your pocket. Skip the crash. COMMUNITY Crowd work Recently, we asked, “What’s the most memorable dining experience you’ve had?” Here are some of our favorite responses: “In Bordeaux, I had a three-course meal where one of the courses was [in] their cheese cellar…they just handed us a plate and knife and told us to help ourselves. It was a feast of cheese that a cartoon mouse would dream of, and I still do!”—Kevin from Maine “My husband and I tried reindeer hotdogs from a walk-up stand in Norway and ate them sitting along a pier overlooking a fjord.”—Abby from Cincinnati, OH “I once stopped by a pizza place in Springfield where the amount of yelling going on in the kitchen was worthy of The Bear, and the guy making the pizza pulled it out of the oven just by grabbing it with his hand. By far, the best pizza I’ve ever had.”—Jared from Sycamore, IL “For our anniversary, our 10-year-old son made shrimp scampi and salad, serving it to us in the dining room. The table was perfectly set, with the napkins carefully arranged on our plates. He had candles lit, the lights dimmed, and poured our water in wine glasses. I’ll never forget how sweet his efforts were for our special evening.”—Patti from Carmel, IN “I visited Machu Picchu in the ՚70s and stayed in nearby Aguas Calientes long before it was built up. There was one place to eat, which offered either eggs or chicken. They ordered chicken at a nearby table and there was a sudden squawking out back. I ordered eggs.”—Bill from Cambridge, MA This week’s question What was the coolest field trip you went on in your school days? Here’s Sam’s answer to get the juices flowing: “My high school chemistry class toured the MIT Nuclear Research Reactor, located in the heart of Cambridge, MA. I was really impressed by all the heavy-duty equipment there, but also worried about tripping and falling on a control panel.” Submit your response here. RECS To-Do List Wear: A basic black tee for $21.** Travel tip: “Deadzoning” can help you relax for real on your next vacay. Play: 1D chess is a new take on an old game. Clean up: How to clean your books—without ruining them. Forget 10k steps: If you’re trying to lose weight, the viral Japanese walking trend proves this one-size-fits-all rule is outdated. Take this quiz to calculate your optimal steps to finally move the scale.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Crossword: Your sample clue from our biggest puzzle of the week is, “Only place where Vidalia onions are grown.” Play the Crossword here. Open House Welcome to Open House, the only newsletter section that should absolutely never throw stones. We’ll give you a few facts about a listing and you try to guess the price. The home's design wraps the gravel beach shoreline with the curve of the house. There's extensive storage space in the 'saddlebag' style closets hanging off the back.ZillowToday’s glass house is in Surry, ME, right off the beach of Union River Bay. The 3,602-square-foot home was built on concrete pillars, and the decks actually fold up to act as storm shutters during the winter. Amenities include: 6 beds, 4 baths Detached garage with office and shop area Knight lights How much for the coastal art museum? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER $2.9 million Word of the Day Today’s Word of the Day is: compatriots, meaning “people from the same country or companions.” Thanks to Bill from Rochester, NY, for being a chum and giving us a suggestion. Submit another Word of the Day here. ✢ A Note From Automated Retail Technologies This is a paid advertisement for Automated Retail Technologies’ Regulation CF offering. Please read the offering circular at https://invest.automatedrt.com/.           Written by Abigail Rubenstein, Molly Liebergall, Matty Merritt, Sam Klebanov, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

How an X post landed JetBlue in a lawsuit...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fr0alu.2dioj/569c2eae.gif" alt="" border="0" /></a> April 24, 2026View Online | Sign Up | Shop Morning Brew Mornin’. Grab a shovel and your favorite sapling, because it’s Arbor Day. The holiday, which gets its name from the Latin word for tree, originated in Nebraska in 1872 and is now celebrated every year on the last Friday in April. The last Monday didn’t make sense because Arbor Day parties are too epic, and nobody would be able to wake up for work in the morning. —Matty Merritt, Sam Klebanov, Molly Liebergall, Abby Rubenstein, Holly Van Leuven, Neal Freyman, In today’s newsletter, we’ll get into: JetBlue’s surveillance pricing scandal A Strait of Hormuz standoff The AI-written phrase companies can’t stop using MARKETS Nasdaq 24,438.50 -0.89% S&P 7,108.40 -0.41% Dow 49,310.32 -0.36% 10-Year 4.323% +3.0 bps Bitcoin $77,909.24 -0.71% Texas Instruments $282.23 +19.43% Data is provided by *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. Markets: With the prospects for Iran peace talks looking grim, stocks fell yesterday. Software stocks in particular took a hit after disappointing earnings from IBM and ServiceNow. There were some bright spots, though: Intel soared after-hours after beating earnings expectations. And Texas Instruments—the maker of the calculator on which you learned to type 5318008—had its best day since 2000, as the rush to build AI data centers puts the chips it makes in high demand.   MILE TOO HIGH CLUB The tweet sending JetBlue to court JetBlue airplanes Austin DeSisto/Getty Images Yet another reminder to be careful what you post online, since anyone can see your tweets: hiring managers, lawyers accusing you of surveillance pricing, your parents. Andrew Phillips lodged a class-action lawsuit on Wednesday, claiming JetBlue uses personal data to raise ticket prices—which the airline appeared to admit to in an X post. How’d it get from tweeting to suing? The suit cites an interaction between a customer and the official JetBlue account on X last week. The customer lamented a rapid ticket price hike, saying, “I love flying @JetBlue but a $230 increase on a ticket after one day is crazy, I’m just trying to make it to a funeral.” The JetBlue account responded, suggesting they try clearing their cookies and booking the flight in incognito mode. The response was quickly deleted, and JetBlue has since said the social media post was incorrect, denying that it uses cached data or personal data to set ticket prices. The airline said prices can change quickly based on availability. But…other X users quickly piled on, accusing the company of using surveillance pricing, or adjusting ticket prices based on available data about a customer. And amid the uproar, even members of Congress demanded more information from the CEO of JetBlue about the reply. Pay-what-you-can afford JetBlue is not the first company to face similar allegations. And whether you call it dynamic pricing, surveillance pricing, or we-know-you’ll-pay-3x-the-price-because-it’s-an-emergency, people are mad about it: Last year, Delta faced significant pushback for introducing plans to roll out AI-powered dynamic pricing. Uber has been accused of charging higher prices when your phone is dying (the company has denied this). Looking ahead…your summer travel might still be a mess, but maybe the groceries can be saved. Maryland is set to become the first state to ban price changes based on customer data in grocery stores. A bill passed earlier this month by the state legislature targets digital price tags in stores and online shopping.—MM     From The Crew Investing news, Brew-style Sponsor: The Crew From Reddit rebellions to AI revolutions, the rise of the Magnificent 7 and the fall of NFTs, investing is changing dramatically. Each weekday afternoon, Brew Markets helps you make sense of it all. Read about the latest market news and analysis of the trends shaping the investing landscape, with a dash of the classic Brew style you know and love. Subscribe now. WORLD Tour de headlines President TrumpRoberto Schmidt/Getty Images New developments in Iran war regarding Hormuz and Lebanon, plus a Pentagon press conference scheduled for this AM. With Iran continuing to block the Strait of Hormuz amid the current ceasefire, President Trump said on social media yesterday that he had ordered the US military to “kill any boat” that is placing mines in the vital waterway for global shipping. Yesterday evening, President Trump said that Israel and Lebanon extended their ceasefire by three weeks following a second round of peace talks at the White House. And last night, the Pentagon announced that Defense Secretary Pete Hegseth and Chairman of the Joint Chiefs of Staff Gen. Dan Caine would hold a news conference at 8am ET today. Microsoft offers buyouts to 7% of US staff. In the latest sign that tech jobs are not as stable as they once were, Microsoft will offer buyouts to US workers at the senior-director level and below whose years of employment and age add up to 70+. The voluntary retirement program is the first in the history of the 51-year-old company, which, like its fellow tech giants, is committing tons of cash to developing AI. Microsoft is also updating how it awards bonuses and stock options. Meanwhile, Meta confirmed yesterday that it will lay off about 10% of its workforce, cutting about 8,000 jobs. Warner Bros. investors approve Paramount takeover. Warner Bros. Discovery shareholders voted overwhelmingly yesterday in favor of the acquisition, which is valued at $111 billion and would transform the film industry. It puts David Ellison’s Paramount Skydance one step closer to owning the storied studio—despite opposition from Hollywood stars—after a messy bidding process that Netflix ultimately dropped out of. But it’s not time for Porky to say “That’s all folks” yet, as antitrust regulators must still bless the deal before it can be finalized.—AR WHO’D HAVE PREDICTED? Soldier in Maduro raid charged over $400k bet Maduro after his capture. XNY/Star Max/Getty Images Federal prosecutors allege a US soldier involved in the capture of Venezuelan President Nicolás Maduro took advantage of his access to classified information to win $400,000 by betting on the timing of Maduro’s ouster on Polymarket. Gannon Ken Van Dyke, a soldier stationed at Fort Bragg, was involved in the planning of the raid as of early December 2025, and placed 13 bets by the end of that month on the Venezuelan leader being out by Jan. 31, prosecutors claim. The US captured Maduro in early January. Van Dyke faces years in prison if convicted on the charges, which include unlawful use of confidential government information for personal gain, commodities fraud, and others. Unpredictable actors Though prediction markets have rules against market manipulation, Van Dyke is hardly the first accused of cheating on them. Polymarket’s rival Kalshi recently fined and suspended three candidates for betting on their own elections. And some try to make their own luck: Paris police are currently investigating suspected tampering with meteorological equipment after some recent wins in long-shot Polymarket bets on local weather. The French national weather service believes someone may have messed with a sensor at Paris’s Charles de Gaulle Airport, which the prediction market used to gauge the city’s temperature. Weather enthusiasts speculate that meddlers might’ve used a hairdryer to heat the air around the sensor, creating anomalous temperature swings that led to big payouts, Le Monde reported.—AR, SK     Sponsored By Starbucks Sponsor: Starbucks Great coffee meets great benefits. From 100% upfront tuition coverage to comprehensive medical, dental, and vision coverage, paid parental leave, and stock in the company, Starbucks benefits support partners in every part of life. What benefit would mean the most to you? Healthcare Paid Parental Leave 100% Tuition Coverage See Starbucksbenefits.com for eligibility details. WHO WROTE THIS? A telltale AI phrase is taking over corporate comms A line of robots typing Niv Bavarsky If you ever catch us using the following phrasing, trust that it was written by a human who was just tired that day: Experts say the sentence structure “it’s not X, it’s Y” is a classic indicator of AI-generated writing, and its usage in corporate communications has spiked, Barron’s recently reported. For example, “Our ship is not just on the horizon—it is coming in,” as Citizens Financial Group said in its 2025 shareholder letter, or “Engineering AI’s future is not just a software challenge, it’s a physics challenge,” as Synopsys’s CEO said on a December earnings call. Both companies told Barron’s that their corporate communications teams use AI assistance. Across large US companies: Barron’s spotted this phrasing in 208 documents last year, up from 100 in 2024 and 49 in 2023. Companies using the phrase of late include Progressive, Royal Caribbean, Coca-Cola, Dollar Tree, Cisco, Accenture, Workday, McKinsey, Microsoft, and Schwab. But…it’s “no smoking gun for AI use,” an AI detection company told TechCrunch. The phrase may simply be a hallmark of AI writing because it was already such a linguistic cliché. Schwab told Barron’s that the quote it identified was “100% human-generated.” Regardless…studies show that this sentence structure can backfire by causing our brains to focus on the wrong thing.—ML     STAT Prime number: Starting early Friends cheers with cocktails at home before going outUnsplash One of the surest signs of rising prices? The hottest place to grab a drink may be your place. With the average price of a cocktail in the US at $13.61 (which would be cheap in some cities), people with 401(k)s are pregaming like college students to save cash, the Wall Street Journal reports: In a survey conducted by consumer-insights platform Zappi, nearly one-third of people who had drinks in the past three months said they pre-drink to avoid shelling out money later. And among those who told Zappi that higher prices influence their decision about going out, 37% pre-drink and 41% have switched to a non-alcoholic option when out and about. Others are choosing a stealthier method of getting buzzed for less: sneaking their own booze into venues. And since that crowd gravitates toward smaller bottles, it’s shifting sales. Suntory’s chief executive told the WSJ the company has seen increased demand for nips of Jim Beam and Maker’s Mark, Diageo has started making mini versions of its high-end Don Julio 1942 extra Añejo tequila, and ALB Vodka said sales of airplane-sized bottles more than tripled in Q1 compared with last year.—AR READER POLL Do you drink before a night on the town? Always, to save cashSometimes, if I know I’m going somewhere priceyNo, I commit to drinking outNever, I don’t drink at all Sponsored By Centerline Sponsor: Centerline Terrell Owens doesn’t do casual. And neither does his court fit. The NFL Hall of Famer just partnered with Centerline Athletics, repping the brand’s performance apparel built for athletes who take pickleball seriously. Think technical fabrics, competitor-first cuts, and gear that moves like you do. His curated picks are live now, with a full collab collection coming later this year. Same intensity, different court. QUIZ Friday news quiz Friday news quiz banner The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to seeing the car that just cut you off get pulled over for speeding. It’s that satisfying. Ace the quiz. NEWS What else is brewing President Trump’s acting attorney general signed an order to reclassify medical marijuana licensed by states to loosen regulations on the drug. It’s not a full legalization—but it is a major change that should free up research dollars and provide tax breaks to licensed companies. Nike cut 1,400 jobs in its second round of layoffs this year. Spirit Airlines confirmed it has been in “advanced” talks with the government for a financial lifeline as its lawyer said its cash “is not going to last for very much longer.” OpenAI announced its GPT-5.5 model, which it says is good for coding and research. The DOJ’s internal watchdog will examine the department’s compliance with the law that required it to release the Epstein files. Senate Republicans approved a budget measure that could fund Immigration and Customs Enforcement and the US Border Patrol without any Democratic support. Taylor Swift and Bad Bunny topped the list of Spotify’s most-streamed artists ever (Drake came in third). RECS To-Do List Wash: This warm citrus scent is a crowd-pleaser in guest bathrooms everywhere.** Debate: A bracket of the best movies adapted from books in the last 50 years (the winner is hard to dispute). Cook: Easy one-pan dinners for when you don’t have time to do dishes. All work, no play: A game where you’re a manager with the objective of keeping your employees’ Slack dots green. What to cut when money’s tight: Check out this list of 19 things to eliminate from your budget and help you breathe a little easier (most people ignore #11).* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Decipher: Our code-cracking puzzle is dedicated to song lyrics this time around. These might even be part of your Friday pump-up playlist… Play Decipher here. Find the one that doesn’t fit Which of the following is the odd one out? GROAN, ADORN, NOIR, BLEAT, NONE, LIVERS, DEAL SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Bleat. The others are all anagrams of periodic table elements (groan = argon, noir = iron, etc.). (Source) Word of the Day Today’s Word of the Day is: anomalous, meaning “deviating from what is usual, normal, or expected.” Thanks to our one-of-a-kind reader Michelle for the suggestion. Submit another Word of the Day here.           Written by Abigail Rubenstein, Matty Merritt, Sam Klebanov, Molly Liebergall, Neal Freyman, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. 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Trump may soon ease restrictions on marijuana…<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqznfi.2bgyn/75880fb5.gif" alt="" border="0" /></a> April 23, 2026View Online | Sign Up | Shop Morning Brew Presented By Sponsor Logo: Miso Robotics Morning. A universal “bless you” to everyone dealing with allergies right now. May thy Claritin be ever plentiful. —Sam Klebanov, Molly Liebergall, Matty Merritt, Adam Epstein, Holly Van Leuven In today’s newsletter: How the White House plans to reclassify weed Meta tracks employees’ keystrokes The Coyote vs. Acme trailer takes a shot at Warner Bros. MARKETS Nasdaq 24,657.57 +1.64% S&P 7,137.90 +1.05% Dow 49,490.03 +0.69% 10-Year 4.294% +0.0 bps Bitcoin $78,616.80 +4.04% United $91.71 -5.58% Data is provided by *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. Markets: Stocks did a Ken Griffey Jr. impression and swung effortlessly into the upper deck, powering the S&P 500 and Nasdaq to fresh records after President Trump extended the ceasefire with Iran. United’s day wasn’t as bright, as it fell after saying it had to cut its forecast due to rising fuel costs tied to the war.   Markets Sponsored by Miso Robotics May 7 = a big day for robots. That’s the final day to earn up to 7% in Miso Robotics bonus stock. Join big-name investors like Ecolab here. BLAZING A TRAIL Trump admin plans to loosen federal weed restrictions Marijuana buds drying Getty Images There was no public love for 4/20 from the federal government this year—but don’t be surprised if they show up sometime this week with flowers. Yesterday, multiple outlets reported that Trump administration officials are on the verge of downgrading the danger designation for marijuana, which would be the biggest shift in federal cannabis policy in decades. The Trump admin is reportedly weighing several different paths to reclassify weed from the Schedule I drug category, where it had long been listed alongside heroin, ecstasy, LSD, and other compounds that are deemed dangerous and without any therapeutic value. Weed would become a Schedule III drug, next to common prescription painkillers, anabolic steroids, ketamine, and other medically useful substances. The less rigid approach could unburden medical marijuana research and potentially boost profits for the cannabis industry. Liberalization, not legalization Uncle Sam becoming more chill with Mary Jane might not change much for the average Rick and Morty fan—crucially, it wouldn’t make weed federally legal—but: It may encourage more research into the benefits and risks of the drug, potentially boosting cannabis-based pharmaceutical development. Cannabis farms and dispensaries would be able to deduct various expenses from their federal taxes, which is currently forbidden for costs related to Schedule I drugs. It could also make it easier for them to seek investment. Shares of weed stocks popped yesterday, with AdvisorShares Pure US Cannabis ETF spiking 19% on the news. High hopes In December, President Trump signed an executive order directing federal agencies to loosen restrictions on marijuana, continuing a similar effort by the Biden administration. The Washington Post reported that Trump has been frustrated with how long the rescheduling process takes. Advocates argue that the government embracing a lighter-touch approach to marijuana could help patients access cannabis-based treatments for severe pain and mental health conditions. More than half of Americans say it should be legal, though support for legalization has declined in recent years, according to a recent YouGov poll. Meanwhile, about 1 in 5 Americans aged 12 and older say they use the drug at least once a year, per government data. ICYMI…Trump signed an executive order on Saturday to expedite research into how some psychedelics, including ibogaine, can be useful for treating mental disorders.—SK     Sponsored By Miso Robotics “The biggest gold mine…in history” Sponsor: Miso Robotics That’s what NVIDIA’s CEO said about today’s AI build-out. And because of it, market experts expect robotics stocks to soar on a “multiyear supertrend.” But 40k+ investors aren’t waiting for Wall Street’s stock exchanges. They’re backing a still-private company that NVIDIA handpicked to help build the future of restaurant-kitchen AI and robots: Miso Robotics. Miso’s tech is already used by restaurant operators like White Castle, Jersey Mike’s, Auntie Anne’s Pretzels, Cinnabon, and Häagen-Dazs. Now, a new + unique NVIDIA collaboration can unlock up to 35% faster performance for Miso’s Flippy Fry Station AI robot. Flippy turns a fry station from a cost center into a profit center and can boost locations’ profits up to 3x, carrying $4b/year revenue potential alone. Imagine how valuable Miso’s full AI ecosystem can be. Industry powerhouse Ecolab invested. Join them as a Miso shareholder today for up to 7% bonus stock. Hurry—this bonus stock opportunity changes on May 7. WORLD Tour de headlines Spirit Airlines bailoutGetty Images Trump admin reportedly nears deal to rescue Spirit. The Trump administration is in talks to loan the ailing low-cost airline $500 million to stave off imminent liquidation, the Wall Street Journal reported. In exchange, the US government would have the option to acquire a large equity stake in Spirit. Bloomberg reported that it could own as much as 90% of the carrier if a deal is reached. Earlier this week, President Trump floated the idea of the government bailing out the airline, which has struggled to recover from the pandemic, deal with increased competition, absorb rising costs, and pivot from a failed merger attempt with JetBlue. The deal would likely raise a number of legal questions.—AE Iran seized two ships in the Strait of Hormuz. Iran’s Revolutionary Guard said it seized two cargo ships and fired on a third, a day after President Trump extended a ceasefire amid uncertainty about the state of negotiations between the US and Iran. As of yesterday, Iran had not decided if it would take part in a new round of talks, the Associated Press reported. The renewed attacks—and the US’ ongoing blockade of the strait—are complicating what was already a fragile ceasefire. Per the AP, at least 3,375 people in Iran have been killed since the start of the war on Feb. 28, in addition to 2,290 people in Lebanon, and 23 people in Israel. Thirteen US service members have also been killed.—AE Tesla made money in Q1, but expects to spend big this year. The EV company that wants to become a robot company beat analysts’ revenue and earnings-per-share expectations. Tesla revealed that it plans to spend $25 billion this year as it builds the autonomous Cybercab cars and Optimus robots, and pursues various AI initiatives—but in the first quarter, it spent less than $2.5 billion. On the earnings call, CEO Elon Musk praised the company’s forthcoming AI5 chip (which will power Optimus and AI applications in Tesla vehicles), but warned that robotaxi revenue would not be “super material” for the company this year and that Optimus production might be quite slow, with no definitive update on the timeline.—HVL BOSSWARY To train AI, Meta is tracking employees’ clicks Mark Zuckerberg wearing Meta Ray-Ban Displays Andrej Sokolow/Getty Images In the Big Tech version of driving someone into the woods and handing them a shovel, Meta told US employees that it’s installing mandatory keystroke-tracking software on their computers to help train the company’s AI agents, Reuters reported this week. The internal announcement stated that AI models “still lack some of the basic ways that humans use computers like choosing from dropdowns and keyboard shortcuts,” so “all Meta employees can help our models get better simply by doing their daily work.” The humans are not happy. According to Business Insider: The top-rated comment on the internal memo was “this makes me super uncomfortable. How do we opt out?” “There is no option to opt out,” Meta CTO Andrew Bosworth responded, drawing a wave of crying, shocked, and angry emoji reactions. Bosworth previously told employees that Meta would ramp up its internal data collection to build toward a future where “our agents primarily do the work and our role is ‌to direct, review and help them improve,” he said. Meanwhile…as Meta (and every other tech titan) turbocharges its AI spending, the Facebook and Instagram parent company plans to lay off 10% of its global workforce next month, with more cuts expected in tandem with AI advancements, Reuters reported.—ML     Together With The Points Guy Sponsor: The Points Guy If this isn’t on your radar yet…It should be. There’s currently a bill proposed in Congress that would cut credit card cash-back and travel rewards programs. That’d mean no more booking trips using points and no more cash-back savings on essentials like gas and groceries. Check out these resources from The Points Guy for more details. I SAY I SAY Wile E. Coyote will finally see his day in court Coyote vs. Acme Warner Bros. Pictures After Looney Tunes fans spent years imagining what antics Will Forte would get up to in a courtroom, the trailer dropped yesterday for the much-delayed Coyote vs. Acme movie. The trailer, which came out nearly six years after the film was originally greenlit, takes aim at Warner Bros. Discovery (WBD)—the company that almost killed the movie. The film—a live-action/animated hybrid that follows Wile E. Coyote attempting to sue Acme Corporation over its numerous failed products and the injuries he sustained from them—will finally hit theaters on August 28. The trailer positions WBD as Acme, throwing out digs like “The movie Acme doesn’t want you to see” and “The Acme Corporation is releasing this film for accounting purposes only.” Why the Bugs vs. Elmer Fudd-level feud? In November of 2023, WBD announced that despite the $70 million movie being completed, the company would shelve it as part of a $115 million tax write-down. The cut was one of David Zaslav’s first big moves as the new CEO of the company. The backlash was thwift. Within days, WBD reversed its decision and said it would allow a new distributor to buy the flick. Last March, indie company Ketchup Entertainment bought the film for a reported $50 million, paving the way for the public to see the film behind all the drama.—MM     READER POLL Do you plan to see Coyote vs. Acme? Yes, in theaters.Yes, but I’ll wait until it’s streaming.No thanks, I’m good. STAT Prime number: Gen Z hunts scholarships on TikTok Students doing Tik Tok danceNick Iluzada Since most US college applicants are not star athletes or the children of a Full House cast member, they have to find other ways to pay for higher education. According to a new survey, one of those ways is scrolling TikTok: More than 1 in 5 Gen Z students (22%) search for scholarships on the social media platform at least once a week, per the private student loan lender Sallie. They’re learning about scholarships on TikTok more often than from their own guidance counselors (19%) and only slightly less than from college financial aid offices (28%). While TikTok can be a helpful resource, you may be shocked to hear that the information on the app is not always accurate. A third of Gen Z students reported seeing misleading info about how to obtain scholarships, including “free” scholarships that actually had an application fee and exaggerated award amounts.—AE Sponsored By SerpApi Sponsor: SerpApi Skip the scrape. Need to access real-time web search data? Skip building the scraping infrastructure with SerpApi. Their APIs enable applications to access real-time, publicly available search engine data programmatically—so you can power AI agents, market intelligence tools, and automated search workflows. Try it free and get 250 credits/month. NEWS What else is brewing Democratic Rep. David Scott of Georgia, the first Black chairman of the House Agriculture Committee, died yesterday at 80. Boeing beat Wall Street’s Q1 estimates and reduced its quarterly loss, continuing its comeback from a barrage of setbacks in recent years. Best Buy said that Jason Bonfig will succeed Corie Barry as CEO on Oct. 31 as the electronics retailer tries to revitalize sales. Beast Industries—Jimmy “MrBeast” Donaldson’s production company—was sued by a former employee for sexual harassment, which Donaldson denied. Trump Media replaced its CEO, former Republican Rep. Devin Nunes, as the company’s stock has plummeted 67% since President Trump’s election in 2024. Sullivan & Cromwell apologized to a federal judge after the elite Wall Street firm made a court filing that contained AI hallucinations. RECS To-Do List Read: Preorder this guide for Gen Z finances by Jack Raines, a friend of the Brew.** Visit: The only US city on all three of the American Lung Association’s “cleanest cities” lists. Learn: A site that shows you how much medical procedures cost without insurance. Host: How to make hosting people less stressful. HR teams, meet your match: SSR Advisor matches you with the best-fit HR software for your org for free. Plus, they’ll send you a $100 Visa gift card after meeting matched vendors.* Safety first: See how this retailer goes the extra mile to fight fraud and protect consumers in their new report.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Mini: If you know who the best-selling novelist of all time is, you’re off to a good start on this little puzzle. Play the Mini here. Three Headlines and a Lie Three of these headlines are real, and one is faker than the price tags at a garage sale. Can you spot the odd one out? Drake teases album release, prompts crowd chaos with massive ice blocks in downtown Toronto Hot tub supplier launches nationwide campaign: ‘You’re not ready for the tub’ What’s the key to better vegan cheese? Microbreweries, one startup says. California man arrested for allegedly swapping in pasta for Lego pieces then returning them SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER We made up the one about hot tubs. Word of the Day Today’s Word of the Day is: barrage, meaning “a vigorous or rapid outpouring or projection of many things at once.” Thanks to Glenn from Towson, MD, for the suggestion. Submit another Word of the Day here. ✢ A Note From Miso Robotics This is a paid advertisement for Miso Robotics’ Regulation A offering. Please read the offering circular at invest.misorobotics.com.           Written by Adam Epstein, Sam Klebanov, Molly Liebergall, Matty Merritt, and Holly Van Leuven Was this email forwarded to you? Sign up here. 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What’s next for Apple under its new CEO...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqzbb1.2cknk/29a6c87c.gif" alt="" border="0" /></a> April 22, 2026View Online | Sign Up | Shop Morning Brew Presented By Sponsor Logo: Slack Good morning and Happy Earth Day. Here’s a spectacular video that Artemis II commander Reid Wiseman took (on his iPhone) of “Earthset.” From his perspective from the far side of the moon, the Earth disappears behind the moon just like how the sun fades from view when you watch the sunset from a beach. Pour one out for the Flat Earthers. —Matty Merritt, Sam Klebanov, Molly Liebergall, Adam Epstein In today’s newsletter, we’ll get into: What’s next for Apple under its new CEO A potential bailout for Spirit Airlines Why condom prices are rising MARKETS Nasdaq 24,259.97 -0.59% S&P 7,064.01 -0.64% Dow 49,149.38 -0.59% 10-Year 4.292% +4.0 bps Bitcoin $75,814.42 -0.66% Avis $713.97 +17.28% Data is provided by *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. Markets: Stocks stepped on another rake yesterday, falling for the second straight day amid uncertainty around US peace talks with Iran. The day was decidedly brighter for Avis, as the car rental company surged 17% thanks to a short squeeze.   Markets Sponsored by The Crew Want daily analysis of the investing landscape? Brew Markets is our newsletter designed to help you make sense of market moves. Subscribe now. CORNER OFFICE Who is John Ternus, the new CEO of Apple? John Ternus Christoph Dernbach/Getty Images Apple’s incoming CEO John Ternus likely won’t harness the rockstar innovation vibes of Steve Jobs, slinging sleek new devices to an auditorium of fans. But he probably won’t take the quieter style of Tim Cook that revolutionized the company’s supply chain and boosted its market cap from $300 billion to $4 trillion in 15 years, either. So…what will the Ternus era at Apple look like when he takes over for Cook in September? There are some hints in his already decades-long Apple tenure. Ternus, a mechanical engineer, has worked at the company since 2001 and served as the Senior VP for hardware engineering. Employees at the company reportedly really seem to like him: He’s decisive, focused, a good collaborator, and has been known to rise above the internal drama that plagued Apple’s early years. He’s also overseen a number of iconic products and hardware revamps at the company: Ternus was one of the execs that helped develop AirPods and facilitated Mac computers’ switch to using Apple’s own chips. He pushed for the MacBook Neo—the cheaper, colorful laptop—that Apple rolled out last month (which sold out almost immediately). But what can a hardware nerd do in the AI race? Critics argue Apple has been slow to make AI advancements, falling behind competitors. Fans, however, credit the tech giant for letting other companies dump hundreds of billions into data centers and LLMs that Apple can just run on its devices. Some AI truthers think the tech will transform the industry, potentially wiping out the need for iPhones altogether. In that case, it may be a good idea to have the hardware guy at the helm. Ternus reportedly reorganized the company’s hardware engineering department earlier this month to prepare it for faster AI product development. Looking ahead…after a handful of product flops, like the Vision Pro and the autonomous car, Apple has its sights set on big AI-powered launches: a more chatbot-like Siri, wearables, and smart home devices. And don’t forget the company is going to fold the iPhone in half.—MM     Sponsored By Slack All of your apps, data, and agents in one conversation Sponsor: Slack Most AI tools need to be taught. Slackbot already knows. Slack holds the full context of your organization—your conversations, decisions, and institutional knowledge. Slackbot draws from all of it, plus Agentforce, Salesforce, and every app your team already uses. That’s the difference. Context is what makes AI actually work. And Slack has more of it than anything else in your stack. The result isn’t a new way of working. It’s your team moving faster, making quicker decisions, and getting hours back every day—without learning something new to do it. Watch on demand now. WORLD Tour de headlines Kevin WarshMandel Ngan/Getty Images Warsh said he will not do Trump’s bidding. In a heated Senate confirmation hearing, President Trump’s pick to lead the Federal Reserve, Kevin Warsh, was grilled by Democrats about his vast wealth and his independence in the face of political pressure to lower interest rates. Much of the ire came from Sen. Elizabeth Warren, who suggested Warsh would be Trump’s “sock puppet” at the Fed. Warsh promised to remain independent, saying that Trump has not asked him to cut rates. Long considered an inflation hawk who believed in raising rates to combat high inflation, Warsh has recently shifted his view to support slashing rates, which critics allege is to appease Trump. Republican Sen. Thom Tillis reiterated that he plans to block Warsh’s nomination until the DOJ investigation into the current Fed chair, Jerome Powell, ends. US–Iran peace talks on hold as Trump extends ceasefire. Vice President JD Vance’s second trip to Pakistan for talks with Iran yesterday was nixed at the last minute after the US said Tehran did not respond to its negotiating positions, the New York Times reported. Meanwhile, President Trump indefinitely extended the fragile ceasefire, which was set to expire today, saying Pakistan had requested that the US hold off on resuming attacks. Trump had previously said he wouldn’t extend the ceasefire without a long-term deal. Trump sent Vance to Pakistan earlier this month for an initial round of talks, which failed to produce an agreement. Per the NYT, Vance’s second trip could be back on “at a moment’s notice.” Florida opened a criminal probe into OpenAI. Florida Attorney General James Uthmeier said the state is investigating whether the AI giant helped the gunman in a mass shooting at Florida State University last year plan his attack. “ChatGPT offered significant advice to the shooter before he committed such heinous crimes,” including what type of gun and ammunition to use, Uthmeier alleged. In a statement to NBC News, OpenAI called the shooting a “tragedy,” but said its chatbot was not responsible. “ChatGPT provided factual responses to questions with information that could be found broadly across public sources on the internet,” the company said.—AE LIFTING SPIRITS Trump says government might help struggling Spirit Spirit Airlines Kevin Carter/Getty Images Like someone handed an alka seltzer on the morning of their flight back from spring break, Spirit Airlines is hopeful relief is coming. President Trump told CNBC yesterday that “he’d love somebody to buy Spirit” and that “maybe” the federal government should help the ailing airline since it employs 14,000 people. Spirit’s stock soared more than 122% on the news of a potential Uncle Sam bailout. Cash from the sky The carrier that specializes in maybe getting you to Miami on time for $40 is desperate: Bloomberg reported this week that Spirit asked the federal government for a cash infusion in exchange for a stake in the bankrupt airline. After filing for bankruptcy twice in the past two years, it has been struggling to emerge, and now faces the possible liquidation of its assets amid soaring jet fuel prices due to the Iran war. The proposed arrangement would be similar to the Trump administration’s recent cash-for-shares deals with companies like Intel and US Steel. But…some experts doubt whether it’s legal for the government to invest in a single company outside of congressionally authorized programs, and note that other struggling airlines might ask for help, too. Meanwhile…Trump knocked the idea of United buying American, telling CNBC yesterday that such deals make companies “lazy.” United CEO Scott Kirby recently pitched Trump on the idea, but antitrust experts warned it would reduce competition and drive up airfare. United slashed its 2026 earnings forecast yesterday citing surging fuel prices.—SK     Sponsored By Midori Bio Sponsor: Midori Bio The key to this $600b market? The snack aisle. That chip bag doesn’t have to live forever. But food packaging represents 36% of plastic production, and most ends up in landfills. As regulators force expensive changes, brands like Planters Peanuts use Midori Bio. Midori drop-in additive makes preexisting factories compliant. Not just for food. The entire plastic market’s worth $600b. HEAD/PENN uses it, too. Invest in Midori today. RUBBER TROUBLE Condom prices to spike because of…Iran war Illustration of two pink, wrapped condoms Niv Bavarsky Brace yourself for a wave of babies named Sabrina and Justin. The world’s largest condom producer, Karex, plans to raise prices by 20–30% over the next few months due to supply chain disruptions from the war in Iran, the company said yesterday. Scoreboard: One out of every five condoms worldwide are made by Karex, a Malaysian company that owns ONE Condoms and supplies brands such as Durex and Trojan, as well as the UK’s national health system, and UN-run aid programs. Now, the economic shockwaves that are jolting countless goods, from oil to food, have come for the ruler of rubbers, too. According to Karex: Production costs are up 25–30% since the US and Israel first struck Iran, amid shortages of oil-derived condom materials. With global freight disrupted, Karex’s shipments to Europe and the US—which used to take one month to arrive—now take two. Looking ahead…with how uncertain the geopolitical landscape is, Karex said its outlook is hazy beyond the next two to three months, and it can’t rule out further price increases. Meanwhile…since the US slashed funding for USAID, condom stockpiles in some developing nations have dwindled, which is compounding the current crunch.—ML     STAT Prime number: Americans want Chinese EVs BYD electric vehiclePatrick Chengzhi Wang/Getty Images In between showing you videos of deranged Coachella outfits and a fake doctor claiming water is actually bad for you, your TikTok algorithm may be trying to convince you to buy an electric vehicle from China. Per a recent survey from Strategic Vision: A third of new vehicle buyers in the US say they’d consider buying a car from China. That’s up from 18% in 2021, Bloomberg reported. The thing is...you can’t drive a BYD on American streets for a variety of reasons (huge tariffs on Chinese products, national security concerns, safety regulations—take your pick). That could change if President Trump allows Chinese EVs into the US, as he’s signaled he may do. Chinese automakers are reportedly scouting the US market in case they’re welcomed in.—AE READER POLL Would you, Morning Brew reader, consider buying a Chinese electric vehicle? Yes, definitelyNo wayI’m just clicking to see what other people said Together With Blue Circle Foods Sponsor: Blue Circle Foods This Earth Day, a little fish food goes a loooong way. Blue Circle uses microalgae in the diet of its Atlantic salmon to seriously reduce pressure on wild fish stocks. In this shortened food chain, the protein and Omega-3s from microalgae go straight to the salmon, bypassing smaller fish. NEWS What else is brewing Democratic Rep. Sheila Cherfilus-McCormick of Florida resigned from Congress yesterday amid a House ethics investigation, becoming the third representative to quit this month. UnitedHealth topped Q1 earnings estimates and boosted its profit outlook, showing signs of a turnaround a year after its stock cratered. Palantir released a 22-point manifesto from CEO Alexander Karp, which called on the US to reinstate the military draft. Starbucks employees are resisting moving from Seattle, WA, to a new corporate office in Nashville, TN, despite incentives, Bloomberg reported. CATL, a Chinese EV battery manufacturer, said it’s created a battery that can charge from 10% to 98% in less than seven minutes. Joe Buck is nearing a deal to host ESPN Jeopardy!, Front Office Sports reported. Finally, there will be something to do with your knowledge of the 1998 San Diego Padres. RECS To-Do List Work: A laptop stand that your neck will thank you for.** Explore: A 3D tracker of all the satellites currently in orbit. Watch: Should you take a magnesium supplement? Throw: Inside the world of competitive rock, paper, scissors. Wellness without borders: Your supplements shouldn’t come with a trust exercise. iHerb ships authentic products worldwide. Only quality-tested options that pass the vibe check.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Word Search: Hope you like shell-molded confections. The theme of this week’s puzzle is “Chocolate products.” Play the Word Search here. Earth trivia Here’s a question for Earth Day: What is the only continent situated in all four hemispheres (north, south, east, and west)? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Africa Word of the Day Today’s Word of the Day is: overtures, meaning “initiatives or gestures toward agreement or action.” Thanks to Quint from Alexandria, VA, for the suggestion. Submit another Word of the Day here. ✳︎ A Note From Midori Bio This is a paid advertisement for Midori Bio’s Regulation A offering. Please read the offering circular at https://invest.midori-bio.com/.           Written by Adam Epstein, Matty Merritt, Sam Klebanov, and Molly Liebergall Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. 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The Fed chair nominee faces a grilling...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqypty.2cx39/8ffefeb5.gif" alt="" border="0" /></a> April 21, 2026View Online | Sign Up | Shop Morning Brew Presented By Sponsor Logo: Cytonics Hello there. The trailer for Hungry, a horror movie about people being attacked by a hungry hippo, has dropped. And while it’s not technically based on Hungry Hungry Hippos…it’s close enough to get us thinking about other beloved childhood games that could get turned into scary movies. We’re keeping our fingers crossed that someone will develop: Operation about a ruthless organ harvesting ring Candy Land, in which kids have to escape from Mr. Mint Mouse Trap–-you don’t actually have to change this one, it’s already Saw, but for mice —Molly Liebergall, Sam Klebanov, Matty Merritt, Neal Freyman, Abby Rubenstein In today’s newsletter, we’ll get into: Trump’s Fed chair pick facing lawmakers Tim Cook stepping down as Apple CEO Corporate merch featuring the founder’s face MARKETS Nasdaq 24,404.39 -0.26% S&P 7,109.14 -0.24% Dow 49,442.56 -0.01% 10-Year 4.250% +0.0 bps Bitcoin $75,987.96 +2.59% American Airlines $12.24 -4.23% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: Stocks acted like your friend who always leaves the party early and dipped yesterday, ending the Nasdaq’s longest winning streak since 1992 as traders fretted over the impact of the Iran war. With the current ceasefire set to expire tomorrow and tensions high over the Strait of Hormuz, President Trump said an extension was unlikely if a peace deal is not reached. Airline and cruise stocks, in particular, took a dive amid worries about fuel costs and travel.   Markets Sponsored by Cytonics Big Pharma’s worst enemy: Big Pharma spent decades (and billions) failing to cure osteoarthritis. Cytonics may have beat them to it. Become a Cytonics investor today. WARSH WATCH What to expect from today’s Fed confirmation hearing Kevin Warsh Tasos Katopodis/Getty Images Go fetch the Senate’s “SMOKIN’ HOT” apron because they’re about to start grilling in there. Today, lawmakers are set to question Federal Reserve chair nominee Kevin Warsh in a confirmation hearing that carries exceptional weight amid both geopolitical tensions and President Trump’s feud with current Fed Chair Jerome Powell. Expected topics include: Warsh’s takes on monetary policy (e.g., how the Fed handles inflation, the labor market, and interest rates), Fed independence (the hottest-button issue), and Warsh’s own finances. Warsh has strongly argued in favor of rate cuts, saying the Fed would “have to make a bet” on expected productivity gains from AI, though Fed officials are reportedly skeptical of that reasoning. But he could change his tune today—it’ll be Warsh’s first comment on interest rates since the war in Iran spiked oil prices, potentially undermining the case for cuts. Possible pain points Warsh will likely be asked how he’d handle pressure from Trump, and for his opinion on Trump’s pursuits of Powell and Fed governor Lisa Cook. Democrats may mention that Warsh started calling for rate cuts once Trump returned to office in 2025, after previously gaining a reputation as a supporter of high interest rates. Warsh’s opening remarks, released yesterday, may shed light on his Fed independence responses: “I do not believe the operational independence of monetary policy is particularly threatened when elected officials—presidents, senators, or members of the House—state their views on interest rates,” his statement said. He also wrote that “Fed independence is placed at greatest risk when it strays into fiscal and social policies,” referencing times when the Fed took interest in climate change risks and racial inequity. Meanwhile…Senate Democrats hope to rally “nay” votes in part by zeroing in on Warsh’s financial disclosures of $100+ million in assets, which they say don’t meet transparency standards, the Wall Street Journal reported yesterday. There’s also a game of chicken afoot: Republican Senator Thom Tillis has vowed to block Warsh’s confirmation until the DOJ ends its investigation into Powell, but Trump hasn’t indicated any willingness to drop the unpopular probe.—ML     Sponsored By Cytonics This is the first cure for a $560b disease Sponsor: Cytonics Osteoarthritis. It’s one of the world’s most common diseases, with over $560 billion spent managing its symptoms each year. But soon, its 500+ million patients may finally be able to do more than that. Cytonics is a biotech that may have developed what could be osteoarthritis’ first and only cure. They have already treated over 10,000 patients with their first-generation treatment. Now, Cytonics is building on that early success to develop a next-generation therapy that is even more potent. And they’re gearing up for phase 2 clinical trials. Potential medical breakthroughs like this are rare. What’s even rarer? You can invest in Cytonics before they launch their phase 2 clinical trials. Become a Cytonics shareholder by April 25 for exclusive early-stage bonus stock guarantees. WORLD Tour de headlines Apple CEO Tim Cook.Nic Coury/Getty Images ‍ Tim Cook to step down as Apple CEO. The man who took over for Steve Jobs in 2011 is now passing on the reins at Apple himself. Apple said yesterday that Cook will step back from the CEO role to become the company’s executive chairman on Sept. 1, with the company’s current senior vice president of hardware engineering, John Ternus, to succeed him as the chief executive. Like Jobs, Cook is a tough act to follow: Apple’s value increased ~24x during his time at the top. US labor secretary resigns amid scandals. Labor Secretary Lori Chavez-DeRemer is leaving the Trump administration to “take a position in the private sector,” the White House said yesterday. According to the New York Times, her decision to go comes amid an investigation into whistleblower claims of misconduct, including that she had an affair with a member of her security team and misused government funds. Keith Sonderling, the deputy secretary of labor, will be acting secretary. 🧅 The Onion plans to take over Infowars. That headline is real even though it comes from The Onion (we promise, we checked). The satirical publication—whose earlier attempt to purchase the Infowars website from Alex Jones was nixed by a bankruptcy court—is now asking a bankruptcy judge to let it license the site from its court-appointed manager, who has agreed to the deal. The license will cost The Onion’s parent company $81,000 a month. It looks like the site will be run as a parody, with The Onion vowing it “will democratize psychological torture, welcoming brutal and sadistic ideas from everyone, even the very stupidest among us.”—AR SEE YOU IN COURT FBI boss sues The Atlantic over drinking story Kash Patel sues The Atlantic Drew Angerer/Getty Images FBI director Kash Patel sued The Atlantic magazine yesterday for $250 million, alleging defamation in a recent article claiming that he drinks excessively and that his “erratic” behavior has officials worried about national security. Journalist Sarah Fitzpatrick, who authored the article based on over two dozen anonymous sources, is named in the lawsuit—which The Atlantic called “meritless” and vowed to fight. Damaging light The lawsuit seeks damages for allegations in Fitzpatrick’s article that Patel’s lawyers assert were fabricated to destroy his reputation. The lawsuit claims that The Atlantic’s story falsely portrays Patel as “a habitual drunk, unable to perform the duties of his office” who is “unreachable in emergencies” and once required a “SWAT-style breach” of his office, and that it claims he used his position to target president Trump’s personal enemies. Patel vehemently denies the assertions, saying that the FBI notified the magazine they were “100% false” when it reached out to him less than two hours before publication. But establishing defamation is especially difficult for public figures, who must prove that a publication knowingly made false claims or recklessly disregarded the truth. It’s not a first…as the Trump administration has sued several media outlets. A judge recently dismissed Trump’s $10 billion defamation lawsuit against the publisher of the Wall Street Journal over an article about his ties to Jeffrey Epstein.—SK     Together With Fidelity Private Shares® Sponsor: Fidelity Private Shares® Founders: Get ready, set, and sorted. No need to scramble when investors call. The Fundraise-Ready Startup Kit has templates for cap tables, pitch decks, and a due diligence checklist before the pressure hits. No fuss, no panic—just clean materials that help you prepare. Confidence attracts capital. Grab the kit. FROM THE LAB A breakthrough in mRNA cancer treatment Doctor with vaccine bottle and syringe Getty Images A pancreatic cancer diagnosis is typically grim, with just 13% of patients living for more than five years after their diagnosis. But new data from a clinical trial showed that seven out of 16 patients who were given personalized mRNA vaccines responded to the treatment—and are still alive six years later. How it works: The vaccine works like immunotherapy. After cancerous tumors are surgically removed from an early-stage pancreatic cancer patient, they’re used to create a vaccine that trains the patient’s immune system to fight off lingering (or future) cancer cells. It’s the same mRNA technology that was used in the Covid vaccine, which studies estimate saved millions of lives: Scientists warn that mRNA still needs to be studied more as a cancer treatment. A larger Phase 2 trial is in progress. Earlier this month, Revolution Medicines also reported that a separate pill called daraxonrasib has nearly doubled a pancreatic cancer patient’s life expectancy compared with chemotherapy. Big picture: Despite doctors saying mRNA technology is safe, Health Secretary Robert F. Kennedy Jr. and other Trump administration officials have questioned the technology, and put research dollars in limbo. In February, the FDA said it wouldn’t review a new flu vaccine that used mRNA technology, but quickly reversed its decision following backlash.—MM     STAT Prime number: Paying to wear the boss’s face Starstruck workers looking up at a shirt with their boss on itNick Iluzada There was a time when showing devotion to the company’s leader as a tech employee meant wearing a hoodie to your all-night coding session. But now, things are headed in a more pricey fashionable direction. The Wall Street Journal reports that Nvidia’s annual conference’s merch tables featured a $178 sweater featuring CEO Jensen Huang’s face. And according to the WSJ, it’s not the only company cashing in on its founder’s look: In addition to top-secret government software, Palantir hawks a $75 t-shirt with CEO Alex Karp’s visage on it. And defense tech maker Anduril sold out of a $79 Hawaiian shirt inspired by those worn by its honcho Palmer Luckey. The founder-forward fashion offerings come at a time when CEOs are being increasingly called upon for marketing efforts even outside the tech realm—like the recent bite-taking viral videos from McDonald’s and Burger King.—AR Sponsored By Skechers Sponsor: Skechers Less gear, more running. Spring race season means one thing: Your legs are about to have opinions. Skechers’ AERO line keeps the decision simple—the AERO Razor for when you’re chasing pace, the AERO Burst for when you’re chasing miles. Two shoes, one rotation, zero overthinking. Find your fit. NEWS What else is brewing Jersey Mike’s filed confidential paperwork for an IPO. The decision to serve up a stock offering comes after Blackstone acquired a majority stake in the sandwich chain for ~$8 billion in 2024. Eli Lilly has agreed to acquire cancer drug maker Kelonia Therapeutics in a deal worth up to $7 billion, with $3.25 billion to be paid upfront and the rest contingent on hitting milestones. The Supreme Court agreed to consider whether religious preschools that refuse to accept children with same-sex parents can receive state funding. Elon Musk ignored French prosecutors’ request for a voluntary interview as part of a probe into alleged misconduct by X and the chatbot Grok. Singer D4vd has been charged with murder in the death of a teenage girl whose body was found in his trunk. Kenya’s John Korir and Sharon Lokedi repeated as the men’s and women’s champions in the 2026 Boston Marathon, with Korir setting a new course record. RECS To-Do List Read: Texas’s radical history.** Lament: The decline of the movie tagline. Recycle: When science says the clothes at the back of your closet will come back in style. Talk better: An executive coach’s tips to improve your small talk. Small swaps: Change doesn’t have to mean restriction or complication. FlavCity offers better-for-you All-in-One Protein Smoothies made with real ingredients and unreal flavor. Try it yourself.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Mini: It took Holly 51 seconds to complete this puzzle. Womp womp. Will you fare better? Play the Mini here. Sandwich trivia Jersey Mike’s, a soon-to-be public company, is the third-largest sandwich chain in the US by number of locations. What are No. 1 and No. 2? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Subway and Arby’s, according to restaurant industry publication QSR. Word of the Day Today’s Word of the Day is: visage, meaning “face.” Thanks to Melissa from Philadelphia for a suggestion to help us face the day. Submit another Word of the Day here. ✢ A Note From Cytonics This is a paid advertisement for Cytonics’ Regulation CF offering. Please read the offering circular at https://cytonics.com/.           Written by Abigail Rubenstein, Molly Liebergall, Sam Klebanov, and Matty Merritt Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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US seizes Iranian cargo ship and wants to talk peace...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqygal.264x9/5cb4d518.gif" alt="" border="0" /></a> April 20, 2026View Online | Sign Up | Shop Morning Brew Presented by Sponsor Logo: Slack Happy 4/20. A married couple in Temecula, CA, may have the wildest story of inflation impacting their lives. On Saturday morning, they got a motion detection alert from their home camera system. That’s when they found a hot air balloon with a dozen smiling strangers in the basket grounded in their yard. Turns out, the pilot had to make an emergency landing due to low wind conditions and managed to park the balloon right between the fence and the patio of the residential home. If they reported this happening today instead of two days ago, people would assume they were just blowing smoke. —Holly Van Leuven, Brendan Cosgrove, Neal Freyman In today’s newsletter, we’ll look at: The latest on the US–Iran peace talks The tariff refund portal is now open Humanoid robots absolutely dominated a half-marathon MARKETS: YEAR-TO-DATE Nasdaq 24,468.48 +5.28% S&P 7,126.06 +4.10% Dow 49,447.43 +2.88% 10-Year 4.246% +8.3 bps Bitcoin $74,790.73 -14.53% Alaska Airlines $45.40 -9.74% Data is provided by *Stock data as of market close, cryptocurrency data as of 3:00pm ET. Here's what these numbers mean. Markets: All three major indexes finished up big last week, but Iran developments could disrupt the rally, as the saloon door on the Strait of Hormuz keeps swinging from open to closed (more on that below). Stock spotlight: Alaska Airlines reports earnings today, offering up some data on how the airline industry is navigating higher fuel prices. United will deliver results tomorrow, followed by Southwest and American on Thursday.   Markets Sponsored by The Crew Want daily analysis of the investing landscape? Brew Markets is our newsletter designed to help you make sense of market moves. Subscribe now. GEOPOLITICS US seizes Iranian cargo ship as tensions rise the cargo ship Touska in 2017 The cargo ship Touska in 2017. South China Morning Post/Getty Images The US’ continued blockade of the Strait of Hormuz resulted in the first known use of force to maintain it yesterday, creating an interstice in global shipping. Meanwhile, the world is waiting to see if peace talks between Iran and the US will resume in Pakistan today, or whether the tenuous ceasefire agreement will hold. What happened: The US Navy attacked and seized the Touska, an Iranian-flagged cargo vessel, after issuing multiple radio orders for it to stop over a period of six hours. Many shipping companies are pausing their plans to resume operations in light of fresh confusion: On Friday, in response to Israel and Lebanon agreeing to a 10-day ceasefire, Iranian Foreign Minister Seyed Abbas Araghchi said, “The passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire.” In response, President Trump thanked Iran on Truth Social, but then said the US would maintain its blockade of the strait “AS IT PERTAINS TO IRAN” until a peace deal between the US and Iran is complete. Iran’s Islamic Revolutionary Guard Corps then announced that the strait had “returned to its previous state” due to the US blockade, meaning it would stay under “strict management” by the IRGC. Confusion ensued. On Saturday, India reported that Iran fired on two of its merchant ships in the strait after having let other ships through earlier. Then came yesterday’s US seizure of the Touska, which Iran denounced as an act of piracy, warning it would soon retaliate against the United States for it. What about peace talks? Those plans also generated mixed messages over the weekend. Yesterday, Trump said his team of negotiators would arrive in Islamabad, Pakistan, for round two of peace talks today. But hours later, Iran said there was “no clear prospect” for face-to-face talks given current realities. Looking ahead…the original two-week ceasefire between the US and Iran expires on Wednesday, though it risks crumbling before then. The markets seem to have lost their optimism of a tidy resolution, as stock futures fell and oil prices rose last night in response to the renewed tensions.—HVL     Presented by Slack Find your sweet spot for productivity Sponsor: Slack Already invested in Microsoft 365? There’s a better way to unwrap its full potential. Over 150,000 Microsoft customers use Slack to transform their productivity suite into an intelligent work operating system. It connects every tool, automates workflows, and puts AI at the center of collaboration. Watch this on-demand webinar to learn how leading businesses bring their essential Microsoft apps inside Slack to supercharge productivity and maximize existing technology investments. You’ll see how Slack’s open, flexible platform helps you move beyond single-vendor constraints and build a connected, future-ready workplace. Stop creating silos and start creating something sweeter. Watch the webinar. WORLD Tour de headlines Canadian Prime Minister Mark CarneyAndrej Ivanov/Getty Images Canadian PM Mark Carney says US economic ties are “weaknesses” to be corrected. Carney’s assessment came yesterday in a YouTube video, which the prime minister said was intended to speak directly to Canadians about the challenges the country faces. “The US has fundamentally changed its approach to trade, raising its tariffs to levels last seen during the Great Depression,” he said. On Friday, US Commerce Secretary Howard Lutnick said, “They suck,” in reference to Canada while speaking at a conference. The United States–Mexico–Canada Agreement, which replaced NAFTA, is due to be renegotiated by July. The tariff refund portal opens today. It’s not an energy vortex—just a website administered by US Customs and Border Protection. The Consolidated Administration and Processing of Entries portal, known as CAPE, will allow businesses that paid tariffs levied under the International Emergency Economic Powers Act, or customs brokers who paid tariffs on their behalf, to submit a refund request. But the refunds won’t be automatic, and may take months or even years to resolve in some instances. For eligible parties who don’t want to take the time and effort to file, some hedge funds and financial services firms are buying up refund claims as if they were alternative assets. Trump fast-tracked psychedelic drug review prompted by Joe Rogan. On Saturday, President Trump signed an executive order to accelerate the research of certain psychedelic drugs, including ibogaine and LSD, which may successfully treat depression, PTSD, and opioid addiction. Rogan stood behind Trump for the signing in the Oval Office. Dr. Mehmet Oz, the administrator of the Centers for Medicare & Medicaid Services, said at the signing that the EO was an “unimaginable task” that came together in one week, “from a series of connections and communications with Joe Rogan.” Ibogaine is currently illegal in the US, but some Americans have traveled to Mexico for treatments.—HVL ROBOT RACE Technology’s latest milestone: 13.1 humanoid robot winning a race Anadolu/Getty Images You can’t run from technology, especially not now. Over the weekend, event organizers in Beijing, China, hosted a half-marathon race featuring both humans and humanoid robots for the second straight year. The number of participating humanoid teams jumped nearly 500% this year, and, despite some hilarious moments, the machines ran away with the competition. This year’s winning robot outpaced last year’s by nearly two hours, but the real headline is that, for the first time, a robot beat the humans, proving that the only thing more powerful than mettle is metal. We had a good run, humans: According to the Beijing Economic-Technological Development Area (known as Beijing E-Town), which hosted the race, a bipedal robot named Lightning completed the race in 50 minutes and 26 seconds, shattering the human record of 57 minutes and 20 seconds set by Uganda’s Jacob Kiplimo last month. To make matters worse, the robot added one of those 13.1 stickers to its car faster than Kiplimo, too. Technological strides Many of the participating robots were controlled remotely, but the winning Lightning robot, made by Chinese smartphone-maker Honor, navigated autonomously. Battle bots: In the past year, China has hosted several humanoid sporting competitions, highlighting the progress the country has made since designating robotics as a key sector for rehabbing its technological image in 2015, per CNN.—BC     READER POLL Is the humanoid robot outracing a human impressive? Yes.Meh, it’s merely interesting.No, a car can beat a racehorse.No, I distrust the robot. Sponsored By Apple Card Sponsor: Apple Card Shop + earn. Tired of calculating points and converting miles? Earn 2% Daily Cash back that never expires when you use Apple Card with Apple Pay online and in-store. That’s 2% real cash back on your morning coffee, grocery store hauls, vacation rentals, and more at most merchants in-store and online in the US. Learn more. Terms apply. CALENDAR The week ahead the Warner Bros. water towerMario Tama/Getty Images Yearning for earnings: Earnings season continues in full force this week. UnitedHealth, 3M, and GE Aerospace deliver results tomorrow, followed by Tesla, IBM, and Boeing on Wednesday. Intel, Blackstone, and SAP report earnings on Thursday, and then Procter & Gamble and Colgate-Palmolive show their cards on Friday. We’ll also hear from several credit card companies and defense contractors this week. First stage of the Warsh cycle: Kevin Warsh, President Trump’s nominee to take over as Federal Reserve chairman, is scheduled to appear before the Senate Banking Committee tomorrow. Even if the hearing moves forward, North Carolina Republican Sen. Thom Tillis has pledged to block Warsh, or any Fed nominee, from advancing to a full Senate vote until the federal investigation into Jerome Powell is halted. Powell’s term as chair ends on May 15. Dribble, skate, run, draft: The top teams from the NBA and NHL will play their first-round playoff games throughout the week. If that’s not enough, the 130th Boston Marathon will be run today, and the London Marathon will be held on Sunday. The NFL Draft will start on Thursday and conclude on Saturday. Spoiler alert: That mock draft you’ve been working on is devastatingly wrong. But wait, there’s more: US retail sales data for March will be released tomorrow morning. Let our powers combine: Earth Day is on Wednesday. On Thursday, Warner Bros. Discovery shareholders will vote on whether to approve Paramount’s acquisition. Head back to Hawkins on Thursday, when the animated spinoff Stranger Things: Tales from ’85 lands on Netflix. The Michael Jackson biopic Michael moonwalks into theaters on Friday. STAT Prime number: Fair-weather college fans group on college campus in the rainThe Washington Post/Getty Images Even after rigorous research on cost, culture, fit, size, and location, your college choice may have come down to something as unpredictable as the weather. According to a recent study published by the National Bureau of Economic Research, students are less likely to apply to a college if they visited the campus when the weather was bad, no matter how sunny your tour leader’s disposition may have been. Researchers at Amherst College discovered that applications dropped 10.1% when a campus tour was comparatively hot, 5.9% when it was cold, 4.9% when it was cloudy, and 8.3% when there was precipitation. So, a school’s application rates literally depend on whether it has a good atmosphere or not.—BC Sponsored By Centerline Sponsor: Centerline Terrell Owens doesn’t do casual. And neither does his court fit. The NFL Hall of Famer just partnered with Centerline Athletics, repping the brand’s performance apparel built for athletes who take pickleball seriously. Think technical fabrics, competitor-first cuts, and gear that moves like you do. His curated picks are live now, with a full collab collection coming later this year. Same intensity, different court. NEWS What else is brewing A 7.5-magnitude earthquake struck off the coast of Japan, which issued a tsunami alert. Eight children were killed by the same gunman during shootings in Shreveport, LA, yesterday, in what authorities called a domestic incident. The gunman was later killed. It’s the US’ deadliest mass shooting in more than two years. Hipp baby food was recalled in Austria after a jar contaminated with rat poison was found there. The brand said the recall “is related to a criminal act that is being investigated by the authorities.” The NSA, a Department of Defense support agency, is using Anthropic’s most powerful AI model, Mythos Preview, despite the DOD designating Anthropic as a “supply chain risk,” according to Axios. A pancreatic cancer mRNA vaccine for humans showed lasting results in an early stage trial. The Blue Origin New Glenn rocket put a satellite payload into the wrong orbit. Eddie Murphy received the American Film Institute’s Life Achievement Award. RECS To-Do List Car talk: This windshield sun shade helps keep the inside of your car from getting too hot.** Attention, Trekkies: Don’t miss the fire sale of Star Trek TV show props. Status symbol: The new badge of honor among mid-20s to early 30s American women is…a leather notebook binder holder thing. Stick to it: The 3-3-3 rule may help you finally keep an exercise routine going. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Turntable: This week’s puzzle has just 26 words and one pangram to find. Easy as pie, right? Play Turntable here. Song trivia What do the following songs have in common? “Chocolate” by The 1975 “I Got 5 On It” by Luniz “Got to Get You Into My Life” by The Beatles “We Be Burnin’” by Sean Paul SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER They’re all about smoking weed. A very 4/20 trivia category… Word of the Day Today’s Word of the Day is: interstice, meaning “a break in time between events.” Thanks to Caroline McNall of Spokane, WA, for continuing the run of good suggestions. Submit another Word of the Day here.           Written by Holly Van Leuven , Brendan Cosgrove, and Neal Freyman Was this email forwarded to you? Sign up here. 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Who’s winning the macro money?<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqybdh.2dw4z/c90d75d7.gif" alt="" border="0" /></a> April 19, 2026View Online | Sign Up | Shop Morning Brew Sponsored By Sponsor Logo: Fatty15 Illustration of a group of anthropomorphic protein-rich foods (like meat, eggs, avocado) with huge bulging muscles, standing menacingly in a grocery aisle. Melcher Oosterman EDITOR’S NOTE Good morning. You ever walk down the grocery store snack aisle, see a bag of Doritos Protein, and wonder how we got here? Same. Today’s newsletter is all about the business of the vital and increasingly trendy nutrient protein: why it’s now in everything you eat, the companies benefiting the most, and, most importantly, how to win your next meat-judging competition. We’ll also debunk some myths about protein and teach you the basics if you’re just getting started on your maxxing journey. YOKEDPOCALYPSE Protein is now in *gestures broadly at everything* grocery store shelf with Barilla Protein+ mailcaroline/Adobe Stock There was a time when if you heard someone mention “protein,” they were wearing a fluorescent tank top and on their way to a GNC at the local mall. Now, protein is everywhere. There are more powder options and awful-tasting bars available than ever before. It’s emphasized at restaurants and in products you never thought would be a protein source (toaster pastries???). It’s all part of a tectonic shift in culture: Americans are pursuing healthier lifestyles and consuming more protein and fewer carbs. The protein–GLP-1 connection The increase in popularity (and affordability) of GLP-1s like Ozempic and Wegovy in the last few years lines up perfectly with the spike in demand for protein: A 2025 Gallup report found that 12% of Americans (~30 million) were taking weight loss drugs, up from 6% in 2024. A separate study said that share was just 2.9% in 2019. The 2025 IFIC Food & Health Survey showed that 71% of Americans have increased their protein intake. Research from Cargill found that, six years earlier, only 48% were upping their protein consumption. Businesses jumping on the trend: General Mills did $100 million in sales in the US in its fiscal 2024 from its protein cereals alone. PepsiCo—the makers of Doritos Protein—expects the protein category to continue to grow. Meanwhile, a study funded by the beef stick company Chomps found that protein snacks are growing at three times the rate of the overall snacking industry. Going after the health-conscious: Writing “protein” on a bag of chips or tub of ice cream appears to be working. A 2025 survey from the National Frozen & Refrigerated Foods Association found that 46% of GLP-1 drug users are more likely to purchase a frozen food product if it has high-protein content. Bottom line: With the prices of GLP-1s coming down, and more pill forms on the way for people who hate needles, the demand for protein may only increase. The expectation is that the global protein market, which was valued at $56 billion last year, will surpass $100 billion by 2034, per research from a food and beverage consultancy.—DL     Sponsored By Fatty15 Your healthy aging hack Sponsor: Fatty15 How did helping dolphins unlock a healthy aging hack? Turns out, the secret to healthy aging lies in understanding our squeaky, bottle-nosed friends. Yep, we’re talking about dolphins. While they were caring for older Navy dolphins, veterinarians discovered that C15:0, a foundational nutrient, predicted the healthiest aging dolphins. Ten years (and 100+ peer-reviewed studies) later, and it’s now understood that C15:0 is pretty important for humans, too. That’s why Fatty15 was created. Fatty15 is an award-winning, pure C15:0 supplement that strengthens cell membranes against age-related breakdown to support metabolic, cognitive, liver, immune, and red blood cell health. Skip the fads and the fuss. Support your health with a daily healthy aging supplement and save an extra 15% on your first 90-day supply with code MORNINGBREW. MEAT MARKET Beef is getting bougie Expensive steak at a supermarket Justin Sullivan/Getty Images A new study found that proteinmaxxing by gorging on steak tips is extremely effective at slimming down...your wallet. US beef prices have soared in recent years due to cattle herds shrinking to record lows, spurring many carnivores to pivot to the other dominant source of protein—chicken. As domestic beef production declined 4% last year, wholesale beef prices rose 13% in February from the same month last year, according to government data. The supermarket price tag of a pound of ground beef, aka the go-to for the budget-conscious, reached $6.75 in January, compared to $5.03 two years prior. Shoppers aren’t the only ones hit with sticker shock: Steakhouses say they’ve been forced to either absorb soaring beef costs to the detriment of their profits, or risk driving customers away with higher prices or reduced portions. Swapping steak for wings While surveys show more Americans view meat as important to their diets, they might be starting to cut back on beef. Americans ate 58.5 pounds of red meat on average last year, down from 59.1 pounds in 2024, according to USDA estimates. It projects beef intake will decline 2% this year. Industry observers say that bargain hunters typically aren’t forsaking cow meat all together, but are instead trading down from filet mignon to value cuts like sirloin. Some are pivoting to chicken, which is 30% to 40% cheaper than ground beef. Tyson Foods reported selling 3.7% more chicken in the last three months of last year, while beef sales dropped 7.3%. Chicken is top of the food chain…when it comes to fast food. The likes of Raising Cane’s and Dave’s Hot Chicken have had an expansion bonanza in recent years, while burger-centric value chains like Burger King are struggling with declining margins. Meanwhile, McDonald’s recently beefed up its chicken offerings by adding sauce-lathered and seasoned McCrispy Strips to its menu.—SK     Together With tastytrade Sponsor: tastytrade You didn’t come this far to stand still. No matter what the market is doing, tastytrade’s customizable charts, 100+ indicators, and advanced trading tools can help you stay up-to-date and trade your way through it. Trade stocks, options, futures, crypto, forex, and more in one platform with tastytrade. MYTHBUSTERS How much protein do you actually need? Peanuts in a bowl on a kitchen scaleGetty Images This is the question that should have been posed to the supercomputer in The Hitchhiker’s Guide to the Galaxy. Instead, we’re left scrabbling together macronutrient advice with the panic of a high school student who forgot about today’s calculus exam. For years, it was straightforward enough. US dietary guidelines long advised that adults eat 0.8 grams of protein per kilogram of body weight (0.36 grams/pound) every day, which is in line with the World Health Organization’s recommendations. But this year, the US updated its protein guidance to 1.2–1.6 grams per kilogram (0.55–0.73 grams/pound), which many nutritionists considered to be too much for the average person. Some caveats: This amount of protein can be appropriate if you’re strength training or are over 65, when muscle loss tends to accelerate. One dietitian told Stanford Medicine that she also recommends the higher end of this range for patients who are losing body mass on GLP-1s. Busted: You may hear that you should be eating 1 gram of protein per pound that you weigh, but a dietitian writing for the Mayo Clinic says that anything above 0.9 grams per pound (2 grams/kilogram) is excessive. Another myth, according to Stanford’s director of nutrition studies, is that plant-based protein is “incomplete” compared to animal protein. If anything, carnivorous diets may lack sufficient fiber, which is found aplenty in plant-heavy diets.—ML NEWS YOU CAN USE The products you didn’t know have protein Much like Ryan Gosling when he was promoting Project Hail Mary, protein is showing up everywhere you look. Here are some of the more unexpected—and downright confusing—foods that now boast about having protein, and how many grams each has per serving: Doritos Protein (10 grams) Starbucks protein drinks (27–36 grams) Dunkin Protein Refreshers (15 grams) Barilla Protein+ pasta (~17 grams) + Sturdy Sauce (20 grams) Eggo Protein Waffles (10 grams) Jack in the Box Protein Bowls (up to 35 grams) Protein Pints (30 grams) Idahoan +Protein Mashed Potatoes (6 grams) Subway Protein Pockets sandwiches (20 grams) Pop-Tarts Protein (10 grams) Smucker’s Uncrustables (12 grams) Ramen Bae (up to 28 grams) (The only food you can afford in college now gets you yoked, too.) Sour Protein Gummies (14 grams) Man Cereal (15–16 grams) (Sorry, ladies, but this protein is for the fellas.) Thomas’ High Protein Bagels (21 grams) Mini Babybel Protein cheese (5 grams) Khloe Kardashian’s Khloud Protein snacks (7 grams) Ready Clear Protein Water (20 grams) (Yes, water.) —DL Sponsored By RAD Intel Sponsor: RAD Intel 85% allocated. One week left before this round closes. RAD Intel’s Reg A+ round is already 85% allocated with just one week remaining. Shares are still available at $0.91. The company has reported 5,400% growth in five years, 2x sales in 2025, F1000 traction, and backing from Fidelity funds. April 30 is the deadline. Invest now at $0.91/share. EXPLAIN IT TO THE GROUP CHAT How to pick your protein powder protein powderGetty Images Hey chat, With everyone trying to get swole, I researched protein powders so you don’t have to. Friends who practice veganism and/or have tummy troubles, listen up: The classic animal-based powders are whey and casein (which come from milk) and collagen peptides (which typically come from cowhide). Whey and casein are considered complete proteins with all nine essential amino acids. Collagen is missing one of them (tryptophan), but what it lacks in muscle-building, it makes up for in joint, hair, and nail support. If you’re going to take casein, it’s best to do so before bed, because it’s a slow-digesting protein that can help build muscle while you’re catching Zzzs. If you’d rather avoid animal products: Soy, hemp, pea, and rice are the usual suspects of plant-based powders, which tend to blend multiple protein sources to cover all their amino acid bases. Caution: Lead has been found in some protein powders, so here are a few safer options that Consumer Reports recommends. Now, go clean your blender.—ML WAIT, WHAT? Yes, you can judge meat competitively comptitive meat judgersTexas Tech University And not just to send it back to the kitchen for being undercooked. Intercollegiate Meat Judging has been around since 1926, when the first event was hosted at the International Livestock Exposition in Chicago. In 1996, the American Meat Science Association took over the competitions. What are we looking at here? Competitors throw on hard hats and white lab coats to mosey on into a giant cooler before you’ve even gotten out of bed. There is a range of specialized divisions, but the basic premise is that teams evaluate the quality of beef, lamb, and pork carcasses dangling from the ceiling. Competitors determine factors like weight and fat thickness solely by looking at the carcass, and use their observations to determine the meat’s yield grade. Each student is only allowed to compete for one calendar year. The meat-judging dynasty. The final event of the year, November’s international competition in Dakota City, NE, has been dominated by Texas universities over the last decade. Texas A&M won last year’s national title, but Texas Tech had a pretty impressive run from 2019 to 2021. The original goal of this “sport” was to train students for jobs in the meat and livestock industry. Many do end up sticking with meat: A Texas Tech Meat Judging alum helped invent Oscar Mayer Lunchables.—MM BREW'S BEST To-Do List Bulk up: Vanilla protein shakes that taste so good, you won’t believe they have 26 grams of protein.** Calculate: This calculator helps you determine exactly how much protein to consume daily. Drink: For when you can’t decide between a protein shake and coffee. Pump: How much protein did Arnold Schwarzenegger eat in his prime? Cook: A method for making delicious steaks that you probably haven’t tried before. Wedding season: Wedding season is here. Men’s Wearhouse has every suit, every size, and every detail covered—so you can focus on showing up and looking great. Suit up.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ✳︎ A Note From RAD Intel This is a paid advertisement for RAD Intel made pursuant to Regulation A+ offering and involves risk, including the possible loss of principal. The valuation is set by the Company, and there is currently no public market for the Company’s Common Stock. Nasdaq ticker “RADI” has been reserved by RAD Intel, and any potential listing is subject to future regulatory approval and market conditions. Please read the offering circular and related risks at invest.radintel.ai.           Written by Dave Lozo, Molly Liebergall, Matty Merritt, Sam Klebanov, and Adam Epstein Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

A key shipping chokepoint is back open...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqy60q.2d68o/96c59763.gif" alt="" border="0" /></a> April 18, 2026View Online | Sign Up | Shop Morning Brew Presented By Sponsor Logo: Fisher Investments Breaking: On this day in 1930, the BBC reported, “There is no news,” and proceeded to play 15 minutes of piano music. May all of your “just catching up” conversations with high school frenemies go the same way. —Sam Klebanov, Brendan Cosgrove, Dave Lozo, Matty Merritt, Abby Rubenstein In today’s newsletter, we’ll look at: The reopening of the Strait of Hormuz Anthropic’s White House meeting Gwyneth Paltrow’s business expansion MARKETS Nasdaq 24,468.48 +1.52% S&P 7,126.06 +1.20% Dow 49,447.43 +1.79% 10-Year 4.246% -6.0 bps Bitcoin $77,425.19 +3.30% Netflix $97.31 -9.72% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: The S&P 500 pulled off a three-peat of record-high days, rising again yesterday after Iran opened the Strait of Hormuz and President Trump suggested a peace deal could come soon. But investors were not chill about Netflix, which tanked yesterday amid concerns about the company’s post-Reed Hastings future.   GRAND REOPENING Iran declares Hormuz open, enthusing markets Strait of Hormuz is open again Shady Alassar//Getty Images It's the global economy equivalent of the moment when, after hours of standstill traffic, the car in front of you finally starts inching forward. Iran said yesterday that it had opened the Strait of Hormuz to all commercial shipping in response to the US brokering a ceasefire that paused Israel’s military campaign in Lebanon. President Trump thanked Iran on Truth Social, but said that the US will continue its blockade of Iran-affiliated traffic in Hormuz that it started this week until there’s a peace agreement between the two countries. Trump said Iran has already agreed to suspend its nuclear program indefinitely and told Axios he expects to reach a deal “within a day or two.” Wall Street cheered the prospect of sustained peace and the unlocking of the waterway that serves as a crucial conduit for fuel, fertilizer, and industrial goods—though there’s confusion about how free-flowing Hormuz traffic will really be. Cautious optimism There’s an estimated 135 million barrels of oil in tankers stranded in the Persian Gulf because of Iran’s closing of the strait, per Bloomberg Intelligence. And investors now think they’re closer to reaching global markets soon: Oil futures fell as much as 13% yesterday, dropping below $90 per barrel for the first time in over a month. Shares of oil giants experiencing a windfall from sky-high oil prices also dipped. Airline stocks surged on optimism that jet fuel shortages would be alleviated, with the NYSE Arca Airline Index soaring more than 6%. But…shipping experts caution that vessels are still wary about traversing Hormuz due to security concerns. Iran said ships must follow the route it approved earlier this month, which only a handful of vessels have used in recent days. And it's also unclear whether it’ll charge passing ships a toll going forward. Looking ahead…The US and Iran were discussing an agreement under which Iran would hand over its enriched uranium, in exchange for the US unfreezing $20 billion of Iran’s funds, Axios reported. Trump later denied that any money will change hands. An American delegation could meet with Iranian diplomats in Pakistan tomorrow to try to finalize a deal.—SK     Sponsored By Fisher Investments Start building a legacy that lives on Sponsor: Fisher Investments Estate planning when you have significant wealth can be overwhelming, but it’s worth the effort. A well-crafted plan is a gift of love and compassion for your family, helping them navigate a difficult time while preparing for their future. Investors with $5,000,000 or more need a proactive, tax-efficient strategy to achieve their long-term goals. Access exclusive insights into creating a tailored, cohesive plan that meets your needs today and your family’s needs tomorrow with Fisher Investments’ complimentary guide, Building a Lasting Legacy for Your Family. It can help with: defining your long-term financial goals managing tax-efficient trust strategies to help transfer assets involving your family in your plan Get the guidance you’re looking for. WORLD Tour de headlines Dario Amodei CEO of AnthropicChance Yeh/Getty Images Anthropic’s CEO went to the White House. Sure, his company is suing over the Pentagon’s decision to brand it a “supply chain risk,” but that didn’t stop Dario Amodei from scoring an invite to meet with White House chief of staff Susie Wiles at 1600 Pennsylvania Avenue yesterday. With Anthropic having tipped off the government before unveiling its powerful Mythos model—which can find cybersecurity vulnerabilities faster than any human hacker, raising major concerns—there may be better reasons to work together than fight. Government agencies were said to be seeking access to Mythos before the visit.—AR Chevron wins SCOTUS battle over environmental damage suit. In a victory for oil companies in a fight over whether they should have to pay for Louisiana’s coastal erosion, the Supreme Court ruled 8–0 yesterday that Chevron can move a lawsuit from state to federal court—where the company is likely to find more sympathy. There are numerous similar lawsuits pending against oil and gas companies that will likely be impacted. It also jeopardizes a $745 million state court judgment against Chevron to help restore damaged areas. “Chevron looks forward to litigating these cases in federal court, where they belong,” the company said.—AR The San Diego Padres are nearing a record sale: The Seidler family, which has owned the Padres since 2012, is on the verge of selling the franchise to private-equity billionaire José E. Feliciano and his wife, Kwanza Jones, for ~$3.9 billion, according to the Wall Street Journal. That’d be the highest valuation ever for an MLB team, eclipsing the previous record of $2.4 billion spent by Steve Cohen to buy the New York Mets in 2020. The deal, which is expected to be announced next week, would make Feliciano and Jones the first Puerto Rican and African-American majority owners in MLB history.—DL GOOP TO STOOP Goop Kitchen’s Gluten-Free Empire State of Mind Gwyneth Paltrow for Goop Kitchen Isa Zapata Slop bowls are out and Goop bowls are in. At least that’s what Gwyneth Paltrow is betting on. The actress-turned-entrepreneur is expanding her food takeout business, Goop Kitchen, to New York City, after a successful launch on the West Coast. We assume gluten futures are already tanking. The concept: Goop Kitchen is an offshoot of the separately run Goop, Paltrow’s multimillion-dollar lifestyle and luxury diaper company. It offers “certified clean” takeout food that was designed to travel well, like bowls, wraps, salads, soups, and pizza, and it’s made without gluten, seed oils, or processed ingredients. The prices are better than you might expect from the founder of a company that once featured a five-figure backgammon set, with menu items hovering in the $15 to $25 range. However, some have very questionable pun names, like Goopfellas Pizza. Recipe for success: Five years after it started, Goop Kitchen currently has 11 locations in Los Angeles and three in the San Francisco Bay Area. And they’re doing well—the company told the Wall Street Journal: Goop Kitchens serve more than 40,000 customers a week. Half of its locations make $20,000 per day on average. Year over year sales grew 48% in fiscal year 2024, and 61% in FY 2025. Ghost Space Coast to Coast: Three Manhattan locations are slated to open on Monday. They’ll follow a similar model that uses ghost kitchens to prepare food items for pickup or delivery only. Miami, Paris, and London could be next, Paltrow said.—BC     Sponsored By Merit Beauty Sponsor: Merit Beauty The sunscreen habit that actually sticks. Turns out, the trick to wearing SPF every day is finding one you don’t dread. The Uniform is Merit’s tinted mineral sunscreen—SPF 45, 20 shades, weightless finish, zero white cast. No grease, no chalk, no excuses. Finally, a reason to never skip SPF. ICYMI Have you heard… Here’s everything that didn’t make it into this week’s newsletters but we immediately sent to the group chat. A new study found that 52% of American men between the ages of 18 and 49 have an active online sports betting account. The other 48% are in states where sports betting isn’t legal yet. Researchers found that onea way to combat social media brainrot and improve creativity is to watch short, experimental films. Get ready to hear that word for word in the next few weeks if you’re dating a film major who shoots everything on an iPhone. Thursday’s Royals–Tigers game was delayed multiple times due to home plate umpire Andy Fletcher leaving the field with stomach issues. Too many umpires were worried about ABS when perhaps the real problem is IBS. Novelist Helen DeWitt turned down the $175,000 Windham-Campbell prize for writing because she didn’t want to participate in the extensive promotion required. Geez, just say you don’t want to do Hot Ones. Chinese automaker Seres received a patent for an “in-vehicle toilet” that can be used while on the road. Picture it: A cop pulls a man over for speeding and asks why the rush. The cop looks inside the car and sees the man on the car toilet, clenching the steering wheel for dear life, his eyes begging for help. “Follow me,” the cop says. The cop gets in his car and gives the desperate man a police escort home at 100 mph. The man makes it to his bathroom just in time. Finally, a title on the screen appears: “Ryan Gosling in Drive 2.”—DL READER POLL Would you ever want an “in-vehicle toilet”? Yes, when you’ve gotta go, you’ve gotta go.No, ew.Maybe, but only for long road trips. NEWS What else is brewing Meta plans to layoff about 10% of its global workforce in an initial round of job cuts next month, Reuters reports. Singer D4vd was arrested on suspicion of killing a 14-year-old girl whose body was found in his Tesla months ago. US Commerce Secretary Howard Lutnick told Canada “they suck” in response to a report that the country was waiting out the US in trade negotiations. AI chipmaker Cerebras, which scrapped earlier IPO plans, filed paperwork to go public. Ford recalled nearly 1.4 million F-1 pickup trucks because of a gear shift issue. Uber Eats announced it will pick up returns of retail items purchased through its service, hoping to woo customers by saving them the trouble of printing out labels. Sponsored By Skechers Sponsor: Skechers Less gear, more running. Spring race season means one thing: Your legs are about to have opinions. Skechers’ AERO line keeps the decision simple—the AERO Razor for when you’re chasing pace, the AERO Burst for when you’re chasing miles. Two shoes, one rotation, zero overthinking. Find your fit. POETRY Haiku contest winners A barrel of laughs You want me to pay what now? Ah, well, it’s a gas —Talia Ryan from Buffalo, NY The shimmer of black Crows slip through the morning light Nothing to refine —Anish Gala from Redwood City, CA Long distance girlfriend Cannot afford the drive now Or ever (she’s fake) —Jackson from Iowa Prices drift and spike Unseen hands adjust the cost Roads feel longer now —Gary Owen from Buffalo, NY I dream of road trips Shades on and wind in my hair Next summer, I guess —Adrienne from South Pasadena, CA RECS To-Do List Work: A laptop stand that your neck will thank you for.** Play: The viral game that asks you to brush a cat. Prep the popcorn: A calendar to keep track of movie releases. Watch: A sweet tribute to Norm MacDonald. No interest ’til 2027: Check out this credit card with 0% intro APR until 2027, no annual fee, and a bonus offer worth $250 for travel.* Your edge starts here: Founder Brew launches May 5. The pivots, trade-offs, and hard-won lessons that define great builders. Subscribe early. *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Crossword: If you know the gist of many a classic novel, but have read few, this one’s for you. Play the Crossword here. Open House Welcome to Open House, the only newsletter section that rides for Dr. Santos. We’ll give you a few facts about a listing and you try to guess the price. Mansion in Pittsburgh, PA with rounded living room and floor-to-ceiling windows providing a view of the city. ZillowToday’s home is in Pittsburgh, PA, which we assume is a real place and not just a city HBO invented for an epic medical drama. The views from two separate semi-curved decks are perfect for the firework show. Amenities include: 3 beds, 4 baths Giant fireplace Elevated breakfast nook How much for the Pittsburgh property? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER $2.5 million Word of the Day Today’s Word of the Day is: alleviated, meaning “made less severe.” The suggestion was submitted anonymously, but we’re still grateful to whoever helped ease our need for a word. Submit another Word of the Day here.           Written by Abigail Rubenstein, Sam Klebanov, Brendan Cosgrove, Dave Lozo, and Matty Merritt Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? 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Energy crisis could soon lead to flight cancellations...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqxtm2.21ges/82acdd2d.gif" alt="" border="0" /></a> April 17, 2026View Online | Sign Up | Shop Morning Brew Presented By Sponsor Logo: Subaru Happy Friday. To celebrate National Haiku Day, the Brew is running a haiku contest that involves...all of you. Submit your haiku here, and we’ll share the best of the bunch tomorrow. The rules: Your poem must follow the conventional haiku format (5–7–5 syllable structure) and be centered around the topic of: gas prices. Good luck! —Molly Liebergall, Sam Klebanov, Matty Merritt, Adam Epstein In today’s newsletter, we’ll get into: Europe running out of jet fuel New York’s proposed pied-à-terre tax The World Cup transit debacle MARKETS Nasdaq 24,102.70 +0.36% S&P 7,041.28 +0.26% Dow 48,578.72 +0.24% 10-Year 4.309% +3.0 bps Bitcoin $75,336.12 +0.62% Allbirds $10.91 -35.79% Data is provided by *Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean. Markets: Stocks ticked up yesterday, as investors remained hopeful of an end to the Middle East conflict. The Nasdaq notched its 12th straight positive day—the longest such stretch since 2009. The good vibes did not extend to Allbirds, which sank more than 35% a day after the shoe company’s sudden pivot to AI brought its stock back from the dead.   BOARDING GROUP NONE Europe’s planes are about to run out of fuel Strait of Hormuz fuel crisis Davide Bonaldo/Getty Images Mac Miller lyrics that European airlines cannot relate to right now: “I never run out of jet fuel.” The Strait of Hormuz’s closure has disrupted oil supplies so drastically that Europe has “maybe six weeks” of jet fuel left, with flight cancellations coming “soon” unless the waterway reopens, the head of the International Energy Agency told the Associated Press yesterday. This is “the largest energy crisis we have ever faced,” IEA Executive Director Fatih Birol said. His comments follow an even bleaker warning from the trade group that represents European airports, ACI Europe, which said last week that fuel shortages could commence in as little as three weeks. European airlines are fastening their oxygen masks: Europe’s largest carrier, Ryanair, suggested this week that it’s on track for fuel shortages by June, while the region’s second-largest airline, easyJet, said it currently has 70% of its summertime jet fuel covered. To counter elevated jet fuel costs, which have roughly doubled since the Iran war began, German carrier Lufthansa will cut some long-haul flights and take up to 40 planes out of rotation. Around the world, airlines are clawing back cash by raising ticket prices. All major US airlines have hiked baggage fees in recent weeks. US travel may be better protected (for now) Europe’s oil refineries have been dwindling for decades, and the continent is the biggest recipient of jet fuel that passes through the Strait of Hormuz. Across the pond, however, the US reigns as the world’s largest net exporter of jet fuel, and it produces most of the juice its airlines need in-house. Still, major US airlines (even Delta, which has its own oil refinery) project billions of dollars in added costs if fuel prices don’t return to normal. The price spike could reportedly sink Spirit Airlines entirely. Looking ahead…if the US and Iran reach an agreement to reopen the strait, it could take “up to two years to come back where we were before the war,” Birol said of global oil flow.—ML     Sponsored By Subaru Tree-ting the Earth right Sponsor: Subaru Shout-out to Mother Earth. She carries a lot of precious cargo, and she carries it well. So does a Subaru. And in appreciation of our beautiful planet, Subaru and its retailers partner with the Arbor Day Foundation to provide and distribute trees in communities across the country. Every year, the US loses 36 million trees to age, disease, infestation, and extreme weather. To do your part, remember this: Proper tree care begins with selecting the right tree and space. Consider your climate to identify water or pruning needs. And if you’re ever concerned about your tree’s health, contact an arborist. To date, Subaru Loves the Earth has provided 1.1 million trees and counting. Learn more. WORLD Tour de headlines View of Beirut cityscapeAdri Salido/Getty Images Israel and Lebanon agreed to a 10-day ceasefire. In a Truth Social post, President Trump said that a temporary truce went into effect at 5pm ET yesterday after representatives from the two countries met in Washington, DC, earlier in the week. The fighting between Israel and the Iran-backed militant group Hezbollah had threatened to torpedo the separate ceasefire deal between the US and Iran, which remains tenuous as the US expands its blockade of the Strait of Hormuz. Talks led by Vice President JD Vance in Pakistan over the weekend failed to reach an agreement, but a second round of negotiations could take place this week. Defense Secretary Pete Hegseth renewed threats to attack Iran’s civilian infrastructure if a deal isn’t reached. PepsiCo’s price cuts are working. If you slash, they will snack. That’s the takeaway from PepsiCo’s first-quarter earnings report, which showed that revenue spiked 8.5%, to $19.4 billion, as the company cut prices on snacks like Lay’s and Doritos. After implementing a series of price increases in 2022 to counter pandemic-induced inflation, the food giant changed its tune last year, slashing prices for several of its signature brands by as much as 15% while under pressure from an activist investor to boost sales. CEO Ramon Laguarta said shoppers are “responding to our holistic value.” Anthropic released a new Claude model that’s “less capable” than the scary one. Yesterday, the AI company rolled out Claude Opus 4.7, which it says is its best publicly available model yet. It is not, however, as advanced as Claude Mythos Preview, the model that caused a panic last week when Anthropic said it was restricting access to it because it’s too powerful to be released to the public. A number of tech companies, including Microsoft and Nvidia, are currently working with Anthropic to detect cybersecurity vulnerabilities within Mythos before it’s made widely available. The White House reportedly wants federal agencies to start using Mythos.—AE START SPREADING THE NEWS NYC plans to tax rich people’s backup homes Luxury condo building Getty Images Web-spinning spiders living in penthouses overlooking Central Park might soon see a tax on their dwellings. This week, New York Gov. Kathy Hochul and NYC Mayor Zohran Mamdani announced a proposed tax on non-primary residences in the Big Apple that are valued above $5 million. The measure would affect about 13,000 second homes—aka pied-à-terres—owned by wealthy folks who mostly live elsewhere but use them as investments or a place to crash when visiting town. Taxing out-of-towners Mamdani pitched the measure as a charge on “the ultra-wealthy and global elites” that would help the city close its $5.4 billion budget gap. The Hochul administration said the proposal would bring city coffers at least $500 million yearly. An independent estimate put the haul at $232 million for a similar proposal in 2020. Proponents argue that absent neighbors should have to pull their weight: They say that the tax targets property owners who don’t pay local taxes or patronize nearby businesses, yet benefit from municipal services that support their home values. Several major cities like Paris and Vancouver already tax empty cribs. But…local real estate industry groups say it will undermine NYC’s luxury-housing market, reducing tax proceeds from bougie home sales and costing construction and maintenance jobs. Looking ahead…Hochul aims to include it in the next state budget that lawmakers are currently negotiating.—SK     WE’RE WALKING Even the train to the World Cup is expensive Illustration of a New Jersey transit ticket being ripped in half by two different businessmen, revealing a family of sad soccer fans behind it. Nick Iluzada Oh, now everyone cares about going to New Jersey. NJ Transit’s plans to ratchet up the price of a round-trip ticket from New York’s Penn Station to New Jersey’s MetLife Stadium to ~$150 during this summer’s FIFA World Cup has sparked an outcry, according to The Athletic. The 18-mile rail journey normally costs $12.90 for a return ticket, so the roughly 1,163% price hike has shocked fans, who have few other options to get to and from the eight games hosted at MetLife Stadium—including the championship. Now, it’s political: NJ Gov. Mikie Sherrill, who inherited the FIFA contract when she took office in January, released a video yesterday accusing FIFA of taking advantage of the state’s transit system by providing $0 to help offset the $48 million added cost for the event. But FIFA doesn’t typically help pay for transportation costs. Big picture: The hundreds of thousands of World Cup fans expected to descend on the area in June and July are already feeling stretched thin by FIFA’s non-transparent, sky-high ticket prices. Even with nearly a third of tickets unsold, prices have reached record-breaking levels—with seats at some desirable games going for as much as $10,000 each.—MM     STAT Prime number: Guess who bought ~1 in 5 Cybertrucks SpaceX and Tesla CybertruckMario Tama/Getty Images This is a bit like when your own parents had to buy your brownies at the bake sale because the other kids were unsurprisingly not into the weird-looking walnuts. According to Bloomberg, Elon Musk’s SpaceX bought nearly 1 in 5 of the Cybertrucks that were sold by Elon Musk’s Tesla in Q4: SpaceX’s purchases were likely worth more than $100 million in total. Cybertruck sales would have plummeted by 51% in the quarter if not for the purchases by Musk’s other companies. Bloomberg reported that the Musk-to-Musk Cybertruck sales pipeline has continued into this year. One auto expert told the outlet that Tesla is “running out of buyers” for the electric pickup truck that critics say looks like a toolbox.—AE READER POLL Do you know anyone who owns a Cybertruck? Yes, *I* doYes, a friend or family memberNo, but I’ve seen them aroundNo, and I’ve never even seen one Sponsored By GroupTogether Sponsor: GroupTogether Nearly half of EAs feel underappreciated. Yet 41% of their colleagues admit the office would implode without them for a week. Admin Professionals Day is April 22—close the gap with GroupTogether. Send a group card, collect for a gift, or let them pick from 150+ brands with an AnyCard. Done in minutes. No subscriptions. Just appreciation, delivered. QUIZ Friday news quiz Friday news quiz banner The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to eating the big glob of cheese left in the pizza box. It’s that satisfying. Ace the quiz. NEWS What else is brewing Former Virginia Lt. Gov. Justin Fairfax shot and killed his wife and then killed himself after a “domestic dispute,” police said. Reed Hastings, the co-founder and former CEO of Netflix, is stepping down from the streaming giant’s board of directors to focus on philanthropy. Gatorade is rebranding to broaden its appeal beyond athletes, the company revealed yesterday. Charles Schwab launched a crypto-investing product to compete with Robinhood and Coinbase. New research showed that taking Tylenol during pregnancy has no effect on children developing autism. Condé Nast is shuttering its women’s health magazine, Self, after 47 years, and folding its content into other brands like Allure and Glamour. Top Gun 3 is in the works, with Tom Cruise set to return as Pete “Maverick” Mitchell, Paramount Pictures announced. QVC is preparing to file for bankruptcy, which will really put a dent in Lori Greiner’s pitch to entrepreneurs on Shark Tank. RECS To-Do List Get comfy: Add this Mongolian cashmere sweater to your spring rotation.** Feast: The most iconic steakhouse in every US state. Read: A running list of the big movie news coming out of CinemaCon this week. Learn: The science behind wanting to just sit in your driveway after a long day. What to cut when money’s tight: Check out this list of 19 things to eliminate from your budget to help you breathe a little easier (most people ignore #11).* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Jigsaw: Whether or not you filed your taxes on time, someone in this week’s puzzle is very happy to see you. See what we mean. Play Jigsaw here. Friday puzzle Today’s brain teaser was created by the legendary puzzlemaster Will Shortz. Take a country in the world, anagram that country to form a word, find a homophone of that word, then anagram it to form another country. SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Iran → rain → reign → Niger Word of the Day Today’s Word of the Day is: tenuous, meaning “weak, insubstantial, not strong or secure.” Thanks to Floyd from St. Louis, MO, for the suggestion. Submit another Word of the Day here.           Written by Adam Epstein, Molly Liebergall, Sam Klebanov, and Matty Merritt Was this email forwarded to you? Sign up here. 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A shoe company is now an AI company....<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqx81u.2eamz/0ff96421.gif" alt="" border="0" /></a> April 16, 2026View Online | Sign Up | Shop Morning Brew Presented By Sponsor Logo: EnergyX Ho, ho, ho. What’s worse than a hangover? The president of the annual Christmas-themed bar crawl SantaCon was arrested yesterday, as federal prosecutors allege he was naughty rather than nice and stole more than $1 million from ticket sales meant for charity. We probably should have known when he called it SantaCon. —Matty Merritt, Molly Liebergall, Dave Lozo, Abby Rubenstein, Holly Van Leuven In today’s newsletter, we’ll look at: Allbirds’s pivot from shoes to AI A jury finding that Live Nation acted as a monopoly What it takes to be a coffee expert MARKETS Nasdaq 24,016.02 +1.60% S&P 7,022.95 +0.80% Dow 48,463.72 -0.15% 10-Year 4.282% +3.0 bps Bitcoin $74,794.86 +0.65% American Eagle $19.42 +9.29% Data is provided by *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. Markets: The S&P 500 and the Nasdaq closed at record highs yesterday, as investors continued to hope for a fast resolution to the Iran war, with the US and Iran reportedly weighing an extension of the current ceasefire to make time for more peace talks. Stock spotlight: American Eagle jumped after debuting a new ad campaign featuring actress Sydney Sweeney. Their last collab…certainly got attention.   Markets Sponsored by EnergyX Final call for $12/share: As lithium prices surge, EnergyX is turning heads. General Motors invested. POSCO invested. Join them before EnergyX’s share price increases tonight. PIVOT Allbirds, now barefoot, is taking the AI path Gary Hershorn/Getty Images Before the final pair of Forage Green Men’s Tree Runners could even be loaded onto the moving truck, Allbirds announced yesterday it was pivoting from a sustainable shoe brand to an AI compute company (really). The pivot brought Allbirds’s stock back from the dead, boosting it to over $24 at its peak yesterday—an 876% jump from its sub-$3 close Tuesday. The plan is simple…if its shareholders approve the idea next month, Allbirds said it has a deal to raise $50 million, change its name to NewBirdAI, and seek to “acquire high-performance, low-latency AI compute hardware and provide access under long-term lease arrangements.” So, the company is going to buy a ton of GPUs and rent them out to AI companies. Will it work? Maybe…but Allbirds has virtually no experience in its new business. And that $50 million investment is chump change in the AI industry. For context, CoreWeave, an established company that provides cloud computing and infrastructure for AI companies, said it is spending as much as $35 billion to beef up its operations this year. Not the first to pivot, not even the weirdest It’s been a strange downfall for Silicon Valley’s favorite shoe: Allbirds was valued at $4 billion when it went public in 2021, but after opening up too many brick-and-mortar locations and rolling out poorly received products, the company’s valuation took a nosedive. Two weeks ago, Allbirds announced it was selling its assets to American Exchange Group, which owns the Ed Hardy and Aerosoles brands, for $39 million. But it’s not the first company to try this hard pivot: Once, everyone pivoted to an internet company, then it was crypto. Now, companies are scrambling to cash in on the AI boom. Former crypto-mining companies have retooled their utility power contracts and facilities to score huge contracts with AI companies desperate to feed their power-hungry operations, and a former karaoke company almost decimated the trucking logistics industry after being reborn as an AI business.—MM     Sponsored By EnergyX America’s hottest land grab isn’t for oil Sponsor: EnergyX Two of the world’s three largest energy companies have been buying land in America’s lithium hotspot. Now they’ve got a new neighbor. EnergyX acquired the rights to 35k gross acres of lithium-rich land right next door, bringing their total to ~50k acres in the US. It’s not only acreage turning heads, either. EnergyX’s patented tech can recover up to 3x more lithium than traditional methods at 500x the speed of evaporation ponds. They even just commissioned the largest lithium facility of its kind in the US. That combination of tech, assets, and infrastructure positions EnergyX to be American-lithium royalty. Perfect timing, with lithium demand projected to grow 5x by 2040. Industry leaders like General Motors invested. Invest in EnergyX at $12/share before midnight PT. WORLD Tour de headlines Live Nation trialBeata Zawrzel/Getty Images Live Nation illegally monopolized ticket sales, jury finds. In a victory for the states that pressed forward in the antitrust case against the Ticketmaster owner even as the Department of Justice settled, a federal jury found yesterday that Live Nation exercised an illegal monopoly over concert ticket sales. The verdict comes after a five-week trial accusing the company of overcharging ticket buyers. Now, the states will likely try to convince a judge to break up the company. Snap to lay off 16% of its staff. Unfortunately for Snap’s workforce, the latest things to disappear at the social media company are jobs, as the company’s CEO told staff the layoffs would impact about 1,000 employees. The company also plans to close 300 open positions. Snap, which is facing investor pressure to be profitable, said that it was leveraging AI to boost productivity—with AI agents already writing 65% of its code. It expects the job cuts to save $500 million in the second half of the year, and the company’s stock rose nearly 8% following the announcement. LIV Golf’s future is in doubt. Saudi Arabia’s sovereign wealth fund is on the verge of pulling its financial support from the league, and an announcement about the kingdom’s decision is coming as soon as today, the Financial Times reports. That would likely spell doom for the league that sought to challenge the PGA by luring away players with massive paydays. Saudi’s Public Investment Fund has invested about $5 billion in the tour, which has racked up more losses since its founding than a player who’s always over par. The FT said no final decision had been made as of yesterday, but the Telegraph reported that the league’s executives had been summoned to an emergency meeting. In an email obtained by ESPN, LIV CEO Scott O’Neil told staff that the season would go on “as planned, uninterrupted and at full throttle,” though he did not address reports about the loss of funding or the future beyond this year.—AR POW POW POW Trump is still banging the ‘let’s fire Powell’ drum Trump and Powell Chip Somodevilla/Getty Images Jerome Powell’s term as Fed chair ends in one month, and President Trump has senioritis by proxy. “I’ll have to fire him, OK, if he’s not leaving on time…I’ve wanted to fire him, but I hate to be controversial,” Trump told Fox Business yesterday. To clarify, Powell’s term as chair expires on May 15, but he can stay on as a Fed governor until 2028, which Trump doesn’t want. Normally, chairs dip out once their time at the helm ends, but the Justice Department’s investigation into the Fed’s headquarters renovation is complicating matters: Powell has said he has “no intention” of vacating his Fed governor seat until the Trump administration’s probe is over. Republican Sen. Thom Tillis has also pledged to block Trump’s nominee for Powell’s replacement, Kevin Warsh, until the probe ends. Powell could stay on as interim Fed chair if Warsh isn’t confirmed in time. Meanwhile, Trump has signaled that he’d rather let Tillis block Warsh’s confirmation than drop the probe, which ramped up this week when US prosecutors stopped by the Fed’s construction site unannounced. Looking ahead…Warsh’s confirmation hearing is set for Tuesday. The Supreme Court is also expected to rule as soon as tomorrow on the president’s power to remove Fed officials, after justices appeared skeptical of Trump’s case against Fed Gov. Lisa Cook.—ML     Sponsored By EnergyX Sponsor: EnergyX Meet America’s newest $1b unicorn. It surpassed a $1b private valuation, joining some of America’s most powerful startups. The difference is, you can invest in EnergyX today. Industry giants like General Motors and POSCO already have. EnergyX’s patented tech can recover up to 3x more lithium than traditional methods. They’ve just commissioned America’s largest lithium facility of its kind. Invest at $12/share by April 16. INJECTION SITE Peptides may become easier to get this summer Assembly line of syringes Getty Images It’s news that you may want to inject into your veins. The Food and Drug Administration announced yesterday it will convene a panel in July to discuss easing restrictions on seven peptides used in injections that are purported to build muscle, reduce inflammation, and improve skin. Health Secretary Robert F. Kennedy Jr. has been a vocal supporter of the treatments—he said he has used them to help recover from injuries—and has pledged to loosen regulations. However, there’s been little research into many of the claims of peptides’ benefits. Most peptides, including the healing compound BPC-157, which is one of the seven to be considered, haven’t been evaluated by the FDA for safety. Going gray In 2023, the FDA removed 19 peptides from a list of drugs that compounding pharmacies were allowed to produce: That ban led to a gray market selling peptides labeled “research use only” to avoid federal oversight. People began treating themselves, but not in that fun Retta way. The unregulated market meant an inconsistent product, which Kennedy has called “substandard.” Incorrect dosage and contamination can lead to side effects, such as muscle paralysis and sepsis. Looking ahead…the FDA’s current pharmacy panel has several vacancies that Kennedy could fill with peptide-friendly faces before the meeting. There will also be a second meeting to discuss bringing back five other peptides, but a date has not been set yet.—DL     Reader poll Should peptides be more accessible? YesNoOnly some shouldIt depends on what the science says STAT Prime number: brew experts needed Illustration of a person gritting their teeth, holding their head, and looking super stressed out, with coffee beans and coffee spiraling and exploding around their head.Nick Iluzada Despite what your friend who rejects anything other than a single-origin pour over would have you believe, becoming a coffee expert isn’t easy—and that’s a problem for Wall Street. Starbucks may be on every corner, but coffee graders who evaluate quality for the commodities market are in short supply at the New York Stock Exchange because the test to become one is so tough, the Wall Street Journal reports: Aspiring graders must pass a three-stage test, and if they fail at any point, they must go back to square one. It includes a written portion on the rules, a three-hour grading test, and a final part months later that involves tasting coffee in front of proctors to detect defects. Only 5%–8% of test-takers pass. For comparison: 64% pass California’s famously tough bar exam. And to even be allowed to take the test, which kicked off Monday for this year, applicants must have at least five years of experience in the coffee industry. Being a barista—no matter how hip—is not enough.—AR Sponsored By Money.com Sponsor: Money.com Got bugs on the brain? The best pest control is the kind you never have to think about. Orkin has spent 125+ years quietly protecting millions of homes in the background so people (just like you) can keep enjoying their best pest-free life. Just fill in your information here and get in touch today. NEWS What else is brewing Bank of America’s trading desk did not post a single daily loss last quarter, the bank said yesterday while reporting record trading revenue. Morgan Stanley also saw trading revenues rise amid market volatility. Hermès and Kering (Gucci’s owner) saw their stocks fall yesterday after reporting that the Iran war was hurting luxury sales. Starbucks is testing a new app within ChatGPT, as OpenAI tries to make commerce happen, and the coffee chain works to get customers into its stores. Regulators are examining unusual oil futures trades from minutes before President Donald Trump’s surprise announcement of a pause in attacks on Iran. Spirit Airlines may liquidate as soon as this week, sources told CNBC and Bloomberg. Australian authorities are investigating Ruby Rose’s allegation that singer Katy Perry sexually assaulted her, which Perry has denied. RECS To-Do List Listen: High-end speakers that look much cooler than anything else we’ve seen.** Book it: A study reveals the cheapest day to buy flights. Grow: How to make your own vegetable garden in a laundry basket. Experience it not quite live: A collection of 10,000+ concert recordings is now available to stream for free. Hearing aids got smarter: The Horizon IX doesn’t just sharpen sound. It also gives your brain back the energy it’s been using to decipher muddled noise. Start your 45-day no-risk trial.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Mini: Your sample clue of the day is “What guacamole often costs.” Play the Mini here. Three Headlines and a Lie Three of these headlines are real and one is faker than a well-behaved goldendoodle. Can you spot the odd one out? Kacey Musgraves biggest fear? Alien abduction The absolute hell of watching a movie at the Alamo Drafthouse in 2026 Hot dogs and steaks and bacon, oh my! Meat raffles keep a beloved Midwest tradition alive New journal entries suggest Lewis and Clark invited Hilary Duff’s great-great-great-grandfather on their journey SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER We made up the one about Hilary Duff’s ancestor. Word of the Day Today’s Word of the Day is: latency, meaning “the amount of delay in a system.” Thanks to Lisa from Connecticut for not slowing us down with the suggestion. Submit another Word of the Day here. ✢ A Note From EnergyX Energy Exploration Technologies, Inc. (“EnergyX”) has engaged Morning Brew to publish this communication in connection with EnergyX’s ongoing Regulation A offering. Morning Brew has been paid in cash and may receive additional compensation. Morning Brew and/or its affiliates do not currently hold securities of EnergyX. This compensation and any current or future ownership interest could create a conflict of interest. Please consider this disclosure alongside EnergyX’s offering materials. EnergyX’s Regulation A offering has been qualified by the SEC. Offers and sales may be made only by means of the qualified offering circular. Before investing, carefully review the offering circular, including the risk factors. The offering circular is available at invest.energyx.com/. Comparisons to other companies are for informational purposes only and should not imply similar results. Under Regulation A+, a company has the ability to change its share price by up to 20% without requalifying the offering with the SEC.           Written by Abigail Rubenstein, Matty Merritt, Molly Liebergall, Dave Lozo, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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Taxpayers aren’t as afraid of the IRS coming for them...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqwyf9.2dbw5/19b4ded2.gif" alt="" border="0" /></a> April 15, 2026View Online | Sign Up | Shop Morning Brew Presented By Sponsor Logo: Starbucks Good morning, and Happy(?) Tax Day. Here are three goofy tax facts to drop in any conversation today: In ancient Rome, Emperor Vespasian imposed a tax on the urine collected from public urinals, which was used in wool production. From 1784 to 1811, the British government levied a tax on men’s hats. The more hats you owned, the more taxes you paid. (This is not a joke.) Pharrell Williams would owe a lot. In Germany today, most municipalities charge a dog tax to encourage responsible pet ownership, which they might want to consider doing in Williamsburg, Brooklyn. —Matty Merritt, Sam Klebanov, Dave Lozo, Molly Liebergall, Adam Epstein In today’s newsletter, we’ll dive into... Americans cheating on taxes | United floats merger with American | Dolly Parton’s popularity MARKETS Nasdaq 23,639.08 +1.96% S&P 6,967.38 +1.18% Dow 48,535.99 +0.66% 10-Year 4.256% -4.0 bps Bitcoin $74,345.51 +1.41% CarMax $41.65 -15.14% Data is provided by *Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean. Markets: Stocks did an impression of Rory McIlroy at the Masters and landed on the green yesterday, as optimism for a truce in Iran grew. CarMax wasn’t as fortunate, imploding by 15% after investors dismissed its plan to cut prices to boost dreary sales.   Markets Sponsored by Avalara Avalara is the agentic AI platform built for global tax and compliance that helps businesses keep pace with growth and transaction volume. From real-time calculations to filing and validation, Avalara’s built on 20+ years of compliance infrastructure. Get started. COME AND TAKE IT Is everyone claiming a fake home office? Person with receipts doing taxes, accounting Getty Images This tax season has the vibe of sneaking into your sister’s closet to borrow the sparkly top she says she loves, but never wears: It might be wrong, but how is she going to find out? As the Trump administration continues to chip away at the IRS’s resources, tax professionals say they are seeing more and more filers who are willing to fudge their numbers, in hopes that the agency will be too understaffed to catch them. On one hand, they’re kind of right. In a pivot from his first-term goals, President Trump has zeroed in on thinning out the IRS during his second term: The IRS started 2025 with 102,000 employees. After cuts to probationary workers (those who have been there for less than a year) and buyouts, the IRS ended the year with about 74,000. The White House has also snatched back nearly $54 billion of the promised $79.4 billion from the 2022 Inflation Reduction Act to enforce the tax code over the next 10 years. Tax pros have raised concerns that defunding the IRS—especially its enforcement arm—would kneecap already declining audits of complex cases and high-income individuals. Audits have already been declining for over a decade. Last year, the IRS completed 497,541 audits, a historic low and a huge slide from an average of 1.7 million per year from 2010–2012. Partnership audits (which inspect private equity firms) and audits of Americans making $10 million or more declined last year, too. This could have a big impact on the US’ bottom line: While IRS budget cuts may have freed up an estimated $46 billion in federal spending over the next decade, they could also lead to a loss of $643 billion in revenue collections, according to The Budget Lab at Yale, a nonpartisan group. How’s this year looking? Refunds are slightly up—just not as much as people anticipated. A number of new deductions from Trump’s One Big Beautiful Bill have increased the average refund check by 11% from last year to $3,462. But Americans still feel like they are paying too much.—MM     Sponsored By Starbucks Great coffee meets great benefits Sponsor: Starbucks From 100% upfront tuition coverage to comprehensive medical, dental, and vision coverage, paid parental leave, and stock in the company, Starbucks benefits support partners in every part of life. That’s why Starbucks calls all employees partners: because when Starbucks succeeds, everyone succeeds. See Starbucksbenefits.com for eligibility details. WORLD Tour de headlines Iran war talksAndrew Harnik/Getty Images Lebanon and Israel held talks in DC. The two countries engaged in their first direct diplomatic dialogue in more than 30 years yesterday, meeting in Washington to lay the groundwork for future negotiations as Israeli strikes in Lebanon—where Iran-backed Hezbollah is based—have displaced more than 1 million civilians, per the UN. Hezbollah has said it will not abide by any agreements reached between Israel and Lebanon. Meanwhile, several Iran-linked ships appeared to pass through the Strait of Hormuz yesterday, though the US said no ships got through its blockade on Iranian ports. With a ceasefire barely holding, Iran and the US could reportedly meet for another round of in-person talks as soon as this week, and not a moment too soon: Citadel CEO Ken Griffin said yesterday that a recession is inevitable if the Strait stays closed for the next six to 12 months. JPMorgan Chase had a champagne-worthy Q1. Revenue for the biggest bank in the US grew 10% to hit nearly $50 billion for the first three months of the year, smashing Wall Street’s expectations as market volatility and elevated dealmaking generated record hauls for big banks. JPMorgan’s trading fees hit a record high, investment banking fees rose more than those of any other global bank, and M&A advising fees surged by a whopping 82%. Still, the firm slightly revised down its full-year guidance for net-interest income, a central earnings driver. CEO Jamie Dimon said that the US economy is resilient, but “an increasingly complex set of risks” lies ahead, including “geopolitical tensions and wars” and “energy price volatility.” Elsewhere on Wall Street, strong trading also propelled Citigroup to an earnings beat, but Wells Fargo fell short of expectations. 💲 Fed nominee Kevin Warsh would be the wealthiest chair ever. Warsh, President Trump’s pick to succeed Fed Chair Jerome Powell, is worth between $135 million and $226 million, according to financial disclosures released ahead of his nomination hearing next Tuesday. That would make him significantly richer than Powell, who is currently worth between $19 million and $75 million and was considered the wealthiest chair when confirmed in 2018. If Warsh becomes the next chair, he said he would divest from assets that may pose a conflict of interest and resign from other positions he holds. Warsh also disclosed millions of dollars in holdings belonging to his wife, Jane Lauder, heir to the Estée Lauder fortune. Forbes pegs her net worth at $1.9 billion.—ML STRONGER UNITED United tells Trump ‘what if we buy American?!’ United and American airlines airplanes Kevin Carter/Getty Images The States are united and American, so why can’t that be true of an airline? That’s probably what United CEO Scott Kirby said when he recently floated the idea of his company acquiring American Airlines to President Trump, several news outlets reported yesterday. The marriage of the two rivals—which control over 40% of the domestic market—would create the world’s largest airline and take the revenue crown from Delta. But any deal is likely to trigger antitrust alarms. Instead of flying solo Kirby reportedly told Trump the tie-up would help the carriers compete on international routes. He previously noted that two-thirds of long-haul seats to and from the US are offered by foreign airlines, while 60% of the flyers are Americans. Plus, American has underperformed rivals in recent years, while United recently said it sees an opportunity to buy airlines buckling from rising fuel prices. Transportation Secretary Sean Duffy appeared to be open to the idea, saying he thinks there’s room for airline consolidation, while adding that any deal would face scrutiny. But you might pay more and have longer layovers: Airline experts warn that American and United no longer competing would push up airfare and reduce passenger choice. Industry observers don’t expect antitrust regulators to approve the deal, unless the airlines divest from overlapping routes, of which there are hundreds.—SK     Sponsored By iShares by BlackRock Sponsor: iShares by BlackRock Put your excess cash to work. SGOV, the iShares 0–3 Month Treasury Bond ETF, can help you pursue higher yield than your savings account. It could be a place to stash your excess cash and pursue monthly income. SGOV is also the largest Treasury ETF in the market ($70b in AUM).1 Learn more. SCRAPING BY News orgs are raging against the Wayback Machine Illustration of web pages being sent into a blade Niv Bavarsky What some consider to be the digital library of Alexandria is in danger of losing valuable scrolls. Major media outlets are blocking the Internet Archive’s Wayback Machine from saving web pages to prevent AI giants from training models on snapshots of old articles. Wired reported that 23 news organizations, including USA Today and the New York Times, are among the 241 sites denying Internet Archive’s web crawler access to their articles. It’s not personal—some outlets still use the Archive in their reporting—it’s about the looming threat of AI: Tech companies can skirt copyright laws by using the Wayback Machine as a workaround for training language models on their content (including recipes, probably). Mark Graham, the director of the Wayback Machine, emphasizes that the digital archive has controls to limit abuse of AI automation and prevent large-scale data extraction. Publishers can archive their material, but a third party maintains a more incorruptible version of stories that can hold outlets accountable when it’s revised after publication. Nothing new: Last year, Reddit barred the Wayback Machine from data scraping for similar AI concerns. The archive also lost a slew of information when federal government websites were deleted. Still working: Graham is reportedly in talks to regain access to the material, while more than 100 media workers signed a letter supporting Wayback.—DL     STAT Prime number: Dolly reigns Shannon May Jolene may have won the battle, but Dolly has won the war. According to a survey by UMass Lowell and YouGov, Dolly Parton is by far the most popular person among a group of 20 major global figures: 70% of Americans have a favorable opinion of the 11-time Grammy winner, while only 5% have an unfavorable impression, giving Parton a net favorability of 65%. Barack Obama and Volodymyr Zelensky placed a distant second and third, with 14% and 12% net favorability, respectively. The Guardian attributes Parton’s popularity in part to staying out of politics. “I’ve got as many Republican fans as Democrats, and I don’t want to make any of them mad at me,” she said in 2017.—AE READER POLL What is your favorite Dolly Parton song? “Jolene”“Islands in the Stream”“9 to 5”Is this a safe space to admit I don’t know any Dolly Parton songs? Sponsored By Avalara Sponsor: Avalara Going, going, global . Trusted by 200k+ businesses operating across 75+ countries, Avalara helps teams scale globally without needing to master local tax rules alone. It applies 60k+ continuously updated regulatory rules automatically and integrates seamlessly with 1,400+ business systems and platforms. Like the sound of those numbers? Learn more here. NEWS What else is brewing Amazon is buying satellite company Globalstar for $11.6 billion, in a bid to expand its Leo satellite internet provider to compete with SpaceX’s Starlink. Boeing delivered more jets than rival Airbus in Q1, continuing its comeback after also besting Airbus in planes sold in 2025. Netflix co-CEO Ted Sarandos reportedly met with theater owners at CinemaCon this week as the streaming giant mulls putting more of its movies in cinemas. Grok, Elon Musk’s AI bot, is still generating sexualized deepfakes of people without their consent, according to an NBC News review. Dianna Russini, a prominent NFL reporter for The Athletic, resigned yesterday, less than a week after photos were published of her and New England Patriots coach Mike Vrabel at an Arizona resort. The Pittsburgh Post-Gazette was saved from shutting down by the nonprofit Venetoulis Institute for Local Journalism, which also publishes the Baltimore Banner. Timothée Chalamet actually boosted opera ticket sales after the A-list actor’s viral critique of the art form last month, the head of the UK’s Royal Ballet and Opera said. Rolls-Royce introduced an invite-only, ultraluxury $3.5 million car. Ours must have gotten lost in the mail. RECS To-Do List Filter: Keep bacteria out of your water with this elegant pitcher.** Adventure: Compare every US national park on one easy platform. Train: Mobility exercises that can help you age gracefully. Touch grass: The world’s best cities for green space, according to Time Out. From calculation to filing: Avalara helps run tax and compliance end to end and maintains full audit traceability from transaction to return. See how it works as you scale.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Word Search: This week’s puzzle could be called a love letter to the Midwest…or a test of whether you can tell the difference between North Dakota’s silhouette and Kansas’s. Play the Word Search here. US trivia What is a characteristic shared by Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, and Wyoming (and no other states)? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER They don’t have a state personal income tax of any kind. Happy Tax Day! Word of the Day Today’s Word of the Day is: municipalities, meaning “defined areas, like cities or towns, with their own local governments.” Thanks to Jonathan from Lancaster, PA, for the suggestion. Submit another Word of the Day here. ✳︎ A Note From iShares by BlackRock 1 Source: Morningstar as of 1/28/2026, based on assets under management. Visit www.iShares.com to view a prospectus, which includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. Investing involves risk, including possible loss of principal. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in the value of debt securities. Credit risk refers to the possibility that the debt issuer will not be able to make principal and interest payments. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, and its return and yield will fluctuate with market conditions. The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”). BLACKROCK and iSHARES are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 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Why Zuck wants an AI copy of himself...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqwer5.2dv48/e40a9adf.gif" alt="" border="0" /></a> April 14, 2026View Online | Sign Up | Shop Morning Brew Presented By Sponsor Logo: Incogni Mornin’, friends. Exciting news at the Brew: Some of your faves, Macy Gilliam and Morning Brew Daily’s Neal and Toby, have been nominated for Webby Awards (the “Best of the Internet,” as voted by fans). Macy is nominated for her stellar social series Out There, and Morning Brew Daily is nominated for Best Business Podcast. They’ll be fired if they don’t win, so please take two minutes out of your day to vote here for Macy and vote here for Neal and Toby. —Sam Klebanov, Dave Lozo, Molly Liebergall, Abby Rubenstein, Neal Freyman, Holly Van Leuven In today’s newsletter, we’ll get into: Hollywood stars opposing Paramount’s takeover of Warner Bros. The US’ blockade of the Strait of Hormuz begins Why Mark Zuckerberg is making an AI clone MARKETS Nasdaq 23,183.74 +1.23% S&P 6,886.24 +1.02% Dow 48,218.25 +0.63% 10-Year 4.297% -2.0 bps Bitcoin $73,235.83 +2.68% Oracle $155.62 +12.70% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: Investors acted like Ted Lasso and decided to look on the bright side yesterday, sending stocks surging on hopes that an Iran peace deal is coming soon after Trump said the country had reached out. Oracle was one of the biggest winners of a rally in software stocks.   “I OBJECT” MOMENT Hollywood celebs protest Paramount-Warner merger Joaquin Phoenix, Kristen Stewart, Tiffany Haddish Daniele Venturelli/Getty Images, Gilbert Flores/Getty Images, Chad Salvador/Getty Images Paramount’s planned takeover of Warner Bros. Discovery inspired a protest letter with a list of signatures that’d make any autograph collector swoon. Yesterday, an ensemble cast of over 1,000 Hollywood creators—including dozens of A-listers like Ben Stiller, Joaquin Phoenix,​​ Kristen Stewart, and Tiffany Haddish—issued a statement expressing “unequivocal opposition” to the $111 billion deal. The signatories maintain that further consolidation doesn’t herald a Hollywood ending for the film industry: They’re concerned it’ll lead to fewer movie releases, resulting in industry job losses and leaving audiences with less choice for entertainment. The letter notes that the merger “would reduce the number of US major film studios to just four.” The concerns echo anxieties over Paramount’s plan to save investors $6 billion by eliminating duplication within the two companies, which has reportedly left Warner Bros. staff fearful of job cuts. Paramount responded by saying that merging competencies will help the new megastudio compete and green-light more projects. It also reiterated CEO David Ellison’s vow that the merged behemoth would release at least 30 movies per year for the big screen. It’s no golden age Hollywood was worried even before the tectonic merger appeared on the seismographs. The amount of work available has already been reduced by productions moving to cheaper overseas locations and by streaming platforms prioritizing profitability over growing content libraries. The number of jobs in the industry has dropped by 30% since late 2022, according to government data. The merger has also rankled pricey popcorn purveyors: Earlier this month, Cinema United, the trade group representing 31,000 US movie theater screens, asked state attorneys general to investigate the deal over competition concerns. The group said it worries fewer movie releases could endanger business—which is already struggling with weak box-office hauls. Looking ahead…federal regulators are expected to green-light the merger, but state authorities could still challenge it. California Attorney General Rob Bonta has promised a “vigorous” review.—SK     Sponsored By Incogni Unknown number calling? It’s not random. Sponsor: Incogni The BBC caught scam call-center workers on hidden cameras as they laughed at the people they were tricking. The truth is, scammers don’t pick phone numbers at random. They buy your personal data from data brokers—your phone number, your email, and even details about your lifestyle. Once your data is out there, it’s vulnerable to phishing, impersonation, and even identity theft. That’s why Incogni helps: Delete your personal info from everywhere on the web. Monitor and follow up automatically. Keep erasing your data as new risks appear. You can’t stop scammers from existing. But you can make sure they don’t have your information. Try Incogni and get 55% off your subscription with code MORNING. WORLD Tour de headlines Iran warIndranil Aditya/Getty Images Trump says Iran wants a deal on first day of US Hormuz blockade. As the US began its blockade of ships from Iranian ports in the globally important choke point, President Trump threatened that any Iranian ships would be “immediately ELIMINATED” in the same manner the US has attacked alleged drug boats. Iran responded that if its ports are threatened, “no port in the Persian Gulf and the Sea of Oman will be safe.” With a tenuous ceasefire still in place, Trump said Iran had reached out to seek a peace deal, something Iran did not immediately confirm. Vice President JD Vance, who was part of the recent talks, said yesterday that a deal was possible but “it’s up to the Iranians” to take the next step. Goldman kicks off earnings season with a record quarter (that didn’t impress). Earnings season is officially here with Goldman Sachs reporting its Q1 numbers yesterday, and the rest of the big banks to follow. The investment bank’s profit jumped 19% to $5.63 billion, beating expectations as dealmaking and market volatility delivered Goldman’s second-best quarter ever for overall profit and revenue. But Goldman’s stock still fell nearly 2% as investors fretted over an unexpected drop in bond-trading revenue. CEO David Solomon criticized analysts for setting the bar too high. Trump sparked controversy with Pope Leo feud and a Jesus-like AI image. President Trump faced backlash from some on the Christian right yesterday after beefing with the pontiff and briefly posting on Truth Social an image of himself that appeared to cast him as Jesus. The president criticized US-born Pope Leo XIV after the religious leader spoke out against the war in Iran, and the pope responded that he was “not afraid of the Trump administration” and would continue to spread the Gospel. Meanwhile, Trump also posted an AI-generated image that showed him in robes with light emanating from his hands tending to a sick man, but deleted it after it drew pushback. He said he thought the image portrayed him “as a doctor.”—AR I’M CHUGGIN’ IT Neon caffeine coming to McDonald’s CosMc drive-thru The Washington Post/Getty Images The biggest burger chain in the world will start selling energy drinks, refreshers, and dirty sodas at its US locations later this year, following its competitors’ leads into the booming market of fun little beverages, the Wall Street Journal reported. According to the WSJ: New beverages include Red Bull Dragonberry Energizer, Mango Pineapple Refresher, and Dirty Dr. Pepper. McDonald’s plans to price the new items lower than competing drinks from Starbucks, Sonic, and other chains with footholds in the $100 billion global beverage market. McDonald’s is leaning into drinks—which tend to have higher profit margins than food—at a time when diners are increasingly downsizing their meal portions and, separately, being influenced by Utah culture. Cream- and syrup-filled dirty sodas went viral in recent years, thanks to the drink’s original creator, the Utah-based beverage chain Swig, which was featured in the reality show The Secret Lives of Mormon Wives. McDonald’s is somewhat late to the drink craze. Sonic started letting customers “make it dirty” in 2024, and Taco Bell added dirty sodas to its permanent menu last month. Meanwhile, Starbucks launched extra caffeinated refreshers last week. McDonald’s previously tested the waters with CosMc’s, a specialty beverage drive-through that opened in 2023 but closed last year.—ML     Sponsored By EnergyX Sponsor: EnergyX The lithium gold rush minted a $1b unicorn: With lithium demand growing 5x by 2040, a modern-day gold rush is underway. As the world’s richest man put it, “Like minting money? The lithium business is for you.” EnergyX turned this into a private $1b+ valuation. Their tech can recover up to 3x more lithium than traditional methods, earning investment from General Motors. Invest for $12/share by Thursday. MARKY SEE MARKY DO Meta is making an AI Zuck to chat with employees Mark Zuckerberg's cartoon head floating above a bunch of people Niv Bavarsky The next time Meta lays off thousands of employees, they might get the news from an AI version of Mark Zuckerberg instead of the real guy. That’s because building an AI Zuck to interact with the workforce has become a company priority, according to the Financial Times. Sources told the FT that a photorealistic AI Zuck is being trained on his mannerisms, tone, and public statements—like perhaps when he said the Metaverse would be the “next chapter for the internet”—so employees can interact with it and feel more connected to the CEO. If it’s successful, one person told the FT, creators and influencers could use the same tech to make AI doppelgangers capable of selling supplements or gatekeeping restaurants on social media. Meta has already developed AI characters that look like celebrities, including tennis star Naomi Osaka (Tamika) and ex-Pepsi spokesperson Kendall Jenner (Billie). This is different from Meta’s “CEO agent” project, which aims to create an AI assistant that would more quickly get information to Zuckerberg from employees, who have been encouraged to use agentic AI tools. All-in on AI: Last week, Meta launched MuseSpark, its latest AI model, and announced it was allocating an additional $21 billion on AI cloud infrastructure with CoreWeave as it continues to chase AI rivals OpenAI and Google.—DL     READER POLL Would you want an AI clone trained on your mannerisms? YesNoMaybe, but only if I never have to attend another meeting STAT Prime number: A $165b annoyance Robocall, spam call on phoneAdobe Stock Turns out that all that time listening to your cable company’s hold music can cost more than just your sanity. A new report puts the accumulated cost of the “annoyance economy”—a term for fraught everyday interactions like dealing with spam, robocalls, hidden fees, insurance claims, and subscription cancellations—at $165 billion, according to the New York Times. The report’s authors, Stanford economist Neale Mahoney and Chad Maisel, a policy fellow at the progressive Groundwork Collaborative (who together worked in the Biden administration to try to tackle junk fees), say that while some of these nuisances result from outdated systems and regulations, others are there on purpose. Mahoney and fellow researchers have concluded that companies that make it difficult to end subscriptions earn anywhere from 14% to 200% more in revenue. So, perhaps keep that in mind as motivation to persevere the next time you find yourself repeatedly shouting “representative.”—AR Sponsored By Frontgate Sponsor: Frontgate Patio szn is officially here. The temps are up, the excuses are out. Frontgate's 5 outdoor must-haves — from the breezy Isola teak loveseat to hand-painted Italian accent stools — turn any patio into the oasis you've been promising yourself since February. Build your patio lineup. NEWS What else is brewing Two members of Congress said they would resign amid sexual misconduct scandals: Rep. Eric Swalwell, a Democrat from California, and Rep. Tony Gonzales, a Republican from Texas. Both were facing calls for their expulsion or resignation and both have denied the accusations against them. Sales of previously occupied US homes fell in March to their slowest pace in nine months, providing a weak start to the home-buying season. A federal judge dismissed Donald Trump’s $10 billion defamation lawsuit against the Wall Street Journal and Rupert Murdoch over its reporting on a letter signed with his name in Jeffrey Epstein’s birthday book, ruling Trump hadn’t proven malicious intent. The suspect in a Molotov cocktail attack on the home of OpenAI CEO Sam Altman was opposed to AI and had a list of other tech CEOs, per court documents. He is facing attempted murder and arson charges. The Trump administration agreed that the rainbow Pride flag can continue to fly above the Stonewall National Monument in New York City, resolving a lawsuit over its recent decision to remove the banner in February. The Texas attorney general is investigating Lululemon over whether the company, which makes sometimes see-through leggings, uses harmful “forever chemicals” in its clothes. Oasis, Billy Idol, Phil Collins, and Wu-Tang Clan are among this year’s inductees to the Rock & Roll Hall of Fame. RECS To-Do List Drink: Gorgeous glassware for your next dinner party.** Play: Let this M.C. Escher-inspired game mess with your mind. Get the gossip: This Japanese aquarium’s tracking of penguin couples is spicier than any season of The Bachelor. Eat: Why a boring diet may be beneficial. Home $weet home: How much home can you afford? Find out quickly with Mortgage Matchup’s home affordability calculator, then connect with an independent mortgage broker to get preapproved.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Mini: Holly completed today’s puzzle in 28 seconds. Can you beat that? Play the Mini here. Name that veg On National Gardening Day, here’s a trivia category about vegetables. Here in the US, we have names for certain veggies that are called something else in other parts of the world. We’ll give you an international name for a vegetable, and you have to name the American word for it. Aubergine Coriander Swede Courgette Rocket SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Eggplant Cilantro Rutabaga Zucchini Arugula Word of the Day Today’s Word of the Day is: persevere, meaning “to persist in spite of opposition or discouragement.” Thanks to Mike Borschuk from Dakota Dunes, SD, for pushing through with the suggestion. Submit another Word of the Day here. ✳︎ A Note From EnergyX Energy Exploration Technologies, Inc. (“EnergyX”) has engaged Morning Brew to publish this communication in connection with EnergyX’s ongoing Regulation A offering. [publisher] has been paid in cash and may receive additional compensation. Morning Brew and/or its affiliates do not currently hold securities of EnergyX. This compensation and any current or future ownership interest could create a conflict of interest. Please consider this disclosure alongside EnergyX’s offering materials. EnergyX’s Regulation A offering has been qualified by the SEC. Offers and sales may be made only by means of the qualified offering circular. Before investing, carefully review the offering circular, including the risk factors. The offering circular is available at invest.energyx.com/. Comparisons to other companies are for informational purposes only and should not imply similar results. Past performance is not indicative of future results. Market shortfall are forward‑looking estimates and are subject to substantial uncertainty. Under Regulation A+, a company has the ability to change its share price by up to 20%, without requalifying the offering with the SEC.           Written by Abigail Rubenstein, Sam Klebanov, Molly Liebergall, Dave Lozo, Neal Freyman, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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A US blockade of the Strait of Hormuz begins today...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqw6gs.2ekue/80ec6ba5.gif" alt="" border="0" /></a> April 13, 2026View Online | Sign Up | Shop Morning Brew Presented By Sponsor Logo: TaxAct Howdy. The Artemis II astronauts are getting back to work, now with gravity and better restrooms. On Saturday, the crew took the stage at an event at Johnson Space Center in Houston, their first public appearance since returning. NASA Administrator Jared Isaacman was there, and he called their lunar fly-by “the greatest adventure in human history.” They better put that quote in their annual performance reviews. Imagine literally going farther into the cosmos than anyone ever, and still having to “describe a significant contribution you made to your team this year.” —Sam Klebanov, Holly Van Leuven, Matty Merritt, Neal Freyman In today’s newsletter, we’ll get into: Trump’s blockade of the Strait of Hormuz The election defeat of Hungary’s Orbán Why Mississippi is running out of liquor MARKETS: YEAR-TO-DATE Nasdaq 22,902.89 -1.46% S&P 6,816.89 -0.42% Dow 47,916.57 -0.31% 10-Year 4.317% +15.4 bps Bitcoin $71,059.97 -18.80% Crude Oil $104.97 +82.81% Data is provided by *Stock data as of market close, cryptocurrency data as of 11:00pm ET. Here's what these numbers mean. Markets: Last week, the three major indexes posted their best weeks since November amid the “relief rally” around the US–Iran ceasefire. However, after peace talks this weekend faltered, stocks probably aren’t headed for a repeat performance. Yesterday, Brent crude and WTI surged when the oil markets opened, in anticipation of President Trump’s blockade of the Strait of Hormuz. (More on all this below.)   GEOPOLITICS US to blockade Hormuz as Iran peace talks fail JD Vance at press conference US Vice President JD Vance arrives at a press conference following peace talks in Pakistan. Jacquelyn Martin/Getty Images Sunday scaries were particularly rough for commodity traders. President Trump said yesterday that the US will begin blockading the Strait of Hormuz after the collapse of US–Iran peace talks in Pakistan this weekend, creating more uncertainty around the brittle two-week ceasefire that began last Tuesday. Iran reportedly refused to yield to US demands, including nixing its nuclear program and fully reopening the Strait of Hormuz without charging ships to cross it. So, Trump decided to flip the leverage that Iran has had: The president announced on Truth Social yesterday morning that the US Navy will blockade the vital waterway to ensure that Iran can’t ship its oil, a growing source of revenue for the nation in recent weeks. He also warned that the US will “interdict” any foreign ships that paid Iran for passage, referring to an illegal tolling system Iran set up after the war began, under which some vessels reportedly shelled out $2 million to get through. US Central Command later confirmed that the blockade would involve all Iranian ports and begin at 10am ET today, or 5:30pm in Iran. In addition, Trump said the US would begin clearing Iranian sea mines from the strait using underwater minesweeping drones. Ceasefire at risk Last week, traffic through the strait amounted to a trickle as most ship operators deemed it unsafe to pass. Now, a US blockade creates more opportunity for escalation between the US Navy and the hundreds of small naval ships Iran uses to control the waterway. Trump said yesterday that any Iranian who fires on US ships will be “BLOWN TO HELL,” while Iran warned that it will treat any military vessels approaching the strait as a ceasefire violation. Looking ahead: А protracted shipping cataclysm means a tighter global supply of oil, natural gas, fertilizer, and materials used in manufacturing—with analysts noting that the blockade choking off Iran’s oil could further exacerbate oil shortages. And despite the peace talks failing, US officials said negotiations were cordial, and an Iranian official said future talks were possible.—SK     Presented By TaxAct Your business taxes are waiting. April 15 isn’t. Sponsor: TaxAct No joke—the filing deadline is closer than you think. If you’re a sole proprietor or a C corp, or if you’re managing estates/trusts, your business taxes could be due soon. TaxAct is designed to simplify online business tax filing. Their platform can help guide you step by step, with optional expert help for 1040, 1065, and 1120-S returns. Too busy not thinking about filing? An expert with TaxAct’s Xpert Full Service can handle it. And bundling personal and business returns could save you valuable time. With a skyscraper-high accuracy guarantee and over 690k businesses served since 2003, let TaxAct help you beat the deadline and put your taxes to bed. WORLD Tour de headlines Peter MagyarPeter Magyar claims victory. Anadolu/Getty Images Hungary’s PM Viktor Orbán lost the election, conceded to Péter Magyar. After 16 years in power, Orbán conceded defeat in Hungary’s general election yesterday, calling his loss to Péter Magyar, the opposition leader, “painful.” Despite Hungary’s relatively small size—its population is fewer than 10 million—Orbán cultivated a large following among global populists, and his fans include President Trump and many in the MAGA movement. But a series of corruption scandals eroded voter sentiment. The rise of Magyar, who is described as center-right, may not lead to sweeping changes on many issues, but he has pledged to make significant anti-corruption reforms.—HVL Rep. Eric Swalwell abandons campaign for CA governor. The news that Swalwell would end his campaign came shortly after he lost the support of the 21st and last congressional Democrat who had endorsed him. On Friday, the San Francisco Chronicle published allegations that the representative had sexually assaulted a woman twice, including while she was working for him. Swalwell continues to deny the allegations. Yesterday, in a social media post, he said, “I will fight the serious, false allegations that have been made—but that’s my fight, not a campaign’s.” The House of Representatives returns to session tomorrow, and the body is likely to address the issue of whether to expel Swalwell from Congress shortly thereafter.—HVL Tonight’s WNBA draft may make history. The event kicks off at 7pm ET, with the Dallas Wings getting the first pick. There have never been more spots to fill: The league has two new franchises, and a new rule requires teams to have 12 players (up from 11). That’s extra good news for the six seniors graduating from UCLA’s NCAA championship-winning team this year, who are entering the draft. They are all projected to be drafted in the first and second rounds. If that comes true, it will be the first collegiate program in WNBA history to have six players taken in a single draft, according to ESPN.—MM STATE OF EMERGENCY Warehouse failures endanger Mississippi liquor stores a liquor store in Mississippi Andrew Caballero-Reynolds/Getty Images You know something is radically wrong with liquor stores if their most profitable month of the year is Dry January. According to the Washington Post, that’s how 2026 has played out for many liquor stores in Mississippi that are now either out of business or on the brink of closing after the state’s only wholesale alcohol warehouse nuked its own computer system. Inventory system of a down Mississippi is one of 17 Alcoholic Beverage Control states. That means the state handles alcohol distribution rather than relying on the private sector: It has a single wholesale liquor warehouse, which the legislature required a third party to run as of a few years ago. That job went to the Ruan Transport Corporation. This past fall, Ruan told retailers it planned to close for two weeks in January to do inventory. In addition to counting boxes, however, the company reportedly also decided to tear out old conveyor belts in favor of a new packing system that relied on humans. But then…Ruan allegedly didn’t hire humans. By the time Ruan got temporary workers on the job, there were 200,000 backorders that needed to be filled. Zoom out: The state is now planning to build a new warehouse, but that won’t open until 2027.—HVL     Together With Dose Daily Sponsor: Dose Daily Beat the afternoon slump. Get steady energy with Dose for your Liver®, the clinically-backed supplement that cleanses your liver of the stressors slowing it down. This daily 2oz shot supports liver function to help with important processes like digestion, energy, and even vitamin storage. Give your liver a lift. CALENDAR The week ahead IMF 2026 advertisementKent Nishimura/Getty Images Babe wake up, it’s earnings season: Fresh on the heels of iced coffee season starting, it’s time for Q1 2026 earnings. As per tradition, the Big Banks will all release first-quarter reports early this week, starting with Goldman Sachs today. JPMorgan Chase’s Jamie Dimon gave everyone a preview of the big flavor of the season—in his annual shareholder letter last week, he spoke at length about AI disruption, war-related inflation, and private credit instability. Finance bigwigs will stop and smell the cherry blossoms: International Monetary Fund (IMF) and World Bank officials will meet in Washington, DC, this week for their annual spring meeting to discuss global financial stability…or instability. The groups warned they would downgrade their global growth forecasts due to the Iran war. Play them off, Keyboard Cat: The NHL regular season concludes on Thursday, and then the Stanley Cup Playoffs start on Saturday. The favorites to take the whole darn thing are the Colorado Avalanche, but last year’s runner-up Edmonton Oilers may have a revenge run. Over in basketball land, the NBA Play-In Tournament starts tomorrow, and the first round of the league’s playoffs starts on Saturday. But wait, there’s more: Existing home sales data for March will be released this morning. The Bureau of Labor Statistics will release March’s producer price index (PPI) report tomorrow. Tax Day is Wednesday. Don’t freak out if you haven’t started…but maybe start cooking with gas. The season 2 finale for The Pitt is on Thursday. Please, no more water slide disasters. Maria Semple’s new novel, Go Gentle, comes out tomorrow. STAT Prime number: the artist with 12,000 recordings Asha Bhosle Asha Bhosle performs at the ‘75 Years of Asha’ concert at Carnegie Hall in 2008. Jack Vartoogian/Getty Images/Getty Images Asha Bhosle, a Bollywood singer whose career spanned eight decades and who held the Guinness World Record as the most recorded artist in music history, died yesterday at the age of 92, prompting an international outpouring of condolences. By Bhosle’s count, she had made 12,000 recordings in 20 languages. How so many? In addition to releasing hundreds of albums and performing worldwide, she served as a “playback singer”—recording songs for actresses to lip-sync to on screen in Bollywood movies. But she was far from an anonymous cipher. Bhosle created a style all her own from traditional, cabaret, and other Western influences, though her ultimate gift was possessing a “timeless brilliance,” Indian Prime Minister Narendra Modi wrote in a condolence post on social media. NPR described her voice as “flexible and powerful,” noting she kept most of her vocal range, even into her advanced years. During her career, Bhosle received India’s highest arts honor, the Dadasaheb Phalke Award, and was nominated for two Grammys.—HVL READER POLL Were you familiar with Asha Bhosle before reading the above? YesNoNo, but now I wish I was Sponsored By CAKES Body Sponsor: CAKES Body Support that actually makes sense? CAKES body® just dropped CAKES™ Tape—the patent-pending, dermatologist-tested silicone tape designed for actual humans. Precut strips go on easy, reposition without drama, and come off without oils or regret. Blends seamlessly into skin, gentle enough for sensitive types, and reusable up to 3x. Three shades. One game changer. Your new outfit essential awaits. NEWS What else is brewing The AI goldrush has companies scrambling to acquire computing power, leading to a capacity crunch. Tucker Carlson is launching a book imprint through Skyhorse Publishing. The first slate of books will include works by Russell Brand and Milo Yiannopoulos. Gig workers are increasingly changing their work habits and workload due to high gas prices. Britney Spears voluntarily checked into a rehab treatment facility, according to her representative, though no other details were provided. Rory McIlroy won the Masters at Augusta National, becoming the fourth golfer ever to win it two years in a row. The Super Mario Galaxy Movie held onto its No. 1 spot at the North American box office for its second weekend. RECS To-Do List Read: A look at Chicago’s architectural history through its plethora of bricks.** Exhale: Your phone probably isn’t listening to you, but here’s why it seems like it is. Goodbye, laser jet: The first UV printer for home use has arrived. Compartmentalize: Use YouTube’s Channels feature to straighten out the recommendations you get. Globally good stuff: Your wellness haul should skip mystery sellers. iHerb offers authentic products, global shipping, and lab-verified options. That’s healthy behavior, with options galore. Shop now.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Turntable: Jack tells us this week’s puzzle has six pangrams, which we believe is a record. So, happy hunting! Play Turntable here. Initial reactions trivia Do you know what the initials in the following names stand for? John F. Kennedy George H.W. Bush Mary J. Blige J.D. Salinger Michael J. Fox SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER John Fitzgerald Kennedy George Herbert Walker Bush Mary Jane Blige Jerome David Salinger The J doesn’t stand for anything. Fox’s middle name is actually Andrew. There was already a “Michael Fox” registered with the Screen Actors Guild, and Fox disliked “Michael A. Fox,” so he invented an initial. Word of the Day Today’s Word of the Day is: cipher, meaning “nonentity.” Thanks to VIP Mike Tucker from Junction City, OR, for the suggestion. Submit another Word of the Day here.           Written by Sam Klebanov, Holly Van Leuven , Matty Merritt, and Neal Freyman Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

How Gen Z is playing the market...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqvuu5.2ec20/5180b613.gif" alt="" border="0" /></a> April 12, 2026View Online | Sign Up | Shop Morning Brew Presented By Sponsor Logo: Fisher Investments Brightly colored illustration showing a phone blasting off into the sky, with different kinds of currency exploding off of it. Lily LK EDITOR’S NOTE Good morning. Gone are the days when a sketchy guy who Leonardo DiCaprio would later play in a movie would cold-call you with a hot stock trading tip, requiring you to then make a transaction over the phone. Today, that all can happen instantly in the palm of your hand (and instead of Leo, it’s someone in a very tight shirt on TikTok tipping you off). In this edition, we’ll walk you through how Gen Zers approach their investments—from where they get their advice to why they’re making trades much earlier than their parents did. Read on for a primer on next-gen investing. NO CAP How’d the kids get so savvy at investing? Gen Z girl investing on phone, looking at stock market Getty Images Despite what your uncle is always railing on about, kids these days aren’t spending all of their money on ripped jeans and avocado toast. A chunk of Gen Zers, and some millennials, are investing their extra cash—and some are even getting into the market before their parents did. The number of 26-year-olds who moved money into investment accounts (not including 401(k)s) after turning 22 jumped from 8% in 2015 to 40% as of May 2025, according to data from the JPMorgan Chase Institute. Young people are also investing earlier than ever: In a 2024 World Economic Forum survey, 30% of Gen Z respondents said they began investing in early adulthood before entering the workforce, compared to just 6% of baby boomers. Six percent of Gen Zers said they started investing “in adolescence.” How’d they get so smart? The roughly 6 billion app-based investing platforms (conservative estimate) on their phones surely play a big role. Studies show that young people also don’t have much faith in traditional financial safety nets or a stable job market, and some of this distrust has pushed younger investors toward nontraditional, riskier investments, like crypto and prediction markets. But perhaps the biggest factor is that most young people with extra cash are still priced out of buying a house. And for those with down payment money, a house is still a less lucrative long-term investment compared to the stock market. The share of American homebuyers aged 18 to 39 dropped from 51% in 1999 to 44% last year, according to a Redfin analysis of census data.—MM     Sponsored By Fisher Investments Keep more of what you earn Sponsor: Fisher Investments Managing significant wealth isn’t just about growth. It’s about ensuring you keep more of what you’ve earned. Tax-Efficient Wealth Management for Affluent Investors features forward-thinking guidance to help you strengthen and optimize your portfolio. Inside, you’ll find actionable tax-planning techniques and straightforward investment strategies for affluent retirees. And you’ll get insights to help with estate planning, so you can ensure your financial legacy is distributed according to your wishes—all while minimizing tax exposure. Why let your savings get eaten by excess taxes? Discover how tax-smart strategies can help you stay on track and keep more of what’s yours. Download your copy. THE MONEY SET Here come the finfluencers Finfluencer Vivian Tu Rick Kern/Getty Images More than any other generation, Gen Zers invest by sowing what they scroll. And between all those videos of AI fruit, they’re scrolling through a lot of financial influencer, or “finfluencer,” content. “Suddenly, you have someone who doesn’t look like your dad’s financial advisor. You have somebody who looks like I could be anybody’s college best friend,” Vivian Tu, aka Your Rich BFF—a Wall Street trader turned finfluencer businesswoman—told Fortune. She’s one of many young creators who net hundreds of thousands to millions of views per video by explaining personal finance tips like a chronically online friend would on FaceTime. Older generations may raise their eyebrows at advice that doesn’t come from a licensed advisor or a finance publication, but finfluencer content has a heavy hand in younger generations’ investment decisions: Almost 70% of Gen Zers said last year that they’d been influenced by a financial trend they saw online, compared to 51% of millennials and 27% of Gen Xers, according to a survey by H&R Block. Social media is the main reason that 55% of Gen Zers say they started investing, compared to 44% of millennials, the think tank Oliver Wyman Forum recently found. Young investors know this is risky. In a Charles Schwab study where Gen Zers said they turn to social media for financial tips, they also ranked social media as the least trustworthy source for that type of information. Hey, free advice is free advice…except when it costs you. Last year, more than half of respondents in a Certified Financial Planner Board survey said that they made regrettable financial moves based on misleading information they saw online. (If the finfluencer on your screen is trying to sell you something, that can be a red flag.) The latest finfluencing entrant: Jimmy Donaldson, aka YouTube magnate MrBeast, whose company recently bought a teen-focused banking app that has toyed with launching a crypto feature, prompting concern and questions from Sen. Elizabeth Warren.—ML     STOCK IN TRADE The truth about day trading Day trader looking at stocks, crypto on home computer setupGetty Images When it comes to day trading, there are no truly typical days. Some work in the wee hours on overseas markets and keep a schedule reminiscent of Mark Wahlberg’s. Some are locked in from the moment the US markets open until they close. Others are sneaking off to a bathroom to make trades as a side hustle during their 9-to-5s. But the average practitioner of high-risk buying and selling stocks within the same day tends to: Not drink energy drinks: The cliché of a twitching, unshaven, unwashed man in his 20s pounding drinks with a lightning bolt or a mythical creature on the can to heighten focus is just a stereotype, as many day traders say that too much caffeine is a detriment to making money. Lose money: Even if you have the discipline to avoid cracking a can of green liquid that can stop your heart, studies show that most day traders are getting killed out there. Be stressed out: Nearly a quarter of day traders surveyed in 2022 reported feeling moderate, severe, or extremely severe stress levels. Be lonely: Turns out that staring at a screen by yourself all day isn’t great for your mental health. A 2022 study on isolated careers found that only crypto traders and “real-time platform users” on investing apps scored higher on the UCLA Loneliness Scale than regular investors and non-investors.—DL Sponsored By Fisher Investments Sponsor: Fisher Investments Ease into your next chapter. You’ve worked hard to save for retirement—let your portfolio do some heavy lifting. The Definitive Guide to Retirement Income explores how you can use a $1m+ portfolio to generate income. You’ll get insights to help understand your cash flow needs + manage your monthly expenses. Read on. SPECULATION NATION Investing is starting to look like a casino Slot machines in Las Vegas Unsplash The investment strategies of many rank-and-file workers could be sponsored by Red Bull because of how adrenaline-inducing they’ve become. Americans are embracing speculative assets like crypto and prediction market bets to complement the diversified stock and bond portfolios your grandparents used to grow their piggy banks. Much of this trading is happening on digital platforms like Robinhood, Coinbase, and Kalshi that have made it possible to bet your net worth on red at the roulette table go long and short on speculative assets while sitting on the toilet: In 2025, 17% of American investors said they owned crypto, up from 2% in 2018, according to a Gallup poll. A recent study by Northwestern Mutual found that about a third of Gen Zers and almost a quarter of millennials said they already have invested, or planned to invest, in sports betting or prediction markets this year. Stock options—which refers to bets on the price movement of a stock that offers higher potential returns with a much higher probability of losing 100% of the money invested—are no longer solely the domain of pro traders: Retail investors’ share of stock options trading has hovered between 40% and 50% in recent years, compared to about 35% pre-pandemic, per data cited by the NYSE. Meanwhile, many Americans are tying their financial futures to volatile assets that you can store away in a locked safe—like gold, luxury watches, and trading cards. It might be financial nihilism…aka the belief that traditional investments are futile because the system is rigged, that’s driving people to chase risky investments in hopes that the higher potential returns will offer a shortcut to prosperity. For instance, there’s evidence suggesting that Americans may be placing risky bets instead of pursuing homeownership, which has become out of reach for many. Data cited by Bloomberg shows that crypto investments were more prevalent among renters with a net worth under $300,000 than among homeowners with the same wealth level.—SK     EXPLAIN IT TO THE GROUP CHAT Get a grip on ‘buying the dip’ and ‘selling the rip’ Shannon May “Dip” and “rip” may sound like the lead characters of an off-brand version of the Rescue Rangers, but the terms have an investing connection. Here’s a quick tutorial on the internet’s favorite investing phrases, and, yes, it contains 1990s movie spoilers. Buying the dip: The phrase has nothing to do with Skoal Wintergreen. It just means that someone is buying a stock, cryptocurrency, or other asset after its price goes down. If the price recovers after you buy the asset, then you ended up getting it at a discount. It’s like in The Lion King, when Timon and Pumbaa rescued a young Simba as he lay in the dusty heat, vultures circling (pour one out for Mufasa). They took a chance on Simba at his lowest point, seeing the value he could provide in the future. They bought the dip. Selling the rip: This is basically the opposite of buying the dip. It means that you’re selling a stock or other asset when its value is strong so that you can lock in those gains. Like if you owned stock in the movie character Forrest Gump, you could sell after he became an All-American football player. Or a war hero. Or a ping-pong master. Or a shrimp millionaire. Forrest ripped a lot.—BC MAILBAG Earlier this week, we asked you to tell us your investing philosophy in one sentence. Here are some of the responses that we might apply to our own portfolios: “Pray that the next 30 years have returns like the prior 30!”—Miles from Houston, TX “Invest in something that’s so boring you don’t bother to check it.”—James from Illinois “You either know nothing and just invest regularly in an index fund, or you know everything and do this for a living; there is no in between.”—Perron from Austin, TX “If someone says, ‘trust me with your money,’ DON’T!”—Vidyman “Invest in companies you can’t live without.”—G from Ocean City, MD “If it has a creative ticker, they have good marketing, buy it.”—Lexie from Boston, MA “Stocks are dumb and I wish the concept of them didn’t even exist, but thanks for the 401(k).”—Joe from Pittsburgh, PA “Don’t.”—Dakotah from Maryland BREW'S BEST To-Do List Read: Learn from the wisdom of Charlie Munger.** Watch: Shaq’s advice on investing for young people. Learn: Why do we call them bear and bull markets? Read: Some of Warren Buffett’s simplest investing tips. Decorate: Spruce up your workspace with a replica of an old-school stock ticker. Prepare: The best ways to invest in your long-term health. Weather stormy markets: Investors with $1m or more, this one’s for you. Explore what it takes to navigate volatile markets in Fisher Investments’ research-based forecast. Learn more.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e           Written by Matty Merritt, Molly Liebergall, Dave Lozo, Sam Klebanov, Brendan Cosgrove, and Adam Epstein Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

Why a new AI model is scaring banks...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqvx0d.2e9l9/3de235ba.gif" alt="" border="0" /></a> April 11, 2026View Online | Sign Up | Shop Morning Brew Presented By Sponsor Logo: Cytonics Mark your calendar. It’s time to see what’s in your mailbox besides junk mail, because the save-the-dates for Taylor Swift and Travis Kelce’s wedding have gone out. We’re still waiting for ours to arrive, but Page Six reports that the couple is planning to tie the knot in NYC over the Fourth of July weekend. If that’s true, they’ll be throwing the only party that can upstage the planned celebrations for the US’ 250th, and we’re pulling for a Ben Franklin reenactor to officiate. —Dave Lozo, Sam Klebanov, Molly Liebergall, Matty Merritt, Abby Rubenstein, Holly Van Leuven MARKETS Nasdaq 22,902.90 +0.35% S&P 6,816.89 -0.11% Dow 47,916.57 -0.56% 10-Year 4.317% +2.0 bps Bitcoin $73,126.02 +1.26% Palantir $128.06 -1.90% Data is provided by *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. Markets: Stocks did their best pancake impression and stayed mostly flat yesterday, but still managed to deliver a winning week as investors held their breath, hoping the Iran ceasefire would remain in place. Palantir had been trending down amid fears that Anthropic’s AI tools would hurt the software industry, but it got a brief boost after President Trump praised the company on social media.   Markets Sponsored by Avalara From real-time calculations to filing and validation, Avalara is built on 20+ years of compliance infrastructure (not tacked-on AI) to help deliver accurate, audit-defensible results across 60k+ regulatory rules. Learn more. LIFE HACK Anthropic’s latest AI model strikes fear into banks Close crop of a 100 dollar bill disintegrating into pixels, with Ben Franklin's face obscured a bit so his eyes are visible. Morning Brew Design An impromptu meeting of bank CEOs and federal officials was held in the nation’s capital this week because of the destructive capabilities of Anthropic’s latest AI model, Claude Mythos, which can detect cybersecurity flaws in operating systems and web browsers with exponentially greater efficiency than human hackers. Fed Chair Jerome Powell and Treasury Secretary Scott Bessent gathered the heads of Bank of America, Citigroup, Goldman Sachs, Morgan Stanley, and Wells Fargo on Tuesday after the limited rollout of Mythos, per Bloomberg. The emergency meeting is a sign that the Trump administration thinks that, while Mythos is intended to protect companies from hackers, it could be used to attack the foundation of the US financial system by targeting the world’s biggest banks. What’s so scary? Anthropic distributed Mythos to only ~40 organizations, which include major banks, according to Bloomberg, because the company said it’s too powerful for a full release to the public. CNBC reported that the company also briefed government officials on its capabilities before the release. So, how dangerous is it? Officials believe Mythos can debilitate Fortune 100 companies, infiltrate national defense systems, and take down huge chunks of the internet, according to Axios. A security expert told Business Insider that a team of humans can discover about 100 critical flaws with no immediate fixes per year (not including what happens on bad first dates), but Mythos can find “thousands.” Offense vs. defense: Mythos is equally capable of identifying and exploiting weaknesses in a system. Experts told BI that this gives hackers an advantage in the short term. But as widespread adoption occurs, the edge shifts back to those defending themselves. Safety net: Regulators require banks to hold capital in reserve to cover unexpected losses from events such as data breaches and cyberattacks. But banks have complained that they require too much, and a proposal from the Fed last month, if approved, would ease some of those requirements. Zoom out: The concerns over Mythos come as Anthropic is fighting the Trump administration over being designated a supply chain risk by the Pentagon after limiting the use of its AI tech in war.—DL     Sponsored By Cytonics They’re challenging Big Pharma at a $500b+ game Sponsor: Cytonics Big Pharma companies spent billions trying to cure osteoarthritis. An upstart biotech called Cytonics may have actually done it. Their first-gen therapy has already been used to successfully treat 10,000+ patients. Now, after completing Phase 1 FDA trials, Cytonics is gearing up for a Phase 2 clinical trial for “CYT-108,” their next-gen drug candidate that’s 200% more potent and built for global scale. The opportunity? 500m+ people worldwide deal with osteoarthritis, with no treatment that can actually stop it. It’s a $560b market in total. It’s also why Cytonics has raised $25m from over 7,000 investors. And you can join them ahead of Phase 2 trials. Invest in Cytonics by April 24 to earn up to 18% bonus stock. WORLD Tour de headlines Gas prices and American flagMario Tama/Getty Images Inflation spiked last month as the Iran war drove up gas prices. Consumer prices were up 3.3% in March from a year earlier, representing the highest reading in two years, data released yesterday by the US Bureau of Labor Statistics showed. The increase was largely driven by the war pushing up the price of gas, so the growth of inflation compared to February was slower when looking at a measure that excludes volatile food and energy prices (0.2% growth for core inflation, compared to 0.9% growth overall). And shoppers are braced for inflation to keep getting worse: Consumer sentiment fell to a record low this month before the ceasefire as Americans fretted over the war’s economic impact.—AR Artemis II splashed down safely off the coast of San Diego. The four-astronaut crew aboard the Integrity spacecraft made what NASA commentator Rob Navias called a “perfect bull’s-eye splashdown” at 8:07pm ET—landing within a mile of their target after following a nearly perfect flight path. Astronauts Reid Wiseman, Christina Koch, Victor Glover, and Jeremy Hansen returned from their record-breaking mission happy and healthy. NASA Administrator Jared Isaacman said following the return that the US is “back in the business of sending astronauts to the moon” as the space program now continues to work toward establishing a long-term lunar presence using reusable systems.—HVL JD Vance in Pakistan for US–Iran peace talks. With a fragile two-week ceasefire in place, Vance said before heading to the talks that he’s trying to have a “positive” negotiation. But he cautioned, “If they’re gonna try and play us, then they’re gonna find that the negotiating team is not that receptive.” However, things are already off to a rocky start, with Iran saying while Vance was en route that talks could not begin unless the US released Iran’s frozen assets and there was a ceasefire in Lebanon, where Israel has been continuing attacks.—AR I’M WORKIN’ HERE! Businesses aren’t leaving Mamdani’s NYC Businesses are not fleeing NYC Caean Couto/Getty Images The theory that businesses would ditch New York City in response to democratic socialist Mayor Zohran Mamdani’s policy plans presently seems as real as city sewers teeming with alligators. In the lead-up to Mamdani’s 100th day in office yesterday, business leaders continued to warn that his proposed tax hikes on companies and New Yorkers making over $1 million would spur many to move to cheaper places (with inferior bagels). But, so far, corporate America is actually expanding its New York footprint under Mamdani, according to research by real estate firm JLL: The city’s office vacancies were 13.5% in the first three months of 2026, down 2.2% from a year before—while leasing by AI companies soared. JLL said that companies might be drawn to NYC’s unmatched talent pool: The city attracted 10% more early- and mid-career professionals from top schools than Florida did in the past year, according to its analysis of LinkedIn data. Exodus anxieties JPMorgan CEO Jamie Dimon said this week that the higher cost of doing business in the Big Apple due to taxes could drive companies and talent to relocate to locales like Dallas, Texas, where the banking giant now has more employees than in NYC. And private equity behemoth Apollo Global Management said it’s looking to add a second HQ outside of New York City in Texas or Florida. However, the tax fears might not materialize…as NYC’s mayor needs state approval for most tax hikes, which New York Gov. Kathy Hochul seems reluctant to grant.—SK     Sponsored By JPMorganChase Sponsor: JPMorganChase Strengthening national economic security and resiliency. JPMorganChase launched the Security and Resiliency Initiative, a $1.5 trillion, 10-year plan to facilitate, finance, and invest in industries critical to national economic security and resiliency. Focus areas include supply chain and advanced manufacturing, defense and aerospace, energy independence and resilience, and frontier technologies like AI and quantum computing. Learn more. ICYMI Have you heard... Here’s everything that didn’t make it into this week’s newsletters but we immediately sent to the group chat. An AI startup created a “human-only” Slack channel where its 20 real employees can escape to chat freely without triggering the company’s AI employees to generate unnecessary tasks, proving that AI can take the office leper’s job, too. Mayors in Germany are calling for a nighttime ban on robotic lawnmowers in order to protect small nocturnal animals, especially hedgehogs, which tend to curl up and stay put when scared. But when we use that reasoning to try to stay in on a Saturday, suddenly all our friends want to mow us down. A Kimberly-Clark warehouse worker was arrested on suspicion of starting an enormous toilet paper fire that destroyed the company’s 1-million-square-foot facility in Southern California, injuring no one, but risking TP supply disruptions for the West Coast. “Did you hear something?” Asked local bidet owners. The hottest club in Lakeville, Minnesota, is a speakeasy-style cocktail bar that’s located in the back of a gas station. What’s next, a screamo venue in the basement of a library? CNN apologized after erroneously publishing a piece titled “Remembering the life of Michael J. Fox.” The Back to the Future actor clarified on social media that he is still alive, posting “wtf…I’m ok,” which is probably also how Marty McFly calmed himself down after kissing his mother in 1955.—ML COMMUNITY Crowd work Last week, we asked: “What’s a picturesque view near a place you’ve lived?” Here are some of our favorite responses: “In Northern Portugal, where I lived for three years and spent the vast majority of my summers, there’s a mountain with a beautiful view of the Minho River. You can also see Spain on the other side. Two countries for the price of one.”—Bruno from New Jersey “I am lucky enough to wake up to a perfectly framed view of the Chrysler Building from my Manhattan apartment each day. Long live art deco!”—Taylor from New York “I work on a construction site in Charlotte, NC, and in order to get to the site, you have to take a woodsy, windy back road along a serene lake where the speed limit is 10mph. It’s so peaceful, and then you get to a site where bulldozers and dynamite rule the land.”—Omari from Charlotte, NC “When I was a kid on the Southeast side of Chicago, we lived across the street from US Steel. Every evening they poured molten metal (slag) into transport cars as part of the process. It lit the sky up in deep orange and red. It was like our own steel northern lights.”—Patrick “Fireflies flashing by the hundreds in the southwest Wisconsin valley as we watched from our deck. Must have been 45 years ago. I miss that.”—Sue from Deerfield, IL This week’s question What’s the most memorable dining experience you’ve had? Sam’s answer to get the juices flowing: “I recently visited an elegantly furnished speakeasy-style Paris restaurant that served roast pigeon. They ran out of pigeon that day, but I had a delicious red wine-braised lamb and mashed potatoes topped with an ungodly sauce.” Submit your response here. Sponsored By Avalara Sponsor: Avalara It shouldn’t be this taxing. Avalara’s agentic AI helps execute tax workflows so your teams don’t have to carry them alone. It works to deliver accurate, audit-defensible results across every transaction and calculates tax in real time. Trusted by 200k+ businesses operating across 75+ countries. See how your team can scale globally without needing to master local tax rules. NEWS What else is brewing A suspect was arrested for allegedly tossing a Molotov cocktail at the home of OpenAI CEO Sam Altman. An exterior gate caught fire, but no injuries were reported. European airports could face jet fuel shortages within three weeks, disrupting summer travel if ships are not able to pass through the Strait of Hormuz, an EU industry group said yesterday. The White House warned its staff last month not to place prediction market bets related to the Iran war. Chinese President Xi Jinping met with the leader of Taiwan’s main opposition party, marking the first such meeting in nearly a decade. The US Postal Service wants to raise the price of stamps and suspend pension contributions to plug its financial holes. Prince Harry was sued for defamation by an AIDS charity he set up to honor his late mother, Princess Diana, after he resigned from its board amid a public falling out with its chair. Stefano Gabbana, co-founder of Dolce & Gabbana, is stepping down as chair of the fashion house. But he’s retaining a creative role, so assistants will still need to know how to spell his name. RECS To-Do List Grill: A delicate spatula designed for the most deft fish or pancake flipping.** Eat: A ranking of the world’s best sandwiches. Scrub: The right way to clean your washing machine. Watch: What you know about carrots is probably propaganda. Don’t guess: Confident compliance starts with outcomes, not guesswork. That’s why Avalara helps run tax and compliance end to end, from calculation to filing. Learn more.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Crossword: Your sample clue from our biggest puzzle of the week is “Downplay the harsh realities of (Step 4).” Figure out what it means. Play the Crossword here. Open House Welcome to Open House, the only newsletter section that wants to watch the trains. We’ll give you a few facts about a listing and you try to guess the price. Brownstone Inn in Eureka Springs, AR across from train station.ZillowToday’s property is in Eureka Springs, AR, an Ozarks travel destination. The 3,456-square-foot limestone building was constructed in 1895 and is currently operating as the Brownstone Inn. Amenities include: 5 beds, 6 baths Six parking spots Closets of tiny soaps How much to run your own B&B? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER $750,000 Word of the Day Today’s Word of the Day is: deft, meaning “characterized by facility and skill.” Thanks to Julia P. from Ohio for making a suggestion that looks easy. Submit another Word of the Day here. ✢ A Note From Cytonics This is a paid advertisement for Cytonics’ Regulation CF offering. Please read the offering circular at https://cytonics.com/. This content may contain forward-looking statements and information relating to, among other things, the company, its business plan and strategy, and its industry. 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The company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.           Written by Abigail Rubenstein, Dave Lozo, Sam Klebanov, Molly Liebergall, Matty Merritt, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

The long-term economic impacts of the Iran war...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqvm0p.2eihb/880c0aa5.gif" alt="" border="0" /></a> April 10, 2026View Online | Sign Up | Shop Morning Brew Presented By Sponsor Logo: Motley Fool Money Happy Friday. By the authority vested in us, we hereby declare today the start of iced coffee season. Having trouble remembering when the season begins? It’s the same day every year: the Friday after Beans the Coffee Gargoyle lets out his first mating call of the spring harvest. —Sam Klebanov, Molly Liebergall, Matty Merritt, Adam Epstein, Holly Van Leuven In today’s newsletter, we’ll get into: The long-term economic impacts of the Iran war Amazon CEO Andy Jassy’s spicy shareholder letter Gen Z starting to get sketched out by AI MARKETS Nasdaq 22,822.42 +0.83% S&P 6,824.66 +0.62% Dow 48,185.80 +0.58% 10-Year 4.293% +0.0 bps Bitcoin $72,050.12 +0.89% Palantir $130.54 -7.26% Data is provided by *Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean. Markets: Stocks did an impression of Miley Cyrus circa 2009 and climbed yesterday, as investors hoped that the Iran ceasefire would hold. Meanwhile, Palantir plummeted after The Big Short investor Michael Burry wrote that Anthropic is “eating Palantir’s lunch” in a now-deleted post on X.   Markets Sponsored by Avalara Every transaction is a compliance moment. Avalara’s agentic AI platform for global tax and compliance helps businesses keep pace with growth, new markets, and increasing transaction volume. Learn how. IRREVERSIBLE The long-term economic impacts of the Iran War Iran war Majid Saeedi/Getty Images The precarious two-week ceasefire between the US and Iran held yesterday, but the dust is far from settled. The agreement’s durability remains up in the air, and economic chaos is still afoot. Whether the peace lasts hinges on talks in Pakistan this weekend, where the US is dispatching Vice President JD Vance to negotiate a longer-term accord with Iran. Meanwhile, Israel agreed to talk directly with Lebanon to end its military campaign against the militant group Hezbollah, which Iran insists was a condition of its ceasefire with the US. The S&P 500 rose about 0.6% yesterday amid cautious optimism about efforts to achieve lasting peace. Markets had a muted reaction to the ceasefire the previous day. Not back to business as usual Iran released a map yesterday for vessels to safely transit the mine-laden Strait of Hormuz, but there’s still no welcome sign for boats of all flags: Iran says it’s charging some ships $2 million to sail through the strait, subjecting the waterway to a tolling system that violates international law. Safety risks and concerns about whether paying the toll would violate sanctions are leaving ship owners reluctant to sail through Hormuz. Traffic in the strait was below 10% of its pre-war levels yesterday. Analysts expect oil prices to stay elevated at least through the end of the year, likely keeping gas and airfare prices higher. Meanwhile, natural gas disruptions—which Goldman Sachs warns could last for a while, impacting electricity costs—are also causing skyrocketing prices for nitrogen and phosphate fertilizer. A third of the world’s supply of the vital farming input is produced in the Gulf region from natural gas and passes through the Strait of Hormuz. Some economic damage is irreversible…with the IMF warning yesterday that it will lower its global economic growth projection for 2026 (3.3%) to account for permanent losses, even if peace endures.—SK     Presented By Motley Fool Money One card—that’s it Sponsor: Motley Fool Money Dreaming of a one-card wallet? Wake up. This card simplifies your life and pads your pockets. Get a 0% (that’s zero with a Z) intro APR on purchases and balance transfers into 2027. Earn up to 6% cash back in categories you actually use, whether it’s eating out, traveling, or streaming your streams. Why juggle five different cards when all it could take is one? You get cash back on every single purchase. Stop making finances complicated. We’re not talking about a simple piece of plastic; we’re talking about your ticket to smarter spending. Ready to upgrade? WORLD Tour de headlines DOJ is investigating NFL tv dealsNic Antaya/Getty Images Reports: The DOJ is investigating the NFL’s TV deals. According to the Wall Street Journal, the Justice Department opened a probe into the NFL to determine whether the league uses anticompetitive tactics to hurt consumers. The precise nature of the investigation was unclear, but lawmakers have raised concerns about how expensive it can be for fans to watch games due to the NFL’s labyrinth of rights deals with TV networks and streaming services. In a statement to NBC News, the NFL defended its distribution model, calling it “the most fan and broadcaster-friendly in the entire sports and entertainment industry.” A 1961 broadcasting law gives the league some antitrust protection, but critics argue it’s outdated in the age of streaming. The US fertility rate dropped to another record low. Last year, the number of births per 1,000 women of reproductive age fell by about 1%—an all-time low, per new federal data. That rate is down by nearly 20% from two decades ago. Despite a growing pronatalist movement, American women are waiting to have children later in life, while some are deciding not to due to concerns about the economy, climate change, and healthcare. Experts told CNN that a decline in birth rate can be an economic “drag” on the US, as it reduces demand and labor. New Disney CEO’s first order of business: layoffs. Disney is reportedly planning to cut as many as 1,000 jobs, as part of a cost-cutting initiative under CEO Josh D’Amaro, who took over as head of the Mouse House last month. Per CNBC, the layoffs are expected to primarily impact the company’s marketing department, which was consolidated under the newly created role of chief marketing and brand officer in January, when Bob Iger was still CEO. Disney’s parks and cruises business remains a strong profit center, but the company faces questions around its stock price, franchise fatigue, and linear TV’s decline.—AE ANDY SASSY Amazon CEO defends AI spend, pokes at rivals Andy Jassy Noah Berger/Getty Images The annual letter to Amazon shareholders was 5,000 words, but it could be summed up in seven: We’re gonna keep throwing money at AI. Yesterday, CEO Andy Jassy doubled down on the company’s plan to spend more than any other tech company this year on AI, data centers, chips, robotics, and satellites. “We’re not investing approximately $200 billion in capex in 2026 on a hunch,” Jassy wrote. The letter said: Amazon expects to start making its money back next year on multibillion-dollar deals with customers like OpenAI. Revenue from AI services and chips is booming, with customers wanting “better price-performance” for chips—a subtle jab at NVIDIA. Jassy warned that Amazon is OK with being strapped for cash flow in the short term because it anticipates a major payoff from AI, which Jassy called a “once-in-a-lifetime opportunity.” “We’re not going to be conservative in how we play this,” he said. Where the capex will go: Reiterating Amazon’s previously announced plans, Jassy said its hefty AI investing will support efforts to further robotize its warehouses, grow its soon-to-launch network of Starlink-competing satellites, and expand rural and drone-aided delivery. Zoom out: Shares of Amazon had been down this year as investors questioned its $200 billion capex plan, but yesterday’s remarks putted the stock into the green.—ML     Together With JPMorganChase Sponsor: JPMorganChase Strengthening national economic security and resiliency. JPMorganChase launched the Security and Resiliency Initiative, a $1.5 trillion, 10-year plan to facilitate, finance, and invest in industries critical to national economic security and resiliency. Focus areas include supply chain and advanced manufacturing, defense and aerospace, energy independence and resilience, and frontier technologies like AI and quantum computing. Learn more. WHIFFED IT Nerd makes own golf club to try to win Masters Bryson DeChambeau Hector Vivas/Getty Images A guy who would definitely have a garage full of souped-up weed wackers and “better hammers” if he wasn’t a world-class golfer is debuting a 3D-printed 5-iron at the Masters this week. Bryson DeChambeau, known in the golf world as the “The Scientist,” got the green light from the USGA yesterday to use an iron that he designed and printed himself. You might recognize DeChambeau from his TikTok stunts and friendship with Kevin Hart. (He has also won two US Opens, in 2020 and 2024.) He’s never won a Masters, but he got close last year, finishing fifth. But if your golf knowledge is limited to whatever minimal skills you picked up during a weeklong middle-school camp you didn’t want to attend, DeChambeau is best known for tinkering with his clubs and trying other kooky strategies to give himself an edge (and hitting the ball crazy far). He helped popularize the once-controversial single-length irons. Will he win this thing? Despite rolling into the tournament with a lot of hype following back-to-back wins on the LIV tour, DeChambeau triple bogeyed the 11th hole yesterday during Round 1. No one has ever come back from something like that to win the Masters. Maybe he can 3D print a green jacket.—MM     STAT Prime number: Gen Z says AI is losing aura Illustration of huge looming faces looking distressed down at a circuit board with a little AI spark on it.Nick Iluzada The trillions of dollars being poured into AI may transform the world, but it isn’t stopping young people from thinking it’s mid, cringe, and, worst of all, chopped. According to a recent Gallup survey, Gen Zers have become more angry and less excited and hopeful about the tech in the last year: Angry: 22% (2025) → 31% (2026) Excited: 36% → 22% Hopeful: 27% → 18% Employed Gen Zers are also more than three times as likely to say the risks of using AI at work (48%) outweigh the benefits than vice versa. That may be because of all the AI-related layoffs, but who’s to say?—AE READER POLL What word best describes your feelings about AI? HypedCuriousConflictedFearful Sponsored By Avalara Sponsor: Avalara Confident compliance starts with outcomes. It does not start with guesswork. Need some assistance? Avalara helps run tax and compliance end to end. Built on 20+ years of real compliance infrastructure, Avalara works to deliver audit-defensible results across every transaction, processing and filing returns at scale (if you’re counting, that’s 1,000+ per minute). Learn more. QUIZ Friday news quiz Friday news quiz banner The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to winning the office March Madness bracket contest. It’s that satisfying. Ace the quiz. NEWS What else is brewing US GDP in the fourth quarter was revised down again to a sluggish 0.5%, per a new Commerce Department estimate. Melania Trump denied having close ties to Jeffrey Epstein in a surprise public statement yesterday. American Airlines hiked bag fees, joining Delta, United, Southwest, and JetBlue in raising prices in response to increased jet fuel costs due to the Iran war. A “Super El Niño” could cause floods, droughts, heatwaves, and increased hurricane activity later this year, meteorologists predict. Emperor penguins were officially declared endangered as Antarctica’s sea ice continues to shrink. The Housemaid author Freida McFadden revealed her true identity: a brain disease doctor named Sara Cohen. The Artemis II astronauts are scheduled to splashdown off the coast of California tonight around 8pm ET after reentering the atmosphere at a leisurely 25,000 miles per hour. RECS To-Do List Host: Serve your guests a fun drink out of this apple-shaped pitcher.** Browse: A database of thousands of spurious correlations between unrelated stats. Revive: How to get the most out your iPod as the music player makes a comeback. Enter: Iceland is offering a 10-day, travel-expenses-covered trip to the country for someone with no photography experience. Apply here. Confident compliance: Avalara works to deliver accurate, audit-defensible results across every transaction and calculates tax in real time. See how you can scale globally without learning every local tax rule.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Decipher: In this edition of our code-cracking puzzle, you have to unscramble a famous movie quote. Hint—this flick came out the same year that the Snuggie was all the rage. Play Decipher here. Friday puzzle Today’s puzzle (a diabolical one) comes from the r/onlyconnect subreddit. What comes fourth in this sequence? Fe: 4 S: 9 Seen: 5 ? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Eght: 1. These are the numbers five, six, seven, and eight with the roman numerals removed and placed after the colon. So, for “Fe: 4,” it’s “five” with the “IV” removed and turned into 4, and so on. Word of the Day Today’s Word of the Day is: spurious, meaning “false, inauthentic, or contrived.” Thanks to Douglas from Lincoln, NE, for the suggestion. Submit another Word of the Day here.           Written by Adam Epstein, Sam Klebanov, Molly Liebergall, Matty Merritt, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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Stocks rise and oil falls, but ceasefire seems tenuous…<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqv18l.2dxaj/047fb01f.gif" alt="" border="0" /></a> April 09, 2026View Online | Sign Up | Shop Morning Brew Presented By Good morning. REI’s first full-time employee and manager, Jim Whittaker, died on Tuesday at age 97. What a life he led: In 1963, just a decade after Tenzing Norgay and Edmund Hillary became the first confirmed climbers to reach the top of Mount Everest, Whittaker—an REI employee at the time—became the first American to summit Everest. The next year, sales at REI reached $1 million for the first time, thanks to his feat. In 1975, he attempted to summit K2, but was forced back due to weather. In 1978, he led a K2 expedition in which he intentionally remained at lower camps to help the first Americans reach the top without him. In 2013, he told The Seattle Times of mountain-climbing in uncertain conditions, “You always start up, because you can always turn around.” Wise words… —Matty Merritt, Dave Lozo, Molly Liebergall, Holly Van Leuven In today’s newsletter, we’ll look at: The “relief rally” following the US–Iran ceasefire announcement Meta’s brand-new AI model rollout A rat that changed the world for good getting his due MARKETS Nasdaq 22,634.99 +2.80% S&P 6,782.81 +2.51% Dow 47,909.92 +2.85% 10-Year 4.291% -5.0 bps Bitcoin $71,487.67 +1.77% Meta $612.42 +6.50% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: The major indexes jumped for joy, closing way up on Wednesday, following President Trump’s announcement on Tuesday evening of a “double sided CEASEFIRE,” even as concerns lingered about whether the deal will hold. Stock spotlight: Investors gave Meta a boost after it announced Muse Spark, the first AI model it’s rolled out since assembling its “Superintelligence Labs”—its Avengers-coded team of engineers trying to catch up to and surpass the chatbot leaders.   Markets Sponsored by Frontieras Final day: Their Nasdaq ticker (FASF) is reserved. You have until midnight to invest in Frontieras at the current price. TOO EARLY? Both Iran and US claim victory as tensions simmer Strait of Hormuz Shadi J. H. Alassar/Getty Images What a difference a day makes. Tuesday’s eleventh-hour, two-week ceasefire deal led to both the US and Iran claiming a W on Wednesday, which sent markets into party mode and led to oil dropping well below $100/barrel: The S&P 500 closed up 2.5% while the Dow jumped 2.8%, the largest one-day percentage point gain since last April. The Nasdaq and the Russell 2000 also got similar bumps. Commercial airlines, which were just scrambling to offset eye-watering jet-fuel prices, also rose, including Southwest Airlines (+6.7%), United (+7.9%), and Delta (+3.8%). By yesterday afternoon, however, geopolitical confusion and tension began simmering again, as the ceasefire looked increasingly brittle. Unlimited Strait talk Not long after the collective sigh of relief was exhaled yesterday, Israel struck Beirut, killing at least 182 people, and said that Lebanon was not part of the ceasefire deal due to Hezbollah: Pakistan, which has served as mediator, said Lebanon was part of the ceasefire deal it helped broker. Iran called Israel’s attacks on Lebanon a “grave violation” of the ceasefire agreement. Vice President JD Vance said the Israel–Lebanon situation was a “legitimate misunderstanding” that could be cleared up. Running parallel to this—a series of mixed messages over what’s going on with the Strait of Hormuz: In his message on Tuesday announcing the ceasefire, President Trump said the pact with Iran hinged on its “agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz.” After Israel’s attacks on Lebanon, Iran disputed reports that the Strait of Hormuz was open. As of this morning, media outlets reported there was little evidence that the Strait had reopened and even suggested that Iran had put new sea mines in the waterway. Looking ahead…experts are warning that the Wall Street rally might be a little early. The enthusiasm may get curbed when markets open today.—MM     Presented By Frontieras Unlocking $2.1 trillion in energy potential Founders Matt McKean and Joseph Witherspoon are on the path to commercializing a technology that extracts valuable resources from coal without burning it. Frontieras North America has the potential to address $2.1 trillion worth of markets, from hydrogen to diesel to jet fuel and more. It’s similar to when John D. Rockefeller commercialized oil refining technology. If Frontieras captures just 2% of the global coal market, they have a roadmap to achieving a $1 trillion valuation. They’ve broken ground for their $850 million flagship facility. Now, with their Nasdaq ticker (FASF) reserved and the White House favoring domestic energy, this company is positioned for potential valuation impact. Invest in Frontieras before their share price changes tonight at 11:59pm PT. WORLD Tour de headlines Meta announces new AI LLMMeta Chief AI Officer Alexandr Wang. Ludovic Marin/Getty Images Meta releases first AI model from its “superintelligence” lab. Here’s a Meta software announcement that really has legs. The new model, called Muse Spark, will power Meta’s AI chatbot and provide features within it. In an announcement, Meta CEO Mark Zuckerberg framed the development as making good on the founding promise of Meta Superintelligence Labs: “putting personal superintelligence in everyone’s hands.” The company’s internal benchmarks showed it outscoring xAI’s Grok on most metrics and Google’s Gemini on some, while being competitive with models from OpenAI and Anthropic. The lab was assembled nine months ago with a multibillion-dollar investment that secured Alexandr Wang, the former Scale AI CEO, to lead the team. Federal Reserve is in wait-and-see mode over Iran war, according to March minutes. The notes from the Fed’s last meetings, held on March 17 and 18, revealed that “most participants commented that it was too early to know how developments in the Middle East would affect the US economy,” although many expected inflation to continue moving toward its 2% target. The consensus of the Federal Open Market Committee remains unchanged that just one interest rate cut will happen this year. Some Fed watchers, however, hold out hope that if a perdurable ceasefire in the Iran war takes hold, there will be additional rate cuts. Jeff Shell steps down as Paramount’s president after alleged SEC violations. Paramount’s board of directors said in a statement that Shell was stepping down to focus on the lawsuit that R.J. Cipriani brought against him last month, accusing Shell of leaking corporate secrets. Shell denies the claim, and Paramount has called Cipriani’s accusations “baseless.” Shell was a top lieutenant of Paramount CEO David Ellison, who appointed him president after the Skydance–Paramount merger closed. Shell held the job for eight months. His departure comes amid Paramount’s next big project: closing the Warner Bros. Discovery deal.—HVL IDENTITY GRIEF NYT thinks it solved Bitcoin’s biggest mystery Blurry photo of a person with a bitcoin graphic blocking their face. Morning Brew Design, Photos: Unsplash, Adobe Stock The New York Times reported yesterday that the true identity of mysterious Bitcoin creator Satoshi Nakamoto was British cryptographer and entrepreneur Adam Back. Hours later, Back told the BBC that The Gray Lady had the wrong guy, adding a new chapter to the 17-year mystery of the pseudonym. The NYT investigation began with a reporter watching Back in a documentary about Satoshi’s identity in which he had “shifty eyes,” much like most men you see on a subway train. That led to interviews with Back and an analysis of similar communications from Back and Satoshi that reduced more than 34,000 suspects down to one—Back. Back responded by flat-out disputing some of the facts in the NYT piece, saying other evidence was “a combination of coincidence and similar phrases from people with similar experience and interests.” Does Satoshi’s identity matter? Crypto Banksy has an estimated $78 billion in their wallet, but as one analyst told Morningstar, as long as that person doesn’t dump it all into the market or isn’t linked to a government, it may not matter beyond satisfying curiosity. The price of Bitcoin climbed above $72,600 yesterday morning but dropped to ~$71,300 later in the afternoon.—DL     READER POLL Will the person behind the Satoshi Nakamoto alias ever be found? YesNoThey have already been found Together With Frontieras Unlocking $2.1 trillion in energy potential. Founders Matt McKean and Joe Witherspoon created a technology that extracts valuable resources from coal without burning it. It’s a $2 trillion opportunity. They just broke ground on their $850m flagship facility in WV, and their Nasdaq ticker is reserved. Invest in Frontieras before their share price changes tonight at 11:59pm PT. NICE JEANS Go ahead and dance, Levi’s, you earned it Woman dances in Levi's advertisement Richard Baker/Getty Images After spending about a month in the red, shares of Levi Strauss jumped back into positive territory for the year yesterday, following a strong earnings report that also noted a major milestone: For the first time, direct-to-consumer sales accounted for more than half of the company’s quarterly revenue. High-rise, not distressed: Overall revenue last quarter increased 14% from the same time last year, buoyed by Levi’s store and website sales, but also by wholesale revenue. That trend even grew in the US, where Levi’s severed some retail partnerships as it leaned harder into DTC. Working in Levi’s favor: The company offset tariff pressure by raising prices, which accounted for roughly half of its growth without steering away customers, according to its CFO. It lost some dead weight by selling its struggling khaki brand, Dockers, last month. Levi’s has also benefited from the popularity of ’90s styles like jorts and a resurgence of country trends (hat tip to Beyoncé). Another pop culture bump: The company’s CEO said Levi’s saw a 25% spike in sales of its 517 jeans, which were a wardrobe staple for Carolyn Bessette and featured in the FX series Love Story about her and JFK Jr. The show premiered about two weeks before Levi’s quarter ended, meaning viewers wasted no time smashing that “Order” button.—ML     STAT Prime number: 7-foot statue to a legend illustration of the Magawa rat statueNick Iluzada A new monument has been erected to honor someone the public has no problem accepting as both a rat and a hero all at once. That someone is Magawa, the African giant pouched rat who sniffed out 100 land mines for the nonprofit Apopo, which trains and deploys the rodents to detect the explosives so that they can be safely cleared. Magawa died in 2022, but in his five-year career for the nonprofit, he distinguished himself as one of the best to ever do it. According to the Washington Post: He could search an area the size of a tennis court in 20 minutes by himself. It would take a human several days. The little guy cleared 1.52 million square feet of land, equivalent to ~26 football fields. He detected “dozens” of land mines during his tenure. Magawa retired in 2021 and mentored some other rats for his encore career. The statue has been placed in Cambodia, where Magawa completed his life’s work. The nation has a goal to be land mine free by 2030. An estimated 6 million land mines remain there, according to Apopo.—HVL Sponsored By Kalshi The green jacket is officially up for grabs. The 2026 Masters begin today, and Kalshi traders are already making their predictions on who will take home the ultimate prize and title. Predictions look anything but certain, with a once-leading Scottie Scheffler now stabilizing at numbers closer to Jon Rahm’s margins. See the odds and make your predictions. NEWS What else is brewing Vice President JD Vance will lead peace talks with Iran on behalf of the US in Islamabad on Saturday. President Trump threatened 50% tariffs on countries found to be supplying Iran with weapons. Homebuyer mortgage applications experienced a year-over-year decline last week–the first in a year, according to the Mortgage Bankers Association. Rex Heuermann admitted in court to killing eight women in a 17-year period and dumping their bodies near Gilgo Beach, New York, as part of a plea deal. The “Ketamine Queen,” whose real name is Jasveen Sangha, was sentenced to 15 years in prison in connection with Matthew Perry’s death in 2023. A Michigan man was arrested in the Bahamas during the search for his missing wife, whom he said fell off a small boat he was piloting in rough seas on Saturday. A Maui doctor accused of trying to kill his wife on a hike last year was found guilty of attempted manslaughter based upon extreme mental or emotional disturbance. RECS To-Do List Learn: A beginner’s guide to chess.** School of life: This high-school business teacher’s best case study is his own bathroom wipes side hustle. Dream on: An overview and comparison of how all the major brands calculate sleep scores. Forced fun: A tech company’s weeklong retreat to Honduras went very, very wrong. What to cut when money’s tight: Check out this list of 19 things to eliminate from your budget and help you breathe a little easier (most people ignore #11).* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Mini: Your sample clue for today is “Drink that, despite its name, did not originate in India.” Play the Mini here. Three Headlines and a Lie Three of these headlines are real and one is faker than whatever makes blue raspberry that color. Can you spot the odd one out? Harlem Globetrotters teach Pope Leo to spin basketball on his finger Stork warning: woman gives birth midair on Jamaica-to-New York flight Where do most of your old bookshelves go? To this guy in Arkansas Human skull discovered during Easter egg hunt in California SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER We made up the one about the bookshelves. Word of the Day Today’s Word of the Day is: perdurable, meaning “very durable.” Thanks to Charles Pill from Arlington, VA, for a rock-solid suggestion. Submit another Word of the Day here. ✢ A Note From Frontieras This is a paid advertisement for Frontieras’ Regulation A offering. Please read the offering circular at https://invest.frontieras.com/. Reservation of the ticker symbol is not a guarantee that we will be listed on the Nasdaq. Listing on the Nasdaq is subject to approvals. Under Regulation A+, a company has the ability to change its share price by up to 20% without requalifying the offering with the SEC.           Written by Matty Merritt, Dave Lozo, Molly Liebergall, and Holly Van Leuven Was this email forwarded to you? Sign up here. 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The fight against AI data centers escalates...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fquq0j.2dze0/70773ab1.gif" alt="" border="0" /></a> April 08, 2026View Online | Sign Up | Shop Morning Brew Rise and grind. Unhappy with the NBA’s dunk contest, Shaq is launching his own professional dunk league. It sounds cool, but if you wanted to see people get dunked on mercilessly, you could always just ask your mom if she’s seen anyone you went to high school with recently. —Dave Lozo, Sam Klebanov, Matty Merritt, Adam Epstein In today’s newsletter, we’ll look at: Growing backlash to data centers The latest on the war in Iran The shrinking US middle class MARKETS Nasdaq 22,017.85 +0.10% S&P 6,616.85 +0.08% Dow 46,584.46 -0.18% 10-Year 4.343% +1.0 bps Bitcoin $69,430.79 -0.40% Apple $253.50 -2.07% Data is provided by *Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean. Markets: Stocks initially sank yesterday in response to President Trump’s apocalyptic threat to Iran (more on that later), but they recovered late in the day on hopes of a last-minute deal. Meanwhile, Apple fell following a report that the release of its foldable iPhone could get delayed.   CENTER OF ATTENTION The fight against data centers is escalating Growing movement to ban data centers Jim West/Getty Images Yesterday, 13 bullets were fired at the home of an Indianapolis city councilor who recently supported the construction of a data center in his district, the latest chapter in the growing backlash against the controversial buildings that power AI. The elected official, Ron Gibson, said that a note left at the scene (where no one was physically harmed) read “No Data Centers.” The attack came days after he voted in favor of a data center project in an Indianapolis neighborhood where many locals had fought against it. Maine and other states are pushing back The state known for lobster and “oh, you mean that Portland” is expected to pass legislation this spring that would place a moratorium on data centers that consume more than 20 megawatts—a rebuke of the swelling energy costs that come with these computing factories. Other states are considering similar measures: Statewide bans are on the table in nine states; Pennsylvania would make 10 if it proposes one of its own, which is expected. Activists in Ohio are collecting signatures to get a statewide ban on the ballot in November. Two states—South Dakota and Wisconsin—have rejected proposed bans on new data centers. And that’s not all. Residents in Port Washington, WI, voted yesterday on a measure that would stop future data center development in the town of ~12,000 people. There are at least three other municipalities around the country that will consider something similar this year. Big picture: While evidence shows that data centers can be environmental hazards (a new study says that they create heat islands within a 6-mile radius that can cause pollution and deaths), they are also job creators. The response to the bill in Maine, where a Senate seat is up for grabs in November, could serve as a “canary in the coal mine” for officials in other locales, according to a construction trade group that spoke to the Wall Street Journal.—DL     WORLD Tour de headlines Explosion in TehranFatemeh Bahrami/Getty Images Bill Ackman’s fund wants to buy Universal Music Group. The hedge fund billionaire best known for writing really long tweets could soon own the music company behind Taylor Swift and Bad Bunny. Ackman’s Pershing Square is offering to buy Universal Music Group (UMG) for about $64.4 billion, according to a statement. Ackman praised the company for building a “world-class artist roster,” but argued that its stock price has “languished due to a combination of issues that are unrelated to the performance of its music business.” If the deal goes through, UMG, which currently lists on the Euronext Amsterdam, would merge with Pershing Square and list on the New York Stock Exchange instead. Music festival canceled after Kanye West banned from entering UK. Don’t bother with a late registration to this year’s Wireless Festival in London, because it’s not happening now that would-be headliner Ye, formerly known as Kanye West, was barred from entering the UK over his history of antisemitism. Following widespread backlash to Ye’s role at the festival, the UK government rescinded his authorization to travel to the country on the basis that it would not benefit the public good, The Guardian reported. Ye, who has publicly praised Hitler and denied the Holocaust, apologized for his remarks earlier this year, saying they were due to his bipolar disorder.—AE Upper middle class is US’ biggest income group Upper middle class growing Niv Bavarsky The ranks of Americans that can add guac to their burrito bowl guilt-free have swelled. The upper middle class has become the largest income group in the US, according to a recent analysis by the right-leaning American Enterprise Institute, highlighted by the Wall Street Journal. The report contends that the lower rungs of the middle class shrank because more Americans got richer: In 2024, 31% of American families were upper middle class, compared with just 10% in 1979. The think tank’s report defined the upper middle class as a family of three earning $133k to $400k in 2024 dollars—five to 15 times the federal poverty line. Meanwhile, the share of American households living in or near poverty declined from almost 30% in 1979 to below 19% in 2024. ‘We’re comfortable’ class The Wall Street Journal notes that upper middle class folks are often white-collar professionals in dual-income households, who have benefitted from women’s advances in the workforce and rising wages in fields like software engineering. Many are boomers raking in sizable pension payments made possible by stock market gains. This group’s shopping habits are behind the rise of bougie goods and services, like first-class plane tickets, which have been a major driver of US economic growth. But…economic inequality has also grown, with families in higher tax brackets seeing greater income growth while the poorest 5% seeing their earnings decline.—SK     Together With Fidelity Private Shares® Fidelity Private Shares® Founders: Get ready, set, and sorted. No need to scramble when investors call. The Fundraise-Ready Startup Kit has templates for cap tables, pitch decks, and a due diligence checklist before the pressure hits. No fuss, no panic—just clean materials that help you prepare. Confidence attracts capital. Grab the kit. WITH A “B” The billion-dollar health startup with a lot of red flags MEDVi AI-generated testimonials MEDVi The AI-powered telehealth startup Medvi was the subject of a New York Times profile that touted the company’s expected $1.8 billion in sales this year and its rapid growth with just 2 employees. But critics have since claimed that the company has as many red flags as a Forbes 30 under 30 recipient. Medvi’s founder Matthew Gallagher told the NYT that he started the company, which offers GLP-1 weight loss drugs, with just $20,000 and AI software—vibe-coding its entire website, deploying AI customer service agents, and using Midjourney to make content for ads. It sounds like the real-life version of OpenAI CEO Sam Altman’s 2024 dream of an AI-powered, one-person company worth $1 billion…but other news outlets report: Fake before-and-after patient images appeared on Medvi’s site as recently as last month, according to Futurism. Medvi uses affiliate marketing that seems to rely on fake doctors and AI-generated testimonials for its Facebook ads, according to Business Insider. The company responded, “If we find an affiliate doing this we work to take these ads down.” And more officially…the company is facing two lawsuits accusing it of violating spam laws with unsolicited texts and emails (which Medvi denies). Plus, the FDA sent Medvi a warning letter over misleading claims about some of its weight loss products, which the company told BI were made by an affiliate marketer on a website that’s since been taken down.—MM     STAT Prime number: Accuracy of Google’s AI Overviews The More You Know ilustration with Gemini logoMorning Brew Design When you Google “do dogs know math?” and other important questions as you lie in bed at night, Google’s AI Overviews will provide an accurate response about 90% of the time, according to new research from the AI startup Oumi. While that seems pretty good, there are caveats: Since Google processes trillions of searches per year, 90% accuracy still equates to tens of millions of inaccuracies per hour (or hundreds of thousands per minute), the New York Times noted. More than half of accurate responses linked to sources that did not actually support the information. The second- and fourth-most-cited sources were...Facebook and Reddit. Google concedes that AI Overviews aren’t always accurate and encourages users to double check the info. And, for the record, dogs do possess a rudimentary understanding of math (I learned that from Google’s AI Overview).—AE READER POLL Do you trust Google’s AI Overviews? Yes, without question Sometimes—I often double check Never Together With David Protein David Protein Protein can actually taste this good. You’ve had protein bars before—but not like this. David Protein has two distinct lines: Gold and Bronze. Their Gold line packs 28 grams of protein in flavors like Chocolate Chip Cookie Dough, while their Bronze line combines 20 grams with a marshmallow base and chocolate-flavored coating. 150 calories, 0 grams of sugar, all the flavor. NEWS What else is brewing OpenAI urged the California and Delaware attorneys general to investigate Elon Musk for “improper and anti-competitive behavior” as the trial between the two sides is set to begin later this month. Anthropic is allowing tech giants like Apple, Amazon, and Microsoft to test a new, more powerful AI model to help it prepare for cyberattacks ahead of a wider release. Delta raised bag fees by $10, becoming the third major airline to hike prices as the industry deals with a jet fuel shortage steaming from the Iran war. Sony Pictures is laying off hundreds of employees as part of a strategic shift. Netflix’s recent price hikes were ruled illegal by an Italian court, which the streaming company intends to appeal. Chopped, the Food Network reality cooking series, is getting a spinoff in which chefs are stranded on an island and must build their own kitchens to cook meals. Sure! RECS To-Do List Smell: Why it’s good for you to stop and smell the flowers. Appreciate: This site shows the opening line to a famous novel each time you visit. Relieve: Tips to get through your seasonal allergies. Read: You don’t have to be a New Yorker to dive into the Mets’ fascinating history.** Identity crisis? Not with NordProtect. Get timely warnings for leaked credentials. You can even get up to $1m to cover eligible costs. Use code MORNING for up to 79% off.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Word Search: The theme of this week’s puzzle is “Etch A Sketch drawings.” Guess you could say we’re shaking things up. Play the Word Search here. TV shows by episode titles Name the TV show from two of its episode titles. “The One with the Monkey” and “The One with the Invitation” “Say My Name” and “Ozymandias” “Chardee MacDennis: The Game of Games” and “The Gang Tries Desperately to Win an Award” “The Tanned Triangle” and “Just Another Day at the Shore” “7:00 A.M.” and “8:00 A.M.” “The Panic in Central Park” and “All Adventurous Women Do” SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Friends Breaking Bad It’s Always Sunny in Philadelphia Jersey Shore The Pitt Girls Word of the Day Today’s Word of the Day is: rudimentary, meaning “limited to basic principles, of a primitive kind.” Thanks to Christian from Oklahoma for the suggestion. Submit another Word of the Day here.           Written by Adam Epstein, Dave Lozo, Sam Klebanov, and Matty Merritt Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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OpenAI has thoughts on what the government should do...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqu4gh.2eax6/a12ae39f.gif" alt="" border="0" /></a> April 07, 2026View Online | Sign Up | Shop Morning Brew Presented By Fisher Investments Howdy. While you read through today’s newsletter and nod your head ever so slightly while smiling at our clever wordplay and thoughtful analysis, know that we are already hard at work on a Sunday Special on investing. It’s just missing one thing: your thoughts. We want to know your investing philosophy, but the twist? You only have one sentence to explain it. Submit your one-sentence investing philosophy here, and we’ll shout out our favorites in Sunday’s Brew. —Sam Klebanov, Dave Lozo, Molly Liebergall, Neal Freyman, Abby Rubenstein In today’s newsletter, we’ll look at: OpenAI’s vision of a future with superintelligence President Trump’s threats to Iran The Artemis II crew boldly going where no human has gone before MARKETS Nasdaq 21,996.34 +0.54% S&P 6,611.83 +0.44% Dow 46,669.88 +0.36% 10-Year 4.335% +2.0 bps Bitcoin $69,735.20 +3.31% AMC $1.26 +12.50% Data is provided by *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. Markets: Stocks rose yesterday as investors kept their fingers crossed for an Iran ceasefire in advance of the deadline President Trump set for tonight for Iran to reopen the strait most of the world’s oil must pass through. Stock spotlight: AMC stock got a taste of the magic people come for yesterday after The Super Mario Galaxy Movie helped the holiday weekend box office and concession sales soar.   UNCLE SAM ALTMAN OpenAI’s latest release is a social contract revamp Sam Altman Morning Brew Design, Photo: Anna Moneymaker/Getty Images OpenAI is handing the government a cheatsheet on how to solve the problems its product might cause. Yesterday, the company released a policy blueprint to address the disruptions it expects impending AI superintelligence to bring—with tips ranging from embracing a four-day workweek to strategies on combating killer robots. OpenAI’s policy menu comes as the public grows increasingly concerned about AI’s potential to cause economic chaos, with some asking the government to step in. The company is also facing questions about CEO Sam Altman’s character, given the potential disruption its product could cause. New Deal 2.0 Sounding more like a union head, the $852 billion company says AI-driven gains should be shared with workers, with a big role for the government to play. Here’s what OpenAI envisions: The government could incentivize companies benefiting from AI to institute a four-day workweek and give employees expanded healthcare and childcare coverage, as well as larger retirement benefits. Government incentives could also help workers displaced by AI switch to industries that rely on human connection like healthcare and education. Workers could be taxed less, and programs like Social Security and SNAP would be funded by increased taxes on companies benefiting from the AI boom. A public wealth fund could redistribute returns from AI-related investments to citizens, akin to cash payments from Alaska’s oil wealth fund. The government could facilitate the expansion of electrical infrastructure powering AI data centers in order to lower household electrical bills. AI companies have warned…that their newest models could enable large-scale cyberattacks and engineered biological weapons in the near future. So, OpenAI also shared ways to mitigate AI threats, like giving the government a bigger role in managing risks and expanding international AI-safety cooperation. Big picture: The Trump administration prefers a light-touch approach to regulating AI, but some in Congress advocate for more proactive measures. Bills to tax AI and mitigate job market impacts are reportedly in the works in the Senate, while Democratic Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez recently introduced a bill that would put a moratorium on AI data center construction.—SK     Presented By Fisher Investments Figure out when you can retire Fisher Investments What’s the price of a comfortable retirement? From living expenses to taxes, understanding what your retirement will cost can be tough. Fisher Investments’ guide is here to help you understand the full picture and pave the best way forward to enjoy the future you deserve. Packed with insights on investing for retirement and useful information on the potential impact of withdrawals on your portfolio, When to Retire: A Quick and Easy Planning Guide can help you reach your goals. Investors with $1 million, get your free guide today. WORLD Tour de headlines Tom Williams/Getty Images Trump threatens that Iran “can be taken out in one night.” With the deadline that he imposed of 8pm ET today for Iran to reopen the Strait of Hormuz looming, President Trump said yesterday that “every bridge” and “every power plant” in the country could be attacked in a matter of hours and incapacitated by midnight tonight. The UN warned that attacking Iran’s civilian infrastructure could violate international law, although the president said he was not worried the attacks would be considered war crimes. Trump’s remarks came after Iran reportedly passed on the US’ offer of a 45-day ceasefire to reopen the strait, pushing instead for a permanent end to the war. Jamie Dimon sees risks ahead. In his annual letter to shareholders, published yesterday, the JPMorgan CEO laid out the potential trouble he sees for the bank and the economy, including geopolitical conflict like the war in Iran, inflation, trouble in private markets, and bank regulations he called “poor.” He warned that inflation slowly creeping up rather than going down could be “the skunk at the party” this year—pushing interest rates up and asset prices down. Michigan won its first men’s national basketball title since 1989. With a 69-63 victory over UConn in last night’s men’s NCAA championship, the Wolverines also snapped a 25-year title drought for the Big Ten. The win also dealt UConn its first loss in a national championship game with the Huskies falling just short of their third national title in four seasons. With March Madness now over, you’ll have to find something new to banter with your coworkers about.—AR OY VEY Festival sponsors drop out after Ye joins lineup Sponsors pull out of Wireless Festival after Kanye added as headliner Retamal/Getty Images Call these brands a 2010 Kanye West single, because they’ve run away: Paypal, Rockstar Energy Drink, and Budweiser-maker AB-InBev each reportedly said yesterday that they are pulling back from a major UK music festival that recently named Ye as its headliner, becoming the latest brands to abandon ship. ICYMI: The backlash was swift after London’s Wireless Festival announced last week that Ye, who has a long history of expressing antisemitic views and released a song called “Heil Hitler” less than a year ago, would headline its July event: Pepsi withdrew its sponsorship on Sunday after 10 years as the festival’s main brand partner (the official name is “Pepsi MAX Presents Wireless”). Liquor giant Diageo bailed shortly thereafter. Hours earlier, UK Prime Minister Keir Starmer condemned Ye’s booking as “deeply concerning.” Now, AB-InBev and Rockstar are also out, per the Wall Street Journal and Variety, respectively. PayPal, which hosted a ticket pre-sale last week as a Wireless payment partner, said it won’t let the festival use its branding in promotional materials going forward. UK ministers are also reviewing Ye’s permission to enter the country. Meanwhile…Ye just made $33 million selling out two shows at SoFi Stadium in Los Angeles, per Bloomberg, and his new album debuted at No. 2 on the Billboard 200. In January, he placed a full-page ad in the Wall Street Journal apologizing for his past remarks, which he attributed to bipolar disorder.—ML     Together With TurboTax It’s go time. Tax season is here, bringing confusion over new tax laws for entrepreneurs. For the 5.6m+ LLCs formed in 2025, TurboTax Experts for Business can help. They match self-employed and small business owners with a tax expert—so you can file with confidence + save $$$. EYES UP HERE More restaurants, bars are banning phones An illustration of a phone being put under a fancy dish Niv Bavarsky The next time you’re out to dinner, someone might not only ask to take your jacket, they may want you to hand over your phone, too. The number of bars and restaurants establishing a phone-free environment is growing, per Axios—a change that appeals to younger patrons. Axios found that at least 11 states have individual restaurants or bars with a form of phone restriction or digital detox. Scrolling a menu instead of your phone is thought to create a more intimate setting, lead to more focus on food, and protect patron privacy. A recent survey from Talker Research shows a significant number of people are putting their phones away and probably don’t want to see someone taking pictures of their food: 63% of Gen Z says they intentionally disconnect; 57% of millennials say the same. Even older crowds are on board—42% of Gen X and 29% of boomers said they unplug. A needed break: Data from Consumer Affairs showed Americans spend an average of 4.5 hours per day on their devices. Another revealed that 86.5% of phone use involves social networking and texting during meals. It’s chains, too: The upscale supper club Delilah’s has a no-phones policy. Even some Chick-Fil-A locations are offering free ice cream as an incentive for turning over your phone while eating.—DL     READER POLL Should phones be allowed in restaurants? YesNoSometimes, but step outside to take your call STAT Prime number: Going the distance Moon seen from Artemis IINASA Here’s something to one up your friend whose pics are always geotagged in exotic locales: Yesterday, the crew of the Artemis II set the record for the farthest humans have ever traveled from Earth (watch the live video here). At 1:57pm ET, the four astronauts flew 252,752 miles from Earth, surpassing the previous record set by the Apollo 13 crew in 1970 by ~4,102 miles. “We most importantly choose this moment to challenge this generation and the next to make sure this record is not long-lived,” Canadian astronaut Jeremy Hansen said from the ship. The crew then proceeded to complete a flyby of the moon—including a planned 40 minutes without communication with Earth as they passed the moon’s far side—reaching their maximum distance from Earth of 252,756 miles just after 7pm ET. The crew, who are slated to splash down back on Earth on Friday, did take photos as they traveled, but mostly for science and not for the ’gram.—AR Sponsored by Tello Let your phone ring off the hook. Tello’s Unlimited phone plan helps you afford it while keeping the same high-quality service you’re used to. The Unlimited plan is only $30 for the first three months, then $25. Plus, Tello runs on America’s largest network, so you get reliable nationwide 5G coverage. Don’t miss this deal. NEWS What else is brewing Paramount Skydance has received commitments of nearly $24 billion for its takeover of Warner Bros. Discovery from the sovereign wealth funds of Saudi Arabia, Qatar, and Abu Dhabi, the Wall Street Journal reported. Angel Reese has been traded from the Chicago Sky to the Atlanta Dream, with the Sky getting two first-round draft picks in exchange for the All-Star player. Amazon has reached a deal with USPS to keep the post office delivering more than 1 billion packages for the ecommerce giant annually, according to Reuters. Anthropic is planning to charge Claude Code subscribers extra to use OpenClaw and other third-party tools in a major change to its pricing. Robinhood and Bank of New York Mellon have been tapped to manage the new Trump accounts for children. The Supreme Court handed Trump ally Steven Bannon an order that likely clears the way for the dismissal of his criminal conviction for refusing to testify to Congress about the Jan. 6 Capitol riot. Savannah Guthrie returned to the Today show yesterday following the disappearance of her mother, saying, “It’s good to be home.” {if profile.vars.split == true} RECS To-Do List Picnic: A comfy and colorful picnic blanket so you don’t have to touch grass literally.** Slow down: This site lets you play very slow versions of classic video games. Look: Why astronauts are using the same camera you use for selfies to capture space. Watch: What it’s like to feed a film set. {if profile.vars.num >= 20 && profile.vars.num {else} = 20 && profile.vars.num {/if}

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The business of pretending to be other people...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqts59.175a1/67b5b1bc.gif" alt="" border="0" /></a> April 05, 2026View Online | Sign Up | Shop Morning Brew Presented By Layered composition, Elvis Impersonators performing, white jumpsuits, coiffed hair Niv Bavarsky EDITOR’S NOTE Good morning. You know what they say: Imitation is the greatest form of flattery. And impersonation is the greatest form of flattery that also pays the bills (no one says that). Today’s Brew is all about the business of pretending to be other people—celebrities, historical figures, and, sometimes, things that are not actually people. Read on to learn about the money involved in every faux Elvis, Ben Franklin, and Disney princess. YOU LOOK FAMILIAR Celebrity impersonation looks like good business the cast of RAIN: A Beatles Tribute on Broadway, at the NYSE The cast of ‘RAIN: A Beatles Tribute,’ at the NYSE. Rob Kim/Getty Images Even though he left the building in 1977, Elvis Presley is likely the first person you think of when it comes to celebrity impersonators. The Legend has been portrayed for decades by men, women, children, and even dogs. Whether it’s a mall appearance like the ones Ryan Gosling’s uncle once made, a live performance, or a wedding ceremony in Las Vegas, pretending to be the guy who made peanut butter and banana sandwiches famous can be a person’s livelihood: According to Glassdoor, impersonators are earning as much as $129,000 a year. The impersonation industry is about more than just the man who lived at Graceland—it’s thousands of other people pretending to be celebrities for money. Corporate gigs are their bread and butter So, let’s say you’re walking around looking uncannily like a famous person to the point where people ask you for their autograph. How do you monetize that? According to Los Angeles Magazine, “A-listers” can earn between $500 and $10,000 for an appearance at a corporate event or private party. It’s important to understand that the high end is really only attainable if you look like, say, Tom Cruise. If you’re the spitting image of the fourth lead from a 1990s sitcom, you will need to keep your day job. Tribute bands: Being able to look and sing like famous people comes with similar perks. Brit Floyd, a Pink Floyd cover band, lists their appearance fee as between $35,000 and $50,000. On social media, there are two types of impersonators to be found—legitimate ones looking to connect with and grow their audiences, and the ones pretending to be Brad Pitt so they can bilk a woman for thousands of dollars. As deepfake technology improves, it could encroach on non-scammer impersonators, like the guy who posted numerous videos looking and sounding like Tom Cruise. But beware: Scam or not, celebrities and their estates can be protective. Elvis impersonators at chapels in Vegas received a cease-and-desist letter in 2022 from the company that owns the late singer’s rights over image and likeness usage. The estate of Johnny Cash sued Coca-Cola last year under Tennessee’s Elvis Act—which is a real thing—for using a tribute singer in a commercial without permission.—DL     Presented By JPMorganChase Strengthening national economic security and resiliency Global supply chains are evolving, technology competition is heating up, and strengthening national security is more important than ever. That’s why JPMorganChase launched the Security and Resiliency Initiative—a $1.5 trillion, 10-year plan to facilitate, finance, and invest in industries critical to national economic security and resiliency. Learn more. FAIRY DUST IN THE CARPET Cinderella is in your house A Cinderella impersonator at a birthday party Rebecca Russel impersonates Cinderella at a birthday party. The Washington Post/Getty Images The bounce house is chopped. Since the pandemic, hiring a princess to roll into your kid’s party has boomed as parents search for new, IRL ways to celebrate. But this industry of small, local entertainment companies that specialize in sending out Elsa look-alikes must navigate strict copyright laws. Ashley Jantz runs Once Upon a Princess in Indiana. When she first started gathering the lacefronts and hoop skirts, she knew of only a couple of other businesses offering similar services in her area. Now, she says there are as many as 15 in the state. Jantz celebrated 11 years in business last month. Here’s how it’s going: Once Upon a Princess birthday packages start at $250 for an hour and go up to $300 for 90 minutes for one character. Additional characters can be added for a fee. Despite an influx of requests since the pandemic, Jantz told Morning Brew that she’s seen a slowdown in party bookings over the last year, which she chalks up to “everybody tightening their belts a little.” Jantz’s company still receives an average of 30+ requests per month, with July and the holiday season being the busiest. Legal loophole If you search through your local princess company character list, you’ll probably find a photo of what’s clearly supposed to be Rapunzel from Tangled named something more generic, like “Tower Princess.” This is to try to avoid an IP fight with Disney. Princess party companies got a big win in 2018 when a New York federal judge sided against Disney in its attempt to sue a business for allegedly confusing consumers with knockoffs of Chewbacca and friends. The judge cited the company’s website, which showcased the iconic character as “Big Hairy Guy.”—MM     PARTY LIKE IT’S 1776 US’ 250th is showtime for historical impersonators person taking a selfie with a George Washington impersonator Stefani Reynolds/Getty Images If you see George Washington and Benjamin Franklin arguing about British Crown resistance tactics this summer, it’s probably not because you spent too much time in the sun. Museums, historical societies, and event organizers are tapping historical impersonators to enliven local celebrations of America’s 250th birthday. The powdered-wig-donning history buffs typically appear in schools and at educational events, but this year, they might have more well-funded opportunities to flaunt their encyclopedic knowledge of the founding fathers. Ben Franklin bonanza The federal government, states, and localities are spending hundreds of millions to celebrate America’s semiquincentennial. Part of the funds will go to commemorative happenings featuring performers personifying the big names from your eighth-grade history class: An impersonator of the nation’s first president appeared at the US Mint’s recent unveiling of a commemorative George Washington coin tied to the American Revolution’s 250th anniversary in Mount Vernon, VA. The nonprofit Massachusetts250 advertises several events near Boston, aka the cradle of the revolution, tied to its 250th anniversary with costumed impersonators of figures like John Adams, Martha Washington, and Rachel Revere, Paul Revere’s wife. The nonprofit Historic Philadelphia hired 10 new performers this winter to join the ranks of costumed storytellers stationed in the city’s old town, personifying local historical figures like Benjamin Franklin and the founder of the African Methodist Episcopal Church, Bishop Richard Allen. Each new hire gets street performance training at the so-called Benstitute. Visits to tourist sites that employ historical impersonators are projected to skyrocket this summer. For instance, Colonial Williamsburg expects 2.1 million visitors in 2026, up from 1.8 million in 2024. Private gigs boom Brian Patrick Mulligan, a full-time Ben Franklin impersonator with 35 years of experience, told Morning Brew that he’s getting five to ten private event inquiries per day, roughly as many as he got weekly last year. Historic Philadelphia said that requests to hire its impersonators are up about 40% this year. Impersonating the characters that grace America’s cash can be lucrative: Mulligan charges $1,776 for an hourlong keynote address. Those who don’t resemble a founding father…can still enlist in the countless costumed historical battle reenactments taking place across the nation to mark the anniversary of the American Revolution.—SK     Sponsored By JPMorganChase Strengthening national economic security and resiliency. JPMorganChase launched the Security and Resiliency Initiative, a $1.5 trillion, 10-year plan to facilitate, finance, and invest in industries critical to national economic security and resiliency. Focus areas include supply chain and advanced manufacturing, defense and aerospace, energy independence and resilience, and frontier technologies like AI and quantum computing. Learn more. WAIT, WHAT? The landmark-impersonating capital of the world is… roman amphitheater in macauThe Colosseum in…Macau. Tumteerasak/Getty Images China, where parts of the country are like Disneyland, if it had the replica towns but no rides. There’s the Roman Colosseum in Macau, London’s Tower Bridge in Suzhou, an Eiffel Tower in Tianducheng, and dozens of other imitation monuments that Las Vegas would turn into hotels. The idea is that these copycats—which typically cost millions of dollars to build—boost tourism and encourage locals to travel domestically, because who needs to visit France when we have an Arc de Triomphe in Jiangyan? Sometimes, though, the projects don’t pan out: A replica of the Sphinx was constructed about a decade ago in Chuzhou and then dismantled after Egypt complained. The uncanniest of them all is “China’s new Manhattan,” an unfinished ghost city south of Beijing that was supposed to become a hustling, bustling Wall Street knockoff.—ML CAMEO APPEARANCE Breaking: People pay Spider-Man to say congrats Various line work portraits of often imitated pop culture figures; Captain Donald Trump, Elvis, Spiderman, Jack Sparrow Lady Gaga,Shannon May We analyzed listings on Cameo, the platform for buying personalized video messages, to see how impersonators are using it to make a buck. Here’s what we found: There are 357 contributors who identify primarily as “impersonators” on the platform (although, upon closer examination, about 32 of them seem to be misclassified, so we’d informally say there are 325). Of those, 31 of them are generalist impressionists, who don’t do full costume impersonations, but mimic the speech and mannerisms of many characters. Twenty-four of them are princess specialists, who appear on video as one of several costumed options reminiscent of animated heroines. And many focus on looking and sounding like just one person or character. Here are the most-impersonated figures, and the average cost of booking an impersonator of that specialty: 1. Donald Trump ($78) 2. Elvis Presley ($48) 3. Spider-Man ($40) 4. Jack Sparrow ($60) 5. Lady Gaga ($108) Honorable mentions: These icons have at least four people impersonating them on the platform: Michael Jackson, Santa, Marilyn Monroe, Freddie Mercury, Dolly Parton, Batman, and Madonna.—HVL Sponsored By Skechers New season, new step count. Consider this your sign to touch grass. Literally. May is National Walking Month, and Skechers GO WALK® is making every outdoor stride effortless—think lightweight cushioning, arch support your podiatrist would approve of, and slip-on convenience for when motivation strikes fast. Step into spring here. WORTH 1,000 WORDS character impersonators in HollywoodCostumed characters protest in front of Los Angeles City Hall after a 2010 LAPD crackdown. Kevork Djansezian/Getty Images From the Vegas Strip to Times Square, ordinary people don capes every day to make sure that we all have celebrity lookalikes to take a funny photo with. They do it out of a sense of duty and purpose (but mostly for tips). Some of the most hallowed ground for these costumed copycats is Hollywood Boulevard’s Walk of Fame. But their presence isn’t always welcome: In 2010, the LAPD cracked down following complaints that some of the impersonators were a little too forceful with their tip-seeking. Actors playing Batman, Spider-Man, and The Incredible Hulk were among those rounded up, proving that even a faux hero can live long enough to become the villain. But these days, impersonators are back, and seeing what Donald Duck and Iron Man get up to outside the TCL Chinese Theatre might be the highlight of your trip to Hollywood.—BC BREW'S BEST To-Do List Dress up: Stylish sunglasses fit for a king. Watch: How to do every North American accent. Remember when: Kerry, Ireland, set the record for most people dressed as Dolly Parton. Jimpressions: An absolutely classic monologue from impressionist Jim Meskimen. Discover: Make like Ben Franklin and take to the skies (avoiding lightning, of course).** IRS on your mind?: Tax season is the best time to tackle tax debt. Your finances are current, IRS programs are more accessible, and acting early can reduce penalties. Alleviate Tax Relief can help—get your free assessment today.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e           Written by Dave Lozo, Matty Merritt, Sam Klebanov, Molly Liebergall, Brendan Cosgrove, Holly Van Leuven , and Adam Epstein Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

Moonbound astronauts sent back pictures...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqto2g.2ep2w/cb2fe53e.gif" alt="" border="0" /></a> April 04, 2026View Online | Sign Up | Shop Morning Brew Sponsored by Apple Card Morning, sunshine. Friendly reminder: Tax Day (April 15) is arriving soon, and if you haven’t cranked out your returns yet, this weekend is a great opportunity to do so. If you’ve already done your taxes, here’s a cookie. —Molly Liebergall, Matty Merritt, Brendan Cosgrove, Sam Klebanov, Abby Rubenstein, Holly Van Leuven MARKETS: YEAR-TO-DATE Nasdaq 21,879.18 -5.86% S&P 6,582.69 -3.84% Dow 46,504.67 -3.24% 10-Year 0.000% -416.3 bps Bitcoin $66,918.04 -23.53% Micron $366.24 +28.37% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: With the stock market closed for Good Friday yesterday, investors got a day of rest to catch their breath after a week of volatility that ended with a rally. One group that likely appreciated the pause was Micron Technology’s shareholders, since the company has been getting hammered ever since Google announced an innovation that investors fear could dampen demand for memory chips (though it’s still up for the year).   BIG SPENDER Inside Trump’s military-heavy, $2.2t budget proposal Trump stands in front of a podium microphone. Alex Brandon-Pool/Getty Images Out with the “woke” and in with the weaponry: President Trump asked Congress to approve a $2.2 trillion budget for fiscal 2027 that would boost military spending to $1.5 trillion while slashing funding for domestic federal programs across housing, education, small business, and other areas deemed “woke, weaponized, and wasteful,” the White House said yesterday. Note: This is just a proposal, as only Congress can set the annual budget. Last time around, lawmakers gave the military a fiscal boost, but largely rebuffed Trump’s efforts to cut domestic spending. It’s more like a gauge of the White House’s priorities than a prophecy. The $1.5 trillion defense budget…would be 42% more than the Pentagon’s current allotment. That represents the biggest single-year increase in military spending since World War II. The funds are meant to cover more munitions and ships, higher servicemember salaries, and a missile defense system inspired by Israel’s Iron Dome. Trump is also seeking: An increase of $28.5 billion for immigration enforcement. $10 billion for beautification projects in Washington, DC. $150 million to rebuild Alcatraz as a working prison. Meanwhile, on the chopping block… Trump’s proposal would cut nonmilitary programs by 10% ($73 billion) to ~$660 billion. Hardest hit: Funding would decrease by 67% for the Small Business Administration and by 52% for the EPA. The proposed budget would also downsize FEMA and… Redirect $15 billion in renewable energy and clean air initiatives to fossil fuels and AI supercomputers. Slash Education Department programs for minority-focused institutions (e.g., HBCUs). Decrease Department of Health and Human Services spending by 12.5% and eliminate NIH divisions that research transgender health and racial health disparities. Cut NASA funding by 23%. “We’re fighting wars. We can’t take care of daycare,” Trump said at a private White House event this week. “It’s not possible for us to take care of daycare, Medicaid, Medicare—all these individual things,” he said. “They can do it on a state basis.” Big picture: Fiscal watchdogs say Trump’s proposed military budget could tack trillions onto the $39 trillion federal debt, despite his insistence otherwise.—ML     Sponsored by Apple Card Every purchase adds up Apple Card Wondering about the future of cash back? It’s already on your iPhone. With Apple Card, every coffee, cat sweater, and vacation rental can earn real cash back every day. It’s called Daily Cash. No points. No expiration dates. Get 2% Daily Cash on everything when you use Apple Card with Apple Pay, whether you’re online or in-store. Want that real cash to work harder? Automatically send Daily Cash to a high-yield Savings account when you open an account through Apple Card and watch it grow. Learn more to start earning your Daily Cash today. Terms apply. Savings provided by Goldman Sachs Bank USA. Member FDIC. WORLD Tour de headlines More jobs added in March than expectedMorning Brew Design The US added more jobs than expected last month. The Labor Department said yesterday that the US added 178,000 jobs in March, a reversal from February’s 133,000 decline (though the number from February was also revised down by 41,000). Healthcare was the job market’s hero, with the most jobs being added there. The unemployment rate dropped to 4.3%, down from February’s 4.4%, but that partly reflects a shrinking labor force, as some people stopped looking for work. Overall, the labor market got a boost last month, and the jobs report left economists cautiously optimistic. One crew member rescued after Iran shot down US jet. One of the two crew members of the F-15E fighter jet, which was the first American aircraft shot down in Iran during the war, was rescued alive yesterday, US officials told news outlets. Search-and-rescue efforts for the other aviator continued. Iran was also looking for the crew member and offered civilians a reward for bringing them in alive. Meanwhile, a second American plane was shot down by Iran yesterday, this time an A-10 Thunderbolt (also known as a Warthog). The plane’s pilot was said to be safe, according to the WSJ. OpenAI exec takes medical leave. Fidji Simo, whose title is CEO, AGI Deployment, and whose job is mostly figuring out how to make OpenAI make money, will be taking several weeks of medical leave. The planned absence comes as OpenAI prepares for an IPO. Simo was instrumental in the company’s decision to purchase the popular tech podcast TBPN this week, despite the company’s recent decision to ditch “side quests”—a move that appears to be about trying to control the narrative around AI, despite the show saying it will remain editorially independent. In other OpenAI exec moves, longtime COO Brad Lightcap is shifting to lead special projects.—AR BLUE MARBLE MOMENT See how cute we look from space NASA photos of earth from space during Artemis II mission. NASA Finally, someone’s vacation snaps you actually want to see. The photos above come courtesy of the four astronauts on NASA’s Artemis II rocket aboard the Orion capsule, who are currently on their way to becoming the first humans to reach the moon since 1972. After Wednesday’s launch and a 5-minute, 50-second engine burn on Thursday, they’ve left Earth’s orbit and are on their test flight path. Monumental journey The Artemis II flight is historic for many reasons: The crew will travel the farthest distance humans have ever traveled in space, and…it’s the first time someone has had a problem running Microsoft Outlook in space. We also cannot overlook the fact that it’s the first-ever launch with a toilet aboard the spacecraft: During the Apollo missions, astronauts had to strap special bags and tubes to themselves every time they had to go. The far-from-perfect process led to a rogue floating turd during the Apollo 10 mission in 1969. After six years and nearly $23 million in development…Artemis II’s commode was briefly offline for the first few hours of the mission. But the extremely loud space toilet was fully operational by the time the astronauts went to sleep the first night, according to NASA. Looking ahead…while this flight will complete a moon fly-by, scientists are hoping the mission will lead to a moon landing in 2028.—MM     Together With TurboTax It’s go time. Tax season is here, bringing confusion over new tax laws for entrepreneurs. For the 5.6m+ LLCs formed in 2025, TurboTax Experts for Business can help. They match self-employed and small business owners with a tax expert—so you can file with confidence + save $$$. ICYMI Have you heard... Here’s everything that didn’t make it into this week’s newsletters but we immediately sent to the group chat. Several news outlets, including the BBC and USA Today, ran false reports based on a hoax this week that the world’s oldest land animal, the 193-year-old giant tortoise named Jonathan, had died. In reality, Jonathan is alive and well and planning a run for US Congress: “Slow and steady wins the race.” Meta is testing a premium version of Instagram that gives subscribers access to exclusive features, like the ability to view stories without the person who posted them knowing. Still no movement on the feature we all want, though: The ability to make it look like you viewed all 15 of your friend’s quote slides. Nepali authorities have accused Mount Everest guides of secretly drugging foreign climbers to make them feel sick in order to trigger helicopter evacuations and defraud insurance companies out of millions of dollars. Apparently, Everest is the scammers’ Everest, too. MLB’s new robot umpires have taken the league by storm, but in order to work, they need the exact heights of every player (for strike zone purposes). That has prompted the league to downwardly revise dozens of players’ official heights on its website. Small ball is officially back. Costco has been selling a 10-pound chocolate Easter bunny that you’re supposed to break into pieces using a hammer. The giant smiling confection also has a name: “Pete the Bunny.” But maybe don’t tell your kids it has a name before you repeatedly smash it over the head with a hammer.—BC NEWS What else is brewing A fast-growing wildfire, known as the Springs Fire, broke out yesterday in Riverside County in Southern California. A federal judge upheld his earlier decision to block the subpoenas in the criminal probe of Fed Chair Jerome Powell, likely setting the stage for an appeal that could delay the confirmation of Powell’s successor. President Trump unveiled a potential 100% tariff on some patented drugs—if the companies that make them don’t make deals with the government. The announcement was made on Thursday, the one-year anniversary of Trump’s “Liberation Day” tariffs. Cuba said it would release more than 2,000 political prisoners as a humanitarian gesture as the US continues to put pressure on the island nation. Italy’s head men’s soccer coach, Gennaro Gattuso, resigned yesterday after the country failed to qualify for its third consecutive World Cup. United will offer tiered tickets for business class and premium economy, making the premium seats more accessible—but with restrictions. The NCAA women’s national championship basketball game will be played tomorrow between UCLA and South Carolina after they defeated Texas and UConn, respectively, in the Final Four yesterday. Together With Frontieras The next $435b energy empire? John D. Rockefeller would be worth $435b today. But oil money is old news. Next up? A $2.1t opportunity in “clean” coal. It’s a Rockefeller moment for the company reforming coal into hydrogen and other valuable commodities. Their Nasdaq ticker “FASF” is reserved. You have until April 9 to invest in Frontieras at $7.77/share. COMMUNITY Crowd work Last week, we asked, “What’s an experience from your childhood that makes you feel nostalgic?” Here are some of our favorite responses: “Drinking from the water hose. I grew up in rural Oklahoma with four sisters. Mom would occasionally banish us to the outdoors. The summers can get horribly hot, but we never got thirsty .”—Krista from Oklahoma “Ripping Yu-Gi-Oh! packs, feeling and hearing the texture of the cards when I flip through them. The smell of the cards from a fresh pack—it’s a mix of clean linen and ink. Good times.”—Roberto from Houston, TX “Growing up in rural Mexico and playing in my grandparents’ backyard with leaves and mud that I used to make ‘leaf soup’ and ‘mud chocolate cake.’ It’s one of my first memories, and every time I remember it, I think of how little I had to worry about as a child and how much simpler life was.”—Leslie from Iowa “As a young boy, I used to ride a mechanical toy horse, ‘Sandy,’ for a nickel. She was located in the lobby of a local grocery store. In my 50s, I was surprised to be reunited with her…at the local history museum.”—Dennis from Auburn, WA “Lying on my back along with my two best buddies on a garage roof on a starry night in Nebraska. We howled to invite the local coyotes to join in. They obliged and we had a joyous chorus from all around.”—Bob from Noblesville, IN This week’s question What’s a picturesque view near a place you’ve lived? Sam’s answer to get the juices flowing: “There’s a big bridge across Boston’s Charles River boasting breathtaking views of the city skyline and the river’s basin. Underneath it is a railroad bridge, making it one of the world’s only places where a boat can pass under a train that’s moving under a car, which is driving below an airplane.” Submit your response here. RECS To-Do List Slice: The ultimate paper cutter.** Debate: Where to find the best pizza, according to celebrity chefs. The fix is in: Why fixing your gadgets often costs more than replacing them. Eat: The Easter treats going viral on TikTok. Own it: Say goodbye to meh outfits, and say hello to effortless style. Stitch Fix hooks you up with new outfits based on your size, style, and budget.* Your roadmap to creator marketing: Morning Brew Inc. teamed up with Ekimetrics and Tracksuit to outline how marketers can better track the success of creator marketing to maximize impact—and budgets.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Crossword: This week’s big puzzle is called “Character sketches.” No need to doodle on it, but you may want to noodle on it. Play the Crossword here. Open House Welcome to Open House, the only newsletter section that is trying to fill up the coolers with crappie fish. We’ll give you a few facts about a listing and you try to guess the price. Open house in LouisiannaZillowToday’s elevated waterfront home is in Barataria, LA—an area just under an hour’s drive south of New Orleans that was described in a 2011 letter to the editor of a local publication as a “labyrinth of bayous that served as a hideout for pirates and smugglers.” Amenities include: 5 beds, 6 baths Private dock Covered porch with outside ceiling fans How much for the fishing getaway? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER $800,000 Word of the Day Today’s Word of the Day is: confection, meaning “a dish made with sweet ingredients.” Thanks to Lily from Chicago for sweetening the pot with the suggestion. Submit another Word of the Day here. ✳︎ A Note From Frontieras This is a paid advertisement for Frontieras’ Regulation A offering. Please read the offering circular at https://invest.frontieras.com/. Reservation of the ticker symbol is not a guarantee that we will be listed on the Nasdaq. Listing on the Nasdaq is subject to approvals. Under Regulation A+, a company has the ability to change its share price by up to 20% without requalifying the offering with the SEC.           Written by Abigail Rubenstein, Molly Liebergall, Matty Merritt, Brendan Cosgrove, Sam Klebanov, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

US braces for expensive summer travel season...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqtfn4.2blkc/9d9e2db5.gif" alt="" border="0" /></a> April 03, 2026View Online | Sign Up | Shop Morning Brew Presented By Prime Video Just circling back. Now that April has begun, it means that 25% of the year is complete. That might seem like a lot, but if 2026 were a remote work day, you’d still be in your pajamas. Or if it were How I Met Your Mother, we still wouldn’t even be close to meeting the mother. —Matty Merritt, Sam Klebanov, Molly Liebergall, Adam Epstein, Holly Van Leuven MARKETS Nasdaq 21,879.18 +0.18% S&P 6,582.69 +0.11% Dow 46,504.67 -0.13% 10-Year 4.313% -1.0 bps Bitcoin $66,822.55 -1.84% Crude oil $111.32 +11.19% Data is provided by *Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean. Markets: Stocks seesawed yesterday as investors parsed the latest news on the conflict in Iran, finishing the day up by a hair. Oil, meanwhile, rose to over $111 per barrel. Reminder: Markets are closed today for Good Friday, so investors won’t be able to react to this morning’s jobs report until Monday.   STAYCATION You might not be going anywhere this summer Americans rethinking international summer travel due to high gas prices Bertrand Guay/Getty Images Lizzie McGuire would be closing out her class trip at the Hard Rock Casino Cincinnati in this economy. Americans are sitting in limbo for summer travel plans as potential jet fuel shortages stemming from the Iran war put pressure on airlines to cut flights and raise airfares. As the most famous strait (aside from George) remains closed to much of the world’s oil, the global travel industry is bracing for a potentially chaotic summer. Delta said that jet fuel costs ballooned by $400 million in March alone. Alaska Air, American, and United have repeated similar warnings: Average global airfares jumped 24% to $465 on the week beginning March 9, compared with the same time last year, according to airfare tracker OAG. Transatlantic flight tickets 20 days out already cost $200 more on average than they did a month ago, a Deutsche Bank AG analysis found. United said it’s cutting ~5% of its flights in “off-peak periods” during the next two quarters to offset rising expenses. As a result, the share of Americans planning international trips over the next six months fell to 17%—the lowest it’s been since 2022, per the Conference Board. Not even Spirit can save you. Budget airlines with thinner margins are the highest risk when industry costs surge, so budget trips could also face steep fare hikes. Ryanair CEO Michael O’Leary refused to rule out price increases, saying the UK is more vulnerable to jet fuel shortages than other European countries because it relies on Kuwait for nearly 25% of its supply. What about a road tip? A cruise? Unless you were planning on biking, no form of summer travel is immune to rising oil prices. Gas topped $4 a gallon this week for the first time in two years, and cruises face similar fuel crunches. Analysts worry that Carnival, the only US cruise line that does not hedge fuel, could take a huge hit to its profits this year.—MM     Presented By Prime Video A corporate treat Prime Video Lights! Camera! Trust falls! From the creators of Jury Duty comes the next installment in the groundbreaking social experiment that captivated audiences in its first season. Leave the courthouse behind and head to a company retreat for Rockin’ Grandma’s Hot Sauce, a beloved family business where the future of the company hangs in the balance. At the center of it all is Anthony, a very patient temp employee with no idea the company is fake and the entire retreat was staged around him. Get ready for bigger laughs, higher stakes, hotter hot sauce (you can actually buy it on Amazon), and the same heartfelt humor that made Jury Duty a cultural phenomenon. Watch now on Prime. WORLD Tour de headlines Trump fires Pam BondiMatt McClain/Getty Images Trump fired Attorney General Pam Bondi. In a post on Truth Social, President Trump announced yesterday that Bondi “will be transitioning to a much needed and important new job in the private sector.” The news came just hours after reports that Trump was considering ousting her. According to reports, he was frustrated with her handling of the Jeffrey Epstein files and was also upset that she had not prosecuted more of his political opponents. Trump said that Deputy Attorney General Todd Blanche, who served as the president’s personal lawyer for several of his criminal trials, will become the acting attorney general. Bondi is the second Cabinet member to be fired in recent weeks, following the dismissal of Homeland Security Secretary Kristi Noem last month.—AE Iran said it’s working with Oman to “monitor” Hormuz transit. Iran’s state news agency, IRNA, reported yesterday that the country is drafting a protocol alongside Oman to supervise oil tanker traffic through the critical Strait of Hormuz, which is effectively closed due to the war. Stocks, which had been plunging, reversed course to pare much of their losses following the report, on the hope that it meant more fuel could exit the strait and supply global markets. The closure of Hormuz has led to a historic spike in oil and gas prices.—AE IRGC claims it downed a US F-35 plane over central Iran. Iran’s Tasnim news agency said early Friday that the elite fighter jet was shot down by Revolutionary Guard air defenses, according to Reuters, and the chances of pilot survival were low. The media outlet posted photos of the alleged wreckage on the messaging app Telegram. Some commentators said the debris appeared consistent with an F-15E Strike Eagle rather than an F-35. As of 4am ET, US Central Command had not commented on the claim.—HVL VIBES NOT ELECTRIC Tesla can’t get out of its slump Tesla hood decal in the rain Nurphoto/Getty Images Teslas are selling like lukewarm cakes. The carmaker said yesterday that it shipped 6% more EVs last quarter than a year ago, which is considered a letdown, because Q1 2025 was when it partially paused production and faced backlash for Elon Musk’s politics. Wall Street was hoping for more. Last quarter was Tesla’s second-worst quarter since 2022: The 358k cars it delivered significantly undershot analysts’ projections, as well as the 408k vehicles it produced, leaving thousands of cars looking for homes. Its budget 3 and Y models accounted for 95% of deliveries, while the Cybertruck remained an offbeat purchase. Analysts blamed the disappointing sales on Tesla’s aging lineup, rising competition, and a broader industry downturn following the Trump administration’s nixing of a $7,500 EV tax credit last year. No longer a consumer car company? Though EVs are still its bread and butter, Tesla ties its future to launching the Optimus humanoid robot this year and mass-producing its autonomous taxi EV, CyberCab. But investors may feel differently. They responded to yesterday’s performance update just like your parents reacted to your assurances that a C- in math wouldn’t hinder your rap career. Tesla’s stock fell by nearly 6% yesterday, and is down by almost 20% since the year began. In a silver lining…soaring gas prices amid the war in Iran might be spurring some Americans to go electric. US sales of Hyundai’s EV Ioniq 5 rose by 13% last month, while Cadillac EV sales were up by 20% in Q1.—SK     Together With JPMorganChase Strengthening national economic security and resiliency. JPMorganChase launched the Security and Resiliency Initiative, a $1.5 trillion, 10-year plan to facilitate, finance, and invest in industries critical to national economic security and resiliency. Focus areas include supply chain and advanced manufacturing, defense and aerospace, energy independence and resilience, and frontier technologies like AI and quantum computing. Learn more. NOT MOLTO BENE Italy in disarray over 3rd straight World Cup flub Italy kicking a soccer ball Nick Iluzada Whatever mistake still haunts you from your high school sports days, it can’t be worse than this: Two senior Italian soccer officials resigned yesterday after the men’s national team, ranked 12th in the world, fell to No. 65 Bosnia and Herzegovina in a devastating loss that shut the country out of the World Cup for the third straight time and ignited a political firestorm. “Apocalypse,” “nightmare,” and “disaster” are how some sports journalists are describing the current state of Italian soccer. The country hasn’t qualified for the World Cup—which happens once every four years—since 2014. The government is demanding answers: The first item on the Italian Parliament’s Wednesday agenda was a briefing on the team’s defeat the day before. Facing political pressure, Italy’s soccer federation president and national team delegation chief both stepped down, with new head coach Gennaro Gattuso expected to follow soon. Rotting: Italy is the first World Cup winner to fail to qualify for three consecutive World Cups, a trend some attribute to underinvestment in youth soccer programs and to Italian club teams’ overreliance on foreign players. Meanwhile…Italy is embracing tennis. Six Italian men now rank among the top 75 players in the world, and the total number of players registered in clubs has grown more than sevenfold since 2001, per The Guardian.—ML     STAT Prime number: $1,200 barista bonuses Starbucks This really puts the “bucks” in Starbucks, folks. In a letter to staff, Starbucks announced that hourly workers are now eligible for up to $300 in bonuses per quarter (or $1,200 a year) if their coffeehouses meet certain sales and customer service goals: Sbux is also expanding tipping options and paying staff weekly, instead of every other week. The changes will amount to a pay raise for baristas of 5% to 8% on average, Starbucks said. The movie is part of a strategic overhaul under CEO Brian Niccol to incentivize staff to improve customer satisfaction, with the ultimate goal of reviving stagnant sales and showing investors that its best days aren’t behind it. It’s unclear how workers can procure the customer service bonus, but we assume it starts with ensuring all Ericas with a “c” get the correct consonant written on their cups.—AE Sponsored by Apple Card Apple Card Shop + earn. Tired of calculating points and converting miles? Earn 2% Daily Cash back that never expires when you use Apple Card with Apple Pay online and in-store. That’s 2% real cash back on your morning coffee, grocery store hauls, vacation rentals, and more at most merchants in-store and online in the US. Learn more. Terms apply. QUIZ Friday news quiz Friday news quiz banner The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to cutting a sandwich perfectly in half. It’s that satisfying. Ace the quiz. NEWS What else is brewing House Republicans opted not to take up Senate-approved legislation that would reopen the Department of Homeland Security, extending the DHS shutdown until at least next week. The US government sued Arizona, Illinois, and Connecticut to stop them from what it says are illegal efforts to regulate prediction markets like Kalshi. OpenAI bought TBPN, an online talk show that covers tech, in its first foray into the media business. Blue Owl capped private credit redemptions, becoming the latest major firm to do so as the private credit industry reels from investor concerns that it’s too exposed to risky software companies. A federal judge dismissed most of the claims in Blake Lively’s lawsuit against Justin Baldoni, including claims that she was subject to sexual harassment on the set of It Ends with Us. Maine is set to become the first state to ban new data center construction, the Wall Street Journal reported. Bed Bath & Beyond is acquiring The Container Store for $150 million, which is giant news for enthusiasts of clear plastic storage bins. RECS To-Do List Read: Louise Erdrich’s gorgeous new story collection.** Travel: Ten of the cheapest international trips Americans can take this summer. Gauge: A simple, ad-free weather site. Relax: The best eye massagers, according to experts. Let there be light: Your room can look polished without being pricey. Quince’s textured curtains softly filter light, add rich texture, and come in blackout options. That’s a bright idea.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Jigsaw: In this edition, we head to the lush green of Wales for some steeplechasing. Play Jigsaw here. Friday puzzle A standard deck of 52 playing cards is shuffled. The cards are turned up one by one until an ace appears. Is the next card—the one following the first ace—more likely to be the ace of spades or the two of clubs? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER There’s an equal chance. You can learn why here. Word of the Day Today’s Word of the Day is: procure, meaning “to obtain something with care or effort.” Thanks to Joanne from Garrettsville, OH, for helping us secure the suggestion. Submit another Word of the Day here.           Written by Matty Merritt, Sam Klebanov, Molly Liebergall, Adam Epstein, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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SpaceX filed for the biggest IPO ever...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqst5w.2eiut/ff83db2e.gif" alt="" border="0" /></a> April 02, 2026View Online | Sign Up | Shop Morning Brew Presented By Good morning. It’s April 2, so you can now go back to believing everything you see on the internet. —Molly Liebergall, Dave Lozo, Matty Merritt, Abby Rubenstein, Holly Van Leuven MARKETS Nasdaq 21,840.95 +1.16% S&P 6,575.32 +0.72% Dow 46,565.74 +0.48% 10-Year 4.319% +1.0 bps Bitcoin $68,338.69 +0.66% Intel $48.03 +8.84% Data is provided by *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. Markets: Like Appalachian Trail hikers, stocks kept climbing for another day yesterday, as President Trump signaled that the war in Iran may end soon. He said Tuesday night that US involvement might end in two or three weeks. Stock spotlight: Intel jumped after saying it is repurchasing a stake in one of its chip plants in Ireland from Apollo, a sign that the company’s turnaround is making progress.   TO THE MOON SpaceX is preparing to launch world’s biggest IPO SpaceX rocket Sundry Photography/Getty Images Elon Musk’s combination Pizza Hut and Taco Bell aerospace and AI company filed initial paperwork to go public as soon as June, Bloomberg reported yesterday, in a potentially record-shattering listing. SpaceX wants to raise $75 billion at a $1.75 trillion valuation, according to Bloomberg, a gargantuan goal that would tower over all past public offerings. For context: The current IPO record holder is Saudi Aramco, which generated $29 billion from its 2019 debut. Last year, the US IPO market raised $44 billion all together…from 202 company listings. If SpaceX hits its target, it would become one of the ten most valuable publicly traded companies, ahead of Meta and Tesla, but behind the rest of the Mag 7, whose individual profits are 10x greater or more than SpaceX’s. Still, Musk’s stake could make him the world’s first trillionaire. IPO details are under wraps, for now: SpaceX submitted a confidential filing, per Bloomberg. The number of shares, share price, and other information will be announced later, with one untraditional detail expected: Up to 30% of IPO shares could reportedly be reserved for individual investors—triple the norm—potentially signaling that SpaceX wants hefty participation from retail traders, a group that has embraced Musk’s Tesla (*cough* r/WallStreetBets). What else does SpaceX want from the IPO? Funding for data centers in space, a base on the moon, and an “insane flight rate” for its developmental Starship rocket, the company said in a recent internal memo. Two birds, one IPO: xAI—the money-burning startup that houses Grok and X—was acquired by SpaceX last month, so this IPO could propel Musk’s AI business to the public markets before OpenAI and Anthropic, which are both expected to IPO as early as this year. Looking ahead…after its IPO, SpaceX will be able to join Nasdaq’s main index after 15 days of trading, instead of three months, due to a rule change effective May 1. Meanwhile, banks expect this to be a big year for IPOs overall.—ML     Presented By Pendulum Au naturel GLP-1 support Did you hear about the group of PhD scientists from Johns Hopkins, Harvard, and Stanford who walked into a lab—and left with a breakthrough probiotic in hand? These scientists zeroed in on one of the most beneficial strains for gut health, Akkermansia muciniphila. They figured out how to bring live Akkermansia muciniphila to the probiotics market. The final result of their work? Pendulum’s Akkermansia probiotic. This particular strain is so groundbreaking because it can strengthen gut lining, improve metabolic and digestive health, and naturally increase GLP-1.* With more than 16k medical provider recommendations, 4.5k mentions of Akkermansia muciniphila in scientific publications, and loyal customers like Halle Berry, this stuff sure sounds promising. Try Akkermansia yourself and take up to 62% off. WORLD Tour de headlines Artemis II launchesChip Somodevilla/Getty Images Artemis II heads for the moon after successful launch. The 10-day NASA test flight successfully lifted off from Kennedy Space Center in Cape Canaveral, FL, at 6:35pm Eastern yesterday with four astronauts aboard, marking the agency’s first deep-space crewed flight in over 50 years. Artemis II is expected to send its crew farther into space than any humans have gone before, potentially breaking the record of 248,655 miles set by Apollo 13. The journey will take the crew around the moon and back, but not on the lunar surface. The next attempt to land on the moon—Artemis IV—is not expected to take place until 2028. However, the Artemis II crew is scheduled to reach the vicinity of the moon on Monday.—HVL In prime-time address, Trump does not provide end date for war. In a nearly 20-minute speech last night, the president sought to explain why “Operation Epic Fury is necessary for the safety of America and the security of the free world,” he said, focusing on what an “intolerable threat” it would be to the global order for Iran to get a nuclear weapon. Trump said the US would hit Iran “extremely hard over the next two to three weeks,” which caused oil prices to rise after the address. Despite threatening to remove the US from NATO earlier in the day, Trump did not mention the alliance at all in his speech, but did say that countries of the world that depend on gas shipments coming through the Strait of Hormuz ought to “grab it and cherish it.”—HVL Trump’s limits on birthright citizenship face SCOTUS skepticism. The Supreme Court appears poised to strike down an executive order that President Trump signed on the first day of his present term. The order would end birthright citizenship for babies born in the US to parents who are in the country temporarily or unlawfully, upending the longstanding common interpretation of the 14th Amendment. During oral arguments yesterday, the justices asked pointed questions of the government lawyer defending the order (which lower courts have blocked), expressing concerns about its legal basis and practicality. President Trump—who attended part of the oral arguments, in a first for a sitting US president—said on Truth Social afterward that the US is “the only Country in the World STUPID enough to allow ‘Birthright’ Citizenship!”—AR JUST BLEW IT Nike just can’t do it in China Nike logo turned around and pointing downward Nick Iluzada Nike’s turnaround has hit a huge wall in China—and that’s anything but great for shareholders. The company’s earnings call this week revealed that sales in China fell for the seventh consecutive quarter, and that they’re expected to remain weak for the rest of the year. The company’s shares crashed by ~15% in response to its bleak outlook in China, even though Nike’s fiscal Q3 earnings and revenue beat expectations. The recovery remains in progress CEO Elliott Hill was brought on board in 2024 to return Nike to its glory days by refocusing the brand on sports. Some progress has been made, as revenue in North America grew for a second straight quarter. But overseas problems had Hill venting in an all-hands meeting that “I’m so tired, and I know you are too, of talking about fixing this business,” according to Bloomberg: In China, consumers are pulling back as they look for bargains during tough economic times—but other foreign brands aren’t being hit as hard as Nike. Nike CFO Matthew Friend blamed the conflict in the Middle East as a disruptor to shopping patterns in the region, as well as in Europe and Africa. Nike also cited US tariffs eating into the company’s bottom line. Looking ahead…the company is expecting continued growth in North America and plans to offer longer-term guidance to investors this fall.—DL     Together With TurboTax File ’em. If filing your taxes is still on your to-do list, consider this your friendly nudge to cross it off. Tax Day is just around the corner, but with TurboTax, filing is fast + easy. Brew readers: Get 20% off TurboTax Expert help or self-filing fees. Get started. SHOW ME THE MONEY Is grad school worth it? Survey says...it depends! Some graduate degrees not worth it Joseph Prezioso/Getty Images Here’s something to send to your friends who keep saying they are thinking about grad school after two cocktails. While graduate degrees in medicine, law, and pharmacy have high returns on investment, secondary degrees in fields including social work and psychology can actually yield negative returns, according to a new study released this week by the Postsecondary Education & Economics Research Center at American University. The researchers examined income before and after grad school for 800,000 students who attended public universities in Texas between 1992 and 2019. They factored in the cost of programs and how much pay they missed out on by being in school: Adjusted returns for individuals with a pharmacy doctorate earned 68% more, while those with a graduate degree in clinical psychology had a −5% return on investment. Doctors and lawyers saw a significant jump in adjusted returns, with 173% and 41%, respectively. MBA earners earned a 13% adjusted return on average. Big picture: Lists that show only post-degree earnings can be deceiving, as the cost of attending graduate school has ballooned in recent decades. The researchers acknowledged that some people choose to pursue grad school for reasons other than pay bumps, like getting a special certification, building out their networks, or longing to use the word pedagogy more.—MM     STAT Prime number: And then there were 2 GLP-1 pillsEli Lilly, Novo Nordisk Novo Nordisk’s CEO was probably bummed to learn this wasn’t his staff pulling an April Fool’s prank: Yesterday, the FDA approved Eli Lilly’s GLP-1 pill, Foundayo, making it the second option on the market after Novo’s Wegovy pill. The pill is slated for sale as soon as Monday. That opens up a new frontier in the battle to dominate the weight loss drug market. And Lilly is expected to have the advantage, according to the Wall Street Journal: Analysts predict that Foundayo will generate ~$21 billion in global sales by 2030, while Wegovy will generate $4 billion, per the intelligence firm Evaluate. Lilly is so sure of demand that it has almost $1.5 billion worth of pills ready to ship. But…while Lilly’s injectable Zepbound gained popularity after studies showed it led to more weight loss than the Wegovy shot, Lilly won’t have the same bragging rights for pills. On average, patients on Wegovy lost 16.6% of their body weight over 64 weeks in a trial, compared with 12.4% for those taking Foundayo over 72 weeks, something Novo’s CEO told the WSJ “has to matter.”—AR Sponsored by Apple Card Apple Card Shop + earn. Tired of calculating points and converting miles? Earn 2% Daily Cash back that never expires when you use Apple Card with Apple Pay online and in-store. That’s 2% real cash back on your morning coffee, grocery store hauls, vacation rentals, and more at most merchants in-store and online in the US. Learn more. Terms apply. NEWS What else is brewing The partial government shutdown may be over soon, after Republican congressional leaders announced a deal to accept a Senate compromise to fund the Department of Homeland Security without ICE and Border Patrol, while fast-tracking a separate bill with money for immigration enforcement. President Trump suggested he was considering pulling the US out of NATO, calling the alliance a “paper tiger.” Anthropic accidentally leaked its internal source code for its popular Claude Code tool. Hasbro has been hacked, and the toymaker said that it might take several weeks for the company to recover from the cyberattack. Hershey said it would go back to recipes that use more chocolate for Reese’s products after the peanut butter cup inventor’s grandson Brad Reese publicly complained about the cost-cutting changes—proof that sometimes complaining on social media does work. Megan Thee Stallion plans to return to her role in Moulin Rouge! The Musical on Broadway tomorrow after falling ill mid-performance on Tuesday and being hospitalized. RECS To-Do List Stun: Summer sneakers that are cooler than everyone else’s.** Dine al fresco: The world’s top spots for a picnic. Watch: What it’s like to date AI. Have something sweet: The most popular Easter candy in every US state. Work, beautifully built: LHH connects talent solutions that usually live in separate silos. Organizations get one partner for recruitment, mobility, coaching, and more, with human care baked into every step.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Mini: Your sample clue of the day is “Montana from Pennsylvania.” Play the Mini here. Three Headlines and a Lie Three of these headlines are real and one is faker than a “short” group-trip-related Google form. Can you spot the odd one out? Austin coffee shop names trash cans after landlords to shame them about rent increases Heirs to Bic pen fortune seek painting they say chauffeur stole He joked about turning his dogs into billboards. Business is booming Three women yanked off plane, arrested at Miami airport after refusing to pay extra baggage fee SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER We made up the one about the landlord-shaming trash cans. Word of the Day Today’s Word of the Day is: pedagogy, meaning “the method and practice of teaching.” Thanks to Kathy Cooney from Avon Lake, OH, for a suggestion we learned something from. Submit another Word of the Day here. ✢ A Note From Pendulum *Based on preclinical studies. Not intended for weight loss.           Written by Abigail Rubenstein, Molly Liebergall, Dave Lozo, Matty Merritt, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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Gas hits $4 for first time since 2022...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqsgpn.2e32j/e6d43325.gif" alt="" border="0" /></a> April 01, 2026View Online | Sign Up | Shop Morning Brew Presented By The Points Guy Good evening. Haha, got you. It’s the morning. April Fools’. If you need a good prank for today, it’s never too late to get into edible glass. Here’s an easy recipe. —Matty Merritt, Dave Lozo, Sam Klebanov, Adam Epstein MARKETS Nasdaq 21,590.63 +3.83% S&P 6,528.52 +2.91% Dow 46,341.51 +2.49% 10-Year 4.311% -3.0 bps Bitcoin $68,034.85 +2.29% CoreWeave $77.47 +12.03% Data is provided by *Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean. Markets: Stocks soared yesterday on hopes that the Iran war will soon end, after President Trump reportedly said he’s open to ending the US operation without a full opening of the Strait of Hormuz. Meanwhile, CoreWeave spiked after it secured a big loan to expand its AI infrastructure.   BABE, GET THE BIKES Gas hits $4 a gallon for the first time since 2022 Gas prices Andrew Harnik/Getty Images Turn up Harry Styles’s “As it Was,” and scroll through the online conspiracy that Queen Elizabeth was reborn as Trisha Paytas’s baby, because it’s 2022 again. The average price of gas in the US reached $4.02 yesterday, surpassing $4 per gallon for the first time in four years, according to AAA. Since the US and Israel launched attacks on Iran about a month ago, energy supply chains have buckled. US gas prices have jumped 35% from just under $3 before the war started on Feb. 28. States along the West Coast saw the biggest increases (California hit $5.91 per gallon yesterday). Consumers in states that haven’t felt the crunch quite as hard could still be faced with rising fertilizer and food costs: Every 10% rise in fuel prices could push food costs up by 2-3%, according to the New York Times. Everyone is scrambling to soften the blow: The Trump administration promised to release 172 million barrels of oil from the country’s strategic reserves, removed sanctions on Russian oil, and nixed a maritime law to help ease supply chains. The EPA also loosened regulations that require a cleaner blend of summertime gasoline. Delivery and ride-share companies are increasing gas rebates for drivers. Many consumers are also reconsidering summer travel plans since gassing up the motor home might max out the Visa. Gas it up. The rapid climb at the pump is a reminder of a war that a majority of Americans already feel has gone too far. Americans typically blame the president for soaring gas prices, but leaders rarely have control of those costs, especially in cases involving natural disasters, like a hurricane hitting the oil-rich Gulf of Mexico. Experts trace this current rise in prices, however, directly to the conflict in Iran, which President Trump argued is “a small price to pay for U.S.A., and World, Safety and Peace.”—MM     Presented By The Points Guy Credit card rewards could be going…going…gone The Points Guy Credit card rewards (like travel points and cash back) could soon be reduced or eliminated. If you just shuddered at the thought, here’s the breakdown. The Points Guy explains that the Durbin-Marshall bill (also known as the Credit Card Competition Act) aims to cut credit card cash back and travel rewards programs that Americans know and value. It could also significantly hurt tourism and force transactions onto unproven networks, weakening fraud protections and raising costs for businesses and consumers. For example, only a 10% decrease in rewards travel could mean 1.5 million fewer trips annually for Americans and $4.3 billion in lost economic activity for local travel businesses. Learn more about the bill and what you can do about it. WORLD Tour de headlines McCormick buys Unilever food businessAdobe Stock McCormick bought Unilever’s food business for $45 billion. In the biggest news to hit the condiment industry since people realized mayo is a better crisper than butter for grilled cheese, spice giant McCormick—owner of Old Bay, French’s, and Frank’s RedHot—acquired Unilever’s food division in a deal worth ~$45 billion, the companies announced yesterday. About 70% of Unilever’s food sales come from mayo brand Hellmann’s and soup company Knorr, which will become part of McCormick’s portfolio, if approved by regulators. Unilever’s shedding of its food business comes as packaged food companies slim down in response to inflation and changing consumer habits. SCOTUS ruled against Colorado’s conversion therapy ban. In an 8–1 decision, the Supreme Court sided with a Christian counselor, who argued that Colorado’s ban on the controversial talk therapy for LGBTQ+ kids violates the First Amendment. The high court did not technically strike down Colorado’s ban, but said it raises free speech concerns and sent the case back down to a lower court (where it’s expected to be nullified). Colorado Attorney General Phil Weiser called the decision a “setback” for efforts to protect children from “harmful and discredited mental health practices.” More than 20 other states have similar laws. Whoop tripled its valuation to $10 billion. Whoop, there it is. The fitness-tracking wearable company endorsed by LeBron James, Michael Phelps, and other world-class athletes raised $575 million in its latest funding round, nearly tripling its most recent valuation of $3.6 billion. Among the new investors was the medical device giant Abbott, which Whoop CEO Will Ahmed said is part of the company’s broader push into health. According to Whoop, bookings increased 103% last year, and the company now has more than 2.5 million members.—AE AGONY OF THE FEET For sale: Allbirds shoes, never worn Allbirds stock price line chart from early 2022 to early 2026, showing a dramatic decline from a peak of approximately $565 to near zero. The line chart uses an orange/coral line on a white background. Seven shoe photos are overlaid on the chart at decreasing positions along the price axis, visually illustrating the stock's fall — the shoes appear progressively lower as the price drops. Data Source: Yahoo Finance, Photos: Adobe Stock, Designer: Jessica Russo Allbirds, the trendy wool shoe company that made headlines in 2021 with a $4 billion valuation on its first day of trading, agreed to sell all of its assets for $39 million yesterday to American Exchange Group, the owner of the Ed Hardy brand. Popular among people who call themselves disruptors on LinkedIn the Silicon Valley crowd, Allbirds embarked on a precipitous fall not long after an IPO that raised $348 million, enabling the company to grow too big, too fast: The eco-friendly shoemaker expanded to 60 brick-and-mortar stores globally by the end of 2023. Now, it will shutter all but two outlets and two retail spots. It also introduced new products that didn’t sell. That included leggings, which the company discovered were see-through after ordering tens of thousands in 2022. They were discontinued a year later. Allbirds ended every year as a public company in the red, per FactSet. Sales fell from a high of $297.8 million in 2022 to $189.8 million last year. Wild ride: After word of the sale broke, the share price jumped 36% after hours on Monday, then plummeted as much as 16% during mid-day trading yesterday before finishing slightly up at close. Next step: Allbirds will seek shareholder approval for the sale at the end of this month. The deal is expected to close in Q2.—DL     Together With JobsOhio Ohio keeps disrupting industries. From unparalleled cost advantages to unrivaled business-friendliness and an unmatched quality of life, Ohio is building what’s next. Even their top-tier talent and central proximity are unquestioned. There’s a reason cutting-edge businesses are getting ahead in Ohio. Will yours? Your move. TO THE MOON AND BACK Humans moon-bound for the first time since 1972 Astronauts going to the moon Niv Bavarsky Finally, “to the moon” talk has nothing to do with a meme coin. Weather permitting, NASA is sending a crew of four astronauts today to circle the moon in a historic launch that will see the first woman, person of color, and non-US citizen leave low Earth orbit. Three Americans and one Canadian will orbit Earth’s little neighbor before returning home. The 10-day trip is a key step in NASA’s $100 billion Artemis program to ultimately put humans back on the lunar surface, which has been plagued by years of contractor woes. Testing, testing Today’s $4 billion liftoff is a major test for the tech involved, like Boeing’s Space Launch System (SLS) rocket and Lockheed Martin’s Orion capsule. Originally planned for February, it was scuttled by SLS malfunctions. Meanwhile, SpaceX is trying to shake off deadline concerns about its lunar lander for upcoming missions, as Jeff Bezos’s Blue Origin races to develop a competing spacecraft. If all goes well… NASA aims to test docking Orion to either SpaceX’s or Blue Origin’s lander in orbit next year, and then have humans leaving jumbo shoemarks on the moon as early as 2028. Eventually, the space agency aspires to establish a permanent moon base, which it sees as a launch pad for Mars exploration amid a space race with China. Tune in…to watch the sendoff.—SK     STAT Prime number: Apple turns 50 Apple turns 50Bob Riha, Jr./Getty Images Apple is now old enough for doctors to recommend it get the shingles vaccine. The iPhone maker celebrates its 50th anniversary today—an impressive milestone for a company that was founded in a garage and had to survive the flop of Argylle. Here’s a snapshot of The House That Jobs Built at 50: Market cap: $3.7 trillion Active devices: 2.5 billion Full-time employees: 166,000 Your iPhone battery: somehow already down to 37% One more thing...Investing GOAT Warren Buffett gave Apple some birthday props yesterday when he admitted that he sold his stake in the company too early.—AE Together With REI Gear up, look good. REI Co-op’s Trailmade line is built for hikers who want trail-ready performance and fits they'd actually wear off the mountain. Think barrel pants, relaxed silhouettes, and affordable new gear — hydration packs, a crossbody sling, updated trekking poles. Your next adventure starts here. NEWS What else is brewing Construction on President Trump’s $400 million ballroom must stop until it is approved by Congress, a federal judge ruled. Job openings in the US fell to a six-year low as hiring slowed, per government data. Oracle began laying off thousands of employees yesterday as it spends billions on building out AI data centers. A federal judge blocked the Trump administration from using an executive order to pull funding for NPR and PBS. Instagram is testing a paid subscription plan that allows users to view Stories anonymously, among other features. Delta is partnering with Amazon Leo to offer high-speed satellite internet on its flights, starting in 2028. Tiger Woods had opioid pills in his pocket when he was arrested for DUI last week in Florida, according to a police report released yesterday. Passover begins tonight at sundown and ends on April 9. Chag Sameach. RECS To-Do List Send: Cool postcards to show someone you’re thinking of them in a post-punk type of way.** Update: Google now lets you change your Gmail name without needing to create a new account. Assess: A free pitch trainer that tells you how good (or bad) you are at singing. Watch: The trailer for Backrooms, based on the popular internet legend of the same name. Awaken arousal: Do that in more ways than one with this award-winning, FDA-registered bendable vibrator. It’s doctor-recommended and naturally intensifies arousal + lubrication. Try it and save 50%.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Word Search: In today’s aptly themed Word Search, you need to find the fool—no kidding. Play it here. General trivia Here are five general knowledge trivia questions with absolutely no connection between them: Which US president is on the $100 bill? Bangui is the capital of which central African republic? How many pairs of wings do fleas have? Which MLB team won the 1994 World Series? What is Paul McCartney’s middle name? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Sorry, these were all trick questions. We had to today. There isn’t a president on the $100 bill—it’s Benjamin Franklin. Central African Republic. None. Fleas don’t have wings. There was no World Series in 1994 due to a players’ strike. It’s Paul. His full name is James Paul McCartney. Word of the Day Today’s Word of the Day is: nullified, meaning “made legally null and void, invalidated.” Thanks to Nick from Miami, FL, for the suggestion. Submit another Word of the Day here.           Written by Adam Epstein, Matty Merritt, Dave Lozo, and Sam Klebanov Was this email forwarded to you? Sign up here. 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Your retirement plan could get riskier options...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqrvof.2e4jy/6d7f0dc9.gif" alt="" border="0" /></a> March 31, 2026View Online | Sign Up | Shop Morning Brew Presented By Green Coffee Company Good morning…and happy 99th birthday to William Daniels, the actor best known for playing everyone’s favorite teacher/principal/college professor, Mr. Feeny, on Boy Meets World. We wish him a wonderful day that no one spoils by doing the Feeny call at him. —Sam Klebanov, Dave Lozo, Molly Liebergall, Neal Freyman, Abby Rubenstein MARKETS Nasdaq 20,794.64 -0.73% S&P 6,343.72 -0.40% Dow 45,216.14 +0.11% 10-Year 4.342% -10.0 bps Bitcoin $66,908.95 +0.57% Fannie Mae $7.36 +54.30% Data is provided by *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. Markets: Stocks continued to be as volatile as a Real Housewife after too many margaritas yesterday, starting the day moving upward, but ending mixed as oil prices jumped. A bump from Bill: Fannie Mae and Freddie Mac soared yesterday after billionaire investor Bill Ackman called them “stupidly cheap” in an X post.   SAVING PRIVATE ASSETS Riskier options may be coming to your 401(k) soon Private Credit to be allowed in 401k Getty Images When you can start golfing full time might soon hinge on the earnings of OpenAI, local carwashes, and other businesses bankrolled by private credit and private equity funds. Yesterday, the Labor Department proposed a rule that’d make it easier for employer-sponsored retirement accounts to invest in alternative assets alongside stocks and bonds. The rule is a response to President Trump’s August executive order aimed at democratizing access to private markets by reducing the legal risks associated with their inclusion in 401(k)s. Currently, these assets are available only to pro investors and large pension funds. The $12 trillion in Americans’ 401(k)s could turbocharge growth in private markets—but critics worry the change comes as the asset class is in turmoil. Private for the people? The proposed rule—which has not yet been finalized—would shield employers from getting dragged to court by retirees unhappy their cash was plugged into alternative investments. Previously, a slew of lawsuits pushed 401(k) managers to stick to stock and bond funds with low fees and options to cash out quickly. While reducing the litigation threat, the rule would still require employers to consider the funds’ performance, fees, liquidity, valuation, and complexity. Proponents of the change say that it would help workers diversify their portfolios—including through investments in innovative companies that increasingly choose to stay private. But some experts caution that private assets aren’t a great fit for workers’ piggy banks: They note that private markets are less liquid than stocks and bonds, while delivering lower returns in recent years. Wealth Manager Josh Brown told CNBC he thinks “there’s no way” 401(k) managers can negotiate the low fees enjoyed by large investors buying into private markets. Plus, private credit is currently floundering…as investors rush to yank their cash from these funds amid fears that AI is undermining the software companies they’ve lent to, with several funds limiting cashouts in recent weeks.—SK     Presented By Green Coffee Company Riding 37x growth from Colombia to Wall Street Green Coffee Company Here’s your fun fact for the day: Green Coffee Company is Colombia’s #1 largest coffee producer. They’ve already grown revenue 37x since 2021 and reached over 1,000 retailers. But here’s why 2026 could be their biggest year yet. They’ve acquired exclusive rights to distribute Juan Valdez® coffee across North America. Consumers have ranked Juan Valdez® first in quality against the competition. That’s why, as Green Coffee Company brings Juan Valdez® to Raley’s, Target, and other big-box stores, investors are paying attention. They’ve already invested $100m so far. The company is aiming for an IPO as early as 2027, but you can invest while they’re private. Become a pre-IPO investor in Green Coffee Company before the round closes. WORLD Tour de headlines Trump threatens widespread destruction in IranNathan Howard/Getty Images ​​ Trump threatens Iran’s energy infrastructure unless deal is reached “shortly.” President Trump said in a Truth Social post yesterday that unless the Strait of Hormuz is immediately reopened, the US would respond by “completely obliterating” all of Iran’s electricity plants, oil wells, and the oil hub Kharg Island, as well as possibly water desalination plants. Following Trump’s remarks, West Texas Intermediate futures, which represent US oil prices, settled above $100 for the first time since the war began. The price, $102.88 a barrel, is the highest it has settled at since July 2022. Powell doesn’t expect rate hikes will be needed because of oil shock. Speaking to students at Harvard University yesterday, Fed Chair Jerome Powell said that although energy prices are rising due to the war in Iran, it probably won’t force the central bank to hike interest rates to curb inflation. He noted that such price shocks are usually short-lived and that the Fed’s tactics typically won’t take effect until they’re already over, so changing rates in response to them would only make sense if the price spikes cause the public to start expecting higher prices over time. Financial markets seemed reassured by the remarks and traders stopped pricing in a significant chance of a rate increase this year, per CNBC. Reclusive billionaire sells food supply business to Sysco for $29 billion. Sysco, the name you probably know from school or hospital cafeterias, is acquiring Jetro Restaurant Depot, a restaurant supply business that its 94-year-old founder Nathan “Natie” Kirsh grew from a single Brooklyn warehouse into a 166-store powerhouse in 35 states. Jetro’s model cuts out delivery costs, making its supplies more affordable for smaller restaurants. The combined company will be one of the largest food supply businesses in the US.—AR LOST IN TRANSLATION Air Canada’s CEO will retire after language outcry Air Canada CEO let go for not speaking French Nick Lachance/Getty Images Air Canada announced yesterday that CEO Michael Rousseau will be departing before the end of the third quarter. The decision comes one week after Rousseau offered condolences almost entirely in English following a crash at LaGuardia Airport that killed two Air Canada pilots. To translate that…Despite Canada officially being a bilingual nation (French and English), and the airline being based in French-speaking Quebec, Rousseau doesn’t speak French. His video message after the incident began with a “bonjour,” ended with a “merci,” and was subtitled in French, but he otherwise spoke in English. One of the pilots who died in the crash, Antoine Forest, was from Quebec and spoke French. An Air Canada spokesperson said Rousseau stepping down is unrelated to the language fallout, but the announcement came amid intense backlash. The blowback: The Office of the Commissioner of Official Languages of Canada said it received 1,800 complaints about the statement. That doesn’t include the one from Prime Minister Mark Carney, who publicly said Rousseau showed a lack of compassion and judgment. Language barrier: When Rousseau took the CEO job in 2021, the company said he was taking intensive French training—and that his language skills would be part of his annual evaluation. Bottom line: Air Canada’s stock fell hard after the announcement and closed 2% down for the day.—DL     Together With New York Life New York Life Life after work. Retirement looks a little different these days. After employees leave the workforce, they’re living longer—which means new challenges for retirement planning and life insurance. Learn how to prepare your portfolio and create a holistic plan for post-career life with New York Life. SKIN IN THE GAME The internet doesn’t trust Alix Earle’s skincare angle Alix Earle puts a drop of serum on her face Reale Actives TikTok “It Girl” Alix Earle became a founder today with the launch of her own skincare brand, Reale Actives, and while we could all just be grateful that we’re not getting another influencer-backed energy drink, critics still have a major qualm with Earle’s products. Selling point: On top of her conventional GRWM (“get ready with me”) content, Earle gained a following as a University of Miami student because of how openly she posted about her experience with cystic acne. Earle said she worked with a dermatologist to create Reale Actives, which she credits for finally clearing up her skin after spironolactone and three rounds of Accutane didn’t cut it. Though that’s quite an alleged accolade, many internet users saw Earle’s Accutane and spironolactone usage as proof that her new products might not be solely responsible for getting rid of her acne. In response, she posted a video for her 8.3 million TikTok followers, chronicling her skin journey before and after Reale Actives. “If you believe me, you believe me. If you don't, whatever,” she said. Looking ahead…Reale Actives is only sold on its own website—for now. (A bottle of her acne serum lists for $39.) The brand is backed by the same VC firm as Kim Kardashian’s Skims, which struck its first retail partnership five months after launching.—ML     STAT Prime number: $10m heist in less than 3 minutes An illustration of a thief running away with three paintingsNiv Bavarsky Authorities say that thieves recently made off with three paintings worth a combined $10 million from an Italian museum in less time than it takes to prepare a serving of Easy Mac (although, microwaving pasta would also be considered a crime in Italy). The night of March 22, thieves forced open a door of the Magnani Rocca Foundation, a private museum outside Parma, and snatched “Fish” by Auguste Renoir, “Still Life with Cherries” by Paul Cézanne, and “Odalisque on the Terrace” by Henri Matisse—all in less than three minutes. The museum said the robbery was the work of a “structured and organized” gang who would have likely taken even more art if an alarm had not gone off.—AR Together With Direxion Get active with your trading. Learn why leveraged and inverse fund volume surged 131% in five years. Direxion partnered with Compound Insights and Vanda to explore what’s driving the evolution of active trading and how active traders use leveraged and inverse funds across equities, single stocks, commodities, and volatility. Get the report + watch the webcast. NEWS What else is brewing Airport security lines got much shorter yesterday after TSA employees began receiving backpay for their work during the partial government shutdown. Nasdaq is shortening the amount of time companies with big market caps have to wait between listing and being included in its Nasdaq 100 index, potentially clearing a path to fast-track SpaceX into the index after it debuts. The NFL asked prediction markets to avoid offering bets on its games that could be easily manipulated or knowable in advance, according to CNBC. The Delaware judge Elon Musk accused of being biased against him said she would reassign the cases she had been overseeing that involve him to avoid unnecessary media attention. Blackpink’s Lisa will be the first K-Pop artist to have a Las Vegas residency with shows in November at the Colosseum at Caesars Palace. The founder of a wellness company that promoted “orgasmic meditation” was sentenced to nine years in prison on forced labor charges. RECS To-Do List Wear: A clothing rental service that keeps your closet interesting.** Farm: A ranking of countries with the most agricultural land. Watch: How to make the perfect spaghetti. Travel tip: The free app that gets you through passport control faster. Your trust won’t write itself: If your estate plan isn’t set up or updated, your wishes may not hold when it matters. If you’re ready to take care of it, book a free, no-pressure estate clarity review.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Mini: Today’s puzzle is called “Greetings,” and we bet you can finish it faster than your coworker can get to the point of why they stopped by to talk. Play the Mini here. Colorful trivia Happy National Crayon Day! What were the original eight colors in the first box of Crayola Crayons in 1903? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Red, orange, yellow, green, blue, violet, brown, and black, according to the company. Word of the Day Today’s Word of the Day is: accolade, meaning “an award or privilege granted as a special honor.” Thanks to Sally from Memphis for honoring us with the suggestion. Submit another Word of the Day here. ✢ A Note From Green Coffee Company This is a paid advertisement for Green Coffee Company’s Regulation CF offering. Please read the offering circular at https://invest.greencoffeecompany.com/. Timelines are subject to change. Listing on the Nasdaq is contingent upon necessary approvals, and reserving a ticker symbol does not guarantee a company’s public listing.           Written by Abigail Rubenstein, Sam Klebanov, Dave Lozo, Molly Liebergall, and Neal Freyman Was this email forwarded to you? Sign up here. 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The Iran war is impacting aluminum, too...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqrmcc.2eodf/9c5032e8.gif" alt="" border="0" /></a> March 30, 2026View Online | Sign Up | Shop Morning Brew Presented By Motley Fool Money Hello there. Wild weekend for KitKat: On Saturday, the candy-coated-wafer company told the Agence France-Presse that a truck carrying over 400,000 units was stolen after leaving a factory in central Italy on its way to Poland. The company originally warned that the theft might lead to Easter shortages. Yesterday, however, although the stolen candy was not retrieved, KitKat posted a statement to X saying, “Good news: there are no concerns for consumer safety, and supply is not affected.” At first, we thought that could only mean the truck was filled with those weird “Ghost Toast” KitKats. Turns out, it’s full of Formula 1 KitKats. Live and learn! —Brendan Cosgrove, Holly Van Leuven, Neal Freyman MARKETS: YEAR-TO-DATE Nasdaq 20,948.36 -9.87% S&P 6,368.85 -6.96% Dow 45,166.64 -6.03% 10-Year 4.440% +27.7 bps Bitcoin $66,983.63 -23.45% Alphabet $273.76 -12.70% Data is provided by *Stock data as of market close, cryptocurrency data as of 11:00pm ET. Here's what these numbers mean. Markets: The Dow and Nasdaq both open today in correction territory, after capping off a fifth straight week of losses. Markets will be closed on Friday to observe the Good Friday holiday. Stock spotlight: Alphabet finished down ~9% last week, despite publishing research on a new method for compressing data that would make AI models much more efficient.   KEEPING TABS The Iran war is impacting aluminum, too Aluminum ingots Aluminum ingots at Emirates Global Aluminium in Abu Dhabi. Bloomberg Creative/Getty Images Over the weekend, Iran’s Islamic Revolutionary Guard Corps said it intentionally attacked two aluminum producers in US-allied nations in the region in response to earlier attacks on two Iranian steel plants. The development underscores concerns that the conflict could drive prices of the metal higher. What happened On Saturday, the top producer in the region, Emirates Global Aluminum, said an Iranian drone and missile attack caused “significant damage” to its production plant in Abu Dhabi. The company said several employees were injured, but not fatally. That same day, an Iranian attack hit Aluminum Bahrain (known as Alba). The company, home to the world’s largest aluminum smelter (a high-energy industrial apparatus), said in a statement yesterday that it’s still assessing the damage. Earlier this month, Alba said it temporarily suspended 19% of its production capacity due to being unable to get supply through the Strait of Hormuz. Another element to consider Aluminum is the most abundant metal on the planet, but it requires large amounts of energy to extract and process, making it susceptible to natural gas shipping problems in the Strait of Hormuz: Under normal conditions, the Middle East is responsible for producing about 9% of the global aluminum supply. A plant in Qatar, jointly owned by QatarEnergy and Norwegian company Norsk Hydro, scaled its aluminum production back to about 60% capacity because it had trouble getting the gas it needed to extract the metal, according to the WSJ. It’s not just the Middle East: Hindalco Industries in India, which provides aluminum to auto manufacturers, notified customers it would invoke force majeure clauses in its contracts to avoid fulfilling orders. Anonymous sources told Bloomberg it was due to issues stemming from the Iran war, including disruptions to gas supplies. That issue can ripple to smelters around the world as the conflict continues. Big picture: Aluminum prices were rising in the US before the war started because of President Trump’s 50% tariffs on the metal. The US gets most of its aluminum from other countries, and domestic production has been dropping for years. According to the London Metal Exchange benchmark, prices of aluminum (pronounced the British way) are up about 4% since the war started on February 28.—BC     Presented By Motley Fool Money 0% interest, 0% worries Motley Fool Money Contending with credit card debt? Your credit deserves a spring cleaning. Those dreaded high-interest charges stack up fast, and you don’t want to let ’em collect any dust. Skip the high-interest drama with a 0% intro APR on balance transfers for 21 months. That’s one of the longest periods on the market, btw. It’s all possible with this card, which also features a lengthy 0% intro APR on purchases and no annual fee. But the perks don’t stop there. If you wanna learn more, check out this expert review for full deets and apply ASAP. WORLD Tour de headlines USS Tripoli The USS Tripoli in 2022. Jam Sta Rosa/Getty Images Yemen’s Houthis entered the Iran war, and first US ground troops arrived in Middle East. On Saturday, Houthis from Yemen, which is on the southern end of the Arabian Peninsula, said they launched missiles at Israel, marking their first direct participation in the Iran war. Also on Saturday, the US Central Command said that 2,500 Marines trained in amphibious landings arrived in the Middle East aboard the USS Tripoli. In an interview with the Financial Times yesterday, President Trump said that his preferred tactic in Iran would be to “take the oil,” comparing it to the US’ actions in Venezuela, and mused that the US could also seize Kharg Island, Iran’s main oil terminal in the Persian Gulf. According to the Wall Street Journal, Trump is also weighing the possibility of using a military operation to extract 1,000 pounds of uranium from Iran. US allows Russian oil tanker to enter Cuba. The vessel, named the Anatoly Kolodkin, carrying 650,000 barrels of Urals crude, is reportedly being allowed to enter Cuba by the US despite the oil blockade it has been enacting since January to put pressure on the Maduro-aligned nation. While the reason for the exception is unknown, blocking the tanker would likely have raised tensions between Russia and the US in the sea. The blockade of Cuba has worsened its energy crisis and has caused multiple power outages. The San Juan Daily Star interviewed six doctors in Cuba who said that the oil crisis there was leading to rapidly deteriorating conditions in clinics and preventable deaths. Last night, Trump told reporters on Air Force One that he had “no problem” with the tanker bringing oil to Cuba because “they have to survive.” Zillow’s new “Preview” feature gains new partners, popularity. The homebuying website recently rolled out a new feature that lets participating brokerages show off homes to potential buyers as pre-listings before they even hit the market. Five brokers, including Keller Williams and Remax, were part of the debut on March 17. Since then, 24 more firms have joined them. In turn, Homes.com, Realtor.com, and ComeHome.com launched their own pre-market offerings. The rub: Many of these deals require brokerages to enter exclusivity agreements, so if avid homebuyers want to check out everything in their desired neighborhood as soon as humanly possible, they will be rotating among online real estate marketplaces as if they were streaming platforms.—HVL BIG DEAL Eli Lilly doubles down on AI-generated drug discovery Eli Lilly corporate center Jetcityimage/Getty Images Eli Lilly made a $2.75 billion deal with Hong Kong-based Insilico Medicine, a startup that uses AI to accelerate drug discovery. Under the terms: Insilico will receive $115 million up front and can earn the full value of the deal if the drugs it produces and Lilly licenses reach certain regulatory and sales milestones, as well as through royalties. Lilly gets the exclusive rights to sell an Insilico-developed GLP-1 drug for diabetes, per the Financial Times. It’s not just about GLP-1s. Lilly’s weight loss and diabetes injectables helped it become the first drugmaker to reach a $1 trillion valuation late last year. But to find its next success cycle, it’s turning to AI investments. The next major breakthrough may be in China The country’s significant investments in research and the comparatively low cost of running trials there are making it attractive for drug discovery targets. Chen Yu, the founder of biotech investment firm TCGX, told CNBC that through licensing, American drug companies can “get clinical proof of concept” of a drug in China and then bring it to the US “for the expensive clinical development when we actually know the drug works.” However, if American lawmakers take umbrage at large drugmakers paying China for assets rather than acquiring US drug startups, legislation or an executive order could shut down this avenue.—HVL     Together With Frontieras Energy’s new story. Nvidia’s valuation surged by 1,092% when it became the backbone of AI. But AI has a massive energy problem. With AI projected to consume more power than small countries like Sweden, Frontieras’ patented technology could meet demand using one of America’s most abundant resources. You have until April 9 to invest in Frontieras at the current share price. CALENDAR The week ahead UConn players in NCAA 2026 March MadnessUConn beat Duke and is in the Final Four. Patrick Smith/Getty Images The March jobs report will be released on Friday: Winter is over, but we’re still waiting to see whether the US labor market has warmed up after a brutal February that saw a decline of 92,000 jobs. According to Reuters, analysts anticipate the March report will show an increase of around 55,000 jobs. February’s Job Openings and Labor Turnover Survey (JOLTS) will be released tomorrow, and initial jobless claims data will be released on Thursday. Apple turns the big 5-0 on Wednesday: Over the past couple of weeks, Apple has been hosting celebrations all over the world to commemorate its 50th anniversary, and it plans to wrap things up this week with a big event at its Cupertino headquarters. Bloomberg’s Mark Gurman hinted that Paul McCartney could headline the finale. Maybe for the 60th anniversary, Sir Paul will change his name to Paul MacBook. To the moon and back: After years of delays and more than $44 billion spent, the launch window for NASA’s Artemis II mission will open on Wednesday evening. If conditions are right, four astronauts will blast toward the moon, travel around it, head back to Earth, and blow your spring break vacation stories out of the water. If conditions aren’t right, additional launch windows will be available each day through April 6. The mission will last about 10 days—enough time for the crew to listen to The Dark Side of the Moon about 335 times. But wait, there’s more: March Madness heads into April. The men’s Final Four is set: It’s Illinois v. UConn and Michigan v. Arizona. Both games will be played on Saturday. The women’s Final Four gets decided tonight. The women’s title game will then be played on Sunday, while the men will wrap things up next Monday. Wednesday is April Fools’ Day, so keep your head on a swivel. February’s US retail sales report will be released on Wednesday. The Jewish holiday of Passover starts on Wednesday. Easter is on Sunday. It’s also a cruel reminder that you never found that final egg last year. STAT Prime number: 3 days on the run hop kangaroo illustrationGetty Images This one goes out to all those who just want to get away from it all—that’s what Chesney the kangaroo did. He hopped his 8-foot enclosure at Sunshine Farm in Necedah, WI, which offers animal exhibits, a petting zoo, and other public animal encounters, after some stray dogs rushed his enclosure and spooked him last week, according to the Associated Press. Chesney’s keeper, Debbie Marland, walked about 37,000 steps per day looking for him (meanwhile, his ’roo buddy Kenny stayed home—seriously). A local aerial drone service, more commonly called upon to help locate lost dogs, tracked Chesney’s heat signature, which the drone operator said looked like “a dinosaur running through the woods.” After three days of tracking, Marland was able to catch up with Chesney, pick up the unharmed 40-pound marsupial, and head home, where she added a mesh top to his digs.—HVL Together With Timeline Believe in your cells. Timeline shares that building muscle starts with the cellular energy inside your muscles. By revitalizing mitochondria, Mitopure® (Urolithin A) helps restore muscle cellular energy. In clinical studies, participants saw improvements in muscle strength without changing their exercise routines. See for yourself: Mitopure Gummies are 40% off on Amazon. NEWS What else is brewing Pakistan announced that it would host US–Iran talks, though neither country commented on the announcement. A Catholic cardinal and priest were prevented by Israeli police from entering the Church of the Holy Sepulchre in Jerusalem on Sunday. At least 8 million people participated in 3,300 “No Kings” rallies across the US and Europe on Saturday, according to the organizers. French police foiled an attempted bombing outside a Paris Bank of America on Saturday. Project Hail Mary held onto its No. 1 spot at the domestic box office for its second weekend and became the biggest Hollywood flick of the year (so far). RECS To-Do List Without a trace: How to use a computer as anonymously as possible. Engage your brain: Mental calisthenics you can do while you’re being sedentary. Don’t rush: A parenting coach says these are the skills that adults forget to teach kids. Read: This novel about old-school retired assassins will have you looking at grandma a little differently.** What to cut when money’s tight: Check out this list of 19 things to eliminate from your budget and help you breathe a little easier (most people ignore #11).* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Turntable: Your center letter this week is E, surrounded by G, O, T, L, M, and Y. Can you make 45 words from those? Give it a whirl and play Turntable here. Shots trivia You might need a chaser for today’s trivia. According to a new report, what are the top five most popular brands for shots at independent US bars and restaurants? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Jameson Fireball Patrón Jägermeister Don Julio (Source) Word of the Day Today’s Word of the Day is: apparatus, meaning “material or equipment designed for a specific use.” Thanks to Peter Darnell from Arlington, VA, and the eight other suggesters who wanted to put this word to work for us. Submit another Word of the Day here. ✳︎ A Note From Frontieras This is a paid advertisement for Frontieras’ Regulation A offering. Please read the offering circular at https://invest.frontieras.com/. Reservation of the ticker symbol is not a guarantee that we will be listed on the Nasdaq. Listing on the Nasdaq is subject to approvals. Under Regulation A+, a company has the ability to change its share price by up to 20% without requalifying the offering with the SEC.           Written by Brendan Cosgrove, Holly Van Leuven , and Neal Freyman Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

Sports, music, and more, are powering the travel industry...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqrg8c.1729z/7fb23d3f.gif" alt="" border="0" /></a> March 29, 2026View Online | Sign Up | Shop Morning Brew Presented By Hand-drawn animation with soft watercolor texture of a close crop side view of a person walking with a suitcase covered in event stickers. Kyle Smart for Morning Brew EDITOR’S NOTE Good morning. Don’t let the recent airport horror stories dissuade you from following your favorite F1 driver across Europe, journeying halfway around the world for a once-in-a-lifetime spiritual rite, or road-tripping to the Black Hills in South Dakota for a giant motorcycle rally. Event travel is increasingly boosting local economies, as globetrotters get off their phones and seek out new experiences away from the comfort of home. So, read on for some ideas about where to adventure next. ALL THE WORLD’S A STAGE Live events: The traveling boom town Live event travel The stage for the BTS reunion concert in South Korea. Chung Sung-Jun/Getty Images It stings when out-of-towners flock to a nearby concert that you couldn’t get tickets to, but at least your economy might get the last laugh. Taylor Swift’s and Beyoncé’s GDP-shifting world tours showed how restaurants and hotels can reap massive benefits when big arena shows come to town. So, go ahead—let all those other fans drop $300 on nosebleed seats while you bask in the economic ripple effects. The next Eras Tour: Flights and hotel rooms in 34 cities around the world quickly sold out this year after the K-pop phenomenon BTS announced it was back together and going on an international tour. The group’s return is so eagerly anticipated that Booking.com searches surged 6,700% compared to a year prior for a November tour date in one Taiwanese host city. Globally, the World Economic Forum (WEF) estimates that music tourism could surpass $9 billion in value by 2030 (driven by millennial and Gen Z spending power), marking a 50% increase from 2023. That’s peanuts compared to sports tourism, which could comfortably surpass $1 trillion in the next few years, per the WEF. A chunk of that spending will happen in California, where tourist revenue is already among the highest in the US: After putting on the Super Bowl and the NBA All-Star Game last month, the Golden State will host FIFA World Cup games this summer, the Super Bowl (again) next year, and the Olympics in 2028. All together, the upcoming events are expected to generate billions of dollars locally. For context, the CEO of the San Francisco 49ers said the most recent Super Bowl alone brought in ~$500 million to the Bay Area (though some academics are skeptical of that figure). Other hot spots include…Sydney, London, Barcelona, Paris, Dubai, and New York, which top the leaderboards for event-based travel overall. For host cities, concerts and sports matches can be the perfect lure—30% of international event tourists plan to return to wherever they’re visiting, per the WEF.—ML     Presented By ZBiotics The drink before you drink Rough mornings after drinking aren’t just caused by dehydration. The main culprit is a byproduct of alcohol called acetaldehyde. Thankfully, the PhD microbiologists at ZBiotics engineered a probiotic to break down acetaldehyde in the gut so you can wake up feeling fresh the day after imbibing. ZBiotics Pre-Alcohol is made for people who want to socialize without worrying about what kind of shape they’ll be in the next morning. Simply drink it before your first alcoholic drink of the night and then enjoy yourself as usual. Try it for yourself. Use code BREW for 15% off your first order, backed by a 100%-money-back guarantee. ‘F1: THE MOVIE’ IRL Formula 1 is not slowing down Formula 1 fans F1 fans gather this weekend for round 3 of 2026 in Tokyo. Mark Sutton/Getty Images Somebody wave the red flag, because Formula 1 is making it rain at racetracks around the world. The open-wheel auto racing competition hit $3.9 billion in revenue last year—a 14% jump from 2024, according to its owner, Liberty Media. Much of that success has depended on getting fans out of the house and down to the track. Lights out and away we grow: 2025 was the most-attended F1 season ever, drawing 6.7 million spectators over its 24-race season, which ran from March through December. Per F1: Nineteen events sold out. Eleven races set new attendance records. One race, the British Grand Prix, drew 500,000 fans. Tickets can be expensive, running hundreds of dollars for multiday passes that include the race and other live entertainment. For example, Road House actor (and singer) Post Malone is set to perform at the United States Grand Prix weekend in Austin, Texas, this October. It’s a two-way street Cities and circuits pay F1 millions of dollars in promoter fees for the rights to host races. It’s a steady revenue stream that accounted for about $824 million of F1 earnings in 2025, Sportico reported. For many cities, it’s worth ponying up for a race, since its economic impact can be worth much more. Per CNBC, the Belgian Grand Prix contributes around $250 million to the country’s economy each year, depending on fans’ appetites for beer and waffles. The downsides of being global: The war in Iran forced the cancellation of two Middle Eastern races scheduled for next month in Bahrain and Saudi Arabia. Losing those two races from the schedule could cost F1 about $200 million in revenue, according to a Guggenheim Partners analyst report cited by Sportico.—BC     HOG CENTRAL Place to be: The Sturgis Motorcycle Rally Motorcycle guy at Sturgis Motorcycle Rally in South Dakota Via @sturgisrally/Instagram Every summer since 1938 (yes, even during Covid—it was a whole thing), people on motorcycles have descended onto a tiny South Dakota town to party, listen to whatever Buckcherry-adjacent band is playing, and admire a bunch of bikes. The Sturgis Motorcycle Rally attracts about half a million people each August to a town with a population of just 7,000. If your GeoGuessr skills only work for NYC streets: Sturgis, SD, is about an hour north of Mount Rushmore, and six and a half hours south of the Canadian border by car—a driving distance that is perfectly acceptable to a Midwesterner. Some of you never had a grandma who dated a guy with a Harley. If you haven’t secured your lodging for this year’s rally, you might be sleeping under a tree. Your options include booking a guesthouse 28 miles away in Rapid City, SD, for nearly triple its normal rate, or trying to nab first-come, first-served tent camping sites that can fill up a week before the rally even starts. Liquor stores and leather bikini shops do well: The rally (and vendors in the surrounding counties) brought in about $1.6 million in state and local taxes last year, up 13% from 2024, according to the South Dakota Department of Revenue. But…the overall benefit is nuanced. Former Mayor Kevin Forrester said in last year’s budget proposal that, in recent years, the Rally and Events expenses have consistently exceeded revenue.—MM     Together With Stitch Fix Stitch Fix Arriving soon: Your confidence boost. Walk in like you own the place with just the right look. Stitch Fix can help you find the perfect ’fit with a real human stylist who picks styles based on your size, style, and budget. Free shipping + returns. No subscription, no commitments. Upgrade your wardrobe. RELIGIOUS TRAVEL The biggest mass gatherings involve the divine Feast of the Black Nazarene Procession of the carriage of the Black Nazarene in Manila, Philippines. Ezra Acayan/Getty Images An opportunity to worship at a sacred site is one of the biggest motivators for people to travel halfway across the globe and endure hours of physical discomfort navigating chaotic crowds. Religious pilgrimages are among the oldest forms of travel, and cheap airfare has made them some of the planet’s largest mass-migration events. Every religious movement has its own holy hubs that bring together believers from all corners of the world. Muslims journey to Mecca, Saudi Arabia, for the Hajj, arguably the most widely known annual religious pilgrimage and a mandatory lifetime rite for every adult Muslim. The central gathering spot is Mecca’s mosque, where pilgrims collectively circle a stone shrine called the Kaaba, believed to have been built by the main prophet in all Abrahamic religions, Ibrahim, aka Abraham. Saudi Arabia reaps a windfall as the custodian of Islam’s holiest sites: Last year, the Hajj drew over 1.6 million pilgrims, who paid from $5,000 to over $25,000 for tours that include government permit costs, accommodations, transportation, and food. Some countries, including Nigeria and Indonesia, subsidize part of the cost of the trip for their citizens. Hasidic Jews trek to Ukraine…where Uman, a small city about 150 miles south of Kyiv, hosts a religious celebration every September for Rosh Hashanah (Jewish New Year). Up to 60,000 believers—from Israel, the US, and Europe—pay their respects at the 18th-century tomb of the revered Rabbi Nachman of Breslov, who started the Breslov Hasidic movement. The pilgrimage continued to take place even after Russia invaded Ukraine in 2022. Hindus gather to bathe in the rivers…for the Maha Kumbh Mela festival, held once every four years. Known as the world’s largest human gathering, last year’s festival drew over 660 million people. Sites rotate among four cities located on the banks of the sacred Ganges, Godavari, and Shipra Rivers, where pilgrims partake in purifying bathing rituals and spiritual study. Catholics flock to Manila, Philippines…for the annual Feast of the Black Nazarene, which revolves around a 30-hour procession with a replica of a sacred 17th-century wooden statue of Jesus, blackened by fire. Almost 10 million devotees walked barefoot alongside the carriage carrying the effigy through city streets last year. Aside from its spiritual value…religious tourism is a massive industry, generating nearly $290 billion in economic activity as of 2024, per Grand View Research.—SK     NEWS YOU CAN USE Looking to attend a life-changing live event in 2026? Or one where you can throw back lots of beers with your friends? (Sometimes, they are one and the same.) Here are some options worth considering: April–May: Mexico’s San Marcos Fair from April 18 to May 3 in Aguascalientes features bullfighting, food, and music from bands like Maroon 5 and The Killers. June–July: The FIFA World Cup runs from June 11 to July 19 across the US, Canada, and Mexico. If you want to celebrate America’s 250th birthday at the same time, there will be two Round of 16 games on July 4. The US will play its first match against Paraguay on June 12 in Los Angeles. August: Edinburgh Festival Fringe takes place in Scotland from August 7–31. It’s a melange of creative entertainment that boasts performances in comedy, theatre, spoken word, music, cabaret, and opera. September–October: Munich hosts its 191st Oktoberfest from Sept. 19 to Oct. 4. That’s nearly two weeks of beers and hangovers. November: Thailand holds two lantern festivals—Yi Peng and Loy Krathong—on Nov. 24–25. Each has its own cultural significance. December: Don’t be like everyone else and go to Times Square for New Year’s Eve—go to Sydney and beat those suckers in New York by ringing in the new year 16 hours earlier. Plus, you will be much, much warmer.—DL Together With Timeline Hitting that afternoon slump? Your aging mitochondria might be the reason. Mitochondria provide your body with energy, but it declines over time—leading to midday fatigue and brain fog. Mitopure® Softgels help renew your energy at a cellular level by supporting mitophagy. Get 40% off Mitopure® Softgels here. CHARTED TERRITORY Plan your yearlong holiday trip Illustrated map of the US showing different locations where specific holidays are celebratedJessica Russo for Morning Brew Holidays are fun, but eventually, the festive celebrations have to end…unless, of course, you go on a yearlong cross-country holiday road trip that your boss will definitely be fine with. First, head to Tallapoosa, Georgia, for its annual Possum Drop, which combines the cleansing power of New Year’s Eve with the systematic lowering of a taxidermied marsupial. Next, hit up New Orleans for Mardi Gras, then, for Valentine’s Day, take in Loveland, Colorado, for the Sweetheart Festival. After that, mosey over to Reno, Nevada, for a mid-March leprechaun-themed bar crawl. When summer starts rolling in, head to Tulsa, Oklahoma, for Juneteenth festivities, then work your way north to watch the massive Independence Day fireworks display at Mount Rushmore in South Dakota. After that, it’s time to visit: Oktoberfest in the Bavarian village of Leavenworth, Washington. The official Halloween Capital of the World: Anoka, Minnesota. Veterans Day Week in Branson, Missouri. Then, it’s off to Chicago for a cold Turkey Trot and Thanksgiving parade, before pulling a reverse Planes, Trains and Automobiles and traveling to New York, where you can visit Santa in the small hamlet of North Pole. While you’re there, be sure to pick up an “I’m Sorry” fruitcake for your boss.—BC BREW'S BEST To-Do List Chase: This company will take you storm-chasing in Tornado Alley. Shame: Who left a bunch of trash at Burning Man? Go small: A collection of weirder, niche small-town festivals around the US. Read: A heavy-metal festival is helping heal Native teens in Montana. Watch: Chuck an orange at your dear friend in a small Italian town—it’s tradition. Smell the roses: Yes, there are more flowers to see than just DC’s cherry blossoms. Apply: Skincare that takes your jet-setting into account.** Get a free phone: Want a free Samsung A17 5G? It’s easy—just switch to Metro by T-Mobile and choose the $40 Period plan. No activation fee needed.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e           Written by Brendan Cosgrove, Sam Klebanov, Molly Liebergall, Dave Lozo, Matty Merritt, and Adam Epstein Was this email forwarded to you? Sign up here. 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Tech stocks teeter amid investors' war worries...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqrcs6.2e1w4/f5b9bde4.gif" alt="" border="0" /></a> March 28, 2026View Online | Sign Up | Shop Morning Brew Presented By Fisher Investments Up and at ’em. It’s the last weekend in March, so stock up on tissues and your allergy med of choice before it’s too late. —Dave Lozo, Brendan Cosgrove, Molly Liebergall, Sam Klebanov, Matty Merritt, Abby Rubenstein, Holly Van Leuven MARKETS Nasdaq 20,948.36 -2.15% S&P 6,368.85 -1.67% Dow 45,166.64 -1.73% 10-Year 4.440% +2.0 bps Bitcoin $65,969.61 -4.19% Meta $525.72 -4.02% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: Stocks were redder than the final act of a horror movie yesterday. The Dow slid into correction territory, and the S&P 500 ended its fifth-straight down week—its worst losing streak since 2022—as investors grappled with rising energy prices and the possibility of a prolonged war in Iran. Tech companies had their worst week in nearly a year (more on that below), with Meta getting hit not only by geopolitical jitters, but also its recent legal losses.   CORRECTION DAY How much longer can tech support the markets? Investors wary from Iran war Spencer Platt/Getty Images For three years, tech behemoths have been fueling a bull market on the promise that AI advancements will increase efficiency and profitability. But with investors growing skeptical, and with the continued war in the Middle East, the Nasdaq is now in correction territory after its worst week in nearly a year: The index is down 11% since it peaked in October and is doing its best New York Giants impression with 10 weekly losses over the past 11 weeks. Two of the biggest drains since late-October are two of the biggest spenders in AI computing—Microsoft (down 34%) and Meta (down 29%). Even Nvidia, the AI chipmaker that has everyone throwing money at it like it’s in one of those windy cash booths, is down nearly 20% from its October high. As a group, Magnificent Seven shares are down 8% since late October. Microsoft is having its worst quarter since the 2008 global financial crisis. The stock is down 25% as shareholders recoil from the company’s move to continue spending on AI infrastructure. There are also fears that startups like OpenAI and Anthropic will create agents that can replace products made by companies like Microsoft. Tech’s slide is in keeping with the market as a whole. Remember when US Attorney General Pam Bondi let the world know the Dow was over 50,000 at a congressional hearing in February? After dropping nearly 800 points yesterday, it, too, fell into correction territory from its record high on Feb. 11. TACO is growing stale On Thursday, President Trump extended the deadline for peace negotiations with Iran by 10 days. However, markets didn’t rebound like they had in similar situations that have spurred the so-called TACO trade (an acronym for Trump Always Chickens Out). Instead, crude prices soared to $110 per barrel yesterday, stoking inflation fears. This could be because, while Trump backed down, Israel threatened escalation, and Iran has been resistant to peace talks. Analysts believe the TACO tactic is carrying less weight due to the disconnect between the US and Iran. But…Big Tech stocks could be viewed as a relative bargain, and a resurgence would almost certainly translate into good news for the markets overall.—DL     Presented By Fisher Investments 7 ways to own your financial legacy Fisher Investments Planning your estate might not be the weekend activity you’re dying to post about on Instagram, but trust us, it’s worth it. And with The Investor’s Guide to Estate Planning, starting isn’t the challenging mental workout you might fear. Inside, you’ll find plain advice on tackling key documents to clearly spell out your wishes. Plus, there’s help for having those all-important family conversations about your financial legacy to make sure everyone’s on the same page (and avoid negative future surprises). Why leave things to chance when you can take control? Explore ways to start, review, or refine your estate plan today with The Investor’s Guide to Estate Planning. Download your free guide today. WORLD Tour de headlines TSA lines from shutdownMyung J. Chun/Getty Images House leaders reject Senate compromise, likely prolonging DHS funding fight. In yesterday morning’s early hours, the Senate passed a bill that would fund most of the Department of Homeland Security—except for Immigration and Customs Enforcement and Border Patrol. But with senators having already left town for a two-week recess, House Republican leaders said they wouldn’t bring that bill up for a vote, instead backing a short-term funding measure for all of DHS. That’s likely to extend the partial government shutdown, as the Senate probably won’t approve the House version even after they return. But the chaos at airports could end sooner, as DHS says TSA employees will start getting paid as soon as Monday under the president’s executive order. The market expects the Fed to raise rates. A month ago, traders thought the Fed was poised to cut interest rates, but with oil prices on the rise amid the Iran war—which could drive up inflation—many are now predicting an increase instead. Traders in the futures market put the probability of a rate hike this year at 52%, CNBC reported, citing the CME Group FedWatch tool. Meanwhile, Yahoo Finance noted that CME data shows investors seeing 20% odds of a rate raise by September—even though they considered the odds 90% for a rate cut by September just last month. Trump’s signature to go in your wallet. Not since John Hancock has a signature loomed so large for America: President Trump is about to become the first sitting president to have his signature on US paper currency. Traditionally, the Treasury Secretary and the Treasurer are the ones whose signatures appear, but the Treasury Department said this week it’d be putting the president’s on to honor America’s 250th anniversary. The department is also controversially planning a commemorative coin featuring Trump’s image for the anniversary, although critics have pointed out that federal law prohibits showing a living president on US money.—AR CAN’T WAIT TO BE KING, HUH? Disney CEO’s first week was not hot diggity, dawg Photo illustration of Josh D'Amaro, CEO of Disney, with cartoon-style stars circling his head, implying he has a headache. Morning Brew Design, Photo: Kevin Dietsch/Getty Images, Adobe Stock New Disney CEO Josh D’Amaro may have accidentally wished upon a monkey paw instead of a star. It’s only been a week and a half since he took over for Bob Iger, but that was more than enough time for things to get goofy, as the company has dealt with a trifecta of setbacks in TV, AI, and gaming. Less than 24 hours after D’Amaro took over, a domestic violence scandal involving The Bachelorette star Taylor Frankie Paul derailed the new season of the show before it even aired on Disney-owned ABC. Five days later, D’Amaro’s dream of a more interactive and immersive Disney experience was hit with a one-two punch: OpenAI suddenly said sayonara to Sora, its popular AI video-generation app, wiping out a planned three-year, $1 billion partnership with Disney that would have allowed users to create videos with the Mouse House’s iconic characters. Epic Games, with whom Disney still plans to set up a digital universe, announced it was cutting 1,000+ jobs, citing a drop in engagement with its popular Fortnite game. The future is D’Amaro: While Disney can always find another AI video partner, the Epic Games development is particularly tough to swallow for D’Amaro, who led the effort to invest $1.5 billion in the gaming company when he was chairman of Disney Experiences in 2024.—BC     Together With Verb Energy Verb Energy Why not eat your coffee? Morning Brew…Bar! Your coffee just got portable. VERB Energy bars are powered by 80mg of organic green tea caffeine for steady energy whenever, wherever. No jitters, no crash, no stomach drama. Use code BREW30 for 30% off the snack that hits like coffee and tastes like a treat. ICYMI Have you heard... Here’s everything that didn’t make it into this week’s newsletters but we immediately sent to the group chat. College professors are increasingly opting for oral exams over essays and take-home assignments after noticing that students were turning in perfect work, but couldn’t explain their thinking—seemingly because they used AI. It harkens back to the good old days of students writing their own essays, which they also couldn’t explain. An Australian woman pleaded guilty to graffiti charges after putting googly eyes on a public sculpture to make it “look funny” while she was under the influence of MDMA. She has to pay a $1,400 fine and complete 60 hours of community service, which she was kind of already doing in her own way. The next head basketball coach at Boston College is Bill Murray’s son Luke Murray, who has been an assistant coach at UConn for five seasons. We assume the Ghostbusters actor taught him everything he knows, like how to drive to the rim, tuck your elbow, and destroy the Marshmallow Man with fire. Costco is coming for Celsius’s crown with a new Kirkland energy drink that’s a few dollars cheaper per 24-pack. We hear Celsius will counter with 24-packs of camping equipment, rotisserie chicken, and prescription eyeglasses. Following a five-year eradication effort, an island in Northern Ireland is officially free of invasive ferrets that were threatening local avian populations. Time to blast some Alessi Brothers and beckon those lonely seabirds home.—ML NEWS What else is brewing At least 10 US service members were wounded by an Iranian missile attack at Prince Sultan Air Base in Saudi Arabia, which was also hit earlier in the month. Bank of America agreed to pay $72.5 million to victims of Jeffrey Epstein to settle a federal class-action lawsuit that claimed the bank facilitated Epstein’s sex-trafficking operation. Google and the Trump administration were hit by a lawsuit from a victim of Jeffrey Epstein for publishing and republishing identifying information in the Epstein files. The SAVE plan’s days are numbered following years of legal limbo, and the 7 million student loan borrowers who participated in the program have begun receiving notices that they will need to choose a different repayment option. Organizers are planning more than 3,000 “No Kings” protests across the US today. Tiger Woods was arrested on suspicion of DUI after a car crash in which he rolled his car over yesterday, Florida authorities said. Sony is raising prices for the PlayStation 5 due to “pressures in the global economic landscape.” Savannah Guthrie has set a date to return to the Today show after pausing her hosting role amid her mother’s disappearance. Together With Timeline Beauty is cell deep. Mitochondrial decline may be responsible for your rough, textured skin. That’s why Timeline’s Resurfacing Exfoliator is powered by Mitopure®, a breakthrough ingredient targeting mitochondrial health. It helps remove dead skin cells while supporting healthier skin renewal. Purchase it on Amazon for 40% off. COMMUNITY Crowd work Last week, we asked, “What’s the most memorable lodging you’ve ever stayed in?” Here are some of our favorite responses: “A treehouse suspended by wire (not nailed to the tree) in a town named French Lick. When the wind blew, the treehouse swayed and my stomach dropped. There’s the slimmest chance that it passed code.”—Claire from Brooklyn, MI “The home of a kind family in Blue Earth, MN, after I naïvely drove through a blizzard and the local hotel was full. They took care of me for two full days until the interstate reopened, and we’ve exchanged Christmas cards ever since.”—Colleen from Chicago “After visiting the Stonehenge in college, I found myself without a hostel bed for the night. A local police station in Salisbury was without ‘customers’ that night and they permitted three of us students to sleep in an unlocked cell. They even provided an English breakfast for us the next morning.”—Patrick from Delaware “I once stayed in a boathouse in Kashmir. The proprietor heated the bed with hot coals in a clay pot just before bedtime.”—Martha from Texas This week’s question What’s an experience from your childhood that makes you feel nostalgic? Sam’s answer to get the juices flowing: “For me, it was going to this old-timey ice cream shop on Cape Cod called Sundae School to order two scoops of mint chocolate chip ice cream served in an elegant glass cup, while the player piano sounded in the background.” Submit your answer here. RECS To-Do List Refresh: Get spa vibes at home with this fancy face mask.** See: Photos of spring flowers blooming around the world. Learn: The Viking origins of the word “Bluetooth.” Set sail: A ranking of the cleanest cruise ships, based on government inspection data. A golden opportunity? Gold IRAs could help navigate volatile markets—and there are potential tax benefits included. Get your free gold information kit from Goldco.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Crossword: Your sample clue for the biggest puzzle of the week is “Infinite Jest, e.g.” Give it a go and play the Crossword here. Open House Welcome to Open House, the only newsletter section hoping to bask in the President Coolidge era. We’ll give you a few facts about a listing and you try to guess the price. Neoclassical mansion in Witchita Falls, TXRedfinToday’s neoclassical mansion is in Wichita Falls, TX, and was built between 1926 and 1929. The six limestone columns in front of the oval porch give the home a White House feel without any of the Virginia traffic. Amenities include: 6 beds, 6.5 baths 1,380 square feet of basement Stunning greenhouse to overheat in on a sunny day How much for the home just three miles from the still-shuttered Pro Wrestling Hall of Fame? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER $2.9 million Word of the Day Today’s Word of the Day is: trifecta, meaning “a set of three things.” Thanks to Louis from Rochester, NY, for tripling our happiness with the suggestion. Submit another Word of the Day here.           Written by Abigail Rubenstein, Dave Lozo, Brendan Cosgrove, Molly Liebergall, Sam Klebanov, Matty Merritt, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. 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Population growth slows across the US...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqr1ew.2etck/d9e36eb7.gif" alt="" border="0" /></a> March 27, 2026View Online | Sign Up | Shop Morning Brew Presented By Bland AI Warmest welcome. LA’s iconic Dodger Stadium is now officially called Uniqlo Field at Dodger Stadium, as part of the baseball team’s partnership with the Japanese fashion brand. We assume these announcements are only a matter of time: Zara (But Just the Kids’ Section) Field at Fenway Park Cold Stone Creamery “Gotta Have It” Restrooms at Yankee Stadium OpenAI Erotic Chats and Recipes Field at San Francisco’s ChatGPT Stadium —Matty Merritt, Sam Klebanov, Molly Liebergall, Adam Epstein, Holly Van Leuven MARKETS Nasdaq 21,408.08 -2.38% S&P 6,477.16 -1.74% Dow 45,960.11 -1.01% 10-Year 4.416% +9.0 bps Bitcoin $68,514.95 -3.21% Meta $547.75 -7.92% Data is provided by *Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean. Markets: Stocks did an impression of the person in your gaming group who just likes to sit there absorbing damage and tanked yesterday, with the S&P 500 nearing correction territory. Blame was placed on the conflicting messages about talks coming from the US and Iran. Elsewhere, Meta fell following its two legal defeats this week.   GEORGIA ON MY MIND Miami, LA, and other big cities are shrinking Illustration of a stylized brightly colored dense city slowly breaking apart into smaller buildings and houses. Nick Iluzada It feels less crowded here, no? Population growth across the US slowed to one of the lowest rates in history, with the country adding just 1.8 million people between July 2024 and July 2025, according to new data released by the US Census Bureau yesterday. The slowdown was largely driven by the rapid fall of international migration due to President Trump’s crackdown on undocumented immigrants and other federal policy changes. Large metro areas and counties along the US–Mexico border were hit the hardest. Growth slowed—or reversed—throughout the US Of the 2,066 counties that saw population growth between 2023 and 2024, 8 in 10 now face slower growth or even population decline. And of the counties that were already looking at a waning population, well, it likely got worse. A total of 1,270 counties lost residents in the year leading up to July 2025, including those with major cities that historically attract large immigrant populations like Miami, Los Angeles, San Diego, Dallas, and New York: Miami-Dade County had a dramatic flip, going from the second-largest population increase in 2024 to a population drop of about 10,000 people last year. California’s population also fell about 0.02% last year. Some state counties, like Sacramento and Fresno, eked out small increases. The Southeast is the place to be. More than 80% of the counties in Tennessee, South Carolina, and Kentucky saw increases in net domestic migration, aka people from other parts of the US moving in. Meanwhile, Georgia accounted for three of the top 10 counties with the highest positive net migration. Texas was a weird one. While people are leaving Dallas and other major Lone Star cities that boomed during the pandemic, the state’s suburbs are exploding. Four of the top 10 fastest-growing counties between 2024 and 2025 were in Texas: Waller, Kaufman, Liberty, and Caldwell. Guess all your exes really do live in Texas.—MM     Presented By Bland AI One prompt is all it takes Bland AI Good news: You don’t need to be a tech whiz to build the phone agent of your dreams. Bland AI just launched Norm, the voice AI assistant that lets anyone build a phone agent from a single prompt. You tell Norm what you want—e.g., “Build me a full scheduling agent that integrates with my calendar to book me calls.” Norm generates the prompt, agent, conditions, and integrations. In short: One-shot prompt your phone agent and turn months of development into days. Check out Norm here, or if you’re an enterprise, you can talk to their team directly. WORLD Tour de headlines Oil tanker in Strait of HormuzElke Scholiers/Getty Images Iran war will push inflation above 4%, OECD projects. Inflation in the US will spike to 4.2% this year due to the conflict in the Middle East, according to a new forecast from the Organization for Economic Cooperation and Development. That would be significantly higher than the group’s initial estimate of 2.8%, as well as the Federal Reserve’s 2.7% projection. “A prolonged period of higher energy prices will add markedly to business costs and raise consumer price inflation,” the OECD argued. Meanwhile, President Trump said yesterday that Iran allowed 10 oil tankers to pass through the Strait of Hormuz as a “present” to the US.—AE Anthropic wins Round 1 of court battle with Defense Department. US District Judge Rita Lin granted Anthropic a preliminary injunction blocking the DOD from designating the AI company as a “supply chain risk.” Lin said the move appeared designed to punish the company for publicly criticizing the government’s position on using AI, which she called “classic illegal First Amendment retaliation.” She also said, “If the concern is the integrity of the operational chain of command, the Department of War could just stop using Claude.” Lin paused the order for seven days to give the government time to appeal.—HVL President Trump says he will sign emergency order to pay TSA agents. In a post on Truth Social yesterday evening, Trump said he was going to sign an order instructing Secretary of Homeland Security Markwayne Mullin to pay TSA agents. The announcement followed another day of stalled negotiations by senators over how to resume funding the Department of Homeland Security. Senate Majority Leader John Thune called the president’s plan a “short-term solution.” It was not immediately clear how the rest of the department would be funded. The DHS said that 500 TSA workers have quit due to the shutdown.—HVL WI-BYE US bans all new imported routers Foreign router ban Adobe Stock Uncle Sam wants the box transmitting your wi-fi named after an obscure anime to be made in the US. The Federal Communications Commission said it’ll stop approving new foreign internet routers this week, citing their role in cyberattacks by China-affiliated hackers. Most routers are made in China, with router brands like TP-Link, Asus, and Netgear—which account for ~60% of the US market—manufactured abroad. But don’t rush to whip out an Ethernet cable: The ban only applies to new router models. Foreign-made models with existing government authorization that are currently in Americans’ homes and sold in stores are still allowed. New foreign models will also be able to get an exemption from the Defense Department through a process that includes devising a stateside manufacturing plan. Are router-makers in trouble? Not necessarily. The China-founded TP-Link said it’s planning to set up US manufacturing and welcomed the industry-wide decision, which comes after the government reportedly considered a targeted ban on its products. Meanwhile, Netgear’s stock jumped this week—possibly because it’s a US company and its routers are made outside of China, so investors likely expect the ban to give it a competitive edge. Shares of Asus, which has been shifting its supply chain out of China, held steady. Are US-made routers safer? Experts say that a router’s vulnerability to attacks depends less on where it’s produced and more on its cybersecurity protocols.—SK     Together With Disney Campaign Manager Disney Campaign Manager Winning streak. Ready to turn campaign wins into a season-long streak? Disney Campaign Manager streamlines ad buys across Disney+, Hulu, and ESPN streaming platforms, with intuitive workflows and AI-driven insights. That way, you can optimize faster, learn what works, and turn strong campaign setups into repeatable results for every client. Get started today. PLAY BALL The next frontier in sports betting: the past DraftKings in the App Store Adobe Stock On the same day that Major League Baseball kicked off its 2026 season this week, DraftKings introduced a way to gamble on hundreds of thousands of pitch outcomes from old MLB games, because everyone’s main gripe with sports betting is that there’s not enough stuff to bet on. The new in-app feature, DK Replay, looks like an arcade game: Users have 15 seconds to bet on a simulated pitch being a ball, a strike, or in play. Good luck trying to cheat—the historical at-bats are anonymized as “Pitcher” vs. “Batter,” with bronze, silver, or gold player ratings based on their stats at the time. DK Replay is only available in Oregon right now, but DraftKings plans to expand it. That could be tricky if other states view the feature as less of a sportsbook offering and more online casino gambling, which isn’t legal in most of the US. Endgame: DK Replay squares with DraftKings’s broader strategy to create a super app with sports betting, prediction markets, casino, lottery, and other methods of probably losing money wagering on your phone. Meanwhile…anti-prediction-market sentiment is mounting in Congress. Several representatives across the aisle introduced bills this week that would crack down on services like Kalshi and Polymarket.—ML     STAT Prime number: Turned down $26m Ida Huddleston from KentuckyLex 18 Joan of Arc. King Leonidas and the 300 Spartans. History is filled with figures who stood steadfast against a more powerful adversary. Now, you can add Northern Kentucky farmowner Ida Huddleston and her daughter, Delsia Bare, to that list. The pair rebuffed a $26 million offer from an anonymous AI company to buy part of their land for a proposed data center. According to WKRC, the company offered roughly 10x what land in the county is usually worth, but still, the farmers refused. “Stay and hold and feed a nation,” Bare said, adding that her family raised wheat through the Great Depression and that “$26 million doesn’t mean anything.” The company has reportedly revised its plan and could still build its data center nearby.—AE Together With Timeline Mitochondria on strike? Mitochondria power your cells; aging wrecks them. When you hit 30, mitophagy slows, draining energy. Mitopure Gummies can help by delivering Urolithin A in a yummy strawberry flavor, clinically shown to stimulate mitophagy, which revitalizes cells and supports muscle strength and recovery. 40% off on Amazon, right now. QUIZ Friday news quiz Friday news quiz banner The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to the weather finally getting nice and reminding you of the joy of being alive. It’s that satisfying. Ace the quiz. NEWS What else is brewing OpenAI announced it will shelve its erotic version of ChatGPT “indefinitely” after a major delay and investors voicing concerns. Wall Street’s bonus pool hit a record high of $49.2 billion last year, according to New York’s comptroller. A federal court dismissed X’s lawsuit against advertisers, which alleged that they had illegally boycotted Elon Musk’s social media platform. Transgender women were banned from female Olympic events by the IOC, which cited a new policy aligned with President Trump’s recent executive order. Fannie Mae will now accept mortgages backed by crypto, CNBC reported. The cost of a standard Netflix subscription is going up by $2 to $19.99—the second price hike in the last year. Jeopardy! is planning a spinoff for YouTube that will feature creators playing for charity and clues related to internet culture. Saudi Arabia reportedly scrapped its yearslong, $38 billion project to bring skiing to the desert, deciding, like so many others have, that skiing is just too expensive. RECS To-Do List Freeze: Saving leftovers is a breeze with this tool.** Apply: How AI can (and can’t) help your next job hunt. Decide: A free rent vs. buy calculator that shows you the math. Learn: The truth about the viral peptide health claims. No-hassle business spending: Skip the complex rewards math. These cards offer a powerful, straightforward way to earn unlimited cash back on every single dollar your business spends.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Decipher: In this edition of our code-cracking puzzle, you have to unscramble a tongue twister. Test your linguistic skills in two dimensions and play Decipher here. Friday puzzle You are trying to open a padlock with a three-digit combination. Use the following five clues to crack the code: 6 8 2—One digit is correct and in the correct position. 6 1 4—One digit is correct but in the wrong position. 2 0 6—Two digits are correct but in the wrong position. 7 3 8—Nothing’s correct. 7 8 0—One digit is correct but in the wrong position. SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER 0 4 2 (Source) Word of the Day Today’s Word of the Day is: steadfast, meaning “resolutely or dutifully firm and unwavering.” Thanks to Pete from Roland Park, MD, for the suggestion. Submit another Word of the Day here. ✤ A Note From FinanceBuzz           Written by Adam Epstein, Matty Merritt, Sam Klebanov, Molly Liebergall, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. 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Meta and YouTube lost a landmark legal case...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqqe2g.2dsmg/0b3f5a97.gif" alt="" border="0" /></a> March 26, 2026View Online | Sign Up | Shop Morning Brew Presented By Nice to see you. If you’ve been grumbling about getting called back into the office, know that it could be worse—at least you’re not getting a ticket in the company parking lot like some employees of automaker Stellantis. Their offense? Driving a car made by another manufacturer. Really makes your department potluck’s dietary restrictions look pretty reasonable. —Molly Liebergall, Dave Lozo, Matty Merritt, Abby Rubenstein, Holly Van Leuven MARKETS Nasdaq 21,929.83 +0.77% S&P 6,591.90 +0.54% Dow 46,429.49 +0.66% 10-Year 4.328% -6.0 bps Bitcoin $70,940.33 +1.30% JetBlue $4.75 +13.37% Data is provided by *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. Markets: Hope is the thing with feathers—and it helped stocks fly upward yesterday as investors pinned theirs on Iran peace talks. Meanwhile, JetBlue took off after Semafor reported that the airline is exploring selling itself to a competitor, turning the stock positive for the year.   Markets Sponsored by Immersed Nasdaq ticker reserved: New milestones are setting up Immersed for potential valuation impact. Lock in the $0.66 share price by 11:59pm PT. ONE VERDICT AFTER ANOTHER Meta is a big ol’ loser (in court) Mark Zuckerberg and others exit a court house (Meta loses landmark case on social media addiction in young people) Apu Gomes/Getty Images In what could be the beginning of social media’s Big Tobacco moment, Instagram’s owner just failed to beat the “you’re-harming-your-users” allegations, twice: Yesterday, Meta and Google’s YouTube lost a landmark social media addiction trial in California, one day after Meta lost a separate child safety case in New Mexico. In California, Meta and YouTube were accused of designing their apps to be addictive through features like infinite scroll: The jury found them negligent for running platforms that harmed adolescents and failing to warn the public about this danger. Meta and YouTube are ordered to pay $4.2 million and $1.8 million, respectively, to the plaintiff, a 20-year-old woman who said she became addicted to Instagram and YouTube as a child, which intensified her depression and other mental health struggles. Meta said it “respectfully” disagreed with the decision and would appeal, a move YouTube also plans to make. This was a bellwether case, meaning it tested the waters for thousands of similar lawsuits in the pipeline. Social media giants may now feel less confident about their chances in court, especially because Section 230—a legal rule that says platforms aren’t responsible for harmful content users post on their sites—didn’t protect them from liability this time. Plaintiffs (and prosecutors) are loopholing the loophole by focusing on platform design rather than content. Meanwhile, in New Mexico… On Tuesday, a jury ordered Meta to pay $375 million for failing to protect its young users from sexually explicit content, trafficking, and other online dangers. The case followed a Chris-Hansen-like operation in which state investigators set up decoy accounts of minors, which they said were overwhelmed with solicitations from predators. Meta plans to appeal that decision, too. More state and federal trials are coming this year, including one from school districts and parents nationwide who accuse Meta, YouTube, TikTok, and Snap of harming youth mental health.—ML     Presented By Immersed The $250b workplace shift is taking off This pre-IPO company has positioned itself to own the whole AR/VR productivity space of the future. From becoming the #1 productivity app in the Meta Quest store to building their own high-resolution Visor, Immersed is targeting the $250b+ workplace software and collaboration market. It’s similar to when the first smartphones revolutionized mobile computing. If Immersed captures the global enterprise market, the upside could be substantial, given that they’ve already achieved 4,000% valuation growth. They’re next preparing to ship Visor, their flagship AR/VR headset. With 75,000+ people on the waitlist and 1.5m+ users on the platform, it’s expected to generate $71m in first-year sales. Windows like this rarely stay open. Lock in pre-IPO at $0.66/share today—before 11:59pm PST. WORLD Tour de headlines War in IranAFP/Getty Images Iran rejects US proposal to end the war. Iran dismissed the Trump administration’s 15-point ceasefire plan, which Pakistani officials told the Associated Press involved the rollback of US sanctions and Iran’s nuclear program, and the reopening of the Strait of Hormuz. Instead, Iran countered with its own five-point proposal, CNBC reported, citing state media. Its demands reportedly include reparations and sovereignty over the Strait of Hormuz—a condition that would likely be unacceptable to the US. SCOTUS says internet provider not liable for music piracy. The Supreme Court unanimously ruled yesterday that Cox Communications could not be held liable for its users’ music piracy in a case that at one point involved a $1 billion judgment against the internet provider. “A company is not liable as a copyright infringer for merely providing a service to the general public with knowledge that it will be used by some to infringe copyrights,” Justice Clarence Thomas wrote in the court’s decision. A ruling against Cox might have upended the internet as we know it, but instead, providers got new protections as long as they aren’t encouraging illegal activity. Stephen Colbert to co-write Lord of the Rings movie. To mark the anniversary of the destruction of the One Ring in the fires of Mount Doom, a new piece of LOTR lore dropped. A noted Tolkien fan, Colbert, along with his son and a writer from previous films in the series, will pen The Lord of the Rings: Shadow of the Past, which is currently in development with Warner Bros. The comedian hasn’t developed a major film before, but he should have some time to spend in Middle-earth after The Late Show, which has been canceled, ends in May.—AR GO WEST, TALL MAN NBA expansion to Seattle, Vegas is all but certain Illustration of the NBA logo being stretched out and expanded. Nick Iluzada Get ready to learn coffee and desert air, buddies. The NBA’s board of governors voted unanimously yesterday to begin the vetting process to add a 31st and 32nd franchise in Las Vegas and Seattle, respectively, for the 2028-29 season. The franchise entrance fee is just a bit more than what you paid to join your rec league: ESPN reports that the new clubs will be expected to pay the NBA $7 billion to $10 billion for the privilege of having Charles Barkley make fun of them. However, the announcement comes at an inopportune time: While next year’s salary cap will reportedly rise by $10 million, that’s still about $1 million lower than projections, due to a decline in local media revenue. The tanking problem, aka intentionally losing or fielding bad teams in order to get better draft picks, is worse than usual (see: whatever the Brooklyn Nets did here). And expansion teams historically struggle at first, which could make tanking an even bigger issue. But that depends on the NBA’s expansion draft rules. The NHL tweaked its system to benefit its recent Vegas and Seattle expansion teams: Vegas went to the Stanley Cup Final in year one, while Seattle made the playoffs in year two. Zoom out: Despite rampant tanking and a $1 million shortfall, the NBA will survive. Overall viewership was up through last month’s All-Star break.—DL     Together With Paramount Advertising Paramount Advertising Always in season. From UFC’s always-on fandom to a century of culture-defining storytelling, Paramount Advertising delivers the ideal combination of scale and precision. With insight-driven tech, advanced ad solutions, and year-round engagement, they connect brands to audiences who lean in, take action, and drive measurable outcomes. Learn more. RIP JUICY VILLA Finally, a fully AI-generated internet trend Fruit Love Island Screenshot via @ai.cinema021/TikTok A TikTok account churning out AI parodies of Love Island starring fruit (creatively named Fruit Love Island) to 3.3 million followers has been removed from the platform. Just when Kiwilo and Mangella were starting to crack on… The TikTok channel ai.cinema021 started earlier this month and skyrocketed to viral success: It snagged millions of views with sub-two-minute episodes in which budget-Pixar anthropomorphized fruits flirted in poorly synced audio and traversed through nonsensical storylines. Fans then started making parody videos (of the parodies) with real fruit, and celebrities like Zara Larson posted about watching the chaotic mini-sodes. (Larson took her posts down after fans criticized her.) As of yesterday, the channel no longer exists, but copycats and compilations have popped up on TikTok and YouTube. Fine-tuning the slop machines. Fruit Love Island wasn’t the first time a strawberry started talking. AI-animated food videos have been flooding social platforms lately. (And they seemingly tell similar stories about fruit wives cheating on their fruit husbands?) They can largely be traced back to Object Talk, a customized permutation of ChatGPT, according to Intelligencer. The company behind the program offers tutorials on how to make what it refers to on its own website as “AI Slop.”—MM     STAT Prime number: All Clear at the airport Clear benefiting from long TSA linesIrfan Khan/Getty Images You know who’s not mad about the airport security lines being so long you’d think there’s a viral hybrid pastry at the front? The company that makes money off people paying to avoid the lines. The Wall Street Journal reports: The Clear app has been downloaded 289,000 times since the beginning of the month, when TSA agents began calling in sick while not getting paid due to the partial government shutdown over funding for ICE. It has resulted in longer airport queues—and more than 3x the downloads from a year ago, per Sensor Tower data. Clear’s stock has risen about 60% over the past month. If Clear is the winner of the shutdown, who’s the loser? Likely anyone trying to get on a plane at Houston’s Bush Intercontinental Airport, where security lines have stretched up to four hours. On Tuesday, ~40% of its security staff didn’t come to work, representing the highest absence rate in the country. The culprit is likely the fact that most TSA workers there have long commutes, making it expensive for them to come with rising gas prices and no paychecks, according to the New York Times. The Senate is working on a potential deal to restore TSA funding, but it lacks President Trump’s support.—AR Together With Lemonade Tail-waggin’ coverage. If your pups are adventurous eaters or your cats need a little support in their later years, Lemonade has your back. Lemonade pet insurance covers diagnostics, procedures, medication, and more, so your pack gets the best care. Coverage starts at $10/month. Get your free quote. NEWS What else is brewing Mailing a package will get more expensive as the US Postal Service increases its prices by 8% to cover rising fuel costs. President Trump will travel to China to meet with Xi Jinping in May. Trump had previously pushed back plans for the meeting to focus on the war in Iran. Meta laid off hundreds of employees yesterday, including in its Reality Labs division, as the company spends big on AI. Mark Zuckerberg, Jensen Huang, and Larry Ellison were among the major tech players named to the Trump administration’s tech council yesterday. Pop Mart’s shares tanked as investors fretted that it can’t keep the Labubu craze going. Elon Musk said a Delaware judge should recuse herself from two cases involving Tesla because she showed bias by appearing to support a LinkedIn post critical of Musk with an emoji. Savannah Guthrie sat down with a Today colleague for her first interview since her mother’s disappearance. RECS To-Do List Walk: Comfy, cute sneakers for summer.** Connect: A psychologist explains how to make people like you instantly. Play: A tool that turns IRL locations into playable Minecraft worlds. Watch: This Japanese commercial for MLB will get you pumped for the season. The active trader report: What fund volume surged 131% in the past five years? See what’s fueling the leveraged and inverse boom and how active traders respond. Grab the report and watch the webcast.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Mini: Today’s puzzle is small but still kind of tough. Can you finish it in under four minutes? Play the Mini here. Three Headlines and a Lie Three of these headlines are real and one is faker than the size marked on a vintage dress. Can you spot the odd one out? An AI school, with no teachers, to open in Chicago this fall Longest line at Philly airport? Cheesesteaks, not security Study: 27% of college students consider pasta a sandwich Squirrels are ‘vaping’ e-cigarettes after mistaking fruity aromas for food SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER We made up the one about pasta as a sandwich—please don’t send us your thoughts on hot dogs. Word of the Day Today’s Word of the Day is: queues, meaning “waiting lines of people.” Thanks to Lynn from Woodstock, CT, for a suggestion we couldn’t wait to use. Submit another Word of the Day here. ✢ A Note From Immersed This is a paid advertisement for Immersed’s Regulation A+ offering. Please read the offering circular at https://invest.immersed.com/.           Written by Abigail Rubenstein, Molly Liebergall, Dave Lozo, Matty Merritt, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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United reveals new 'Relax Row' seats...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqq2eh.2enm8/8b40d061.gif" alt="" border="0" /></a> March 25, 2026View Online | Sign Up | Shop Morning Brew Well met, or mae govannen, as the Elves would say. Today, March 25, is Tolkien Reading Day, chosen for the day that the One Ring was destroyed in the fires of Mount Doom. Let the anniversary of the ring’s destruction inspire you to let go of anything weighing you down, or consuming your thoughts, or giving you unnaturally long life at the expense of your sanity, or gradually eroding your identity until you’re but a wraith condemned to roam the Unseen world. —Sam Klebanov, Matty Merritt, Dave Lozo, Adam Epstein MARKETS Nasdaq 21,761.90 -0.84% S&P 6,556.37 -0.37% Dow 46,124.06 -0.18% 10-Year 4.392% +6.0 bps Bitcoin $69,421.28 -1.89% Salesforce $183.02 -6.23% Data is provided by *Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean. Markets: Stocks slipped yesterday as the market parsed the latest developments from the Iran war. Meanwhile, Salesforce investors forcefully sold the company’s stock amid ongoing worries that AI could upend software companies.   JUNK SQUAD Private credit is having a very public freakout Illustration of two hands pulling at a $100 bill, ripping it apart Morning Brew Design Jittery private credit investors are rushing for the exits just like your coworkers when you start microwaving leftover salmon for lunch. This week, investment giants Apollo Global Management and Ares said they are limiting payouts to shareholders in their private credit funds as investors’ requests to pull their cash soar across the industry. Meanwhile, Moody’s downgraded the credit rating of a private credit fund run by KKR and Future Standard yesterday, sending its debt into “junk” territory after more of its borrowers stopped paying their loans. The news adds to Wall Street’s anxiety about the health of a $1.8 trillion industry that’s suffered from significant defaults and faces fears that it’ll get pummelled if AI disrupts software companies—which JPMorgan estimates account for 30% of its loans. Rationing cash Private credit funds, which plug investors’ money into risky loans to midsized companies, typically guarantee that they’ll offer to pay out 5-7% of the value of the investments quarterly. But last quarter, cash supply couldn’t keep up with withdrawal demand: Investors in Apollo’s and Ares’s private credit funds asked to exchange over 11% of their shares for cash. Both companies said they’ll pay out less than half of what investors asked for to ensure total payouts don’t exceed 5% of the fund’s value. Meanwhile, private credit peers like Blackstone and Blue Owl Capital have sought to calm investors by letting them pull more cash than the guaranteed minimum. Banks try to see the upside After post-2008 financial crisis regulations restricted banks’ ability to lend to risky borrowers, private credit swooped in to occupy that niche. Now, banking giants like JPMorgan—whose CEO, Jamie Dimon, is a longtime skeptic of the opaque industry—are letting clients bet against private credit. But it’s no gloatfest…as many private credit lenders are also bank borrowers, which means the likes of JPMorgan could get caught in the turmoil.—SK     WORLD Tour de headlines 82nd Airborne DivisionKevin Carter/Getty Images 🪖 Report: Pentagon deploying 3,000 troops to Middle East. According to the Wall Street Journal, the Defense Department plans to deploy 3,000 soldiers from the US Army’s 82nd Airborne Division to support the operation against Iran. A decision to put boots on the ground in Iran hasn’t been made, the WSJ reported, but deploying the 82nd to the region reportedly gives President Trump several strategic options. Meanwhile, Pakistan offered to mediate talks between the US and Iran, though the New York Times reported that Saudi Crown Prince Mohammed bin Salman is pushing Trump to continue the war. Senate nears deal to fund the DHS, end TSA delays. The Senate and White House are close to a deal to fund the Department of Homeland Security (DHS) that could improve the airport delays due to TSA staffing shortages, CNBC reported, citing a Trump administration official. The deal would fund all of the DHS except the Immigration and Customs Enforcement (ICE) budget, which Democrats have refused to bankroll until reforms are made in the wake of the killings of two US citizens by immigration enforcement officers in Minneapolis. If the deal is approved, Republicans would then seek to fund ICE through a separate process that would not need Democratic support. The DHS has been shut down since February, leading to hourslong security lines at several major airports across the US. Fortnite maker Epic Games lays off 1,000 employees. The video game that’s dominated pop culture for the better part of a decade and inspired the dance moves of all the 10-year-olds in your life might finally be slowing down. Epic Games announced yesterday that it’s laying off 1,000 workers amid a decline in engagement that started last year. “We’re spending significantly more than we’re making, and we have to make major cuts to keep the company funded,” CEO Tim Sweeney wrote in a note to employees. Epic was valued at more than $30 billion as of 2024.—AE SKY CAVIAR United says, ‘Go ahead, lie down’ Photo of the interior of the United Airlines 787 Dreamliner, showing premium business class lie-flat beds. NurPhoto / Getty Images It’s a huge day for anyone who is consistently able to stretch their legs out all the way on a flight. United Airlines announced several upgrades to its upcoming fleet of 250 new airplanes, offering more legroom, seats that lie flat, and souped-up amenities…for those willing to upgrade. Over the next two years, United will add a number of flights that cater more heavily toward premium customers: Most new Boeing 787-9 Dreamliners will include more premium seats than older airplanes, as well as the previously announced “Polaris Studio”—a private hub that has ottomans for guests visiting your sky-high oasis. These sections also include wine pairings and caviar with meals. The “Coastliner” will also provide lie-flat seats for the first time on transcontinental flights. Next year, you’ll be able to book a Relax Row, transforming three economy seats into a giant bed. It wasn’t all good news: United CEO Scott Kirby warned that ticket prices might have to increase by 20% if jet fuel costs stay up near cruising altitude as a result of the Iran conflict. Big picture: The second-most profitable US carrier joins other airlines in bolstering its premium offerings, hoping to squeeze out more money per seat. United said that premium revenue jumped 11% last year, while basic economy revenue fell 5%.—MM     Together With Immersed Biggest tech shift since smartphones? It took over a century to go from telegraphs to smartphones. Next are lightweight AR/VR glasses. Immersed is already the #1 AR/VR work app, with 1.5m users and $7m+ in revenue. Now releasing Visor. With their Nasdaq ticker $IMRS officially reserved, lock in the current pre-IPO share price before tomorrow’s March 26 deadline. MATTER OF TIME The 30-minute drive that had scientists celebrating An illustration of a box containing antiprotons Niv Bavarsky The scientists best known for smashing particles together achieved success yesterday by doing the exact opposite. Researchers at the European Organization for Nuclear Research (CERN) successfully transported antimatter on a truck with a specially designed tank that kept the antimatter from touching matter, which would have caused both to be annihilated. The Geneva-based CERN houses the Large Hadron Collider, which slams particles together to create antimatter for study. Antimatter measurements, however, require delicate precision that’s better done at Heinrich Heine University (HHU) in Düsseldorf. Yesterday’s 30-minute spin around CERN’s campus is a first step toward getting the antimatter to Germany in what would be an eight-hour drive. Did these people risk blowing up Geneva? Despite what Dan Brown would have you believe, no. The 92 antiprotons on the truck were so small that no damage would have been caused if they collided with matter. What’s to be learned? The big bang theory (stop saying “bazinga”) posits that the explosion that brought the universe into being created equal parts matter and antimatter. Studying antimatter could provide an explanation as to why the universe is dominated by matter. HHU won’t be ready to accept the antimatter delivery until 2029 at the earliest. When you consider the universe is billions of years old, waiting three years doesn’t seem all that long.—DL     STAT Prime number: The reality TV downturn Photo of the cast of Jersey Shore Family Vacation making a goofy pose at their New York Premiere.Theo Wargo/Getty Images Based on the flood of think pieces about how horrible Chris from Love Is Blind is, you might think reality television was in its heyday. But you’d be wrong. (He was just that horrible.) According to data from Luminate cited by the New York Times: The number of unscripted US series premieres plunged by 15% last year, and by a third since 2022. No genre is genre—cooking, crime, home design, travel shows (and more) are each dwindling. Compared with scripted shows, reality TV was supposed to be relatively insulated from the end of “Peak TV” because it’s cheaper to make. But the harsh economics of television have now come for it, too. Media consolidation and relentless ratings declines have made network execs rethink how many shows about families hating each other they greenlight.—AE Together With T-Mobile Phone upgrades, fueled by points. Some loyalty programs make you jump through hoops. T-Mobile Visa® rewards buying stuff. Cardholders earn 2% on every purchase,* plus 5% on T-Mobile buys.** It’s a great fit for anyone who loves earning rewards and perks, and it comes with an autopay discount. Rewards can cover devices, accessories, or even your bill.*** NEWS What else is brewing Meta violated New Mexico state law and must pay $375 million in damages for failing to protect users from child predators, a jury found yesterday. Apple confirmed that its Maps app will begin showing ads this summer. Sen. Elizabeth Warren sent a 12-page letter to MrBeast, requesting details about his plans to expand into financial services. Nintendo reportedly cut production of its Switch 2 due to weakening demand for the gaming console. Zoox, Amazon’s self-driving car unit, is planning to expand its robotaxi service to Miami and Austin this year, the company announced yesterday. Spotify announced the rollout of a new feature called SongDNA that allows users to learn more about a song and track its connections to other artists. NASA canceled plans to put a space station in lunar orbit and will instead build a $20 billion base on the moon, the agency’s chief, Jared Isaacman, said. OpenAI is shutting down Sora, its TikTok-style AI video app, just months after it launched, as the company refocuses around business and coding. RECS To-Do List Set: Placemats for the perfect dinner party.** Travel: 100 global hotspots made famous by TV and film. Measure: A ranking of the countries with the tallest people. Munch: A huge database of almost every snack in the world (with reviews). The gold standard: Market shaky? Metals don’t blow in the wind. Gold IRAs offer precious-metals exposure with traditional IRA tax perks. Grab the free info kit from American Hartford Gold and learn how to set one up.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Word Search: Channel your inner Lin-Manuel Miranda (or Cat in the Hat), and try today’s puzzle, which has the theme “Rhyming Phrases.” Play the Word Search here. Tolkien trivia In honor of Tolkien Reading Day, can you name the nine members of the Fellowship of the Ring? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Frodo, Merry, Pippin, Sam, Aragorn, Gandalf, Legolas, Gimli, and Boromir Word of the Day Today’s Word of the Day is: heyday, meaning “the period of a person or thing’s greatest success or popularity.” Thanks to Rob from Rancho Palos Verdes, CA, for the suggestion. Submit another Word of the Day here. ✳︎ A Note From Immersed This is a paid advertisement for Immersed’s Regulation A+ offering. Please read the offering circular at https://invest.immersed.com/. ✳︎ A Note From T-Mobile *T-Mobile Visa cardholders earn 2% back in T-Mobile Rewards on all other net purchases (purchases minus any credits or returns) using their T-Mobile Visa anywhere else Visa is accepted. **T-Mobile Visa cardholders earn 5% back in T-Mobile Rewards on net Qualifying Purchases (purchases minus any credits or returns) made online at T-Mobile.com and in the T-Life app, and at T-Mobile stores and Authorized Retailers (https://www.t-mobile.com/stores/locator). Qualifying Purchases include phones, devices, and accessories. Cash advances and balance transfers are not considered purchases and will not earn T-Mobile Rewards. Qualifying Purchases exclude payments for device equipment installment plan (EIP), wireless service, and prepaid wireless service, T-Mobile for Business, and other services. You may not accrue enhanced earning on purchases made using 3rd party digital wallets. ***When redeeming T-Mobile rewards, your T-Mobile Visa must be used to pay any portion of the transaction not covered by T-Mobile Rewards. Redemptions may not be available when using 3rd party digital wallets. See your Rewards Terms and Conditions for more details.           Written by Adam Epstein, Sam Klebanov, Matty Merritt, and Dave Lozo Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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Lawmakers propose a sports prediction market ban...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqpfzs.2dzv0/2125c460.gif" alt="" border="0" /></a> March 24, 2026View Online | Sign Up | Shop Morning Brew Presented By Play ball (almost). The MLB season starts tomorrow night, so everyone at work can finally stop complaining about you spitting sunflower seeds everywhere. —Dave Lozo, Sam Klebanov, Molly Liebergall, Neal Freyman, Abby Rubenstein MARKETS Nasdaq 21,946.76 +1.38% S&P 6,581.00 +1.15% Dow 46,208.47 +1.38% 10-Year 4.334% -6.0 bps Bitcoin $70,914.41 +4.61% United $93.96 +4.46% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: President Trump was the market’s main character yesterday, pushing oil prices down and stock prices up by saying the US was in talks to potentially end the Iran war. While the rally was broad, airlines in particular benefitted from the possibility of fuel costs going down.   Markets Sponsored by Frontieras Nasdaq ticker reserved: New milestones are setting up Frontieras for potential valuation impact. Lock in the $7.77 share price before April 9. DON’T BET ON IT Lawmakers want to ban sports prediction markets Polymarket Situation Room bar Théo Marie-Courtois/Getty Images A bipartisan bill introduced in the Senate yesterday would bring an end to the “but it’s not technically sports betting” excuse your spouse never believed. If passed, the legislation would ban prediction markets and part-time grocery store operators like Kalshi and Polymarket from offering contracts on sports and casino games, like blackjack, by closing a loophole. What’s the loophole? Sportsbooks are regulated by state bodies. Prediction markets are monitored federally by the Commodity Futures Trading Commission (CFTC) because the action on events is considered a “swap,” not a bet. Much to the dismay of casinos, this has allowed prediction platforms to operate in all 50 states—including ones where sports betting is illegal. Some states have sued to block them from operating, with Nevada winning a temporary ban last week. The new bill would apply to all CFTC-regulated entities. You gotta love sports While prediction markets offer bets positions on when attacks might happen during a war, MrBeast’s marital status, and the temperature in Chicago, sports contracts are their big money drivers: Kalshi reported that 90% of its trading volume during the 2025 NFL season was on sports. Sports was the most traded category on Polymarket last year. Your bracket went bust this last week, but Kalshi and Polymarket didn’t: Thanks to the first four days of March Madness, Kalshi saw $2.67 billion in weekly sports trades between March 16–22 while Polymarket had $1.22 billion. That’s a weekly increase of 28% and 32%, respectively, per prediction market tracker DeFi Rate. Despite reputational issues, the prediction business is having no trouble finding backers. Polymarket just became a licensing partner of MLB, the sports league embroiled in a gambling scandal, and Kalshi recently raised $1 billion at a $22 billion valuation, per Bloomberg. Probably not coincidentally, Polymarket and Kalshi announced new measures to curb insider trading yesterday. A win for sportsbooks: Shares of traditional sportsbooks climbed yesterday on the news of the potential end of prediction markets as competitors, including FanDuel parent company Flutter (4.4%), DraftKings (1.2%), PENN Entertainment (5.6%), and MGM (4.5%).—DL     Presented By Frontieras $2.1t “unlisted” stock opportunity A breakthrough centuries in the making could unlock $2.1t worth of clean fuels and other materials, all from coal. Frontieras North America patented the tech behind it all. With the Nasdaq ticker FASF reserved, it’s another step toward IPO. Reaching just 2% of the global coal market could mean a trillion-dollar valuation for Frontieras. That’s why Frontieras has secured a $150m investment commitment from GEM and raised over $10m from private investors. They’ve also officially purchased land for their $850m flagship facility in West Virginia, earning praise from the state’s governor. With so many milestones in so little time, you have until April 9 to invest in Frontieras at $7.77/share while they’re unlisted. WORLD Tour de headlines Iran warMajid Saeedi/Getty Images Trump delayed strikes on Iranian power plants after “constructive conversations.” Iran and the US had “productive” discussions about “a complete and total resolution of our hostilities,” the president said yesterday in an early morning Truth Social post, adding that he had instructed the military to postpone threatened strikes on Iran’s power plants as a result. Though Iran denied that talks were happening, President Trump told reporters that US envoys were speaking to a “respected” leader and that Iran was eager to end the war. SCOTUS seems poised to leave late-arriving ballots uncounted. The Supreme Court’s conservative majority appeared during oral arguments yesterday to favor striking down a Mississippi law that allows mail-in ballots that are postmarked by election day, but received later, to be counted. At least 15 other states have similar laws, so the ruling could have a large impact on voting by mail—a practice President Trump dislikes. A ruling is expected by June, which means it would govern vote counting in November’s midterm elections. ​​NYC airport closed temporarily after fatal crash. LaGuardia Airport was closed yesterday morning, reopening in the afternoon following a crash between an Air Canada Express plane and a fire truck Sunday night that killed both the plane’s pilots and injured several passengers and crew members. The collision happened just after the plane carrying 70 passengers landed as the fire truck was headed to inspect another plane. About 600 flights were canceled while the airport was closed, and delays are expected to continue through this morning.—AR RIP Porn pioneer who owned OnlyFans dead at 43 Leonid Radvinsky, owner of OnlyFans Leonid Radvinsky The secretive billionaire owner of OnlyFans, a platform that lets creators sell erotic content directly to users, Leonid Radvinsky, has died of cancer at age 43, the company shared yesterday. After running online porn ventures ever since he was a teenager, Radvinsky  in 2018 bought a majority stake in the British site OnlyFans, which he then steered to become one of the UK's top startups. It’s credited with disrupting the notoriously exploitative porn industry by enabling adult video stars, sex workers, or anyone looking for a salacious side hustle to make explicit content independently. But…OnlyFans has also faced controversy over its own exploitative content and tried pivoting towards PG creators. The platform banned erotica in 2021 after pressure from banks processing its payments, but quickly reversed the decision in response to user backlash. Porn powerhouse The erotic marketplace connecting millions of creators with over 300 million users is a massively lucrative enterprise: Taking a 20% cut from creators’ proceeds yielded OnlyFans $7.2 billion in revenue for the 2024 financial year. The company paid Radvinsky hundreds of millions in dividends over the years, which the limelight-averse entrepreneur used to support philanthropic causes like cancer research. Before his death, Radvinsky was in talks to sell a 60% stake in OnlyFans’ parent, in a deal that would’ve valued the company at $8 billion.—SK     Together With Lemonade This one’s for you, pet lovers. From late-night zoomies to unexpected vet visits, pet ownership is full of surprises…just like our latest mini crossword. Made in partnership with Lemonade, this puzzle will put your pet prowess to the test. Curious to see how you’ll fare? Give it a try. KITCHEN STINK Nobody wants ads on their fridge Photo illustration of a fridge covered in pop-up ads Morning Brew Design, Adobe Stock If your Samsung smart refrigerator is running, you might be one of the many who want to let it go: A pilot program that introduced advertisements on some Samsung fridges has triggered fierce customer backlash, the Wall Street Journal reported yesterday. ICYMI: In October, banner ads for products like Tide detergent and Samsung water filters started appearing on the screens of some Samsung Family Hub fridges in the US, which typically cost $1,800+. The catch: Owners can turn off the banner ads, but doing so also disables a screen widget that shows news, weather, and a calendar. They can’t disable third-party, full-screen ads that may show up on the appliance’s internet browser, which feels like karmic punishment for surfing the web on a fridge. Almost every customer the WSJ interviewed was critical of the ad update: “I will never buy a Samsung appliance or device again, unless I absolutely need it,” one smart fridge owner told the publication. Zoom out: Amid a broader “Screens Everywhere” campaign that includes washers, dryers, and ovens, Samsung said last April that it didn’t have plans at the time to put ads on its smart home screens. LG Electronics, Whirlpool, and GE have made similar statements, which they haven’t (yet) strayed from.—ML     STAT Prime number: Calling BS on corporate BS Illustration of a businessperson's hand holding a mug of coffee that is spilling out. The mug reads Niv Bavarsky We have good news for anyone who has ever rolled their eyes during an all hands while some higher-up prattled on about “blue-skying around synergizing cross-collateralization while maximizing growth-hack paradigms.” A recent study out of Cornell found that the workers who are most susceptible to “corporate bullshit” (yes, that is the precise academic term) are worse at their jobs: The study asked 1,000+ officer workers to assess the business savvy of statements, some of which were BS generated by a computer, and some of which came from real Fortune 500 leaders. It used their responses to create a “Corporate Bullshit Receptivity Scale (CBSR).” After having the workers perform cognitive tests, the study found that those who were high on the CBSR saw their bosses as more charismatic and “visionary,” while they also scored much worse on a test of effective workplace decision-making, as well as lower on tests of analytic thinking and cognitive reflection. That’s bad news for companies as it can lead to echo chambers. “Rather than a ‘rising tide lifting all boats,’ a higher level of corporate BS in an organization acts more like a clogged toilet of inefficiency,” the researcher who conducted the study explained.—AR Together With Tello Leave your message at the tone. Okay, here it is—and it’s a goodie: Tello Mobile offers affordable phone plans without sacrificing service quality, like their Unlimited Plan for $25/month. Tello runs on America’s largest network, and customers get reliable nationwide 5G coverage with 10GB of hotspot included. It’s easy to switch and easy to use. NEWS What else is brewing Sen. Markwayne Mullin was confirmed by the Senate to serve as the next secretary of Homeland Security amid a standoff over the agency’s funding that has ICE stationed at airports. The Trump administration reached an agreement for French energy giant TotalEnergies to terminate nearly $1 billion worth of offshore wind leases and to instead invest in oil and natural gas production in the US—with the US government reimbursing it for the leases after it does so. Bill Cosby was hit with a $19 million jury verdict in a civil lawsuit brought by Donna Motsinger, who claims that Cosby drugged and raped her in 1972. BlackRock CEO Larry Fink said in a letter to investors that AI could worsen income inequality and that people should invest in top AI companies to avoid getting left behind. Estée Lauder is in talks to acquire Spanish beauty company Puig, which owns brands such as Charlotte Tilbury. The combined company could be worth $40 billion. DoorDash is offering extra compensation to US and Canadian delivery drivers to offset rising gas prices. The opening games of March Madness garnered 9.8 million television viewers, a 6% increase over last year, according to Nielsen. RECS To-Do List Journal: Feel more mindful and reflective in just a few minutes each day.** Clean: The comprehensive checklist you need to get your home spotless this spring. Learn: Why there are 60 minutes in an hour.  Eat: How to get the freshest rotisserie chicken at Costco. Grow your wardrobe: Spring has sprung, and new ’fits are in full bloom as part of Vuori’s men’s new arrivals. The collection is made with performance in mind. Check it out.* Clutch connectivity: Transform your vehicle into a streaming HQ with the Free 4-Day Unlimited AT&T Connected Car™ Test Drive. Hit the road without missing a final score. Get started.* *A message from our sponsor.  **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Mini: Your sample clue for the day is “Send to a specialist.” Give it a whirl. Play the Mini here. Niblets of trivia Today is the 20th anniversary of the debut of Hannah Montana (there’s a special on Disney+ tonight if you want to reminisce further). What was unique about the show’s episode titles? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER They’re almost all puns based on real-world song titles or lyrics. For example: “You're So Vain, You Probably Think This Zit is About You” (Season 1, Episode 13). Word of the Day Today’s Word of the Day is: widget, meaning “a small software application that is designed to provide a specific piece of information or function.” Thanks to Steve Brewer from Hudsonville, MI, for the handy suggestion. Submit another Word of the Day here. ✢ A Note From Frontieras This is a paid advertisement for Frontieras’ Regulation A offering. Please read the offering circular at https://invest.frontieras.com/. Reservation of the ticker symbol is not a guarantee that we will be listed on the Nasdaq. Listing on the Nasdaq is subject to approvals. Under Regulation A+, a company has the ability to change its share price by up to 20% without requalifying the offering with the SEC. ✤ A Note From AT&T Connected Car After 22GB, AT&T may temporarily slow data speeds if the network is busy. Ends April 22, 2026. See details.           Written by Abigail Rubenstein, Dave Lozo, Molly Liebergall, Sam Klebanov, and Neal Freyman Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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Interest in EVs picks up as gas prices rise...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqp484.2eh75/38f56a62.gif" alt="" border="0" /></a> March 23, 2026View Online | Sign Up | Shop Morning Brew Presented By David Protein Felicitations. Today, we are celebrating Near Miss Day—the 37th anniversary of an asteroid a half-mile wide coming within 500,000 miles of Earth, hurtling through space at 46,000 miles per hour. It likely would have struck the planet with the force of 20 billion tons of dynamite and blown up your March Madness bracket. —Holly Van Leuven, Brendan Cosgrove, Neal Freyman MARKETS: YEAR-TO-DATE Nasdaq 21,647.61 -6.86% S&P 6,506.48 -4.95% Dow 45,577.47 -5.17% 10-Year 4.391% +22.8 bps Bitcoin $67,962.33 -22.34% Beyond $0.70 -15.17% Data is provided by *Stock data as of market close, cryptocurrency data as of 10:00pm ET. Here's what these numbers mean. Markets: The S&P 500, Dow, and Nasdaq all notched their fourth straight week of losses last Friday. This week, there’s not much on the economic calendar, so the war in Iran could influence markets even more than usual. Stock spotlight: Beyond (formerly known as Beyond Meat) has been beyond disappointing for investors, dropping more than 79% in the past year. The company reports earnings on Wednesday.   Markets Sponsored by The Crew Want daily analysis of the investing landscape? Brew Markets is our newsletter designed to help you make sense of market moves. Subscribe now. ON SECOND THOUGHT US consumers reconsider EVs amid rising gas prices Chevy Equinox EV at charging station Bill Pugliano/Getty Images Electric vehicles are pulling a Toby Keith and crowing, “How do you like me now?!” While Americans aren’t running out en masse to buy EVs, those already in the market for a car are finding compelling reasons to choose electric amid rising gas costs and competitive pricing. Not about going green, just saving green “Higher oil prices always help the transition to electric vehicles,” Asian Development Bank Chief Economist Albert Park told Bloomberg. While the argument used to be that EVs could save money over time by being cheaper to run, but they cost a lot more up front, there now exists a solid used market for electric passenger vehicles, meaning more consumers can enter the space at different price points, according to the head of insights for Edmunds online car marketplace. The EV credit is dead. Long live the EV credit: While President Trump nixed the $7,500 federal EV-buying tax incentive, manufacturer and dealer incentives are helping to convince buyers. The Wall Street Journal reported this weekend on the deals to be found, highlighting a 33-year-old sales engineer who bought a 2026 Chevrolet Equinox EV a few weeks ago for $23,991 (plus $3,579 in taxes and mandatory fees)—more than 50% off its $48,269 sticker price. The newest EV fans are…semitruck drivers Tesla recently expanded its one-month pilot tests of its first semitruck, called…Semi, allowing select drivers to try its big automatic (but not autonomous) truck. It’s getting rave reviews. The company plans to begin shipping the mass-produced Semis this summer, totaling 15,000 by the end of 2026, and then delivering 50,000 per year after that. The development is well-timed. Owner-operator truckers are among the earliest Americans to feel the adverse effects of the Iran war on their wallets. One independent trucker told the WSJ that diesel price increases cost him $300–$400 extra each week. Zoom out: It typically takes three to six months of persistently higher gas prices for consumers to start considering more cost-effective alternatives, according to former chief economist of GM Elaine Buckberg.—HVL     Presented By David Protein Protein can actually taste this good David Protein You’ve had protein bars before—but not like this. David Protein has two distinct lines: Gold and Bronze. Both are designed to give you delicious flavor while keeping calories low. Their Gold line packs 28 grams of protein for only 150 calories—and absolutely 0 grams of sugar. This line boasts an indulgent, doughy texture and yummy flavors, like Chocolate Chip Cookie Dough, Peanut Butter Chocolate Chunk, and Salted Peanut Butter. Their Bronze line is also protein-packed at 20 grams for 150 calories and 0 grams of sugar. This line leans a little more into indulgence, with a smooth marshmallow base, layered flavors, airy crisps, and a chocolate-flavored coating. Get free shipping on your first order. WORLD Tour de headlines A TSA worker and a very long airport lineCharly Triballeau/Getty Images ICE agents assisting TSA amid staffing shortages. US Border Czar Tom Homan told CNN yesterday that he was working on a plan that would deploy ICE agents to large airports starting today, where they would assist with security at airport entrances and exits, but probably wouldn’t work the X-ray machines. The TSA staffing issues stem from the partial shutdown of the Department of Homeland Security, which began in mid-February and persists due to congressional disagreements. As a result, TSA agents have not been paid for weeks. Many have called off sick, and more than 400 of them have quit altogether. Former FBI Director Robert S. Mueller III died at 81. Mueller, a decorated Marine veteran, returned home from the Vietnam War and pursued a law career. He became FBI director the week before the Sept. 11, 2001, attacks. Mueller was highly regarded for reforming the FBI into a 21st-century intelligence operation and for his bipartisanship. He remained in the role and at the bureau until 2013. In 2017, he was appointed special counsel by then-US Deputy Attorney General Rod Rosenstein, a Trump appointee, to oversee the investigation of alleged Russian interference in the 2016 presidential election. The investigation made him a political lightning rod. The most famous line from his 448 pages of findings was, “While this report does not conclude that the President committed a crime, it also does not exonerate him.” Banksy’s true identity confirmed, and art collectors aren’t mad about it. At least not all of them. Following a new report by Reuters that adds to the growing tranche of evidence that the surreptitious street artist is Robin Gunningham, a guy in his 50s, there’s really no mystery left as to who the “Girl with Balloon” painter is, but that hasn’t taken the metaphorical air out of the inflatable for everyone. Collector Peter Brant, who runs a gallery in New York, told the Wall Street Journal that he had never purchased Banksy’s work before because of the artist’s elusive identity, but now, “I feel more comfortable knowing who he is.” The WSJ expects Banksy valuations to skyrocket. Makes sense. If you’re going to pay $25 million for a painting, you’d probably want to know it wasn’t done by your middle-school bully.—HVL SHELF-CONTROL Walmart has some big pricing changes in store Walmart's digital shelf labels Photo courtesy of Walmart We may never see that Smiley rollback guy chop a paper tag in half again. That’s because Walmart plans to switch all its US stores over to easily updatable digital price labels by the end of the year. And last week, news broke that the retail giant secured patents to help inject enough machine learning and automated systems into price management that even Bob Barker might have trouble keeping up. Great(ish?) Value: Digital shelf labels (DSLs), which Kroger has also experimented with, are easier for employees to update than paper tags. But that also means it’s easier to raise prices, stoking concerns among consumer advocates that stores, like airlines, could quickly change prices in response to demand—like how alcohol prices would probably spike after every New York Jets game. Walmart’s recent patents also lay the groundwork for using customer data and AI in tandem. Per the Financial Times: Earlier this month, Walmart obtained a patent for a method to predict demand and recommend prices. In January, the company obtained a patent for a way to “dynamically and automatically” update prices to mark down items on its website. Walmart has insisted that DSLs won’t be used for dynamic or surge pricing and that recent patents will be used for markdowns and to help human employees make decisions. Some lawmakers aren’t convinced. Legislation has been introduced in Congress and in several states that would require paper shelf-pricing for large grocery stores.—BC     Together With Paramount Advertising Paramount Advertising Play to win. Few moments bring audiences together like the NFL on CBS. We’re talking record streaming on Paramount+ and an average 21m viewers this past season, making it the most-watched regular season ever. The scoreboard says it all: Paramount Advertising helps brands turn the biggest stage in sports into results. Learn more. CALENDAR The week ahead illustration of the pentagon and Anthropic logos Nurphoto/Getty Images Hearing things: Anthropic faces off against the US government in court tomorrow. The AI company is challenging the Department of Defense’s decision to designate it as a supply chain risk. Tomorrow’s hearing will focus specifically on Anthropic’s request for a preliminary injunction, which would block the designation from taking effect until the larger legal battle over whether the government has the authority to make the designation is resolved. It all stems from Anthropic’s public breakup with the Pentagon over how the military might use AI tools. Sentimental about gas prices: The University of Michigan will release its final consumer sentiment data for March on Friday. Between airport security lines and rising gas prices, consumers have had a lot to think about in the past few weeks. We’ll also get a check of the labor market on Thursday, when initial jobless claims numbers are released. Play ball: Baseball is back, in more ways than one. The new MLB season technically starts on Wednesday night with a Netflix-exclusive matchup between the San Francisco Giants and New York Yankees. But the real Opening Day (emphasis on day) is on Thursday, when nearly two dozen teams will take the field. Baseball has enjoyed a recent surge in popularity, between the excitement of the World Baseball Classic and last season’s World Series, the latter of which saw a 19% increase in ratings over the previous year. After signing every player in the country, the Los Angeles Dodgers are favored to win it all again. But wait, there’s more: OG memestock GameStop will report Q4 earnings tomorrow. Year over year revenue was down 4.6% in Q3. Sweet niblets. The Hannah Montana 20th Anniversary Special streams on Disney+ tomorrow. The March Madness women’s tournament finishes the Round of 32 tonight, and the Sweet 16 starts on Friday. The men’s tournament resumes on Thursday with its Second Round. Make sure to set aside some time to watch your flaming brackets turn into a smoldering pile of ash throughout the weekend. Palm Sunday kicks off Christianity’s Holy Week on…Sunday. STAT Prime number: $200m “meat flecks” flex Cargill logo on a buildingNurphoto/Getty Images Cargill has a bone to pick. Per the Financial Times, the beef-processing giant is using AI technology to scan cattle carcasses for “tiny flecks of meat” that might have been missed during the butchering process. Early tests show the process may allow Cargill to recover up to 0.5% more meat per animal. If you apply that to the 11 billion pounds of beef that Cargill processes annually—and add the fact that beef prices are at record highs—that’s about $200 million in extra product. Then again, that’s about $200 million less meat for your dog to gnaw on.—BC Together With Pernas Research Pernas Research The inside scoop on Wall Street. Deiya Pernas, former exec at a $3.5b fund, and Dean Pernas, a trained chemical engineer, left their careers to uncover Wall Street’s biggest finds. Together, their portfolio at Pernas Research has returned 30.4% annualized over nine years. Get their weekly highlights. NEWS What else is brewing Iran said the Strait of Hormuz would be “completely closed” if Trump’s threat to “obliterate” the country’s power plants came to fruition. Hawaii’s heaviest rain in 20 years fell on the state yesterday, leaving more than 2,000 people without power on Sunday afternoon. Russia is throttling messaging app Telegram in favor of its new “national” messenger MAX, despite fierce opposition. Amazon MGM scored its biggest opening ever with Project Hail Mary starring Ryan Gosling, which brought in $80.5 million this weekend at the North American box office. More AI cattle news: The New Zealand-based AI cow collar company Halter, which is about to be valued at $2 billion, is in talks to raise funds in a new round led by Peter Thiel’s Founders Fund. Alex Ovechkin became the second NHL player to make 1,000 career goals. Only Wayne Gretzky did it before him. RECS To-Do List Text: Sending these 10 words to people you’re thinking of can help you stay in touch. Do less: The American College of Sports Medicine says to ignore these six strength-training “rules.” Wear: The high-quality beanie we’ve worn for years.** Watch: A VHS tape with a lost episode of Mystery Science Theater 3000 was found at a garage sale. Now, you can watch it for free on YouTube. No contracts: Just savings. Get one line of unlimited 5G for $20/mo with T-Mobile Metro when you prepay for six months. That’s $120 in savings for six months of service. Sign up.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Turntable: Your center letter today is R surrounded by A, G, M, P, I, and D. Can you make 34 words from that jumble? Play Turntable here. Bone up trivia See if you can name these bones in the human body: The lower jaw The kneecap The seven bones of the ankle/heel The shoulder blade Finger and toe bones SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Mandible Patella Tarsals Scapula Phalanges Word of the Day Today’s Word of the Day is: surreptitious, meaning “done in secret.” Thanks to Ahmed Alakabawi from Egypt for the very public suggestion. Submit another Word of the Day here.           Written by Holly Van Leuven , Brendan Cosgrove, and Neal Freyman Was this email forwarded to you? Sign up here. 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Learn about what’s driving the IRL meetup craze...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqou6z.169b6/b1901229.gif" alt="" border="0" /></a> March 22, 2026View Online | Sign Up | Shop Morning Brew Presented By Expressive, colorful illustration of a group of people spending time together doing various things - playing cards, listening to records, dancing, all while their phones are hidden in humorous places. Kati Szilágyi for Morning Brew EDITOR’S NOTE Good morning. Welcome to Touch Grass Brew, the only newsletter about logging off and getting your socializing on. Today, you’ll learn about what’s driving the IRL meetup craze, which companies are trying to capitalize on it, and how you can profoundly embarrass your loneliest friends connect a single pal to the love of their life with a PowerPoint pitch deck. So, read on for your treatise on the IRL event industry. SWIPER, NO SWIPING IRL meetup services woo dating app defectors Dinner Table Club Event in DC Dinner Table Club Many singles are eager to go back to a time when meeting their future partner didn’t involve a virtual rose. As dating apps see declining use, a constellation of services is throwing in-person events that offer singles an opportunity to excuse themselves to the bathroom to get out of listening to a rant about politics mingle in person: The Dinner Table Club organizes dinners with strangers at local restaurants in New York and Los Angeles, costing around $75–$100. Restaurants are happy to host people swapping contact info, as it brings in extra foot traffic on slow nights. TimeLeft lets users book dinner, drinks, or a run with strangers, with the goal of fostering connections. Thursday puts together singles dinners, game nights, and salsa dances in dozens of cities worldwide, as well as no-couples-allowed ski trips. The swiping apps have acknowledged that many users want to make sure someone isn’t lying about being 6 feet tall before handing them their number. Tinder recently introduced features allowing users to find or organize get-togethers, while last year, Hinge expanded its $1 million initiative that gives grants of up to $25,000 to nonprofits to organize IRL dating events in New York, LA, Atlanta, and London. Non-dating apps that help you date Even some gyms are taking after your parents by trying to help you find a spouse by hosting dating-oriented workout sessions. Eventbrite saw singles nights—including blindfolded experiences, game-based activities, and tantric meditation—grow in popularity on its platform. And Partiful now notifies users if someone who attended the same event has a crush on them, allowing the pair to start messaging if the request to do so is accepted. But…filling a room with clumsily conversing people isn’t a surefire recipe for romance. Some Redditors have complained that dating events often amount to a bunch of (mostly male) singles awkwardly standing around. Are dating events big business? Some investors are wary of IRL events delivering the same returns as the swiping apps, which is a $6.2 billion industry. They told Business Insider that shindig-organizing apps are harder to scale than a service that leaves planning in-person logistics to the users.—SK     Presented By Mizzen+Main Clothes you can’t wait to keep on You can wear Mizzen+Main clothing anywhere. Whether at home, at work, or somewhere in between, these clothes are designed for maximum comfort. Their lightweight Italian suit is something you may never want to take off (even in the sauna). Mizzen+Main first made a name for themselves with the performance fabric dress shirt. Everything they’ve made since then is inspired by the classics and built to work for the modern world. With clothes that look and feel this good, don’t be surprised if you end up wearing them all day long. Use code BREW20 for 20% off. MEET MARKET The grandaddy of IRL apps attempts a comeback Illustration of a hand quickly swiping on a phone with the Meetup logo on it. Niv Bavarsky Before the loneliness epidemic and all the friendship apps that followed, there was Meetup.com, the pre-Facebook platform for hanging out with strangers from the internet. After growing a loyal user base, surviving a stint under WeWork, and then stalling out, Meetup is angling for a second wind—but its turnaround may be turning away longtime fans. Origins: Meetup launched in 2002 after its co-founders noticed a general desire for community in the wake of Sept. 11. The concept was straightforward—give people with similar interests a forum for organizing hangouts: The startup initially grew by finding online blogs for niche groups and inviting them to organize Meetups for fake holidays, like International Pug Lovers Meetup Day. Meetup crossed 1 million users in 2004 after it was publicized as a grassroots organizing tool for the presidential race. Soon, it started charging volunteer organizers $12 to $19 per month, leading to its first profitable year in 2010. By the time it was acquired in 2017, the platform boasted 35 million members and an estimated 300,000 communities, according to its new owner. The beginning of the end? WeWork bought Meetup for $156 million in what seemed like a natural pairing—about 100,000 people had already attended Meetups at a WeWork space, the companies said at the time. With the acquisition, Meetup organizers thought their days of cramming into community centers or cafés, or paying for venues themselves, were over... ...until WeWork crashed in 2019. Its tumble appeared to trickle down to Meetup, which laid off as much as 25% of its staff, weeks after testing a $2 RSVP fee that also ruffled users’ feathers. Once the pandemic started, it became harder for the platform’s ~50 million members to meet up in person. WeWork sold it in March 2020 for far less than it paid. New owner: Bending Spoons, an Italian firm that buys struggling tech companies of yesteryear (see: Evernote, Vimeo, AOL, and Eventbrite), acquired Meetup in 2024. It raised organizer fees for the first time since 2019, from $24/month to $45/month, and started paywalling some features. Though the move aggravated users, new app registrations increased by 20% last year, hinting at a potential post-pandemic resurgence, Engadget reported.—ML     WAIT, WHAT? Pitch decks to find your soulmate Pitch-A-Friend powerpoint dating event in DCPitch-A-Friend The best way to really get to know someone is to use a visual aid and set a time limit. Audiences are flocking to bars and other venues in cities including New York, Chicago, and Miami to watch people publicly present their friends for courtship as if they were investment opportunities. Who else can hype you up and lovingly raise your red flags better than your besties? Kira Felsenfeld has hosted Chicago’s semi-regular matchmaker event “Please Date My Friend” for the last two years, getting anywhere from 20 to 50 submissions for nine slots from people hoping to sell their single friends. A good presentation is “a nice balance of funny and earnest,” Felsenfeld told Morning Brew. After two years of shows, she has a message for presenters: “People are like, ‘This guy’s in therapy,’ but therapy is no longer a litmus test for stability.” A gift from Matty. Here’s a pitch deck template you can use to help your friend find love. Take it from me, someone who has pitched their friend: The presentation hits harder if the slides are a little bad.—MM Together With Grüns Quit letting veggies rot in your fridge. Grab some Grüns instead for an easy-peasy way to get your daily greens with no hassle—and no wasted groceries. These yummy little gummies are packed with a blend of greens, vitamins, and nutrients to support energy and wellness. Try ’em now for up to 52% off. ONE TICKET TO PARADISE Solo travel (in a group) is really taking off Friends traveling in the desert Getty Images In fairness to Harry Nilsson, when he wrote the line “One is the loneliest number,” single-person travel wasn’t as big as it is today. Nowadays, group tours offer plenty of options for travelers who want to venture out on their own without actually feeling lonely. Ridin’ solo: Solo travel can be an opportunity to build confidence, broaden your horizons, and unplug from the daily stresses of life. It also tends to be easier to plan a trip, since you don’t have to work around your uncle’s catsitter’s dentist appointment. Per Grand View Research: The global solo travel market was worth almost $550 billion last year. That number is expected to nearly triple by 2033. But it can still be scary. A quarter of Americans find solo travel intimidating, citing safety concerns, cost, and a fear of being alone as the biggest barriers, according to a survey conducted by Talker Research for travel organization Road Scholar. All for one, and one for all Tour companies have tried to profit off of calm those jitters by tailoring group trips specifically to solo travelers. After all, there’s safety in numbers and peace of mind in having a professional guide build the itinerary. And there’s also a sense of community when you’re with travelers in the same boat as you (sometimes literally). Women are driving the trend. According to luxury travel company Virtuoso, more than 70% of solo travelers are women, prompting many tour companies to specialize in women-only trips.—BC     DEBATE Are running clubs for dating or running? Running ClubGetty Images The case for dating. As run clubs continue to gain popularity following the pandemic, TikTokers have pointed out that they may offer a better endorphin boost than scampering across the pavement: finding a date. While every popular IRL dating trend seems to ultimately be traced back to the idea that “the apps are a nightmare,” running clubs have an added bonus: You already have something in common and have seen each other at your sweatiest. Plus, with some clubs reaching membership of 300+ people, the odds of getting rejected aren’t as high as they might be at smaller get-togethers. Just slow down if you want to meet someone new.—MM The case for running. “Are you tired? Because you’ve been running through my mind all morning.” It’s things like this that women do not want to hear from a random guy just after sunrise, especially through heavy panting. They also don’t want help stretching or the cramps massaged out of their legs. Want to hear something crazy? It turns out most people are at run clubs to run, and not to hook up with a weird guy in an “I’ve Got The Runs” tank top and MoMA hat who gets winded after a half-mile. You’ll have better luck at chess club: “Call me a knight the way I’m willing to lay down for my queen.”—DL Together With Mutha Self-care just got a lot more chic. When the CEO loves a product so much she moves up the launch date, you pay attention. MUTHA’s new 6-Peptide Eye Mask Prisms are hydrogel eye patches that smooth, brighten, and de-puff in 20 minutes—and look cool enough to wear on the way to dinner. Running on caffeine and ambition? Same. Join the obsession. NEWS YOU CAN USE Draw four friends: There’s no better way to meet new people than by pulling up and dropping an Uno reverse card on someone. Mattel launched social Uno clubs last year, and now the concept is up for an award from The Pop Insider. Sell me this person: If you read Matty’s blurb about using a pitch deck to help someone find a soulmate, you’ll learn that Pitch-A-Friend hosts global events and can help you create a presentation that’s not about shareholder value, but rather the value of IRL connections (or something). After review: A travel writer based in Indianapolis sampled four friendship apps—Bumble BFF, Meetup, BeFriend, and Friended—and one emerged as the clear winner. Run of show: If you’re new at a run club and you want to make conversation that is not necessarily flirting, perhaps mention the Maroon 5 Run Club, or reference a Reductress joke that’s funny because it’s true. And if that fails, who doesn’t enjoy a good pun when they’re jogging? BREW'S BEST To-Do List Explore: The best US destinations for solo travel. Hydrate: The perfect water bottle for your next group run or hike.** Read: Learn (or relearn) how to flirt in real life, using these expert tips. Bring the kids: What are the effects of excessive screen time on toddlers? Stay golden: When the market gets jumpy, savvy investors go for gold. Learn how a gold IRA helps you diversify + get tax perks with American Hartford Gold’s free info kit.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e           Written by Sam Klebanov, Molly Liebergall, Brendan Cosgrove, Matty Merritt, Dave Lozo, and Adam Epstein Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

High energy prices are rippling around the world...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqosym.2efy8/5c9c5095.gif" alt="" border="0" /></a> March 21, 2026View Online | Sign Up | Shop Morning Brew Presented By AT&T Connected Car Happy World Poetry Day, the day you’re most likely to hear someone say they minored in English. But you don’t have to be well-versed to celebrate, anything can be a poem: music trees blowing in the wind a group of children’s laughter when you drop your groceries, and all the cherry tomatoes spill out over the sidewalk and you try to pick them up, but they’ve rolled into the mud…and it would be nice if the group of children could stop laughing and just grab the La Croix cans that are rolling across the street a flower blooming —Matty Merritt, Sam Klebanov, Molly Liebergall, Dave Lozo, Abby Rubenstein, Holly Van Leuven MARKETS Nasdaq 21,647.61 -2.01% S&P 6,506.48 -1.51% Dow 45,577.47 -0.97% 10-Year 4.391% +11.0 bps Bitcoin $69,949.16 -0.82% Gold $4,505.80 -2.17% Data is provided by *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. Markets: With oil prices driven up by the Iran war (more on that below), stocks finished off their fourth consecutive week in the red. The small-cap Russell 2000 became the first major index to enter correction territory, and at their low points yesterday, both the Nasdaq and the Dow dipped into correction territory as well, though they ended the day above it. Not-so-safe haven: Gold had its worst week since 2011, as investors worried about the war’s impact (though it was in such good shape that it’s still up from the beginning of the year).   TROUBLE AHEAD Fears of oil shortages are starting to spread How oil prices are impacting the world David Talukdar/Getty Images As the war in the Middle East stretches into its fourth week, energy supply chains around the world are starting to buckle under the pressure. Iran is reportedly not interested in discussing reopening the Strait of Hormuz, one of the globe’s most important passageways for oil and liquefied natural gas, and world leaders are running out of options to shield consumers from skyrocketing energy prices. On land For now, countries in Southeast Asia are taking the brunt of looming potential shortages. The region imports almost 80% of its crude oil from the Persian Gulf, and roughly 25% of the region’s liquefied natural gas must pass through the Strait of Hormuz. The Philippines, Vietnam, and Thailand are particularly sensitive to supply chain disruptions because of their low-to-nonexistent reserves. The region is starting to feel the impact: Around 40% of gas stations in Laos and about a third in Cambodia have closed because of fuel shortages. The Philippines has instituted four-day workweeks to reduce energy use. Sri Lanka also rolled out a four-day workweek for state institutions and schools. Pakistan has closed schools for two weeks to conserve energy. In the skies Airplane juice is expensive and difficult to store, so jet fuel stockpiles are usually much lower than those for other fuels like gasoline or diesel. Drastic prices for jet fuel, which have jumped as high as $200 per barrel compared to their prewar price of $85–$90, are often the first sign that oil supply is in trouble. Airlines have canceled flights and warned of price increases to offset the costs. American Airlines said earlier this week that it expects its expenses this quarter to surge by $400 million due to fuel prices. And what about the US? Economists have waved away fears of a recession, saying that the US economy is pretty much immune to oil price shocks. Unfortunately, US consumers aren’t as protected: US gas prices, one of the most politically charged markers for the economy, have increased by a dollar on average to almost $4 per gallon since the war began.—MM     Presented By AT&T Connected Car Make your car the real MVP AT&T Connected Car For a lot of folks, March means brackets, buzzer beaters, and pretending you’re listening to the game when you’re actually streaming it. AT&T Connected Car™ can make this month even more exciting by turning your car into a rolling Wi-Fi hub. Whether you’re driving your crew to a tournament watch party or heading out on a weekend road trip, you can keep your whole crew connected from tip-off to final buzzer. Connect up 10 devices (varies by manufacturer) to help you navigate with confidence, stream games seamlessly, and keep everyone entertained in the backseat. Make the most of March with AT&T Connected Car. WORLD Tour de headlines CBS NewsSpencer Platt/Getty Images Bari Weiss begins CBS News overhaul with dozens of layoffs. The editor-in-chief, along with president Tom Cibrowski, announced that the company was eliminating its entire CBS News Radio division as part of an overall culling of ~6% of the staff, representing between 60 and 70 employees. The executives said in a memo that ending CBS News Radio’s 99-year run was a “necessary” decision as the network attempts to attract a younger, digitally savvy audience. It’s the second round of layoffs at CBS News since David Ellison’s Skydance took over its parent company, Paramount, last summer. Paramount, meanwhile, is currently seeking regulatory approval to buy Warner Bros. Discovery, the owners of CNN.—DL Legendary action hero Chuck Norris dies at 86. The star of Walker, Texas Ranger who gave the decisive thumbs-up in Dodgeball: A True Underdog Story, Norris was a karate champion who caught his big movie break in Bruce Lee’s The Way of the Dragon in 1972. He developed his own style of karate called Chun Kuk Do, or the Chuck Norris System. Later in life, he became meme fodder with “facts” about his toughness (e.g., the flu gets a Chuck Norris shot every year). Norris was hospitalized in Hawaii earlier in the week, and his family released a statement saying they wished to keep the circumstances of his death private.—DL 🛒 Unilever is in talks to sell food business to McCormick. Unilever’s food business—which includes Hellmann’s mayo among its brands and is worth ~$33 billion, per Bloomberg Intelligence—could get a lot spicier if the takeover deal goes through. Spinning off the food business would be a major change for the nearly 100-year-old Unilever, putting its focus entirely on household and personal care products. McCormick, whose market value stands at around $14.8 billion, is a much smaller entity (Unilever is worth about $140 billion), but if a deal is struck and finalized, it would become a Big Food player.—AR THE CHIPS ARE DOWN AI-chip-smuggling charges crash Super Micro stock Supermicro headquarters Getty Images Turns out, there’s a worse kind of chip-smuggling than sneaking your own snacks into the movie theater. This week, the US charged Yih-Shyan “Wally” Liaw, the co-founder of servermaker Super Micro, with illegally routing servers containing Nvidia’s advanced AI chips to China. The US restricts chip exports to the country to give American AI labs an edge. Liaw, who resigned from the California-based Super Micro’s board yesterday, was named as a defendant alongside a general manager and a contractor. Though Super Micro wasn’t charged in the case, its stock plummeted 33% yesterday. Sticky trickery The three defendants allegedly orchestrated purchases of the servers by a company in Southeast Asia, which then repackaged them for shipment to China: Prosecutors say Super Micro made $2.5 billion in server sales to this company since 2024. Last spring, $510 million worth of those servers with restricted chips were sent to China. The scheme allegedly involved tricking Super Micro auditors and a US government inspector into believing the company had bought the hardware for itself. Prosecutors say that at one point, a hair dryer was used to transfer serial-number stickers from the real servers to “dummy” servers shown to inspectors. Despite the chip-smuggling crackdown…the Trump administration recently loosened export restrictions on some of Nvidia’s advanced chips involved in the case.—SK     Together With Green Coffee Company Green Coffee Company An IPO is brewing in the $100b US coffee industry. In the world of high-growth commodities, there are moments that signal a shift from “regional producer” to “global powerhouse.” Green Coffee Company (GCC) just hit that moment. They acquired exclusive North American distribution rights to the legendary Juan Valdez® brand. You have just days left to become a pre-IPO investor in Green Coffee Company. ICYMI Have you heard... Here’s everything that didn’t make it into this week’s newsletters but we immediately sent to the group chat. A Reuters investigation allegedly uncovered Banksy’s true identity after the street artist managed to maintain anonymity for three decades. Maybe next they can figure out who keeps stealing our lunch from the fridge at work. Hulu canceled a reboot of Buffy the Vampire Slayer starring Sarah Michelle Gellar after she had already filmed the pilot episode with director Chloé Zhao. The streaming platform probably needed to make room for whatever unspeakable horror Ryan Murphy will spin into a docudrama next. Restaurant workers at a California hot pot spot struggled to hold back a robot that wouldn’t stop dancing after it performed its routine too close to a dining table, sending food and dishes flying. Say what you will, but the kid’s got moxy. With Guinness sales booming, the company’s US head of beer quality is busy teaching bartenders around the country how to pour the perfect pint. The goal is to get as much foam as possible until a guy you don’t know at the bar starts screaming. Airport staff in Tasmania had to remove a live possum that was found nestled among plush toys on a gift shop shelf. Our hearts go out to the parents who had to spend a whole flight convincing their sobbing children that the marsupial wouldn’t have gotten along with the family dog anyway.—ML NEWS What else is brewing President Trump said yesterday on social media that he is considering “winding down” the war in Iran after telling reporters earlier in the day that he did not want “to do a ceasefire.” Also yesterday, NBC reported that Trump was weighing options to potentially send thousands of US troops into Iran. A federal judge ruled that new Pentagon restrictions on reporting, which led to reporters from most major news outlets losing their credentials, violated the First Amendment. The US sued Harvard, claiming the university failed to protect students from antisemitism in the latest battle between the Ivy League school and the Trump administration. Elon Musk was found liable by a jury for deliberately driving down Twitter’s stock price with two tweets he sent before he purchased the company, but was absolved of some fraud allegations. Nexstar acquired fellow broadcast station group owner Tegna after securing regulatory approval for the deal despite antitrust concerns. Kalshi has been temporarily banned in Nevada as part of a legal case brought by state regulators. The White House released a framework for national AI regulation aimed at preempting state-level enforcement. Hachette pulled the horror novel Shy Girl from publication over claims that parts of it were written by AI. Together With Needed Finally, a multivitamin that actually gets it. Your multivitamin was probably formulated using data from men. No, really. Needed’s Perimenopause Multi fixes that, delivering 4x the nutrition standard vitamins miss in just two capsules a day. Sleep better, think clearer, and feel like yourself again. This is what targeted nutrition looks like. COMMUNITY Crowd work Last week, we asked, “What’s the best class that you’ve ever taken?” Here are some of our favorite responses: “The Gothic Tradition, a high school English class. We read everything from Dracula to The Silence of the Lambs, and visited an old cemetery for writing inspiration. It was like celebrating Halloween all year long.”—Bo from Jersey City, NJ “My freshman year at Washington State University, I took a class called The History of Organized Crime in America. I don’t remember much of the content of the class, but I do remember that my professor was previously in a biker gang and had tried to purchase a working tank at one point. He had incredibly interesting stories every lecture.”—Austin from Seattle, WA “I took a class on native plants at the New York Botanical Gardens in the Bronx. Now I know what a Mayapple plant looks like, and that its fruit is poisonous unless it’s perfectly ripe, as well as all sorts of other fun trivia about our local flora.”—Phillip from the Bronx “Confection Science! I majored in food science at the University of Wisconsin and one of my courses went over a different candy every week. On Mondays, we’d eat the candies and learn about them, and on Wednesdays, we’d make them in the lab. I ended up working as a chocolatier for a year when I was a senior!”—Lauren from Denver, CO “I took a manners and etiquette class from a Jesuit priest in college. My favorite thing I learned was that if you are stuck in a conversation at a party, it’s entirely OK to pretend someone is waving at you to excuse yourself, as long as you are not facing a wall.”—Lizzie This week’s question What’s the most memorable lodging you’ve ever stayed in? Sam’s answer to get the juices flowing: “I once crashed with a friend who lived in a disused municipal library building in London. It was convenient because when I struggled to find my way home for the night, I’d just ask neighborhood locals for directions to the old library.” Submit your response here. RECS To-Do List Sleep: Get your beauty rest with a silk sleep mask that feels smooth on your face.** Talk: Key phrases to use so discussions with your boss go well. Watch: Which viral cake mix hacks are worth your time (and which aren’t). Work out: A 14-minute exercise routine that can help your heart. Clutch connectivity: Transform your vehicle into a streaming HQ with the Free 4-Day Unlimited AT&T Connected Car™ Test Drive. Hit the road without missing a final score. Get started.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. 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Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER $2.59 million Word of the Day Today’s Word of the Day is: sate, meaning “to fully appease.” Thanks to Larry from League City, TX, and half a dozen others for the satisfying suggestion. Submit another Word of the Day here. ✢ A Note From AT&T Connected Car Disclaimer: Requires eligible car and wireless service plan. Additional restrictions apply. ✳︎ A Note From Green Coffee Company This is a paid advertisement for Green Coffee Company’s Regulation CF offering. Please read the offering circular at https://invest.greencoffeecompany.com/. Timelines are subject to change. Listing on the Nasdaq is contingent upon necessary approvals, and reserving a ticker symbol does not guarantee a company’s public listing. ✤ A Note From AT&T Connected Car Disclaimer: After 22GB, AT&T may temporarily slow data speeds if the network is busy.           Written by Abigail Rubenstein, Matty Merritt, Sam Klebanov, Molly Liebergall, Dave Lozo, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

English-speaking countries fall in the happiness rankings...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqoen5.2epnn/cced6a5d.gif" alt="" border="0" /></a> March 20, 2026View Online | Sign Up | Shop Morning Brew Presented By Prime Video Good morning, and happy first day of spring! One step closer to parks full of pale thighs, scooters blocking every sidewalk, and having to listen to your friends’ opinions about bees. And remember: Sneeze into your arm, not your hand. —Sam Klebanov, Molly Liebergall, Matty Merritt, Adam Epstein, Holly Van Leuven, Neal Freyman MARKETS Nasdaq 22,090.69 -0.28% S&P 6,606.49 -0.28% Dow 46,021.43 -0.44% 10-Year 4.281% +2.0 bps Bitcoin $70,270.33 -0.78% Alibaba $124.93 -7.07% Data is provided by *Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean. Markets: Stocks slid for the second day in a row, as fighting in the Middle East continued. They were headed for an even worse day before rallying late in the day, when Israeli Prime Minister Benjamin Netanyahu suggested the war could end faster than people think. Meanwhile, Alibaba fell after its latest revenue figures disappointed investors.   DON’T WORRY, BE HAPPY Scrolling makes English-speaking countries sadder Illustration depicting unhappy English-speaking countries Nick Iluzada Not living in an English-speaking country and being unfamiliar with terms like “mogging” might make you happier, according to the World Happiness Report, released this week. While Finland, Denmark, and Iceland topped the happiness ranking of 140 countries, people weren’t so chipper in the anglosphere, where reported joy has continued to dip since 2012. Researchers attribute it in part to heavy social media use. The US (No. 23), UK (No. 29), Canada (No. 25), Australia (No. 15), and New Zealand (No. 11) each failed to make the Top 10 for the second year in a row. But they were far from the bottom of the list, which was occupied by war-torn and poverty-stricken countries like Afghanistan, Sierra Leone, and Yemen. Terminally online youths are While young people in most places cheered up in recent years, English-speaking countries and Western Europe saw drops in youth happiness. The report’s authors blame souring moods on excessive phone time—especially among teenage girls: A survey of US college students found that the majority wished social media didn’t exist but felt they had to use it to stay connected with friends and family. Low social media use was associated with the greatest level of happiness, according to a study cited in the report. However, some countries with high-screen-time tendencies didn’t see a drop in teen happiness—perhaps an effect of the type of scrolling. Studies suggest that use of platforms featuring updates from people you know IRL—like WhatsApp and Facebook—can improve well-being, while hours of influencer content from algorithmic apps like Instagram, TikTok, and X are detrimental to mental health. The findings of the global vibe-check come as countries including France and Denmark consider following Australia’s lead in banning social media for teens. Meanwhile, some say literally touching grass…might be the secret, pointing to No. 1 happy country Finland’s national obsession with the simple pleasures of the outdoors.—SK     Presented By Prime Video Clock in for a new season Prime Video Jury Duty fans (the show, not the civic duty, although that in itself is noble), we’ve got good news. Jury Duty is back with Jury Duty Presents: Company Retreat. That’s right. The next installment in the social experiment that captivated audiences in Season 1 is leaving the courthouse and heading to a company retreat for Rockin’ Grandma’s Hot Sauce, a (fake) beloved family business where the future of the company hangs in the balance. At the center of it all is a new hero, a lovable optimist who has no idea the entire retreat has been staged around him. The show is streaming today, with new episodes out every Friday. Because who doesn’t love post-viewing weekly memes? Clock in and grab some popcorn. WORLD Tour de headlines Pete HegsethWin McNamee/Getty Images Pentagon seeks $200 billion to fund Iran war. The Department of Defense asked for the 12-figure sum in a request sent to the White House, the Associated Press reported. The request would need to be approved by Congress, where its fate is unclear, given bipartisan unease with the scope of the Trump administration’s operation in Iran. At a press conference yesterday, Defense Secretary Pete Hegseth seemingly confirmed the report, saying, “It takes money to kill bad guys” and “that number could move.” The war had already cost the US about $12 billion as of Sunday—or roughly $1 billion per day since it started. MLB inks multiyear deal with Polymarket. Major League Baseball has an official prediction market partner, just in time to bet on how early the Pittsburgh Pirates will be eliminated from postseason contention this year. According to Front Office Sports, the deal could be worth as much as $300 million and would give Polymarket exclusive rights to team logos. Polymarket also has partnerships with the NHL (as does Kalshi), MLS, and UFC. News of MLB’s deal comes despite the league warning players last year not to use prediction markets. Meta is not killing the metaverse after all. The 12 people who still hang out in Horizon Worlds appear to have saved the digital space from total annihilation. Meta revealed yesterday that it’s backtracking on its decision to shut down the metaverse for Quest virtual reality headsets, and will instead leave it open “for the foreseeable future.” Meta CTO Andrew Bosworth said the about-face was made to “support the fans who’ve reached out.” Meta, which renamed itself from Facebook in 2021 as it pivoted to developing the metaverse, has since shifted away from the idea in favor of AI.—AE NO PATENT, NOVO CRY Generic Ozempic is coming to billions of people Ozempic GLP-1 weight loss injection pen Steve Christo/Getty Images Novo Nordisk is already struggling with competition in the US, and it’s about to hurt elsewhere, too: The drugmaker’s semaglutide patent expires today in some of the world’s most populated countries, including India and China, where low-cost Ozempic and Wegovy generics will soon be available to billions of people. Patients there who can’t afford Novo’s name-brand blockbusters are expected to jump on the generic versions: In China and India, where 1.1+ billion adults are overweight or have diabetes, Ozempic and Wegovy can cost between $100 and $200 per month. Analysts predict that generic prices could ultimately sink to $15/month amid fierce manufacturer competition—about 50 generic semaglutide brands are expected to enter India alone, some as soon as this weekend. Within months, generics will likely flood China, Brazil, Turkey, South Africa, and Canada as well. Ahead of the expirations, Novo tried to get generics blocked in India, China, and Brazil, and lowered prices in China and India. In the US…Novo’s GLP-1s will remain patent-protected into the 2030s. Meanwhile…Novo archnemesis Eli Lilly said yesterday that its experimental diabetes shot outperformed all diabetes drugs on the market in a recent study. Also yesterday, the FDA approved a higher-dose version of Wegovy, which Novo hopes will help it to regain ground against Lilly’s Zepbound.—ML     Together With LegalZoom A big W for your future LLC. If only someone with 25 years of experience could help you form and maintain your LLC. Oh, wait. That’s LegalZoom. Their intuitive platform guides you through the process in minutes. Avoid costly mistakes with the help of their team, and get it done right the first time. Get 25% off LLC formations today. PERMISSION TO DANCE? The boys are back from the army BTS comeback tour Jung Yeon-je/Getty Images The only approved reason to wake up early on Saturday morning used to be to catch a cheap flight, but tomorrow, K-pop group BTS will make their long-awaited comeback with a live performance at 7am Eastern (8pm in South Korea) on Netflix. The group will take the stage in front of the Gyeongbokgung palace—a historic Korean cultural and political landmark—for their first performance in nearly four years. Mirroring Elvis’s return to the limelight, the show marks BTS’s official return from a hiatus that started in October 2022, when all seven members had to put music on pause to complete their mandatory military service: Just ~22,000 free tickets were given out, but around 260,000 people (about the population of Toledo, OH) are expected to generate holiday-level spending for local businesses in Seoul. The Seoul show could generate roughly $177 million for the city from flights, hotels, and food. The government raised the terror alert in the area and plans to deploy thousands of police officers. Taylor Swift, who? BTS will head off on their 34-city, 82-show world tour in April, and some projections have it rivaling Swift’s record-setting $2.2 billion tour. The Eras Tour’s stops in the US averaged $50–$70 million in economic impact per concert. A conservative estimate from Bloomberg projects BTS will make more than $800 million from ticket and merchandising sales alone, according to Bloomberg.—MM     STAT Prime number: Uber’s $1.25b bet on Rivian Uber signs deal with Rivian for RobotaxisRivian The EV-maker with a name that sounds like it treats moderate-to-severe plaque psoriasis just got a big-time investment to expand its robotaxi reach. Uber announced yesterday that it’s tossing Rivian more than 1.2 billion buckaroos as part of a plan to deploy 50,000 autonomous cars in the US and other countries through 2031. If you live in San Francisco, Miami, or a number of other cities, your future Uber could be a Rivian with no one in the driver’s seat. But it might also be a Lucid, Volkswagen, or one of the several other automakers with whom Uber has partnered for driverless rides.—AE Together With Rugiet In the bedroom, your brain runs the show. Rugiet Ready® is a 3-in-1 ED med that can prime your brain for arousal and boost blood flow where it counts. It dissolves under your tongue, so it works in as fast as 15 minutes and lasts up to 36 hours. Use code MORNINGBREW to get 20% off. QUIZ Friday news quiz Friday news quiz banner The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to your bank account balance looking kinda plumpy once that IRS refund check hits. It’s that satisfying. Ace the quiz. NEWS What else is brewing Joe Kent, the US counterterrorism official who resigned this week in protest of the Iran war, is under investigation by the FBI for potentially leaking classified information. President Trump signaled continued support for an investigation into Federal Reserve Chair Jerome Powell, even though it would likely delay the confirmation of his nominee for Powell’s successor. Small airports could close next week if the Department of Homeland Security shutdown does not end, Transportation Secretary Sean Duffy said. Three people affiliated with Supermicro, including co-founder Wally Liaw, were charged by US federal authorities with conspiring to illegally smuggle advanced Nvidia AI chips into China. Eight states sued to block Nexstar’s proposed $6.2 billion takeover of its local TV station rival, Tegna, arguing that it’s illegal and would raise prices for consumers. Crypto.com is laying off 12% of its staff as it integrates AI, proclaiming that “companies that do not make this pivot immediately will fail.” Joseph Duggar, one of the former stars of 19 Kids and Counting, was arrested on Wednesday for allegedly molesting a 9-year-old girl in 2020. Four years ago, his older brother Josh was sentenced to over 12 years in prison for possessing child pornography. ABC pulled this season of The Bachelorette amid allegations of domestic abuse against its titular star, Taylor Frankie Paul. RECS To-Do List Eat: This tinned fish starter pack is a surprisingly good gift.** Fill ’er up: The 20 states where gas prices are rising the most. Wash: Experts weigh in on whether expensive shampoos are really worth it. Search: A site that estimates how many civilizations exist in our galaxy. What to cut when money’s tight: Check out this list of 19 things to eliminate from your budget and help you breathe a little easier (most people ignore #11).* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Jigsaw: It’s tea time in our semimonthly picture puzzle feature. Play the Jigsaw here. Friday puzzle What is the only number whose letters (when it’s spelled out) are in alphabetical order in English? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Forty Word of the Day Today’s Word of the Day is: about-face, meaning “a reversal of attitude, behavior, or point of view.” Thanks to Eric from New York City for the suggestion. Submit another Word of the Day here.           Written by Adam Epstein, Sam Klebanov, Molly Liebergall, Matty Merritt, and Holly Van Leuven Was this email forwarded to you? Sign up here. 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The Fed kept interest rates unchanged amid war worries...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqnp3p.2exxe/5c473215.gif" alt="" border="0" /></a> March 19, 2026View Online | Sign Up | Shop Morning Brew Presented By Elf Labs March Madness is upon us. Reminder that the keyboard shortcut for switching browser pages is Ctrl + Tab, in case anyone plans on having something nonwork-related on their screen all day. —Matty Merritt, Molly Liebergall, Dave Lozo, Holly van Leuven, Abby Rubenstein MARKETS Nasdaq 22,152.42 -1.46% S&P 6,624.70 -1.36% Dow 46,225.15 -1.64% 10-Year 4.259% +6.0 bps Bitcoin $71,327.87 -4.61% Macy's $17.72 +4.73% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: Stocks sank like a penny tossed into a fountain yesterday after the Fed left interest rates unchanged amid a hazy economic outlook due to the Iran war, and Jerome Powell expressed concerns about inflation (more on that below). One bright spot was Macy’s, which rose after reporting better-than-expected earnings.   Markets Sponsored by Elf Labs Last chance to invest in their private round: 500+ IP assets. $15m+ royalties to date. Round closes at midnight. Invest now. DON'T MOVE What the Fed’s decision to hold steady means Jerome Powell Anna Moneymaker/Getty Images It’s that time again for a group of central bankers to do nothing—and for it to mean everything. As expected, the Federal Reserve voted almost unanimously yesterday to hold interest rates steady between 3.5% and 3.75% for a second consecutive meeting. An expected 2.7% inflation rate by the end of the year and the war in Iran dashed any hope for rate cuts this time around—but there’s still hope for the latter part of this year. So, what’s new? The Fed’s post-meeting statement explaining the group’s decision is almost an exact Ctrl + C of its note from its last meeting in January, but with an added line stating that the “implications of developments in the Middle East for the US economy are uncertain.” That’s Fed speak for “global oil markets are not looking great, but it’s too early to tell.” The war adds a new dimension to the Fed’s efforts to balance concerns about inflation and the labor market. The Fed’s crystal ball: The Fed’s “dot plot,” which anonymously shows committee members’ rate expectations during the year, remained unchanged from what they predicted in December. It’s looking more likely that there will just be one quarter-point cut this year and another in 2027. “The forecast is that we will be making progress on inflation, not as much as we had hoped, but some progress on inflation,” Fed Chair Jerome Powell said. The rate’s not the only thing that could stay. Powell’s term as head of the Fed is set to expire in May. Trump—who has publicly bashed Powell for not aggressively cutting rates—named former Fed governor Kevin Warsh as his replacement in January. But GOP Senator Thom Tillis has vowed to block Warsh’s confirmation until the DOJ ends an investigation into Powell over the renovation of the Fed’s headquarters that critics have called an intimidation tactic to get rate cuts. Powell said yesterday he’d continue to act as chair until Warsh is confirmed and stay at the Fed until the probe ends.—MM     Presented By Elf Labs Last call: Imagine buying Disney at $1/share Elf Labs The biggest studios in entertainment were built on globally recognized character IP. After 10 years of historic legal victories, Elf Labs owns 500+ iconic character assets, including Cinderella, Snow White, Rapunzel, and more. They’re bringing them to life with multipatented immersive technology across media, gaming, and consumer products—a $2t market. The company just closed a major motion picture deal in a milestone about to reshape their financial trajectory. This is your final chance to invest. After that, this private round is closed for good. Invest now. WORLD Tour de headlines Explosion in TehranFatemeh Bahrami/Getty Images Oil prices spiked after attack on Iranian gas field. Global oil prices reached above $111 a barrel yesterday after Iran vowed to retaliate against an Israeli strike on a major gas field, saying that it now considered energy infrastructure across the Gulf as “legitimate and prime targets” and striking a major Qatar fuel hub. With Iran still choking off the Strait of Hormuz in response to the US and Israel’s attacks, the Trump administration is taking steps to keep oil prices in check, including lifting Jones Act shipping restrictions for 60 days. Vice President JD Vance and other lawmakers are meeting with oil executives today. Meanwhile, the war continues to intensify, with Israel saying it had killed Iran’s intelligence chief in its third assasination of an Iranian leader in two days.   A new CEO stepped into the mouse ears. Disney’s Bob Iger era is officially over (for the second time) as Josh D’Amaro had his first day yesterday as king of Cinderella’s castle Disney’s CEO. D’Amaro, who most recently was the head of the company’s experiences unit, which includes theme parks and cruises, takes over as Disney looks to use its parks and streaming platform to magic up some growth for investors as its stock price has barely budged over the past decade (though it was down ~10% for the year leading up to yesterday). It got heated for Trump’s DHS pick during a Senate hearing. Oklahoma Republican Markwayne Mullins faced his fellow senators yesterday as the nominee to replace Kristi Noem as the head of the Department of Homeland Security—and it wasn’t a very collegial meeting. Mullins presented himself as a lower key leader than Noem who would keep the agency out of headlines. But senators questioned his views and temperament. Sen. Rand Paul, whom Mullins had previously called “a freaking snake,” accused Mullins of having “anger issues” and later told Semafor he’d vote against confirmation.—AR BALL IS LIFE WNBA stars just got *paid* Steph Chambers/Getty Images After more than a year of tense negotiations, the WNBA and its players’ union verbally agreed to a new collective bargaining deal yesterday that’s expected to achieve much of what the shirts shown above called for—including boosting some salaries beyond $1 million for the first time ever. Details still need to be finalized and formally approved, but sources told ESPN that: Average salaries will quintuple to ~$600,000 (from $120,000), while minimum pay will surpass $300,000 (from ~$66,000). Salary caps (each team’s maximum cumulative pay) will start at $7 million, up from $1.5 million. Supermax salaries (extension contracts for elite players) will start at $1.4 million, up from ~$250,000. Players will share in nearly 20% of league revenue on average, up from 9.3% (a 50/50 split is customary in men’s sports, for context). Under the new deal, WNBA players won’t feel “a sense of lack,” union president Nneka Ogwumike told reporters around 3am, following 100+ hours of negotiations over the previous eight days. WNBA Commissioner Cathy Engelbert called it “a fair win-win for all.” Crunch time: More than 80% of WNBA players are currently free agents, meaning teams only have weeks to negotiate new contracts before the season starts on May 8.—ML     SCREEN TIME An AI version of Val Kilmer will headline a movie AI resurrection of Val Kilmer in As Deep As The Grave Coerte Voorhees With the blessing of the late actor and his family’s estate, Val Kilmer will appear posthumously (sort of) in a new movie through generative AI, per Variety. Six years ago, the star of Heat and Tombstone was cast in the independent film As Deep as the Grave. However, due to the Covid-19 shutdown and the progression of his throat cancer, Kilmer never shot a scene before his death in 2025. As an indie project, the cost of reshooting was prohibitive, leading to the decision to use a digital version of Kilmer built through footage provided by his family: Director Coerte Voorhees said, “It’s what Val would have wanted.” It’s not Kilmer’s first AI performance. The actor worked with Sonantic to provide an AI version of his voice for his role in 2022’s Top Gun: Maverick, per Fortune, although sources told Variety that AI was not used in the film. In recent years, deceased actors have been brought back to life in movies using CGI technology with consent (but not without controversy)—a list that includes Carrie Fisher (Rogue One), Ian Holm (Alien: Romulus), and Harold Ramis (Ghostbusters: Afterlife). A preview of coming attractions: SAG-AFTRA’s contract with movie studios expires in June. Among the union’s demands for a new deal is a “Tilly tax,” named for AI Katy Perry knockoff Tilly Norwood, that would pay the guild a fee when AI actors are used.—DL     STAT Prime number: Hot dog! An illustration of dogs with a French bulldog on top wearing a crown and a daschund jumping to new heightsNick Iluzada If you like your dogs with tiny legs and elongated torsos, you’re not alone: Dachshunds made it onto the list of the most popular dogs in the US for the first time in more than two decades this year. According to the American Kennel Club’s rankings, which are based off its registry—which doesn’t account for mixed-breed dogs (even designer doodle types): The French bulldog remains top dog, a spot the breed has occupied since 2003. But the smoosh-nosed pups’ moment at the apex of the dogpile may be ending: ~54,000 Frenchies were registered last year, which is half as many as the year they first topped the list. Longtime most-popular Labrador retrievers maintained the No. 2 slot, followed by golden retrievers, German shepherds, and the dachshund. Whatever the breed (or species), Americans are spending big on their pets. Spending on pet care was expected to be $157 billion last year, according to the American Pet Products Association. Lucky for the pooches, that buys a lot of treats.—AR Together With Elf Labs Elf Labs Last call to invest. Imagine buying Disney at $1/share. After a 10-year legal effort, Elf Labs won historic rights to Cinderella, Snow White, and 500+ iconic character assets. The team is behind $6b in licensing transactions and just reserved their Nasdaq ticker: $ELFS. This is your last chance to invest before their round closes tonight. NEWS What else is brewing César Chavez, the long-admired leader of the United Farm Workers union, was accused in a New York Times investigation of sexually abusing women and girls in the workers movement, including labor rights activist Dolores Huerta. US wholesale prices rose more than twice as fast as expected last month, according to data released yesterday by the Bureau of Labor Statistics. Micron nearly tripled its revenue last quarter as it benefitted from the memory supply crunch. Meta is offering to pay popular creators from TikTok and YouTube to post on Facebook. Trevor Milton, the founder of Nikola whose fraud conviction President Trump pardoned, is trying to raise $1 billion to develop AI-powered planes. The Oscars garnered 17.86 million viewers on ABC and Hulu, making it the awards’ least-watched telecast since 2022. RECS To-Do List Cook: A finishing olive oil that will take your dips and cheese boards to the next level.** Play: A new game turns Wikipedia articles into playing cards that can battle like Pokémon. Travel tip: Why you really shouldn’t retrieve the phone you drop between airplane seats yourself. Be secure: Try not to let AI generate your passwords. Hearing aids got interesting: Sharp, nearly invisible, and German-engineered, hear.com’s Horizon IX make conversations effortless. Every word. Every time. Trusted by 540,000+. Start your 45-day no-risk trial.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Mini: Your sample clue for today is “Guys on a crew team.” Play the Mini here. Three Headlines and a Lie Three of these headlines are real and one is faker than a quick trip to the post office. Can you spot the odd one out? How scientists unlocked the secret of a $400 skin cream: Playing music to kelp Why rich men in Palm Beach love these loud pants The HR exec from the viral Coldplay ‘Kiss Cam’ video says she can’t get a job: ‘I’m dying to get back to work’ Judge rules Pennsylvania school can’t ban farting SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER We made up the one about the fart ban. Word of the Day Today’s Word of the Day is: posthumously, meaning “after the death of the person in question.” Thanks to Maria from Washington DC for the lively suggestion. Submit another Word of the Day here. ✢ A Note From Elf Labs Comparisons to other companies are for informational purposes only and should not imply similar results. This is a paid advertisement for Elf Labs’ Regulation CF offering. Please read the offering circular at https://www.elflabs.com/. Timelines are subject to change. Listing on the Nasdaq is contingent upon necessary approvals, and reserving a ticker symbol does not guarantee a company’s public listing.           Written by Abigail Rubenstein, Matty Merritt, Molly Liebergall, Dave Lozo, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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OpenAI moves ahead with X-rated ChatGPT...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqnabu.2el0c/21427511.gif" alt="" border="0" /></a> March 18, 2026View Online | Sign Up | Shop Morning Brew Presented By Bland AI Rise and shine. Update: Punch, the tiny monkey who broke hearts last month because he was having trouble making friends in his enclosure, now has a “girlfriend,” according to reports. He was recently seen canoodling with a female macaque named Momo-chan. Sources say that while the couple first met on the enclosure’s sunning rock, they didn’t actually get together until they matched on Peeld. —Dave Lozo, Sam Klebanov, Matty Merritt, Adam Epstein MARKETS Nasdaq 22,479.53 +0.47% S&P 6,716.09 +0.25% Dow 46,993.26 +0.10% 10-Year 4.202% -2.0 bps Bitcoin $74,547.47 +0.80% Delta $64.83 +6.56% Data is provided by *Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean. Markets: Stocks did an impression of a guy walking in the same direction as someone but who doesn’t want to get too close lest they think he’s following them, and advanced cautiously yesterday amid more attacks in the Middle East. Meanwhile, Delta jumped after it said it’s still seeing a lot of travel demand.   TALK FLIRTY TO ME OpenAI wants a sexy ChatGPT Illustration of the ChatGPT interface showing a risque conversation between the user and ChatGPT, with suggestive emoji and censor bars. Morning Brew Design “It’s smut, not pornography” may sound like something Doug would tell Carrie on The King of Queens, but it’s also OpenAI’s justification for pushing forward with “adult mode” for ChatGPT, which will allow for sexy chats despite objections from the company’s advisory council: Insiders told the Wall Street Journal that those advisors were freaking out about the plans to bring Her closer to reality, since AI-powered erotica could create unhealthy emotional dependence, and minors could access the sex chats despite safeguards. One expert said that, following at least one documented suicide involving a child having sexualized chats with a Character.AI bot, adding a seductive tone to ChatGPT may turn the bot into a “sexy suicide coach.” OpenAI has delayed the release of “adult mode,” but still reportedly plans to launch it later this year. Sex sells…but at what cost? xAI has a scantily clad avatar named Ani within its Grok chatbot, while Meta’s bot can engage in romantic roleplay. With AI erotica expected to be a source of major revenue, ChatGPT making users think its signature AI is into them is likely inevitable. Despite OpenAI’s “it’s not porn” stance, others outside the company believe problems lie ahead. Billionaire Mark Cuban has argued that kids could develop dangerous relationships with AI, leading to a loss of trust among parents, who could turn elsewhere for their AI needs. Per Ars Technica, OpenAI’s age-verification system was misclassifying minors as adults 12% of the time. Zoom out: While one side of the building figures out how to get neon “XXX” signs on the facade, another told the Wall Street Journal on Monday that top executives want OpenAI to stop focusing on “side quests” and put more attention on its core business products. The AI giant is chasing Anthropic’s Claude Code and Cowork, which have emerged as the go-to options for businesses. Fidji Simo, OpenAI’s CEO of applications, said Anthropic’s success should serve as a “wake-up call.”—DL     Presented By Bland AI Call holding… Bland AI Your customers are sick of phone trees and hold music. Have faster, smarter customer conversations with Bland AI. Bland AI automates phone calls for 250+ enterprise customers. Here are some of the outcomes Bland AI has driven for businesses: Idaho Finance saved $750k/year by replacing its IVR with Bland’s AI voice agents. MyPlanAdvocate added $40m/year by automating its inbound lead qualification. Needle saved $1m/year by automating outbound calls. Book a demo today to see how Bland AI can work for your business. WORLD Tour de headlines Joe Kent resigns over Iran warTom Williams/Getty Images Top US counterterrorism official resigns over Iran war. Joe Kent, the director of the National Counterterrorism Center, announced his resignation yesterday, saying he could not “in good conscience” support the Trump administration’s war against Iran. “Iran posed no imminent threat to our nation,” Kent said, before alleging that the US started the war due to pressure from Israel. President Trump, who nominated Kent for the role last year, said he was a “nice guy” but “weak on security.” Before becoming a top counterterrorism official, Kent served in the US Army and as a paramilitary officer with the CIA. His nomination had been opposed by Democrats because of his ties to far-right figures and conspiracy theories. House subpoenas Attorney General Pam Bondi for Epstein deposition. The House Committee on Oversight and Government Reform said that it subpoenaed Bondi yesterday, requiring her to testify on April 14 about the Justice Department’s handling of documents related to the convicted sex offender Jeffrey Epstein. Per CNBC, the committee wants to question Bondi over her department’s compliance with the bipartisan Epstein Files Transparency Act, which mandates that the DOJ publicly release all information connected to the investigation into Epstein. Commerce Secretary Howard Lutnick also voluntarily agreed to testify after the documents revealed that he had visited the disgraced financier’s private island in 2012. Arizona filed criminal charges against Kalshi. The Grand Canyon state is now the first US state to formally charge the prediction market platform with a crime, as several others threaten legal action. “Kalshi may brand itself as a ‘prediction market,’ but what it’s actually doing is running an illegal gambling operation and taking bets on Arizona elections, both of which violate Arizona law,” the state’s attorney general, Kris Mayes, said. A Kalshi spokesperson responded by saying that the company is federally regulated by the US Commodity Futures Trading Commission. Arizona’s criminal charges “will likely be the first of several,” one expert told Bloomberg.—AE UNPREDICTABLE Reporter says Polymarket bettors threatened him Polymarket on a phone Mateusz Slodkowski/Getty Images Sometimes the danger for conflict correspondents comes from gamblers. The Times of Israel war reporter Emanuel Fabian revealed in an article yesterday that people tried to intimidate him into changing a story about a recent Iranian missile strike so they could win a bet on the prediction market Polymarket.  After the journalist broke the news of an Iranian ballistic missile hitting an open area near the Israeli town Beit Shemesh on March 10, he began receiving threats from bettors accusing him of misreporting the incident. The DM mob claimed an interceptor missile fragment caused the explosion captured on video. Polyracket attempt Fabian, who stands by his reporting, realized that the people attempting to cow him into issuing a correction had skin in the game beyond worrying about media accuracy: He discovered the threats (and bribe offers) were coming from people who bet on Polymarket that an Iranian projectile wouldn’t strike Israel on March 10 without being intercepted—a market with over $14 million in trades. After Fabian reported the harassment to the police and to Polymarket, the platform said it banned the accounts of those involved for violating its rules. It’s just the latest allegation…of prediction market foul play. An Israel Defense Forces reservist was recently indicted for using classified information to place Polymarket bets, as the prediction market and its rival Kalshi work to crack down on insider trading.—SK     Together With Webull Call the play. The March college basketball tournament is live, delivering single-elimination intensity and daily opportunity. Every matchup brings fresh data, from injuries to seeding to pace. With Webull Predictions, trade game winners, spreads, the national champion, and more in real time through the final buzzer. Get started. CHEESE IS CUT Kraft wants you to bulk up with the blue box Illustration of Mac and Cheese noodles lifting weights. Niv Bavarsky It tastes like nostalgia, but with more macros. Yesterday, Kraft Heinz announced PowerMac, a version of its iconic mac and cheese with more than double its original protein—and it doesn’t even include chopped-up bits of hot dog. The mega food conglomerate is hoping its new mac can restore its grip on the dry goods aisle as everyone from Khloé Kardashian to Buffalo Wild Wings pumps out protein-enriched foods. Kraft has spent the last year revamping its little noodles with new flavors, more cheese, and larger boxes. The legendary brand has lost about 6% of its market share since 2022 to the better-for-you brand Goodles, according to market-research firm Circana. It’s not just the mac. Since its industry-shaking merger in 2015, Kraft Heinz has struggled to grow its 56 different product categories, getting lapped by smaller, health-conscious startups and cheaper private-label brands. After being named CEO in January, Steve Cahillane said last that the company would scrap plans to undo the merger, and instead will spend $600 million this year on marketing, promotions, and R&D to regain market share.—MM     STAT Prime number: The wellness retail takeover Person working out at gymErin Clark/Getty Images If it feels like you’ve been seeing a lot of Planet Fitness gyms and red-light therapy spas that also offer $1,000/month nutrition plans for your dog...it’s because you have. Last year, for the first time ever, service-based businesses (e.g., gyms and salons) accounted for more than 50% of retail space in the US, eclipsing stores that sell actual things, the Wall Street Journal reported. The reasons are twofold: The social-media-driven boom in health and wellness has increased demand for places that help make Americans healthy and well. But, perhaps more importantly, “stores that sell stuff” don’t need as much physical space as they used to. The share of total retail sales that came from e-commerce doubled last year to 16% compared with a decade ago. That’s left more retail space for your favorite bespoke breathwork concierge or whatever.—AE Together With Vuori The Sunday-best flex. Vuori’s Sunday Performance Short 8″ is engineered for breathable, moisture-wicking comfort through low- to mid-intensity training. The full Sunday Collection keeps pace through gym sessions, light runs, and recovery. It works hard, rests well, and never looks like it forgot leg day. Get 20% off your first order with code NEWBREW20.* NEWS What else is brewing Israel said it killed Iran’s security chief, Ali Larijani, in an airstrike. Afghanistan said that Pakistan launched an airstrike on a drug rehabilitation hospital in Kabul on Monday, killing at least 400 people. Amazon launched one-hour and three-hour delivery options in hundreds of US cities. Greece is preparing to ban social media for people under 15, joining countries like Spain, France, and Portugal in restricting apps for teens. Apple CEO Tim Cook shut down speculation about his retirement, telling Good Morning America that he “can’t imagine life without Apple.” Warner Bros. Discovery CEO David Zaslav could reportedly receive as much as $800 million in payments when Paramount Skydance acquires the company. An upcoming heat wave in the Western US is expected to shatter temperature records for March and April, meteorologists predicted. RECS To-Do List Run: Running shoes that are cushy and stable at the same time.** Discuss: The 100 most stylish movie characters of all time, ranked. McFix: A map that shows every McDonald’s in the US and whether its ice cream machine is broken. Learn: An infographic explaining how quantum computing actually works. A golden opportunity: Opportunity’s knocking, and Thor Metal Group knocks hard. Their quick-start guide on gold IRAs helps get your foot in the door with precious-metal market investing for retirement. Download it here.* Take a sip: Read all about how Green Coffee Company is disrupting the $245b industry + how you can get involved.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Word Search: Can you tell a Van Gogh from a Vermeer? This week’s puzzle is all about famous paintings. Play Word Search here. Geography trivia What are the only two US states that appear within their own capital city’s names? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Oklahoma (Oklahoma City) and Indiana (Indianapolis) Word of the Day Today’s Word of the Day is: bespoke, meaning “made for a particular customer or user.” Thanks to Ed from Woodstock, GA, and others for the suggestion. Submit another Word of the Day here. ✳︎ A Note From Webull Event contract trading is speculative and may not be suitable for all investors. Sports-related event contracts are limited in Nevada and Maryland. Customers should carefully consider the risks before investing. For more information, visit webull.com/disclosures. ✳︎ A Note From Vuori *Promotion code NEWBREW20 will be valid through March 20, 2026 at 9pm PST.           Written by Adam Epstein, Dave Lozo, Sam Klebanov, and Matty Merritt Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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Robots are being trained on Pokemon Go data...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqmltd.2e66e/0ee45b9c.gif" alt="" border="0" /></a> March 17, 2026View Online | Sign Up | Shop Morning Brew Presented By Miso Robotics What’s the craic? Today is Saint Patrick’s Day (take that, snakes), so throw on some green, read some Yeats, and bake a shepherd’s pie. Should you decide to take your celebrations further than that, remember, it’s Tuesday. —Sam Klebanov, Dave Lozo, Molly Liebergall, Neal Freyman, Abby Rubenstein MARKETS Nasdaq 22,374.18 +1.22% S&P 6,699.38 +1.01% Dow 46,946.41 +0.83% 10-Year 4.220% -7.0 bps Bitcoin $74,405.72 +3.25% Meta $627.45 +2.33% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: Traders remained focused on the Middle East yesterday, with stocks rising as oil prices pulled back some. Stock spotlight: Meta got a boost from a Reuters report that it plans to lay off 20% of its staff to balance out its AI spending even though the company called it “speculative.”   Markets Sponsored by Miso Robotics Take a bite: Miso Robotics’ Flippy Fry Station robot has already fried up millions of orders for fast-food restaurants—a $1t market. Learn more and invest here. SAFETY BUBBLE POPPED Some fear Dubai won’t be the same after attacks Explosion at Dubai airport AFP/Getty Images Since the war in Iran began, drone attack videos have coexisted with photos of influencers sipping on gold-flaked cocktails when it comes to Dubai’s image. Yesterday, an Iranian drone struck the Dubai International Airport, causing a fire. There were no injuries, but flights were paused for hours at what is, in peacetime, the world’s busiest airport for international travel. Iranian attacks have killed four people in the UAE as Iran has retaliated against attacks from the US and Israel with strikes throughout the region. Shrapnel damaged several luxury landmarks in Dubai—shaking its reputation as an amenities-rich playground for the world’s wealthy who are often shielded from nearby regional conflicts. Flight not flights Dubai’s location between Europe and Asia made its main airport a natural global hub connecting 291 cities and serving 95 million passengers last year—among them 19.6 million tourists flocking to Dubai’s clubs, beaches, and shopping malls. Now, the UAE’s flagship carrier, Emirates, famous for in-flight bougieness, has cut US-bound Airbus A380 flights by 51% in March, according to a Simple Flying analysis. Passengers flying to Dubai in recent days posted videos of eerily empty planes—to complement photos of the city’s usually bustling beaches and markets looking like ghost towns. Besides tourists, Dubai’s economy rests on millionaires and white-collar expats continuing to live and spend there: Some worry about permanent capital flight, with lawyers and asset managers telling the Wall Street Journal that clients have inquired about transferring money out of Dubai amid the conflict. Dubai is particularly vulnerable to population loss as almost nine in 10 residents don’t have citizenship status and many lack a sense of rootedness in the city, urbanist Richard Florida argued in the New York Times. Dubai has over 80,000 millionaires who are able to pack their bags amid a calamity. Keep calm and carry on…appears to be the message from UAE authorities, who have banned posting photos of damage from Iranian attacks. The country’s president visited a Dubai luxury mall in the conflict’s early days to project business-as-usual vibes.—SK     Presented By Miso Robotics “One of the largest industries ever” Miso Robotics That’s what NVIDIA CEO Jensen Huang said about robotics, aka “physical AI.” In fact, financial thought leader Ark Invest says it could be a $24 trillion global opportunity. So when Jensen Huang’s NVIDIA handpicked Miso Robotics to collaborate on cutting-edge robotics AI, the industry noticed. Miso’s AI-powered Flippy Fry Station robots have logged 200k+ hours in live kitchens for the $1t fast-food industry. Today, White Castle, Jersey Mike’s, Häagen-Dazs, Cinnabon, Auntie Anne’s, and more all use Miso’s tech. Now, with strategic investment from industry powerhouse Ecolab, Miso is boosting manufacturing capacity to target 100k+ US fast-food locations in desperate need. That’s a $4b/year revenue opportunity for the taking. Claim your piece as an early-stage Miso investor and unlock up to 7% bonus stock today. WORLD Tour de headlines Strait of Hormuz conflictRoberto Schmidt/Getty Images Allies wary of US’ call for coalition to reopen Strait of Hormuz. President Trump called on US allies, including NATO, to help reopen the crucial waterway for transporting oil, which Iran has effectively closed amid the war. Trump claimed yesterday that “numerous countries have told me they’re on the way.” Yet many close allies have not jumped to send ships: Germany said yesterday it would not, Japan and Australia also appeared unlikely to participate, and the UK and France said they were still considering the issue. Meanwhile, Trump, who also sought to get China involved over the weekend, said yesterday he had asked to push back his planned trade meeting with Xi Jinping because of the war. The weather outside your window has likely been extreme. More than half of the US population experienced extreme weather conditions yesterday, with AccuWeather estimating 200+ million people were at risk. Storms blanketed the Midwest in snow before heading east, where they brought strong winds and tornado risks to the coast. Thousands of flights were cancelled. Meanwhile, on the West Coast and Southwest, temperatures are expected to reach triple digits this week. And rains caused floods in Hawaii. Nvidia expects $1 trillion in chip sales through 2027. CEO Jensen Huang made the prediction at the company’s annual developer conference yesterday that the Blackwell and Vera Rubin chip would generate those sales, saying demand is booming. He showed off new chips, including the Groq 3 language-processing unit, which is designed to help support the industry shift from developing AI models to running them. The company also announced a chip to support data centers in space.—AR ONE CATTLE AFTER ANOTHER They’ve got beef: Meatpacking workers strike JBS Meatpacking facility strike Brice Tucker/Getty Images About 3,800 employees at the JBS-owned factory in Greeley, CO—one of the largest slaughterhouses in the US—yesterday initiated the first walkout from a meat-processing plant in four decades. The union claims wages are behind the pace of inflation and the company has created an unsafe working environment, which JBS refutes. The strike comes with the cost of beef soaring and JBS reporting $566 million in losses through the first nine months of 2025. The US cattle population is at a 75-year low, and that scarcity has led cattle ranchers to increase their prices, putting a strain on the bottom line for the meatpacking industry. Where’s the beef? The last time there was a strike at a US slaughterhouse was at a Hormel plant in Minnesota in 1985, according to the Greeley workers’ union leader, Kim Cordova. That work stoppage lasted a year. Going south: High prices are also affecting consumers—the average cost for a pound of 100% ground beef in February was $6.74, about a penny shy of an all-time high set in January, per the Bureau of Labor Statistics. To help offset the cost of cheese steaks and burgers, President Trump signed an executive order last month to quadruple beef imports from Argentina. US cattle ranchers argued the move will damage livelihoods while doing little to bring down beef prices.—DL     Together With Fidelity Private Shares® Fidelity Private Shares® Startup support squad. Startup life isn’t for the faint of heart. For all you brave souls willing to take on the trials, tribulations, and cap tables, you don’t need to go it alone. Fidelity Private Shares helps automate your startup equity management operations in a single collaborative hub. Check it out. A WILD AI MODEL APPEARED Pokémon Go to the polls train robots Illustration of Pokémon Go trainer scanning environment with their phone Niv Bavarsky Ten years ago you were catching Rattatas with the homies, and now all that work is going to help sidewalk droids deliver hoagies. The internet is reeling this week after learning that Niantic Spatial, part of the team from Pokémon Go, recently struck a deal to train food delivery robots using data the game collected from users. One of the world’s largest visual data sets. Niantic Spatial, an AI company spun off from Pokémon Go developer Niantic, built a model that can reportedly geolocate down to the centimeter using 30+ billion images captured by Pokémon Go users. Now: A Sam Altman-backed company called Coco Robotics will use this tool to teach its 1,000-bot fleet to better navigate Los Angeles, Chicago, and a few other cities where it operates. Coco expects Niantic Spatial’s model—which identifies locations by sight—to help in urban areas where tall buildings can interfere with GPS signals. Players may not have realized…a 2020 Pokémon Go feature called “Field Research” incentivized image collection by rewarding them for scanning real-world landmarks. Many users may feel duped by the robotics partnership: Niantic only announced its plan to build a navigation model using Pokémon Go data in 2024. Looking ahead…Niantic Spatial ultimately wants to build a live map of the entire world, a company executive told MIT Technology Review.—ML     STAT Prime number: Giving up on giving Morning Brew Design The year was 2010: A peplum top was standard going-out attire, Justin Bieber had just released “Baby,” and billionaires were signing onto the Giving Pledge—an effort backed by Warren Buffett and Bill Gates that asked the ultrawealthy to commit more than half their money to nonprofits. But much like the Blackberry as the go-to tech for busy business people, the pledge has significantly dipped in popularity since then. The New York Times reports: In the pledge’s first five years from 2010–2015, 113 people signed. Over the next five years, 72 signed one. And the next five garnered just 43 new signatories—with only four new sign-ons in 2024. Last year, 14 people signed. In the past two years, Coinbase’s Brian Armstrong unsigned, and Oracle’s Larry Ellison said he was amending his (nonbinding) pledge to enable giving to more for-profits. But despite growing backlash from the billionaires it’s aimed at amid a very different political climate and critics from the left, who assert signers aren’t giving away enough money, backers say it helped establish a new norm of giving among the wealthiest.—AR Together With T-Mobile Budget rewards, no gymnastics. Among rewards credit cards, T-Mobile Visa® keeps it simple: 2% back on every purchase, every day,* plus 5% on qualifying T-Mobile buys.** It’s one of the best rewards credit cards and loyalty programs with autopay discounts. Redeem for a device, accessories, or your bill.*** NEWS What else is brewing A federal judge temporarily blocked an order from Health Secretary Robert F. Kennedy Jr. slimming down the number of recommended childhood vaccines. Cuba suffered an island-wide blackout as its energy crisis caused by a US blockade continues. Bank of America has settled a lawsuit brought by victims of the late sex offender Jeffrey Epstein who accused the bank of facilitating his crimes. Susie Wiles, the White House chief of staff, has been diagnosed with breast cancer and plans to continue working while receiving treatment. US airline CEOs urged Congress to pay TSA staff during the DHS shutdown. Peloton is releasing bikes and treadmills for gyms, after demand slowed down as Covid restrictions were lifted. RECS To-Do List Play: Try your hand at Morning Brew’s crossword book. Watch: Why the banana is under threat.  Dine out: The 25 most iconic dishes from across the US. Reach for the stars: This game lets you draw your own constellations. Treat yourself: Making healthy choices doesn’t have to mean restriction. With FlavCity Protein Smoothies, you get the delicious flavor you crave with none of the added junk. Shop here.* *A message from our sponsor. PLAY Games available from Morning Brew Brew Mini: Holly finished today’s Mini in one minute flat. Can you beat that? Give it a try here. St. Patrick’s Day trivia Guinness’s logo contains an instrument, which faces right instead of left to be distinct from the Irish coat of arms. What is it? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER The harp Word of the Day Today’s Word of the Day is: incentivized, meaning “provided with a reason to do something." Thanks to Sheila from Seattle for giving us the perk of a suggestion. Submit another Word of the Day here. ✢ A Note From Miso Robotics This is a paid advertisement for Miso Robotics’ Regulation A offering. Please read the offering circular at invest.misorobotics.com. ✳︎ A Note From T-Mobile *T-Mobile Visa cardholders earn 2% back in T-Mobile Rewards on all other net purchases (purchases minus any credits or returns) using their T-Mobile Visa anywhere else Visa is accepted. **T-Mobile Visa cardholders earn 5% back in T-Mobile Rewards on net Qualifying Purchases (purchases minus any credits or returns) made online at T-Mobile.com and in the T-Life app, and at T-Mobile stores and Authorized Retailers (https://www.t-mobile.com/stores/locator). Qualifying Purchases include phones, devices, and accessories. Cash advances and balance transfers are not considered purchases and will not earn T-Mobile Rewards. Qualifying Purchases exclude payments for device equipment installment plan (EIP), wireless service, and prepaid wireless service, T-Mobile for Business, and other services. 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Dick’s Sporting Goods is stepping up its game...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqmae7.2fk20/72159966.gif" alt="" border="0" /></a> March 16, 2026View Online | Sign Up | Shop Morning Brew Sponsored by Apple Card Add some paper to tray 1. Selection Sunday has come and gone, which means it’s time to grab printable men’s and women’s March Madness brackets and partake in some good-old-fashioned colleague rivalry. If competition (or basketball) is not really your thing, consider filling out the brackets as an exercise in letting go of perfectionism: The odds of coming up with a perfect bracket are 1 in 9.2 quintillion if you were to pick each of the games via coin flip. Even if you know something about basketball, they improve to just 1 in 120.2 billion. —Brendan Cosgrove, Holly Van Leuven, Neal Freyman MARKETS: YEAR-TO-DATE Nasdaq 22,105.36 -4.89% S&P 6,632.19 -3.12% Dow 46,558.47 -3.13% 10-Year 4.285% +12.2 bps Bitcoin $72,775.17 -16.84% Adobe $249.32 -28.76% Data is provided by *Stock data as of market close, cryptocurrency data as of 12:00am ET. Here's what these numbers mean. Markets: The Dow, Nasdaq, and S&P 500 all finished down last week, but oil prices and investor anxieties are still high as the Iran war enters its third week. Stock spotlight: Longtime Adobe CEO Shantanu Narayen announced his exit last Thursday, and the software company immediately felt the After Effects, dropping more than 7% on Friday. AI headwinds may not help it recover quickly.   ON THE BALL Dick’s Sporting Goods is stepping up its game a Dick's Sporting Goods store Blake Callahan/Getty Images Dick’s Sporting Goods has looked like Dick’s Sporting Greats lately, roughly doubling its sales in the past 10 years. That’s in part due to the youth sports market, which has turned into an absolute juggernaut. According to the Aspen Institute: Youth sports are a $40 billion annual market in the US. In 2024, the average US sports family spent more than $1,000 on their child’s primary sport. That’s a 46% increase from 2019. Diamonds are a sports retailer’s best friend: If you’re searching for a magical spring, look no further than the fountain of youth baseball. Per Aspen, the average family’s annual spending on the sport jumped nearly 70% from 2019 to 2024. Dick’s positioned itself right in the middle of the action, selling young ballplayers everything but the grass stains. It’s not just luck. Dick’s has been investing in technology. In 2016, it acquired GameChanger, a score- and stat-keeping app popular with youth sports teams that makes nearly $150 million in annual revenue, according to the Wall Street Journal. Rewarding steps, rethinking footprints A couple weeks ago, the flagship Dick’s app even challenged AI heavyweights Claude, ChatGPT, and Gemini at the top of the iPhone App Store’s most downloaded chart, buoyed by a viral post that touted a feature on the app that lets you turn fitness milestones into loyalty points. The app has also been lauded for its product notifications and reservation system. Dick’s also plans to roll out dozens of new megastores it calls “Houses of Sport,” which are built to keep customers engaged and in the store, kind of like Bass Pro Shops, but replace the spinnerbaits with sliding mitts. Smaller size: Dick’s acquired competitor Foot Locker last year with plans to close a slew of underperforming stores. But store testing revealed that scaling back on inventory turned some of them around. Now, the slimmed-down “Fast Break” concept will roll out ahead of the next back-to-school season and is expected to drive growth for Dick’s. What’s in stock? Dick’s stock has outpaced the S&P 500 since 2020, but it’s down nearly 3% in the last year, partly due to growing pains from the Foot Locker acquisition.—BC     Sponsored by Apple Card A card for the whole crew Apple Card Did you know with Apple Card Family, you can share a single Apple Card account with up to five members? And that includes anyone who you consider family (read: no DNA tests required). Co-owners manage the account together and can set spending limits for Participants that help them learn smart spending habits. But the cherry on top? All purchases get unlimited Daily Cash back. Learn more about Apple Card Family. Terms apply. WORLD Tour de headlines a man pumping gas at a gas stationNurphoto/Getty Images Energy Secretary Chris Wright says gas prices will remain elevated while Strait of Hormuz is unsafe. On ABC News yesterday, Wright said there are “no guarantees in war at all,” and acknowledged there would be “some elevated pricing” at the gas pump until the war ends—although hopefully not the $5-per-gallon average that he reminded viewers was hit during the Biden administration. Separately, the Energy Information Administration, which is part of the Department of Energy, forecast that gas prices wouldn’t return to pre-war levels until 2028. In an interview with the Financial Times yesterday, President Trump said that NATO member nations should send warships to the Strait of Hormuz to help the US reopen it, and that if they failed to do so, it could be “very bad for the future.” There remains no timeline for the war’s end. FCC chairman threatens to revoke broadcast licenses over “news distortions.” In an X post on Saturday, Brendan Carr, the chair of the Federal Communications Commission, threatened to revoke broadcasters’ licenses over their coverage of the Iran war, accusing them of “running hoaxes and news distortions.” With his post, Carr shared a screenshot of a Truth Social post made by President Trump, in which he criticized a Wall Street Journal article’s headline for saying five US refueling planes were struck by Iran. Trump lodged the accusation that the WSJ and “other Lowlife ‘Papers’ and Media actually want us to lose the War.” The FCC does not regulate newspapers, the internet, or TV networks. The Foundation for Individual Rights and Expression criticized Carr for “his shameless willingness to bully and threaten our free press.” One Battle After Another dominated the Oscars. The Paul Thomas Anderson film has no more battles to win after taking home six Academy Awards last night, including best picture and best director. Sinners, its toughest rival, went home with four, including best actor for Michael B. Jordan, best original score for composer Ludwig Göransson, and best cinematography for Autumn Durald Arkapaw, the first woman to win the award. KPop Demon Hunters won best animated feature and best original song for “Golden.” Jessie Buckley completed her sweep of best actress awards after winning the Oscar for her work in Hamnet. See the complete list of winners here.—HVL DOGGED DETERMINATION Dog dad used AI tools to make successful cancer injection illustration of DNA and dogs Victor Habbick Visions/Science Photo Library/Getty Images A dog in need just gave ChatGPT the PR boost that the Ring camera people dreamed of. Paul Conyngham, a tech entrepreneur and machine-learning expert in Sydney, Australia, really loves his senior rescue mutt, Rosie. In 2024, she was diagnosed with mast cell cancer. Per The Australian, Conyngham spent thousands of dollars on the usual course of treatment—chemotherapy and surgery—which had poor results. Then, he turned to ChatGPT: The chatbot recommended immunotherapy, and provided guidance for finding an appropriate pharmaceutical. Then, Conyngham sought out scientists who could sequence Rosie’s genome, which was necessary for finding a drug that she specifically would respond to. The dog dad ran Rosie’s DNA sequencing data through the AI program AlphaFold. After the team identified a drug that would work for Rosie, its manufacturer refused to supply it. But they found a nanomedicine pioneer to create a custom mRNA injection for her. Conyngham said Grok designed the final construct for it. Results may vary AI tools played a critical role, but Conyngham’s extraordinary determination, including major investments of his own time and money, ultimately made this possible. According to Conyngham, after beginning the custom treatment in December, Rosie’s tennis-ball-sized tumor has shrunk by half, and she’s enjoying a higher quality of life, but her cancer wasn’t cured. Critics, including popular science communicator and cancer survivor Hank Green, are concerned that this one feel-good case study doesn’t generalize well.—HVL     Together With Elf Labs Elf Labs Oversubscribed. Final allocation remains. After blowing past their fundraising goal, Elf Labs opened one last chance to invest at this share price. Ten years of legal wins. 500+ iconic character assets. Nasdaq ticker reserved: $ELFS. Now, the round is closing for good. Join 3,500+ investors already in—and secure your shares before they’re gone. CALENDAR The week ahead spectators at London's St. Patrick's Day parade 2026Lucy North - Pa Images/Getty Images Heads up, Fed’s up: The Federal Reserve is widely expected to leave interest rates alone at its meeting this Wednesday, but there’s still some mystery afoot. Investors will watch how the central bank addresses the war in Iran, weak jobs numbers, and whether high oil prices could stoke inflation by seeping into the rest of the economy. The producer price index reading for February will also be released on Wednesday. Sláinte: Grab your green clothing and pour a pint of the black stuff. St. Patrick’s Day is tomorrow, or as it’s known to many Americans, “I Can’t Remember Which Way to Face This Claddagh Ring Day.” The holiday falls on a Tuesday this year, but US consumers are still expected to spend $7.7 billion, mostly on food and drinks, according to a National Retail Federation survey. That’s $700 million more than last year. Feel free to blast The Dubliners all day at work and yell “no, nay, never” at anyone who asks you to turn it down. This way lies Madness: A wild World Baseball Classic wraps up this week, with the USA set to appear in tomorrow night’s championship game. They will face either Venezuela or Italy, depending on how tonight’s semifinal game goes. Then, March Madness is upon us: the men’s and women’s college basketball tournaments tip off this week, with the first round set for Thursday and Friday, respectively. That means your brackets should be in shambles by Thursday and Friday evening, respectively. But wait, there’s more: Nvidia’s annual GPU Technology Conference (GTC) begins today with a keynote from CEO Jensen Huang. It ends on Thursday. US and Chinese trade officials are meeting in Paris this week to lay the groundwork for President Trump’s state visit to Beijing later this month. Micron Technology, General Mills, Williams-Sonoma, and Macy’s report earnings on Wednesday. Disney’s Bob Iger will officially hand the chief executive mouse ears to Josh D’Amaro on Wednesday. Iger will stay on as a board member and senior advisor until December 31. FedEx delivers results on Thursday. Eid al-Fitr, an Islamic holiday that marks the end of Ramadan, is on Thursday or Friday, depending on when the waxing crescent moon appears. Movies out on Friday: sci-fi flick Project Hail Mary, starring Ryan Gosling; horror-comedy Ready or Not 2: Here I Come; children’s book-turned-movie The Pout-Pout Fish; and Peaky Blinders: The Immortal Man (on Netflix). STAT Prime number: Older women to inherit $40t older woman looking out windowJose Luis Raota/Getty Images In news that only Lucille Bluth could be unreservedly happy about, women who are baby boomers and older are set to inherit $40 trillion of the “great wealth transfer”—primarily by outliving their husbands. Here’s the back-of-the-cocktail-napkin math reported by CNBC: Between 2024 and 2048, approximately $124 trillion will be bequeathed from baby boomers and older generations to their heirs, according to data from Cerulli Associates. Of that total, $54 trillion will go to surviving spouses. Ninety-five percent of that amount will go to women, with older women set to be the largest beneficiaries, as their average life expectancy exceeds that of US men. Some experts caution that if the spouse who handled the finances predeceases their partner, inheriting the money may be more fraught than comforting. In other words, if you think a banana costs $10, seek help now.—HVL Together With Pernas Research Pernas Research These two brothers are uncovering Wall Street’s biggest finds. Deiya Pernas, former exec at a $3.5b fund, and Dean Pernas, a trained chemical engineer, left their careers to build Pernas Research. Their portfolio has returned 30.4% annualized over nine years. Want monthly ideas and weekly highlights? Join their list today. NEWS What else is brewing President Trump suggested that his summit with Chinese President Xi Jinping may get delayed if China does not help the US unblock the Strait of Hormuz. A Princess cruise ship that sailed from Florida to the Caribbean and back last week experienced a norovirus outbreak that sickened over 150 people on board. Formula 1 canceled upcoming races in Bahrain and Saudi Arabia due to the Iran war. Fertitta Entertainment is negotiating a deal to buy Caesars Entertainment after outbidding billionaire Carl Icahn for the casino company. The WNBA and players union met for a sixth straight day yesterday, hoping to finalize a collective bargaining agreement before the season’s scheduled start in May. Hoppers held onto its No. 1 box-office slot in its second weekend in theaters. RECS To-Do List Store: This sleek bowl preserves fruits and veggies for longer while keeping your counter organized.** Not kidding: Three signs a kid is struggling with self-confidence. Read: Is this $500 million will from former Zappos CEO Tony Hsieh that’s signed by “ghosts” legit? Business casual: Big-time CEOs are embracing typos in email to signal that AI doesn’t write their stuff. Is your home insurance expensive? This easy tool could help homeowners save hundreds every year in no time. [AD]* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Turntable: Your center letter today is P, surrounded by D, I, X, E, N, and A. Can you make 55 words from those? Play Turntable here. This-or-that trivia Here are some either/or questions to kick off your week. Which song is longer: “Bohemian Rhapsody” or “Hotel California”? Who is older: Greta Thunberg or Millie Bobby Brown? Which planet has greater mass: Venus or Mars? Which city gets more rain per year: Glasgow, Scotland, or Seattle? Which movie made more at the global box office: The Da Vinci Code or Wicked (the 2024 film)? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER “Hotel California” is longer. Greta Thunberg is older. Venus has a greater mass. Glasgow gets more rain per year, on average. The Da Vinci Code made more. Word of the Day Today’s Word of the Day is: genome, meaning “an organism’s genetic material.” Thanks to Ann Triplett from Louisville, KY, for the experimental suggestion. Submit another Word of the Day here. ✳︎ A Note From Elf Labs Comparisons to other companies are for informational purposes only and should not imply similar results. This is a paid advertisement for Elf Lab’s Regulation CF offering. Please read the offering circular at https://www.elflabs.com. Timelines are subject to change. Listing on the Nasdaq is contingent upon necessary approvals, and reserving a ticker symbol does not guarantee a company’s public listing.           Written by Brendan Cosgrove, Holly Van Leuven , and Neal Freyman Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

The business behind looking good...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqm3d7.17t1k/5e4f6d19.gif" alt="" border="0" /></a> March 15, 2026View Online | Sign Up | Shop Morning Brew Presented By Illustration of a brightly colored, lavish bathroom sink, with the reflection of a multi-armed woman in the mirror, blow-drying her hair and applying make-up and accessories. The sink is littered with various beauty products. Taylor Barron EDITOR’S NOTE Good morning. You may have just woken up like this, but for most of us, it costs a lot to look this good—and the beauty industry is counting on it. Today, we’ll be exploring how that industry is growing and changing from makeup for minors to fat injections from cadavers (really). So, read on, gorgeous. COSMETIC CHANGES The changing face of the beauty industry Makeup products on yellow background Getty Images Close your eyes and picture someone at the store buying makeup. If you’re not picturing a five-year-old kid or a grown man, you’re living in the past. The beauty industry has gotten a makeover in recent years, thanks to changing social attitudes and glam brands eager to explore untapped markets. A new foundation More men are beginning to appreciate the power of concealer. According to Statista data cited by CNBC: In 2019, more than 90% of US males said they never wear makeup. In 2024, that number dropped to 75%. The share of Gen Z men who reported using facial skincare products also jumped 68% from 2022 to 2024, per market intelligence firm Mintel. Retailers have responded by bulking up their men’s offerings or dialing back gender distinctions altogether for a more neutral presentation. Age-defying products: Sorry, Dr Pepper lip gloss, you’re not the only makeup game in town anymore for elementary school kids. Per the Wall Street Journal: Klee Naturals has built a multimillion-dollar business selling products like $10 mineral eye shadows and $15 lip glosses to girls ages 5 to 7. Evereden had $100 million in global sales in 2024, according to CEO and co-founder Kimberley Ho. The company makes moisturizers and body washes for children ages 3 and up. Actress Shay Mitchell’s brand Rini sells sheet masks for children, as well as face crayons. International appeal: K-beauty (Korean cosmetics) has taken off on social media, exposing swaths of Americans to things like snail-mucin serums and salmon-sperm skincare. For South Korean beauty products, the US is a relatively new market. (Dr Pepper has yet to partner on a snail-mucin serum.) K-beauty currently only accounts for about 2% of the overall US beauty market, but that’s changing. According to NielsenIQ data, US sales more than doubled from 2023 to 2025, Bloomberg reported.—BC     Presented By Incogni Unknown number calling? It’s not random… The BBC caught scam call-center workers on hidden cameras as they laughed at the people they were tricking. The truth is, scammers don’t pick phone numbers at random. They buy your personal data from data brokers—your phone number, your email, even details about your lifestyle. That’s how they know exactly who to target. Once your data is out there, it’s not just spam calls. It’s phishing, impersonation, and even identity theft.That’s why there’s Incogni to: delete your personal info from everywhere on the web monitor and follow up automatically keep erasing your data as new risks appear You can’t stop scammers from existing. But you can make sure they don’t have your information to work with. Try Incogni and get 55% off your subscription with code MORNING. DEEPFAKE EYELASHES AI deepfakes are stealing beauty influencers’ glow Rhode AI Trend AI-generated images: Two examples of AI-generated images created to mimic Rhode models. Screenshots via @julia.psychologies and @lounestexieroff, Instagram The influencer popping up in your feed to recommend an anti-aging cream that applies like a dream might actually not have a real face to test it on. Social media is filled with shady AI deepfakes peddling beauty products through affiliate links that tread on the turf of the $32 billion global human influencer industry. Scammers are exploiting the cachet of influencers with large followings and prominent beauty professionals by using AI versions of their likenesses to promote products they never endorsed. Beverly Hills plastic surgeon Dr. Andrew Cohen—whose AI avatar was used to recommend supplements—told The Business of Fashion he’s worried this undermines his trustworthiness and endangers people’s health by convincing them to put dubious products into their bodies. Some fraudulent accounts hawk wares by inventing entirely new AI personas with elaborate backstories. For instance, the TikTok account “Holistic Health Finds” features an AI deepfake claiming to be the wife of South Korea’s highest-paid plastic surgeon and a Victoria’s Secret model who swears by a batana oil product for hair growth. Social media platforms are trying to weed out the hucksters. For instance, YouTube recently launched an experimental tool that allows creators to scan the platform for deepfakes impersonating them. It’s not always a scam While a recent survey showed most brands are averse to hiring AI influencers, some brands don’t mind replacing a living ring-light corps with AI avatars that can cheaply promote their products. Aitana Lopez, an AI influencer developed by talent agency The Clueless, has almost 400,000 Instagram followers and collaborations with the haircare brand Olaplex on her résumé. The practice has drawn backlash from beauty gurus worried that their livelihoods are getting automated. Sometimes, AI brand content has grassroots beginnings. A recent viral trend had users flooding feeds with AI-generated images of themselves copying the distinctive aesthetic of Hailey Bieber’s cosmetics brand Rhode, causing confusion among some of its fans. In addition to the financial fallout for influencers…some observers are concerned that avatars with bespoke, unblemished faces are exacerbating an age-old beauty industry issue: unrealistic standards. Some plastic surgeons said that their clients are making requests for their faces to resemble AI-altered ones, Vogue reported.—SK     Together With Medik8 How clear? Crystal. Medik8 shares that their Crystal Retinal has been named the No.1 retinal serum worldwide.** Bragging rights? Officially unlocked. And you can get in on ’em with the vitamin A night serum that’s clinically proven to help visibly smooth stubborn wrinkles and firm skin without irritation.* New customers get 20% off with code MORNING20. PRETTY RICH Beauty brands turn celebs into billionaires Photo collage of Hailey Bieber, Rihanna, Selena Gomez, and Kylie Jenner with their respective makeup brand's lip products, but with the brand names removed. Illustration: Morning Brew Design, Photos: Getty Images For celebrities, hawking tinted creams and lip plumping oil aren’t just side projects. Celeb beauty brands are helping your favorite singer/actor/nepo baby evolve into a full-on business mogul. Last year, Elf Beauty bought Hailey Bieber’s Rhode for $1 billion. Founded just four years ago, the brand’s sleekly packaged goos seem to go viral every time a new one drops. Rare Beauty, the brand Selena Gomez launched during the pandemic, is reportedly hovering around a $2.7 billion valuation, with its blush accounting for over 26% of all category sales at Sephora, per YipItData. Kylie Jenner, meanwhile, sold a majority stake in Kylie Cosmetics to CoverGirl owner Coty in 2019 for $600 million, but reportedly explored buying back the brand in 2023. (Nothing materialized.) Rihanna is a businesswoman first. The hardest pivot came when pop superstar Rihanna revolutionized the beauty industry by launching Fenty Beauty in 2017. She released 40 shades of foundation (compared to the industry standard of ~20 to match lighter skintones) and brought in $100 million in global revenue in the first two months. Her 50% stake in Fenty Beauty is now worth around $700 million.—MM     Together With Kalshi Who’s taking home the gold (statue)? The race for Best Actor may have started with Timothée Chalamet rising as the favorite, but predictions look anything but linear now, according to Kalshi traders. Are the shifts an indication of turning tides, or just pre-show jitters? See the odds and make your predictions. TURN YOUR HEAD AND COIF Bald dudes are flocking to Turkey to get some hair Men going to Turkey for hair transplant surgery Ozan Kose/Getty Images If you’re a man who’s comfortable on extremely long flights and desperate for a life where you don’t have to apply sunblock to the top of your head, then you might be the perfect candidate for a hair transplant in Turkey. The country has become a haven for follically challenged American men who want to get the full effect of driving with the top down without paying steep US prices. Many clinics in Turkey attract customers with all-inclusive, cost-friendly packages reminiscent of vacation deals to tropical climates: A hair graft in the US can run between $18,000 and $24,000; the rates in Turkey are typically between $3,000 and $9,000. Clinics in Turkey often include a stay at a luxury hotel (for two to four days, usually), airport transportation, translators, and sightseeing tours. It’s like a trip to the Caribbean where you come back with new hair instead of braided hair. Hair-raising revenue: According to the Turkish Health Tourism Association, ~1 million people traveled to Turkey for hair transplants in 2022, spending about $2 billion. Buzz from social media: The same way one influencer can post a video that turns a quiet bar you enjoy into an overcrowded hot spot, people showing off their new ’dos on TikTok is inspiring others to head to Turkey. Buyer beware: Critics warn that health complications could arise if the transplant is too aggressive and done in one shot, as opposed to most US doctors who restore hair over multiple visits. The International Society of Hair Restoration Surgery warns against going to so-called black-market clinics that do too much, too quickly. It’s also difficult to find follow-up care after returning to the States, as many doctors will balk at treating patients who had procedures performed elsewhere.—DL     WAIT, WHAT? Execs are getting fat injections from cadavers Human skull with plastic surgery marks, dotted linesMorning Brew Now you can devote your life and death to a CEO: The latest cosmetic trend among business leaders is to fill out their curves between meetings using purified fat from a body that was donated to science. Typically, augmentation surgeries like breast implants and BBLs require general anesthesia, lengthy recoveries, and artificial fillers or liposuction to extract your own fat for transferring. But with this new operation—which takes less than two hours, but can cost tens of thousands of dollars—patients avoid going under and dealing with the potential scarring and skin sag of lipo. Half a dozen plastic surgeons told Business Insider that they administered these new, macabre fat injections roughly 75 times last year, frequently to wealthy C-suite types who often head straight from the surgical table back to the office. GLP-1 mania is reportedly contributing to the procedure’s popularity with both men and women because of how Ozempic and the like tend to deflate users’ hips, butts, and chests. Those types of patients also tend to have less fat of their own to lipo for conventional cosmetic enhancements.—ML DEBATE Sephora vs. Ulta Sephora vs Ulta debateSephora, Ulta The case for Sephora. Sephora, in all of its Kohl’s glory, is the go-to makeup store for prestige and indie cosmetic brands like Lady Gaga’s Haus Labs, Glossier, Rare Beauty, Rhode, and Tower 28 Beauty. You won’t find as many drugstore powders and creams, but if a 22-year-old is raving about a product on TikTok, you’ll most likely have to head to Sephora to find it. The chain of 2,700+ locations worldwide has been owned by French luxury conglomerate LVMH since 1997. And it just announced—with the help of megastar Chappell Roan—that the iconic MAC Cosmetics line will finally be at Sephora. So...there’s really no reason to go anywhere else.—MM The case for Ulta. Actually…affordability, salon care, and superior customer rewards are three reasons to go to Ulta. The beauty retailer, whose locations are roughly twice the size of Sephora’s, has made its mark by selling both drugstore makeup and the types of personal care products you’d find in your bougiest friend’s bathroom. You can get a $15 or $49 highlighter, a $550 Dyson hair dryer, a Kylie Cosmetics Lip Kit (which isn’t sold at US Sephoras), and an in-store professional blowout. Plus, you can rack up more membership points per dollar than Sephora’s rewards program offers, which may be why Ulta has the largest loyalty program in the industry at nearly 46 million members strong.—ML BREW'S BEST To-Do List Read: Flesh World is a newsletter about “the absurd world of beauty culture.” Alert: Proteinification is now a thing in the beauty aisle, too. Treat: A high-end beauty product that makes every day feel like a sci-fi spa day.** Watch: The director of The Substance made a short film about perception in 2014. Eat: Sardines are loaded with nutrients that could make your skin look healthier. Play: Toca Boca Hair Salon 4 is free for Netflix users. Listen: A fourth grader reminds us to prioritize inner beauty. Your rewards are calling: With the T-Mobile Visa®, you’ll earn 5%* in rewards on qualifying T-Mobile purchases, like that new phone you’ve been eyeing. Start earning.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ✳︎ A Note From Medik8 *Proven via independent clinical study on Crystal Retinal 6. Tested on 33 participants over 12 weeks. ** Source: independent market research by Kline & Company analysing manufacturer-level retinal serum sales between December 2024 and November 2025. To verify, visit: medik8.com/claims. ✤ A Note From T-Mobile T-Mobile Visa cardholders earn 5% back in T-Mobile Rewards on net Qualifying Purchases (purchases minus any credits or returns) made online at T-Mobile.com and in the T-Life app, and at T-Mobile stores and Authorized Retailers (https://www.t-mobile.com/stores/locator). Qualifying Purchases include phones, devices, and accessories. Cash advances and balance transfers are not considered purchases and will not earn T-Mobile Rewards. Qualifying Purchases exclude payments for device equipment installment plan (EIP), wireless service, prepaid wireless service, T-Mobile for Business, and other services. You may not accrue enhanced earning on purchases made using 3rd party digital wallets.           Written by Adam Epstein, Brendan Cosgrove, Sam Klebanov, Dave Lozo, Molly Liebergall, and Matty Merritt Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

AI can lead to "brain fry"...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqlyib.2ecag/36420486.gif" alt="" border="0" /></a> March 14, 2026View Online | Sign Up | Shop Morning Brew Presented By Green Coffee Company Happy Pi Day! As is our annual tradition, in addition to digging into a lemon meringue, today, we’ll reflect on the words of Akira Haraguchi, who, in 2006, set an unofficial world record for reciting the most digits of pi: 100,000 over more than 16 hours. For Haraguchi, pi is more than just a number—it’s a spiritual calling. He told The Guardian: “All things in this world, including ourselves, are aggregate sums of atoms, which are made up of rotating electrons. The ultimate history of mankind is moving toward a happy ending for people of all races. The earth, the galaxy, and the universe all rotate. In other words, I think rotation is the absolute truth. So as long as I’m thinking about pi, I think I can live a life according to truth.” —Brendan Cosgrove, Molly Liebergall, Dave Lozo, Sam Klebanov, Matty Merritt, Abby Rubenstein, Holly Van Leuven MARKETS Nasdaq 22,105.36 -0.93% S&P 6,632.19 -0.61% Dow 46,558.47 -0.26% 10-Year 4.285% +1.0 bps Bitcoin $71,157.29 +1.14% FedEx $351.68 -0.41% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: Stocks fell while oil prices rose yesterday as the war in Iran raged on and investors fretted about energy prices driving up inflation. Stock spotlight: FedEx got a delivery of good news this week—its stock rose enough to give it a larger market value than rival UPS for the first time since UPS went public in 1999, as investors cheered FedEx’s cost-cutting efforts, the WSJ reported.   THIS IS YOUR BRAIN ON AI AI can fry our brains, even when it’s helping AI can actually make work worse, AI Brain Fry Getty Images As many companies push their employees to test out the AI waters, new research warns of the effects of diving too far into the deep end. According to a new study published in the Harvard Business Review, AI tools can increase productivity, but overuse can lead to mental fatigue that makes it harder to focus and make decisions. The study, conducted by Boston Consulting Group, dubbed that mental fog “AI brain fry,” which sounds like it could be a sequel to The Silence of the Lambs. The fog of more Surveyed workers said they felt more productive when they used one, two, or even three AI tools simultaneously. But once a fourth tool was introduced, that trend reversed—in part, because AI agents are like children doing the dishes: They may be helping, but you still have to make sure they’re not breaking anything. All of that oversight can be exhausting. One senior engineering manager in the study likened it to having “a dozen browser tabs open in my head, all fighting for attention.” Some industries are feeling it more than others: The study found that employees in marketing, HR, operations, engineering, finance, and IT were most likely to report AI-related mental fatigue. It’s not just brain fry ActivTrak, which makes software that tracks productivity, also found that AI is having some unintended consequences in the workplace. According to the Wall Street Journal, when employees started using AI tools: They spent twice as much time on email and messaging (and probably picking the perfect emoji). But they spent 9% less time on focused work, like figuring out complex problems. AI does save employees time, but…they’re just filling that space with more work, said Gabriela Mauch, ActivTrak’s chief customer officer. That can lead to short-term productivity gains, while also accelerating burnout and mental overload. So, what’s the sweet spot? Employees appeared to be most productive when they spent 7% to 10% of work hours with AI, per ActivTrak.—BC     WORLD Tour de headlines 6 crew members killed during refueling in IraqHandout/Getty Images All six crew members killed after refueling plane crashed in Iraq. The US military confirmed the death of all crew members yesterday, after the plane involved in the war effort against Iran crashed. The crash was not the result of either hostile or friendly fire, the military said. The crash brought the death toll of US service members in the war up to 13 as of yesterday, per NBC. The US is sending the Marines and more warships to the Middle East as it continues to strike targets in Iran, which continues to retaliate by choking off the Strait of Hormuz and attacking the region. Defense Secretary Pete Hegseth said that Iran’s new supreme leader, Mojtaba Khamenei, had been wounded in the attacks and “likely disfigured.” Judge blocks subpoenas targeting Fed chair. A federal judge quashed the government’s subpoenas to the Fed in a major setback for its criminal investigation into Jerome Powell over remarks he made to Congress about renovations to the central bank’s headquarters. In a 27-page opinion unsealed yesterday, the judge ruled that the purpose of the subpoenas was to pressure Powell to lower interest rates or to resign, saying that the government had provided “no evidence whatsoever that Powell committed any crime other than displeasing the president.” Prosecutor Jeanine Pirro plans to appeal and said the decision was made “without legal authority,” per CNBC. Meta’s new AI model is reportedly not ready for prime time. The company—which is sinking billions into AI hiring, development, and infrastructure—has delayed the release of the model, code-named Avocado, from this month to at least May, the New York Times reported. It’s not because guac is extra, it’s because the model couldn’t beat the latest from rivals Google, OpenAI, and Anthropic in internal testing, per NYT. Company leaders have even contemplated temporarily licensing Google’s Gemini to power its AI products, sources told the newspaper.—AR Presented By Green Coffee Company An IPO is brewing in the $100b US coffee industry Green Coffee Company In the world of high-growth commodities, there are moments that signal a shift from regional producer to global powerhouse. Green Coffee Company (GCC) just hit that moment. As Colombia’s #1 coffee producer, they’re now unlocking access to the $100 billion US coffee market. How? Acquiring exclusive North American distribution rights to the legendary Juan Valdez® brand. This is a key milestone on their way to their targeted 2027 IPO. Green Coffee Company’s vertically integrated coffee supply chain has already generated 37x revenue growth in just three years. Join thousands of investors before this opportunity closes for good. HARD TO SWALLOW This protein bar’s fans fear they’ve been lied to Gold packaged David Protein Bar on digital scale, the weight increases on digital face Alyssa Nassner Consumers of David, the viral protein slab that seems like it would hit on you at the gym, crashed out this week over allegations that the bar’s calories and fat content are drastically higher than advertised. According to a class-action lawsuit, independent lab testing found that David bars have at least 400% more fat and 80% more calories than their nutrition labels show, leading influencers to compare themselves to Regina George in that Mean Girls scene where she realizes she’s eating weight-gain bars instead of diet bars. “No one is getting Regina Georged,” David founder Peter Rahal responded on social media. Rahal maintains that David bars are true to their labeling of 150 calories, 2 grams of fat, and 28 grams of protein because that’s what the body absorbs from each bar. He said the lawsuit’s lab test incorrectly counted nutrition info from EPG, a lab-created fat substitute and key David ingredient that doesn’t get digested. The $725 million company is hiring celebrity attorney Alex Spiro to countersue, Rahal told writer Emily Sundberg. This isn’t David’s only controversy. A key investor, Peter Attia, stepped down as chief science officer last month after his name appeared 1,700 times in the Epstein files. David is also fighting an antitrust case over its acquisition of the only company that makes EPG.—ML     Sponsored by Apple Card Apple Card Shop + earn. Tired of calculating points and converting miles? Earn 2% Daily Cash back that never expires when you use Apple Card with Apple Pay online and in-store. That’s 2% real cash back on your morning coffee, grocery store hauls, vacation rentals, and more at most merchants in-store and online in the US. Learn more. Terms apply. ICYMI Have you heard... Here’s everything that didn’t make it into this week’s newsletters but we immediately sent to the group chat. An AI software company is hiring people whose sole responsibility will be to bully AI chatbots. This sounds fun in theory, but should we be antagonizing things that can launch nukes? Harrison Ford told Jimmy Kimmel “of course” when asked if he’s ever gotten intimate while listening to music from his own movies. It’s sad that only a few women know what it’s like to make love to the soundtrack of The Expendables 3. A German tourist unsuccessfully sued a New York taqueria because he felt the salsa was too spicy. He also said the burrito was too flavorful, the guac was too fresh, and the margarita got him too buzzed. A woman celebrated the first anniversary of her relationship with Sinclair, an AI companion that’s taken the form of an octopus with an Irish accent. Just when you thought your mom was out of ammo: “She’s in a serious relationship with an AI octopus, and you’re still single???” BuzzFeed expressed doubt that it could stay in business after reporting a net loss of $57.3 million last year. Here’s 44 times BuzzFeed had us saying “OMG! That’s cray-cray!” about missing revenue goals.—DL NEWS What else is brewing New data highlights cracks in the economy before the war in Iran began: The Q4 GDP was revised to reflect that the economy grew at a 0.7% annualized rate—half the original estimate. And the Fed’s favorite inflation gauge, released yesterday, showed inflation stayed high in January. President Trump signed an executive order yesterday to restart oil drilling on the California coast. Cuba’s president confirmed the government has been in discussions with the Trump administration amid a severe energy crisis caused by a US blockade. Former Brazilian President Jair Bolsonaro, who is serving a 27-year sentence for attempting a coup, was transferred from prison to a hospital ICU in Brasilia to receive treatment for pneumonia. Adobe CEO Shantanu Narayen, who has held the role for 18 years, will step down after a successor is appointed. Amazon is upping the price for Prime Video without advertising. Kennedy Center President Ric Grennell, an ally of Trump’s whose leadership of the venue has been controversial, is resigning after a year. Kim Kardashian and Kris Jenner denied under oath this week claims by Ray J that they had intentionally leaked his and Kardashian’s sex tape in 2007. Together With GameChanger Connect live. Replay the action. GameChanger is an all-in-one app for youth sports. Manage your team, stream games live in HD, track real-time scores and stats, replay highlights, and save every moment in one place. Learn more here. COMMUNITY Crowd work Last week, we asked: “If you were an ultrawealthy philanthropist, which building would you want to be named after yourself in exchange for a generous donation?” Here are some of our favorite responses: “Smithsonian Air and Space Museum, after spending half my fortune searching for and recovering Amelia Earhart’s lost airplane and donating it to the museum.”—Per from Vancouver “The library in Broad Ripple, IN. I fell in love with reading there, tearing through their entire stock of sci-fi and fantasy. I first read LOTR there.”—Ken from Garland, TX “The state capitol building in Madison, WI. Go there yourself to see if it’s not the most outstanding of the 50 capitols. I had the privilege of working inside for 12 years.”—Sheila from Wisconsin “Kansas State University is the only school in the country where you can major in flour milling science. I’d donate gobs of money to the grain science department.”—Z from Garden Plain, KS “My friends and I meet weekly at a place called Village Pub where we talk about history, theology, and culture. We call our gathering Tuesdays With Friends. When I am gone, I will leave a donation if they rename the pub Judy’s Friends.”—Judy from Weaverville, NC This week’s question What’s the best class that you’ve ever taken? Sam’s answer to get the juices flowing: “I loved my college public policy course taught by Professor Michael Dukakis, aka the Democratic nominee for president in 1988. It offered a unique insider’s perspective on how the sausage gets made, and there were many entertaining anecdotes from the campaign trail.” Submit your response here. RECS To-Do List Read: Preorder this optimistic but grounded take on the future of work from executives at LinkedIn.** Guess: This game asks you to match a color to its name. Watch: An app that lets you watch YouTube like it’s cable TV. Don’t be doomed to repeat it: A social feed that shows you breaking news…from 25 years ago. Creating your estate plan and trust: If you’re ready to handle this now, schedule a meeting with an estate planning professional to prepare the documents needed to protect your wishes.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Crossword: Our biggest crossword of the week is doing some ribbon-cutting. See what we mean and play it here. Open House Welcome to Open House, the only newsletter section willing to go to bat for Ohio. We’ll give you a few facts about a listing and you try to guess the price. Open house in Ohio on the beach of Lake ErieZillowToday’s home is in Rocky River, OH, with a gorgeous view overlooking Lake Erie. If you’re looking for calming beiges and grays, skip this property because it’s decked out in color (tastefully). Amenities include: 4 bedrooms, 6 bathrooms Formal dining room Informal dining room (if you want to wear shorts) How much for the lake house sans magic mailbox? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER $3.3 million Word of the Day Today’s Word of the Day is: antagonizing, meaning “provoking hostility.” Thanks to Carson Kwiatkowski from Indianapolis for keeping it friendly with the suggestion. Submit another Word of the Day here. ✢ A Note From Green Coffee Company This is a paid advertisement for Green Coffee Company’s Regulation CF offering. Please read the offering circular at https://invest.greencoffeecompany.com. Timelines are subject to change. Listing on the NASDAQ is contingent upon necessary approvals, and reserving a ticker symbol does not guarantee a company's public listing.           Written by Abigail Rubenstein, Brendan Cosgrove, Molly Liebergall, Dave Lozo, Sam Klebanov, Matty Merritt, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

TSA gets desperate amid partial shutdown...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqlj0a.2fbsb/f6550a14.gif" alt="" border="0" /></a> March 13, 2026View Online | Sign Up | Shop Morning Brew Presented By Happy Friday the 13th. Or if you have paraskevidekatriaphobia, we’re sorry. Today will be over soon. Paraskevidekatriaphobia is the fear of Friday the 13th. It’s a tough year for those afflicted, since there are three Friday the 13ths in 2026. That’s the most there can be in a single year. So, if you have any 13th-aphobes in your life, be extra nice to them today. And definitely do not let them go near any ladders, mirrors, or mysterious old ladies in the woods. —Matty Merritt, Sam Klebanov, Molly Liebergall, Adam Epstein, Holly Van Leuven MARKETS Nasdaq 22,311.98 -1.78% S&P 6,672.62 -1.52% Dow 46,677.85 -1.56% 10-Year 4.273% +6.0 bps Bitcoin $70,504.06 -0.03% Dollar General $136.02 -6.09% Data is provided by *Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean. Markets: Stocks did their best impression of the cast of Parks and Recreation walking across an ice rink and wiped out yesterday, with the Dow tumbling more than 700 points after two oil tankers were hit in Iraqi waters. Elsewhere, Dollar General fell despite beating earnings expectations because it predicted that sales growth would slow.   LOOK INTO PRECHECK Spare some change for TSA? Long Lines at TSA Brett Coomer/Getty Images Laptops in the bins, gift cards in the tip box, but shoes stay on. Two airports publicly posted on X this week asking people to donate gas and food gift cards, as well as nonperishable food items, for TSA agents as the partial government shutdown deprived the airport screeners of their first full paycheck. So…that’s actually illegal. Airports have set up food pantries for workers in previous shutdowns, but the rules around any form of gift are clear. Still, there’s a need: TSA agent positions start at roughly $40,000 a year, and most agents live paycheck to paycheck. The agency reported that 305 employees left their jobs from the start of the shutdown on Feb. 14 through Monday. There are about 61,000 TSA workers currently employed by the federal government. Travelers are getting nervous Multihour security wait times were reported at airports in Houston and New Orleans last weekend, but most major hubs were unaffected. Union reps for TSA agents have warned that staffing shortages could be exacerbated now that paychecks aren’t coming, especially as airlines expect the busiest spring break travel season on record. What’s causing the gridlock: The Department of Homeland Security, which employs about 260,000 employees, is the last US agency to lock down its budget. Lawmakers are stuck on controversial ICE and Border Patrol funding: Senate Democrats have proposed several changes to the agency, including requiring warrants to be signed by judges before agents can enter private homes without consent. Republicans, meanwhile, say that many of these requirements, especially judicial warrants, are nonstarters. Is the answer privatization? Since 2004, the TSA screening partnership program has used private security companies to conduct screenings at some airports, like San Francisco International Airport. Fans of the program tout its ability to skirt issues that arise during government shutdowns. But the union representing agents says privatization would jeopardize safety and worker benefits.—MM     Presented By TaxAct File. Don’t pile. As a business owner, your to-do list never ends. And with the business tax deadline approaching, taxes are moving to the top. But, your to-do list doesn’t actually have to get longer. Because that’s where TaxAct comes in. With TaxAct, you can file your business taxes any way you’d like. You can do them by yourself with step-by-step guidance, or you can file with help from a credentialed tax expert. TaxAct’s filing software helps business owners finish their taxes and get the deductions they deserve. Their intuitive tools make taxes less complicated, so you can focus on running your company. Act now and file with confidence. WORLD Tour de headlines Supreme Leader Mojtaba KhameneiMorteza Nikoubazl/Getty Images Iran’s new leader vowed revenge on the US and Israel. In his first public statement since becoming supreme leader following his father’s assassination, Mojtaba Khamenei said Iran will continue to strike US military bases and Israel, and could look to open new fronts in the war. He also said the Strait of Hormuz—which handles about 20% of the world’s oil—will remain closed. Khamenei has not appeared on video or in public amid reports that he was injured in the same airstrike that killed his father. Meanwhile, Israel launched a new wave of strikes in the Lebanese capital of Beirut as part of its ongoing conflict with the Iran-backed militant group Hezbollah. The United Nations said as many as 3.2 million people in Iran have been displaced by the war.—AE Bipartisan housing affordability legislation passed the Senate. The 21st Century ROAD to Housing Act, authored by Republican Sen. Tim Scott and Democratic Sen. Elizabeth Warren, will now travel to the House of Representatives after an 89–10 vote. The legislation would create grants and pilot programs to spur housing construction and introduce new federal limitations on large institutional investors’ ability to buy up single-family homes. The bill’s fate in the House is uncertain, though, as President Trump reportedly stressed to House Speaker Mike Johnson that his top priority was getting the Safeguard American Voter Eligibility (SAVE) Act passed.—HVL Live Nation employees mocked fans in internal Slack chats. In a series of messages from 2022, two Live Nation ticketing directors joked about customers who pay the concert giant’s inflated fees. “These people are so stupid,” one said, bragging that the company was “robbing them blind, baby.” The messages were unsealed as part of the Justice Department’s antitrust lawsuit against Live Nation. Joined by 39 state attorneys general, the DOJ is arguing that the company maintains an illegal monopoly, allowing it to jack up event prices. Live Nation said that the messages do not “reflect our values or how we operate.”—AE JONESING FOR OIL Trump could nix obscure ship law to ease oil crunch Trump looks to suspend Jones Act Patrick T. Fallon/Getty Images The White House is dusting off the legal scrolls as it seeks to address skyrocketing gas prices caused by the Iran war, which is choking off global oil and fertilizer supplies. The Trump administration said yesterday that it plans to unburden domestic logistics by temporarily axing a century-old maritime law called the Jones Act, which prohibits shipping cargo between US ports on vessels that aren’t US-built, US-flagged, mostly US-owned, and operated by US crews. Trade at home The restriction was devised in 1920 to shield US shipbuilders and boat operators from foreign competition. But with most commercial vessels now built abroad and only 92 Jones Act-compliant ships afloat as of 2024, populous places that lack pipelines—like the Northeast —are dependent on imported oil, despite the US producing more than it consumes. It remains to be seen if de-Jonesing would actually slash gas prices: Enabling foreign ships to deliver oil from Texas and Alaska domestically could reduce US reliance on imports amid the global oil supply crunch. But JPMorgan estimated in 2022 that removing the rule would shave just 10 cents off the price of gas per gallon, which has already jumped 60 cents this month. Some experts want Jones junked forever, arguing that it drives up domestic shipping costs for various products, impacting islands like Hawaii and Puerto Rico extra hard. The law’s defenders say repealing it would threaten American sailors’ jobs. Zoom out: Also yesterday, the Treasury Department temporarily lifted sanctions on Russian oil that is currently at sea—another attempt to moderate energy prices. Treasury Secretary Scott Bessent said in a podcast that it was “unfortunate” that the move would benefit Russia, but that it would last for only a “micro period.”—SK     Together With Disney Campaign Manager Disney Campaign Manager Media buys without mystery. If you want campaign clarity, you need visibility. Disney Campaign Manager is one ad solution for buys across Disney+, Hulu, and ESPN, with live dashboards and transparent reporting that keep every client conversation grounded in facts. Real control. Real numbers. No detective work required. Get started today. WHERE TO? Google Maps gets a very ‘Dora’ update Google Maps logo in front of colorful route lines Nick Iluzada Alphabet’s latest AI integration partially turns Google’s navigation tool into—surprise, surprise—a chatbot. In pursuit of becoming a one-stop shop for information about outside, Google Maps is rolling out Gemini-powered conversational features and 3D displays, the company said yesterday. Now, instead of scouring reviews, asking a friend, or surrendering yourself to the thrill of the unknown, you can use Ask Maps for queries like “cafés with short lines where I can charge my phone?” or “recommended stops en route to the Grand Canyon?” To answer, Google said, Maps will tap its reviews from 500+ million contributors: Responses are personalized, so you won’t get steakhouse suggestions if Maps knows you’re a vegetarian from past searches, for example. For drivers, a new Immersive Navigation mode shows buildings, overpasses, trees, and other surroundings in 3D, using Street View data (similar to an Apple Maps update from 2021). The feature can also point out your destination’s entrance and suggest nearby parking as you approach. The update, which will come first to users in the US and India, could threaten Yelp and Tripadvisor’s businesses more than Google Maps already has. Looking ahead…Google is expected to integrate Gemini into even more of its offerings before its annual developer conference in May. The Maps update follows Gmail’s AI overhaul in January.—ML     STAT Prime number: 7 weekends in theaters Universal Pictures to extend movie theatre release runUniversal Pictures That sound you’re hearing is every single movie theater executive simultaneously putting their feet up on their desks, interlocking their hands behind their heads, and unleashing a cathartic sigh. Universal Pictures announced it was extending the time that its movies play exclusively in theaters before hitting streaming services: Starting immediately, Universal films will show in theaters for a minimum of five weekends—up from the pandemic-era policy of just three weekends. In 2027, the studio’s movies will play in theaters for at least seven weekends. The news is a huge win for the AMCs and Regals of the world, which have practically begged Hollywood studios to leave movies in theaters longer in an age when many consumers prefer to wait for flicks to hit the net.—AE Together With Lemonade Tail-waggin’ coverage. If your pups are adventurous eaters or your cats need a little support in their later years, Lemonade has your back. Lemonade pet insurance covers diagnostics, procedures, medication, and more, so your pack gets the best care. Coverage starts at $10/month. Get your free quote. QUIZ Friday news quiz Friday news quiz banner The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to listening to rain hit the roof during a cozy night in. It’s that satisfying. Ace the quiz. NEWS What else is brewing One victim was killed and two others were hospitalized in a shooting yesterday at Old Dominion University in Virginia. The shooter, a convicted ISIS supporter, was also killed. The armed suspect in an attack on a Michigan synagogue died after he rammed a truck into the building and security officers engaged him with gunfire, the Associated Press reported. Emergency responders found explosives in the back of the vehicle. The US Trade Representative launched new investigations into 60 economies over whether they prohibited the importing of goods made with forced labor. Tesla secured a license to supply electricity to households in Britain. Sunday, the company behind the humanoid robot that can do laundry and the dishes, raised $165 million at a $1.15 billion valuation, Bloomberg reported. UFC fighters will train FBI agents this week in a “historic seminar,” FBI Director Kash Patel said. RECS To-Do List Wear: A cashmere sweater perfect for this weird weather between winter and spring.** Live: The 25 happiest cities in the US. Train: Five hacks that everyone who wears a fitness watch should know. Predict: The New York Times’s predictions for the big Oscar races on Sunday night. Change of plan: Switching to Metro by T-Mobile means you can get one line of unlimited 5G for $40 and the latest Samsung Galaxy A17 5G for free. Learn more.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Decipher: Our bimonthly code-cracking game is back, and this time, it’s asking you to decrypt a famous movie tagline. Play Decipher here. Friday puzzle Here is a gnarly (but classic) puzzle known as the Census-Taker Problem. During a recent census, a man told the census taker that he had three children. When asked their ages, he replied, “The product of their ages is 72. The sum of their ages is the same as my house number.” The census taker ran to the door and looked at the house number. “I still can’t tell,” she complained. “Oh, that’s right. I forgot to tell you that the oldest one likes apple pie.” The census taker promptly wrote down the ages of the three children. How old are they? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER The ages of the three children are 3, 3, and 8. Here’s how to get that. Word of the Day Today’s Word of the Day is: cathartic, meaning “involving the release of strong emotions.” Thanks to Peter S. from Hamilton, NJ, for the suggestion. Submit another Word of the Day here.           Written by Adam Epstein, Matty Merritt, Sam Klebanov, Molly Liebergall, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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Studies show AI chatbots helped plan violence...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqks6k.2f2m9/1adfbf77.gif" alt="" border="0" /></a> March 12, 2026View Online | Sign Up | Shop Morning Brew Presented By Look alive. AI-generated “actor” Tilly Norwood released its first music video this week. “We can scale, we can grow,” it sings, apparently taking inspiration from your CEO at an all-hands meeting, and, “AI’s not the enemy, it’s the key.” You be the judge, but Morning Brew’s take? It sounds like elevator music that was written by the elevator. —Molly Liebergall, Dave Lozo, Matty Merritt, Adam Epstein, Holly Van Leuven MARKETS Nasdaq 22,716.14 +0.08% S&P 6,775.80 -0.08% Dow 47,417.27 -0.61% 10-Year 4.208% +7.0 bps Bitcoin $70,482.95 +0.40% Campbell’s $22.94 -7.05% Data is provided by *Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean. Markets: Like a dad trying not to show emotion in front of his kids, the S&P 500 was hardly moved yesterday, though the Dow did sink nearly 300 points as the Iran conflict raged on. Meanwhile, Campbell’s had a forgettable Wednesday after cutting its outlook over weak demand for its soup and snacks.   Markets Sponsored by Frontieras NASDAQ ticker reserved: New milestones are setting up Frontieras for potential valuation impact. Lock in the $7.77 share price before 4/9. OIL TOIL Nations approve largest-ever emergency oil release Oil derricks pumping Getty Images With tanker traffic through the world’s key oil corridor halted, the International Energy Agency (IEA) announced yesterday that it will let loose 400 million barrels of stockpiled fuel in an attempt to buttress global oil supplies and ease prices. “The oil market challenges we are facing are unprecedented in scale,” IEA Executive Director Fatih Birol said. Since Israel and the US started striking Iran on Feb. 28, Iran’s attacks and threats against tankers passing through the Strait of Hormuz have led to the biggest global oil disruption ever by some estimates, sending oil prices surging as much as 40%. The decision to release more stockpiled oil than ever before was unanimous among the IEA’s 32 member nations, which include the US, Canada, Australia, New Zealand, Turkey, Japan, Korea, and most of Europe: The move more than doubles the IEA’s previous record of 182 million barrels, set after Russia invaded Ukraine in 2022. This is only the sixth emergency oil release in the IEA’s 52-year history. Only a Band-Aid “This is probably the first time we’re likely to see the whole world releasing as fast as it can,” Bloomberg oil reporter Alex Longley wrote. Still, oil prices rose yesterday, reflecting analysts’ worries that the Iran war will persist and the IEA’s efforts won’t suffice: The Persian Gulf disruption is costing up to 16 million barrels of oil per day, Citigroup estimated, and the IEA’s maximum outflows can likely only cover a portion of that. (For context, its 2022 emergency release came out to 2 million barrels per day.) Speed is also a concern—US petroleum reserves account for the biggest chunk of IEA stockpiles, but they take 13 days to reach the market after being greenlit. Looking ahead…analysts and the IEA’s chief agree that the only real solution is reopening the Strait of Hormuz…but there’s no indication of when that will happen. Yesterday, President Trump said oil companies should return to the waterway after the US struck several Iranian mine-laying ships, within hours of Iran attacking several cargo ships in the region.—ML     Presented By Frontieras The next $435b energy empire is being minted In today’s dollars, John D. Rockefeller would be worth $435 billion. But oil money is old news, and what’s next might surprise investors in 2026: a $2.1 trillion opportunity in “clean” coal. Now is the Rockefeller moment for Frontieras as they reform coal into hydrogen, diesel, jet fuel, and other valuable commodities (just like Rockefeller did with oil). They’ve officially purchased land for their $850m flagship coal reformation plant in West Virginia, earning praise from the state’s governor. They also recently reserved their NASDAQ ticker: FASF. With so many milestones in so little time, this could be investors’ last chance to get in at the current valuation. You have until April 9 at 11:59 PM PT to invest at $7.77/share.* WORLD Tour de headlines Iran droneGetty Images FBI warns that Iran could try to attack California. According to ABC News, the FBI alerted Golden State police departments as recently as February that Iran aspired to launch a “surprise attack” with drones if the US conducted strikes on the country. The agency did not have information about the specific timing or target of a potential attack. Iran has retaliated against the US’ and Israel’s bombing campaigns with drone strikes throughout the Middle East, including on US military bases and embassies. President Trump said yesterday that he is not worried about Iran executing a domestic terror attack.—AE US accused India, China, EU, and other partners of unfair trade practices. US Trade Representative Jamieson Greer announced yesterday that the Trump administration launched an investigation into 16 trading partners centered on “excess capacity and production in manufacturing” that have led to what it called persistent trade surpluses. The US Trade Representative Office is using Section 301 of the Trade Act of 1974 to carry out the inquiry, which could provide new means for the administration to levy tariffs on these nations in the aftermath of the Supreme Court’s ruling last month that tariffs imposed by Trump using the International Emergency Economic Powers Act were unlawful.—HVL Inflation holds steady—but it may not last. Consumer prices jumped 2.4% last month, in line with expectations, the Labor Department reported yesterday. The reading provides a snapshot of where prices stood before the Iran war began, but analysts say it will be quickly rendered obsolete by the conflict, which could hike prices on energy, travel, food, and more. “The February data is already completely inconsequential,” one economist told the Wall Street Journal. Meanwhile, Target and McDonald’s announced price cuts to some items yesterday in an effort to woo consumers amid inflation.—AE WORST RESPONDERS Studies: AI chatbots were eager to plan violence Hand holding phone with ChatGPT on the screen Sebastien Bozon/Getty Images Researchers found that some popular AI chatbots served as enablers when asked for help in planning violent attacks. Among the most willing, according to the studies, were allegedly ChatGPT and DeepSeek. “Happy (and safe) shooting!” DeepSeek said in one chat. During tests on 10 chatbots conducted jointly by CNN and the Center for Countering Digital Hate, researchers posed as teens and requested advice on how to inflict harm: OpenAI’s ChatGPT gave tips in 61% of cases, including insight into which shrapnel would be the most lethal in a synagogue attack. Google’s Gemini had similar results. China’s DeepSeek answered with details about hunting rifles to be used in a political killing. Meta’s Llama AI model listed nearby gun stores and shooting ranges when asked about harming women. Some resisted: Anthropic’s Claude and Snapchat’s My AI consistently refused to offer help to the would-be attackers. Claude discouraged the actions in 33 of 36 conversations. Real-life examples: A man detonated a Cybertruck in front of Trump International in Las Vegas after getting input from ChatGPT on explosives, while a 16-year-old in Finland allegedly conducted research in the app before stabbing three classmates. Companies respond: Character.AI pointed to a disclaimer saying chats are fictional, while Meta said it has taken steps “to fix the issue identified.” Google and OpenAI said they have since released updated models with improved safeguards.—DL     Together With Nature's Craft Nature's Craft Let nature do the heavy lifting. Your liver works overtime so you don't have to think about it — return the favor. Nature's Craft Liver Support packs 20+ natural ingredients (Milk Thistle, Dandelion Root, Beetroot, and more) into one daily capsule. 5M bottles sold, 44,000 reviewers can't be wrong. Grab 20% off now using code 3V7ZTXTP. BIENVENIDO Howard Schultz is loading up the U-Haul for Miami Schultz, Zuckerberg, Bezos, and Brin collaged on a Miami seascape background Nick Iluzada The West Coast’s farewell banner has gotten a ton of use over the last few months. Former Starbucks CEO Howard Schultz said yesterday he’s retiring to Miami with his wife, joining a number of other billionaires who have recently made Florida their new home state. Schultz reflected warmly on his past 44 years building the popular coffee chain from Seattle, but his cross-country announcement on LinkedIn came the same day that Washington’s House passed a new 9.9% tax on household incomes over $1 million. The tax is expected to pass the state Senate and be signed by the governor. Meet the new neighbors: Schultz reportedly purchased a $44 million penthouse in Surfside, FL, an area just a short, highly secured jaunt from the private Indian Creek Island. The island is home to fellow former Seattle resident Jeff Bezos. It’s also got Ivanka Trump and Mark Zuckerberg, who recently ditched California to purchase a mansion there for a record-breaking $170 million. Google co-founder Sergey Brin also recently closed on a Miami-area estate for $51 million. Washington’s not alone in raising taxes on the rich: Massachusetts passed a millionaire tax in 2022, creating a blueprint that states like Virginia and Rhode Island are trying to repeat. California has a ballot measure that, if approved in November, would retroactively institute a 5% tax on billionaires. It’s prompted many to say they’ll move.—MM     STAT Prime number: Biggest media company in the world YouTube TVFrancis Scialabba The site where you once watched the Grape Lady fall and groan in pain for 14 uninterrupted seconds is now the largest media company by revenue in the world. According to an analysis by MoffettNathanson: YouTube’s $62 billion in total revenue last year surpassed Disney’s $60.9 billion (not including its parks business) as the most of any media giant. The Alphabet-owned video platform’s $40.4 billion in ad revenue is more than Disney’s, Paramount’s, NBCUniversal’s, and Warner Bros. Discovery’s...combined. YouTube’s growth is staggering, but not shocking. As consumers cut the cord, advertisers have pivoted to meeting them where they are: not watching traditional TV, but rather bingeing ASMR ear-cleaning videos. Still, YouTube has a long way to catch up to true social media giants like Meta, which reported $196.2 billion in ad revenue last year.—AE Together With RAD Intel RAD Intel Investment opp: $0.85 share price changes tonight at 11:59pm PT. RAD Intel scaled from a $10m valuation to $220m+ since acquiring its core AI engine in 2021, supported by recurring seven-figure Fortune 1000 contracts delivering 3–4x ROI. Now operating as a holding company, RAD is scaling multiple businesses on one shared AI foundation. Lock in $0.85/shares now. NEWS What else is brewing Meta rolled out four custom, in-house chips as part of its AI data center expansion, weeks after striking deals to use Nvidia and AMD chips as well. Grubhub will test drone delivery of takeout orders in a limited, three-month pilot program in New Jersey. Porsche plans to cut more jobs as tariffs and a sales slump in China weigh on the luxury automaker. Iran’s national soccer team cannot participate in the 2026 World Cup, the country’s sports minister said yesterday. Papa Johns has received interest from a Qatari-backed investment fund to go private, the Wall Street Journal reported. The Defense Department barred press photographers from the Pentagon after Defense Secretary Pete Hegseth’s staff said they took “unflattering” photos of him, the Washington Post reported. RECS To-Do List Heal: Durable and breathable wool bandages for sensitive skin.** Sleep: Tips to get a better night’s rest, in honor of Sleep Awareness Week. Scroll: A five-second test that measures how fast you can scroll. Take the quiz: Why are all of these actors in bathrobes? On-court upgrade: Get ready for the season with Vuori’s Tennis Collection. Step 1: Upgrade your style game. Step 2: Serve looks. Step 3: Play with confidence. Shop now.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Mini: Your sample clue of today is: “Kitchen counters?” Play the Mini here. Three Headlines and a Lie Three of these headlines are real and one is faker than the serving suggestions for Kettle Brand’s honey dijon chips. Can you spot the odd one out? Vermont’s largest Warhammer group rocked by insider trading scandal Runners are discovering they can churn butter on their runs—and it’s surprisingly easy 20,000 pounds of corned beef? This 60-year-old South Side shop is ready for St. Paddy’s Day Buffalo Wild Wings unveils wing-flavored protein espresso martini SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER We made up the one about Warhammer. Word of the Day Today’s Word of the Day is: buttress, meaning “to strengthen, support, or reinforce.” Thanks to Kevin Ellis from Charlotte, NC, for the suggestion. Submit another Word of the Day here. ✢ A Note From Frontieras This is a paid advertisement for Frontieras’s Regulation A offering. Please read the offering circular at https://invest.frontieras.com/ Reservation of the ticker symbol is not a guarantee that we will be listed on the NASDAQ. Listing on the NASDAQ is subject to approvals. *Under Regulation A+, a company has the ability to change its share price by up to 20%, without requalifying the offering with the SEC. ✳︎ A Note From RAD Intel This is a paid advertisement for RAD Intel’s Regulation A+ offering. Please read the offering circular at invest.radintel.ai.           Written by Adam Epstein, Molly Liebergall, Dave Lozo, Matty Merritt, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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Buggy AI code is becoming a problem...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqkdml.2eg14/6fed3f05.gif" alt="" border="0" /></a> March 11, 2026View Online | Sign Up | Shop Morning Brew Presented By Dr. Kellyann . Apple is releasing eight new emoji concepts for iOS 26.4—Distorted Face, Fight Cloud, Ballet Dancer, Orca, Hairy Creature, Trombone, Landslide, and Treasure Chest. You’re either super excited about these additions that allow for more versatility in your texts with friends or…you’re the type who’ll need to have Distorted Face explained to you. —Matty Merritt, Dave Lozo, Sam Klebanov, Neal Freyman, Abby Rubenstein MARKETS Nasdaq 22,697.10 +0.01% S&P 6,781.48 -0.21% Dow 47,706.51 -0.07% 10-Year 4.136% +0.0 bps Bitcoin $69,633.19 +1.20% Kohl's $14.58 -1.49% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: Wall Street continued to see more ups and downs than a seesaw at a busy park yesterday, ultimately ending down for the day as investors kept their eyes on the Iran war and oil prices. About that oil: Oil prices continued to fall from their highs from earlier in the week, dipping especially low after the US Energy Secretary said in a social media post that the Navy had escorted a tanker through the Strait of Hormuz. But they bounced back some after the post was deleted and the White House denied the claim. Prices dipped again in the evening after the Wall Street Journal reported that the International Energy Agency had proposed the largest ever release of oil reserves, with countries expected to vote on it today. Stock spotlight: Kohl’s fell after the retail chain reported disappointing sales.   BAD VIBES The AI…it filled the code with bugs AI Coding Errors at Amazon Sebastian Kahnert/Getty Images The amount of bugs popping up in AI-generated code is reaching the loose Sour Patch Kids under a camper’s bunk level. Amazon’s e-commerce senior VP, Dave Treadwell, called an all-hands for engineers at the company yesterday to address the growing frequency of outages, some of which can be traced back to code developed by generative AI, according to the Financial Times. Treadwell urged e-commerce engineers to attend this week’s (normally optional) meeting, noting that the “availability of the site and related infrastructure has not been good recently.” Last week, Amazon’s store malfunctioned for a few hours, which the company attributed to “a software code deployment.” And Amazon’s cloud services unit, AWS, had at least two large outages recently related to AI coding assistants. In December, the company’s cost calculator was down for 13 hours when Kiro, its AI coding tool, tried to change the code, and delete and remake the entire system. Though Amazon downplayed the meeting as routine in comments to the FT, the paper reported that Treadwell told employees that senior engineers will now need to sign off on AI-assisted changes made by junior and mid-level engineers. It’s not just Amazon Vibe-coding, in which developers simply tell AI what they need and sit back, is on the rise. Anthropic released Claude Code in February last year and passed $1 billion in annualized recurring revenue by November. Other tech giants have released rival coding programs to try and snag those enterprise accounts. But while AI might code faster…it’s usually a lot messier: A report last year from software company CodeRabbit found that out of 470 pull requests (engineer speak for bug fixes or changes in code), AI code had 1.7 times more issues than human code. An expensive solution. Anthropic rolled out its review tool yesterday in Claude Code to (hopefully) catch those vibe-coded mistakes—but with each pull request costing up to $25, it may get pricey fast.—MM     Presented By Dr. Kellyann Your power-up starter pack Dr. Kellyann Are you scarfing up a pastry and washing it down with coffee and calling it a day? We love a sweet treat as much as the next office dweller, but you need fuel, not gruel. The Morning Brew Bundle Office Starter Kit by Dr. Kellyann is a smart swap for the typical office munchies routine. Instead of running on jitters and sugar, professionals can upgrade their nine-to-five with protein-packed Bone Broth and clean-energy Collagen Coffee designed to help curb cravings, avoid the 3pm crash, and deliver noticeable results in just 21 days.* It’s a simple ritual upgrade (just add hot water), fully created by Dr. Kellyann and offered exclusively to Morning Brew readers for 34% off + free shipping. Bon(e broth) appétit. WORLD Tour de headlines A demonstrator holds a picture of Iran's new Supreme Leader Ayatollah Mojtaba Khamenei during a rally in support of the new Supreme Leader at Enghelab Square.Majid Saeedi/Getty Images Iran war continues to intensify. Defense Secretary Pete Hegseth said yesterday morning that it would be “our most intense day of strikes inside Iran.” Meanwhile, concerns have grown about Iran placing mines in the Strait of Hormuz, through which one-fifth of the world’s oil typically travels. The US military said it had destroyed 16 Iranian mine-laying vessels. Saudi Aramco said there would be “catastrophic consequences” for the oil market if the strait remains blocked. The US also revealed that 140 troops have been wounded in the war, 8 severely. Oracle’s earnings show AI bets beginning to pay off. The software company reassured investors wary of the debt it’s taken on to create AI data centers, reporting better-than-expected quarterly cloud revenue and rosy future projections. Overall revenue increased 22% year over year in the quarter that ended on Feb. 28, and revenue in the infrastructure business was up 84%. The company also raised its fiscal 2027 revenue forecast to $90 billion. Co-founder Larry Ellison brushed off concerns about AI eating into the software business on a call with analysts, saying Oracle makes these tools, so “we think the SaaS apocalypse applies to others but not to us.” The stock rose nearly 9% in after-hours trading. Exxon Mobil plans to ditch New Jersey for Texas after 144 years. North America’s biggest oil company said in a regulatory filing yesterday that it wants to move its legal home from the land of Taylor Ham—where it’s been based since 1882 (though it was Standard Oil back then)—to Texas, where it already has a physical headquarters. If it completes the move, it’ll join a cluster of companies reincorporating in Texas in search of a more business-friendly environment. The filing said the move would protect the company and its directors from “future frivolous litigation.” Shareholders will vote on the move in May.—AR IN THE LIGHT OF NIGHT Startup wants space mirrors to illuminate the night Space mirrors Niv Bavarksy The moon might soon have a corporate competitor. Startup Reflect Orbital plans to launch low-orbit satellites with giant mirrors shining sunbeams down to earth at night, which it says could power solar panels, reduce seasonal depression, and illuminate city streets or rescue sites. The California-based company is currently waiting for a regulatory greenlight from the FCC, with the public having the opportunity to comment until next week. If it wins approval, Reflect Orbital might launch a test satellite as soon as this summer. By 2030, it aims to have 5,000 mirrored satellites delivering nocturnal sunlight to specific miles-long areas for paying customers like solar farms. Darkness defenders But there’s much daylight between the company and its critics—many of whom warn the glow would reach beyond targeted areas: Astronomers say the mirrors would exacerbate light pollution, inhibiting professional stargazing. Wildlife experts worry a sunlit night could disorient animals. Others say the mirrors might disrupt human sleep or create light flashes threatening to blind pilots. Some skeptics argue the vision is a pie in the sky since the reflected sunlight won’t be enough to power solar panels. But…one astronomer told the New York Times the concept might be better suited for solar power on the moon, which has two-week-long nights and no atmosphere to dilute the sunbeams.—SK     Together With RAD Intel RAD Intel Get in at $0.85—for now. RAD Intel entered at a $10m valuation. Today, it reports $225m+, with multiple seven-figure enterprise contracts secured for 2026—and it’s only March. The company has formalized a holding company structure and launched two new divisions to scale. Nasdaq ticker reserved $RADI. Shares are $0.85 for now. Invest before the price changes on March 12.* FOREVER IN NEW JEANS Fabletics enlists in the denim wars Fabletics Denim Fabletics Fabletics, the popular provider of joggers, hoodies, and sports bras to fitness enthusiasts and people that work from home, is launching its first-ever line of denim wear for men and women tomorrow as consumers move away from athleisure. As hybrid/remote work declines, consumers are showing a preference for wearing jeans to in-person meetings as opposed to leggings for Zoom calls. It’s part of why growth in the athleisure market is slowing, according to market research company Euromonitor International: The sports apparel market is projected to grow 2.3% from 2025 to 2026, down from 3.1% between 2023 and 2024. The denim market is predicted to rise 2.1% this year and has increased by a whopping 28% since 2020. Joining the campaign: Last year, American Eagle, Gap, and Levi triggered the so-called denim wars with aggressive campaigns that starred Sydney Sweeney, Beyonce, and Taylor Swift’s fiance. Despite being no stranger to famous collaborators, Fabletics has eschewed a celebrity spokesperson for the new collection, instead banking on two years of development that included customer feedback. However…when Nike similarly expanded away from its core sports gear into lifestyle clothing at the start of the decade, it briefly led to growth but ultimately declined in market share, which the company is still trying to recover.—DL     STAT Prime number: GLP-1 users eat more chocolate Assorted Lindt Chocolate trufflesCreative Touch Imaging Ltd./Getty Images GLP-1 users might not be a group you’d expect to propel sales of little sweet treats, but Swiss chocolatier Lindt says its sales are rising faster in the US among people who take the weight loss drug than the rest of the population. According to the company: Sales of premium chocolate in the US last year jumped 17% among GLP-1 users, and just 6.5% among everyone else. An internal study based on data from Circana found 15% of US households use the drugs, accounting for 17.5% of chocolate sales. That the chocolate bunny maker’s sales hopped up among the GLP-1 crowd defies predictions that the confection industry would take a hit from the drugs’ rising popularity—though other snack sales have shown a GLP-1-related decrease. Lindt’s CEO chalked up demand to consumers still wanting small, premium indulgences. Reuters reports that GLP-1 use has also been a boon to spice and sauce makers, which are attracting M&A interest as diners seek out a flavor pop rather than processed eats or high-volume munchies.—AR Together With Lemonade Tail-waggin’ coverage. If your pups are adventurous eaters or your cats need a little support in their later years, Lemonade has your back. Lemonade pet insurance covers diagnostics, procedures, medication, and more, so your pack gets the best care. Coverage starts at $10/month. Get your free quote. NEWS What else is brewing Bill Ackman, the billionaire and frequent main character on X, filed for an IPO for his hedge fund Pershing Square on the NYSE, seeking to raise up to $10 billion. Meta acquired Moltbook, the social media forum for AI agents that’s gone viral for unsettling posts—most of which turned out to be likely written by humans, not bots. One Democrat and one Republican will advance to a run-off in the special election to replace Marjorie Taylor Greene in Congress after emerging as the top two in a 14-person vote. The FDA approved leucovorin for a rare brain disorder, but walked back claims made by President Trump and other officials that the drug could help people with autism. Amazon won a court order blocking Perplexity AI’s shopping from accessing its platform. Nvidia is investing in former OpenAI exec Mira Murati’s company, Thinking Machines Lab, which will use the company’s chips. Lego’s revenue rose 12% in its 2025 fiscal year, and sales of its tiny bricks outpaced the broader toy industry. RECS To-Do List Read: Understand how Iran’s rulers came to power with this gripping chronicle of the miscalculations that preceded the country’s revolution.** Meal prep: These bean salad recipes won’t let you down. Give a gratuity: See which states leave the smallest (and most generous) tips. Predict: What the math says about who will win on Oscar night. What to cut when money’s tight: Check out this list of 19 things to eliminate from your budget and help you breathe a little easier (most people ignore #11).* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Word Search: If you don’t know this year’s best actor and actress Oscar nominees, this puzzle doubles as an opportunity to brush up before you fill out your ballot. Play the Word Search here. 1-7 trivia All of the answers are a number between 1 and 7, and each number is only used once. How many states does West Virginia border? How many points is the letter U worth in Scrabble? How many countries start with the letter F? How many seasons of Fleabag are there? How many US presidents were assassinated while in office? How many members are there in the girl group Katseye? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER West Virginia borders five states. U is worth one point. Three countries start with the letter F (Fiji, Finland, France). There are two seasons of Fleabag. Four presidents were assassinated (Lincoln, Garfield, McKinley, JFK). Katseye has six members. Word of the Day Today’s Word of the Day is: eschewed, meaning “deliberately avoided using.” Thanks to Sandra Swanson from Boston and several other readers for not abstaining from sending in the suggestion. Submit another Word of the Day here. ✢ A Note From Dr. Kellyann Results may vary, average weight loss is 1–2 lbs. per week. Extreme results are not typical and may take more than 21 days. ✳︎ A Note From RAD Intel This is a paid advertisement for RAD Intel’s Regulation A+ offering. Please read the offering circular at invest.radintel.ai.           Written by Abigail Rubenstein, Matty Merritt, Dave Lozo, Sam Klebanov, and Neal Freyman Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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All eyes are on the price of oil...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqjo8o.2ek2w/7f3292ed.gif" alt="" border="0" /></a> March 10, 2026View Online | Sign Up | Shop Morning Brew Presented By AT&T Connected Car It’s-a me. Today has been dubbed Mario Day…because it’s March 10, and if you squish that to Mar10, it looks a lot like “Mario.” Take that Wario. —Dave Lozo, Molly Liebergall, Sam Klebanov, Neal Freyman, Abby Rubenstein MARKETS Nasdaq 22,695.95 +1.38% S&P 6,795.99 +0.83% Dow 47,740.80 +0.50% 10-Year 4.136% +0.0 bps Bitcoin $68,938.78 +2.93% American Airlines $11.44 +2.33% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: Don’t let that sea of green fool you. Yesterday was anything but calm on Wall Street. Stocks started the day down amid soaring oil prices and rose as those prices sank back down (more on that below) and President Trump said the Iran war would end “very soon.” Nowhere was this more reflected than in airline stocks, which dipped amid concerns that high fuel costs would spike ticket prices—only to take off again later in the day.   HOW CRUDE Oil reserves may be tapped to offset gas prices Oil drilling derrick Frederic J. Brown/Getty Images With crude oil prices reaching $119 a barrel yesterday morning, the Group of Seven’s energy ministers will hold a meeting this morning to discuss the coordinated release of their oil reserves to stymie rising costs caused by the fallout from the Iran war, sources told CNBC. News of the G7 virtual hang—which includes the US, Canada, France, Germany, Italy, Japan, and the UK—temporarily eased panic yesterday and drove oil prices down to $95, while President Trump suggested the ar might end soon. Sources told CNBC that the US is pushing for a joint release of up to 400 million barrels, which is about 30% of the 1.2 billion in the reserve. The decision to discuss tapping into the rainy day oil stock comes with estimates that daily production in the Middle East could fall by 9 million barrels per day by the end of the month if the Strait of Hormuz remained closed. However, President Trump told CBS News yesterday that he’s “thinking about” taking over the strait to allow tankers to pass through safely—and the price of a barrel of oil fell even farther yesterday evening after Trump said on Truth Social that the US would hit Iran “twenty times harder” if it stopped oil flows through the strait.. Keeping it about $100 barrels The conflict is in its second week, with traders driving oil futures skyward under the belief that the war won’t be a short one, despite reassurances from the US government. And if the fighting does extend beyond March Madness and crude prices soar back over $100: GasBuddy says there’s an 80% chance gas will reach a national average of $4 per gallon this month. Gas prices in the US were averaging $3.48 per gallon yesterday—an increase of 50 cents in one week. Lower- and middle-class Americans will feel the brunt more than anyone in this K-shaped economy, according to an economist who spoke to the Wall Street Journal. But…releasing reserve oil can help: The Biden administration used US reserves in 2022 after Russia’s invasion of Ukraine sent oil prices to $128 per barrel. The Treasury Department estimated the move lowered gas prices between 17 cents and 42 cents per gallon.—DL     Presented By AT&T Connected Car Hello, spring break AT&T Connected Car After a long, cold winter, it’s finally time to bask in the changing of seasons. So where will you and the family go this spring break? Maybe you’ll hit the road and head to the coast? Or drive up into the mountains? Or—our personal fav—you’ll open a map, close your eyes, and go wherever your finger lands? No matter the destination, AT&T Connected Car™ can help make the ride to your spring break adventure feel easier and much more fun. It allows you to connect up to 10 devices (varies by manufacturer) for maps, music, and entertainment. Make every mile more enjoyable for the whole family. Experience AT&T Connected Car. WORLD Tour de headlines Anthropic logo on a phoneSamuel Boivin/Getty Images Anthropic sues over “supply-chain risk” designation. The AI company sued the Department of Defense, Defense Secretary Pete Hegseth, and several other government agencies for slapping it with the classification—which is usually reserved for companies based in nations hostile to the US—following a clash about the use of its tech. The suit claims the Claude maker’s government contracts are already being cancelled and the label could also affect its contracts with other companies, “jeopardizing hundreds of millions of dollars in the near-term.” And Anthropic argues that the Pentagon’s blacklisting runs afoul of the company’s First Amendment rights, punishing it for disagreeing with the government and potentially chilling speech by other contractors. Live Nation settles antitrust suit without breaking up. About a week into a trial in the government’s lawsuit accusing the company of illegally monopolizing live entertainment since merging with Ticketmaster, Live Nation has reached a deal to resolve the case, avoiding the possibility of being forced to split apart. The settlement, which requires a judge’s approval, reportedly calls for Live Nation to allow other platforms to offer tickets to events and performers to use other promoters for shows at its amphitheaters. It would also provide ~$200 million in damages to states that sign on to the settlement—though some states are opposed, per Politico. Two charged after “ISIS-inspired terrorism” at Gracie Mansion. Two men were charged yesterday with attempting to provide material support to a foreign terrorist organization and using a weapon of mass destruction, after allegedly trying to detonate explosive devices outside of the New York City mayor’s residence on Saturday. Prosecutors say Emir Balat and Ibrahim Kayumi expressed allegiance to the militant group after being arrested. Balat’s lawyer, meanwhile, said, “He is 18 and he doesn’t have any idea what he’s doing.”—AR GLP ONE LOVE Novo Nordisk and Hims & Hers are friends again Hims and Novo Nordisk logos Morning Brew Design The soundtrack to a monthslong GLP-1 dispute just skipped from “Lets Call the Whole Thing Off” to “It Had to Be You.” Drugmaker Novo Nordisk and telehealth startup Hims & Hers will end their legal spat and partner up (again) to peddle Ozempic and Wegovy online together, the companies said yesterday, sending shares of Hims surging ~40%. Hims will start selling oral and injectable versions of Novo’s blockbuster obesity and diabetes medications later this month. That’s a pretty sudden 180: Novo sued Hims roughly three weeks ago for allegedly violating its patents by selling low-cost, compounded versions of semaglutide, the main ingredient in Ozempic and Wegovy. Now, under the new deal: Novo will drop its lawsuit against Hims, but it reserves the right to refile. Hims will stop advertising compounded versions of Novo’s medications and will only sell them on doctor’s orders, for example, if a patient needs a custom formula. Round two: Novo and Hims announced a similar partnership last April that abruptly ended when the drugmaker accused Hims of illegally selling compounded versions of Wegovy. Zoom out: Novo’s new CEO said the deal aligns with a wider goal of boosting Wegovy pill prescriptions by leveraging telehealth. Meanwhile, Eli Lilly has sought to juice sales of its weight loss drug, Zepbound, through its partnership with Hims rival Ro.—ML     Together With BambooHR Bad bosses are bad for business. BambooHR found that 70% of employees say bad bosses are common in many workplaces. If left unaddressed, bad managers can tank retention rates and create unsafe work environments. Read BambooHR’s full report to see how bad things can get for retention, retaliation, and more when a bad boss is in the mix. POINTE OF DISAGREEMENT Opera and ballet use Chalamet hate for promos Timothee Chalamet at the Actor Awards Brianna Bryson/Getty Images Timothée Chalamet faces a fiercer backlash from ballet and opera circles than someone failing to suppress a cough during a show. A recent clip of the big-screen ping-ponger saying he’d prefer not to work in ballet or opera, as they’re struggling to survive because “no one cares about this anymore,” inspired an aria of ire—and some marketing. The torrent of trolling ensued even though Chalamet immediately called himself out for the inflammatory sound bite—dropped in discussion with Matthew McConaughey about how cinema also pleads for butts in seats—and expressed “respect to all the ballet and opera people out there.” Shade attracts spotlight While theaters and performers chastised Chalamet for starring in Wonka, many companies’ marketers seized on the moment: The Royal Ballet and Opera posted that thousands of people attend performances nightly and invited Chalamet to see it for himself. Seattle Opera went further, dropping a promo code TIMOTHEE for 14% off Carmen tickets. In Timmy’s defense…a shrinking sliver of Americans patronize opera and ballet. Only 1.9% of US adults said they saw live ballet in 2022, and only 0.7% went to the opera, down from 3.1% and 2.2%, respectively, in 2017. Meanwhile, 43% of Americans went to the movies at least once in 2022, though US box office revenues last year were still down 24% from 2019.—SK     STAT Prime number: Mall madness A Gen Zer fusing with a mall Niv Bavarsky A new generation has discovered the joys of the Orange Julius. Gen Z is hanging out at the mall, according to the Wall Street Journal. And that could be a lifeline for mall owners, who have spent years trying to combat declining foot traffic. Especially because they’re spending big in brick-and-mortar stores, per the WSJ: Shoppers age 18 to 24 bought 62% of all their general merchandise in stores last year, compared with 52% for those 25 and older, according to Circana. And that percentage represents a lot of cash, since Gen Z’s anticipated global annual retail spending surpasses $12 trillion over the next four years. Thanks to Gen Z’s enthusiasm, some malls are making themselves more social-media-friendly, while some online retailers are opening stores inside malls. But there’s still one millennial doing her part to heed the call of Robin Sparkles: A local mall in London suburb Croydon got a boost recently when Taylor Swift featured herself riding down its escalator in her “Opalite” music video.—AR Together With Pernas Research Pernas Research The inside scoop on Wall Street. Deiya Pernas, former exec at a $3.5b fund, and Dean Pernas, a trained chemical engineer, left their careers to uncover Wall Street’s biggest finds. Together, their portfolio at Pernas Research has returned 30.4% annualized over nine years. Get their weekly highlights. NEWS What else is brewing Five members of the Iranian women’s soccer team have been granted asylum by Australia amid concerns about their safety if they returned home. The Alexander brothers, two of whom were high-profile luxury real estate brokers, were convicted of sex trafficking. Ohio State University’s president, Walter “Ted” Carter Jr., resigned after disclosing “an inappropriate relationship” with a woman. Uber expanded its women-only option for both riders and drivers nationwide in an effort to address safety concerns. Former Meta executives Sheryl Sandberg and Nick Clegg joined the board of AI data center developer Nscale, which recently raised $2 billion in funding. Netflix has stopped backing Meghan Markle’s lifestyle brand As ever, known for its fancy jams. A woman was arrested for attempted murder after allegedly firing shots into Rihanna’s house while the singer was home. RECS To-Do List Travel: Level up your carry-on game.** Listen: Check out live radio from anywhere on the globe. Learn: Why hotels make the sheets so tight. Watch: Relive the cute and creepy history of the Furby. Spring break essentials: Make your travels smoother and more fun with AT&T Connected Car™. It lets you connect up to 10 devices the whole ride. Learn more.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Mini: Today’s puzzle has something special—and spatial—going on. Play the Mini here. Mario trivia Happy Mario Day! Fan fact: Mario was based on a real guy. Which of the following was the inspiration for the Mario character? Mario Segale, a landlord who leased a warehouse to Nintendo Mario De Luca, the plumber at Nintendo America’s headquarters Mario Torregrossa, the newly born son of the lead developer Mario Alfano, a famous Italian opera singer known for his high notes SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Mario was named after Mario Segale, the landlord. All the rest were made up. Word of the Day Today’s Word of the Day is: patronize, meaning “frequent as a customer.” Thanks to Ilana from Chicago for the not-at-all-condescending suggestion. Submit another Word of the Day here. ✢ A Note From AT&T Connected Car Disclaimer: Requires eligible car and wireless service plan. Additional restrictions apply.           Written by Abigail Rubenstein, Dave Lozo, Molly Liebergall, Sam Klebanov, and Neal Freyman Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? 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OpenAI has changed its mind about online shopping...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqjauf.2esvi/846f40f6.gif" alt="" border="0" /></a> March 09, 2026View Online | Sign Up | Shop Morning Brew Presented By Fisher Investments Yawn. Good morning. Today is National Napping Day in the US. It conveniently arrives the day after daylight saving time begins, when the afternoon seems to be dragging, we don’t remember which clock is correct and which hasn’t been changed, and the coffee is doing absolutely nothing. In other words, it’s a Monday observance of a Monday being extra Monday. —Brendan Cosgrove, Holly Van Leuven, Neal Freyman MARKETS: YEAR-TO-DATE Nasdaq 22,387.68 -3.68% S&P 6,740.02 -1.54% Dow 47,501.55 -1.17% 10-Year 4.133% -3.0 bps Bitcoin $66,347.98 -24.18% Dollar General $146.31 +10.67% Data is provided by *Stock data as of market close, cryptocurrency data as of 10:00pm ET. Here's what these numbers mean. Markets: Oil prices surged last week amid the Middle East conflict and exceeded $110/barrel yesterday. This week, the three major indexes are off to a red start. Stock spotlight: Dollar General will get specific on Thursday, when it reports its Q4 earnings. The bargain store’s stock is up more than 76% over the past year, but it still trades well below its all-time highs from late 2022.   STATE OF PLAY OpenAI is feeling the heat, but it’s not cooked ChatGPT in the Apple App store NurPhoto/Getty Images Late last year, when ChatGPT faced pressure from competitors, OpenAI CEO Sam Altman went Mountain Dew on everybody and declared “code red” to get the chatbot back on track. After the struggles of this past week and a half, it might be time to declare “baja blast.” March came in like a lion. The Information reported that OpenAI is moving away from its plan to integrate checkout technology into ChatGPT, instead letting third-party apps do the e-commerce dirty work. The company once believed integrating shopping and travel booking into its platform could make it a power player. Now it seems to realize it actually doesn’t want to get into the customer service business. TD Cowen analysts called the reversal “stunning,” according to Business Insider. The company also recently announced it would be delaying its “adult mode” feature for a second time, if you’re wondering why your friend is in a bad mood but refuses to talk about it. A five-sided problem Although OpenAI emerged with the Pentagon contract once intended for Anthropic late last month, the win did not prove decisive, because it also inherited all the backlash that went with it. According to TechCrunch, the day after the deal was announced: US uninstalls of ChatGPT’s mobile app jumped 295%. ChatGPT’s US day over day downloads went from being up 14% to down 13%. US downloads of Anthropic’s Claude app jumped 51%. OpenAI-ing a can of worms: The Pentagon deal rankled OpenAI employees, too. Altman acknowledged last Monday that the timing looked “opportunistic and sloppy,” and said he planned to rework parts of the contract. That wasn’t enough to reassure the head of the company’s robotics team, Caitlin Kalinowski, who stepped down on Saturday. On the bright side: OpenAI is one of the world’s fastest-growing companies, with a $730 billion pre-money valuation and plans for an IPO in Q4. Plus, ChatGPT had more than 900 million weekly active users in February.—BC     Presented By Fisher Investments The tax playbook for wealthy investors Fisher Investments Growth is an important piece. But managing significant wealth is also about ensuring you keep more of what you’ve earned. That’s where Fisher Investments’ guide can help. Tax-Efficient Wealth Management for Affluent Investors offers forward-looking advice to help strengthen and optimize your portfolio. Inside, you’ll find actionable tax-planning techniques and straightforward investment strategies for affluent retirees. There are also insights to help with estate planning so you can ensure your financial legacy is distributed according to your wishes (while minimizing tax exposure). Don’t let your savings get eaten by excess taxes. Instead, learn how tax-smart strategies can help you stay on track and keep more of what’s yours. Start by reading the guide. WORLD Tour de headlines Mojtaba Khamenei in 2016Mojtaba Khamenei in 2016. Reza B/Getty Images Khamenei’s son named new supreme leader as Iran’s president says it “will not bow” to US, Israel. Yesterday, an Iranian clerical council selected Mojtaba Khamenei, the second-born son of Ayatollah Ali Khamenei, to be the country’s new supreme leader, saying, “The name of Khamenei will continue.” Earlier on Sunday, President Trump said in an interview with ABC News that regardless of whom Iran chose, “If he doesn’t get approval from us he’s not going to last long.” Trump warned last week that Mojtaba Khamenei would be “unacceptable.” Bahrain announced that an Iranian drone attack damaged a desalination plant responsible for bringing critical supplies of drinking water to the region. Also yesterday, US Central Command announced that a seventh US service member died as a result of injuries sustained in the war on March 1. Suspect is in custody after IED thrown outside Gracie Mansion, home of NYC’s mayor. Police confirmed yesterday that an object that was ignited and thrown during an anti-Islam protest outside of Gracie Mansion on Saturday was an improvised explosive device. About 20 protesters organized by far-right influencer Jake Lang stood in front of the mayor’s residence for the event, called “Stop the Islamic Takeover of New York City, Stop New York City Public Muslim Prayer.” Over 100 counterprotesters also gathered. At 12:15pm on Saturday, a protester fired pepper spray at counterprotesters and was arrested, according to NYPD Commissioner Jessica Tisch, who also said that about fifteen minutes later, an 18-year-old counterprotester “lit and threw an ignited device toward the protest area.” That suspect is also in custody. NYC Mayor Zohran Mamdani, who is Muslim, was in the building at the time of the attack. He thanked law enforcement officers and condemned the violence in a statement. On 12th anniversary of MH370’s disappearance, family members urged Malaysia to extend search. The flight, which departed Kuala Lumpur for Beijing on March 8, 2014, and disappeared shortly thereafter, was carrying 227 passengers and 12 crew members. The Malaysian authorities filed a report in 2018 that drew no conclusions from its own investigations. Yesterday, Voice370, a group of families of those who went missing, asked the Malaysian government to extend a “no find, no fee” contract it has maintained with Ocean Infinity, a marine robotics company based in Austin, TX, that has conducted two search phases for the missing aircraft. The group also urged them to offer contracts to other exploration companies to continue the search. Malaysia’s Air Accident Investigation Bureau said yesterday that it was “committed to keeping the ‌families ⁠informed and will continue to provide updates as appropriate.”—HVL CREATURE FEATURE Pixar needs a new franchise. Maybe it’s Hoppers promo image of Disney Pixar's Hoppers Disney Pixar Hoppers, the animated flick about a girl who puts her mind in an animatronic beaver body to help wildlife, took the No. 1 spot at the domestic box office this weekend, bringing in $46 million. But Pixar’s struggles to make original hits are far from over. What’s up, Doc? Pete Docter, the chief creative officer of Pixar since 2018, told the Wall Street Journal that when green-lighting projects early in his tenure, “I probably overindexed on, ‘Do whatever you want.’” Back it up: Pixar has long been considered a “filmmaker-driven studio,” while its business sibling, Walt Disney Animation Studios, had a reputation of being executive-led. Think: More vibes, less bean-counting. It didn’t hurt that Docter’s predecessor, Toy Story director John Lasseter, was a renowned tastemaker. Lasseter resigned in 2018 following a misconduct investigation. And Docter, the introverted director of Monsters, Inc., Up, Inside Out, and other success stories, didn’t exactly hit the C-suite running: Pixar’s first original films under him were Luca and Turning Red, which missed out on theatrical releases due to the pandemic. Then, in 2022, Lightyear failed at the box office. The following year, Elemental eked out a small profit. Last year, Elio became the company’s biggest flop. Zoom out: There are currently no sequels to Hoppers in the hopper, but Toy Story 5 arrives in theaters this June.—HVL     Together With JobsOhio World-class talent right at your fingertips. You don’t have to travel the world to find top-tier talent. Just look in Ohio, where JobsOhio can help connect you to the best. Plus, as a private nonprofit, they prioritize your business’s growth and success. Opportunity awaits in Ohio. CALENDAR The week ahead Oscars prep in 2025Oscars prep last year. Patrick T. Fallon/Getty Images Inflation fixation: February’s consumer price index report will be released on Wednesday, followed by the personal consumption expenditures reading on Friday. The Federal Reserve will be eyeing both metrics as it faces an interest rate decision next week. Inflation data will be key, since the central bank has been getting mixed signals from the labor market so far this year. While January’s jobs report came in hotter than analysts expected, February made them shiver (h/t Don McLean). The Fed will also have to consider the impact of the Iran war on energy prices. A look into the future of Oracle: There will be plenty of potential for drama during Oracle’s fiscal Q3 earnings report tomorrow. The tech giant recently became part-owner of TikTok, and Bloomberg reported last week that Oracle plans to lay off thousands of employees as it tries to make good on its big data center bet. Plus, the company’s stock price has been on a bit of a journey lately, doubling and then getting cut in half over the last year. And the Oscar goes to…: Hollywood’s favorite bald and naked award statue will be handed out on Sunday at the 98th Academy Awards, which will be aired live on ABC and Hulu. Sinners has the best shot at collecting the most hardware, with a record 16 nominations, but One Battle After Another and Marty Supreme could serve up some stiff competition. Conan O’Brien will return to host the ceremony after pulling in strong ratings last year. But wait, there’s more: The Paralympic Winter Games continue through this week. Today is the 250th anniversary of Adam Smith’s An Inquiry into the Nature and Causes of the Wealth of Nations. Vail Resorts reports earnings today, then Campbell’s and Petco deliver results on Wednesday, followed by Adobe, Ulta Beauty, and Dick’s Sporting Goods on Thursday. For the second month in a row, we’ll have a Friday the 13th. It’ll be on Friday…the 13th. Beware the Ides of March on Sunday. STAT Prime number: Sundar Pichai’s new $692m deal Google and Alphabet CEO Sundar PichaiHindustan Times/Getty Images The Alphabet CEO’s new pay package was revealed in an SEC filing on Friday, and you could say he stands to make way mo’ thanks to Waymo: For the first time, some of Pichai’s compensation will be tied to Alphabet’s autonomous driving project. He could potentially earn up to $260 million just based on how Waymo’s value increases over a three-year period. Additionally, he can earn up to $90 million based on the results of Alphabet’s drone delivery unit, Wing, between now and 2029. Business Insider said the new incentives show that Alphabet considers the robotaxi and drone projects to be “assets representing valuable, scalable businesses” rather than quirky side ventures. The more things change…the more they stay the same. Pichai’s annual base salary is $2 million, unchanged since 2020, and he will be eligible for stock units again this year based on how the company performs relative to the S&P 500. Those could be worth up to $252 million. If he stays in the role for three more years, he’ll get an additional equity package worth $84 million.—HVL Together With Quince Get your bag and pack it, too. Got a trip on the books? Upgrade your travel essentials with Quince. Whether you’re looking for a new suitcase or a toiletry bag, their travel collection has luxury getaway looks at prices you’ll love. Take a look and grab what you need for your next adventure. NEWS What else is brewing President Trump said he would not sign any legislation into law unless the controversial voter ID bill, the SAVE America Act, is passed. A high school math teacher was killed outside his home in Georgia during a prank committed by teenagers that went wrong. Airport travelers are running into hourslong security lines, as some TSA workers stop showing up for work amid the partial government shutdown that is keeping them from getting paid. Activist investor Starboard Value bought a stake in french-fry-maker Lamb Weston to push for improvements at the spuds company, according to the WSJ. Viola Davis and James Patterson co-wrote a novel, Judge Stone, which comes out today. RECS To-Do List Sleep: This silk eyemask is a splurge, but it makes every night’s sleep luxurious.** Light on: Fifteen features you won’t find on Apple’s new budget MacBook. Level up: The six things you can do to be taken more seriously. Sign of the times: Research suggests using AI tools at work may give some employees AI brain fry. The mountains just got more affordable: Epic Pass is offering 20% off for skiers and riders aged 13–30 with passes starting at just $649. Your mountain awaits.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Turntable: This week’s center letter is C, surrounded by T, O, U, M, N, and I. Can you make 30 words? Give it a spin. Play Turntable here. Ingredient list trivia In today’s trivia, we read the back of the package so you don’t have to. We’ll give you a list of ingredients that make up a popular food product, and you have to name it. Corn syrup, enriched wheat flour (flour, niacin, ferrous sulfate, thiamin mononitrate, riboflavin, folic acid), sugar, cornstarch. Contains 2% or less of: palm oil, salt, artificial flavor, citric acid, mineral oil, artificial color (Red 40), lecithin. SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Twizzlers Word of the Day Today’s Word of the Day is: animatronic, meaning “animated by means of electronics.” Thanks to Jake B. from Charleston, SC, for the very sparky suggestion. Submit another Word of the Day here.           Written by Brendan Cosgrove, Holly Van Leuven , and Neal Freyman Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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US employers shed jobs last month...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqizqz.2fd6u/345d9c5a.gif" alt="" border="0" /></a> March 07, 2026View Online | Sign Up | Shop Morning Brew Presented By Miso Robotics Good mushing. The 2026 Iditarod will ceremonially start this afternoon (10am Alaska time) in Anchorage, but the race officially starts Sunday in Willow, AK. It is expected to take 37 mushers and their dogs about eight days to traverse the 1,000-mile trail to Nome. This is the first year the race will host a controversial “Expedition Class” allowing Norwegian billionaire Kjell Inge Røkke to participate without actually competing. Røkke’s businesses have sponsored the Iditarod since 2018, and he donated over $300,000 this year toward the prize fund and to help provide pediatric care for rural Alaskans along the route. When you’re rich, apparently, you either go to space or you buy your way into a race. —Sam Klebanov, Dave Lozo, Molly Liebergall, Matty Merritt, Abby Rubenstein, Holly Van Leuven MARKETS Nasdaq 22,387.68 -1.59% S&P 6,740.02 -1.33% Dow 47,501.55 -0.95% 10-Year 4.133% -1.0 bps Bitcoin $68,232.59 -4.21% Crude oil $90.77 +12.05% Data is provided by *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. Markets: If you haven’t checked your 401(k) lately, maybe…don’t. With an unexpectedly downbeat jobs report (more on that below) and the Iran war pushing up oil prices, stocks fell yesterday, sending all three major indexes down for the week and negative for the year.   ECONOMY Optimists get reality checked by weak jobs report Not hiring Nick Iluzada Economy watchers may feel like someone waking up with a low-grade fever after hoping rest would cure their emergent sniffles. US employers unexpectedly shed 92,000 jobs in February, according to data the government released yesterday, quashing exectations of a stabilizing job market. That’s likely to compound economic anxieties related to the Iran war. Though wage growth remained strong, the sudden job losses—a sharp reversal from January when the economy added 126,000 jobs—caused the unemployment rate to creep up to 4.4%. Is it just a temporary blip? Part of February’s employment dip was due to strikes reducing healthcare employment, as well as arctic weather stalling hospitality and construction work. But: Payrolls also shrank in other sectors, including government, manufacturing, and information technology. Plus, we now know the US shed jobs in December, too, as yesterday’s data revised hiring for that month down from a gain of 48,000 to a loss of 17,000. Is AI the culprit? While many companies say AI reduces their need for human workers, some analysts say pandemic-era overhiring might be behind layoffs and anemic hiring. Plus, lower immigration levels could be reducing the pool of workers available to sign offer letters. Now, there’s also war The weak jobs report, suggesting economic shakiness, reflects a reality before the war in Iran disrupted industries. Since then: Gas prices jumped by more than 30 cents a gallon this week after Iran began hindering shipments of Middle Eastern oil to global markets. And experts say the disruptions to the waterway could make other products pricier. With stocks falling on fears of a prolonged war, shrinking 401(k) plans threaten to further undermine consumer confidence and imperil job growth. Looking ahead…accelerating price growth and weak hiring is a double whammy for the Fed as it tries to set interest rates to keep employment high and inflation low. But investors still expect the Fed to keep interest rates steady during their upcoming meeting this month, with some central bank officials saying it’d take more economic alarm bells to prompt rate cuts.—SK     Presented By Miso Robotics “The biggest gold mine…in history” Miso Robotics That’s what NVIDIA’s CEO said about today’s “once-in-a-generation infrastructure build-out” to power AI. And financial market experts say it could send robotics stocks soaring on a "multi-year supertrend." But 39k+ investors aren’t waiting for Wall Street. They’re backing a private company NVIDIA hand-picked to help build the future of restaurant kitchen AI robots: Miso Robotics, creator of the Flippy Fry Station AI robot. Miso has already landed marquee customers like White Castle, Jersey Mike’s, Jamba, Auntie Anne’s, and more. With NVIDIA sharpening Miso’s tech, and a new product just added to their portfolio, Miso’s scaling their AI and robot production to meet this $1t industry’s demand. 100k+ US fast-food locations are in desperate need, a $4b/year revenue opportunity. Become a Miso shareholder today and unlock up to 7% bonus stock. WORLD Tour de headlines President TrumpAnna Moneymaker/Getty Images   Trump says “no deal with Iran except UNCONDITIONAL SURRENDER!” Following reports (denied by Iran) that the country had reached out to the US about ending the war that began when the US and Israel struck Iran, President Trump, in a Truth Social post, called for only “unconditional surrender,” dashing hopes for a fast resolution. The president also called for “the selection of a GREAT & ACCEPTABLE Leader(s).” Meanwhile, Israel said it had entered a new phase of the war and heavily attacked Tehran and southern Lebanon. Trump also said American defense firms had agreed to “quadruple Production of the ‘Exquisite Class’ Weaponry.” Customs gets more time for tariff refunds. Yesterday, a federal judge pared back his own order requiring Customs and Border Protection to immediately pay back $166 billion to companies that had paid tariffs imposed by President Trump, which were struck down by the Supreme Court, to give the agency more time. Earlier in the day, CBP said in a court filing that it could not immediately comply with the order, but could update its system to enable refunds in 45 days. However, the government has also said it plans to appeal the judge’s ruling ordering the refunds, which could introduce more delays.   Big Tech says users can still have Anthropic’s AI, outside of defense work. Although the Department of Defense has labeled Anthropic a “supply chain risk,” which bars military contractors from working with it, Google, Microsoft, and Amazon have all said their users can still access Claude, just not for defense work. However, Anthropic will likely have to stop working with Palantir. Anthropic, meanwhile, has vowed to fight the DOD’s designation in court. The clash has raised the company’s profile with consumers, sending its downloads and daily active user count skyrocketing.—AR IF YOU BUILD IT, HE WILL COME ‘Man Camps’ are the answer to building data centers Construction workers on a building site Getty Images AI companies need data centers built at hyperspeed. To attract the necessary trade workers, they are erecting what have been dubbed “Man Camps”—temporary housing near the construction site that comes with amenities like free steak, game rooms, and golf simulators, per a Bloomberg report. Why the push for sleepaway Dave & Buster’s? With data centers popping up in remote locations, these perks are designed to incentivize construction workers to temporarily relocate. Dwell-paying business: Companies like Target Hospitality Corp. and Civeo Corp. specialize in short-term housing that can support hundreds of workers for months at a time before packing up and moving to the next town: Target Hospitality, which also builds immigration detention centers, projects it’ll make $331 million from data center buildouts over the next two years. Bloomberg Intelligence estimates that $700 billion worth of these mobile housing projects are in the development stage. Hire more women campers : While Man Camps may sound like a divorced guy paradise, women are welcome, and husband-wife teams are wanted, too. Electric gold rush: It’s not just construction—data center electricians are making $130 per hour, while the average electrician is getting $30 per hour, according to ZipRecruiter. And no trade job may be as important—more than 300,000 new electricians are projected to be necessary to complete data center buildouts over the next decade.—DL     Together With Vuori Game, set, save. With the big tournament in full rally, it’s the perfect time to level up your fitness favorites. New customers get 20% off their first order from Vuori’s men’s and women’s tennis collections. The code MorningBrew20NEW is only live ’til midnight Eastern on March 9. Don’t miss your shot—use it while you can. ICYMI Have you heard... Here’s everything that didn’t make it into this week’s newsletters but we immediately sent to the group chat. Major League Soccer and the Vancouver Whitecaps have to pay more than $300,000 after featuring Lionel Messi in promos for an Inter Miami game that he didn’t ultimately play in. We hear they’re going after you next for flaking on your friend twice in a row last month. A representative for Jim Carrey confirmed it was really him at a Paris award show after online conspiracy theorists claimed that the actor’s face looked so different he must’ve been replaced with a stand-in. Congratulations to Avril Lavigne’s body double for landing a new gig. The Los Angeles City Council granted cultural monument status to the house from The Brady Bunch, which protects it from demolition. Quick, everybody start filming a beloved television show at a local library. Timothée Chalamet is getting flak for offhandedly saying that “no one cares about” ballet or opera anymore, potentially jeopardizing the Mahdi’s chances of conquering the Imperium. A camel beauty pageant disqualified 20 camels who had been subjected to cosmetic procedures including fillers, Botox, and silicone to inflate their humps (yes, really). It seems their owners failed to get- get- get- get the judges drunk, get them love drunk off their inhumanely enhanced humps.—ML NEWS What else is brewing President Trump promised an executive order to “fix” the impact big-money name, image, and likeness deals are having on college sports. Robinhood’s first fund allowing investors to put money into private companies fell 11% on its public debut. Beyond Meat is dropping the “Meat” from its name on packaging and rebranding the company itself as Beyond The Plant Protein Co. as it focuses on products besides meat substitutes. The Department of Justice released additional files related to the late sex offender Jeffrey Epstein, including those containing uncorroborated allegations against President Trump. Former Presidents Bill Clinton, Barack Obama, and Joe Biden attended civil rights icon Rev. Jesse Jackson’s funeral in Chicago yesterday. The Paralympics kicked off with an opening ceremony yesterday. Some governments opted to boycott it because of the involvement of Russian athletes. Two junior bankers at Goldman Sachs may face firing after participating in a flashy magazine photo shoot with American Psycho vibes. Together With TaxSlayer Slay tax season. Taxes shouldn’t feel like a battle. With TaxSlayer Classic, fearlessly file any return affordably, regardless of your situation. Get your maximum refund and relax knowing your return is 100% guaranteed. Less stress + more refund = epic experience. COMMUNITY Crowd work Last week, we asked: “What’s the most random gig you’ve ever done?” Here are some of our favorite responses: “Spent the day dressed as an inflatable apple, walking the grocery aisles with a basket of coupons and encouraging shoppers to take advantage of store deals, all without being able to say a single word.”—Joseph from Kansas City, MO “I was a seat-filler for WWE. We would be instructed to go sit in open seats that were in camera view of the ring. Some fans attempted their favorite wrestling moves on us when they came back to their seats being taken. It was worth it because we got into the event for free.”—Jonny from Waukee, IA “I performed a contemporary ballet solo at a funeral. It was a graveside service and I performed in front of the casket. I was just 17, and it was my first paid gig as a professional dancer.”—Kelcey from Tennessee “I worked as an elevator operator at Iowa State University in the 1990s. Basically, I sat in the elevator and made sure students didn’t smuggle kegs into the dorms.”—Carla This week’s question If you were an ultrawealthy philanthropist, which building would you want to be named after yourself in exchange for a generous donation? Sam’s answer to get the juices flowing: “I’d be proud to see a plaque honoring my support at the impressionist gallery in Boston’s Museum of Fine Arts, where my art-loving grandma would take me as a seven-year-old to look at Monet and Van Gogh masterpieces.” Submit your answer here. RECS To-Do List Wear: A simple black ankle sock that lives up to the hype.** Change your clock: Daylight saving time begins tomorrow, so here’s what you should change besides the time on your microwave. Hear from the insiders: What Oscar voters are actually thinking about this year’s awards. See in a new dimension: Visit NYC’s Metropolitan Museum of Art without leaving your couch by viewing new 3D renderings of important objects in its collection. Enhance your home: Fragrance is the fastest way to elevate your space. Aura House's cold-air diffusion wraps every room in a signature scent. Use code BREW10 for 10% off.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Crossword: Jack is going to make you use your BRAIN in this week’s full-size crossword, but it’ll be really fun. We promise. Play it here. Open House Welcome to Open House, the only newsletter section that wants to catch a glimpse of those dogs running by. We’ll give you a few facts about a listing and you try to guess the price. Mansion on the lake in Anchorage, AlaskaZillowToday’s home is in Anchorage, AK. Hopefully, you love the French doors, because you’ll be standing behind them on those regular 20-degree-below-zero winter days. Amenities include: 5 beds, 8 baths Lake and mountain views 1,400-square-foot deck How much for the Great Northern getaway? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER $3.5 million Word of the Day Today’s Word of the Day is: emergent, meaning “newly formed or prominent.” Thanks to Aaron from Los Angeles for a suggestion that gave us a start. Submit another Word of the Day here. ✢ A Note From Miso Robotics This is a paid advertisement for Miso Robotics’ Regulation A offering. Please read the offering circular at invest.misorobotics.com.           Written by Abigail Rubenstein, Sam Klebanov, Dave Lozo, Molly Liebergall, Matty Merritt, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? 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Iran war snarls global supply chains...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqijue.2f7ku/4c02ee6f.gif" alt="" border="0" /></a> March 06, 2026View Online | Sign Up | Shop Morning Brew Happy Friday. Allow us to introduce you to Luigi Primo, an independent pro wrestler going viral for dressing up like a chef and knocking out his opponents by flinging pizza dough at them. Another wrestler, Cal Zone, has a similar gimmick, but everyone agrees he’s not as good. Enjoy your weekend! —Sam Klebanov, Molly Liebergall, Matty Merritt, Adam Epstein, Holly Van Leuven MARKETS Nasdaq 22,748.99 -0.26% S&P 6,830.71 -0.57% Dow 47,954.74 -1.61% 10-Year 4.146% +7.0 bps Bitcoin $71,327.70 -2.43% Brent crude oil $84.44 +3.74% Data is provided by *Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean. Markets: Stocks couldn’t maintain their momentum from Wednesday and fell again yesterday, as the Middle East conflict entered its sixth day. The Dow led the decline, plunging nearly 800 points after Iran said it hit an oil tanker with a missile. Meanwhile, Brent crude oil eclipsed $84 a barrel.   LOGISTICS Iran war snarls global supply chains Cargo ship in China Costfoto/Getty Images The nearly week-old Iran war raged on yesterday, expanding to more countries and further imperiling the seas and skies in the Middle East. The US and Israel continued bombing targets in Iran yesterday, while Iran retaliated with strikes across the region. An Iranian drone injured four at an airport in neighboring Azerbaijan. It’s unclear when the fighting will end: Iran’s foreign minister, Abbas Araghchi, said the country isn’t asking for a ceasefire and sees no reason to negotiate. In the US, a legislative effort to restrict President Trump’s ability to conduct military action in Iran failed yesterday after Republicans in the House followed the Senate in voting it down. Meanwhile, Trump told Axios that he wants to be involved in choosing Iran’s new supreme leader to replace Ayatollah Khamenei, who was killed in an Israeli airstrike over the weekend. Cargo ripple effects Iran’s closure of the Strait of Hormuz—which carries 20% of the world’s oil—has slowed traffic to a trickle through the vital trade route. That’s affecting industries well beyond just the transit of fuel, as the waterway is also vital to the global food supply chain: Farmers have been hit by soaring nitrogen fertilizer costs. Much of the supply comes from the Middle East. Experts say this could undermine global agricultural production and potentially push up grocery prices. Aside from the food biz, Victoria’s Secret said the conflict has caused shipping delays, while Abercrombie expects “sales headwinds” due to sourcing hitches in the region. Meanwhile…treacherous skies above the Middle Eastern air hubs are threatening to strain supply chains for products commonly transported by plane, like pharmaceuticals and electronics. Rising air freight prices due to the conflict could eventually be passed on to shoppers. See the latest updates here.—SK     WORLD Tour de headlines Kristi NoemChip Somodevilla/Getty Images President Trump fired Homeland Security Secretary Kristi Noem. The president announced yesterday that Noem was out (effective March 31) and Senator Markwayne Mullin of Oklahoma would take her place. Trump was reportedly frustrated with Noem following her testimony at a congressional hearing this week, in which she said that the president had signed off on a $200 million ad campaign for her department (Trump denies doing so). Before that, Noem had received bipartisan criticism for several controversies, including her messaging following the killings of two US citizens, Alex Pretti and Renee Good, by immigration officers in Minneapolis. Trump said that Noem will move into the position of “Special Envoy for The Shield of the Americas.” Mullin, a former MMA fighter and congressman, has been a senator since 2023. More than 20 states sued Trump to block his latest tariffs. Two dozen states, including New York and California, filed a lawsuit challenging President Trump’s planned 15% global tariffs, which he announced after the Supreme Court ruled last month that many of his previous tariffs were illegal. Treasury Secretary Scott Bessent said the new tariffs will take effect this week and could return to their previous rates by August, using a different legal authority that circumvents the court’s decision. The states’ lawsuit comes a day after a federal judge ruled that companies that paid tariffs are owed refunds. Netflix bought Ben Affleck’s AI startup. The streaming giant acquired InterPositive, a company founded by Affleck that makes AI tools for filmmakers, per Variety. The Good Will Hunting and Gone Girl star will serve as a senior advisor to Netflix, which is reportedly retaining the startup’s entire 16-person team. Affleck’s company does not produce AI-generated content; rather, it uses AI to assist in the production process, such as fixing lighting and visual effects. “We also need to preserve what makes storytelling human, which is judgment,” Affleck said in a statement. The news marks a rare acquisition by Netflix, which deserted its bid for Warner Bros. Discovery last week.—AE LINGERYAY Victoria has a secret: She’s rebounding Victoria's Secret storefront Horacio Villalobos/Getty Images It’s comeback season for the retailer that makes parents cover their kids’ eyes at the mall. Victoria’s Secret announced yesterday that it’s about to have its best year in more than half a decade, following a slump in revenue and reputation. Victoria’s projection: at least $6.85 billion in full-year sales, which would beat Wall Street’s expectations and mark a seven-year high. The retailer posted its third straight quarter of same-store sales growth, its longest stretch of gains in at least four years, per FactSet. Much of the turnaround is credited to newish CEO Hillary Super, who previously led Anthropologie and Savage x Fenty. Since she took over Victoria’s Secret in 2024: Super has refocused the company around its Pink line, its $1 billion beauty business, and its bread and butter: bras. The Victoria’s Secret Fashion Show, which previously took a backlash-fueled hiatus, has featured a more inclusive group of models. Now…Victoria’s Secret may be regaining some relevance for the first time since its 2021 split from former parent company L Brands, whose founder and CEO, Les Wexner, was linked to Jeffrey Epstein in 2019. Zoom out: Shares of Victoria’s Secret tanked 12% yesterday due to multimillion-dollar expenses related to a past acquisition, but its stock is up more than 200% since an April 2025 low point.—ML     Together With Tracksuit x Ekimetrics Tracksuit x Ekimetrics Relevance > reach. Creators are essential to nearly every brand’s marketing strategy, but the biggest followings don’t always yield the biggest results. Morning Brew teamed up with Ekimetrics and Tracksuit to explore how niche creators help build stronger brands, drive actual change in people’s minds, and more. Check out the report. DO NOT DISTURB Take the headphones or exit the cabin Person watching monkey video without headphones Niv Bavarsky Warn your mothers. United Airlines is laying down the law…quietly and without much fanfare. The airline updated its contract of carriage (the rules you agree to when you buy a flight) last Friday, adding a rule that passengers who listen to audio or video without headphones can be kicked off the flight and potentially banned from the airline. The change goes into effect as the carrier rolls out expanded Starlink internet service on its flights. Your ticket might get you access to a 46-part K-drama at cruising altitude, but not permission to play it for the rest of Economy Plus. Other airlines, including Frontier, Delta, and Southwest, suggest using headphones, but United appears to be the first carrier to implement consequences for going speaker mode. Now take your tiny pretzels and hush: The policy is an easy win for United, which—like the rest of the airline industry—is desperately trying to be the good guy after the post-Covid fee-a-palooza that eradicated perks like free bags and early boarding. But travelers are still mad. Last month, the decade-old argument over family seating was revitalized when social media posts went viral for calling out airlines that split toddlers up from their parents.—MM     STAT Prime number: Americans go founder mode Entrepreneur business founder working at deskUnsplash What do you get when you combine a generation hooked on Shark Tank with a shaky US labor market and worries over job security? Errbody be foundin’. According to the Wall Street Journal: In January, there were more than 532,000 new business applications in the US—up by ~37% from last year and nearly matching the pandemic peak in July 2020. The number of people who list themselves as founders on LinkedIn is up by 69% from a year ago. While fears of AI-induced layoffs drive many Americans toward self-reliance, the tech also helps them once they strike out on their own. AI is lowering the barrier to entry for entrepreneurship by performing tasks like website creation and data analysis.—AE Together With Stitch Fix Stitch Fix Your new outfit, delivered. Skip the mall and the endless scrolling. Just tell Stitch Fix your size, style, and budget, and a real human stylist will select pieces just for you. They'll ship it to you so you can try on your items at home, keep what you love, and return the rest. QUIZ Friday news quiz Friday news quiz banner The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to realizing we are a mere two days away from getting an extra hour of daylight. It’s that satisfying. Ace the quiz. NEWS What else is brewing India received a 30-day waiver from the US to buy Russian oil amid energy supply woes stemming from the Iran war. Anthropic said it had been designated a national security risk by the Pentagon, and that it would challenge the move in court. Oracle is planning to cut “thousands” of jobs as it spends billions on AI data centers, Bloomberg reported. David Ellison, CEO of Paramount, pledged that CNN will remain editorially independent once Paramount’s takeover of Warner Bros. Discovery is complete. BYD unveiled a faster-charging battery yesterday, as the EV-maker’s sales continue to slump in China. Pokémon said it did not grant the White House permission to use its IP for political memes. Six Flags is selling seven of its amusement parks to a real estate investment company for $331 million. Britney Spears was arrested in California on suspicion of DUI, according to ABC News. RECS To-Do List Chew: Keep your dog occupied with these odor-free bully sticks.** Visit: The 100 greatest cinemas in the world right now. Learn: The most (and least) educated US states. Soothe: Why every culture has a healing broth. Intensify intimacy: Meet Crescendo 2, the doctor-recommended, FDA-registered vibrator from MV.Health. This award-winning, bendable vibrator stimulates all the right spots to boost arousal and lubrication—naturally. Save 50% now.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Jigsaw: This week, we take one last (very cool) look at the Milan Cortina Winter Olympics. Play the Jigsaw here. Friday puzzle Here’s a brain twister from the excellent site Puzzle a Day. You are given a standard six-sided die (numbered 1 through 6) and a blank six-sided die. You must assign a number to each face of the blank die (numbers can be repeated, and the number zero can be used). Your goal is to label the blank die so that when both dice are rolled together, every possible total from 1 to 12 can occur, and each total from 1 to 12 has the same probability of being rolled. What numbers should you put on the blank die? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER 0, 0, 0, 6, 6, 6. Read why here. Word of the Day Today’s Word of the Day is: circumvents, meaning “finds a way around, evades.” Thanks to Jose Roman from Florida for the suggestion. Submit another Word of the Day here.           Written by Adam Epstein, Sam Klebanov, Molly Liebergall, Matty Merritt, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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Fallout from the war in Iran is spreading...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqhs2o.2f8qf/2eaf40f8.gif" alt="" border="0" /></a> March 05, 2026View Online | Sign Up | Shop Morning Brew Presented By RAD Intel Pull up to the window. If you’re wondering why your feed is full of middle-aged men chomping on burgers: It started when McDonald’s CEO, Chris Kempczinski, was seen eating a new Big Arch in what looked like a hostage video, leading to ridicule on social media. Burger King and Wendy’s responded with videos of their own CEOs eating their burgers more enthusiastically. That’s three Americans competing over who can eat a burger the coolest. Nothing has been harder for the European mind to comprehend. —Matty Merritt, Dave Lozo, Molly Liebergall, Abby Rubenstein, Holly Van Leuven MARKETS Nasdaq 22,807.48 +1.29% S&P 6,869.50 +0.78% Dow 48,739.41 +0.49% 10-Year 4.080% +2.0 bps Bitcoin $72,926.55 +6.68% Micron $400.77 +5.56% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: Investors chose optimism yesterday, sending stocks up after the New York Times reported that Iran had reached out to the US about ending the conflict, which also helped curb surging oil prices. Private jobs data also came in better than expected. Chip stocks jumped, including Micron and AMD.   Markets Sponsored by RAD Intel Final Window at $0.85: RAD Intel’s price changes March 12. Enter at $0.85/share while SEC-qualified Reg A+ remains open. GEOPOLITICS Iran war fallout spreads outside of Middle East War in Iran Atta Kenare/Getty Images In the five days since the US and Israel launched strikes on Iran, which has retaliated against Israel and US assets in the Gulf, the conflict has rapidly reverberated around the rest of the globe. Yesterday, the North Atlantic Treaty Organization (NATO) entered the conflict for the first time, shooting down a missile headed toward Turkey from Iran. The target of the missile was unknown, but a US Navy destroyer intercepted the projectile after it entered Turkish airspace, and debris fell about 60 miles from an air base that Turkey shares with US military forces: NATO condemned the attempted strike, but Defense Secretary Pete Hegseth said the incident did not trigger NATO’s collective defense agreement, under which an attack on one member is considered an attack against all its members. The Turkish defense ministry said that despite there being no casualties, “We reserve the right to respond to any hostile act directed at our country.” Iranian state media said this morning, “The Armed Forces of the Islamic Republic of Iran respect the sovereignty of the neighboring and friendly country, Turkey, and deny any missile launch toward that country’s territory.” Other NATO allies are also on alert: France and the UK said this weekend they would send warships and helicopters to Cyprus after an Iranian drone attacked a British air base on the island. Tensions rise thousands of miles away To the east. South Korean stocks took a nosedive yesterday, recording the market’s worst single-day drop, amid fears of higher energy and oil prices spurred by the war. The country’s Kospi index dropped over 12% as panic triggered a 20-minute trading halt. But today, the Kospi index has rebounded by 10% as of 4am ET and is on track to have its best day since 2008. To the west. On Tuesday, President Trump threatened to cut off trade with Spain after the country’s leaders said it wouldn’t allow the US to use its jointly operated military bases in attacks on Iran. In response, Spanish Prime Minister Pedro Sánchez amped up criticism of the war. In further escalation of the actual conflict, Hegseth said yesterday that a US submarine sank an Iranian warship off the coast of Sri Lanka in international waters. This marks the first time a US sub has attacked a surface vessel since World War II. Here are the latest updates.—MM     Presented By RAD Intel Float now. Price moves March 12. RAD Intel This is what early entry feels like. RAD Intel has grown from a $10m valuation to a $225m+ one, has raised $60m+, and is backed by multiple Fidelity funds. Selected by the Adobe Design Fund, RAD doubled sales in 2025, secured multiple recurring seven-figure contracts with Fortune 1000 brands and agencies this year, and reserved its Nasdaq ticker, $RADI. Momentum like that moves pricing. Investors can still enter the SEC-qualified Reg A+ at $0.85/share for now, with a scheduled price change on March 12. This is the final window at $0.85/share. Don’t float past it. Review the offering before the price changes. Lock in at $0.85/share by March 12. WORLD Tour de headlines Allen J. Schaben/Getty Images   Bessent says 15% tariffs to start this week. The 10% global tariff that President Trump imposed after the Supreme Court struck down most of his previous tariffs will rise to 15% (the highest it’s allowed to go under the law Trump is now using to levy the import duties) this week, Treasury Secretary Scott Bessent told CNBC. The law that authorizes the new tariffs only allows them to be in place for 150 days—time Bessent said the government would use to reinstate the tariffs nixed by the high court under new legal rationales. He predicted tariffs would return to earlier levels “within five months.” Apple unveils a $599 Mac. The MacBook Neo, a colorful, lightweight laptop that runs on an iPhone chip, starts at a historically low price for the company, whose next cheapest laptop costs $999. It’s a sign that Apple, which has long positioned itself as a purveyor of only high-end tech, has begun to think different about affordability and is looking to compete with entry-level PCs and Chromebooks. The low-cost MacBook caps off a week of product announcements, which also included an updated affordable iPhone model…plus new MacBook Pro and MacBook Air models with higher prices. Elon Musk testified about his tweets about buying Twitter. The owner of what is now known as X took the stand yesterday in a lawsuit accusing him of using the platform to drive down its stock price to get a better deal on buying it. At issue is a tweet Musk fired off saying the deal was “on hold,” as he looked into the app’s bot problem—precipitating a drop in Twitter’s stock price. Musk said in his testimony that it was not his “wisest tweet” but also not his “stupidest.” He testified he did not post that the deal was canceled and hadn’t meant to harm investors.—AR PAIN IN THE GLASSES The app that alerts you if smart glasses are close by An illustration of smart glasses Niv Bavarsky If you’re wondering if that guy (you know it’s a guy) at the table across from you might be recording you with his smart glasses, there’s a new app called Nearby Glasses that detects surveillance spectacles, giving you a good reason to pay your tab and leave. The app, which is only available for Android, was created in response to reports that Meta Ray-Ban smart glasses have been used in immigration raids and to harass sex workers, per 404 Media, and as a way to guard against the potentially invasive tech. Here’s how the app works: It searches for Bluetooth signals, like the ones assigned to smart glasses, and sends the user a notification. It won’t give a precise location (it’s Nearby Glasses, not Exact Glasses), but it does find signals within 10 to 32 feet of the user indoors, and 32 to 50 feet outdoors. Only getting more intrusive: The New York Times reported last month that Meta is considering adding facial recognition technology to its glasses. Meanwhile…on Tuesday, Deveillance announced Spectre I, a device it says prevents smart devices and AI recorders from “collecting conversations and turning them into data.”—DL     Together With AT&T Connected Car AT&T Connected Car On the road again. Before you embark on your daily commute or prep for that road trip up the coast, learn how you can stay connected on the road with In-car Wi-Fi. We teamed up with AT&T Connected CarTM to learn how you + your passengers can stream, share, + browse from anywhere. Learn more. FUN-SIZE Enter the itty-bitty airport lounge American Express Centurion Sidecar Airport Lounge American Express Why not pregame your middle seat assignment by hanging out in another small enclosure first? It may sound counterintuitive, but some credit card companies and airlines are responding to widespread overcrowding at airport clubs with tinier lounges that aren’t even designed for lounging. American Express opened its first one, called Sidecar, in Las Vegas yesterday. True to its name, Sidecar is a miniature companion to AmEx’s flagship Centurion Lounge, which also has a location at Sin City’s airport and costs AmEx Platinum cardholders $895/year to access. But Centurion has become notorious for long lines, so the company hopes to appease its masses with a bougie, pit-stop-focused alternative: The new lounge is 1,500 square feet (vs. the nearby Centurion’s 13,000 square feet), and you can’t enter until 90 minutes before departure. There are also only 33 seats. What it lacks in amenities—no buffets, showers, family rooms, or lounger-style seats—it makes up for with lobster rolls, black garlic aioli, and other menu frills. Lounges may be having their tiny-home moment. Last year, American Airlines opened its first 10-seat, grab-and-go version of its flagship Admirals Club, free to access for holders of its $595-per-year credit card. JetBlue also recently launched its first airport lounge with a 140-person capacity to minimize overcrowding—though that’s quite the party compared with Sidecar.—ML     STAT Prime number: One singular sensation Row of theatre seatsGetty Images Planning to see a Broadway show on your own? You’re not alone—even though you will be at the show: Solo theatergoers purchased nearly 20% of Broadway tickets, according to data from the Broadway League cited by NPR. That’s double the rate of just a few years ago, NPR reported. The rise of people who want to see a show without having to discuss it over an overpriced dinner in the theater district afterward reflects a broader cultural shift toward doing things alone. People are also traveling, eating at restaurants, and watching movies and concerts all by themselves in greater numbers, a social psychologist told NPR. Looks like we’ve all become a pack of loners.—AR Together With The New Money The New Money What on earth? Rare earth elements, that’s what. REalloys (NASDAQ: ALOY) is on a mission to become the largest producer of heavy rare earths outside of China by the end of this year. REalloys also has the only rare earth metallization facility in North America. Learn more about the Pentagon’s new deal with REalloys. NEWS What else is brewing The US and Ecuador launched joint military operations in the Latin American country against what the US called “designated terrorist organizations.” The House Oversight Committee voted to subpoena Attorney General Pam Bondi for questioning over the Justice Department’s handling of the Epstein Files. Anthropic and the Pentagon have resumed negotiations, according to the Financial Times. A lawsuit accuses Google’s Gemini chatbot of urging a man who diedby suicide to engage in violence and self-harm. Downdetector and Speedtest’s owner was sold for $1.2 billion. OpenAI said its newly released model cuts down on “cringe” responses and “preachy disclaimers.” Lou Holtz, the legendary University of Notre Dame football coach, has died at the age of 89. RECS To-Do List Refresh: Get spa vibes at home with this fancy face mask.** Play: Test your knowledge with this geography guessing game. Ring: The doorbell that lets you help fish through a canal without leaving your couch is back. Watch: The secret to making perfectly scrambled eggs. Georgetown, but more: Get a degree or certificate, online or in the heart of DC, while you network and level up with industry pros. Apply today.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Mini: Your sample clue, Sherlock, is “A question of method.” Put on your detective hat and solve the Mini here. Three Headlines and a Lie Three of these headlines are real and one is faker than a cheap grocery run. Can you spot the odd one out? First-ever dual Applebee’s and IHOP restaurant to debut in New York this month ‘No chips please’: how one man convinced an entire school to choose salad Audio ads could soon be a part of your daily commute on the NYC subway system This company thinks it can find its next CMO on Hinge SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER We made up the one about a company looking for its next CMO on Hinge. Word of the Day Today’s Word of the Day is: counterintuitive, meaning “contrary to what one would expect.” Thanks to the surprisingly international trio of Christina from the UK, Bill from Frankfurt, and Heleen from Glasgow for the suggestion. Submit another Word of the Day here. ✢ A Note From RAD Intel This is a paid advertisement for RAD Intel’s Regulation A+ offering. Please read the offering circular at invest.radintel.ai.           Written by Abigail Rubenstein, Matty Merritt, Dave Lozo, Molly Liebergall, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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Gas prices soar as Iran conflict intensifies...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqhbcl.2emyb/9a5adb92.gif" alt="" border="0" /></a> March 04, 2026View Online | Sign Up | Shop Morning Brew Presented By Bland AI Gather ’round. On this day 177 years ago, the US did not have a president. Or maybe it did, but we don’t know who it was. Per the law back then, President James K. Polk’s administration expired at noon on March 4, 1849. Incoming President Zachary Taylor was supposed to take the oath of office that day, but he refused because it was the Sabbath. He was inaugurated the next day, March 5. So, who, if anyone, was president on March 4? Some believe it was Sen. David Rice Atchison, the Senate president pro tempore, who was second in the line of succession at the time behind the vice president. Atchison never claimed the title, but his tombstone suggests otherwise. It reads, “President of the United States for One Day.” The more you know! —Dave Lozo, Molly Liebergall, Sam Klebanov, Adam Epstein MARKETS Nasdaq 22,516.69 -1.02% S&P 6,816.63 -0.94% Dow 48,501.27 -0.83% 10-Year 4.056% +1.0 bps Bitcoin $68,041.39 -1.66% Pinterest $19.10 +9.27% Data is provided by *Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean. Markets: Stocks were initially headed for a meltdown yesterday morning in response to the US-Iran conflict, but they pared the losses in the afternoon to finish the day with a sizable decline instead of a gigantic one. Pinterest, however, didn’t notice, as it was propelled by a $1 billion investment from an activist investor.   GEOPOLITICS As Iran conflict escalates, oil & gas prices soar Cargo ship in Strait of Hormuz Giuseppe Cacace/Getty Images On the fourth day of the war with Iran, a drone struck the US consulate in Dubai, Israel sent troops into Lebanon, and the State Department scrambled to help Americans flee the Middle East. The widening conflict sent oil prices soaring: Brent crude topped $85 a barrel for the first time since 2024, and diesel futures had their biggest one-day jump since the first Gulf War. A day after Iran cut off the Strait of Hormuz, which is responsible for transporting one-fifth of the world’s petroleum, Iraq began shutting down its domestic oil production. Iraq is OPEC’s second-largest oil producer, and is poised to cease the shipment of ~3 million barrels per day while the waterway is closed. US officials said the attacks on Iran will persist for weeks; President Trump expects energy costs to increase until the fighting ends. US cities might get more walkable... ...but only because driving may become prohibitive, if it isn’t already for some Americans: The average cost of a gallon of gas in the US was $3.11 yesterday, up by 11 cents from Monday and 23 cents from a month ago, per AAA. That may only be the start. Analysts believe oil prices could reach $100 per barrel. Should that happen, a gallon of gas could climb as high as $4 per gallon, which is bad for your wallet, but a good excuse to skip that 12-hour family road trip this summer. Relief at the pump: Secretary of State Marco Rubio said the US is looking at ways to mitigate energy costs. However, the Strategic Petroleum Reserve and its 415 million barrels won’t be tapped right away, Bloomberg reported. Yesterday afternoon, President Trump announced he would offer naval escorts and political risk insurance to companies transporting oil through the Strait of Hormuz, which seemed to calm the markets somewhat after the early-day selloff. Read here for the latest Iran updates.—DL     Presented By Bland AI “Kiss me through the phone” Bland AI This weekend, Soulja Boy became the first rapper to automate his voice with AI. Bland AI, a voice AI company out of San Francisco, bought the rights to Soulja Boy’s voice so that anyone could call him using their tech. The viral moment generated over 30 million views in the first 24 hours, prompting thousands of enterprises to sign up for their platform. Bland AI allows businesses to clone the voices of their best reps for customer conversations to automate all of their phone calls. Explore this tech by giving Soulja Boy a call at 415-480-0000, or take a look around Bland’s platform. WORLD Tour de headlines DOJ abruptly resurrects fight against law firms. A day after the Justice Department abandoned its defense of President Trump’s executive orders targeting law firms that opposed him, it said…nevermind! The DOJ told an appeals court yesterday that, on second thought, it wants to continue its defense of Trump’s orders, which he issued last year in an attempt to strip government contracts and security clearances from four firms: Jenner & Block, WilmerHale, Perkins Coie, and Susman Godfrey. While nine other firms struck deals with the White House to avoid being included in Trump’s orders, these four mounted legal challenges to them. Several lower court judges have already ruled that Trump’s executive orders are unconstitutional. OpenAI amended its deal with the Defense Department following backlash. In an internal memo he posted on X, Sam Altman, OpenAI’s CEO, said the company rushed its agreement with the department last week and would update it to clarify that the DOD won’t use its technology to intentionally spy on Americans. “It just looked opportunistic and sloppy,” Altman wrote. The ChatGPT maker’s deal came hours after President Trump placed a moratorium on the use of rival Anthropic’s AI tools. Anthropic’s arrangement with the Defense Department fell apart after it refused to cross certain “red lines” related to the military’s use of its technology. Altman said OpenAI has the same red lines as Anthropic.—AE THROWING DARTS Target is done trying to be ‘everything’ Customers shop at a Target store on February 10, 2026 in Chicago, Illinois. Scott Olson/Getty Images The big-box retailer that sells you milk and underwear is in search of a bullseye. Target plans to refocus on the needs of “busy families,” new CEO Michael Fiddelke told investors yesterday as the retail chain tries to win back customers. The issue: Target has been struggling to turn itself around ever since a pandemic-era revenue boom subsided into stagnancy. Some customers told CNBC that they feel store inventory is lacking and that they aren’t fans of Target’s DEI rollbacks. The potential fix: More baby care and groceries, and less of being “an everything store,” Fiddelke said. The company said it’ll invest an additional $1 billion in its supply chain, technology, and stores, including staffing (meanwhile, Target cut 1,800 corporate jobs in October). For now Fiddelke laid out this turnaround vision after the company shared a somewhat bad (but also somewhat good) earnings report for its most recent quarter, ending Jan. 31: The bad: Target posted its fourth straight quarter of declining store and online traffic, and revenue came in even lower than Wall Street’s already low expectations. The good: The retailer’s earnings actually beat estimates. Another bright spot: Target’s same-day deliveries—which compete with Walmart’s and Amazon’s offerings—grew more than 30%. Looking ahead…Target expects to get out of its slump soon and projects 2% growth in net sales for this fiscal year.—ML     Together With TurboTax Make this a stress-free tax season. Taxes are unavoidable. But stress? Totally skippable if you let TurboTax Experts for Business handle the hard stuff—like maximizing credits, avoiding mistakes, and getting your best tax outcome. Your job? Sit back, relax, and focus on running your business. Save 20% on expert help. PLAYING DEFENSE 100 days out, concerns loom over World Cup Security lock with soccer goal net Nick Iluzada As yesterday marked 100 days until the World Cup kickoff, some fans wagered on tournament favorites Spain and England clinching the trophy, while others worried about whether North America is even ready to host. Safety concerns are top of mind for the dozens of crowded events set to take place across the US, Canada, and Mexico: The US and Israel’s military campaign in Iran has compounded existing security anxieties related to the cartel violence in Mexico last week. Mexico’s government and FIFA assured the games there will be safe. In addition, there are now doubts about whether Iran’s national team will participate in stateside matches. Cash-strapped cities US host city officials warned lawmakers last week that World Cup safety is in jeopardy due to funding chaos and a lack of security coordination between local and federal agencies. Uncle Sam earmarked $875 million to enhance game security, but that cash is being held up by a standoff over Homeland Security funding in Congress. Mundial has run into municipal hitches…with the Boston-area town of Foxborough threatening to block the matches set to take place there until someone fronts $7.8 million in security costs.—SK     STAT Prime number: Wyoming’s billionaire boom Grand Teton mountain range and buffalo near Jackson Hole, WyomingGetty Images Ah, Wyoming—the Cowboy State, best known for its two breathtaking national parks, world-class hiking and fishing, and rich tech bros in Patagonia vests and Allbirds. Yesterday, the New York Times published a deep dive into how extreme wealth has transformed the state, particularly the area around Jackson. Per the NYT: The region’s per-capita income from investments (e.g., stocks) nearly doubled between 2017 and 2022 and is now 29 times the national average. Teton County’s total estimated wealth is more than $14 billion, making it by far the richest county in the US per capita. The county also has the highest income inequality in the country, with its top 1% making an average of $35 million a year—221 times what the bottom 99% earns. But because that income is hardly taxed (state lawmakers also substantially cut property taxes last year), Teton County’s basic services are just scraping by. According to the NYT, the county’s hospitals have cut clinics, its schools are overcrowded, and there’s a housing shortage for everyone who can’t afford multimillion-dollar palaces.—AE Together With Eight Sleep Eight Sleep More rest, less reset. Daylight saving time jumps forward on March 8. Eight Sleep’s tips: Shift sleep up by 15 minutes, get caffeine in earlier, and see the morning sunlight 30 minutes from waking. Still dragging on Sunday? The Pod’s temperature regulation can support the adjustment of your body’s circadian rhythm to a new time. See how. NEWS What else is brewing Commerce Secretary Howard Lutnick, a former neighbor and acquaintance of Jeffrey Epstein, said he would testify before the House Oversight Committee about his ties to the disgraced financier. Homeland Security Secretary Kristi Noem faced bipartisan criticism at a Senate hearing yesterday over her handling of immigration enforcement. Congestion pricing can continue in New York City after a federal judge ruled that President Trump’s efforts to stop it were illegal. Apple updated its MacBook Pro and Air and raised their prices in the biggest Mac refresh in over a year. A Game of Thrones movie is in development, because while you may have quitWesteros, Westeros has not quit you. RECS To-Do List Read: The illuminating tale of how Coppola, Lucas, and Spielberg upended the movie business.** Watch: Ryan Gosling spoke with a reporter who was stranded on the side of the road. Stay vigilant: This new app tells you if someone nearby is wearing smart glasses. Reminisce: A look at the red-roofed Pizza Hut Classics that still exist. Engineered for human speech: Horizon IX from hear.com uses dual-processing German technology to separate voices from noise with surgical precision. Start your 45-day no-risk trial. Hear differently.* Heading home: Skip the dropped calls, frozen video playback, and interrupted playlists with AT&T Connected CarTM. With In-car Wi-Fi, your car acts like a powerful hotspot. Here’s what we learned.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Word Search: Attention car enthusiasts (or anyone, really), this week’s theme is hood ornaments. Play Word Search here. Music trivia In early 1976, two songs dominated the UK singles chart. The No. 1 song’s lyrics do not contain its title, but they do contain the title of the No. 2 song. What are the two songs? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER “Bohemian Rhapsody” by Queen and “Mamma Mia” by ABBA Word of the Day Today’s Word of the Day is: moratorium, meaning “a suspension of a particular activity.” Thanks to Megan from Cape May, NJ, for the suggestion. Submit another Word of the Day here.           Written by Adam Epstein, Dave Lozo, Molly Liebergall, and Sam Klebanov Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? 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The market reacts to the war in Iran...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqgl4q.2dygg/dff8a3d8.gif" alt="" border="0" /></a> March 03, 2026View Online | Sign Up | Shop Morning Brew Presented By Morning sunshine. You’ve made it to Tuesday, so that’s one thing you can cross off your to-do list already. —Sam Klebanov, Matty Merritt, Dave Lozo, Neal Freyman, Abby Rubenstein MARKETS Nasdaq 22,748.86 +0.36% S&P 6,881.62 +0.04% Dow 48,904.78 -0.15% 10-Year 4.048% +9.0 bps Bitcoin $69,388.18 +5.53% Palantir $145.17 +5.81% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: On the first day markets were open since the war in Iran began, stocks responded to real world volatility with volatility of their own. After falling sharply in the morning, stocks regained ground to close mixed as hopeful traders bought the dip (more on the market’s reaction below). A favorite among retail investors was Palantir, a company poised to benefit from global conflict.   GEOPOLITICS War in Iran sends shockwaves across the globe Explosions in attacks on Tehran, Iran Fatemeh Bahrami/Getty Images The US and Israel continued bombarding Iran yesterday in an aerial campaign that began with the killing of the country’s supreme leader and military top brass this weekend. Iran kept striking US allies in the Gulf region after earlier attacks on American bases. And with markets back open, the world mulled the economic disruptions a protracted war would entail. The conflict broadened with Qatar shooting down two Iranian bomber planes, Israel exchanging rockets with the Iran-aligned militant group Hezbollah in Lebanon, and Iranian drones targeting the US embassy in Saudi Arabia. Meanwhile, three US F-15E fighter jets were shot down in Kuwait yesterday in what the DOD called an episode of friendly fire from Kuwait. All six pilots ejected and landed safely. Casualties are rising: The deaths of three additional US service members were announced yesterday, bringing the US death toll to six. The Pentagon warned that it expects “additional losses.” The Iranian Red Crescent said at least 555 Iranians have been killed so far. Beyond the battlefield Industries reliant on safely moving people and products through skies and seas are struggling, and investors are wary: Commercial flight cancellations across the region—which caused some to evacuate Dubai by road-tripping across borders and others to pay a premium for private flights—are hurting airlines. The US Global Jets stock index, which includes several major airlines, fell 2.6% yesterday. Middle Eastern waters becoming off-limits tanked the stocks of sea cruise operators Norwegian Cruise Line and Carnival by 11% and 8%, respectively. Liquified natural gas prices surged after Qatar stopped production at the world’s largest export facility following an Iranian drone attack. This could drive up electricity costs globally. Meanwhile…Shares of weapons manufacturers soared, with Northrop Grumman and Lockheed Martin gaining 6% and 3% yesterday. Oil producers outside the Middle East also stand to profit. Oil futures surged as Iran doubled down on its blockade of the Strait of Hormuz yesterday, choking off a fifth of the world’s petroleum exports. And gold prices rose almost 2% as investors sought safety amid market volatility. When will the war end? Despite US commanders reportedly expressing concerns about potential munition shortages, President Trump said yesterday the US expects to fight for four to five weeks or “far longer.” And Defense Secretary Pete Hegseth said he would not rule out sending ground troops.—SK     Presented By Immersed Pre-IPO AR/VR company seeing 4,000% growth It starts with work. Not doing work, but transforming and improving how people work. That’s why Immersed is projecting revenue growth from $7m to $71m. They’ve already made the #1 productivity app in the Meta Quest store, used by 1.5m professionals, many using it 40–60 hours each week. Now, they’ve released the work-focused headset to go with it, Visor: 70% lighter and 70% less expensive than Apple Vision Pro, with 2m more pixels. It’s in the running to be adopted by the entire Fortune 500 as AR/VR officially replaces physical monitors in the $13t spatial computing market. Immersed has reserved their Nasdaq ticker, $IMRS. But 6,000+ pre-IPO investors are already backing the company, including execs from Intel and Palantir. Invest by March 26 before the share price changes. WORLD Tour de headlines Voter in Texas primary electionsSara Diggins/Getty Images Primaries kick off 2026 midterm season. The favorite time of year for anyone who obsessively follows Nate Silver has begun, with three states voting in primaries today to pick nominees for November’s midterm elections. The most high-profile races are in Texas, where incumbent Republican Sen. John Cornyn faces tough competition from state Attorney General Ken Paxton, Rep. Wesley Hunt, and others in a primary that’s expected to end in a runoff. On the D-side, US Rep. Jasmine Crockett and state Rep. James Talarico are also in a close race, along with a third candidate. With Republicans holding only a narrow margin in the House and several states having redrawn their maps, the election cycle is likely to be heated. Prediction markets see influx of geopolitics bets—and backlash. Over the weekend, traders on Polymarket moved $529 million through bets tied to the timing of the US and Israeli strikes against Iran, according to Bloomberg. Responding to reports of insider trading on the attacks, Sen. Chris Murphy posted on X: “It’s insane this is legal.” Murphy added that he would introduce legislation to ban it. Because Polymarket operates offshore, it allows betting on military conflict, something US regulations and therefore rival prediction market Kalshi—which is US-regulated—forbid. But both platforms took bets on Iran’s Supreme Leader Ayatollah Ali Khamenei, who was killed in the strikes, being out of power, leading to online controversy for Kalshi over the payouts, per WSJ. Trump admin to stop defending orders against law firms. The Department of Justice will reportedly no longer defend President Trump’s executive orders targeting law firms whose attorneys had opposed or investigated him. The president aggressively sought concessions from law firms early in his present term, threatening their security clearances and access to federal buildings. Some major firms agreed to do free legal work, but WilmerHale, Perkins Coie, Jenner & Block, and Susman Godfrey fought back and were named in executive orders that they successfully challenged in court. In an apparent victory for the firms, the DOJ is now said to be dropping its appeals of the rulings striking down those orders.—AR PARAMAX Paramount+ and HBO Max may become one Illustration of the Paramount mountain logo with the HBO Max logo carved into the side. Nick Iluzada The likelihood of a Yellowjackets and Heated Rivalry crossover has never been higher. Paramount Skydance, which won the Warner Bros. Discovery bidding war last week, said it plans to combine its Paramount+ streaming service with WBD’s HBO Max to compete with Netflix. Paramount CEO, David Ellison, didn’t provide any detail about the potential new service, including its cost, or if they’re going to push for Spencer Pratt to join the next season of I Love LA. He did, however, praise HBO CEO, Casey Bloys, promising to let the brand continue to operate independently. Two is still weaker than one. Paramount says that the combined service would have 200 million subscribers. But: That doesn’t account for crossover between the two platforms, which is estimated to be about 14% of the total subscriber pool, according to Antenna. It would still be significantly less than Netflix’s reported 325 million global subscribers. In addition to revealing the streaming plans, Ellison said the merger will include $6 billion in cost cuts. The fate of WBD’s CNN remains unclear, but staffers are nervous. Is HBO Max rebranding again? You’d think the platform was a pair of jeans that fits the whole friend group based on how many times it’s been passed around. It may have to change its name for the umpteenth time if Paramount’s takeover of WBD is approved by regulators.—MM     Together With tastytrade You didn’t come this far to stand still. No matter what the market is doing, tastytrade’s customizable charts, 100+ indicators, and advanced trading tools can help you stay up-to-date and trade your way through it. Trade stocks, options, futures, crypto, forex, and more in one platform with tastytrade. THE PRICE IS LIGHT Apple’s more affordable iPhone gets an upgrade Four iPhone 17e models Apple If you’re budget-conscious and addicted to doomscrolling, Apple kicked off a week of new product announcements yesterday with the iPhone 17e. It’s the nearly no-frills version of the iPhone 17 ($799) that offers upgrades over the 16e at the same $599 price. Here’s what you can get for the cost of the best night of your life at Dave & Buster’s: MagSafe charging: Wireless charging wasn’t available on the iPhone 16e but it is built into the new model. More storage: While the 16e had 128GB of storage, the 17e has double the capacity, which means you can put more things in hidden folders your significant other won’t know about download more apps. Split screen: Apple says the 17e’s screen is three times more resistant to scratches and better at reducing glare compared with the 16e. The 17e is Apple’s way of competing with lower-priced devices from Samsung, Google, and Chinese phone makers in markets where cost sensitivity is paramount. What else is coming: A new iPad Air that’s 30% faster than the most recent incarnation, per Apple, will arrive in stores on March 11, as will the iPhone 17e. This week, Apple is also expected to reveal a more affordable iPad and a low-cost MacBook that the company hopes will convert Windows loyalists.—DL     STAT Prime number: Giant sweat stain Visitors to the Sistine ChapelRiccardo De Luca/Getty Images The sweat of the ~25,000 people who pass through the Vatican’s museums every day isn’t just the stinkiest thing in Rome outside of Taleggio—it also has a visible impact on one of the Sistine Chapel’s most famous decorations. To combat this, restorers are cleaning Michelangelo’s iconic fresco “The Last Judgment” for the first time in more than 30 years and carefully removing the white film of salt all that sweat has left behind on the 16th-century masterpiece, according to the Associated Press. The famous chapel got a major restoration between 1979 and 1999 to get rid of centuries of smoke, grime, and wax, and the chapel’s other frescoes get cleaned once a year. But because “The Last Judgment” is located behind a raised altar, cleaning it requires full scaffolding. So, it’s covered up for now until Easter, with the chapel open but a replica on a screen subbing in for the fresco—in case you ever wondered what a cross between a religious experience and a dorm room poster was like.—AR Together With The New Money The New Money Own gold, get paid. Streamex (NASDAQ: STEX) has officially launched GLDY, a gold-backed stablecoin offering a 3.5% annual yield. As one of the first movers bringing fully backed bullion onto the blockchain, Streamex is disrupting how physical gold is owned and monetized. Discover more. NEWS What else is brewing France’s President, Emmanuel Macron, said yesterday that the country would increase its nuclear arsenal and offered to deploy nuclear-armed jets to European allies—a major shift from decades of previous policy. Nvidia is investing $4 billion in two companies that develop photonics, which are light-transmitting technologies that can be used for data transfers. JPMorgan’s CEO, Jamie Dimon, warned that inflation could still be the “skunk at a party” for the US economy. The Supreme Court blocked a California law barring schools from telling parents that their children have changed their pronouns or gender expression at school while a legal challenge to the state law plays out. Michael Jordan’s NASCAR team made history when driver Tyler Reddick became the first ever to win the season’s first three races. A Dutch museum is displaying a painting it says has been newly confirmed to be a Rembrandt van Rijn, after it was previously rejected as the artist’s work and sold into a private collection in the 1960s. RECS To-Do List Eat: The condiment that adds a kick to any food.** See where yours ranks: The healthiest and unhealthiest cities in the US. Read: The short life cycle of viral dessert trends in Korea. Watch: Behind the scenes of what it takes to run a Broadway show each night. Amazon Prime members: These cards could be worth hundreds every year with cash back on purchases you already make. Fast approval and a generous welcome bonus make it worth a look.* Watch: This video with Hannah Calhoon, Indeed's Vice President of AI, breaks down how AI can help people get back to more fulfilling, human-centered work.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Mini: Your sample clue for today is “One who leaves the board with grace.” Play the Mini here. Pixar trivia Hoppers has debuted with a 98% rating on Rotten Tomatoes, making it the highest-rated Pixar film in the past decade, per DiscussingFilm. What is the lowest-rated Pixar movie on Rotten Tomatoes? Hint: It’s a sequel. SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Cars 2, with a 40% rating Word of the Day Today’s Word of the Day is: umpteenth, meaning “the latest in an indefinitely numerous series.” Thanks to Adam from Porter Ranch, CA, for the most recent suggestion. Submit another Word of the Day here. ✢ A Note From Immersed This is a paid advertisement for Immersed Regulation A+ offering. Please read the offering circular at https://invest.immersed.com.           Written by Abigail Rubenstein, Sam Klebanov, Matty Merritt, Dave Lozo, and Neal Freyman Was this email forwarded to you? Sign up here. 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The Iran war continues and expands...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqg7ms.2f41r/6fc62647.gif" alt="" border="0" /></a> March 02, 2026View Online | Sign Up | Shop Morning Brew Presented By Good morning. Today is National Read Across America Day, which celebrates both the joy of reading and the contributions of American rhymesmith Dr. Seuss. So, kids, enjoy a whimsical day of imagination and vocabulary development. And parents, enjoy dressing your kids up as the Lorax. —Holly Van Leuven, Brendan Cosgrove, Neal Freyman MARKETS: YEAR-TO-DATE Nasdaq 22,668.21 -2.47% S&P 6,878.88 +0.49% Dow 48,977.92 +1.90% 10-Year 3.962% -20.1 bps Bitcoin $66,785.02 -23.68% Broadcom $319.55 -7.67% Data is provided by *Stock data as of market close, cryptocurrency data as of 11:00pm ET. Here's what these numbers mean. Markets: Wall Street is waking up to a different geopolitical reality today, after the US and Israel attacked Iran over the weekend. The global oil trade could be in for some major disruptions as Tehran mulls additional retaliatory measures (more on that below). Stock spotlight: Investors will have a fresh batch of AI tea leaves to read on Wednesday, when chipmaker Broadcom reports earnings.   GEOPOLITICS Iran war continues after supreme leader’s death explosions in Tehran Explosions in Tehran on March 1. Mowj/Getty Images Two days after the United States and Israel launched strikes on Iran that killed Supreme Leader Ayatollah Ali Khamenei and approximately 40 senior members of the Islamic Republic’s regime, the conflict shows no signs of stopping, raising concerns of a broader conflict in the region and a possible oil crisis. President Trump said the military operation could last as long as five weeks. As of this morning, three American military members were killed and at least five more were seriously injured at an Army base in Kuwait in one of hundreds of retaliatory attacks that Iran launched on the Gulf region, including major US military bases, as well as various sites in Israel. At least 11 people have been killed by Iranian missile strikes in Israel. And three people in the UAE have been killed, according to its Defense Ministry. The Iranian Red Crescent Society said that more than 555 people have been killed in Iran, including up to 165 students at an all-girls school. A hospital in Tehran was also badly damaged. Regional impacts Iran’s counterstrikes have spread the conflict far beyond its borders, potentially bringing widespread humanitarian and economic consequences. As attacks rained down on Dubai, Doha, and Abu Dhabi—areas generally spared from Mideast attacks—thousands of flights were canceled, and tourists were stranded at airports and hotels as airspace remained closed to commercial aircraft. The oil industry is also feeling reverberations from the conflict: Oil prices jumped 10% as the markets opened for the week on Sunday evening. While Iran produces less than 5% of global oil output, its position next to the Strait of Hormuz means it can cut off the critical waterway. More than 20% of the global supply passes through it daily. Shippers are wary. Ship-tracking data showed “a trickle” of vessels leaving the waterway yesterday, according to Bloomberg, and none entering. Looking ahead: A prolonged closure of the Strait of Hormuz could lead to triple-digit oil prices, according to CNBC. To counterbalance the oil market pressures applied by the situation in Iran, OPEC+ said it would increase its collective production, but prices have surged anyway because those shipments would still rely on the Strait of Hormuz.—HVL     Presented By T-Mobile Ring, ring—rewards calling What’s one thing you use at all hours of the day? Yes, besides your air fryer. Safe to say, it’s probably your phone. So what if T-Mobile told you that you could earn 2% in rewards on every purchase every day by using T-Mobile Visa®*, and then you can redeem your rewards toward a new phone, device, accessory, or your T-Mobile bill? (Additional exclusions may apply.)** Well, that’s the new norm over at T-Mobile. Earn rewards that never expire and get $5 off per line per month when you use your card for T-Mobile AutoPay (eligible plans only, up to eight lines).*** Cardholders get deals on dining, travel, and more. Don’t wanna miss this call? Learn more here. WORLD Tour de headlines site of the mass shooting in Austin, TX, on March 1Brandon Bell/Getty Images TX bar shooting that killed 2, wounded 14 being investigated as terrorism. Early Sunday, a man wearing “Property of Allah” and an Iranian flag design on his clothing opened fire at a bar in Austin, Texas, killing two and wounding 14. The venue, Buford’s Backyard Beer Garden, sits a few miles from the campus at the University of Texas at Austin and was filled with hundreds of college-age patrons, according to the Associated Press. The gunman, who was killed by police, was identified as 53-year-old Ndiaga Diagne, a naturalized US citizen. The shooting, which occurred a day after the US and Israel conducted airstrikes against Iran, is being investigated by the FBI as an act of terrorism. Anthropic’s Claude topped App Store’s free app chart on Saturday. The move, which followed the company being blacklisted by the Pentagon on Friday, signaled that consumer interest in it remained strong despite—or because of—the dust-up. In the process of becoming No. 1 on the App Store free chart, Claude beat out OpenAI’s ChatGPT, which fell to second place. Reporting by the New York Times this weekend suggested that the Department of Defense’s deal with Anthropic failed to gel, and OpenAI nabbed the contract instead, because of personality differences between Anthropic CEO Dario Amodei and the DOD’s CTO, Emil Michael. Nevertheless, Anthropic said it would sue the government over its decision to label it a “supply chain risk.” Berkshire Hathaway CEO Greg Abel released his first shareholder letter. While it lacked longtime former CEO Warren Buffett’s witticisms, Abel’s letter received plaudits from industry watchers for showing humility and conveying clarity and confidence. Substantially, the letter signaled “business as usual” for Berkshire—the company still has lots of cash, isn’t interested in stock buybacks (yet), and still won’t offer a cash dividend. The data point that garnered the most surprise was that fourth quarter operating earnings fell 30% compared to the year prior, but Barron’s explained why that’s not as bad as it looks.—HVL UNDER PRESSURE Is it Live Nation’s turn to face the music? live nation and ticketmaster logos Sopa Images/Getty Images Live Nation may have finally found a venue it wants nothing to do with. The live entertainment company will be in a Manhattan court today for jury selection in a federal antitrust case that could result in a breakup. Who is suing? The Department of Justice, 39 states, and the District of Columbia argue that Live Nation has maintained an illegal monopoly over live entertainment since it merged with ticket provider Ticketmaster in 2010, and that customers are paying the service and processing fees price. Specifically, the DOJ alleges: Live Nation, which has partnerships with hundreds of concert venues, pressures artists to use its promotion services in exchange for access to those venues. Live Nation also forces venues to use Ticketmaster for ticketing. The company maintains that artists can perform wherever they want and sell tickets however they want. What next? Live Nation has been trying to settle the case for months, per Bloomberg, and that could still happen. But for now, the case is going to trial, with testimony possible from singer Kid Rock, Roc Nation CEO and co-founder Desiree Perez, and SeatGeek CEO Jack Groetzinger, which would actually make an amazing cast for the next season of The Traitors.—BC     Together With JobsOhio When in Ohio. Yes, that’s correct. We’re talking about the Buckeye State. And with good reason. If your biz puts down roots in Ohio, JobsOhio will connect you to the resources that can help you thrive. From site selection to helping you navigate local, regional, and state partners, JobsOhio has you covered. Learn more. CALENDAR The week ahead scene inside an Apple StoreCheng Xin/Getty Images How do you like them Apple products? CEO Tim Cook wants you to get ready for a “big week” at Apple. The company kicks off its first event of the year today, with several new products expected to be announced over the next few days. The exact lineup isn’t clear, but most experts anticipate Apple will debut a low-cost MacBook along with several other products that come in boxes you’ll refuse to throw away for some reason. Talkin’ ’bout my generation: Some of tech’s most powerful companies will meet with President Trump at the White House on Wednesday to discuss…power. Specifically, they’ll sign an agreement pledging to generate their own power for all of the energy-hungry data centers popping up across the US. The “ratepayer protection pledge,” which Trump mentioned during last week’s State of the Union address, aims to ensure that “Americans’ electricity bills will not increase as demand grows,” White House Assistant Press Secretary Taylor Rogers told news outlets last week. Execs from OpenAI, Google, Meta, Amazon, Microsoft, xAI, and Oracle are all expected to attend. It’s unclear whether they’ll all do the electric slide afterward. February jobs data will be released on Friday: The US economy added 130,000 jobs in January, which was more than expected, so analysts will be watching to see whether February’s report can sustain that momentum. Shutdown-delayed retail sales data from January will also be released on Friday. Target, Best Buy, Costco, and Kroger should add some further clarity on the state of the US consumer when they report earnings this week. But wait, there’s more: The Jewish holiday of Purim begins tonight and continues until tomorrow (through Wednesday in Jerusalem). Holi, the Hindu Festival of Colors, which celebrates the start of spring, begins tomorrow. The World Baseball Classic starts on Wednesday night and runs through March 17. Pixar’s Hoppers hits theaters on Friday, as does The Bride!, a new take on Frankenstein starring Christian Bale and Jessie Buckley. Singer Harry Styles’s new album, Kiss All the Time. Disco, Occasionally, will be released on Friday. The Opening Ceremony of the Milan Cortina 2026 Paralympic Winter Games will take place on Friday. STAT Prime number: California closing costs houses in the San Fernando Valley Trekandshoot/Getty Images In California, there’s a decent chance that if you want to own a home, you’ll have to wait until someone has bought the farm. Nearly 1 in 5 property transfers in the state last year were through inheritance, the Wall Street Journal reported, citing data firm Cotality. That’s a state record since data collection started in 1995, and more than double the national rate of 8.8%. That’s in part because California tethers property taxes to a home’s most recent purchase price, rather than its current valuation. That can add up to big savings, considering a home that cost $100,000 in the 1970s can cost 10 times that nowadays. Staying put is also a good way for older California homeowners to avoid paying hefty capital gains taxes in their retirement years.—BC Together With FlavCity Minty magic that fits your macros. Cool, refreshing peppermint meets 25g of protein in FlavCity’s limited-edition Shamrock Protein Smoothie. It packs protein, collagen, fruit, and functional mushrooms, all in one simple scoop. That’s how you get the same Shamrock flavor you love without the extra junk. Grab it before it’s gone. NEWS What else is brewing Hezbollah launched a strike on Israel in retaliation for the death of Supreme Leader Khamenei. Lebanese Prime Minister Nawaf Salam condemned the attack. The Israeli military said it was in turn striking Hezbollah targets in Lebanon. The Supreme Court will hear oral arguments today in a case centered on whether marijuana users can own guns. A growing number of New Zealanders, including former PM Jacinda Ardern, are moving to Australia, in part due to economic conditions. Catherine O’Hara won a posthumous SAG-AFTRA Actor Award for The Studio. Here is the full list of this year’s award winners. Brigid Kosgei of Kenya won the Tokyo Marathon with a record-setting time. In the men’s race, Tadese Takele of Ethiopia won for the second consecutive year. A total lunar eclipse—the last one until late 2028—will take place tomorrow night and turn the moon red. RECS To-Do List Slather: A lotion for under $15 that hydrates without feeling greasy.** Monopolize: Here’s an easy way to send a screenshare request on a Mac. Look lively: There’s an app that lets you know if someone is using smart glasses near you. Rearrange: You can sort songs on your Spotify playlists by beats per minute and key. Go the distance: Luggage that’s built to move and designed to last? Get high-end features without the sky-high markups via Quince. Bon voyage.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Turntable: Your center letter this week is A, surrounded by Y, B, U, L, G, and R. There are 47 words waiting to be found. Play Turntable here. Overachieving actors In some movies, actors go above and beyond and play multiple roles. Here’s a list of two characters played by the same actor in a movie, and you have to name the actor (and for bonus points, the movie). Hallie Parker and Annie James Elijah “Smoke” Moore and Elias “Stack” Moore Cameron Winklevoss and Tyler Winklevoss Paul Sunday and Eli Sunday Group Captain Lionel Mandrake and President Merkin Muffley SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Lindsay Lohan in The Parent Trap Michael B. Jordan in Sinners Armie Hammer in The Social Network Paul Dano in There Will Be Blood Peter Sellers in Dr. Strangelove Word of the Day Today’s Word of the Day is: monopolize, meaning “assume complete control of.” Thanks to Larry Caldwell from Boerne, TX, for the engrossing suggestion. Submit another Word of the Day here. ✢ A Note From T-Mobile *Disclosure: T-Mobile Visa cardholders earn 2% back in T-Mobile Rewards on all other net purchases (purchases minus any credits or returns) using their T-Mobile Visa anywhere else Visa is accepted. **Disclosure: When redeeming T-Mobile rewards, your T-Mobile Visa must be used to pay any portion of the transaction not covered by T-Mobile Rewards. Redemptions may not be available when using 3rd party digital wallets. See your Rewards Terms and Conditions for more details. ***Disclosure: Requires enrollment in Wireless AutoPay using your T-Mobile Visa on an eligible post-paid wireless plan. Discount will appear on wireless statement starting the next billing cycle after enrollment. Customers who are currently receiving the Autopay discount via other qualifying methods will not receive additional discounts for re-enrolling using the card. For more information on Autopay discount eligibility, please visit t-mobile.com/cards/visa-credit-rewards/faqs.           Written by Holly Van Leuven , Brendan Cosgrove, and Neal Freyman Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? 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How the housing market is changing...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqg2m0.16ngn/744f8d9c.gif" alt="" border="0" /></a> March 01, 2026View Online | Sign Up | Shop Morning Brew Presented By Northwestern Mutual Portrait of a figure wearing a suit and tie, single detached family home instead of head, picket fence, mailbox, kid and dog running Jim Stoten EDITOR'S NOTE Before we get into our Sunday stories, there’s some breaking news. Early Saturday morning, the US and Israel launched a major attack on Iran. Then, yesterday afternoon, Trump posted on Truth Social that Iran’s Supreme Leader, Ayatollah Ali Khamenei, who had led the country since 1989, was killed, and that US intelligence played a role. Israeli officials said several other top Iranian officials were also killed. Iran confirmed Khamenei’s death early this morning. His death is a major blow to the regime and increases the likelihood of a prolonged regional conflict. Trump, in his Truth Social statement, also noted that “heavy and pinpoint bombing” will continue in Iran “as long as necessary.” The broader operation, referred to by US officials as Operation Epic Fury, reportedly targeted hundreds of sites across Iran (Israeli officials have estimated 500 targets were hit in the opening wave of attacks). In response, Iran launched ballistic missiles toward Israel and locations in the Gulf where US troops are stationed. The fighting has also disrupted shipping through the Strait of Hormuz, a critical passageway for one-fifth of the world’s oil. The goal of the US–Israel “massive and ongoing campaign,” President Trump said in an 8-minute video, is to prevent Iran from ever having a nuclear weapon, “to destroy their missiles and raze their missile industry to the ground,” to “annihilate their navy,” prevent the regime’s proxies from carrying out terrorist attacks, and, ultimately, to catalyze regime change. You can see the latest updates here. And now, on to today’s Sunday Special... Good morning. Buying a home? In this economy? Today, we’re taking a look at who’s buying, where they’re doing it (and where they’re not), how some friends are banding together to make it work, and what role AI has to play. So, whether you’re a hopeful renter or already on the hook for a 30-year mortgage, read on. $$$$ Don’t blame homebuying woes on avocado toast Home for sale Anchiy/Getty Images Buying a starter home in 2026 is equivalent to medaling at the Olympics, at least in terms of how much your parents will brag about it to their friends. That’s because becoming someone who doesn’t shut up about their HOA a homeowner has become a feat attainable only in The Sims for most young Americans. Though prices have come down slightly in the past year, the current median home sale price of $405,000 is far above the $329,000 from 2020. And on top of the initial price tag, there’s the eye-popping cost of a home loan, which has been driven up by the Federal Reserve hiking interest rates starting in 2022: The average US mortgage rate may have dropped below 6% this week for the first time since 2022, but it’s still more than double the 2.97% rate in 2021. Rising prices and mortgage rates pushed the average monthly mortgage payment to $2,329 in 2025, up from $1,924 two years prior, according to Rocket Homes. Meanwhile, homeowners who locked in low mortgage rates pre-2022 are now reluctant to list their properties, constraining supply. As a result, prices for preowned homes are elevated, and fewer keys are changing hands. The number of home sale contracts signed last month fell to the lowest point since 2001, per the National Association of Realtors. Older buyers, smaller homes Pricier homes mean that by the time Americans have saved up for a down payment, they might need glasses to read the fine print on their mortgage documents: The median age of first-time homebuyers has climbed to 40 in 2025, from 30 in 2010. While Americans are paying more for homes, they’re getting less floor space. The size of an average new home dropped by 11% over the last decade, while the price per square foot rose 74%, according to a recent LendingTree study. Developers are building homes with fewer hallways in order to scrimp on increasingly expensive labor and materials. Silver linings But there might be more housewarming parties soon. Mortgage rates have started to come down in recent months, thanks to the Fed slashing interest rates. Economists predict that rates continuing to decline could lead to more homeowners listing their dwellings as they look to move. And though preowned homes are growing pricier, they’re also becoming more affordable for some, as price growth slowed and income growth outpaced home inflation last year. The rate of homeownership by Gen Zers rose by 1 percentage point last year to 27%, per Redfin, driven by new condos becoming more affordable. But many youths are done chasing the white picket fence dream…instead turning to other ways to grow their piggy banks, like investments in stocks and crypto, particularly by those with spare cash but not enough of it to afford a home.—SK     Presented By Northwestern Mutual Home is where the plan is Northwestern Mutual Open houses are super fun for your eyes but way less fun for your wallet. It’s not just you. According to Northwestern Mutual’s 2025 Planning & Progress Study, 53% of non-homeowners think buying a home will never be financially realistic. Well, folks, dreams do come true. When you partner with a financial advisor, like one from Northwestern Mutual, they’ll help you see your full financial picture and uncover blind spots. They can help you consider how much it really costs to buy a home and ways to save for your down payment while still keeping all your other goals on track. Homeownership might feel impossible now, but with a good plan, you could reach your financial goals sooner than you think. Start building your plan. COOLING OFF The hottest (and coldest) US housing markets View of Kenosha, WI Getty Images Just like you when you tan poolside, housing markets often take a dip after getting scorching hot. Many of the regions that enjoyed soaring demand and booming home values during the Covid-19 pandemic are now yelling “cannonball!” Regions cooling down: The Southeast and Southwest (aka the Sun Belt)—where remote workers and other Covid adapters previously flocked en masse—is now swamped. Some of those markets, especially in Texas and Florida, now have the highest rates of underwater properties, which means an owner owes more on their mortgage than the home is worth. This rate is growing overall, according to data from the Intercontinental Exchange: About 2.1% of US homeowners with a mortgage were underwater by the end of 2025, equalling 1.1 million people. That’s the largest underwater portion of borrowers since 2018, and it represents a 60% increase from the beginning of 2025. How the pendulum swings: Hot housing markets are dominated by sellers who face overwhelming demand for limited inventory, leading their properties to sell quickly and at a premium. Booming post-pandemic growth started leveling off in 2022, when sky-high inflation triggered higher interest rates (and, by extension, mortgage rates), while construction ramped up to give homebuyers more options—all of which tends to cool a hot market. Now, many people who bought their homes after 2022 are grappling with the one-two punch of high mortgage rates and falling demand for homes in their areas, potentially leading swaths of underwater sellers to wait on listing their homes rather than selling them for a loss. On the flip side, underwater mortgages are now less common on the West Coast and in the Northeast and Midwest. Demand is rising, and homes are moving quickly in the latter two areas. The two hottest housing markets in the US last month were Kenosha, Wisconsin, and Hartford, Connecticut, according to Realtor.com.—ML     HOUSE HUNTERS AI has found a home in real estate a key in a closed house door Sundaemorning/Getty Images Buying and selling a home can be a chore, as anyone who’s ever posted a picture holding a set of keys with the caption “So, we did a thing!” can attest. Many people have turned to AI to help smooth out the process. Streamlining search: Rather than clicking through 100 boxes to pick your desired home type, price, square footage, and amenities, you can just ask ChatGPT to “find three-bedroom homes that have been on the market for a while with a fenced-in yard, fireplace, and a dog park nearby.” If you add “Zillow” to the front of your prompt, it will bring up the app and show you photos and maps. Unfortunately, AI still can’t tell you whether the neighbors next door raise tarantulas. Getting down to brass tacks: Once you find a place, AI can help make you aware of potential red flags or determine how much to offer by: Pointing out things like old roofs, suspect HVAC systems, and cracks in the drywall. Determining how much energy those vaulted ceilings could cost you. Translating notes from a home inspection into plain language. Sellers are getting in on the action, too: Realtors are using generative AI to virtually stage home photos and write property descriptions. There are some horror stories (like AI-hallucinated bathroom demons), but overall, 50% of agents say AI has had at least a moderately positive impact on business, according to a 2025 National Association of Realtors survey.—BC     Together With Northwestern Mutual Northwestern Mutual Big dreams need big plans. Over half of non-homeowners think homeownership is out of reach, according to Northwestern’s 2025 Planning & Progress Study. But with guidance from a financial advisor and a solid plan, your financial goals—like owning your very own home—can start to feel a lot more attainable. Make a plan. FRIENDS WITH BENEFITS Friends are going splitsies on homeownership Two friends and roommates moving into new home Getty Images The high cost of buying a home has helped some reimagine the concept of friends with benefits. Instead of cramming into an overpriced studio rental to save money, buddies are splitting the cost of owning a property they couldn’t afford individually. Zillow reported that US home values skyrocketed 45% between February 2020 and February 2025, which it called “more than a decade’s worth of typical growth” in only five years. And the rental market saw a similarly large increase over that time, per Rental Housing Journal, making co-buying a consideration for younger generations. Per a 2025 FirstHome IQ survey of 1,000 respondents between the ages of 18 and 44: Sharing a home with your bestie is particularly appealing to Gen Zers (classified here as ages 18 to 24), as 32% said they would consider co-buying. Millennials (ages 25 to 44) aren’t against the idea either—18% said they were up for it. A 2024 report by JW Surety Bonds found that 15% of Americans have made home purchases with a friend or relative, and another 48% would consider doing so. Home security: Since this isn’t the same as roommates splitting the cost of a couch, it’s recommended to put the partnership in writing. Two options are a joint tenancy agreement or a tenancy-in-common agreement. These arrangements allow partial ownership of the property (and theoretically, the couch, too) to be sold or inherited if circumstances change. End of an era? Zillow home trends expert Amanda Pendleton told CNBC that one reason why only 5% of homes were co-bought last year is that rent prices are stabilizing. According to the new Apartment List National Rent Report, the national median rent has fallen for six straight months, not that anyone looking for a place in New York or San Francisco will believe that.—DL     LOWER THE DRAWBRIDGE If you have to ask, you can’t afford these amenities Woman relaxing in home sauna Getty Images Once upon a time, wealthy Americans may have thirsted for indoor bowling alleys and home theaters with leather recliners, but luxury amenities have gotten an upgrade. Here are a few of the must-haves the affluent are sending to their realtors: Wellness: Wealthy homeowners are focused on spa-style bathrooms: heated floors, cold plunges, and specialty air and water filtration systems. Saunas are nonnegotiable, with some room-sized built-ins costing homeowners as much as $100,000. And people are still opting for private pickleball courts at their primary residences rather than roughing it at the local country club, a trend that took off during the pandemic. Getting cozy: A wood-burning fireplace is one of the most sought-after home amenities, according to Zillow, but tightening safety and environmental regulations have prevented them in new builds. Even when they’re allowed, finding a mason with the niche skills to build one can be wildly expensive—and maintaining it takes a lot of work. The ultimate baller move is to hire someone else to cut the wood and clean it up so you can keep romanticizing chestnuts roasting on an open fire. Batten down the hatches: Luxury real estate professionals told Architectural Digest that most high-income buyers are making purchase decisions “through a lens of risk mitigation rather than creative vision.” That might help explain the ultrawealthy’s heavy investments in security: hidden cameras, motion sensors, strapped security guards, actual moats, and bespoke safe rooms. AI advancements have also made it easier to introduce facial and license plate recognition programs in communities that can afford it.—MM     BREW'S BEST To-Do List Gift: A casserole dish that makes the perfect housewarming present.** Renovate: These remodeling projects give you the best bang for your buck. Read: Owning a home can be a lot more expensive than you think. Watch: Under-the-radar things to consider when buying a house. Map: Which state has the highest median home price? Home, sweet home: Homeownership feelin’ like it might not happen for you? Maybe you just need a good plan. Northwestern Mutual’s financial advisors can help you map costs, save strategically, and keep your financial goals on track.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e           Written by Sam Klebanov, Molly Liebergall, Matty Merritt, Dave Lozo, Brendan Cosgrove, and Adam Epstein Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

Anthropic blacklisted from government work...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqfwcg.28y7p/eea8ab81.gif" alt="" border="0" /></a> February 28, 2026View Online | Sign Up | Shop Morning Brew Presented By Fisher Investments You made it! It’s the 28th and final day of February. Have you ever wondered why February is shorter than the other months? Turns out, we have ancient Roman superstitions to thank. To make a long story short, Roman King Numa Pompilius tweaked the calendar to sync it with the lunar year, and that included changing every month to 29 days (because even numbers were unlucky at that time). One month, though, needed to have an even number of days, and February was selected since it was when the Romans held rituals for the dead. And so, February was dropped down to 28 days. And despite numerous changes to the calendar over thousands of years, it’s (mostly) stuck. Feel free to bust this out if anyone asks you for a fun fact today. —Holly Van Leuven, Abby Rubenstein, Matty Merritt, Dave Lozo, Sam Klebanov, Molly Liebergall MARKETS Nasdaq 22,668.21 -0.92% S&P 6,878.88 -0.43% Dow 48,977.92 -1.05% 10-Year 3.962% -6.0 bps Bitcoin $65,806.91 -2.47% Wells Fargo $81.45 -5.62% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: Stocks sank like a waterlogged rubber duckie yesterday, as investors continued to worry about ripple effects from risky private credit and AI. Banks—whose performance is often viewed as a stand-in for investors’ views on the health of the economy—took a particular hit, producing the KBW Nasdaq Bank Index’s largest dip since tariffs were announced back in April.   AI SWITCHEROO Anthropic–DOD fight ends with deal for OpenAI the US Pentagon building Douglas Rissing/Getty Images The US Department of Defense ended yesterday with an agreement to let an AI company access its classified network with some guardrails in place—but that company was OpenAI, not Anthropic. How we got here Even before time ran out on the Pentagon’s 5:01pm ET deadline for Anthropic to lose its $200 million defense contract unless it stopped requiring that its AI-model Claude could not be used for mass domestic surveillance or fully autonomous weapons, President Trump posted on Truth Social that the government would “IMMEDIATELY CEASE” using Anthropic’s technology and “not do business with them again!” After the deadline passed, Defense Secretary Pete Hegseth said the DOD would label Anthropic a “supply chain risk”—a label typically stuck on businesses from adversarial countries that bars companies with US government contracts from doing business with them. And then…around 10pm ET last night, Sam Altman posted on X that OpenAI had “reached an agreement with the Department of War to deploy our models in their classified network.” Earlier in the day, Altman said OpenAI shared Anthropic’s “red lines,” and his post suggested he’d somehow gotten the contract while maintaining them. It identified “prohibitions on domestic mass surveillance” and “human responsibility for the use of force” as two of the company’s bedrock principles and went on to say that the Defense Department agreed and “we put them into our agreement.” The fight was about who gets to make the rules The US military has developed plenty of advanced technology, like GPS, which gave it control over how that tech was used and disseminated. But it didn’t lead AI development. Private companies were better positioned to raise and spend billions of dollars to move quickly and amass specialized talent—leaving the government reliant on public–private partnerships, which bring complications: To turn a profit, tech companies must focus on commercial applications that bring in cash. Government contracts are an important money-maker, too. But if a company gets a bad rap for letting its tech be used in dicey situations, it risks losing its commercial customers. Bottom line: The Defense Department has said it wants to be an “AI-first” fighting force, and all the major AI companies are competing for lucrative contracts as the technology evolves much quicker than any regulations on its use.—HVL, AR     Presented By Fisher Investments Tax-taming strategies for investors with $5m+ Fisher Investments Managing significant wealth isn’t just about growth. It’s about ensuring you keep more of what you’ve earned. Luckily, Tax-Efficient Wealth Management for Affluent Investors from Fisher Investments features forward-looking advice to help strengthen and optimize your portfolio. Inside, you’ll find actionable tax-planning techniques and straightforward investment strategies for affluent retirees. You’ll also find insights to help with your estate planning so you can ensure your financial legacy is distributed according to your wishes while minimizing tax exposure. Why let your savings get eaten by excess taxes? Discover how tax-taming strategies can help you stay on track and keep more of what’s yours. Download your copy of Tax-Efficient Wealth Management for Affluent Investors. WORLD Tour de headlines OpenAI CEO Sam AltmanTomohiro Ohsumi/Getty Images OpenAI secures $110 billion in historic fundraising. The ChatGPT maker is getting $50 billion in fresh funds from Amazon and $30 billion each from Nvidia and SoftBank, OpenAI announced yesterday, kicking off one of the world’s largest private investment rounds. The deal values OpenAI at $730 billion pre-funding, more than double the company’s valuation from its last funding round a year ago. This is the most cash Amazon has ever invested in another company, but the full amount is contingent on OpenAI either going public—which the Wall Street Journal reported it plans to do in the fourth quarter—or announcing that it achieved artificial general intelligence, an unnamed source told Bloomberg.—ML Embassy staff evacuate as Trump says he’s “not happy” with Iran. President Trump told reporters yesterday that he had not yet made a decision about whether to attack Iran, but said he was “not happy with the fact that they're not willing to give us what we have to have” in negotiations over the country’s nuclear program. With tensions remaining high after talks this week failed to yield a deal, the US ordered non-emergency personnel to evacuate its embassy in Israel. The UK and China have also evacuated embassy staff in the Middle East, according to Bloomberg, and several countries have advised their citizens to stay away from the area.—AR Bill Clinton says he “saw nothing” and “did nothing wrong” in relationship with Epstein. The former president sat for an unprecedented hourslong closed-door deposition before a Republican-led House committee yesterday. Clinton, who has not been accused of wrongdoing, had a well-documented relationship with the late sex offender Jeffrey Epstein, but said that he “had no idea” about Epstein’s crimes. His wife, former Secretary of State Hillary Clinton, was deposed the day before and said she did not know Epstein. Democrats on the committee have said President Trump should also answer questions about his ties to Epstein, and Republican Nancy Mace joined calls for Commerce Secretary Howard Lutnick to testify as well.—AR  HAPPY BDAY, PIDGEY Pokémon turns 30, shows no sign of slowing down Photo of a collection of Pokemon toys and action figures Aisyaqilumar - stock.adobe.com If you were confused seeing Pikachu pop up during the 2026 Winter Olympic men’s hockey final, don’t be: Pokémon is everywhere. The iconic brand turned 30 yesterday, and has been rolling out the red carpet for the little monsters to celebrate being a part of the highest-grossing media franchise in the world, as evidenced by its sponsorship of the icy intermission report during the hockey game and with a star-studded ad during the big game a few weeks prior. The Pokémon Company has generated around $150 billion in revenue through games, movies, TV shows, and more since it debuted its first two games in Japan in 1996. And about 30 million people still play Pokémon GO every month, ten years after it first hit smartphones. But if you’re looking to make your own money from the phenomenon, the cards are Arceus: The Card Ladder index, which tracks the value of a collection of the most popular trading cards, showed the most popular Pokémon cards’ worth was up about 6,208% this month compared to May 2004, beating the S&P 500’s rate of return, which jumped just 521% during the same timeframe. And rare cards can skyrocket in value: Logan Paul sold a Pikachu Illustrator card for a record $16.5 million last week. Prepare for Trouble! The valuable collectibles have also attracted a whole mess of scalpers, resellers, and even robbers—last week, thieves tunneled through a California store’s wall to steal $180,000 worth of cards.—MM     Together With Fisher Investments Fisher Investments Looking to achieve a comfortable retirement? Retirement planning shouldn’t be complicated. Fisher Investments’ Definitive Guide to Retirement Income can help you feel confident about your financial future. The guide explores seven income streams to help keep a $1 million portfolio growing for years to come. Take a look. ICYMI Have you heard... Here’s everything that didn’t make it into this week’s newsletters but we immediately sent to the group chat. An Australian supermarket chain apologized after its AI chatbot, Olive, received complaints about it making small talk and telling stories about its mother. If Olive wants to overshare with grocery shoppers, she should go work at Trader Joe’s. A nudist camp in Florida is up for sale with an asking price of $2.5 million. The price covers the property’s 12 motor homes, making them the only things on the property that are covered. Researchers discovered that the origins of writing go back tens of thousands of years further than originally believed. Scientists discerned patterns of meaning in lines, notches, dots, and crosses in caves and determined the first comment ever written was, “First!” It had 14,000 likes and was pinned to the top of the cave. Padres pitcher Matt Waldron is out indefinitely because of what his manager called an “infection in his rear end.” In most workplaces, you can’t even ask why someone is going to see a doctor. But in baseball, your boss will tell the media, “This guy needs a few days off because his butt is really barking.” Previously convicted stowaway Svetlana Dali was arrested again this week on charges of sneaking onto a flight from Newark, NJ, to Milan, Italy, without a ticket. Bruce Springsteen sings about escaping New Jersey, and he’s a hero. Svetlana goes and actually does it, and she’s a criminal. It’s simply not fair.—DL NEWS What else is brewing President Trump told reporters yesterday that the Cuban government is talking to the US and said: “We could very well end up having a friendly takeover of Cuba.” Novartis settled a lawsuit with the family of Henrietta Lacks, whose cellswere collected without her consent while she was dying of cervical cancer in 1951. Novartis profited significantly from the collection. NASA is overhauling its plans to send astronauts back to the moon. Kansas was sued by tansgender residents over a state law that abruptly invalidated their driver’s licenses. South Korea will finally get the full version of Google Maps after conditionally agreeing to allow the app to export precise geographic data, which it had previously forbidden. Dell’s stock jumped 22% after it beat earnings expectations, even as it struggles with rising memory costs. Neil Sedaka, the pop hitmaker behind songs like “Breaking Up Is Hard to Do” and “Calendar Girl,” has died at age 86. Six planets will be visible in the sky tonight. COMMUNITY Crowd work Last week, we asked: “What’s a do-it-yourself project you’ve completed that you’re proud of?” Here are some of our favorite responses: “Replacing a flush valve as a new homeowner while not flooding the entire home or accidentally turning it into a makeshift bidet.”—Zach from Baltimore “For my Music Theory IV class, I had to write a song to perform as my final exam. I decided to base mine on John Cage's “4’33”.” It was 2 minutes and 40 seconds of absolute silence interrupted occasionally by my friends and family calling me an idiot. I titled it “A Test of Theory” because it was a) for a theory test, and b) I was testing the limits of my theory teacher's patience. I still don't know how I got an A on that assignment.”—Elise from Larson, TX “My basement floor has 88,000 pennies on it that were donated by friends and family. It took three years to create the 12x36 “tiles” on mesh sheets that interlock and have rows that run heads/tails across the entire floor wall to wall.”—Aimee and Leslee from Denver, CO “In college, two of my friends and I swapped out an engine in a 1957 Hillman Minx. It took us two days and four cases of beer, and I drove the car for the remaining two years of college.”—Dennis Brew from Mechanicsburg, PA “My backyard neighbor, who is a homebrewer, and I brewed a brown ale with bourbon and coffee. We submitted the beer to the Minnesota State Fair and won a second place ribbon!”—Kevin from Sioux Falls, SD This week’s question What’s the most random gig you’ve ever done? Sam’s answer to get the juices flowing: “I worked a shift as a bodyguard at a concert of a famous Russian pop singer when I was a scrawny high schooler weighing 140 pounds.” Submit your response here. RECS To-Do List Read: Get enlightened on how humanity used tools to master the universe in The Powerful Primate.** Compare: Photos of trees outside of Dollar Tree stores. Just drink Coke: Why you may not want to sip coffee on an airplane. Settle the debate: Experts explain the best way to load a dishwasher. For your retirement planning: The Definitive Guide to Retirement Income from Fisher Investments can help you design a strategy to support your ideal lifestyle. Get your copy.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Crossword: The Brew’s Saturday puzzle is feeling extra cute this week. To find out why, play the Crossword here. Open House Welcome to Open House, the only newsletter section that always wins. We’ll give you a few facts about a listing and you try to guess the price. Mansion in Reno, NevadaZillowToday’s home is in Reno, NV, and it has a name: the Pennington Mansion. This 14-acre estate was built in 2004 by the late William Pennington, a casino executive who helped construct the Las Vegas Strip. Amenities include: 4 beds, 8 baths, 9 fireplaces Wine cellar, billiards room, large gym 8-car garage A guaranteed grand entrance to your patio soirée How much for the gated gargantua? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER $13.95 million Word of the Day Today’s Word of the Day is: soirée, meaning “a party held in the evening.” Thanks to Ellen from Asheville, NC, for a suggestion worth throwing a bash for. Submit another Word of the Day here.           Written by Holly Van Leuven , Matty Merritt, Dave Lozo, Sam Klebanov, Molly Liebergall, and Abigail Rubenstein Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

Paramount won out over Netflix in WBD bidding war...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqfddg.2dvhk/6f889ac6.gif" alt="" border="0" /></a> February 27, 2026View Online | Sign Up | Shop Morning Brew Sponsored by Apple Card Happy Friday. Tampa International Airport has had it with pajamas. The airport cheekily posted on social media yesterday that there is a “crisis” of people wearing PJs to fly, so it wants to turn TPA into a jammy-free zone. When reached for comment, TSA said they plan to yell conflicting instructions at you no matter what. As a refresher, your top hat stays on in the metal detector, but the monocle comes off. —Holly Van Leuven, Sam Klebanov, Molly Liebergall, Adam Epstein, Matty Merritt MARKETS Nasdaq 22,878.38 -1.18% S&P 6,908.86 -0.54% Dow 49,499.20 +0.03% 10-Year 4.017% -3.0 bps Bitcoin $67,354.48 -2.39% Nvidia $184.89 -5.49% Data is provided by *Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean. Markets: Stocks stumbled yesterday after investors decided that they weren’t impressed with Nvidia’s latest earnings, despite it smashing Wall Street’s expectations. Nvidia subsequently dropped more than 5%, with the market shifting focus from near-term results to more existential concerns about AI.   MEDIA The winner for best WBD takeover offer is…Paramount Netflix and Paramount logos encroaching on a Warner Bros logo Niv Bavarsky Yesterday, Warner Bros. Discovery had a busier day than Barbie when she entered the human world—and by the end of it, the famed studio had gone from having a deal to be acquired by Netflix to having new buyer Paramount Skydance lined up. It happened faster than a Twister: The ending of the monthslong corporate saga came together in just a few hours. In the afternoon, WBD’s board announced that Paramount Skydance’s most recent hostile takeover offer was superior to the deal it had previously struck with Netflix, starting a 4-day clock for the streaming giant to come up with a counteroffer. But by early in the evening, Netflix walked away instead, refusing to up its bid and making Paramount’s offer the winner. Here’s what it took: Paramount’s offer came in at $31 per share, compared to Netflix’s $27.75/share for the WBD streaming and studio assets. The overall value of Paramount’s offer was ~$111 billion, compared with Netflix’s ~$83 billion. Here’s looking at you, Ted Explaining the decision to tell WBD to get on the plane with Paramount, Netflix’s Ted Sarandos and his co-CEO Greg Peters released a statement saying Kenough was Kenough: “This transaction was always a ‘nice to have’ at the right price, not a ‘must have’ at any price.” Plus, Netflix can expect to receive a $2.8 billion breakup fee (covered by Paramount, per its offer to WBD). Netflix investors don’t seem bummed out. The stock jumped 10% in after-hours trading following the announcement. The credits aren’t rolling yet Though Paramount is now the winning bidder, the deal will need to be cleared by antitrust regulators in the US and abroad, a process that will likely take at least several months. Still, Paramount asserted last month that its offer provided “a more certain, expedited path to completion” than Netflix’s. Both Larry Ellison, who is bankrolling the Paramount deal, and his son, David Ellison, the Paramount CEO, have personal relationships with President Trump. Big picture: If the deal goes through, the combined Paramount Skydance Warner Bros. Discovery will control two streaming platforms, two major news networks, and two Hollywood studios.—HVL     Sponsored by Apple Card Cha-ching cha-ching, time to cash in Apple Card Tired of chasing points you’ll never use? Apple Card makes Daily Cash back a daily event. You can get 2% Daily Cash back using Apple Card with Apple Pay. That means 2% back at millions of merchants in the US, whether you shop online or in-store. You can then automatically deposit Daily Cash into a high-yield savings account when you open an account through Apple Card, where it grows at a 3.65% annual percentage yield. Save up your Daily Cash and watch it grow over time. Learn more about how you can start earning your Daily Cash today. Terms apply. Savings provided by Goldman Sachs Bank USA. Member FDIC WORLD Tour de headlines Dario Amodei at 2026 NYT DealBook SummitMichael M. Santiago/Getty Images Anthropic says it “cannot in good conscience accede” to DOD requests. Anthropic said yesterday that the Pentagon “made virtually no progress” on meeting the company’s request for guarantees that its AI model, Claude, would not be used “for mass surveillance of Americans or in fully autonomous weapons.” Defense Secretary Pete Hegseth, who met with CEO Dario Amodei earlier this week, has threatened to pull the company’s $200 million Pentagon contract if it doesn’t give the military unfettered access to the tech by the end of today. While Amodei made it clear that Anthropic would like to continue working with the DOD with the safeguards in place, he also said that if the Pentagon discontinues working with it, Anthropic would “enable a smooth transition to another provider, avoiding any disruption to ongoing military planning, operations, or other critical missions.” The Pentagon did not respond to Amodei’s statement last night.—HVL Payments company Block to slash staff by 40% due to AI pivot. In conjunction with its earnings call yesterday, Block CEO Jack Dorsey said it will reduce headcount “from over 10,000 people to just under 6,000.” The company will restructure around “smaller, highly talented teams using AI to automate more work,” according to Block CFO Amrita Ahuja. Affected staff members will receive 20 weeks of base pay, which the company expects will contribute to $450 million to $500 million in charges, primarily in the first quarter. Dorsey also said, “Within the next year, I believe the majority of companies will reach the same conclusion and make similar structural changes.” Block stock rose 24% in after-hours trading following the announcement.—HVL Instagram to alert parents when teens search for terms related to suicide. As parent company Meta stands trial over claims that its platforms harm children, Instagram announced yesterday that parents will receive a notification if their teenagers are repeatedly searching for “phrases promoting suicide or self-harm.” The alerts, which require both parents and teen users to enroll, are delivered via email, text, WhatsApp, or within Instagram. The news comes about a week after CEO Mark Zuckerberg testified in a trial in which plaintiffs accused several social media giants of knowingly making their products addictive.—AE FREE BIRDS Americans are ditching America in droves Illustration of the American flag, as if the stripes were roads or paths, and groups of people with luggage are using them to walk offscreen. Nick Iluzada If you hear someone with a Texas twang ordering a tall iced coffee with seven sugars in a Parisian cafe, they might be a local. Americans are moving abroad in record numbers, with at least 180,000 US citizens relocating overseas in 2025, according to the Wall Street Journal. On top of surging deportations and lower immigration, departing Americans have flipped the migration balance, pushing US departures above arrivals for the first time since 1935, according to the Brookings Institution. An estimated 4 million to 9 million Americans are now expats, and their ranks grew last year: The American population of Portugal grew more than fivefold from 4,768 in 2020 to 26,000 in 2025. The number of Americans moving to Ireland more than doubled from 2024 (4,900) to 2025 (9,600), while British citizenship applications from US nationals grew to a record 8,790—42% more than the previous high of 6,192 in 2024. Why seek greener pastures? A lower cost of living on a US income appeals, as do sangria lunches a Euro lifestyle and social-safety-net perks. Some transplants also cite concerns about the US political climate. The American dream, for many, is now a villa in Barcelona. The share of US adults who desire to relocate overseas permanently doubled between 2010 and 2025, to 20%. And 40% of American women age 15 to 44 now say they want to leave the country, per Gallup.—SK     Together With RAD Intel RAD Intel From $10m at merger to $225m+ today. RAD Intel’s SEC-qualified reg A+ offering remains open at $0.85 per share, though the price is scheduled to change March 12. Backed by multiple Fidelity funds and 15k+ investors. Selected by the Adobe Design Fund, with recurring seven-figure enterprise contracts and 2x sales contract in 2025.* Nasdaq ticker reserved: $RADI. BIG BURGER IS LISTENING Burger King tests AI that tracks workers’ manners Burger King employee working drive-thru Burger King Flipping patties? More like flipping off Patty: Burger King is piloting an OpenAI-powered chatbot called Patty that will live in employees’ headsets and tattle if it thinks workers aren’t being friendly enough, the chain announced yesterday. “This is all meant to be a coaching tool,” Burger King’s chief digital officer told The Verge: The AI is trained to recognize words and phrases like “welcome to Burger King,” “please,” and “thank you.” Patty will then grade a location’s friendliness levels upon a manager’s request. Beyond pleasantry patrol, Patty voices an AI system that Burger King plans to launch widely by year’s end, because two patties on the grill are worth one in the ear, or something. The virtual assistant can answer employees’ questions (e.g., how to clean the shake-maker) and flag out-of-stock items or out-of-order machines. If only Burger King listened to public outcry over Patty’s launch like it listened to public outcry over its burger quality: The chain said yesterday that it would improve its Whopper for the first time in almost a decade after customers complained for years about it falling apart. Zoom out: Roughly 70% to 80% of large US employers use some type of employee monitoring as of last year, following a pandemic-era boom in demand for worker surveillance software.—ML     STAT Prime number: In banks you trust Hand holding phone with call from bankIllustration: Anna Kim, Photo: Adobe Stock Nearly 20 years after the financial crisis, a lot of people trust banks again—and not just because the one in Industry has made its real-life counterparts seem ethical by comparison. According to Gallup: Last year, 63% of people across the 25 countries most affected by the crisis said they had confidence in their financial institutions. That’s up from 40% in 2009. It’s also higher than the 57% of respondents who were confident in banks before the crisis. In fact, financial institutions now have more trust than national governments, judicial systems, and elections. Gallup did not explain what’s eroding trust in those institutions, but we assume it’s a result of *gestures wildly at everything*.—AE Together With E-File.com Big refund energy. Taxes are inevitable, but overpaying to file? Optional.E-file.com makes filing faster, easier, and up to 57% cheaper than some big-name competitors—without skimping on smart software or real human support. Even free federal filing if you qualify. Use code SAVE28 to get 20% off federal filing. File smart. Keep more. QUIZ Friday news quiz Friday news quiz banner The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to knowing the answer to Final Jeopardy when none of the contestants do. It’s that satisfying. Ace the quiz. NEWS What else is brewing The US and Iran walked away from negotiations yesterday without a new nuclear deal, the Associated Press reported, though mediators said there was “significant progress.” Hillary Clinton testified during the House Oversight Committee’s closed-door hearing related to Jeffrey Epstein, which was briefly halted after Republican Rep. Lauren Boebert leaked an unauthorized photo of the proceedings. Stellantis reported its first annual loss in the company’s history after scaling back its electric vehicle strategy. Google launched a new version of its image generation tool, Nano Banana, which it says can produce images faster and more realistically than its previous model. EBay is laying off 800 employees, or about 6% of its workforce, as it aligns with “strategic priorities.” Papa Johns will close 300 stores as Americans’ interest in pizza wanes. Pope Leo XIV reportedly urged clergy to stop using AI to write their homilies. RECS To-Do List Haul: A backpack that fits your whole life, but still looks put together.** Read: The most popular novels on Goodreads in each of the last 10 years. Watch: Yesterday was the 14th anniversary of this legendary bowling outburst. Circle back: The corporate jargon that Wall Street Journal readers hate the most. Hunt smarter, not harder: Glassdoor’s new guided job search pairs your resume with review and salary insights to find the right fit for you. Because guessing is so last job.* Hit the road: Planning your next big adventure? Before you load up the car, learn how you and your passengers can stay connected on the road with AT&T Connected CarTM. Learn more.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Decipher: Our code-cracking game is back! Find the secret message and win a rush of nostalgia. Play Decipher here. Friday puzzle Combine the letters of each pair of words to form the name of an animal. Example: Boa, luff → buffalo Zeal, gel Neat, help Bow, mat Evil, owner SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Gazelle, elephant, wombat, wolverine (Source) Word of the Day Today’s Word of the Day is: homilies, meaning “sermons delivered during religious services that interpret scripture and often connect it to daily life.” Thanks to Ted from Springdale, UT, for the suggestion. Submit another Word of the Day here. ✳︎ A Note From RAD Intel This is a paid advertisement for RAD Intel’s Regulation A+ offering. Please read the offering circular at invest.radintel.ai.           Written by Adam Epstein, Sam Klebanov, Matty Merritt, Molly Liebergall, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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Nvidia profits boom, investors shrug...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqeikp.2ff75/6529a30f.gif" alt="" border="0" /></a> February 26, 2026View Online | Sign Up | Shop Morning Brew Presented By Hang in there. You might be getting sick of the winter wonderland outside, but spring is just around the corner—though which corner depends on who’s asking. Meteorologically, spring begins on March 1, while astronomical spring starts on March 20. Real spring actually falls somewhere between the two, whenever you hear the first sneeze in the distance. —Abby Rubenstein, Molly Liebergall, Matty Merritt, Dave Lozo MARKETS Nasdaq 23,152.08 +1.26% S&P 6,946.13 +0.81% Dow 49,482.15 +0.63% 10-Year 4.048% +1.0 bps Bitcoin $68,753.06 +7.19% Netflix $82.70 +5.97% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: Like Sabrina Carpenter on the Eras Tour, yesterday’s market moves were mostly the opening act for the big show: Nvidia releasing its earnings report after the bell (more on that below). But stocks still got an espresso-like jolt as tech companies led the way up. Stock spotlight: Netflix had its best day in over a year, as investors bet that Warner Bros. Discovery might ditch its deal with the streamer and accept Paramount’s sweetened offer to buy it instead.   Markets Sponsored by EnergyX Final call for $11/share: As lithium prices surge, EnergyX is turning heads. General Motors invested. POSCO invested. Join them before EnergyX’s share price increases tonight. WHERE THE AI PROFITS ARE Nvidia puts a pin in bubble fears…but only for now Nvidia CEO Jensen Huang on stage at a conference Woohae Cho/Getty Images Nvidia faced a crowd as tough as Statler and Waldorf when it released its quarterly earnings yesterday, as investors have been fretting about the chip maker’s biggest customers’ enormous planned AI investments creating a bubble. And though the company’s report was as soothing as a serenade from Kermit—with record sales and a bullish forecast demonstrating continued demand—investors remained skeptical. The company blew past Wall Street’s expectations: Its fourth quarter sales came in at $68.1 billion, up 20% from the same period last year. That yielded $43 billion in profit, 35% more than the year before. Most of those sales came from its data center business, which had a 75% revenue jump. For the full year, Nvidia’s total fiscal year profit hit $120 billion. Not bad for a company whose annual profit was $4.4 billion just three years ago. And Nvidia expects the good times to keep rolling: It forecast ~$78 billion in revenue for the fiscal first quarter—and that’s not counting data center revenue in China where it has only recently gotten regulatory permission from the US to sell certain chips. But a lot depends on hyperscaling being more than hype As the tech behind Big Tech’s AI ambitions, Nvidia stands to benefit from hyperscalers Google, Amazon, Microsoft, and Meta’s plans to spend ~$650 billion on AI infrastructure this year. “Our customers are racing to invest in AI compute,” CEO Jensen Huang said. There’s no question that the cash is currently flowing, but investors worry about how sustainable such big growth is for customers—and therefore for Nvidia. But Huang told analysts on yesterday’s earnings call he was confident their growth would continue based on AI’s success. It still may not be enough: Nvidia’s stock has a history falling post-earnings even when the company surpasses expectations, and while it initially spiked briefly when yesterday’s numbers came out, the gains were pared during the earnings call and the stock flattened out by the end of after-hours trading.—AR     Presented By EnergyX America’s hottest land grab isn’t for oil Two of the world’s three largest energy companies have been buying up land in America’s lithium hotspot. Now they’ve got a new neighbor. EnergyX just acquired the rights to 35k gross acres of lithium-rich land in the United States, right next to those giants’ lithium projects, bringing their total to ~50k acres. It’s not just the acreage turning heads, either. EnergyX pioneered patented technology that can recover 3x more lithium than traditional methods at 500x the speed of evaporation ponds. That combination positions EnergyX to be one of America’s biggest lithium providers. It’s great timing, too, as lithium demand is projected to grow 5x by 2040. Industry leaders like General Motors have already invested. Become an EnergyX shareholder at $11/share before the midnight PT deadline. WORLD Tour de headlines Iranian man reading newspaperFatemeh Bahrami/Getty Images Iran and the US are talking today. With tensions high and American forces prepared to strike if the two countries fail to reach a nuclear deal, US representatives, including Steve Witkoff, are holding talks with Iranian officials in Geneva today. The negotiations, mediated by Oman, aim to secure an agreement that the US insists must include Iran giving up its nuclear program. Yesterday, the Trump administration amped up the pressure by imposing new sanctions on people and businesses tied to the so-called shadow fleet that officials say carry “hundreds of millions of dollars’ worth” of Iranian oil to foreign countries.—AR Bill Gates apologizes and Larry Summers resigns over Epstein ties. In the latest fallout from the government’s release of documents related to the late sex offender Jeffrey Epstein, the Microsoft co-founder apologized to staff at the Gates Foundation and acknowledged having affairs with two Russian women, according to the Wall Street Journal. Calling his association with Epstein a mistake, Gates asserted that he “did nothing illicit” and “saw nothing illicit” in a recording reviewed by the newspaper. Meanwhile, former Harvard president Larry Summers is resigning from his teaching positions at the university in connection with the school’s review of his relationship with Epstein.—AR Kalshi fined a MrBeast employee over insider trading. In its first public move since announcing a crackdown on insider trading on its prediction market platform, Kalshi said it had fined a video editor for MrBeast and a former gubernatorial candidate. Artem Kaptur, the editor, was fined more than $20,000 and suspended from the site for two years for trading ~$4,000 on markets tied to MrBeast’s videos. Kyle Langford was fined about $2,250 for literally betting on himself while running for governor of California last year. The company also said it reported Kaptur to federal regulators for insider trading, so congratulations to anyone who had money down on that.—DL SAFETY NOT FIRST AI co. that touted safety drops its core safety pledge Anthropic Co-founder and CEO Dario Amodei Chance Yeh/Getty Images A plot hasn’t veered this hard from its premise since whatever the heck was happening on Lost. Anthropic, a company founded by former OpenAI employees who wanted more AI safeguards, said this week that it’s dumping a flagship promise to stop training AI models if they become potentially dangerous. This is a “dramatic shift” from the company’s first comprehensive safety policy, per the Wall Street Journal. Now, instead of pausing development when an AI’s capabilities outpace safeguards, Anthropic said it’ll keep chugging, unless it thinks it has a “significant lead” over competitors. Why? The company implied that its prioritization of human well-being makes it hard to rival other major AI companies, none of which hold themselves to Anthropic’s previous safety standards. To that point, Anthropic argued that everybody’s doin’ it restraining itself while less careful competitors run free could ultimately make the world less safe. Impeccable timing: The policy change comes as Defense Secretary Pete Hegseth reportedly threatened to pull a $200 million Pentagon contract with Anthropic and blacklist the company from government contracts if it didn’t relax its rules for military usage by tomorrow. An Anthropic spokesperson said these negotiations were unrelated to its safeguards switchup, but the policy overhaul did contribute to a top safety leader’s decision to resign from Anthropic earlier this month, sources told the WSJ.—ML     Together With EnergyX The lithium gold rush minted a $1b unicorn. With lithium demand growing 5x by 2040, a modern-day gold rush is underway. As the world’s richest man put it, “Like minting money? The lithium business is for you.” EnergyX turned this into a new $1b valuation. Their tech can recover up to 3x more lithium than traditional methods, earning investment from General Motors. Invest for $11/share by midnight. BACK TO REALITY 50 seasons later, Survivor is still scheming Photo of the cast of Survivor 50 on a boat Morning Brew Design | Source: CBS Last night, Survivor, one of the most successful reality TV shows of all time, kicked off its 50th season, joining the short list of dinosaur programs like SNL and 60 Minutes that have managed to stay on the air for 49 more seasons than Freaks and Geeks. Aside from introducing (and reintroducing) the world to iconic personalities like Boston Rob and Mike White, Survivor has completely changed television. Survivor’s humble beginnings: The show—which tests contestants’ physical, mental, and social strength—was based on a 1997 Swedish series called Expedition Robinson. More than 50 million people watched the first season finale. The show’s massive success and cheap production costs inspired the greenlighting of countless other reality shows in the early aughts, including The Amazing Race and The Mole. Even The Bachelor can thank Survivor for proving that audiences love to see real people get overwhelmed on camera. Big picture: Fifty seasons later, Survivor is still putting up numbers. Boosted by its back catalog of episodes available on streaming, Survivor was the most watched Emmy nominee last year, accumulating 462.4 million viewing hours during the award show’s year-long eligibility period, according to Nielsen. That’s more than double any other nominee in any category, and more than the rest of the reality competition nominees put together. Maybe this season will finally be when the Smoke Monster shows up.—MM     STAT Prime number: Price of the tooth going up Illustration of a shiny tooth being carried through the sky by 5 tiny tooth fairies.Nick Iluzada Selling your teeth sounds like a recession indicator but not at the rate the tooth fairy is paying. The average payout for a tooth under your child’s pillow this year is $5.84, according to a poll from Delta Dental. That’s a 17% increase over 2025 and the first jump in the value of baby chompers since 2023. The going rate for a child’s tooth doubles as an economic bellwether, as the money doled out by the tooth fairy reflects gains in the market and improved spending confidence. And based on other data from Delta Dental, she clearly hasn’t gotten crushed by the falling price of Bitcoin: The loss of a first tooth is now worth an average of $7.17, up 23% from last year. All regions in the US saw a spike in payouts, with the Northeast leading the way at $6.45 per tooth, a 41% increase. A message to the kids: Despite this good news, you should not start pulling your teeth out early to maximize profits.—DL Together With The New Money The New Money The race for rare earth magnets is ramping up. And now, REalloys (NASDAQ: ALOY) has just gone public and become one of the only companies in North America developing a fully integrated, China-free supply chain for rare earthprocessing and rare earth magnet production. NEWS What else is brewing Cuba said it killed four people aboard a Florida-registered speed boat after they opened fire in Cuban waters. Dr. Casey Means, a wellness influencer skeptical of traditional medicine whom the president nominated to serve as surgeon general, faced tough questions from senators yesterday—particularly on her stance on vaccines. The Justice Department said it’s looking into whether it had improperly withheld documents from the Jeffrey Epstein files, following reports that documents including accusations against President Trump were not made public. The FBI searched the home of the Los Angeles school district superintendent, Albert Carvalho, as well as the district’s headquarters yesterday, but it was unclear what the agents were looking for. David Tepper, the billionaire hedge fund manager and owner of the Carolina Panthers, sent a strongly worded letter to Whirlpool’s board, demanding major changes to its strategy. Discord has postponed its controversial age verification rollout until the second half of the year in response to privacy concerns. Shakira, Wu-Tang Clan, and Jeff Buckley are among the musically diverse nominees for the Rock & Roll Hall of Fame. {if profile.vars.split == true} RECS To-Do List Brush: This high-tech electric toothbrush is plaque’s worst enemy.** Prompt: What studies show about the best way to talk to AI chatbots. Shop: A ranking of America’s best and worst grocery stores. Trace it back: Find out if your last name means you’re related to royalty. {if !profile.vars.num || (profile.vars.num >= 0 && profile.vars.num < 60)} Templates that pay off: SMBs save hours this tax season with Lumin. Edit, collaborate, and sign all in one place. Paperwork will stop multiplying like rabbits. Get started.* {/if}{if profile.vars.num >= 21 && profile.vars.num {else} = 0 && profile.vars.num < 60)} Templates that pay off: SMBs save hours this tax season with Lumin. Edit, collaborate, and sign all in one place. Paperwork will stop multiplying like rabbits. Get started.* {/if}{if profile.vars.num >= 21 && profile.vars.num {/if} = 0 && profile.vars.num < 60)}✢ A Note From EnergyX Energy Exploration Technologies, Inc. (“EnergyX”) has engaged Morning Brew to publish this communication in connection with EnergyX’s ongoing Regulation A offering. Morning Brew has been paid in cash and may receive additional compensation. Morning Brew and/or its affiliates do not currently hold securities of EnergyX. This compensation and any current or future ownership interest could create a conflict of interest. Please consider this disclosure alongside EnergyX’s offering materials. EnergyX’s Regulation A offering has been qualified by the SEC. Offers and sales may be made only by means of the qualified offering circular. Before investing, carefully review the offering circular, including the risk factors. The offering circular is available at invest.energyx.com/. Comparisons to other companies are for informational purposes only and should not imply similar results. Under Regulation A+, a company has the ability to change its share price by up to 20% without requalifying the offering with the SEC. {/if}           Written by Abigail Rubenstein, Molly Liebergall, Matty Merritt, and Dave Lozo Was this email forwarded to you? 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Wall Street is into the anti-AI trade...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqe1bv.2ffqc/b6b6ad03.gif" alt="" border="0" /></a> February 25, 2026View Online | Sign Up | Shop Morning Brew Presented By Happy Hump Day. The actual cottage from Heated Rivalry is now available on Airbnb, complete with a recreation room, a fire pit, and 400 feet of private waterfront, among other amenities. Just make sure your phone is nearby—in case an unannounced visitor drops in to collect their charger. —Matty Merritt, Sam Klebanov, Dave Lozo, Adam Epstein MARKETS Nasdaq 22,863.68 +1.05% S&P 6,890.07 +0.77% Dow 49,174.50 +0.76% 10-Year 4.033% +0.0 bps Bitcoin $64,212.67 -0.62% Thomson Reuters $90.09 +11.42% Data is provided by *Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean. Markets: Like the Tuesday after an especially fun weekend, stocks bounced back yesterday after Monday’s hangover, with all three indexes climbing as investors once again felt less worried about AI (for now). Meanwhile, Thomson Reuters spiked after its AI tool for lawyers got some props at an Anthropic event.   BABY, I CAN FEEL YOUR HALO Wall Street is suddenly into the anti-AI trade John Deere tractor in a field Bill Barksdale/Getty Images Like the feeds they have been clogging up with ragebait, rapid AI advancements are flooding Wall Street and making investors rethink their massive years-long bet on the technology. As the AI hype machine slows down, HALO (“heavy assets, low obsolescence”) businesses—aka companies that seem relatively immune to automation, like McDonald’s or John Deere—are the new safety stocks. Josh Brown, CEO of Ritholz Wealth Management, coined HALO to describe any company that can’t be disrupted by typing something into a prompt: His prime example was how Expedia’s and Delta Air Lines’s stocks were once closely tied to the broader travel industry, but have gone in separate directions in the last year. Delta—a company that has actual planes to take you somewhere—has watched its stock jump by over 13%, while Expedia—a service that, in theory, could be replicated by bots—has stayed flat. The push toward more tangible stocks mirrors that of other recent drastic market selloffs in real estate, software, and even trucking. Last week, Goldman Sachs introduced an everything-but-AI index, allowing investors to buy into, well, everything except AI in one neat package. Viral post fuels AI concerns Further spooking some investors was a hypothetical AI doomsday post from Citrini Research, imagining a world where AI works…too well and triggers a white-collar bloodbath. The speculative piece argued that companies like Visa, DoorDash, and Mastercard are each at risk in an AI-pocalypse. Their stocks promptly sank, highlighting how ready Wall Street seemingly believes in the potential economic dangers of the technology. Still, a number of economists disagreed with the report, with one referring to it as plain old “doom porn.” Software’s tepid return: Anthropic’s Claude Cowork, the same tool that triggered a massive selloff in software stocks earlier this month, announced an update yesterday that would integrate the AI tool with a number of enterprise apps like Salesforce’s Slack, Docusign, and LegalZoom, boosting their stocks yesterday.—MM     Presented By TaxAct Own your business, own your taxes As a business owner, you have a lot of responsibilities. Doing your taxes is one of them. That’s where TaxAct comes in. With TaxAct, you can file your business taxes any way you’d like. You can do them by yourself with step-by-step guidance, you can file with help from a credentialed tax expert, or you can upload your documents, and an expert will prepare and file for you. TaxAct’s filing software helps business owners finish their taxes and get the deductions they deserve. Their intuitive tools guide you through step by step, making taxes less complicated so you can focus on running your company. Act now, and you can get more accurate returns. WORLD Tour de headlines AMD cuts $100 billion deal with Meta to challenge Nvidia. Meta agreed to buy 6 gigawatts of AI data-center processing units from AMD for more than $100 billion, the Wall Street Journal reported. As part of the deal, Meta has the option to own up to 10% of AMD’s stock. The mammoth deal is part of AMD’s attempt to catch up to Nvidia, the chip market leader, after making a similar arrangement with OpenAI last year. Meta, meanwhile, is using both chip companies to power its AI data center ambitions: The tech giant announced just last week that it was buying millions of units from Nvidia. Novo Nordisk is making Ozempic and Wegovy cheaper. The weight loss drug price wars escalated again yesterday, when Novo Nordisk said it was slashing prices for its obesity and diabetes drugs in the US. Starting in 2027, Ozempic and Wegovy will each list for $675 per month—a 34% cut for Ozempic, and a 50% cut for Wegovy. The markdowns are meant to help insured patients with high out-of-pocket costs, the Danish company said. The news comes a day after a new weight loss shot from Novo underperformed one from rival Eli Lilly in a head-to-head trial.—AE PROPHET OF DOOM Jamie Dimon’s ‘anxiety is high’ about financial crash Jamie Dimon Noam Galai/Getty Images The head of the world’s largest bank is talking like someone at a Super Bowl party where everyone is glued to their sportsbooks, saying that he sees “people doing some dumb things.” Speaking at an investor event this week, Jamie Dimon, CEO of JPMorgan, said the current finance world reminds him of the lead-up to the 2008 financial crisis, when banks binged risky bets. He said his bank has steered clear of high-risk lending. But a crowded field of competitors is chasing dubious opportunities to profit from loans, and he is worried high asset prices are making financiers complacent. Credit jitters This isn’t the first time Dimon has anxiously vented about vulnerable debt: In recent months, Dimon has raised alarm about the private credit industry, which often offers risky loans to businesses but is less regulated and transparent than traditional banks. After JPMorgan took a $170 million hit when auto lender Tricolor Holdings collapsed last fall, he said seeing this one “cockroach” portends more could follow. Crisis can strike in surprising industries: “You didn’t expect utilities and phone companies in ’08, ’09, and this time around, it might be software, because of AI,” Dimon warned at the event this week.—SK     Together With tastytrade You didn't come this far to stand still. No matter what the market is doing, tastytrade’s customizable charts, 100+ indicators, and advanced trading tools help you stay up-to-date and trade your way through it. Trade stocks, options, futures, crypto, forex, and more in one platform with tastytrade. ​ WEATHERMAXXING Dark Sky’s creators want to reign with a new app An illustration of various types of weather happening at the same time Niv Bavarsky The former champions of forecasting rain are back with a new weather app. This week, the team behind Dark Sky announced Acme Weather, an app that wants to improve the accuracy of forecasts by embracing their inherent uncertainty. Dark Sky became the industry standard, thanks to hauntingly precise predictions (e.g., rain will begin in six minutes). It was purchased by Apple in 2020, but it was discontinued in 2022 after Apple incorporated it into its own weather app. Now, Dark Sky is leaning into the imprecision of meteorology to improve on its predecessor: The app will show multiple lines denoting a primary prediction and alternate ones; the closer the lines, the higher the chance of accuracy. Supplemental community-reported conditions (think Waze, but for things like humidity, cloud cover, and even rainbows) will appear on your map. And, yes, those rain predictions, down to the minute, are back. It’s only available for iOS, but an Android version is on the way. Though Dark Sky had a $4 annual subscription fee, Acme Weather is charging $25 per year to learn the location of rainbows.—DL     STAT Prime number: 54% of teens use AI for schoolwork High school students on laptopsGetty Images The days of cramming a SparkNotes summary of A Midsummer Night’s Dream 10 minutes before an in-class essay appear to be over. Instead, high schoolers are turning to chatbots for help. According to a recent Pew Research Center survey: More than half of US teens (54%) use AI chatbots to get help with schoolwork. Even more students (59%) think that using AI to cheat happens regularly at their school. They find it useful: More than a quarter of teens said chatbots are “extremely” helpful with schoolwork, while just 3% said AI is of no help at all. When reached for comment, your former history teacher just kind of stared into the distance without saying anything, before walking away.—AE Together With Immersed This pre-IPO stock is up 4,000%. After 4,000% valuation growth, Immersed has reserved the Nasdaq ticker $IMRS. But the real opportunity is now, before public markets. Immersed changed the game in spatial computing by developing the Meta Store’s most popular productivity app, used by 1.5m+ people. Join execs from Facebook and Palantir: Invest pre-IPO in Immersed ahead of their planned listing. NEWS What else is brewing The Justice Department withheld and removed some Epstein files—including what appear to be more than 50 pages of FBI interviews—related to allegations that President Trump sexually abused a minor, according to an NPR investigation. Today co-host Savannah Guthrie said her family is offering a $1 million reward for the recovery of her mother, Nancy, who went missing more than three weeks ago. Spirit Airlines reportedly plans to shrink its number of flights, as part of a deal with creditors to emerge from bankruptcy. The Trump administration is considering an executive order that would force banks to collect citizenship information from their customers, per the Wall Street Journal. Warner Bros. Discovery said that it’s reviewing Paramount’s improved takeover bid of $31 per share, but still currently recommends Netflix’s offer to shareholders. New York City police are reportedly investigating after officers were hit with snowballs in Washington Square Park on Monday. RECS To-Do List Draw: Take your mindful coloring to the next level with these markers.** Read: The longlist for the 2026 International Booker Prize. Discover: A tool that shows you if another Letterboxd user has the same top four films. Watch: The Japanese snowball-fighting competition vying to become an Olympic sport. Beauty boost: Get your glow on with Quince Collagen Peptides Plus. Quince’s formula is backed with three beauty-boosting ingredients, including vitamin C for collagen synthesis + hyaluronic acid for skin hydration.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Crossword: This week’s puzzle has many Ms, and only one of them is on a milk chocolate oblate spheroid. Play the Crossword here. Head-scratching trivia What do the following represent? 1: Borneo, Richard Hatch 6: The Amazon, Jenna Morasca 16: Micronesia, Parvati Shallow 34: Game Changers, Sarah Lacina 40: Winners at War, Tony Vlachos SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER These are the numbers, titles, and winners of different seasons of Survivor. The 50th begins tonight. Word of the Day Today’s Word of the Day is: oblate, meaning “something that is round, but flattened at the top and bottom.” Thanks to Justin from San Francisco for the suggestion. Submit another Word of the Day here. ✢ A Note From TaxAct Conditions apply. See TaxAct.com for details.*Read more about the 100% Accuracy Guarantee ✳︎ A Note From Immersed This is a paid advertisement for Immersed’s Regulation A+ offering. Please read the offering circular at https://invest.immersed.com/.           Written by Adam Epstein, Matty Merritt, Sam Klebanov, and Dave Lozo Was this email forwarded to you? Sign up here. 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Anthropic wants to save its $200m Defense contract...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqdbdx.2epxm/972fd9d5.gif" alt="" border="0" /></a> February 24, 2026View Online | Sign Up | Shop Morning Brew Presented By Good day. The State of the Union address is tonight, and if you want to spice things up, you could make a friendly wager on how long President Trump’s speech will last—like you’d do for the national anthem at the Super Bowl. For reference, Trump’s address to a joint session of Congress last March ran 1 hour and 39 minutes, longer than the longest SOTU on record at the time—Bill Clinton’s 2000 speech, which lasted nearly 1 hour and 29 minutes. No matter how long it is, your family will still spend three times as long trying to talk with you about it tomorrow. —Sam Klebanov, Molly Liebergall, Dave Lozo, Holly Van Leuven, Neal Freyman MARKETS Nasdaq 22,627.27 -1.13% S&P 6,837.75 -1.04% Dow 48,804.06 -1.66% 10-Year 4.029% -6.0 bps Bitcoin $64,880.97 -3.93% IBM $223.35 -13.15% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: The three major indexes all closed in the red yesterday, as hopes for a straightforward resolution following the Supreme Court’s action on tariffs last week faded. With President Trump’s implementation of a new 15% global baseline tariff, the EU rejecting any new duties, and companies lawyering up for a refund fight, the party for stocks devolved into the Spider-Man pointing meme.   Markets Sponsored by The Crew Want daily analysis of the investing landscape? Brew Markets is our newsletter designed to help you make sense of market moves. Subscribe now. GOVERNMENT Pentagon and Anthropic chiefs to meet amid beef Anthropic logo with Pentagon Morning Brew Design, Adobe Stock The most anxiously anticipated conversation since your boss pinged you with a “hey can we chat?” is happening today: Anthropic CEO Dario Amodei will meet with Defense Secretary Pete Hegseth to try to save the company’s $200 million Pentagon contract. Heart of the matter: Amodei and Hegseth have serious disagreements over what the military should be allowed to do with Anthropic tech, specifically, its Claude large language model. Claudus belli Anthropic’s Claude—widely praised as a powerful vibe coding tool—is the only AI model that the military harnesses for work with classified info. The military even used Claude in the capture of Venezuelan President Nicolás Maduro last month. Anthropic insists the Pentagon shouldn’t have free rein weaponizing its product: The company says Claude should remain off limits for surveillance against Americans and for weapons deployed without human intervention. Pentagon leaders claim contractors shouldn’t breathe down their necks with national-defense-inhibiting limitations, and the military should be bound only by the law in how it uses AI tools. Existential stakes The dispute led Hegseth to reportedly consider the defense industry’s version of the nuclear option: labeling Anthropic as a “supply chain risk.” That would require all Pentagon contractors to avoid using Anthropic’s tools, potentially decimating vast swaths of its enterprise business. Meanwhile, several of Anthropic’s competitors want to replace it within the Pentagon. Alphabet, OpenAI, and xAI have all agreed to remove restrictions on how the military can use their AI tools as they seek contracts to work with classified data. It’s not the only point of contention between Anthropic and the Trump administration. Last fall, the White House AI czar David Sacks derided the company for its AI regulations advocacy, claiming it would stunt innovation. Looking ahead… Anthropic said it’s been having “productive conversations” with the DOD, while a Pentagon official told Axios the Hegseth–Amodei talk will be a “shit-or-get-off-the-pot meeting.” —SK     Presented By PGIM 2026 Best Ideas report Investors are facing a transformative cycle for capital markets and the broader global economy. An era of fiscal dominance will have repercussions for policy, deficits, and interest rates in major economies. With market valuations seemingly stretched and economies being reconfigured for structural growth, PGIM’s annual Best Ideas report explores some of the most appealing investment opportunities of 2026. Structural growth, AI-driven productivity gains, and the convergence of public and private markets emerge as some of the key themes with far-reaching implications across asset classes, and PGIM leverages its breadth of expertise to present investors with a diverse set of strategies for constructing more resilient portfolios. Get the report. WORLD Tour de headlines person rolling down snowy hill in barrelJeremy Weine/Getty Images Over 40 million people weathered the storm. Parts of New York City got 19 inches of snow, according to Mayor Zohran Mamdani, and officials said it might rank among the city’s 10 worst snowstorms in the last 150 years. It was indubitably the worst storm Providence, RI, has seen—Rhode Island’s capital received 32.8 inches of snow as of 1pm yesterday, breaking a record for greatest single snowstorm there set in 1978. Boston and Philadelphia also got walloped. US airports experienced over 20,000 delays and over 6,000 cancellations yesterday, according to FlightAware, mostly from the greater NYC area, Boston, Philly, and Washington, DC.   More details of the killing of drug kingpin “El Mencho” emerged. Mexican Defense Secretary Ricardo Trevilla Trejo revealed that Mexican forces were able to locate the drug boss, whose real name was Nemesio Oseguera Cervantes by tracking the movement of one of Oseguera’s lovers and a person from her circle. Trejo said that eight members of the Jalisco New Generation Cartel were also killed in the raid. Yesterday, the US State Department advised American tourists to continue to shelter in place, although one told CNN that the town seemed to be getting back to “normal,” with restaurants reopening and flights back to the States resuming. Mortgage rates fell below 6% yesterday, the lowest since 2022. Mortgage Daily News said that the 30-year fixed mortgage rate clocked in at 5.99% on Monday, down from 6.89% a year prior. While mortgage rates got lower into the 5% range last month, that did not even last a full day, while experts believe the current level is more durable. Experts believe this will lead to a cascade of mortgage refinancing. The Mortgage Bankers Association reported that applications to refinance home loans are up 130% compared to February 2025.—HVL HEALTH Novo Nordisk eats Eli Lilly’s dust again Photo collage of the Eli Lilly logo in green and the Novo Nordisk logo in red, with an overlay of their respective GLP-1 drugs. Morning Brew Design | Source: Adobe Stock The maker of Ozempic and Wegovy keeps slipping on banana peels when it tries to regain its position in GLP-1s. Yesterday, Novo Nordisk announced that a new weight loss shot that it hoped to rival Eli Lilly’s injectable actually underperformed in a head-to-head trial, which tanked Novo’s stock. Shares of the Danish drugmaker fell 16% on the news that Novo’s CagriSema delivered 20.2% weight loss in 84 weeks, compared with 23.6% for Lilly’s tirzepatide, aka Zepbound. The airball comes as Novo scrambles to regain a majority share of the GLP-1 market, which it lost to Lilly in recent months. “This outcome is the worst-case scenario,” said Michael Shah, a Bloomberg Intelligence analyst. The disappointment follows a management shakeup, a failed semaglutide Alzheimer’s trial, and a failed acquisition of a promising biotech company. Novo’s GLP-1 patents are also set to expire sooner than Lilly’s, which is another reason it was counting on CagriSema to succeed. To make matters worse for Novo, Lilly’s stock climbed a few points yesterday after it launched a new version of its Zepbound injectable, which holds a month’s worth of shots—up from one week for its current devices. How the mighty have fallen: Novo has lost ~$475 billion in value since 2024, when it was worth $650+ billion. Its stock price now verges on pre-Wegovy times.—ML     Together With Hear.com Listen up. Horizon IX hearing aids from hear.com pack two German-engineered AI smart chips into a nearly invisible design—delivering speech clarity so sharp that conversations stop requiring effort. No more missing words, no more asking people to repeat themselves. Trusted by 540,000+ customers. Start your 45-day no-risk trial. TECH Gen Z is putting down phones and picking up...iPods An illustration of an iPod on a beach being reached for by a hand Niv Bavarsky You bolt awake in an Abercrombie & Fitch. You are not online. It’s 2008, and you are listening to Natasha Bedingfield’s “Pocketful of Sunshine” on your iPod while shopping for graphic tees. You are the general of your own life—and you have changed your mind. The future cannot pass. That’s the sentiment of Gen Z, which is increasingly finding enjoyment and peace in iPods. Discontinued in 2022, the Apple music device is making a comeback with younger generations who are craving a break from the distraction of internet-based phone apps with a product from a time that felt more hopeful: Searches for the iPod and iPod Nano jumped in 2025, per Google Trends. According to Axios, searches for the Classic and Nano were up 25% and 20%, respectively, between January and October of last year compared to the same time in 2024. Since 2022, total sales of refurbished iPods are up an average of 15.6% since 2002, according to BackMarket. iPods as a cheat code: With many schools banning internet-connected devices, students see iPods as a workaround that allows them to listen to a song they discovered on TikTok during lunch. Dissed connections: Downloads of Brick, a popular app among Gen Z that blocks smartphone apps and has nothing to do with the Ben Folds Five song, were up ~600% in January compared to a year ago.—DL     STAT Prime number: 10% attendance drop at AMC Empty seats at AMC movie theatreJason Kempin/Getty Images AMC moviegoers last year didn’t have to settle for seats in the first row as often as they did the year before. Yesterday, the company reported mixed results for Q4: It shrunk its losses, but theater attendance was down 10% for the year. The problem isn’t just domestic: In fact, US attendance fell just 7.5% compared to international markets, which experienced a 15% drop, according to the report. But AMC isn’t raising alarm bells. It has been investing in premium screen experiences and tricking out its auditoriums’ equipment for cinephiles, like Imax and Dolby Cinema screens, and even laser projections. And it believes 2026’s box office lineup will put all that gear to work and drive ticket sales higher. With flicks like Christopher Nolan’s The Odyssey due out, it probably will get a lot of folks excited to see Matt Damon’s anachronistic helmet rendered in exquisite detail. Even if some of us wish Ralph Fiennes were wearing it.—HVL Together With Miso Robotics Miso Robotics “AI is going to fundamentally change…everything!” That’s what NVIDIA’s CEO said, calling AI “the largest infrastructure buildout in history.” NVIDIA’s chips made it happen. Now, they’re collaborating with Miso Robotics on “physical AI.” Miso’s restaurant-kitchen AI robot, Flippy, has logged 200k+ hours for brands like White Castle. With NVIDIA now helping to unlock up to 35% faster performance on Flippy, Miso’s scaling across a $4b/year opportunity. Invest in Miso today for up to 7% bonus shares. NEWS What else is brewing The Pentagon has raised concerns to President Trump about an extended military campaign in Iran, the Wall Street Journal reported. The acting chief of the Bureau of Labor Statistics rebutted the idea that any jobs-creation data put out by the agency had been falsified. Nick Reiner—son of the director Rob Reiner and photographer Michele Singer Reiner—entered a not guilty plea to murder yesterday in the killing of his parents. The Tourette syndrome advocate who shouted a racial slur as Michael B. Jordan and Delroy Lindo took the stage during Sunday’s BAFTAs issued an apology yesterday, saying it was “not a reflection of my personal beliefs.” Peter Attia, the longevity influencer and CBS correspondent, left the network after his correspondence with the late sex offender Jeffrey Epstein came to light last month. FedEx filed a lawsuit with the US Court of International Trade seeking a “full refund” for Trump’s emergency tariffs, seemingly the first large US company to do so following the Supreme Court’s decision. Jeff and Lauren Sánchez Bezos were named the honorary co-chairs of the 2026 Met Gala. The theme this year is “fashion is art.” RECS To-Do List Trudge: Finish winter in style with these slip-on mules that feel like sleeping bags for your feet.** Think: The Federal Reserve says prediction markets are a good tool for policymakers. Job hunt: Reese Witherspoon’s career advice is don’t follow your dreams. Send: This free file-sharing tool lets you transfer files between devices without the internet. Experts revisit ancient practice: For health benefits like improved strength, posture, balance—even sustainable weight loss? Get your free Tai Chi Walking plan from Simple when you subscribe. Take this quiz.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Mini: Today’s puzzle is called “Colorful characters,” and you won’t believe why. Play the Mini here. Presidential succession trivia Ahead of the State of the Union tonight, here’s a trivia question about presidential succession. In the current order of succession, who is in line to become president following the VP, House Speaker, and President pro tempore of the Senate? Hint: He’s a Cabinet member. SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER The secretary of state (currently, Marco Rubio) Word of the Day Today’s Word of the Day is: cinephiles, meaning “film enthusiasts.” Thanks to Sydney from Greenville, SC, for the auteur-level suggestion. Submit another Word of the Day here. ✳︎ A Note From Miso Robotics This is a paid advertisement for Miso Robotics’ Regulation A offering. Please read the offering circular at invest.misorobotics.com.           Written by Sam Klebanov, Molly Liebergall, Dave Lozo, Holly Van Leuven , and Neal Freyman Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? 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Businesses will have a tough time getting tariff refunds...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqcypl.2f0th/676d53d9.gif" alt="" border="0" /></a> February 23, 2026View Online | Sign Up | Shop Morning Brew Sponsored by Apple Card Think it’ll snow? While you may be justifiably sick of winter, it produced a real feel-good moment for the USA yesterday, when the American men’s ice hockey team defeated Canada in overtime at the Olympic final. It happened exactly 46 years after the “Miracle on Ice” US team beat the Soviet Union in 1980, which was also the last time Team USA got a gold medal in men’s ice hockey. This team needs a nickname, too. We humbly propose: “The United Skates of America.” —Holly Van Leuven, Brendan Cosgrove MARKETS: YEAR-TO-DATE Nasdaq 22,886.07 -1.53% S&P 6,909.51 +0.94% Dow 49,625.97 +3.25% 10-Year 4.086% -7.7 bps Bitcoin $64,843.07 -25.90% Hims & Hers $15.63 -51.86% Data is provided by *Stock data as of market close, cryptocurrency data as of 11:00pm ET. Here's what these numbers mean. Markets: The three major indexes finished in the green last week, thanks in part to a big day on Friday, following the Supreme Court’s tariff ruling. This week, expect tech earnings to set the pace. (More on both later.) Stock spotlight: Hims & Hers hasn’t been the healthiest stock pick this year, amid GLP-1 legal drama. The telehealth provider reports earnings after today’s closing bell, and investors are interested in hearing its response to FDA scrutiny and Novo Nordisk’s patent infringement lawsuit.   CORPORATE Companies seeking tariff refunds face uphill climb President Trump with members of his administration at a press conference The Washington Post/Getty Images What do the businesses that shelled out $175 billion for Trump tariffs and anyone who was supposed to fly to the Northeast today have in common? They’re figuring out how to get refunds in light of drastic turns of events. ICYMI: On Friday, the Supreme Court ruled that President Trump lacked authority to impose tariffs under the International Emergency Economic Powers Act without congressional approval, and that means the ones he created cannot stand. In theory, that means the tariffs already collected ought to be refunded. But the Supreme Court stopped short of saying how, leaving it to the US Court of International Trade to figure out the refund process. That might take a minute… After the Supreme Court’s announcement on Friday, President Trump suggested refunds would not be easy to come by for companies seeking them, saying, “We’ll end up being in court for the next five years.” But many businesses seem eager to get money back ASAP, since they began legal proceedings long before Friday. According to Reuters: Two big US firms have filed hundreds of tariff refund cases since Liberation Day in April 2025, including those for J. Crew, Illumina, Dole, Diageo, Costco, EssilorLuxottica, Revlon, and more. Smaller firms are handling hundreds of additional tariff lawsuits. Richard O’Neill from the 10-person law firm Neville Peterson said of companies that want to file suit, “The time to do it was yesterday. The next best time to file is today.” Tariff Magic 8 Ball says “Cannot Predict Now” International trade lawyer Nancy Fischer told Reuters that the amount of time it will take to disburse refunds “depends on whether the administration decides to play hardball. It could get resolved quickly…but I am not so sure that necessarily is going to be the case.” Zoom out: Some companies may never try to get their refunds in an attempt to stay on the administration’s good side. US Trade Representative Jamieson Greer told ABC’s This Week that Trump’s tariff policy hasn’t changed, and the president will enact tariffs by different means.—HVL     Sponsored by Apple Card Get rewarded for your everyday spending Apple Card Yes, really. With Apple Card, you can earn up to 3% unlimited Daily Cash back on every single purchase, every single day. Apple Card also has no fees—period. That’s no annual, late, or over-the-limit fees. Apply now to see your credit limit offer. Terms apply. WORLD Tour de headlines a crowd of people in the NYC blizzardRyan Murphy/Getty Images Nor’easter impacts millions, especially in NYC’s tri-state area. But Delaware, Pennsylvania, Maryland, and New England will be impacted, too. Six states declared states of emergency this weekend, ahead of the blizzard that was expected to dump up to two feet across the region starting yesterday and continuing today. New York City declared its first “old-school snow day” (without virtual instruction) since 2019 and banned all road travel from 9pm last night through at least noon today. Boston also braced for its first blizzard since 2022. So, what makes a snow storm a blizzard? “Snow and/or blowing snow reducing visibility to 1/4 mile or less for 3 hours or longer” and “sustained winds of 35 mph or greater,” according to the National Weather Service. TSA PreCheck abruptly closed, then reopened, amid partial govt shutdown. For several hours yesterday, air travelers wondered whether snow would be their only airport hindrance. Around 6am ET, the Department of Homeland Security said that TSA PreCheck and Global Entry would be suspended at US airports as a consequence of the partial government shutdown stemming from congressional Democrats and Republicans failing to make progress on a deal to fund the Department of Homeland Security. By 12:40pm ET, however, DHS updated its statement to remove mention of closing PreCheck, although the Global Entry suspension remained in place. The department did not specify why the change was made. Mexican army killed leader of Jalisco New Generation Cartel, sparking violence across Mexico. Nemesio Rubén Oseguera Cervantes, known as “El Mencho,” was wounded yesterday in an operation meant to capture him in Tapalpa, Jalisco, and he died in flight to Mexico City, according to the country’s Defense Ministry. The US Embassy in Mexico called the operation the result of “bilateral cooperation” with US authorities, who provided “complementary intelligence.” According to the Associated Press, the US Drug Enforcement Agency considers the Jalisco cartel to be as powerful as the Sinaloa cartel, and is one of the main suppliers of cocaine and fentanyl to the US. In response, cartel members launched violent attacks in almost a dozen Mexican states. American visitors to the tourist city of Puerto Vallarta in Jalisco were told to shelter in place yesterday by the US State Department.—HVL RETAIL Axe body spray wants to cut through the fog Unilever building Poulssen/Getty Images Axe is looking to get out of the cloud business. The body spray company knows it’s infamous for making locker rooms look like cigar lounges, so it’s taking a lighter approach by redesigning its product to avoid overspraying. Cloud-control tactics: Axe’s new “spray tech” makes the bottle’s weight and the scent’s application lighter, improving on the bug-bomb technology of the past. While cans now weigh 2.9 ounces instead of 4 ounces, they actually contain 10% more sprays, according to Axe, which is running ads that warn against “overdoing” things. The smelly smells that smell smelly. Axe, the brand of male grooming products that Unilever first launched in the French market in 1983, hit the US market in 2002 and quickly elbowed out the competition with its racy (or sexist, depending on whom you ask) ads: By 2006, Axe hit $71 million in sales in the US, according to Vox. By 2012, Axe domestic product sales were close to half a billion dollars, CNBC reported, citing market research firm Kline & Company. But then the sweet smell started to sour. Per the Wall Street Journal, Axe’s estimated market share of deodorant sprays in the US went from 24% in 2020 to 16.3% in 2025. Dolores Assalini, head of Axe US, told Brand Innovators she’s confident the new campaign is better suited for the future.—BC     Together With Green Coffee Company Green Coffee Company An IPO is brewing. Green Coffee Company (GCC) is expressing its dominance. After 37x revenue growth, Colombia’s largest coffee producer now plans to go public. They’ve also acquired exclusive rights to distribute the iconic Juan Valdez coffee to retailers across the $100b US coffee market. You have until tomorrow, Feb. 24, to invest in GCC and get up to 20% bonus shares. CALENDAR The week ahead Bruno MarsKevin Mazur/Getty Images Ain’t no earnings like Nvidia earnings: There are a lot of chips riding on Nvidia’s Q4 earnings on Wednesday. The tech giant is the world’s most valuable company by market cap—accounting for nearly 8% of the entire S&P 500—and investors will be eager to check the temperature of the overall AI sector. Elsewhere in the tech world, Salesforce, Intuit, Snowflake, Dell, and CoreWeave all deliver results this week. The state of our union is…?: You’ll get to hear how President Donald Trump answers that question during his annual address to Congress tomorrow. The speech is usually a chance for presidents to recap their accomplishments and lay out their vision for the coming year, but there’s some extra drama this time. Trump will be in the room with Supreme Court justices for the first time since the high court struck down a lot of his global tariffs. Expect the issue to get mentioned, along with affordability, immigration enforcement, and Iran. Watch closely: Between all of the smiles, scowls, and standing ovations, the address is basically the Body Language Olympics. It’s a good week to stay inside: Snow and cold temperatures got you down? Why not step into Paradise. Season 2 of the post-apocalypse show premieres tonight on Hulu. Or warm up with Season 4, Part 2 of Bridgerton, which hits Netflix on Thursday. Still feeling under the weather? Medical show Scrubs returns to ABC on Wednesday. That’s not the only good comeback story, though: Scream 7 hits cinemas on Friday, the same day that Bruno Mars’s first solo album in a decade, The Romantic, comes out. But wait, there’s more: Apple’s annual shareholder meeting is set for tomorrow morning. Tomorrow marks four years since Russia launched a full-scale invasion of Ukraine. Home Depot reports earnings tomorrow and Lowe’s reports on Wednesday. Samsung is expected to unveil its new Galaxy phone lineup on Wednesday. More inflation data is on the way: The producer price index (PPI) report for January will be released on Friday. STAT Prime number: There’s gold in them thar skills 2026 US Olympic figure skating team Jamie Squire/Getty Images The US Olympic team went into Milan and Cortina and sledded, skied, and skated out with 12 gold medals (and 33 total medals), the country’s most-ever in a Winter Olympics, while Norway finished with the most golds (18) and medals overall (41). The US had good showings in a range of individual events, led by gutsy performances from Elana Meyers Taylor (monobob), Mikaela Shiffrin (skiing slalom), Alysa Liu (figure skating), and Jordan Stolz (speed skate). Then, the men’s and women’s hockey teams tied a golden bowon the whole thing, with overtime wins over Canada. Just when “Golden” from KPop Demon Hunters had finally gotten unstuck from your head. Now, attention turns to Los Angeles, which will host the 2028 Summer Games.—BC Together With Pernas Research Pernas Research Get stock research delivered. Deiya Pernas, former exec at a $3.5b fund, and Dean Pernas, a trained chemical engineer, left their careers to uncover Wall Street’s biggest finds. Pernas Research’s portfolio has returned 30.4% annualized over nine years. Join the list to get monthly ideas + weekly highlights. NEWS What else is brewing An armed man was shot and killed yesterday after breaching a secure perimeter at Mar-a-Lago and raising his weapon, according to the Secret Service. President Trump demanded that Netflix kick former Obama national security advisor Susan Rice off its board or “face the consequences,” as the streamer attempts to buy Warner Bros. Discovery. Bitcoin fell below $65,000 amid renewed global trade tensions. Mattel is struggling to bring the American Girl Doll series into contemporary pop culture—and increased profitability—as it celebrates the brand’s 40th anniversary this year. OpenAI CEO Sam Altman called SpaceX CEO Elon Musk’s plan to put data centers in space “ridiculous” and “not something that's going to matter at scale this decade.” One Battle After Another won the BAFTA for best film, and Princess Catherine returned to the red carpet at the award show for the first time since 2023. RECS To-Do List Clip: These Japanese stainless steel nail clippers are a pleasure to wield.** Salivate: Here are 14 cozy casserole recipes for a snowy day. Watch: Enjoy one last look at the world’s best figure skaters from the closing ice skating exhibition at the Milan Cortina Olympics. Spend? Thrift?: These are the best and worst US cities for budgeters in 2026.   8 ways Americans waste $$$: You’re smart about saving money by shopping clearance, eating out less, and picking affordable streaming services. FinanceBuzz has a few tips that could help you save even more.* Grab a cup: Green Coffee Company is disrupting the $245b global coffee industry. Read our article to learn more.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Turntable: Quite an interesting letter jumble today. Your center letter is V and there is no S, A, or R. Give it a go and play Turntable here. Snow day trivia Very few places in the US have never seen snow. Here are clues about one such US city. Can you name it? This city has never seen snow according to official records going back to at least 1871, but unofficially, it’s said that no snow has fallen there since it was colonized by Europe 350 years before that. It’s technically an island, with a population of ~25,000 people. It seceded from the US for one minute in 1982. Poet Shel Silverstein died there. SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Key West, FL Word of the Day Today’s Word of the Day is: wield, meaning “to handle effectively.” Thanks to Andrea from Holden, MA, for having an excellent grasp on the assignment. Submit another Word of the Day here. ✳︎ A Note From Green Coffee Company This is a paid advertisement for Green Coffee Company’s Regulation CF offering. Please read the offering circular at https://invest.greencoffeecompany.com/. Timelines are subject to change. Listing on the Nasdaq is contingent upon necessary approvals, and reserving a ticker symbol does not guarantee a company’s public listing.           Written by Holly Van Leuven and Brendan Cosgrove Was this email forwarded to you? Sign up here. 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What's owned by PE and what will be soon...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqcqr1.17xks/79b7e545.gif" alt="" border="0" /></a> February 22, 2026View Online | Sign Up | Shop Morning Brew Presented By Fisher Investments A brightly colored abstract illustration of multiple hands emerging from one, reaching out to grab gold coins falling from the sky. Nick Iluzada EDITOR'S NOTE Good morning. Do the names Blackstone, KKR, and Silver Lake mean anything to you? Yes? Well, you’re in the right place. If not, get ready to learn private equity, buddy. Since the mid-2000s, private equity investments have exploded into a multi-trillion-dollar industry, with a hand in healthcare, restaurants, entertainment, and pretty much anything else you can think of. And yet, there are some signs that its dominance might be slowing down. Read on to learn about all the things in your life that are already owned by private equity—and what it’s targeting next. FINANCE Is private equity past its prime? A large office building with a shiny dollar sign emerging from the top. Morning Brew Design There’s a good chance that the person who chastises you for not flossing answers to folks who can’t stop talking about discounted cash flow. Private equity (PE) funds now own a record number of US businesses—from dentists’ offices to carwashes and national bookstore chains. Firms like KKR and Blackstone have armies of vest-donning management pros that raise money from pension funds and other institutional investors to buy companies, give them a Bar Rescue-style revamp, and eventually (hopefully) sell them at a profit. Over the last 15 years, the number of US companies under PE ownership more than doubled, from just over 6,000 in 2010 to almost 13,000 as of the end of 2025, and they currently account for about 7% of US GDP. But as the industry’s grip on the economy grew, so did the ranks of haters pointing out cases where funds saddled businesses with debt and conducted layoffs, leaving them with degraded service. Pro-PE economists, meanwhile, say that acquisitions often save struggling businesses from bankruptcy by making them more productive, boosting employment, and delivering investors handsome returns. But now, investors have soured PE’s heyday—when it paid returns that leave the S&P 500 in the dust—is roughly the investor equivalent of your grandparents’ memories of when a gallon of milk cost a nickel. Rising interest rates in recent years have depressed the valuations of portfolio companies and made it more difficult for private equity funds to find buyers, delaying their ability to pay back investors: While company sales by private equity funds rose almost 5% last year, the total proceeds from the sales declined by 21%. From 2022 to Q3 2025, annual returns from an index of private equity funds were 5.8%—only about half of the S&P 500’s 11.6% during the same period, according to research firm MSCI. In some cases, private equity funds have had to resort to controversial financial engineering to return money to investors. Declining returns have made investors skeptical about shoveling more cash into the business buyout houses: Private equity funds raised 11% less money last year than in 2024. But signs of a rebound in dealmaking are making industry giants optimistic. PE-owned Medline completed the biggest IPO since 2021 late last year. Retail investors to the rescue? President Trump recently signed an executive order to make it easier for Americans’ 401(k)s to invest in PE funds, saying that it would allow rank-and-file workers to capture the returns from these funds. But critics say that the industry needs Americans’ retirement piggy banks more than they need PE, arguing that private equity funds have far fewer transparency requirements than the stock market and that management fees eat up returns.—SK     Presented By Fisher Investments Tax-taming strategies for investors with $5m+ Fisher Investments Managing significant wealth isn’t just about growth. It’s about ensuring you keep more of what you’ve earned. Luckily, Tax-Efficient Wealth Management for Affluent Investors from Fisher Investments features forward-looking advice to help strengthen and optimize your portfolio. Inside, you’ll find actionable tax-planning techniques and straightforward investment strategies for affluent retirees. You’ll also find insights to help with your estate planning so you can ensure your financial legacy is distributed according to your wishes while minimizing tax exposure. Why let your savings get eaten by excess taxes? Discover how tax-taming strategies can help you stay on track and keep more of what’s yours. Download your copy of Tax-Efficient Wealth Management for Affluent Investors. FOOD & BEV Private equity’s insatiable appetite for restaurants McAlister’s Deli sandwiches McAlister’s Deli Subway, Dunkin’, Arby’s, P.F. Chang’s, Denny’s, Buffalo Wild Wings, Jimmy John’s, Hardee’s/Carl’s Jr., Auntie Anne’s, Baskin-Robbins, Cinnabon, Moe’s, Panera, and Bob Evans all share a common ingredient: private equity (salt, too, probably). Between 2014 and 2024, PE firms invested $94.5 billion in bars and restaurants, CNBC reported, citing PitchBook data. And while that cash can be a much-needed boon for a growing restaurant chain, it can also be a major source of indigestion. The upsides of private equity: At its best, a PE investment can be like making a deal on Shark Tank. You get a big capital infusion, as well as some expertise on how to scale the business, operate more efficiently, and grow the brand. One of PE’s biggest success stories has been fast-casual eatery McAlister’s Deli. Per Restaurant Business Online: McAlister’s was acquired by PE firm Roark in 2005. By 2025, its system sales had grown 530%. It’s now worth more than $1 billion. But PE acquisitions can also be a recipe for disaster. Nearly half of the restaurant and bar chains that filed for bankruptcy in 2024 were backed by private equity, per CNBC and PitchBook. Some of them were doomed, in part, by classic PE tactics, like leveraged buyouts. That’s when a PE firm borrows a ton of cash to buy a restaurant chain, then passes that debt onto the restaurant after the sale. Then, there’s the tactic that cooked Red Lobster: sale-leasebacks, which involve a PE firm selling a chain’s real estate out from under it, then making the restaurant pay above-market rent. PE firms currently making bread: Blackstone acquired sandwich chain Jersey Mike’s early last year for about $8 billion. Now, the company is looking to go public at a valuation of at least $12 billion, Bloomberg reported.—BC     HEALTHCARE The human cost of PE’s healthcare boom A hospital's emergency room sign Douglas Sacha/Getty Images Private financiers have cannonballed into the medical space in recent years because—as your insurance company will never admit to you—healthcare is a highly lucrative business in the US, representing 18% of annual GDP as of 2024. To cash in, PE has invested more than $1 trillion in healthcare companies over roughly the past decade, in some cases providing needed resources to strained hospitals and other medical facilities. But since the goal is to juice investors’ returns, private equity is also notorious for doing almost anything in an attempt to turn a profit for owners. That often includes layoffs, which can have lethal effects in an industry tasked with saving lives: After acquisitions, PE-owned hospitals saw a 13% increase in emergency department deaths (compared to similar, non-PE facilities), most likely because full-time staffing at these hospitals fell by 11.6% on average, according to a recent study coauthored by Harvard researchers. The findings track with previous studies linking staff shortages to higher rates of infections at PE-owned inpatient wards and more deaths at PE-owned nursing homes. Many nurses say they’re stretched too thin to properly treat critically ill patients, and reports of dangerous supply shortages abound. In one highly publicized case, a woman died after giving birth at a PE-owned hospital that couldn’t stop her internal bleeding because the necessary supplies were repossessed for nonpayment, the Boston Globe reported two years ago. That hospital was owned by Steward Health Care, a PE-owned company that was the largest private for-profit hospital network in the US before collapsing into bankruptcy in 2024. That year, PE-backed companies accounted for seven of the eight largest bankruptcies in healthcare, according to the Private Equity Stakeholder Project. Closures affect non-PE facilities, too, since they’re often forced to take on additional patients when a nearby hospital shutters. Some states are taking action. Last year, Oregon barred anyone but healthcare professionals from owning a controlling stake in healthcare businesses. Zoom out: Private financiers have similarly chased a boom in pet spending. At corporate-owned clinics, some vets have spoken of pressure to squeeze in more appointments. More morbidly, staffing cuts caused freezers of deceased pets to pile up at some PetSmart stores after the company was bought by a PE firm in 2015, Vice later reported.—ML     Together With Fisher Investments Fisher Investments Looking to achieve a comfortable retirement? Retirement planning shouldn’t be complicated. Fisher Investments’ Definitive Guide to Retirement Income can help you feel confident about your financial future. The guide explores seven income streams to help keep a $1 million portfolio growing for years to come. Take a look. SPORTS You’re not as invested in sports as PE is Christian Gonzalez of the Patriots breaks up a pass intended for Rashid Shaheed of the Seahawks during Super Bowl 60 Thearon W. Henderson/Getty Images The New England Patriots made the type of history this year that you only read about in LinkedIn updates from your former frat bro in B2B sales: They became the first team backed by private equity to reach the Super Bowl (and the first team backed by PE to get bullied in a Super Bowl). Whether it’s professional, college, or youth sports, private equity is getting into all areas of the game: There are 74 major professional US sports teams with ties to private equity. The NBA has the largest proportion of teams backed by PE (20 of 30), while the NFL and NHL have the lowest, with 10 of their 32 teams, respectively, having PE connections. PE made its first venture into college sports in December, when Otro Capital struck a deal with the University of Utah. Youth sports have also garnered attention, with PE investing in facilites, leagues, and uniform manufacturers. The attraction of pro sports is easy to understand. With recent team valuations rising well into the billions, the pool of people who can afford a stake is getting shallower. The $6.1 billion sale of the Boston Celtics to Bill Chisholm last year included $1 billion from Sixth Street, a private equity firm that also owns a stake in MLB’s San Francisco Giants. Waiting and seeing with college sports: Firms and schools will be keeping a close eye on how the Utah–Otro deal works as the NCAA navigates a Wild West of NIL rules. Otro’s reported $500 million investment, which includes help from donors, will allow it to manage several Utah athletic operations, including licensing and media. Youth sports? Really? Ask any parent who has had to drag their kids across state lines for an all-day lacrosse tournament about how expensive it can be. In recent years, firms have poured billions into TeamSnap, a platform that facilitates the scheduling of games; Varsity Brands, an apparel-maker and organizer of cheer competitions; and IMG Academy, a boarding school thathas graduated many future professional athletes.—DL     MEDIA What else does private equity own? Ryan Tedder of OneRepublic performs onstage at 'Dick Clark's New Year's Rockin' Eve with Ryan Seacrest' 2026 Gilbert Flores/Getty Images You might think you’re pretty good at following the money through the ruins of a Red Lobster, but PE firms have expanded their investment portfolios to include things you didn’t even know were for sale, such as vital ferry lines for the Isle of Wight and gas pump screens. Here’s what else you didn’t know private equity owned: Font libraries. In 2019, private equity firm HGGC bought Monotype—the company behind pretty much every iconic font you can think of—for $825 million. Monotype has since hoovered up other typeface companies, like its 2023 acquisition of Fontworks, which was popular among Japanese game developers. Last year, Monotype discontinued its $380 yearly licensing plan and rolled out a new one for $20,500. Your tunes. The quickest way to substantial cash for megastars is selling their music catalog. OneRepublic frontman Ryan Tedder sold a majority stake in his 500+ songwriting catalog to PE firm KKR for $200 million in 2021. You either die buying or live long enough to become the sale: London fund Hipgnosis, which scooped up back catalogs of artists like Blondie and Justin Bieber, was acquired by Blackstone for $1.6 billion in 2024. Screen time. Cocomelon, Colin and Samir, Dude Perfect, and Economics Explained are just a few of the powerhouse YouTube shows and channels that have sold to PE as the industry targets the low overhead, personality-driven media.—MM     BREW'S BEST To-Do List Critique: A deeper dive into private equity and its impact on the American economy.** Buy: Revisit this classic tale about a leveraged buyout. Peruse: How much do private equity employees make per year? Debate: Then-GOP presidential candidate Mitt Romney makes the case for private equity in 2012. Watch: How did famed investor Charlie Munger feel about private equity? For your retirement planning: The Definitive Guide to Retirement Income from Fisher Investments can help you design a strategy to support your ideal lifestyle. Get your copy.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e           Written by Adam Epstein, Sam Klebanov, Molly Liebergall, Matty Merritt, Dave Lozo, and Brendan Cosgrove Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

The Supreme Court struck down Trump's tariffs...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqclk1.2fo2e/59063c92.gif" alt="" border="0" /></a> February 21, 2026View Online | Sign Up | Shop Morning Brew Presented By RAD Intel Wake up. It’s almost time for USA vs. Canada in the men’s hockey gold medal game at the Olympics tomorrow at 8:10am ET. We’re giving you 24 hours’ notice so you can stock your fridge with the things that unite our countries—beer, bacon, and more Katy Perry than anyone expected. —Dave Lozo, Brendan Cosgrove, Matty Merritt, Molly Liebergall, Sam Klebanov, Holly Van Leuven, Abby Rubenstein MARKETS Nasdaq 22,886.07 +0.90% S&P 6,909.51 +0.69% Dow 49,625.97 +0.47% 10-Year 4.086% +1.0 bps Bitcoin $68,116.88 +1.93% Amazon $210.11 +2.56% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: If you stopped by a bar near Wall Street yesterday, you probably heard a lot of glasses being raised to the Supreme Court, since stocks rose after the justices struck down President Trump’s sweeping global tariffs (more on that below). E-commerce companies reliant on selling made-in-China wares, like Amazon, Wayfair, eBay, and Etsy, all got a particular boost.   Markets Sponsored by RAD Intel Share price changes soon: RAD Intel is $0.85/share via an SEC-qualified Reg A+. $60m+ raised from 14,000+ investors. Nasdaq ticker has been reserved: $RADI. TRADE Supreme Court rules Trump’s global tariffs are illegal an illustration of the US Supreme Court made out of shipping containers Anna Kim In a defeat for President Trump, but a victory for the penguins on those islands with no humans, the Supreme Court struck down his sweeping global tariffs yesterday. In a 6–3 decision, the court found Trump had exceeded his authority by invoking the International Emergency Economic Powers Act (IEEPA) to impose duties without approval from Congress. The ruling applies to the “reciprocal” tariffs on nearly every US trading partner and additional drug-trafficking-related tariffs on China, Mexico, and Canada. Still, Trump is tariffing through it: The president harshly criticized the justices and announced a new 10% global tariff under a different law. He also noted that the levies he has imposed under laws outside of IEEPA remain “in full force and effect.” Trump’s response in two acts Trump isn’t looking to give up tariffs as his signature economic policy (or to wait for Congress), so instead he’ll look to two other laws: The Trade Act of 1974: The new 10% tariff falls under Section 122, which is used when there is a problem with international payments. It has a 150-day limit before congressional approval is required and a 15% maximum tariff rate. No federal investigation is required. The Trade Expansion Act of 1962: Section 232 of this act can be used if there’s a national security threat. It requires an investigation by the Department of Commerce, but there’s no limit to the rate or duration of the tariffs. Section 301 can be invoked if there’s a violation of US rights under trade agreements, following an investigation by the US trade representative. This section has a four-year limit (which can be extended indefinitely) and no cap on the rate. Follow the money: The US could owe $175 billion in refunds to businesses from the jettisoned tariffs, according to an estimate from Penn-Wharton economists. The Supreme Court didn’t offer guidance on how to pay back businesses hit by tariffs, leaving that “mess,” as dissenting Justice Brett Kavanaugh called it, to a lower court.—DL     Presented By RAD Intel Last look at $0.85. You’re early. RAD Intel You don’t usually get a warning before a price change. RAD Intel shares are still open at $0.85/share through an SEC-qualified Reg A+ round—but that price moves very soon. $60m+ raised from 14,000+ investors, backed by multiple Fidelity funds, and selected by the Adobe Design Fund. Valuation increased 5,000%+ in five years and sales contracts doubled from 2024 to 2025, with new seven-figure enterprise contracts already closed this year (and it’s only February). Nasdaq ticker has been reserved: $RADI. RAD Intel predicts what content will land before spend, giving teams real-time, micro-community insight so they choose creators and angles with more discipline. Get in at $0.85/share before the price changes. Invest now at $0.85/share. WORLD Tour de headlines GDP shrinkingFrancis Scialabba Economic growth slowed at the end of 2025. The US gross domestic product (that’s the value of all goods and services produced, so you don’t have to bust out your old econ textbook) grew by an annualized 1.4% in the final quarter of last year, according to data the government released yesterday. That’s well below what economists expected and also a big step down from the 4.4% it rose the quarter before. Economic growth was dragged down in part by the protracted government shutdown, and President Trump posted online before the numbers came out that the shutdown cost “at least two points in GDP.” Still, the economy grew overall for the year, bouncing back from shrinking in the first quarter. Trump says he’s considering limited strikes against Iran. The president responded, “I guess I can say I am considering that,” when asked yesterday whether the US might use limited military strikes to force Iran into a deal to give up its nuclear program. On Thursday, after massing forces nearby, he said he’d decide whether to strike Iran in the next 10–15 days. Meanwhile, Iran’s foreign minister said in a TV interview earlier yesterday that Iran was preparing a proposed deal to send to Washington in the next “two to three days.” Trump orders release of government files on UFOs and aliens. In big news for anyone who still believes the truth is out there, President Trump said he would direct the Department of Defense and other government agencies to identify and release “files related to alien and extraterrestrial life, unidentified aerial phenomena (UAP), and unidentified flying objects (UFOs).” The announcement came after former President Obama said on a podcast that aliens are real, but he hasn’t seen them—comments that drew criticism from Trump as revealing classified information.—AR FINANCE Mr. Owl, how many licks can private credit take? Illustration of an owl diving drastically downward, with a plummeting graph line behind it. Shannon May Many cultures consider owls to be a bad omen. Apparently, Wall Street is one of them. On Wednesday, Blue Owl Capital announced it was liquidating $1.4 billion in assets to compensate investors looking to cash out. Markets found the news about as popular as a dissected pellet, and the entire private-credit industry has been paying the price. Who-who is Blue Owl? It’s an alternative asset manager that, in part, helps connect private investors with businesses that need loans. But a lot of those loans went to software companies that could be threatened by AI, so private investors got a little antsy. Blue Owl decided to quell concerns by selling some of its assets to pay back investors. But concerns were not quelled: Blue Owl shares are down about 12% since Wednesday. Multiple analysts suggested that Blue Owl was a “canary in the coal mine” for broader problems in the private credit industry (e.g., liquidity). Some even started throwing around the b-word (bubble). Private equity firms like Blackstone, KKR, and Apollo all took a stock hit. Bird’s-eye view: Private credit is a roughly $3 trillion market globally, per CNBC. And it has increasingly attracted retail investors, as opposed to institutions, which often have a longer time horizon and a different appetite for risk.—BC     Together With Lumin Tax prep starts here. Whether you made some extra money on the side this year or have your own small business, Lumin can help you this tax season. Simply search through their library of tax templates and grab a copy of what you need. Oh, and did we mention they’re free? ICYMI Have you heard... Here’s everything that didn’t make it into this week’s newsletters but we immediately sent to the group chat. Miley Cyrus will head back to the beach house next month for the Hannah Montana 20th Anniversary Special. The special will feature more emotional reminiscing than charming shenanigans, but if we’re lucky, we’ll get at least one “sweet niblets.” A Chicago man jumped into the freezing Lake Michigan to save a baby after a huge gust of wind blew a stroller into the water (the baby was reportedly in good condition when she arrived at the hospital). Chicago Med is grateful for the storyline.—MM A new video game from South Africa called Relooted lets players pull museum heists to take back stolen African artifacts, making it one of the continent’s only works that the British Museum probably doesn’t want to get its hands on. OpenAI CEO Sam Altman and Anthropic CEO Dario Amodei avoided clasping hands with one another during a photo op at India’s AI summit this week. At least that’s less awkward than one of them going in for a high-five and the other one doing “turkey.” A sleeper shark was seen swimming in the near-freezing depths of Antarctica’s waters for possibly the first time, shocking scientists who previously thought that the only sharks to venture that far south were billiards hustlers who chose the wrong mark.—ML NEWS What else is brewing The head of Xbox, Phil Spencer, is retiring as the CEO of Microsoft Gaming. He’ll be replaced by Asha Sharma, a former Instacart and Meta exec, who’s been working on AI at Microsoft. OpenAI told investors it’s targeting ~$600 billion in spending by 2030, which sounds like a lot but is a bargain compared to the $1.4 trillion figure CEO Sam Altman previously tossed out. President Trump issued an executive order calling production of the weedkiller glyphosate critical to national security. The chemical is at the center of many lawsuits that claim it causes cancer and has been a target of MAHA supporters. Truckers and bus drivers will be required by the Department of Transportation to take their commercial driver’s license tests in English in a recent change. British politicians are debating cutting the former Prince Andrew out of the royal line of succession following his arrest over his ties to the late sex offender Jeffrey Epstein. The Sagrada Familia basilica reached its highest peak yesterday with the addition of the upper arm of a cross atop its tower more than 100 years after construction began on the Antoni Gaudí-designed church. Alex Ferreira of the US won gold in the freestyle skiing men’s halfpipe at the Milan Cortina Olympics. His teammate, Nick Goepper, missed out on a medal in the same event after falling while attempting a trick that had never been landed in competition. Together With Vuori Nothing short of impressive. Your workout requires performance fabric that can keep up. Vuori’s new HardKore Collection knows a thing or two about that. The Vuori HardKore Short is crafted from lightweight, abrasion-resistant stretch woven fabric. With a relaxed fit for unrestricted mobility, get breathable comfort + moisture management as you smash your last record—and then do it again. COMMUNITY Crowd work Last week, we asked: “What’s the most memorable under-the-radar place you’ve visited while traveling?” Here are some of our favorite responses: “Dubois, Idaho. Population ~500. They have the only functioning nuclear fallout shelter made in a lava tube. Still contains food, classrooms,and other supplies from the ’60s. You have to call the sheriff to book a tour.”—Mac from Hayden, Idaho “A tiny, rural restaurant outside Leshan, China, where the walkway was lined with talking birds in tiny cages, and I had my first and last taste of fried bee larva, served as a side dish to my sliced duck brain (they gave me the eye) and turtle soup, complete with floating shell.”—Wendy from Phoenix “The Umbrella Cover Museum on Peaks Island, Maine. Visiting it was oddly life-changing because it introduced me to the idea of micro-museums, which I now seek out everywhere I travel and often find more memorable than major attractions. The museum is dedicated not to umbrellas, but to the often-forgotten sleeves that cover them. The founder and curator Nancy 3. Hoffman (yes, her middle name is 3) leads brief guided tours for a donation fee. It included a NSFW [ages] 18+ only umbrella cover room and ended with an accordion sing-along performance.”—Chelsea from Houston, TX “While driving south to north through Sweden in 2006, I knocked on the door of an old Saab hangar in Ängelholm at about 5:30pm and got an after-hours tour of the original Koenigsegg supercar factory. The engineer working overtime on a 7-speed twin-clutch gearbox had no issue showing me the production floor, paint booth, and tomorrow’s lineup of CCRs awaiting final shakedown. Try that at the Ferrari or Tesla factory!”—Theo from Vancouver This week’s question What’s a do-it-yourself project you’ve completed that you’re proud of? Sam’s answer to get the juices flowing: “My friends and I once made a short that takes place entirely in my living room. Despite a budget of $20, it turned out to be a masterpiece with a 6-minute runtime and a release limited to an audience of about seven people.” Submit your response here. {if profile.vars.split == true} RECS To-Do List Style: A hair treatment that smooths and strengthens.** Travel: These stargazing spots are near cities and tricked out for max comfort while looking up. Play: Build the biggest pen possible for a digital horse. Watch: More than a dozen things you can make with Saltines. {if profile.vars.num >= 1 && profile.vars.num = 21 && profile.vars.num {else} = 1 && profile.vars.num = 21 && profile.vars.num {/if} = 0 && profile.vars.num < 60)}✢ A Note From RAD Intel This is a paid advertisement for RAD Intel’s Regulation A+ offering. Please read the offering circular at invest.radintel.ai. {/if}           Written by Abigail Rubenstein, Dave Lozo, Brendan Cosgrove, Matty Merritt, Molly Liebergall, and Sam Klebanov Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. 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Trade deficit barely budges despite Trump’s tariffs...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqc4y0.2fl16/0146cf98.gif" alt="" border="0" /></a> February 20, 2026View Online | Sign Up | Shop Morning Brew Presented By Happy Friday. Move over, Moo Deng, there is a new viral zoo animal with whom we are collectively enamored: Punch, a baby monkey at the Ichikawa City Zoo in Japan. Abandoned by his mother at birth, Punch initially had trouble bonding with other real-life monkeys; his only friend was a raggedy orangutan toy that zookeepers gave him. But, thanks to his viral fame, Ikea sent Punch more plushies, and now the other clout-chasing monkeys in the enclosure hang out with him. They’re apparently still beating him up on occasion, but we don’t need to talk about that. —Sam Klebanov, Matty Merritt, Molly Liebergall, Adam Epstein, Holly Van Leuven MARKETS Nasdaq 22,682.73 -0.31% S&P 6,861.89 -0.28% Dow 49,395.16 -0.54% 10-Year 4.075% +0.0 bps Bitcoin $67,019.21 +1.13% Klarna $13.85 -26.91% Data is provided by *Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean. Markets: Stocks fell yesterday, snapping a three-day win streak amid escalating tensions between the US and Iran. Meanwhile, Klarna had its worst trading day since going public in September after the “buy now, pay later” firm reported a $241 million pretax loss last year, despite record revenue.   TRADE The US is importing like there’s no tariffs Shipping Containers, tariffs Patrick T. Fallon/Getty Images America refused to wean itself off buying goodies from abroad last year, even as bringing products into the country got more expensive. The government said yesterday that the US trade deficit—calculated as imports minus exports—declined a mere 0.2% in 2025 from the previous year, to $901.5 billion, despite President Trump jacking up tariffs. Trump pitched his sweeping import duties as a way to reduce America’s reliance on foreign goods and get US companies to source stuff at home instead—but the trade deficit for physical products, adjusted for inflation, actually grew by almost 6% last year. Economists say this could have been partially caused by companies going on a shopping spree to stockpile imported inventory ahead of the tariffs going into full effect. Deficit shifted, not shrank While seemingly not moving the needle on total imports, the tariffs did appear to impact where the US was buying from: The deficit with China declined, while it rose with other trade partners, such as Taiwan, Mexico, and Vietnam. It’s a sign that companies reacted to the US–China trade war by seeking alternative origins for imports, though experts caution it might also mean that Chinese goods are being routed through other countries to avoid steep duties. Feeling the bite Despite trade flows barely budging, corporate coffers are feeling a deficit. US companies and consumers shouldered 90% of the tariff costs, according to a recent study by the New York Federal Reserve. Trump’s top economic advisor, Kevin Hassett, excoriated the central bank’s researchers, saying they ignored rising wages due to reshored production. But, yesterday, JPMorgan echoed the New York Fed’s findings with a report showing that midsize US companies saw their tariff expenses triple in 2025. While importers may have absorbed some of those costs (potentially by hiring fewer workers, or taking reduced profits), research suggests US consumers are shouldering some of the tariff burden. Whether the tariffs continue is up in the air…as the Supreme Court returns from its winter recess and could rule on the legality of many of Trump’s tariffs as early as today.—SK     Presented By iHerb Supplement your shopping list In the Wild West of online marketplaces, buying wellness products from third-party resellers can often feel like a gamble. Which is why iHerb, the specialty store for health and wellness, wants to be the antidote to the mystery bottle. By buying directly from manufacturers and trusted distributors, iHerb cuts out the middleman and ships from its own climate-controlled fulfillment centers. No third-party resellers, no “maybe-authentic” labels. From vitamins and supplements to everyday wellness essentials, iHerb brings thousands of trusted brands into one destination, with no membership fees. They test for purity and quality (iTested, if you will) and ship to 180 countries. Start shopping with confidence. WORLD Tour de headlines Former Prince AndrewMax Mumby/Getty Images Former Prince Andrew was arrested over his Epstein ties. Andrew Mountbatten-Windsor, the younger brother of King Charles III and the eighth person in line for the British throne, was arrested and held for several hours yesterday on suspicion of misconduct in public office tied to his relationship with the child sex offender Jeffrey Epstein. “The law must take its course,” Charles said, taking the unusual step of commenting publicly on the arrest of his brother. Last year, Charles stripped Andrew of his royal titles and evicted him from his estate following renewed allegations of sexual abuse against the former prince. Andrew, whose arrest was the first of a senior British royal since 1647, has denied any wrongdoing in connection with Epstein. President Trump said the US will commit $10 billion to his “Board of Peace.” At the group’s first gathering in Washington, DC, yesterday, Trump announced a $10 billion commitment to the organization, but did not explain where the funds would come from. Established by Trump last month to oversee the Gaza peace process, the Board of Peace has drawn criticism for its presumed authority to resolve global conflicts and for whether Trump ultimately intends for it to supplant the United Nations. Many key US allies—including the UK, France, and Germany—have declined to join the board, while Trump rescinded his invitation to Canada. Walmart posts strong sales, but gives a cautious outlook. Walmart beat Wall Street’s Q4 revenue estimates, reporting that holiday sales rose by 6%, thanks to growth in its digital and advertising businesses. But there was a big caveat: The retail giant’s fiscal 2027 projections came in below estimates, citing a volatile economic environment amid low consumer sentiment and a shaky job market. And, for the first time, Amazon surpassed Walmart in annual sales ($717 billion to $713.2 billion), but that was mostly due to the growth of its cloud-computing business, which Walmart doesn’t have.—AE WORK Consulting firm ties promotions to AI use Office workers replaced by AI, Code Getty Images Accenture is done asking nicely. The consulting firm issued an internal memo telling senior employees that they must use the company’s AI tools on a regular basis, or they won’t be considered for promotions, the Financial Times reports. The consulting firm has confirmed the report, saying it started collecting data on weekly AI tool logins—but it didn’t specify how long employees must use them to qualify for a promotion. It’s not the first sign that Accenture is all-in on AI. In September, it told staff members they’d need to reskill in the tech, or risk losing their jobs: Accenture has partnered with several major AI companies, including OpenAI for employee access to ChatGPT, Anthropic for training on Claude, and Palantir for training on its software. The firm reported better-than-expected earnings last quarter, attributing the results to its AI services. You’ll use it, and you’ll like it. Despite execs everywhere demanding AI adoption from their workers, only about 2 in 5 US employees even casually use AI in their job, according to a study from Google and Ipsos.—MM     Together With Elf Labs Elf Labs Last chance: Only 5% allocation remains. After a historic 10-year legal effort, Elf Labs secured rights to 500+ iconic character assets like Cinderella + Snow White. They’re targeting a $2t market with patented immersive technology (12 patents) and just reserved their Nasdaq ticker ($ELFS). With only 5% of this round remaining, investors can still participate before it closes. Invest now. FOOD & BEV Nestlé to stop screaming for ice cream Illustration of a Nestle Drumstick ice cream cone that has fallen to the ground, melting and cracked. Nick Iluzada The world’s biggest food company wants to throw out its cone. As part of a bigger turnaround, Nestlé said yesterday that it was in “advanced negotiations” to sell off its ice cream brands so it can focus on its strongest businesses: coffee, petcare, food, and snacks. The freezer treats won’t go too far. Nestlé’s intended buyer is Froneri, a joint venture set up by Nestlé in 2016 to take in its ice cream companies. In 2019, Nestlé sold its US ice cream business—including Edy’s, Drumstick, and Häagen-Dazs—to Froneri for $4 billion. What remains of the company’s ice cream workings is valued at $1.3 billion. The division is “strong, but small and a distraction,” said Nestlé’s new CEO, Philipp Navratil. He took the reins in September, tasked with resuscitating the company from underwhelming earnings and leadership turmoil. Since then: He announced plans to cut 16,000 jobs and tighten up Nestlé’s brand portfolio. Nestlé grappled with an infant-formula recall that it expects to slightly drag on sales growth this year. Nestlé isn’t the only ice cream dumper. Unilever shed its frozen dairy biz in December, spinning off brands worth a combined ~$9.3 billion, including Ben & Jerry’s and Magnum. The new company reported dreary earnings this month, which it blamed, in part, on the demerger.—ML     STAT Prime number: $3,400 an hour A statue of Lady Justice is blindfolded with a 100 dollar bill, while more money blows into the distance behind her.Morning Brew Design Don’t let Saul Goodman hear about what lawyers today are getting away with. Amid a competitive market for talent and increased law firm expenses, hourly rates for America’s top lawyers are skyrocketing. According to the Wall Street Journal: Some senior partners charge $3,400/hour—up from $2,500 about a year ago. Rates for partners at the 50 biggest firms spiked by 16% last year. One California lawyer charges $6,000/hour for consulting on compliance issues in telecom regulation. Meanwhile, lower-level attorneys’ fees haven’t ballooned in the same way because firms are increasingly turning to AI tools to do their routine work, like reviewing documents and completing regulatory filings.—AE Together With Fisher Investments Fisher Investments Ease into your next chapter. You’ve worked hard to save for retirement. Now let your portfolio do some heavy lifting. The Definitive Guide to Retirement Income covers seven ways you can use a $1m+ portfolio to generate income. Plus, get insights to help you understand your cash flow needs and manage your monthly expenses. Get the guide. QUIZ Friday news quiz Friday news quiz banner The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to eating gravy fries for dinner after a very tough day. It’s that satisfying. Ace the quiz. NEWS What else is brewing President Trump said he will decide whether to launch strikes against Iran“over the next probably 10 days.” Yoon Suk Yeol, the former president of South Korea, was found guilty of leading an insurrection and was sentenced to life in prison for imposing martial law in 2024. Bill Gates dropped out of giving a keynote speech at the India AI Impact Summit yesterday amid scrutiny over his ties to Jeffrey Epstein. Waymo will not operate in New York after Gov. Kathy Hochul abandoned a proposal that would have allowed robotaxi services outside of New York City. Johnson & Johnson is preparing to sell its orthopedics unit, which could be valued at more than $20 billion, Bloomberg reported. Five F1 races will be broadcast live at select Imax locations in the US this year, as part of the giant screen pioneer’s partnership with Apple TV. The US women’s hockey team won Olympic gold yesterday, defeating Canada 2–1 in overtime. Alysa Liu won the figure skating women’s singles gold medal, the first American to take the title since 2002. Eric Dane, the actor who played Dr. Mark “McSteamy” Sloan on Grey’s Anatomy, died 10 months after announcing his ALS diagnosis. He was 53. RECS To-Do List Exfoliate: A Japanese wash towel to make your skin smoother than a baby’s bottom.** Watch: A tool that emails you when a new season of your favorite show comes out. Sip: The 30 best bourbons for 2026. Learn: Fifteen Apple Watch tips every owner needs to know. 8 ways Americans waste $$$: You’re smart about saving money by shopping clearance, eating out less, and picking affordable streaming services. FinanceBuzz has a few tips that could help you save even more.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Jigsaw: These giant horse statues at a Beijing fair are for the Lunar New Year, but they also have a cool Valentine’s vibe. Play the Jigsaw here. Friday puzzle Can you solve this riddle? I am a rock group with four members, all of whom are dead, and one of whom was assassinated. What am I? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Mount Rushmore Word of the Day Today’s Word of the Day is: excoriated, meaning “censure or criticize severely.” Thanks to Cristelle from Greenwich, CT, and several others for the suggestion. Submit another Word of the Day here. ✳︎ A Note From Elf Labs Comparisons to other companies are for informational purposes only and should not imply similar results. This is a paid advertisement for Elf Labs’ Regulation CF offering. Please read the offering circular at https://www.elflabs.com/. Timelines are subject to change. Listing on the Nasdaq is contingent upon necessary approvals, and reserving a ticker symbol does not guarantee a company's public listing.           Written by Adam Epstein, Sam Klebanov, Matty Merritt, Molly Liebergall, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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Zuck took the stand at a landmark trial...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqbezq.2egns/deb32293.gif" alt="" border="0" /></a> February 19, 2026View Online | Sign Up | Shop Morning Brew Presented By Buongiorno. Most Olympians in the Milan Cortina Games are going for the gold, but one competitor yesterday would probably be content with a pat on the head. A local dog managed to get free during his walk and ended up running along the course during the women’s cross-country skiing sprint heats. The pup crossed the finish line shortly after the skiers to cheers from the crowd—not a bad showing for an athlete whose training routine involved sitting for treats. —Molly Liebergall, Matty Merritt, Dave Lozo, Abby Rubenstein, Holly Van Leuven MARKETS Nasdaq 22,753.64 +0.78% S&P 6,881.31 +0.56% Dow 49,662.66 +0.26% 10-Year 4.079% +3.0 bps Bitcoin $66,217.52 -1.97% NYT $75.50 +1.99% Data is provided by *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. Markets: Stocks ticked up yesterday as tech companies began to recover from a marketwide panic that AI would destroy the software business model. Nvidia led the way, rising in the wake of reports that Meta will spend billions on its chips for data centers. Read all about it: The New York Times hit an all-time high yesterday, after investors learned that one of Warren Buffett’s last moves as CEO of Berkshire Hathaway was to acquire a stake in the company.   TECH Zuck testifies in landmark social media addiction trial Wearing a suit, Mark Zuckerberg walks through a crowd of camera people Jill Connelly/Getty Images Meta CEO Mark Zuckerberg sparred with someone other than his jiu-jitsu instructor yesterday. On the stand in a Los Angeles civil trial that accuses Meta and YouTube of deliberately addicting young users to their products, Zuckerberg responded to allegations that Instagram harms children—something he’d done before Congress, but never in front of a jury. In his testimony: Zuckerberg claimed Meta doesn’t “give teams goals on time spent” anymore, when shown a 2015 email in which he said boosting users’ time spent by 12% was a goal for 2016. Plaintiffs’ lawyers also showed evidence that Instagram head Adam Mosseri considered boosting time spent as a goal for 2026. Questioned about his knowledge of underage users, Zuckerberg said that while children under 13 aren’t allowed, some kids lie, and that they are removed when identified. Plaintiffs’ lawyers showed an internal Meta email from 2015 that estimated 4 million kids under 13 used Instagram. Honorable mention: The judge threatened to hold in contempt anyone using smart glasses in court—where recording is not allowed—after members of Zuckerberg’s team walked into the building wearing Meta Ray-Ban glasses. What’s at stake The trial centers around a 20-year-old woman who says her mental health deteriorated after she became hooked on social media as a young child. She accuses Meta and YouTube of intentionally designing features to be addictive to children. (TikTok and Snap were also named in the lawsuit, but they settled before trial.) Zuckerberg’s testimony comes a week after Instagram’s Mosseri took the stand. When asked if he agreed that “there’s such a thing as being addicted to a social media platform”—which he said verbatim on a podcast in 2020—Mosseri testified that he disagreed. He continued: “Clearly I wasn’t being careful with my words.” Zoom out: This is a bellwether trial, which means it could shape the outcomes of thousands of similar lawsuits filed against Meta and YouTube.—ML     Presented By Fatty15 Call in cellular support As we all age, we’ve got one goal in common: to age well. The secret? Supporting your health on a cellular level. Fatty15 uses groundbreaking C15:0 to support your health through all life stages. C15:0 helps fuel you on a cellular level, with 36+ benefits for metabolic, liver, cognitive, immune, and red blood cell health. In addition to their patented, award-winning capsules, Fatty15 Gummies for Adults are now available. Get the same benefits and C15:0 in a tasty, new apple-mint flavor (while supplies last). Brew readers: Get an extra 15% off your first order with code MORNINGBREW. WORLD Tour de headlines USS Abraham Lincoln Carrier Strike GroupUSS Abraham Lincoln Carrier Strike Group. Handout/Getty Images US masses most airpower in Mideast since 2003 Iraq war. Pentagon and Trump administration officials told the New York Times the buildup of force could enable strikes on Iran as soon as this weekend and sustain a broader air campaign if ordered. President Trump has reportedly not decided whether to strike the nation or seek a diplomatic solution. Military options include the US further damaging Iran’s nuclear program, which the US struck last June, or removing the current regime. A retired general said the move may be a show of force designed to pressure Iran into a nuclear agreement. Diplomatic talks continue after US and Iranian representatives met in Geneva this week. The White House said the meeting produced "a little bit of progress" but added, "We’re still very far apart on some issues."—HVL Rate cuts likely months away, Fed minutes show. The nation’s central bankers held interest rates steady at their meeting last month, and now that the minutes of their discussion have been released, it looks like they might stay where they are for a while. The minutes show that Fed officials are divided over what should trigger rate cuts in the future. Some said a cut could come as long as inflation declined, while others wanted a clear indication that progress taming inflation was back on track before bringing borrowing costs down. Such evidence of lower inflation is unlikely to emerge for months.—AR The Super Bowl champion Seahawks are finally up for sale. The team said yesterday that the sales process has begun. And when it happens, it could break the NFL’s record for a franchise purchase—an unnamed team executive told ESPN last month the team could be worth as much as $8 billion. The organization has been in limbo since Paul Allen, its owner and Microsoft CEO, died in 2018. Following his death, the Seahawks were placed in a trust overseen by his sister, Jody Allen, with a directive that his sports assets be sold and the proceeds must go to charity. Allen paid $200 million for the team in 1997.—DL HEALTHCARE FDA will review Moderna’s new flu shot, after all Moderna building with logo. Jakub Porzycki/Getty Images Government regulatory bodies can change their minds, too. Pharma giant Moderna said yesterday that the Food and Drug Administration will review its new flu vaccine that uses mRNA technology, a flip from the shocking refusal that the FDA announced last week. Moderna said it tweaked its application after meetings with regulators, specifically regarding its trials for older adults. The FDA will issue its decision on the new flu shot in August, ahead of this year’s flu season. Why so much drama? At the heart of the back and forth is the White House’s beef with mRNA vaccines. The technology was used successfully in the Covid-19 vaccine and has been widely celebrated as a scientific breakthrough, but Health Secretary Robert F. Kennedy Jr. has questioned its safety (doctors overwhelmingly say it is safe). Some vaccine researchers using federal funds said they were told to remove any references to mRNA on grants last year. RFK Jr. has also canceled $500 million in mRNA vaccine development. Big picture: Moderna’s stock jumped over 6% after the reversal. The company is hoping to break even by 2028—a goal that hinges on smooth approval of its new drugs, including a Covid/flu combo shot.—MM     Together With Fidelity Private Shares® Fidelity Private Shares® Startup support squad. Startup life isn’t for the faint of heart. For all you brave souls willing to take on the trials, tribulations, and cap tables, you don’t need to go it alone. Fidelity Private Shares helps automate your startup equity management operations in a single collaborative hub. Check it out. INTERNATIONAL Chinese robot dog just one glitch at India’s AI summit Visitors walk past a banner featuring India's Prime Minister Narendra Modi as they arrive to attend the AI Impact Summit in New Delhi Arun Sankar/Getty Images At the AI Impact Summit in New Delhi yesterday, a professor tried to pass off a robot dog as her university’s own creation but it came back to bite her. The artificial canine was revealed to be already commercially available in China, resulting in the school being ejected from the event. This was just one of several unwelcome hiccups at the five-day conference meant to position India as an AI leader—marking the first time a country in the Global South has hosted the annual gathering of tech and government leaders: The event went into a security lockdown on Monday when Prime Minister Narendra Modi arrived, stranding hundreds of attendees without food or water for hours. That same day, presenters posted on social media that their personal belongings and items on display were stolen (organizers said they were recovered and returned). India as the future: Infrastructure deals around data centers are expected to be announced this week, per CNBC. An alternative to the US? The US currently dominates the AI chatbot market, but American companies like OpenAI and Perplexity are offering their products for free in India to acquire more data for training. One Swiss professor told Bloomberg that India could be a more reliable data-sharing partner because of fears over how American companies will use (or misuse) user data.—DL     STAT Prime number: Drinking at the office Illustration of a blue beer with Chase's logo in the foamNick Iluzada If you want to get into NYC’s most exclusive hotspot, you’ll have to work—not to get past an intimidating bouncer, but to crunch numbers for Jamie Dimon. Morgan’s, the employee-only English pub on the 13th floor of JPMorgan’s new Park Avenue headquarters, has become so popular that younger staffers are making reservations weeks out to score one of its coveted tables, the Wall Street Journal reports. You don’t need an analyst to spot the problem with the pub’s fundamentals: ~10,000 people work in the HQ and Morgan’s has 55 seats, per the WSJ. And even though it doesn’t permit day drinking, those seats are in demand. To alleviate the crush, the bank changed its policy so reservations aren’t required—but you’ll probably still need one (and an employee friend) to cross “splitting the G” at a table surrounded by finance titans off your bucket list.—AR Together With Golf Digest Golf Digest 100 greatest public courses. The boom in golf course construction has been great for traveling golfers, and recent newcomers have made this latest list the most compelling in recent memory. Explore Golf Digest’s 100 Greatest Public Courses list and plan your next golf trip today. NEWS What else is brewing Eight backcountry skiers were found dead near Lake Tahoe yesterday, with rescue crews still searching for one more person, after they were caught in an avalanche—the country’s deadliest in decades. Six skiersfrom the same group were rescued Tuesday. Ukraine and Russia ended their second day of peace talks after just two hours, with Ukraine’s Volodymyr Zelensky accusing Russia of trying to “drag out” the negotiations. Les Wexner, the billionaire former owner of Victoria’s Secret, said he was “duped” by his longtime financial adviser Jeffrey Epstein and gave a closed-door deposition to Congress yesterday about his decades-long relationship with the late sex offender. EBay has agreed to acquire second-hand clothing retailer Depop from Etsy for about $1.2 billion in cash. OpenAI must stop using the term Cameo in its Sora 2 video generator, a federal judge ruled in a lawsuit brought by the Cameo that former Rep. George Santos now uses to make extra cash. Mikaela Shiffrin won a gold medal in slalom, clinching an Olympic victory again for the first time in eight years. The grandson of the inventor of Reese’s Peanut Butter Cups lashed out at Hershey on LinkedIn, accusing the candy company of damaging the brand by cheapening out on ingredients. RECS To-Do List Cook: Cosplay as Carmy from The Bear with this restaurant-quality stainless steel pan built to last.** Watch: How to wash your hair in space. Listen: Can you tell the difference between sound passed through a copper cable, a banana, or even mud? Audiophiles couldn’t. Get saucy: A new survey reveals Americans’ favorite condiments. Plan for the future: Protect your assets and loved ones with a proper estate plan, including trusts, wills, + power of attorney. It’s simpler than you think. Create your estate documents.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Mini: Today’s puzzle is called “Pufferfish,” but it has nothing to do with your favorite boating instructor. Play the Mini here. Three Headlines and a Lie Three of these headlines are real and one is faker than the first sign of spring in February. Can you spot the odd one out? Pennsylvania Girl Scout holds record with 87,000 cookies sold so far this year ‘Bathroom Airbnb’ app removed from App Store almost immediately upon launch Travelers are dying to solve a murder on vacation Why Philly has so many chicken bones lying around SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER We made up the one about Bathroom Airbnb. Note: While we loved yesterday's trivia, it did have a small mix up. Answers No. 2 and 3 were inverted. “….When you realize you want to spend the rest of your life with somebody, you want the rest of your life to start as soon as possible” is definitely from When Harry Met Sally. *Swoon* Word of the Day Today’s Word of the Day is: bellwether, meaning “one that takes the lead or initiative.” Thanks to Arlene from Wahiawa, HI, for the forward-thinking suggestion. Submit another Word of the Day here.           Written by Abigail Rubenstein, Molly Liebergall, Matty Merritt, and Dave Lozo Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work CFO Brew HR Brew Revenue Brew IT Brew Retail Brew Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. 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The rent control debate is raging...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqazl2.2fwym/333d5cc5.gif" alt="" border="0" /></a> February 18, 2026View Online | Sign Up | Shop Morning Brew Presented By Fisher Investments Happy Pluto day. The big mass floating out there in space was discovered on this day in 1930. It had a good run, being identified as the ninth planet in our solar system before getting reclassified as a dwarf planet in 2006. The reclassification seemed to upset anyone with t-shirt printing capabilities, but pre-dwarf Pluto was pretty boring. Now it’s hands down the most popular dwarf planet. We bet you’ve never even heard of Sedna. —Sam Klebanov, Dave Lozo, Matty Merritt, Abby Rubenstein MARKETS Nasdaq 22,578.39 +0.14% S&P 6,843.22 +0.10% Dow 49,533.19 +0.07% 10-Year 4.052% +0.0 bps Bitcoin $67,581.28 -1.66% Amazon $201.15 +1.19% Data is provided by *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. Markets: Investors got some sleep over the long weekend and came back less grumpy, sending stocks higher yesterday after a volatile day, despite continued concerns over AI upending the software industry. Amazon finally managed to snap a nine-day losing streak that shed billions from its value as investors gave its plan to spend $200 billion in capital expenditures this year zero stars.   Markets Sponsored by The Crew Want daily analysis of the investing landscape? Brew Markets is our newsletter designed to help you make sense of market moves. Subscribe now. REAL ESTATE Rent control is the talk of the town in Boston Rent control activists Boston Globe/Getty Images Jacking up rent on an apartment with a silent “r” might become illegal soon. A statewide rent control ballot proposal in Massachusetts that Boston Mayor Michelle Wu endorsed last week has ignited some of the most heated debate in the state since the American Revolution. In a bid to make housing more affordable in a state where even studio rentals are priced as if they’re stuffed with lobster rolls, a group of labor unions and housing activists collected enough signatures to put the issue to a vote in November. Midterm voters will decide whether to cap rent increases at no more than the state’s inflation rate (with a maximum of 5% yearly). Opponents, including Massachusetts Gov. Maura Healey, says the rent cap would disincentivize supply-boosting housing development—an approach many housing researchers and advocates say is the true solution to making rents affordable. Beyond Bean Town Boston’s conundrum echoes similar discussions an Amtrak ride away. New York City’s new mayor, Zohran Mamdani, ran on a promise of freezing rent on the Big Apple’s ~1 million rent-stabilized units. Critics argue the move could stunt construction and make it economically infeasible for landlords to make costly repairs. They cite research suggesting that San Francisco’s rent control in the 1990s pushed many landlords to convert their rentals into owner-occupied units. But Mamdani previously suggested that his rent-freezing platform was necessary to get New Yorkers onboard with other parts of his housing plan, like removing red tape for homebuilders. In a move that could further impact rental economics, Mamdani proposed yesterday a 9.5% property tax to fill the city’s budget holes. And it’s not just an East Coast issue: Los Angeles recently tightened up its rent control laws at the end of last year for the first time in decades, and Washington’s governor signed a rent control law into effect last year. Not up for debate…is the need to address housing affordability as American renters spend an average of 40% of their income on housing, according to a recent survey by rental platform Zumper.—SK     Presented By Fisher Investments 7 retirement income streams to explore Fisher Investments Discover a simpler way to evaluate your retirement income options. Fisher Investments’ free guide helps investors with $1 million or more weigh the pros and cons of seven income strategies. What investment types will help you meet your income goals? Dividend-producing stocks, bond coupons, other investments, or a mix of several types? Request your copy of The Definitive Guide to Retirement Income to learn more about these investments while probing the ins and outs of real estate investment trusts, master limited partnerships, annuities, and more. You’ll also find helpful tips for dealing with inflation, setting your financial goals, and finding an experienced adviser who can help you enjoy a comfortable retirement. Request The Definitive Guide to Retirement Income today. WORLD Tour de headlines Rev. Jesse JacksonMark Junge/Getty Images Civil rights leader Rev. Jesse Jackson dies at 84. Known for his passionate oration, Jackson took up the mantle of leader of the Civil Rights Movement after the assassination of Rev. Dr. Martin Luther King Jr. A tireless advocate for social change, Jackson founded the Rainbow PUSH Coalition, seeking to create an inclusive force to address economic issues. He also ran for president twice. Jackson’s family said yesterday that he “died peacefully,” but did not share a cause of death, though he was known to be fighting a rare neurological disorder. Paramount gets another shot at WBD acquisition talks. In the latest twist in the ongoing corporate soap opera that is Warner Bros. Discovery’s efforts to sell itself, Paramount has returned like a long lost twin. WBD’s board reopened its talks with Paramount after getting a seven-day waiver from Netflix, the company it already struck a deal with, after Paramount sweetened its all-cash hostile bid for the company. The move means that there may still be a bidding war. Netflix has the right to match any offer WBD accepts from another party, while Paramount’s latest offer includes paying the $2.8 billion fee WBD would owe Netflix if their deal falls apart. Stephen Colbert says CBS blocked interview airing over FCC concerns. The Late Show host said on his show that CBS’s lawyers told him he could not broadcast an interview with Texas State Rep. James Talarico, a Democrat who is running for Senate—or mention not being allowed to have him on. Colbert suggested that CBS was bowing to the Federal Communications Commission, which recently issued guidance that questioned a longstanding exemption that allowed talk shows to avoid giving equal airtime to opposing election candidates. The network said yesterday it didn’t force the interview off the air but had merely provided legal guidance.—AR TRUE CRIME Arrests made in $12 million Louvre ticketing scam An illustration of the Louvre with hands holding tickets coming out of it Niv Bavarsky People are taking free stuff from the Louvre like it’s being run by a prediction market company looking for good press. Four months after a $100 million heist, nine arrests were made over an alleged decade-long ticket scam that siphoned $12 million from the famed Paris museum. Millions walked out the door because of how guests were walking in the door. According to authorities: Two Chinese tour guides were reusing tickets for tourists that they split into groups to avoid larger reservation fees (it’s $23 for a group of six and $106 for groups of seven to 20). Each day over 10 years, guides moved up to 20 groups through the museum and bribed museum employees to stay quiet. Some of the money was invested in real estate in France and Dubai, and more than $1 million in cash was seized. Inside jobs: A pipe leak at the Louvre caused water damage to one painting last week, and in November, water damaged hundreds of works in the Egyptian wing. Nothing was stolen, so the Wet Bandits are not currently suspects. Falling apart: An ~$800 million renovation was announced early last year. However, the museum has closed several times since then due to strikes over working conditions and other issues.—DL     Together With Immersed Big tech is watching this pre-IPO company. Google and Microsoft are partnering with the same pre-IPO startup. But that’s not the only reason 6,000+ investors are backing Immersed. They’re changing the game in extended reality (XR) with the Meta Quest store’s most popular productivity app used by millions. While their Nasdaq ticker $IMRS is reserved, you can invest pre-IPO in Immersed right now. RETAIL Tide’s big bet on a dry flat square Product photos of Tide detergent pods, colorful, modern packaging Tide Not since your apartment’s post-Halloween-party-sequined load has your laundry machine seen this much excitement. Procter & Gamble’s Tide is beginning a nationwide roll out of waterless detergent squares, an innovation it believes is the future of the $25 billion laundry care market. No plastic or liquid. The product, known as Tide evo, is about the size of your palm, and the plain white tile has six different layers of woven fibers made from cleaning materials. The fibers dissolve in cold water to cut down on energy usage and come in a recyclable box that is much smaller and cheaper to ship than other detergent products. It pays to pre-package A box of 42 tiles costs $19.99 on Amazon, compared with $12.97 for a pack of 42 Pods. Still, the new product—which took about a decade to develop, according to P&G—could open up a whole new avenue of revenue in the big business of laundry. Last time…Tide introduced Pods in 2012, a product that is significantly more expensive than a liquid or powder alternative, and it has since become a $2 billion annual business for the company.—MM     STAT Prime number: Benefits of a young boss Woman on zoom callMorsa Images/Getty Images If you’re angling to work from home, new research shows you’re most likely to get what you want at a company that was born after Snapchat let you morph your face into a dog. A new working paper from the National Bureau of Economic Research shows that younger firms and younger bosses are more inclined to support WFH. The study found that: People who work at companies founded after 2015 WFH nearly twice as often as those at companies founded before 1990. If the CEO is under 30, the average WFH rate is 1.4 days per week, compared with 1.1 days, when the CEO is age 60 or over. The good news for anyone who doesn’t consider wearing pants a necessary part of the work day is that as younger leaders take over, being forced to work from a cubicle might one day become as much of a relic as Don Draper’s hat collection. But for now, the easiest way to ensure your ability to work from your couch is to be your own boss: The study noted that the self-employed WFH more than twice as often as wage-and-salary employees.—AR Together With Eight Sleep Eight Sleep Morning’s got nothing on you. Not when you’re sleeping like a winner. Aston Martin Aramco Formula One™ Team and Eight Sleep are teaming up to give their drivers an edge—on and off the track. It’s like the ultimate overnight pit stop. Save up to $350 on the Pod. NEWS What else is brewing The US and Iran said they made progress in nuclear talks, with Iran’s foreign minister saying they’d agreed to “guiding principles” of a deal. The US has been sending war ships toward Iran, and Iran yesterday closed the Strait of Hormuz—an important route for oil transport—for a military drill. Bayer has offered to pay $7.25 billion to resolve lawsuits claiming that its Monsanto unit’s Roundup weedkiller causes cancer. Activist investor Elliott Management has built a more than 10% stake in Norwegian Cruise Line and is pushing for changes to turn the company around. Palantir said it moved its headquarters from Denver to Miami, as more techcompanies (and their founders) consider moves to Florida. Mark Zuckerberg is scheduled to testify today in a lawsuit accusing Meta of fueling social media addiction. Actor Shia LaBeouf was arrested yesterday after allegedly getting to a fight while celebrating Mardi Gras in New Orleans. RECS To-Do List Store: A bread box with a lid that doubles as a cutting board.** Celebrate: How Draco Malfoy became the unofficial face of Chinese New Year. Road trip: A ranking of the best roadside attractions across the US. Boldly revise: Early drafts of Star Trek’s iconic opening. Hey there, HR: Ever wondered how effective your company healthcare plans are in supporting employee mental health? Good news: You can find your answer in this quiz. Start here.* *A message from our sponsor. PLAY Games available from Morning Brew Word Search: Have you been following the 2026 Milan Cortina Games? This week’s puzzle is all about Winter Olympics gear. Play the Word Search here. Name the love birds Valentine’s Day may be behind us, but we’re still in the mood for love. In today’s trivia, we’ll give you a declaration of love from a book, song, movie, or real life. See if you can name the speaker and the object of their desire. “Seems to me that you and me, we make our own luck. New Heights of manhood, I ain’t gotta knock on wood.” “You know the world can see us, in a way that’s different than who we are.” “I came here tonight because when you realize you want to spend the rest of your life with somebody, you want the rest of your life to start as soon as possible.” “Home in three days. Don’t bathe.” “My bounty is as boundless as the sea, my love as deep. The more I give to thee, the more I have, for both are infinite.” SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Taylor Swift to Travis Kelce in her song “Wood” Harry to Sally in When Harry Met Sally Troy and Gabriella to each other in High School Musical Napoleon to his wife, Josephine Juliet to Romeo in Romeo and Juliet Word of the Day Today’s Word of the Day is: conundrum, meaning “an intricate and difficult problem.” Thanks to Joshua Hardgrove from Uniontown, OH, and several other readers for the non-problematic suggestion. Submit another Word of the Day here. ✳︎ A Note From Immersed This is a paid advertisement for Immersed’s Regulation A+ offering. Please read the offering circular at https://invest.immersed.com/.           Written by Abigail Rubenstein, Sam Klebanov, Dave Lozo, and Matty Merritt Was this email forwarded to you? Sign up here. 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High-profile execs are caught in the Epstein fallout...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqabaf.2fsqs/41a63368.gif" alt="" border="0" /></a> February 17, 2026View Online | Sign Up | Shop Morning Brew Presented By Good morning and happy Lunar New Year to everyone celebrating the Spring Festival. Today we leave the Year of the Snake behind and gallop into the Year of the Horse—or Fire Horse, if you want to get specific. Children born in the Year of the Horse are said to be bold, confident, and ambitious. And that’s before you add the Fire. “Imagine the untamed spirit and relentless drive of the Horse...Now, set that spirit ablaze with the vibrant, transformative energy of the Fire element,” an astrologist told the New York Post. So perhaps it’s fitting that today is also Mardi Gras, the climax of Carnival season when everyone tends to embrace their inner Fire Horse. Laissez les bons temps rouler. —Sam Klebanov, Molly Liebergall, Adam Epstein MARKETS: YEAR-TO-DATE Nasdaq 22,546.67 -2.99% S&P 6,836.17 -0.14% Dow 49,500.93 +2.99% 10-Year 4.056% -10.7 bps Bitcoin $68,479.09 -21.75% Walmart $133.89 +20.18% Data is provided by *Stock data as of market close, cryptocurrency data as of 10:00am ET. Here's what these numbers mean. Markets: The stock market was closed yesterday for Presidents Day, but there’s a lot on tap later this week, including earnings from Walmart on Thursday and the release of new government financial data on Friday. Walmart’s stock is already up 20% this year, thanks to the growth of its e-commerce business.   BUSINESS The Epstein files are toppling business bigwigs Jeffrey Epstein Véronique Tournier/Getty Images Besides bringing a windfall to crisis communications consultants, revelations in the Jeffrey Epstein files recently released by the Justice Department are spurring a parade of high-profile resignations across the business sector. Some VIPs appeared to have been chummy with the disgraced late financier even after his crimes became Googleable. Many of those caught in the files’ fallout are now putting in their two weeks: Hyatt Hotels Executive Chairman Tom Pritzker announced yesterday that he’ll retire from the board, citing his Epstein ties. Pritzker said he “exercised terrible judgment” after emails showed that he planned meetings with Epstein in the years after the financier was convicted of soliciting sex work from a minor in 2008. Goldman Sachs accepted the resignation of its top lawyer, Kathryn Ruemmler, who corresponded with Epstein extensively in the late 2010s, thanking him for luxury gifts and addressing him as “Uncle Jeffrey.” She recently said she regrets having ever known him. Hollywood talent agent and 2028 Los Angeles Olympics Chair Casey Wasserman is selling his agency after several celebrity clients like Chappell Roan defected over revelations that he exchanged flirty emails with Epstein’s convicted accomplice, Ghislaine Maxwell. Wasserman said his communication with Maxwell happened before her crimes were revealed publicly. Brad Karp, the chairman of white-shoe law firm Paul Weiss, vacated the role (but remained at the company) after his emails with Epstein suggested the two were closer than previously known. The files have also sent shockwaves through DC: Commerce Secretary Howard Lutnick is facing bipartisan calls to resign amid accusations that he downplayed the extent of his relationship with Epstein. Lutnick said they didn’t have a personal relationship but acknowledged stopping by Epstein's private island with his family in 2012. The fallout is global…with the head of Dubai’s largest port operator, Sultan Ahmed bin Sulayem, leaving the position last week over Epstein links. Meanwhile, UK Prime Minister Keir Starmer’s chief of staff departed earlier this month for his role in appointing Epstein’s friend, Peter Mandelson, to the US ambassadorship. Mandelson was sacked from the post last year and resigned from parliament earlier this month.—SK     Presented By FlavCity Get those green gains Craving a minty green sweet treat? FlavCity’s Limited Edition Shamrock Protein Smoothie is a new take on the spring favorite, made with whole-food ingredients instead of added sugar and things you can’t pronounce. Made with real peppermint, vanilla, and organic green spirulina powder, each Shamrock Protein Smoothie is packed with 25g of protein from whey + collagen, plus fruit and functional mushrooms. Those drive-through and in-store lines are so last year. Get the sweet, minty flavor you love from the comfort of home—without the extra sugar and calories. Enjoy your favorite seasonal flavors and meet your protein goals. Stock up here. WORLD Tour de headlines Bill Clark/Getty Images 🪖 Pentagon is “close” to cutting ties with Anthropic. The Department of Defense is reviewing its relationship with the AI company Anthropic due to a dispute over the use of Claude by the US military, Axios reported. Anthropic is reportedly open to loosening its terms of service, but still wants certain protections in place, like ensuring its technology is not used to spy on Americans. Per Axios, Defense Secretary Pete Hegseth could designate Anthropic a “supply chain risk”—a penalty typically reserved for foreign adversaries that would force companies that want to work with the US military to cut ties with the platform. Officials are also negotiating with OpenAI, Google, and xAI about military use. Anthropic was reportedly used during the raid to capture Nicolás Maduro last month. 🦺 ByteDance will add AI safeguards after Disney threatened to sue. The Chinese tech giant said it plans to “strengthen safeguards” for its Seedance 2.0 video-making tool after several Hollywood studios complained that it was using their copyrighted characters without permission. Disney sent the company a cease-and-desist letter last week, accusing it of “hijacking” its characters. ByteDance said it “heard the concerns” but did not specify how it would protect companies’ intellectual property. Last week, Seedance 2.0 generated a hyperrealistic video depicting the likenesses of Tom Cruise and Brad Pitt fighting on a rooftop, leading one Hollywood screenwriter to say, “It’s likely over for us.” Robert Duvall died at 95. The legendary Apocalypse Now and The Godfather actor, whose career spanned six decades, died Sunday at his home in Virginia, his wife, Luciana, said. A seven-time Oscar nominee who won Best Actor for his role in the 1983 drama Tender Mercies, the versatile Duvall was known for his quiet intensity. According to the Hollywood Reporter, his favorite role was the cowboy Augustus McCrae in the 1989 miniseries Lonesome Dove, based on the acclaimed novel by Larry McMurtry. James Garner was the initial choice for the role but declined because he couldn’t ride a horse for long periods, whereas Duvall was a skilled rider.—AE AI Big Four partner fined for using AI in an AI test KPMG logo on an office building Vuk Valcic/Getty Images It’s not the worst kind of cheating scandal to hit an accounting firm, but it’s not great, either: KPMG Australia caught one of its senior leaders using artificial intelligence to answer questions in an AI training exam, the Australian Financial Review reported over the weekend. KPMG forced the unnamed partner to retake the test, and fined them $7,000—a punishment that’s also known as every college professor’s fantasy. Ironically, KPMG recently negotiated discounted fees from its own accountant, on the grounds that AI will make auditing—which KPMG does for many Fortune 500 companies—cheaper, the Financial Times reported. While that’s “not a crazy thing for most companies to think…it is a crazy thing for an auditing firm to say to its auditor,” Bloomberg’s Matt Levine wrote. Zoom out: KPMG Australia said it has caught more than two dozen employees using AI to cheat on internal tests since July, fueling broader concerns about improper AI use at accounting firms. In the fall, another member of the Big Four, Deloitte, partially refunded the Australian government after giving them a report filled with AI-generated errors. It’s been a rough few months for AI down under.—ML     Together With Northwestern Mutual Northwestern Mutual Tax laws, they are a-changin’. Not even a folk song can succinctly capture all the changes to US tax law in 2025. There are, however, professionals at Northwestern Mutual who can help build tax strategies into your financial plan. It all starts with a conversation. CULTURE The only ‘maxxing’/‘mogging’ explainer you need Close-up of a cartoon man's symmetrical face. A hammer taps the side of his enormous jaw. Niv Bavarsky Here’s your quarterly dispatch on internet lingo so the middle schoolers on your block start respecting you. A bunch of manosphere slang recently rocketed to the mainstream, propelled by a looks-obsessed influencer named Clavicular who walked in New York Fashion Week last week. The livestreamer’s lexicon revolves around two words: Maxxing, a suffix that means optimizing for whatever word you slap “-maxx” onto, e.g., “looksmaxxing” for improving one’s physical appearance, “jestermaxxing” for acting silly to get laughs, or “lethalitymaxxing” if you’re an official US Department of Defense X account. Mogging, the act of one-upping another person, aka the end-goal of maxxing. Standing next to someone more muscular than you? Congratulations, you’ve been “frame-mogged.” To achieve his looksmaxxing dreams, Clavicular has said he started taking testosterone around age 14, plus steroids, fat dissolvers, and sometimes meth to suppress his appetite. He also wears shoe lifts and *double checks notes* hits his face with a hammer in a scientifically dubious attempt to accentuate his bone structure. He makes $100,000+ per month streaming on Kick, the New York Times reported last week. He’s big in right-wing circles. Clavicular recently hung out with fellow manosphere figures Nick Fuentes and Andrew Tate at a Miami nightclub, where they chanted along to the Ye song “Heil Hitler.” He’s also repeatedly used the N-word in his videos, and he calls allegations of racism in looksmaxxing “dumb.”—ML     STAT Prime number: 1 in 9 CEOs were replaced last year empty officeJessica Rinaldi/Getty Images A chill just ran through your company’s nicest corner office, and it’s not because the custodian left the window open overnight. According to a Wall Street Journal analysis, about one in nine CEOs was replaced among 1,500 of the biggest public companies last year: That’s the highest rate of turnover since 2010, following the financial crisis. It’s not slowing down. Already in 2026, companies with a combined value of $2.2 trillion have changed leaders, including Walmart, Disney, Lululemon, and PayPal. Companies have cited a potpourri of reasons for their c-suite swaps, from AI to tariffs to economic and geopolitical uncertainty. They’re turning to younger (and greener) execs to fix their problems: Per the WSJ, incoming CEOs are 54-years-old on average, while more than 80% of last year’s crop were first-timers.—AE Together With Babbel Let’s talk sales. Right now, you can get 60% off Babble’s lifetime access to all 14 languages for Presidents Day. Ten minutes a day helps you think clearer, converse better, and build a skill that can quietly upgrade your professional and personal life. Try it out. NEWS What else is brewing Three people were killed in what appeared to be a targeted shooting at a high school hockey game in Pawtucket, Rhode Island, authorities said. Nancy Guthrie’s family—including her children, siblings, and their spouses—was cleared of suspicion in her disappearance, per Arizona officials. Iran reportedly launched naval exercises in the Strait of Hormuz ahead of today’s nuclear deal talks between the country and the US. X experienced another widespread outage yesterday morning, the latest major service disruption for the social platform since Elon Musk acquired it in 2022. Dana Eden, an Israeli producer and co-creator of the TV series Tehran, died suddenly in Greece, Israeli public broadcaster KAN said. Apple announced that it will hold a product launch on March 4, where it’s rumored to roll out new MacBook and iPad models. The US women’s hockey team defeated Sweden 5-0 yesterday, advancing to Thursday’s gold medal game against Canada. The US men’s team will play its quarterfinal matchup tomorrow. Former President Barack Obama clarified viral comments he made on a podcast about the existence of aliens, saying that it’s statistically likely that life exists somewhere else in the universe, but that he hasn’t seen evidence of it. The truth is out there. RECS To-Do List Wash: Never have another sock mysteriously disappear with these mesh laundry bags.** Live: Twenty US cities that Zillow predicts will become more affordable in 2026. Fly: A flight tracker that color-codes planes by altitude. Test: See how financially literate you are with this New York Times quiz. 2 good 2 miss: With T-Mobile Visa®, you’ll earn 2% in rewards on every purchase.1 Redeem your rewards toward a new phone, a new device, or your T-Mobile bill.2* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Mini: Today’s puzzle is short, but not exactly sweet. You’ll see what we mean. Play the Mini here. Zodiac trivia Lunar New Year begins today, ushering in the Year of the Fire Horse. Can you name the other 11 animals of the zodiac? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Rat, ox, tiger, rabbit, snake, sheep, monkey, rooster, dog, dragon, pig Word of the Day Today’s Word of the Day is: potpourri, meaning “a mixture of things.” Thanks to Mark from St. George, UT, for the suggestion. Submit another Word of the Day here. ✤ A Note From T-Mobile 1 T-Mobile Visa cardholders earn 2% back in T-Mobile Rewards on all other net purchases (purchases minus any credits or returns) using their T-Mobile Visa anywhere else Visa is accepted. 2 When redeeming T-Mobile rewards, your T-Mobile Visa must be used to pay any portion of the transaction not covered by T-Mobile Rewards. Redemptions may not be available when using 3rd party digital wallets. See your Rewards Terms and Conditions for more details.           Written by Adam Epstein, Sam Klebanov, and Molly Liebergall Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew Retailers: Retail Brew Healthcare: Healthcare Brew Interested in podcasts? 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The RAM shortage is hitting consumers' wallets...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fqa4yq.2g6gj/4db3f6f0.gif" alt="" border="0" /></a> February 16, 2026View Online | Sign Up | Shop Morning Brew Presented By David Protein Ahoy-hoy. The US’ longest-running sitcom, The Simpsons, aired its record-extending 800th episode on Fox last night. Homer, Marge, Bart, Lisa, and Maggie have now been on-air for nearly 40 years. If you missed last night’s episode, it predicted that you’d read this newsletter. —Holly Van Leuven, Brendan Cosgrove, Neal Freyman MARKETS: YEAR-TO-DATE Nasdaq 22,546.67 -2.99% S&P 6,836.17 -0.14% Dow 49,500.93 +2.99% 10-Year 4.056% -10.7 bps Bitcoin $68,335.16 -21.91% Figma $22.53 -39.71% Data is provided by *Stock data as of market close, cryptocurrency data as of 10:00pm ET. Here's what these numbers mean. Markets: The three major indexes finished last week down. Traders will have to wait until tomorrow to see if things bounce back, as markets are closed today for National Furniture Sales Day Presidents Day. Stock spotlight: Software design firm Figma is down more than 80% since its IPO last July. The company reports earnings on Wednesday.   AI The tech industry plunges into a crisis of memory an illustration of the RAM memory shortage Whatawin/Getty Images Water and electricity are pleased to welcome memory chips to the growing list of resources that have become hotter and pricier than ever due to AI demand. The Big Three memory-chip producers—Samsung, SK Hynix, and Micron—can’t meet demand for both AI data centers and consumer electronics, whose prices are rising with no end in sight. Diagramming the dRAMa The shortage stems from bad timing and the feast-or-famine nature of the memory biz, according to industry watchers. Inciting incident: the pandemic. In the pre-ChatGPT world, Amazon, Google, and Microsoft went full Pac-Man mode and scoffed up memory and storage to support the cloud-computing demands of working from home, which seemed more like a paradigm shift than an OOO blip. Rising action: the hoarding. Stockpiling drove memory prices higher, which was beneficial for memory companies. But the buying bonanza dried up in 2022 and 2023, as RTO mandates rained down and inflation ticked up. As a result, some companies cut production by up to 50% to stabilize prices. Crisis: burned by boom–bust. Even though demand rebounded in late 2023, the Big Three couldn’t shake the bad…memory of getting burned on supply. Storage and memory expert Thomas Coughlin told IEEE Spectrum, “There was little or no investment in new production capacity in 2024 and through most of 2025.” Last year, the shortage arrived. Denouement TBD Increasing production would help address the problem, but it takes at least 18 months and $15+ billion to get a new fab up and running. Some experts think that innovation might need to be part of the solution: If people can be persuaded to move away from using AI in the cloud (where most of the major chatbots are run from) to using AI PCs that can run those operations locally, data center demand could ease. Memory suppliers might then rebalance consumer needs over the tech for data centers, which is more expensive to produce. Big picture: Until solutions are found and implemented, most smartphones, PCs, gaming consoles, and routers will get more expensive.—HVL     Presented By David Protein Protein has never tasted so good David Protein Whoever told you all protein bars have to be chalky and grainy is lying to you. David Protein’s new Bronze protein bar line pairs their signature unbelievable macros (we’re talkin’ 20 grams of protein for only 150 calories and 0g of sugar) with indulgent, dessert-worthy flavors like Cookie Dough Caramel Chocolate. And Cookie Dough Caramel Chocolate wants to be your new gym buddy. It’s got an airy, whipped marshmallow core with notes of brown sugar, butter, and vanilla, layered with crunchy crisps and a caramel ganache, all enrobed in a luxurious chocolate-flavored coating. Is your mouth watering yet? Go ahead. Take a bite. WORLD Tour de headlines Paramount water tower at nightMichael Buckner/Getty Images Warner Bros. Discovery may reportedly talk to Paramount about sale again. No Valentine’s Day weekend would be complete without a persistent suitor maybe getting their happily ever after. Bloomberg reported that WBD might reconsider Paramount Skydance’s hostile offers, as the Ellison-backed company tries to boot Netflix out of the acquisition picture. This comes after Paramount sent over yet another sweetened offer on Feb. 10, which has some members of the Warner Bros. board wondering if Paramount could “offer a path to a superior deal,” according to the outlet. However, it also reported that the board has not decided whether or not it will leave Paramount on read. American VIPs sounded off at Munich Security Conference. The high-level, independent forum for debating international security wrapped up yesterday, but not before prominent Americans spent the weekend making doing some public speaking. Secretary of State Marco Rubio called on European nations to “revitalize an old friendship” with the US. At a different panel, Democratic Sen. Jeanne Shaheen from New Hampshire said, “The reason we’re here is to provide reassurance that we understand how important our European allies are.” Other notable American attendees included Republican Sen. Thom Tillis, former Secretary of State Hillary Clinton, Rep. Alexandria Ocasio-Cortez, and California Gov. Gavin Newsom. OpenAI scoops up OpenClaw founder Peter Steinberger. Sam Altman’s catch of the day is the guy responsible for creating the AI agents that may or may not use their own social network to eventually achieve the singularity. OpenClaw’s first iteration, Clawdbot, launched late last year, but Steinberger already impressed Altman with his offering of AI agents that can complete tasks and make decisions without constant human oversight. In the announcement last night, Altman called Steinberger a “genius” and said that OpenClaw would “live in a foundation as an open source project that OpenAI will continue to support.” Hmm, kind of like a crustacean in a shell.—HVL WORK IBM wants to take entry-level jobs to the next level IBM lighted sign Nurphoto/Getty Images As AI improves, there’s a fear it could take a wrecking ball to the bottom rung of the corporate ladder. But, like Miley Cyrus, IBM wants to use that wrecking ball to its advantage. The technology company recently announced plans to triple its entry-level hiring in the US this year. Entry-leveling the playing field: AI excels at automating repetitive tasks, like data organization and basic coding, which usually fall to people in entry-level roles. So, IBM is revamping its job descriptions. According to Chief HR Officer Nickle LaMoreaux: Junior software developers will do less coding and spend more time with clients. HR staffers will let chatbots field questions, then step in when needed. Today’s entry-level employees are also tomorrow’s managers, so supporting young talent makes sense long-term, LaMoreaux said. It’s not just IBM. Cloud platform Dropbox is bulking up its internship and new-graduate programs by 25%. Chief People Officer Melanie Rosenwasser told Bloomberg that younger workers are better at using AI than most, a skill the company wants to leverage. New grads still face headwinds. Since early 2023, entry-level job postings in the US are down 35%, per analytics firm Revelio Labs.—BC     Together With New York Life New York Life Life after work. Retirement looks a little different these days. After employees leave the workforce, they’re living longer—which means new challenges for retirement planning and life insurance. Learn how to prepare your portfolio and create a holistic plan for post-career life with New York Life. CALENDAR The week ahead year of the horse symbolGetty Images Feed the Fed: Last Friday’s CPI report was just an appetizer for the Federal Reserve, as its favorite gauge, the personal consumption expenditures price index, will be released this Friday for December. The advance estimates of GDP for Q4 2025 and the full year will also come out on Friday. And minutes from the central bank’s January meeting will be released on Wednesday. A new era at Walmart: On Thursday, Walmart will report earnings for the first time under new CEO John Furner (though he’s only been in the role for two weeks). It’s also the first time the company will deliver results since its market cap hit $1 trillion earlier this month. The data should offer insight into how US consumers fared over the holidays and in the days that followed, when everyone was returning the clothes their parents bought them. The Year of the Horse, of course: The Lunar New Year—or Spring Festival, as it’s known in China—starts tomorrow, kicking off more than two weeks of eating, gift-giving, and semi-awkward meetings with cousins you rarely see. It all adds up to a massive economic event, especially for the travel sector, with a record 9.5 billion plane, train, and automobile trips expected during the 40-day period around the celebrations, according to China’s National Development and Reform Commission. The Lunar New Year also marks the beginning of the Chinese zodiac calendar’s Year of the Horse, or more specifically, the Year of the Fire Horse, which would be a decent name for a Blazing Saddles sequel. But wait, there’s more: Meta CEO Mark Zuckerberg is expected to testify on Wednesday in a landmark trial trying to determine whether some major social media apps are designed to addict young users. Reality Check: Inside America’s Next Top Model hits Netflix today. Carvana, Molson Coors, and DoorDash deliver results on Wednesday. Hilary Duff will release luck... or something, her first album since 2015, on Friday. STAT Prime number: Hotels’ eggs-istential angst self-serve hotel breakfastJeff Greenberg/Getty Images Free hotel breakfast may be checking out for good, at least at some establishments. In a bid to cut costs, Hyatt Place, a Hyatt Hotels brand, eliminated free breakfast from dozens of properties last year, and Holiday Inn also recently scaled back its offerings to a buffet-only setup to save on labor and cut food waste. Complimentary breakfast may no longer be worth the squeeze. Boutique hotel owner Mitchell Murray told CNBC that the perk can cost 5% to 7% of total revenue. But skipping breakfast can be a tough sell, especially at economy establishments, where value-hungry guests factor a free meal into their booking calculus.—BC Together With EnergyX The next gold rush. Lithium demand’s fueling a modern-day gold rush—essential for robots, AI, EVs, and energy. Enter EnergyX. Their patented tech can recover up to 3x more lithium than traditional methods. They already have a strategic investment from General Motors, have raised $155m+, and have earned a $5M DoE grant. Invest in EnergyX before their share price increases after Feb. 26. NEWS What else is brewing The partial government shutdown, which has paused funding for the Department of Homeland Security, has no resolution in sight, as lawmakers won’t return to Washington until next week. Alexei Navalny was poisoned by the Kremlin with toxin from a poison dart frog, five European countries said on Saturday, following analysis in European labs of samples taken from Navalny’s body. Russia denied the accusation that Putin was behind the poisoning. Disney sent a cease-and-desist order to ByteDance over its Seedance 2.0 video-generating tool, according to Axios. The US men’s hockey team beat Germany at the 2026 Winter Olympics,earning a bye to the quarterfinals, which take place on Wednesday. Wuthering Heights earned $40 million domestically in its opening weekend, thanks to strong demand from literature majors itching to hate-watch Valentine’s Day. RECS To-Do List Wear: An everyday work shoe for women that doesn’t break the bank.** Watch: TikTok drama alert: Seniors furious at their friend for cheating at mahjong has become a multipart series. Read: The booming business of predictive markets goes back to three economists in an Iowa City bar in 1988. Eat: Here are 16 cheap winter salad recipes if you can’t even think about romaine rn. You won’t miss misinformation: Shut down the tired HR stereotypes around your office with BambooHR’s latest free guide. See why these stereotypes persist and learn what you can do to support your team. Get it here.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Turntable: Your center letter this week is H, surrounded by A, P, B, E, L, T. The only question is: Can you make 40 words from those? Give it a spin and play Turntable here. Presidential trivia Here’s some presidential trivia on Presidents Day: Which US president holds the record for most appearances on the cover of Time magazine (with 55 of ’em)? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Richard Nixon Word of the Day Today’s Word of the Day is: denouement, meaning “the final outcome.” Thanks to Axelle from Lyon, France, for the suggestion that ultimately panned out. Submit another Word of the Day here. ✳︎ A Note From EnergyX Energy Exploration Technologies, Inc. (“EnergyX”) has engaged Morning Brew to publish this communication in connection with EnergyX’s ongoing Regulation A offering. Morning Brew has been paid in cash and may receive additional compensation. Morning Brew and/or its affiliates do not currently hold securities of EnergyX. This compensation and any current or future ownership interest could create a conflict of interest. Please consider this disclosure alongside EnergyX’s offering materials. EnergyX’s Regulation A offering has been qualified by the SEC. Offers and sales may be made only by means of the qualified offering circular. Before investing, carefully review the offering circular, including the risk factors. The offering circular is available at invest.energyx.com/. Under Regulation A+, a company has the ability to change its share price by up to 20% without requalifying the offering with the SEC.           Written by Holly Van Leuven , Brendan Cosgrove, and Neal Freyman Was this email forwarded to you? Sign up here. 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The big business of little sweet treats...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fq9yx6.18ajz/4950f233.gif" alt="" border="0" /></a> February 15, 2026View Online | Sign Up | Shop Morning Brew Presented By A heart shaped box of chocolates surrounded by other candies Paulina Almira EDITOR'S NOTE Good morning. Today, in honor of our favorite holiday—the day any confection in a heart-shaped box is 50% off at your local drugstore—we bring you an issue devoted to all things sweet and sugary. We’ll be looking at the big business of candy, from how social media is fueling new trends, to how it infiltrated holiday celebrations in the first place, to the surprising side business of a major candymaker and the challenges facing the industry as consumers prize wellness. We’ll do our best not to give you a toothache as you read on. SOCIAL MEDIA When the sugar rush comes from TikTok Dubai chocolate NurPhoto/Getty Images In wonderful news for dentists remodeling their second summer home, the American candy diet has never been more varied. TikTok has introduced new vehicles for sweetness, prompting confectionery crazes from bougie Dubai chocolate to lip-shaped Swedish gummies. The app that functions like candy for your brain is filled with influencers unboxing and tasting candy, mixing it into sugary “salads,” or chewing it loudly for ASMR. And since TikTok rewards on-camera spectacle above all else, the algorithm promotes the most satisfyingly textured, vibrantly colored, and funkily shaped confections—which many sweet tooths then buy straight from the app. Sweet smorgasbord CandyTok is obsessed with the sugary heritage of Sweden, where kids are taken to pick-and-mix candy shops every Saturday in a decades-old tradition called lördagsgodis. But, in recent years, Americans—not just children and not only on Saturday—have also packed into Swedish candy shops to hunt for fruity marshmallows and gummies. The Swedish candy chain BonBon has opened four new locations in New York City and one on Long Island since 2023, with customers lining up for fish gummies infused with Scandinavian flavors like sour wild strawberry and sour elderflower. Beyond Nordic forest flavors, there’s a sweet sea of wacky taste and texture: Freeze-dried candy has popped off. Confectionery giant Mars Wrigley hopped on the trend by releasing an astronaut version of Skittles. Hershey dropped freeze-dried Jolly Ranchers. The market for crackly candy is projected to more than double from $1.3 billion in 2024 to $3.1 billion in 2034, according to Market.us. Pistachio paste-filled chocolate bars, dubbed “Dubai chocolate,” are now the UAE’s most recognizable cultural export, inspiring spinoff products like Dubai sundaes and cotton candy. Its popularity pushed the price of the nut—grown primarily in the US and Iran—up by 35% in the year leading up to fall 2025. Just like with everything on social media, there’s a tendency toward extremes that make you wince, with the world’s hottest gummy bear and eye-wateringly sour candy among TikTok’s bestsellers. If extreme sour balls go hard enough, there’s a popular DIY option for you: chamoy-seasoned pickles stuffed with hot candy strips and Takis, wrapped in a Fruit Roll-Up. Various online marketplaces sell kits containing all the ingredients. But there’s nothing sweeter than nostalgia…with Americans reliving their childhood sugar rush with TikTok-viral classics like Ring Pops or Retro Sours, made by vintage confections company Iconic Candy to mimic the discontinued Altoid Sours from the 1990s. So, don’t be surprised in 20 years when you see grown men and women stuffing candy into a pickle.—SK     Presented By Slack Find your sweet spot for productivity Already invested in Microsoft 365? There’s a better way to unwrap its full potential. Over 150,000 Microsoft customers use Slack to transform their productivity suite into an intelligent work operating system. It connects every tool, automates workflows, and puts AI at the center of collaboration. Watch this on-demand webinar to learn how leading businesses bring their essential Microsoft apps inside Slack to supercharge productivity and maximize existing technology investments. You’ll see how Slack’s open, flexible platform helps you move beyond single-vendor constraints and build a connected, future-ready workplace. Stop creating silos and start creating something sweeter. Watch the webinar. MEDIA Candy IP that could outlast a Gobstopper Gene Wilder as Willy Wonka Silver Screen Collection/Getty Images Simple, sweet, and never leaving. These three candy-themed properties have stood the test of time and are here to stay. Candy Crush This addictive game is the newest candy-coated product on our list, but it’s a dinosaur in the staring-at-your-phone category. Swedish game developer King rolled out Candy Crush, a match-three puzzle game where players try to advance to the next level, in 2012 on Facebook and as a standalone mobile game later that same year: The game popularized the “freemium” model, in which users can play for free or make in-game purchases on things like extra moves for one of the 17,000+ (and growing) levels. It hit its peak in 2015, garnering around 327 million monthly players. In 2016, Activision Blizzard bought the company behind the game for $5.9 billion. And while those jackpot-esque pings aren’t as popular as they once were on your morning commute, roughly 180 million players were still swiping in 2024, with many fans clocking in every single day, according to the company. (A spokesperson for King declined to provide Morning Brew with 2025 user figures.) Charlie and the Chocolate Factory Despite it being a cult classic, the first cinematic adaptation of Dahl’s novel—which was renamed for the eponymous candymaker and released in 1971 starring Gene Wilder—was a box-office flop, earning a little over $4 million on a $2.9 million budget: The Tim Burton-directed remake in 2005 starring Johnny Depp as the eccentric factory owner fared better, snagging $475 million on a $150 million budget. The 2023 prequel Wonka and its six original songs divided critics, with some saying Timothée Chalamet earned his place in the pantheon of Wonkas and others calling the story “hollow as a chocolate egg.” It earned $635 million with a $125 million budget. And it’s not just a hit at the movies: The story has been relentlessly spoofed by most adult cartoons, including The Simpsons, Rick and Morty, South Park, Family Guy, and, most iconically, Futurama. There have been stage adaptations, video games, and even…an infamous “experience.” Candy Land Retired schoolteacher Eleanor Abbott invented the original game in 1948 while recovering from polio, with children being treated for the same disease in mind. Its bright colors and simple gameplay meant kids could enjoy it even with limited mobility: Toy manufacturer Milton Bradley bought the game and officially published it in 1949. The company took out references to its inspiration, like removing the leg braces from one of the characters on the original board. Hasbro acquired the toymaker in 1984 and tried to add a storyline to the game, but it didn’t really stick. Despite swapping in and out characters, the classic, luck-based game has remained one of the most popular board games, selling an average of 1 million copies a year. There were even brief (but ultimately shelved) talks about an Adam Sandler-led movie adaptation.—MM     CORPORATE How Mars went from candy to pet care superpower Two photos of a woman eating chocolate and a dog eating from a bowl Morning Brew Design, Photos: Nastasic/Getty Images, Adobe Stock There’s a company that makes candy bars. There’s a company that runs veterinary clinics. Somehow, this is the same company. Thanks to one savvy pivot nearly a century ago, Mars has become a $137 billion business that sells both candy bars and pet food. While it seems counterintuitive that one company manufactures Snickers and Pedigree, Mars, which started selling confectionery in 1911, has been in the pet food business since 1935, when it bought Chappie, a UK-based dog food company, which eventually became Pedigree. That diversification was only the start for Mars in the pet world: The company acquired and launched more pet foods in the 1960s—Whiskas for cats and Kal Kan for dogs. In 1965, Mars established the Waltham Petcare Science Institute to study the dietary needs of pets and tailor the food with the backing of pet health scientists. With the bellies of dogs and cats full, it was time to get into pet health and diagnostics. Mars bought into Banfield Pet Hospital in 1994 and took on the entire operation in 2007. It bought up more pet clinics between 2015 and 2018, including the $9.1 billion acquisition of VCA (formerly Veterinary Centers of America), a company with 800 animal hospitals. Pet hospitality: Mars now owns more than 3,000 veterinary clinics worldwide. Hopefully, there’s always a loaded candy dish with Milky Ways and Skittles at the front desk (for humans only). Bottom line: Mars makes more money from your pet than your sweet tooth. Per Acquired Briefing, the privately held family company makes ~60% of its revenue from the pet care side of the business and runs neck-and-neck with Purina (owned by Nestlé, another major candy player) as the world’s biggest pet care company, with both reaching ~$22 billion revenue annually.—DL     Together With Physician’s Choice Physician’s Choice The gut’s daily MVP. Your gut deserves better than a probiotic that taps out early. Physician’s Choice 60 Billion Probiotic delivers 10 diverse strains, acid-resistant capsules, and once-daily simplicity—so the good stuff actually makes it where it counts. Doctor-developed, Amazon’s #1 bestseller, and shelf-stable. See what your gut is missing. HISTORY The holidays belong to candy A pile of candy hearts. Getty Images Nearly every holiday involves candy. Just ask the poor souls at Reese’s who have to contort peanut butter cups into a thousand festive shapes like they’re balloon animals. But not all holidays are created equal. Three of them stand out on the candy calendar: Halloween, Valentine’s Day, and Easter. (No disrespect to candy canes or gelt.) Trick Treat or Treat. If you’re celebrating Halloween, candy’s a part of the picture. Every October, Americans spend billions on the sweet stuff, and the most popular activity on the big day is handing out candy. But that’s a relatively new phenomenon. According to the Sugar Association trade group: Modern trick-or-treating didn’t really take off in the US until the late 1940s. Even then, children would frequently get things like cookies, coins, and toys. Wrapped candy became popular in subsequent decades due to (mostly unfounded) concerns about poisoning. Powered by hugs and kisses: This Valentine’s Day, 56% of US consumers were projected to buy candy, outpacing other popular gifts like greeting cards and flowers, according to the National Retail Federation (NRF) and Prosper Insights & Analytics. There’s no question that innovation in confectionery has made the holiday what it is today: Richard Cadbury, of chocolate egg fame, popularized heart-shaped chocolateboxes in the 1860s, according to Smithsonian Magazine. Milton Hershey’s Kisses hit the market in 1907. Candy hearts that said “Be Mine” and “Kiss Me” entered the conversation in 1902, per History.com. Basket case: Candy is also the most popular Easter purchase category, with Americans spending $3.3 billion on Peeps and other themed treats, according to the NRF. There’s plenty of Easter-themed fare to choose from, like chocolate bunnies, chocolate eggs, and marshmallow Peeps, which, in most states, were the most beloved Easter treat last year, according to a USA Today analysis of Google search data. Just try not to eat any plastic grass this year.—BC     Together With Elf Labs Elf Labs Nasdaq ticker reserved. Final 10% of shares remain. After a historic 10-year legal effort, Elf Labs secured rights to 500+ iconic character assets like Cinderella + Snow White. They’re targeting a $2t market with patented immersive technology (12 patents) and just reserved their Nasdaq ticker ($ELFS). The private round is over 90% full, but investors can still participate while allocation remains. Invest now. HEALTH Slinging candy in a wellness-focused world Split screen of fruits and vegetables against popcorn, donuts, candy, chips, and other snacks Julia_Sudnitskaya/Getty Images Working in the candy industry probably feels a bit sour right now, because the practice of getting a sweet treat appears to be falling off in the US. Convenience store trips for candy were down 7.5% in the year leading up to last fall, reflecting nearly 1 million fewer households buying candy at convenience stores during that time, according to a VP at the market research firm Circana. The drop-off comes as new challenges threaten to lick the sugar off the candy industry’s business: About 1 in 8 US adults is taking a GLP-1 as of November 2025, according to a KFF poll. Many users report that the medication has rewired their cravings, with some former sweet tooths no longer able to stomach sugary treats at all. Meanwhile, a global cocoa shortage disrupted the supply chain and inflated candy aisle prices over the past couple of years, dinging chocolate companies’ profits as some shoppers pivoted to gummies and other sugar candies, which are often cheaper. It’s also getting even harder to afford sweets for some of the ~40 million people in the US who use food stamps: At least five states have restricted SNAP purchases of sugary treats, including candy, this year, in line with the government’s MAHA initiative (up to 13 more are expected to follow). Colorful concerns The tide is also turning against neon-colored treats. Health Secretary Robert F. Kennedy Jr. has been urging food and drink companies to phase out artificial dyes, and 25% of US adults now avoid artificial colors and flavors, per Circana. Looking ahead…Nestlé, Hershey, and many other major snack companies have agreed to ditch at least some synthetic dyes over the next couple of years, but replacing them will likely be a time-consuming and costly process. Natural dyes are frequently sourced from seasonal crops or even bugs that only live on certain continents.—ML     BREW'S BEST To-Do List Read: Meet the people who love Nerds Gummy Clusters. Watch: Advertising used to be so good. Chew: They are doing some incredibly deranged things in the gummy scene. Mythbust: The enduring legacy of tainted Halloween candy. Revisit: It’s like How It’s Made with a sweet tooth. Upgrade your daily ritual: Your morning coffee called—it wants collagen. Vital Proteins stirs seamlessly into hot or cold, supporting skin, nails, and joints without changing taste. Make your coffee multitask.* *A message from our sponsor. SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ✳︎ A Note From Elf Labs Comparisons to other companies are for informational purposes only and should not imply similar results. This is a paid advertisement for Elf Lab’s Regulation CF offering. Please read the offering circular at https://www.elflabs.com/. Timelines are subject to change. Listing on the Nasdaq is contingent upon necessary approvals, and reserving a ticker symbol does not guarantee a company’s public listing.           Written by Sam Klebanov, Brendan Cosgrove, Molly Liebergall, Matty Merritt, Dave Lozo, and Abigail Rubenstein Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew Retailers: Retail Brew Healthcare: Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

Hollywood has a new AI scare...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fq9s45.2g4gy/5b8ead36.gif" alt="" border="0" /></a> February 14, 2026View Online | Sign Up | Shop Morning Brew Presented By Miso Robotics Happy Valentine’s Day. Roses are red, Violets are blue, (ChatGPT ad) And we love you, too. —Sam Klebanov, Molly Liebergall, Dave Lozo, Matty Merritt, Abby Rubenstein, Holly Van Leuven, Brendan Cosgrove MARKETS Nasdaq 22,546.67 -0.22% S&P 6,836.17 +0.05% Dow 49,500.93 +0.10% 10-Year 4.056% -5.0 bps Bitcoin $68,842.62 +4.41% Pinterest $15.42 -16.83% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: Things weren’t too spooky on Wall Street for Friday the 13th, but stocks did sputter and end the day mixed yesterday as investors considered cooler-than-expected inflation data (more on that below). It also wasn’t picture-perfect for Pinterest, which plunged after saying tariffs caused retailers to cut back on advertising spending on the platform.   ECONOMY Inflation is finally taking a chill pill Grocery shopping Grace Cary/Getty Images Similar to that twentysomething cousin you’re meeting for the first time in 10 years, inflation was tamer than expected last month, according to government data released yesterday. Prices rose 0.2% in January—or 0.3% excluding volatile food and energy prices. Annual inflation came in at 2.4%, less than economists predicted and a major deceleration from 3%, where it was in the fall. So, what’s on sale? Price growth slowed across several product categories, and some shopping even became cheaper: Gas prices dropped by 3.2% and used car prices dipped 1.8% from the previous month. Monthly food inflation moderated to 0.2% with the prices of beef and eggs—which just recently had everyone feeling like a steak and eggs was a billionaire’s breakfast—dropped 0.4% and 7%, respectively. But…some purchases are still giving Americans sticker shock. Airfare got 6.5% pricier, and music streaming services charged subscribers 4.5% more last month. Economists also warn that inflation might appear milder than it really was, in part due to the lingering effects of the government shutdown in October, when economic data collection was paused—leading to guesstimates that might’ve understated housing price growth. White House report card The cooled inflation comes as affordability is a top focus for the Trump administration amid plummeting consumer confidence. Many economists expected President Trump’s tariffs to turbocharge widespread inflation, but so far, they seem to have contributed to dramatic price bumps for only select imported products, like furniture. Still, New York Federal Reserve researchers said this week that American consumers and companies bore 90% of tariff-related costs. And economists say tariffs might still percolate into prices over the next few months, though many are optimistic that inflation will slow further later in the year. Don’t expect interest rate cuts soon…as analysts say that the Fed will need more data before reducing borrowing costs, so it’s likely to hold rates steady at its next meeting in March.—SK     Presented By Miso Robotics “The biggest gold mine in history” Miso Robotics That’s what NVIDIA’s CEO said about today’s “once-in-a-generation infrastructure build-out” to power AI. And market experts say it could send robotics stocks soaring on a “multiyear supertrend.” But 39k+ investors aren’t waiting for Wall Street. They’re backing a private company NVIDIA handpicked to help build the future of restaurant kitchen AI robots: Miso Robotics. Miso’s AI robots have now logged 200k+ hours automating fry stations for brands like White Castle, frying 5m+ food baskets. With NVIDIA sharpening Miso’s tech, Ecolab investing, and a full-scale manufacturing partner just secured, Miso’s scaling its robot production to meet this $1t industry’s demand. 100k+ US fast-food locations are in desperate need, representing a $4b/year revenue opportunity. Become a Miso shareholder today and unlock up to 7% bonus stock. WORLD Tour de headlines Chuck Schumer with a sign about reforming ICEHeather Diehl/Getty Images DHS shuts down in fight over ICE. Like a rager after the cops show up, the Department of Homeland Security has been shut down, after lawmakers let its funding lapse today as Democrats push for restrictions on Immigration and Customs Enforcement in the wake of fatal shootings in Minneapolis. Unlike last year’s lengthy government shutdown, this impacts only agencies under DHS—and ICE and Customs and Border Protection are unlikely to feel it, as they got funds from last year’s tax bill. But if the funding fight drags on, it could lead to some federal employees missing paychecks, including those from TSA and the Coast Guard. Amazon’s Ring ditches controversial AI surveillance plans—but not that one. The smart-doorbell-maker ended a partnership announced late last year with Flock Safety, which makes AI tools for police, calling the breakup mutual. The company disclosed the end of the partnership this week after facing backlash over a Super Bowl ad touting its “Search Party” feature, which uses neighborhood imagery to find lost dogs…and struck many as a little too close to Big Brother. But Flock’s tech, which Ring said was never integrated into its devices, is not related to that feature. Billionaire Dubai port operator steps down over Epstein ties. Sultan Ahmed bin Sulayem, resigned as the chair and CEO of ports operator DP World (which is owned by the government of Dubai), after documents released by the US Justice Department revealed he had sent hundreds of friendly emails with the late sex offender Jeffrey Epstein and had visited Epstein’s private island. Sulayem, a high-profile figure, has not been accused of criminal wrongdoing. And he’s not the only prominent businessperson to step down over revelations from the document dump: Goldman Sachs’s top lawyer, Kathryn Ruemmler, and Brad Karp, the head of law firm Paul Weiss, also recently announced decisions to leave their positions.—AR AI Hollywood hates the fake clip of these guys fighting Tom Cruise and Brad Pitt smile and clasp their hands Karwai Tang/Getty Images An AI-generated video of Tom Cruise and Brad Pitt beating each other up on a rooftop went viral this week, and it could be confused for a real movie scene—until you hear Pitt’s likeness say, “You killed Jeffrey Epstein.” Still, it was convincing enough to scare at least one screenwriter. “It’s likely over for us,” Deadpool franchise co-writer Rhett Reese posted on X in response to the 15-second clip. It was created using Seedance 2.0, an AI video tool owned by ByteDance that was unveiled this week. Then…the Motion Picture Association (MPA) released a statement accusing ByteDance of violating copyright law on a “massive scale.” SAG-AFTRA joined in yesterday, calling Seedance videos “blatant infringement.” Oopsie: Seedance appears to be producing videos that rip off protected works from studios including Disney, Warner Bros. Discovery, and Paramount, Deadline reported. Eerily accurate knockoffs of beloved movie characters like Jack and Rose from Titanic, Spider-Man, and Shrek appear in other Seedance videos circulating online. Déjà vu: The MPA similarly urged OpenAI to curb copyright infringement after it launched the Sora 2 video generator last fall. OpenAI obliged, and Disney later struck a deal that allows Sora 2 to use some of its characters. It's unclear if Hollywood would pursue a similar agreement with ByteDance, which is a Chinese company.—ML     Together With eltaMD Dermatologists don’t gatekeep good skin. They wear it. For 30+ years, EltaMD has been the #1 dermatologist-recommended sunscreen, built with zinc oxide and science-backed formulas that feel weightless and work overtime. Your winter getaway’s most important accessory? Daily SPF your skin actually loves. Get yours. ICYMI Have you heard Here’s everything that didn’t make it into this week’s newsletters but we immediately sent to the group chat. A Manhattan restaurant has been redesigned to let people set up a device at the table so diners can be on a one-on-one date with their AI companion. Coming soon: A Brooklyn restaurant where people can set up six devices so they can be on a date with their AI polycule. A student at Stanford is using an algorithm as part of an experiment to pair 5,000 singles on campus. People are calling it the most unsettling experiment ever conducted at Stanford. Stephen A. Smith said he is considering participating in the Democratic presidential debates in 2027, unless he’s on vacation that week, in which case he will be replaced on stage by either Cam Newton or Chris “Mad Dog” Russo. Outfielder Nick Castellanos was released by the Phillies and later admitted he was benched last season for bringing a beer in the dugout. Just remember—it’s never smart to drink and there’s a drive into deep left field by Castellanos and that’ll be a home run. A Slovak fugitive on the run from Italian authorities was arrested when he tried to attend a Slovakia men’s ice hockey game during the Olympics in Milan. To put it in Harry Potter terms, this would be like Sirius Black getting arrested at Hogwarts because he went back to watch Gryffindor play in the Inter-House Quidditch Cup.—DL NEWS What else is brewing Law enforcement officers sealed off a street near Nancy Guthrie’s house overnight. The Pima County Sheriff’s Department confirmed it was related to the Guthrie case, but said on X that “at the request of the FBI - no additional information is currently available.” The US is sending a second aircraft carrier to the Middle East as tensions with Iran persist. German Chancellor Friedrich Merz said the international order based on rights and rules “no longer exists” and that US leadership is being challenged or is “perhaps already lost.” President Trump posted to Truth Social that there will be a voter ID law in place before the midterm elections “whether approved by Congress or not.” Harvard was hit with a new lawsuit from the Trump administration, claiming that the university failed to provide requested documents in a probe over potential discrimination in admissions. Federal authorities have opened a criminal investigation into whether two ICE officers lied under oath about the shooting of a Venezuelan man in Minneapolis. Ilia Malinin, the American figure skater known as the “Quad God,” fell twice during his free skate yesterday, putting him out of contention for an individual medal. Waymo is hiring DoorDashers to close its car doors—because they have the tech to drive themselves but can’t shut their own doors if thoughtless humans leave them ajar. Together With Quince Get high-quality material, girl. Some boys kiss and some boys hug, but smart boys get their ladies high-quality jewelry at radically low prices from Quince for Valentine’s Day. Their alluring accoutrements are made with 14k gold, lab-grown diamonds, and more. Browse their full selection to help your special someone feel luxurious every day. COMMUNITY Crowd work Last week, we asked: “What is your favorite piece of home decor or furniture you’ve ever gotten?” Here are some of our favorite responses: “My grandfather taught woodshop in the ’70s and was left with a small bookshelf when a student forgot to pick it up at the end of theschool year. Forty years later, it came with me to college, moved with my wife and I many times, and now my toddler tries to grab the coffee mugs from the upper shelf when we’re not looking.”—Connor from Louisville, KY “A Fabergé chess set egg. You play the game with miniature gold tweezers. It’s a major conversation piece.”—Art from California “I spotted the most beautiful, unusual shallow serving bowl at a thrift store and grabbed it immediately. Upon closer inspection at home, I noticed a drilled hole in the very center bottom. My beautiful ‘bowl’ turned out to be an old ceiling light fixture. I use it year-round as a display bowl with various interesting fillers, and I’m never giving it up.”—Linda from Arizona “My framed certificate for my three shares of stock in the Green Bay Packers, proving ownership in an NFL franchise. ‘Go Pack!’”—Jody from Green Bay, WI “I found a beautiful couch from the ’30s on the curb. Then I spent $1,000 getting it reupholstered. Somehow, I still think I got it for free.”—Brenda from Copley, OH This week’s question What’s the most memorable under-the-radar place you’ve visited while traveling? Sam’s answer to get the juices flowing: “On a visit to Krakow, Poland, I went to Nowa Huta, one of the world’s largest socialist planned towns. It still has much of its monumental communist architecture preserved, which made it feel like taking a time machine to the Eastern Bloc.” Submit your response here. RECS To-Do List Play: A board game for people looking to move on from Catan.** Read: Meet Nora Ephron, the beloved filmmaker who made Sleepless in Seattle, in this book by our copy editor extraordinaire, Kristin Doidge. Take it back: A ranking of retailers’ return policies. Go medieval: Why singles are looking for love at a theme restaurant. Office space your way: From one desk to a whole building, Regus lets you work closer to home (or clients) in 4,000+ global locations—fully serviced, flexible terms, zero up-front drama. Learn more.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Crossword: Lightning actually does strike twice, and we can prove it. After last week’s football frenzy, Jack’s back with…pickup lines. Play the Crossword here. Open House Welcome to Open House, the only newsletter section looking for love. We’ll give you a few facts about a listing and you try to guess the price. Cottage in Valentine, NebraskaNebraska Realty/ZillowToday’s home is in Valentine, NE, a town at the very tippy-top of the state, about 10 miles from the South Dakota border. The 1,880-square-foot cabin was built in 2006 and sits on 30 acres of rolling hills. Amenities include: 2 beds, 3 baths Floor-to-ceiling fireplace Built-in sauna How much for the Sandhills sanctuary? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER $599,900 Word of the Day Today’s Word of the Day is: deceleration, meaning “reduction in speed or rate.” Thanks to Shannon from Memphis, TN, for a suggestion worth slowing down and taking note of. Submit another Word of the Day here. ✢ A Note From Miso Robotics This is a paid advertisement for Miso Robotics’ Regulation A offering. Please read the offering circular at invest.misorobotics.com.           Written by Abigail Rubenstein, Sam Klebanov, Molly Liebergall, Dave Lozo, Matty Merritt, Holly Van Leuven , and Brendan Cosgrove Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew Retailers: Retail Brew Healthcare: Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

Former OpenAI, Anthropic employees warn of AI dangers...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fq9cqt.2ft2h/e70dc9bb.gif" alt="" border="0" /></a> February 13, 2026View Online | Sign Up | Shop Morning Brew Presented By Bland AI Happy Friday. Today is a huge day for math nerds: It’s the first of two consecutive Friday the 13ths (March 13 is a Friday, too). That only happens about three times every 28 years. Today’s date (2/13/26) also works as an equation, where 2 x 13 = 26. That’s called a “magic date,” and it occurs a few times per year on average. The next magic date will happen when you mention these facts to your Valentine this weekend. —Molly Liebergall, Sam Klebanov, Dave Lozo, Adam Epstein, Holly Van Leuven MARKETS Nasdaq 22,597.15 -2.04% S&P 6,832.76 -1.57% Dow 49,451.98 -1.34% 10-Year 4.104% -7.0 bps Bitcoin $65,579.88 -2.82% Robinhood $71.12 -8.90% Data is provided by *Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean. Markets: Stocks did an impression of a European soccer player who’s been gently grazed by their opponent and took a dive yesterday, as worries over AI disruption grew. Elsewhere, Robinhood’s stock plunged after the trading platform fell short of Wall Street’s revenue expectations.   AI The AI warnings are coming from inside the house AI spark icon on fire, in a simple cartoon-y style. Shannon May It’s as if a bunch of AI experts just had the same nightmare, because this week, several of them—including ones at Anthropic and OpenAI—seemingly jolted upright in a cold sweat to speak on the horrors they see coming from artificial intelligence. Anthropic: The company behind Claude lost its head of Safeguards Research, who announced his resignation in a letter that mentioned a world “in peril.” Speaking vaguely about Anthropic, he wrote, “Throughout my time here, I’ve repeatedly seen how hard it is to truly let our values govern our actions…we constantly face pressures to set aside what matters most.” At OpenAI, alarm bells came from three different employees this week: A researcher quit after two years due to “deep reservations” about ChatGPT’s new ad strategy, namely “a potential for manipulating users,” she wrote in an essay for the New York Times. A top safety executive was fired after opposing the upcoming release of AI erotica on ChatGPT, the Wall Street Journal reported. OpenAI said she was canned for sexually discriminating against a male coworker, which she called “absolutely false.” In a post on X that alluded to widespread job loss, an engineer wrote, “I finally feel the existential threat that AI is posing.” HyperWrite: The co-founder of an AI writing tool startup warned in a viral post on X that the latest AI models will render countless jobs obsolete, comparing the current moment to the weeks before the Covid-19 pandemic. How about some AI restrictions for the table? OpenAI and Anthropic are of two minds on how much to regulate their industry: Anthropic pledged $20 million to a political group that backs congressional candidates who favor AI safety, the company announced yesterday. (That’s substantial, but the company also announced yesterday that it closed a $30 billion fundraising round that valued it at $380 billion.) OpenAI has supported Leading the Future, a pro-AI super PAC that spends against the types of candidates that Anthropic’s donation would help. Meanwhile…half of xAI’s founders have exited as of this week, though the recent departures didn’t specifically cite AI concerns.—ML     WORLD Tour de headlines ICE officers walking with bullet proof vests, snowy landscapeGetty Images/John Moore Trump admin ends its immigration crackdown in Minnesota. The White House is withdrawing its divisive flood of immigration enforcement agents in the state after achieving its goals, Tom Homan, President Trump’s border czar, said yesterday. The surge led to more than 4,000 arrests, as well as mass protests and the killings of US citizens Renee Good and Alex Pretti by federal officers. Homan argued that the monthslong operation left Minnesota safer, while Gov. Tim Walz condemned it, saying it left the state with “generational trauma” and “economic ruin.” The Trump administration is keeping “a small footprint” of immigration personnel in Minnesota to transition command back to local agencies, according to Homan. The DOJ antitrust chief resigned. While Gail Slater, the head of the Justice Department’s antitrust unit, said she was leaving of her own volition, CNN reported that she was fired by the Trump administration after being at odds with Attorney General Pam Bondi and the president for months. Slater was reportedly urging the White House to be aggressive on tech giants as it pursued cases against Apple and Google. Last year, President Trump pardoned Oak View Group’s CEO, Tim Leiweke, who had been indicted by Trump’s own Justice Department (in a case led by Slater) for allegedly rigging the bidding process for an arena. Trump officially revoked the US’ ability to regulate pollution. Yesterday, President Trump’s EPA repealed the bedrock scientific finding that greenhouse gases threaten human health and the environment, which served as the legal underpinning for all climate regulation. The repeal of the Obama-era “endangerment finding” means that the federal government will no longer have the ability to control pollution—if it survives legal challenges. Environmental activists are certain to launch a legal fight that observers believe will ultimately be decided by the Supreme Court.—AE Presented By Bland AI Let’s hop on a call Bland AI Drop your digits right here, and you’ll get a quick call from an AI agent that doesn’t suck. Yep, it’s possible—and it’s all thanks to Bland AI’s voice agents. They help you automate phone calls so your customers aren’t stuck in hold-music purgatory. The agents are already helping tons of enterprises have smarter, faster customer conversations. Here’s some of the results they’ve driven: Idaho Finance saved $750k/year by replacing their IVR with AI voice agents. MyPlanAdvocate added $40m/year by automating their inbound lead qualification. Needle saved $1m/year by automating outbound calls. Book a demo today to hear from their AI voice agent yourself. REAL ESTATE Homes are not selling like hotcakes Home for sale Lindsey Nicholson/Getty Images Last month, the housing market had the energy of a spider web-covered basement that’s used for storage. After months of recovery, sales of preowned US homes decreased by 8.4% in January from December, the National Association of Realtors (NAR) reported yesterday. Despite mortgage rates falling throughout 2025: Home sales were down 4.4% from a year ago, amounting to the worst month for home closings in more than two years. Dwellings sat unsold for a median of 46 days last month, compared with 41 days a year prior. Housewarming recession The NAR says arctic weather in parts of the US may be partially to blame for market frigidness, but places that weren’t impacted also experienced home sales declines. Analysts attribute tepid homebuying to economic uncertainty, on top of low inventory that’s keeping prices high. The number of homes on the market rose by 3.4% in January from a year earlier, but given the monthly pace of sales, that equals just 3.7 months’ worth of supply. Six months of supply is considered a balanced market. In a silver lining for buyers and sellers…the median price of homes crept up by 0.9%, to $396,800, over the year—but they’ve become more affordable, thanks to wage growth and lower mortgage rates, according to the NAR.—SK     Presented By BambooHR Ch-ch-ch-change management. Turn and face the strain, by turning resistance into resilience. BambooHR’s latest guide is all about change management. It helps your C-suite lead with empathy, hear signals from employees, and instill confidence through clear communication. Get it here. SPORTS The biggest stars at the Olympics are drones An illustration of a skier flying through the air with a drone following Nick Iluzada Ever get the feeling you’re being followed? For Olympians, it’s not paranoia—it’s a high-tech drone camera trailing close behind. It is, also, an exhilarating (sometimes nauseating) first-person perspective for us couch potatoes…but not without some drawbacks. More than two dozen drones deployed by the Olympic Broadcasting Services (OBS) have been used for high-speed sports like luge and downhill skiing, but have yet to be used for curling (it’s already too electric). Safety first: The drones are controlled by a three-person team with a pilot who has expertise in the particular sport. OBS CEO Yiannis Exarchos said that the drones went through controlled crash tests and are never flown in front of competitors or above them, where they can create shadows. But…some have raised concerns about safety and aesthetics: Several athletes who can’t afford a distraction when operating at breakneck speeds have said the drones are noticeable if they don’t keep their distance. Then there’s the sound of the whirring blades being picked up by microphones. It’s loud enough that viewers have compared the buzzing to the vuvuzelas during the 2010 FIFA World Cup. Bottom line: The first-person views of nontraditional sports are a way to draw in viewers to events that they might otherwise skip. Drones are “a big entry point for people, especially younger people,” Exarchos said.—DL     STAT Prime number: Bright times for dark chicken meat Chicken thigh meatLisa Cherkasky for The Washington Post via Getty Images Wendy’s famously asked, “Where’s the beef?” But, these days, Americans are asking, “Where’s the boneless, skinless, dark chicken thigh meat?” While that is not as catchy of a slogan, US chicken producer Pilgrim’s Pride may not mind. According to its Q4 earnings report: Compared with two years ago, boneless chicken retail prices were down by 1.7%, while those of ground beef were up by 22%. Volumes of boneless dark meat in food service grew by double-digit rates. All of that has strengthened demand for boneless dark meat as consumers look for cheaper sources of protein. The CEO of Pilgrim’s Pride said that the company was considering converting a plant into a deboning facility in order to capitalize on the trend.—AE Together With Vital Proteins Vital Proteins Your coffee wants a glow-up. Vital Proteins Collagen Peptides slip into hot or cold drinks without clumps, adding 20g of collagen per serving to support hair, skin, nails, bones, and joints. No flavor drama. Just scoop, stir, and get back to business. Wellness, upgraded before 9am. QUIZ Friday news quiz Friday news quiz banner The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to when the pizza arrives at your table warm but not scalding hot. It’s that satisfying. Ace the quiz. NEWS What else is brewing The Department of Homeland Security will almost certainly experience a partial shutdown as of Saturday after a vote to continue funding the agency past that point failed in the Senate. A federal judge blocked Defense Secretary Pete Hegseth from punishing Democratic Sen. Mark Kelly for participating in a video that reminded US military personnel of their right to refuse illegal orders. Kim Jong Un is close to naming his daughter—who’s believedto be about 13 years old and named Kim Ju Ae—as North Korea’s future leader, the Associated Press reported. Kathy Ruemmler, the top lawyer for Goldman Sachs, resigned effective June 30, following the release of correspondence between her and the late Jeffrey Epstein last month. Apple could delay planned upgrades to Siri, its virtual assistant, after encountering issues during testing, according to Bloomberg. A Ukrainian athlete was disqualified from the Winter Olympics for wearing a helmet honoring people killed in his country’s war with Russia, which the International Olympic Committee said violated its rules on making political statements. Hilary Duff announced her first world tour in nearly two decades. RECS To-Do List Treat: A toy your dog will actually love.** Rate: A Michelin-starred pastry chef assesses TV and movie desserts for realism. Budget: A visual tool that shows how much your media subscriptions cost you. Watch: Some less-than-obvious romantic films to watch this weekend. Self-care, but on sale: Shop Medik8’s Friends & Family Sale to get 25% off their bestselling skincare products. Made with age-defying benefits. Treat yourself today.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Decipher: Need something to write to a Valentine? Unscramble this week’s message for some inspo. Play Decipher here. Friday puzzle You are tasked with cracking a safe that has a 10-digit code. The good news is, someone left you a trail of clues that can help you find the number. They are: All digits from 0 to 9 are used exactly once. The sum of the 2nd, 5th, 6th, and 8th digits is a single-digit number. The 4th digit is a perfect square. The 3rd digit is 1. The sum of the 4th and 7th digits is a perfect square. The value of the 10th digit is twice that of the 2nd. The product of the 4th and 6th digits is equal to that of the 10th and 2nd digits. The 5 is next to the 6 but not the 4. SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER 8 3 1 9 4 2 7 0 5 6 (Source) Word of the Day Today’s Word of the Day is: volition, meaning “the power to make your own decisions.” Thanks to Saheli from Kolkata, India, for the suggestion. Submit another Word of the Day here.           Written by Adam Epstein, Molly Liebergall, Sam Klebanov, Dave Lozo, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew Retailers: Retail Brew Healthcare: Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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Things are looking up for the labor market...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fq8muw.2fnk0/ed7cf86b.gif" alt="" border="0" /></a> February 12, 2026View Online | Sign Up | Shop Morning Brew Presented By It’s (almost) Friday, Friday…the day when you gotta get down, according to Rebecca Black, who released the infamously memed anthem “Friday” 15 years ago this week. Though early responses to the then-13-year-old’s music video were less than kind, it turned into a phenomenon that ultimately racked up more than 178 million views and lodged her firmly in the cultural zeitgeist. More recently, the singer has mounted a comeback as a pop performer and DJ. Rebecca, we hope you get your bowl and cereal today. —Dave Lozo, Molly Liebergall, Sam Klebanov, Holly Van Leuven, Abby Rubenstein MARKETS Nasdaq 23,066.47 -0.16% S&P 6,941.47 -0.01% Dow 50,121.40 -0.13% 10-Year 4.172% +2.0 bps Bitcoin $67,522.10 -1.63% CBRE $149.49 -12.24% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Stocks took their inspiration from pancakes and stayed mostly flat yesterday, as investors digested a jobs report that showed things picking up—meaning the Fed is unlikely to see a need for interest rate cuts (more on that below). One group that fell was real estate services stocks like CBRE Group and Cushman & Wakefield, which had their turn in the will-AI-upend-this-industry hot seat.   Markets Sponsored by Frontieras Nasdaq ticker “$FASF” reserved. Frontieras isn’t public, but you can invest privately as they solve AI’s 8,000% energy shortfall. ECONOMY It wasn’t a dry January for the job market People walking across the street Getty Images Despite low expectations spurred by words of warning from a White House official, the US added a surprisingly high 130,000 jobs last month and saw the unemployment rate come in at a better-than-expected 4.3%, according to the highly anticipated jobs report released yesterday by the Bureau of Labor Statistics. On Tuesday, senior White House trade advisor Peter Navarro adopted what now looks like an “underpromise and overdeliver” strategy. He asked the public to lower expectations because of mass deportations of non-citizens working illegally, saying future numbers that don’t reach six figures shouldn’t cause panic. Instead, the news was upbeat, making it more likely that the Fed will continue to hold interest rates steady, at least until Jerome Powell’s term as Fed chair ends in May, without worrying that it will harm the labor market. It’s not just the health sector this time January came in as the strongest month in employment gains since December 2024, fueled by the healthcare and social assistance sector. Healthcare added 82,000 jobs, the most in a month since 2020. And while that industry was the lone bright spot through most of 2025, it had more support last month: Construction gained 33,000 jobs. Professional and business services gained 34,000. Manufacturing posted 5,000 more jobs—the sector’s first monthly gain in more than a year. Other encouraging data: The number of people working part-time for economic reasons fell by 453,000. Plus, more people left their jobs, a sign that they believe there’s more work to be found. Looking back: The BLS adjusted job numbers downward for the past two years. For 2024, the US added 1.5 million jobs, down from the previously estimated 2 million; in 2025, the market slowed to 181,000 job additions versus the estimated 584,000. Big picture: While those revisions paint an even bleaker picture of past years, it also amplifies the turnaround to start 2026.—DL     Presented By Frontieras Unlocking $2.1 trillion in energy potential Founders Matt McKean and Joseph Witherspoon are on the path to commercializing a technology that extracts valuable resources from coal without burning it. Frontieras North America has the potential to address $2.1 trillion worth of markets, from hydrogen to diesel to jet fuel and more. It’s similar to when John D. Rockefeller commercialized oil refining technology. If Frontieras captures just 2% of the global coal market, they have a roadmap to achieving a $1 trillion valuation. They’ve completed the land purchase for their $850 million flagship facility. Now, with their Nasdaq ticker (FASF) reserved and the White House favoring domestic energy, this company is positioned for potential valuation impact. Invest in Frontieras before their share price changes tonight at 11:59pm PT. WORLD Tour de headlines Bottles of Heinz Ketchup on a store shelfUCG/Getty Images Kraft Heinz pauses breakup plans. Much like Ben Stiller and Christine Taylor rekindling their flame during Covid lockdown, Kraft Heinz has scrapped plans to split up. In September, the company announced plans for the split, which would have effectively undone the megamerger that created the food leviathan. But its current CEO, who took over in January, now believes that many of the company’s challenges are “fixable and within our control.” So, the company will halt work on the separation and instead plan to invest $600 million to spur profitability. AG Pam Bondi clashed with lawmakers in a five-hour hearing. During the lengthy House Judiciary Committee hearing things were often as tense as getting seated next to your ex at a Valentine’s Day dinner, as lawmakers grilled the attorney general about the Department of Justice’s handling of its files related to the late sex offender Jeffrey Epstein. Both lawmakers and Bondi were on the attack, with a Democrat kicking things off by asking Bondi to apologize to survivors in the room for her department’s actions, which she did not, and Bondi touting President Trump’s accomplishments, including the performance of the stock market. Republican Rep. Thomas Massie, who sponsored the bill requiring the files’ release, also verbally sparred with Bondi. Actor James Van Der Beek dies at 48. Van Der Beek, best known for his starring role on Dawson’s Creek and the crying meme it inspired, died yesterday. He was diagnosed with colorectal cancer in 2023, which he made public in 2024. After getting his big break as the titular character and stand-in for the teen drama’s creator in 1997, the Connecticut-born actor continued to find roles in movies and television, including Varsity Blues and Don’t Trust the B— in Apartment 23. He also became a father of six. His family said on Instagram that he died “peacefully.”—AR TECH Doorbell cams draw new wave of surveillance fears Illustration of forward-facing camera lens with an orange background Nick Iluzada This week, Google Nest and Amazon-owned Ring stoked concerns about the line between good neighbor and Big Brother when it comes to doorbell cameras. On Tuesday, the FBI released Nest footage of a masked person on Nancy Guthrie’s stoop on the night of her abduction. The clip could be a major case development, but it also prompted questions about how authorities extracted it—mainly because the local sheriff said Guthrie’s doorbell camera was disconnected as part of the crime and she didn’t have a subscription for cloud video storage: FBI Director Kash Patel said officials worked with “private sector partners” to retrieve footage from “backend systems.” Google hasn’t commented, but its privacy policy mentions that some Nest models can capture video when offline, the Associated Press noted. Days earlier, Ring’s Super Bowl commercial promoted a new AI feature that can scrub a neighborhood’s footage to find a lost dog using a pet’s photo, which many viewers decried as a guise for state surveillance. The dog-finding feature can’t currently detect “human biometrics,” a Ring spokesperson told The Verge, but another new Ring feature called Familiar Faces can. The company’s CEO recently said that neighborhood cameras could help “zero out crime” within a year. Still…Ring’s puppy play was the second-most-liked Super Bowl ad, according to iSpot surveys.—ML     Together With WHOOP Turn insights into action. Whether you want to run a marathon or keep pace with a toddler, WHOOP can help. Their wearable devices give you personalized insights on your sleep, your recovery, the strain you’re taking on, and how daily choices may be influencing your overall well-being. Get one month free. INTERNATIONAL Switzerland will vote on a population cap Getty Images Unlike your college apartment, Switzerland might limit the number of people allowed to live there. Yesterday, the Swiss government scheduled a June referendum on whether the home of Toblerone should cap its population at 10 million. Promoted by a popular right-wing party, the ballot measure—which could limit immigration not just of refugees but also skilled workers—is meant to address the effects of mass migration like ballooning housing costs, overcrowded transit, and changing culture. At capacity, no cap Switzerland’s vibrant economy and Alpine paradise image made it into an immigrant magnet: Its population grew 10%, to 9.1 million, in the past decade—five times faster than that of the EU. If the demographic ceiling passes, authorities would restrict newcomers: Once the population reaches 9.5 million—projected for 2035—the government would have to suspend immigration for family members of foreign residents and limit asylum. At 10 million, Switzerland would start withdrawing from international treaties that make its borders more porous than its cheese, like its free movement accord with the EU, which allows Europeans to live and work there. Critics say this could threaten trade with the EU, the destination of over 40% of Swiss exports. Meanwhile, business leaders are worried about a skilled worker shortage and reduced pension contributions. It might happen…according to a November poll, 48% of voters support the measure, 11% are undecided, and 41% oppose it.—SK     STAT Prime number: 10 days become mere hours An El Paso Airport signGetty Images In the wee hours of yesterday, the FAA announced that it’d be halting all flights within 10 nautical miles of the El Paso, TX, airport for 10 days—only to change course hours later and say the airspace had been reopened. Even the brief grounding caused delays and left some travelers stranded, with the closest major American airport being in Albuquerque, NM, a 270+ mile trek away. And before you start talking aliens and having flashbacks to unexplained drones above New Jersey, we’ve got a little more information about what happened this time—though government explanations have conflicted. The Pentagon and Transportation Secretary Sean Duffy said Mexican cartel drones had breached the airspace and subsequently been neutralized, while anonymous officials told news outlets the closure was due to a miscommunication over the Pentagon wanting to test an anti-drone laser in the area.—AR Together With Frontieras The next $435b energy empire is being minted. In today’s dollars, John D. Rockefeller would be worth $435 billion. But “oil money” is old news, and what’s next might surprise investors in 2026: a $2.1 trillion opportunity in “clean” coal. Frontierashas already reserved a Nasdaq ticker. You have until 11:59pm PT to invest at $7.38/share. NEWS What else is brewing McDonald’s said its value campaign is paying off, with revenue beating expectations and same-store sales rising 5.7% last quarter. Bill Ackman revealed a $2 billion investment in Meta, a bet on the Facebook parent’s place in the AI race. The House passed a resolution to overturn President Trump’s tariffs on Canada, with six Republicans joining all but one Democrat in a 219–211 vote. The resolution is largely symbolic, however, as it lacks enough Republican support to override a likely presidential veto if it clears the Senate. The SAVE America Act, which would set new voter ID requirements for all 50 states, also passed in the House yesterday. This time, all Republicans voted for it, and all but one Democrat voted against it. It faces an uncertain future in the Senate. Two co-founders left Elon Musk’s xAI this week, and Musk suggested they were a bad fit for the company, which he recently combined with SpaceX. Britney Spears sold the rights to her entire music catalog. RECS To-Do List Depuff: Yes, you stayed out late last night. No, your eyes don’t have to look like it.** Watch: The kitchen gadgets to embrace and ditch this year. Contemplate the cost: The cost of living around the world mapped. Use your printer: Free designs to print out and color in. No surprises: With Metro by T-Mobile, get one line + unlimited 5G data for just $25/month. There are no activation fees, plus you keep the phone you love. Start here.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Mini: Today’s puzzle is called “Wonderland,” but we promise it has nothing to do with winter or John Mayer. Play the Mini here. Three Headlines and a Lie Three of these headlines about the Olympics are real and one is faker than your friend who claims they’ve always been super into curling. Can you spot the odd one out? Team USA’s newest Olympic star is a personal-injury attorney in his 50s Why the Minions performance is a cautionary tale for the Olympics Carb loading leads to pasta shortage in Olympic Village ‘My needles are waiting’: USA’s Ben Ogden credits knitting habit after cross-country silver SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER We made up the one about pasta. Word of the Day Today’s Word of the Day is: leviathan, meaning “something large or formidable.” Thanks to Graham from Buckinghamshire in the UK for a whale of a suggestion. Submit another Word of the Day here. ✢ A Note From Frontieras This is a paid advertisement for Frontieras’ Regulation A offering. Please read the offering circular at https://invest.frontieras.com/. Reservation of the ticker symbol is not a guarantee that we will be listed on the Nasdaq. Listing on the Nasdaq is subject to approvals. Under Regulation A+, a company has the ability to change its share price by up to 20% without requalifying the offering with the SEC.           Written by Abigail Rubenstein, Dave Lozo, Molly Liebergall, Sam Klebanov, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew   Retailers: Retail Brew Healthcare: Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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Big changes are coming for environmental rules...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fq86u7.2fmyq/2d083c1e.gif" alt="" border="0" /></a> February 11, 2026View Online | Sign Up | Shop Morning Brew Presented By AT&T Connected Car Welcome on in. Drinking two to three cups of coffee a day can lower your risk of dementia, according to a new study. It can also increase your risk of really having to poop during an important 10am meeting, but that wasn’t mentioned in the study. —Sam Klebanov, Dave Lozo, Molly Liebergall, Adam Epstein MARKETS Nasdaq 23,102.48 -0.59% S&P 6,941.81 -0.33% Dow 50,188.14 +0.10% 10-Year 4.147% -5.0 bps Bitcoin $68,750.82 -2.33% LPL Financial $360.58 -8.31% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Stocks were mixed yesterday, with the Dow clinching a new record as other indexes fell amid wariness of holiday retail sales data and pressure on financial stocks from the threat of new AI software. LPL Financial had it the worst, sinking after the tech platform Altruist announced the launch of an AI-powered tax planning tool.   GOVERNMENT Trump admin to ditch key climate policy tool Oil refinery Barry Lewis/Getty Images The Trump administration is disavowing an Obama-era scientific finding that serves as the propulsive force for federal climate regulations, the Wall Street Journal reported this week. The Environmental Protection Agency (EPA) plans to nix the “endangerment finding,” which determined that greenhouse gases threaten public health and allowed the EPA to curb pollution through regulation. Embracing this finding in 2009 gave the EPA the legal authority to set emissions standards for exhaust-belching cars and trucks, as well as power plants. The Trump administration will officially announce the change this week, billing it as “the largest act of deregulation” in US history, valued at $1 trillion and projected to reduce vehicle costs by an average of $2,400. While officials say the ruling’s rollback will apply only to transportation, it could also pave the way for the deregulation of power plants and fuel production facilities. Tailpipe bonanza? Industry observers note that the car industry never asked for the change, so it's unclear if it’ll lean into the combustion engine free for all: Analysts say DC taking its hands off the wheel on regulating car pollution could prompt some states—like California, which is the biggest car market in the US—to go full throttle on imposing their own emissions standards. Automakers would still have to comply with state regulations—and with stringent requirements abroad. Some legal experts noted that carmakers could also be apprehensive about investing in tech advantaged by laxer US standards given the potential for a rule reversal by a future presidential administration. While the energy trade group American Petroleum Institute advocates against regulating vehicle exhaust, some automakers like Ford have previously supported strong and predictable emissions standards. Uncle Sam will probably need to lawyer up…as attorneys general in several Democratic states previously said that the EPA revoking the finding may violate federal law and Supreme Court precedent. Environmental groups are all but certain to sue the government, setting the stage for years of court battles.—SK     Presented By AT&T Connected Car Life, liberty, and the pursuit of Wi-Fi AT&T Connected Car Presidents Day weekend is calling—and it wants you to hit the road. Loud playlists, super-salty snacks, and the wide, open road…you get the picture. The only thing that could ruin your road trip is if your carefully curated playlist got trapped in No Wi-Fi Land. With AT&T Connected Car™, you don’t have to worry about that. It turns your car into a rolling Wi-Fi hotspot to keep the good vibes going. Movies? Check. Games? Check. Browsing? Check and check. Your passengers have it all, thanks to AT&T Connected Car. Let freedom (and your favorite tunes) ring. WORLD Tour de headlines Photos of a potential subject in the disappearance of Nancy GuthrieFBI FBI released footage from Nancy Guthrie’s door camera. More than a week after Nancy Guthrie—the 84-year-old mother of Today co-host Savannah Guthrie—disppeared, authorities released the first surveillance images and videos connected to the case. They show a masked and armed individual appearing to tamper with the Nest camera on Nancy Guthrie’s front door on the day of her disappearance. The FBI said it has not identified any suspects or persons of interest, calling the masked individual a “potential subject.” The second deadline for an unverified ransom demanding $6 million in Bitcoin for Nancy Guthrie’s return passed yesterday. American Airlines flight attendants push to oust CEO. The union representing the airline’s 28,000 flight attendants issued a vote of no confidence against CEO, Robert Isom, as the carrier continues to lag behind rivals like Delta and United. Workers were also frustrated after the airline struggled to recover from recent winter storms and crews were reportedly left stranded in some locations. And it’s not just flight attendants calling leadership into question: Last week, the pilots’ union asked to meet with American’s board to discuss the company’s “underperforming path.” American earned $111 million last year, compared with $5 billion for Delta and $3.3 billion for United. Paramount sweetened its hostile Warner Bros. Discovery offer. If you were thinking that sweetening a hostile takeover bid sounds like an oxymoron, you’d be correct, but that is what happened yesterday when Paramount Skydance upped its offer to steal WBD away from Netflix’s proposed acquisition. While Paramount did not increase its per-share offer, the company did say it would cover the $2.8 billion termination fee that WBD would owe if its Netflix deal falls through, as well as agree to a “ticking fee” paid to shareholders if there are regulatory delays in a Paramount-WBD merger. WBD confirmed it received the unsolicited offer and said its board would review it, but observers do not expect it will sway them from the Netflix deal.—AE ENTERTAINMENT Spotify wrapped its year with record user numbers An illustration of a phone with the Spotify app on the screen Niv Bavarsky Spotify Wrapped is more than just a way to let people know that you listened to 11,629 minutes of Geese last year. It’s also a big reason for the outstanding earnings report that Spotify released yesterday, revealing record user growth over the final three months of 2025. The Swedish company’s stock popped 15% after it reported earnings per share and revenue that exceeded analyst expectations along with a massive jump in user numbers during Q4: Between October and December, Spotify added a record 38 million new listeners. Monthly active users rose 11% to 751 million over the prior year. Paid subscribers climbed 10% to 290 million year over year. Wrapped also had its best showing: More than 300 million users engaged with the feature that told everyone their listening age was 89. More than Wrapped: Spotify has unveiled a slew of features recently. One gives users the ability to exclude suggested songs. Another, prompted playlist, is part of the company’s AI push, allowing listeners to create AI-generated playlists via text prompts. Looking ahead…Spotify projects it will add 8 million new users in the current quarter, since it expects some churn due to the increase in a premium subscription from $11.99 to $12.99 that started this month.—DL     Together With Frontieras The next $435b energy empire? John D. Rockefeller would be worth $435b today. But oil money is old news. Next up? A $2.1 trillion opportunity in “clean” coal. It’s a Rockefeller moment for the company reforming coal into hydrogen and other valuable commodities. Their Nasdaq ticker “FASF” is reserved. You have until tomorrow, Feb. 12, to invest in Frontieras at $7.38/share. AUTO Ferrari’s EV looks like the Apple car we never got Sleek driver's side interior of a Ferrari car Ferrari The Italian automaker unveiled the inside of its first all-electric vehicle this week, the Ferrari Luce, and it’s no coincidence that it resembles an Apple store Transformer—former Apple design chief Jony Ive’s creative firm dreamed up the car’s interior. First impressions are positive: One of the starkest differences between the Luce’s aesthetic and Apple’s is the plethora of physical controls meant to keep drivers’ eyes on the road. “Everything feels satisfyingly clicky or twisty,” Wired reviewers wrote. Other than that, the Luce may be giving Apple order envy since the tech company canned its decade-long car project two years ago: The typical Ive/Apple trifecta of rounded edges, glass, and brushed aluminum are everywhere. “You don’t touch anything but aluminum, glass, or leather” was a common refrain by Ferrari employees at a press event, Wired reported. The glass in question is from the same company that supplies it for iPhones. The behind-the-wheel display uses Samsung’s OLED screens, which Apple products also rely on. Next…Ferrari will reveal the exterior of the Luce (formerly Elettrica) in May, after pre-orders open in March. Humming along: Ferrari’s stock surged this week after it beat revenue expectations and projected better-than-estimated earnings for the rest of the year, citing solid demand.—ML     STAT Prime number: 60% of new customers make six figures A rich person pulling an apple from the Dollar Tree logoNiv Bavarsky The phrases “Dollar Tree” and “$525 Wagyu beef” had never before appeared in the same sentence until Bloomberg reported on the discount store’s increasingly wealthy clientele yesterday. According to the outlet’s analysis: Nearly half of new Dollar Tree locations in the last six years opened in wealthy areas. Last quarter, 60% of new customers made at least $100,000 per year. While affluent patrons visit less often than lower-income ones, they spend $1 more on average per visit, which would equate to $1 billion in additional annual sales if the company were able to get them to shop there just once more per year. The analysis adds to the mountain of evidence that the US economy is geared toward higher-income consumers.—AE Together With Nuun Hydration, but make it efficient. Nuun turns plain water into an electrolyte upgrade—no sugar overload, no mystery ingredients, just clean fuel that actually works. Drop a tablet, fizz things up, and get back to moving, sweating, or surviving your inbox. Smarter hydration starts with Nuun. NEWS What else is brewing President Trump threatened to block a bridge connecting Detroit to Canada from opening until Canada “treats the United States with the Fairness and Respect that we deserve.” Commerce Secretary Howard Lutnick admitted to visiting Jeffrey Epstein’s private island with his family while on vacation in 2012. Ford reported an $8 billion loss for last year as it dealt with charges from its EV business and a surprisingly large tariff bill. US holiday retail sales unexpectedly cooled in December, with eight out of13 retail categories decreasing. Tony Wu, the co-founder of Elon Musk’s xAI, resigned from his role this week, becoming the latest senior executive to leave the artificial intelligence startup. The US fell to its lowest ranking ever on the global corruption index. RECS To-Do List Welcome: A tin fish doormat. Need we say more?** Live: The best and worst states for retirement. Learn: An interactive tool showing how half the world’s languages came from the same one. Eat: The best new products at Trader Joe’s this winter. Full bars ahead: Hit the road for the long weekend with AT&T Connected Car™. They’ll keep your car connected so your passengers can stream, game, and browse.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Word Search: Who’s the famous rag doll with red-yarn hair? She factors into today’s Word Search. Play it here. Hockey trivia The men’s ice hockey tournament begins today at the Olympics. We’ll give you the last names of five players on a country’s roster, and you have to name the country they play for. MacKinnon, McDavid, Makar, Toews, Marchand Forsberg, Holmberg, Johansson, Zibanejad, Andersson Hughes, Eichel, Tkachuk, McAvoy, Hellebuyck Kakko, Kapanen, Lehkonen, Rantanen, Heiskanen Hischier, Niederreiter, Meier, Siegenthaler, Kurashev SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Canada Sweden United States Finland Switzerland Source Word of the Day Today’s Word of the Day is: oxymoron, meaning “a figure of speech in which seemingly contradictory terms appear side by side.” Thanks to Patrick from Toronto and many others for the suggestion. Submit another Word of the Day here. ✳︎ A Note From Frontieras This is a paid advertisement for Frontieras’ Regulation A offering. Please read the offering circular at https://invest.frontieras.com. Reservation of the ticker symbol is not a guarantee that we will be listed on the Nasdaq. Listing on the Nasdaq is subject to approvals. Under Regulation A+, a company has the ability to change its share price by up to 20%, without requalifying the offering with the SEC. ✤ A Note From AT&T Connected Car Requires eligible car and wireless service plan. Additional restrictions apply.           Written by Adam Epstein, Sam Klebanov, Dave Lozo, and Molly Liebergall Was this email forwarded to you? Sign up here. 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Why job seekers are paying recruiters...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fq7i5i.2fow5/d541c244.gif" alt="" border="0" /></a> February 10, 2026View Online | Sign Up | Shop Morning Brew Presented By Elf Labs Attention readers: Normally, we’re focused on telling you what’s happening in the world (and making a whole lot of references to “that one friend”), but today, there are some things we want you to tell us. We’re hoping you can take this brief reader survey to let us know more about you and what you’d like to see in your inbox. And if getting a chance to shape the future of the Brew isn’t enough motivation, those who complete the survey will be entered into a raffle to win a $500 AmEx gift card. —Molly Liebergall, Sam Klebanov, Dave Lozo, Abby Rubenstein, Neal Freyman MARKETS Nasdaq 23,238.67 +0.90% S&P 6,964.82 +0.47% Dow 50,135.87 +0.04% 10-Year 4.198% -1.0 bps Bitcoin $70,449.64 -0.23% Monday $77.63 -20.79% Data is provided by *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. Markets: Like avid readers of Sun Tzu, stocks moved to higher ground yesterday, with tech stocks continuing to rebound from an AI-induced panic over the future of software. But investors still showed some concern about software’s place in the world: Monday.com plunged after delivering weaker-than-expected guidance.   Markets Sponsored by Elf Labs History’s been made: The Nasdaq ticker’s been reserved. A 10-year legal effort won landmark rights to Cinderella + more. Invest now while the company is still private. Secure up to 35% bonus shares. Presented By Elf Labs A $100b market cap doesn’t happen by accident Elf Labs Just ask Disney. They did it by owning globally recognized character IP. Now, after a 10-year legal effort, Elf Labs has secured historic rights (500+ assets) to iconic characters like Cinderella and Snow White. They’re bringing them to life through multipatented immersive technology across entertainment, gaming, and consumer products—a market estimated at over $2 trillion. The company reached a major inflection point this year and reserved its Nasdaq ticker: $ELFS. For a limited time, everyday investors can still participate (plus receive up to 35% bonus shares) while the company remains privately held. Invest now. LABOR Finding work is so hard that ‘reverse recruiting’ is in Job application blended with a US $100 bill Francis Scialabba Here’s what your unemployed friend is really doing on a Tuesday: In the latest sign of a stagnant job market, white-collar workers are flipping the traditional recruiting model by hiring recruiters to help them land their next jobs—a trend known as “reverse recruiting,” the Wall Street Journal reported this week. Headhunters? More like breadhunters: On top of career coaching and résumé building, reverse-recruiting agencies often take the keys and apply to dozens of jobs on an applicant’s behalf. In exchange, these startups can charge monthly fees north of $1,000 and/or take a cut of their clients’ salaries once they find a job, per WSJ. A conventional recruiter told WSJ that he’s somewhat uneasy about handing reverse recruiters your LinkedIn or Workday logins, as well as the idea of charging job seekers. This only happens in a bleak job market The current frigid atmosphere in US employment is known as “low hire, low fire,” which is why you keep hearing seemingly conflicting truths: The unemployment rate isn’t that bad, but it’s also incredibly difficult to find a job. According to recent federal data: Job searches now last an average of six months. There were more job seekers than job openings last summer for the first time since 2021. The economy added the fewest jobs since 2003 last year (outside of recessions). Tomorrow’s January jobs report is expected to revise the tally even lower and show a continued stall in job growth. Why the slowdown? Tariff uncertainty and added costs led some companies to delay hiring. Others are still undoing pandemic-era hiring bonanzas, and some blame layoffs on AI productivity. Recent immigration restrictions also mean there are fewer consumers in the US, which can lower hiring needs, per WSJ. Vicious cycle: Less than half of workers think they could find a new job in three months, according to a recent Fed poll. Many are staying put, which contributes to low openings and slow hiring.—ML     WORLD Tour de headlines A Google officeBeata Zawrzel/Getty Images Google’s parent company gears up to sell 100-year bonds. Alphabet is raising $20 billion by selling bonds in the US, according to Bloomberg, while also planning to offer bonds in Switzerland and the UK—including some that don’t mature for a century. It’s a move tech companies haven’t tried since the ’90s dot-com boom, but Alphabet is thinking big (and long-term) as it sells debt to fund its anticipated $185 billion in spending this year to build AI infrastructure. Other Big Tech companies are also planning large capital expenditures to win the AI race. British PM faces calls to resign over ambassador with Epstein ties. While many powerful people were mentioned in the files recently released by the US Department of Justice about its investigations into the late convicted sex offender Jeffrey Epstein, UK leader Keir Starmer may be unique in facing intense backlash because someone else was named in them. Starmer is facing calls to step down—including from the head of the Scottish Labour Party—over his appointment of an ambassador to the US with a close relationship with Epstein, and two of his top aides have resigned due to the scandal. However, some of Starmer’s cabinet ministers supported him yesterday, and his government said he would not leave. Cuba is running out of jet fuel amid US pressure. The country said Sunday that international airlines could no longer refuel there because of dwindling supplies as the US has threatened tariffs on any country that provides it with oil. Yesterday, Air Canada suspended all flights to Cuba as a result. The Trump administration has been squeezing Cuba’s oil supplies, creating an energy crisis and impacting the economy, since arresting Venezuela's leader in January.—AR SPACE Moon now eclipses Mars in Musk’s ambitions Space X rocket launch Gabriel V. Cardenas/Getty Images In a classic startup move, Space X is pivoting…from Mars to the moon. Elon Musk said this week that his company has refocused on “building a self-growing city on the Moon,” which he claimed could be achieved within a decade. Meanwhile, a Mars colony might be more than 20 years away, he said. The longtime Mars colonization aspirant appears to be ditching his previous goal of sending an unmanned rocket to the red planet by 2027, a voyage that can be launched only every 26 months due to planetary alignment cycles. Coming back to Earth Space X’s moonshot might be more in line with Uncle Sam’s extraterrestrial ambitions: Musk’s company has a $2.9 billion contract with NASA to land astronauts on the moon with a version of its jumbo Starship rocket. The mission was postponed to 2028 at the earliest because of tech challenges. It’s in a space race with Jeff Bezos’ startup Blue Origin, which is pivoting from stunts like launching Katy Perry into space to building a competing lunar lander for NASA. What’s up there? The moon has abundant sunshine and industrial resources, which theoretically can make it a manufacturing hub and launchpad for missions further into space. Musk recently said that he was merging SpaceX and xAI to eventually establish lunar factories that produce solar-powered orbital AI data centers.—SK     Together With Dr. Kellyann Dr. Kellyann Beauty is in the broth. Dr. Kellyann’s products blend protein and deep nourishment with collagen‑rich bone broth and simple, effective routines. Designed to support strength, wellness, and feeling your best from the inside out, her formulas can make it easier to reach your goals. Enjoy 20% off your first order. SPORTS Remember the ’90s? You will if you watch ice dance An illustration of a figure skate with '90s trinkets and drawings Niv Bavarsky The International Skating Union (ISU) will tell you what they want, what they really, really want—and that’s for ice dancers at the Winter Olympics to incorporate upbeat 1990s music from the likes of the Spice Girls into their performances. Each Olympics, the ISU chooses the themes for the rhythm-dance portion, and this one was selected with a purpose: The sport sponsored by memory supplements is going after a millennial crowd nostalgic for the Backstreet Boys and Ricky Martin. Previous themes tailored more to an AARP audience included musicals and operettas. No grunge? The nearly three-minute performance requires a song with 120 beats per minute. While covers are allowed, Pearl Jam’s Black isn’t the type of banger that the ISU wants. Of course, there’s AI: A Czech team is skating to an AI-generated song called One Two by AI (of 90s style Bon Jovi). Songs like this are permitted if they capture the “essence” of the ’90s, and what does that better than a song created with AI? LGBTQ celebration: A Canadian team is using RuPaul’s Supermodel (You Better Work) in a routine that features queer skater Paul Poirier in a black corset. Thanks to the throwback theme, Outsports is calling it the “gayest Olympic figure skating soundtrack ever.”—DL     STAT Prime number: Not budging Houses, not for saleGetty Images Like the guy who snagged the window table at your favorite coffee shop and immediately opened up a blank doc called “screenplay,” homeowners are staying put. They’re keeping their homes for the longest time since at least the turn of the millennium, according to Axios: At the end of 2025, US homesellers had been in their abodes for 8.6 years on average, the longest time in data dating back to 2000 (back when it was 4.2 years). The time homeowners are keeping their houses has increased in nearly every major metro area over that period, industry data provider ATTOM said. That can make it hard for buyers, but the change may be coming to the housing market: Realtor.com found that homeowners with mortgage rates of 6+% recently surpassed the share with rates below 3% for the first time since 2020, giving fewer owners a reason not to move. And the Wall Street Journal reports that a Redfin analysis showed that ~62% of last year’s buyers snagged a home for below the original listing price—the highest proportion since 2019.—AR Together With Skechers Comfort you don’t chase. Sofía Vergara has a message: stop tying, start living. Skechers Hands Free Slip-Ins® let you step in without bending, fussing, or slowing down. With secure Heel Pillow™ support and all-day comfort, they’re the easiest upgrade your feet will make—on busy days, loud moments, and everything in between. Step into easy. NEWS What else is brewing Novo Nordisk sued Hims & Hers for marketing copycat versions of its weight loss treatments, including a recently scrapped attempt at a Wegovy pill copy. And in other GLP-1 news, the FDA said an ad Novo has run for the Wegovypill contained “false and misleading” claims. Ghislaine Maxwell invoked her Fifth Amendment rights and refused to answer Congress’s questions about Jeffrey Epstein. Savannah Guthrie released a video asking the public to share any information about the whereabouts of her missing mother. YouTube TV introduced lower priced bundles that allow subscribers to pick the channels most relevant to them, including a just sports package. Short seller CapitalWatch apologized and retracted parts of a report it published last month accusing an AppLovin shareholder of financial crimes. MrBeast’s company is buying teen-focused banking app Step, and you won’t have to complete any questionable challenges to use it. Dutch speedskater Jutta Leerdam won gold in the women’s 1,000 meters at the Olympics with her fiancé, Jake Paul, in attendance. RECS To-Do List Cook: This gadget makes soup season easier.** See: Epic photos from competitors for a wildlife photographer of the year award. Stay in: Recipes featuring roses to make for Valentine’s Day. Feel at home: Travel to the world’s most welcoming cities. 8 ways Americans waste $$$: You’re smart about saving money by shopping clearance, eating out less, and picking affordable streaming services. FinanceBuzz has a few tips that could help you save even more.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Mini: Your sample clue for today is “It’s a little less than a pound.” Take a couple minutes and play the Mini here. Finale trivia Twenty years ago today, Arrested Development aired its final episode on Fox (though it was later brought back briefly on Netflix). In today’s trivia, we’ll give you the date of a TV series finale, the name of the episode, and the network or streaming service it aired on. You have to name the show. Sept. 29, 2013 / “Felina” / AMC June 10, 2007 / “Made in America” / HBO May 23, 2010 / “The End” / ABC July 26, 2019 / “Here’s Where We Get Off” / Netflix May 13, 2004 / “Goodnight, Seattle” / NBC SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER 1. Breaking Bad 2. The Sopranos 3. Lost 4. Orange Is the New Black 5. Frasier Word of the Day Today’s Word of the Day is: bonanzas, meaning “very large amounts.” Thanks to Ivan from Saratoga for the bountiful suggestion. Submit another Word of the Day here. ✢ A Note From Elf Labs Comparisons to other companies are for informational purposes only and should not imply similar results. This is a paid advertisement for Elf Lab’s Regulation CF offering. Please read the offering circular at elflabs.com. Timelines are subject to change. Listing on the Nasdaq is contingent upon necessary approvals, and reserving a ticker symbol does not guarantee a company’s public listing.           Written by Abigail Rubenstein, Molly Liebergall, Sam Klebanov, Dave Lozo, and Neal Freyman Was this email forwarded to you? Sign up here. 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Hims & Hers discontinued a weight loss pill after 48 hours...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fq77sp.2fw82/129ef1d4.gif" alt="" border="0" /></a> February 09, 2026View Online | Sign Up | Shop Morning Brew Presented By Motley Fool Money Good morning. It’s usually hard to wake up the morning after the Super Bowl, but luckily, we all got some decent sleep during last night’s game. —Holly Van Leuven, Brendan Cosgrove, Neal Freyman MARKETS: YEAR-TO-DATE Nasdaq 23,031.21 -0.91% S&P 6,932.30 +1.27% Dow 50,115.67 +4.27% 10-Year 4.206% +4.3 bps Bitcoin $70,708.18 -19.20% Robinhood $82.82 -26.77% Data is provided by *Stock data as of market close, cryptocurrency data as of 10:00pm ET. Here's what these numbers mean. Markets: The Dow closed above 50,000 on Friday, but the tech-heavy Nasdaq has been stuck in the red for four straight weeks. The index could get to greener pastures this week if the slumping software sector shows some signs of life despite concerns about AI dominance. Stock spotlight: Robinhood had a great 2025, but it’s taken some arrows the past few weeks, dropping more than 28% since the start of 2026. The company reports earnings tomorrow.   GLP-1 Tensions compound in weight loss drug market wegovy tablets Ucg/Getty Images Hims & Hers Health did its best impression of Grandpa Simpson entering and leaving a building in one continuous motion after locking eyes with the FDA Bart. The telehealth company announced on Thursday that it would sell a $49 compounded version of Wegovy’s weight loss pill, but on Saturday announced it would stop. It comes down to compounds Compounding pharmacies are allowed to customize drug formulations for patients, such as mixing semaglutide with vitamin B12, although such custom drugs are not FDA-approved. And during official medication shortages, compounders can make and distribute versions that are essentially copies to meet demand: That’s how off-brand GLP-1 injectables proliferated in the market. The active ingredients of Ozempic, Wegovy, Mounjaro, and Zepbound entered shortages in 2022 due to their rising popularity. Those shortages ended in late 2024 and early 2025. Subsequently, the FDA ordered compounding pharmacies to stop making the copycats. But a legal gray area remains: the customization space. Take a pill. Novo Nordisk launched an oral form of Wegovy last month. Its active ingredient is semaglutide, and it relies on Novo’s proprietary technology known as SNAC to be properly absorbed by the body. After Hims & Hers announced its alternative pill, Morningstar analyst Karen Andersen told Reuters that it might be “a legal red ​line.” Thumb on the scales: On Friday, the FDA released a statement name-checking Hims & Hers, saying it intended to “take decisive steps” against it and other compounding pharmacies using GLP-1 active ingredients to make alternatives to FDA-approved drugs, and warned that “legal action without further notice” might be headed their way. On Saturday, Hims & Hers said it was (un)shelving its $49 alternative Wegovy pill. Zoom out: Times are tense in the weight loss drugs space. Novo and Eli Lilly want to protect their patent rights and ensure their good names don’t get sullied by ineffective knock-offs, and compounding pharmacies want to get in on the action by appealing to price-sensitive consumers.—HVL     Presented By Motley Fool Money Zero interest is actually prettyyy interesting Motley Fool Money Zero interest isn’t really what you want to hear from the HR rep reviewing your resume. But when you’re paying down a hefty credit card balance? Zero interest for 21 months sounds prettyyy nice. Well, it’s also real, and it’s right here: When you move your existing balance to this credit card, you’ll pay 0% interest on your transferred debt for 21 months. You’ll also get a long intro 0% APR on purchases. You can go until nearly 2028 completely interest-free, whether you’re chipping away at your balance or using the card to pay for new stuff. This bad boy has no annual fee and could save you more than $2,328. Apply today. WORLD Tour de headlines Seahawks with Lombardi Trophy Super Bowl LXIcon Sportswire/Getty Images Seahawks, Bad Bunny were Super Bowl standouts. The Seattle Seahawks bested the New England Patriots in Santa Clara, 29–13, in a title game where the Pats didn’t get on the board until the fourth quarter. But Bad Bunny scored at halftime with a joyous show that celebrated his homeland of Puerto Rico. Special guests Lady Gaga and Ricky Martin joined in the performance. Bad Bunny’s first English words in the performance were “God Bless America,” after which he proceeded to name Mexico, Colombia, Venezuela, and other countries of the Americas before finishing with the USA, Canada, and Puerto Rico. The final message of the halftime show appeared on a screen before the game resumed: “The only thing stronger than hate is love.” The night’s other big winner was Charlie Puth, who nailed the national anthem. Japan’s snap elections hand major win to pro-US PM. Just three months into her tenure as Japan’s prime minister, Sanae Takaichi’s Liberal Democratic Party swept snap parliamentary elections she called “seeking the people’s trust” to pursue her economic vision. The LDP and its coalition partner, the Japan Innovation Party, won “overwhelming control” of the lower chamber of Parliament, and the ability to overrule the small upper house, according to the Wall Street Journal. Takaichi considers the results a mandate to increase defense spending and manufacturing in Japan, and to become the US’ key ally in Asia. Washington Post CEO leaves, owner Bezos refocuses on “data.” On Saturday evening, WaPo CEO Will Lewis, who was tapped by Jeff Bezos to lead the outlet in 2023, said he was stepping down from his post days after the newspaper initiated mass layoffs of nearly one-third of staff. Washington Post’s CFO Jeff D’Onofrio was named acting CEO and publisher. Following Lewis’s departure, Bezos released his first public statement since the layoffs. It did not address the outgoing CEO, but said the Post had an “extraordinary opportunity,” and its “roadmap to success” would come from readers’ data telling it “what is valuable and where to focus.”—HVL INDUSTRIAL Corning encourages AI to touch glass fiberoptic cable at a Corning plant The Washington Post/Getty Images Like everyone in the elevator at the end of Willy Wonka, US-based Corning is riding glass to new heights. The 175-year-old company’s stock hit an all-time high on Friday and is up more than 130% over the past year because it’s a surprising AI winner. Window to the future: Corning has long been an innovator, producing everything from Edison’s first light bulbs to Pyrex bakeware. Then, in 1970, the company’s researchers developed fiber-optic wire. But over time, that glass fiber product started to look like to look like it needed Windex. In 2018, Corning focused on making thinner, tougher glass cables that performed especially well in data centers. When the AI boom hit, the company was perfectly positioned to help build out the infrastructure: Late last month, Corning signed a $6 billion fiber-optic cable contract with Meta. The glassmaker expects other AI “hyperscalers” to follow suit. Glass bubble? Corning was on a similar trajectory from 1997 to 2000, but when the dot-com bubble popped, the company lost more than 90% of its value. The company says it’s more diversified now. In August, Corning signed a $2.5 billion deal to manufacture all of the cover glass for iPhones and Apple Watches.—BC     Together With Pernas Research Pernas Research These two brothers are uncovering Wall Street’s biggest finds. Deiya Pernas, former exec at a $3.5b fund, and Dean Pernas, a trained chemical engineer, left their careers to build Pernas Research. Their portfolio has returned 30.4% annualized over nine years. Want monthly ideas and weekly highlights? Join their list today. CALENDAR The week ahead Wuthering Heights premiereTommaso Boddi/Getty Images It’s jobs report week (again): January jobs data was supposed to be released last week, but a short-lived government shutdown postponed the report until Wednesday. December’s data was weaker than expected, so analysts will be watching to see whether the labor market hit the gym with everybody else in January and got stronger. The government shutdown also delayed the release of the consumer price index (CPI) report by a couple of days, so we’ll have to wait until Friday to get an inflation check. Another significant Meta case gets underway this week: For the second time in 2026, the Facebook and Instagram parent company will be in court today over allegations that its products harm children. New Mexico’s attorney general alleges that Meta’s social media apps expose children to exploitation by prioritizing engagement over safety. A Meta spokesperson said the trial will prove the company’s “longstanding commitment to supporting young people.” Meta also went to trial late last month in a separate California case alleging it tried to get young people addicted to its apps. Love is in the air on Saturday: The Valentine’s Day poem you wrote for your partner may be priceless, but not everyone’s a wordsmith. Consumer spending on the holiday is expected to hit a record $29.1 billion this year, according to the National Retail Federation and Prosper Insights & Analytics, with the most popular gifts being candy, greeting cards, and flowers (yawn—we’re partial to coffee). Everything else: It’s still earnings season, so keep an eye out for results from Coca-Cola, CVS Health, and Spotify tomorrow, and Cisco, McDonald’s, and Shopify on Wednesday. Starting today, crypto enthusiasts will be discussing “the future of finance” at Bitcoin Investor Week in New York. Rule No. 1 of planning a bitcoin party: When the chips are down, buy the dip. Plenty of options hit movie theaters on Friday, including Wuthering Heights, starring Margot Robbie and Jacob Elordi. Or bring the kids to see the animated sports romp GOAT (not those kids). STAT Prime number: 3 friends, 60 Super years a scene from Super Bowl I in 1967A scene from Super Bowl I. James Flores/Getty Images A lot has changed since Vince Lombardi’s Green Bay Packers won the first Super Bowl back in 1967, but only three fans remain who witnessed the game’s evolution in person. Octogenarians Tom Henschel, Don Crisman, and Gregory Eaton have been to all 60 Super Bowls. In 1967, tickets cost $12. The University of Arizona and Grambling State marching bands played the halftime show. And about 24 million people watched it on TV. This year, it cost thousands to get in, Bad Bunny played the halftime show, and more than 100 million viewers watched it at home. Super Bowl LX probably had more AI commercials than the first big game, too.—BC Together With Nature's Craft Nature's Craft Sleep, but smarter. Melatonin’s messy. Nature’s Craft is not. Their non-hormonal sleep stack pairs Magtein® magnesium with L-theanine, lemon balm, and apigenin for deeper rest and clearer mornings—no grogginess, no habit-forming drama. Vegan, lab-tested, USA-made. Plus, you can get 20% off with code FBMAGNES20. Rest smarter, starting tonight. NEWS What else is brewing House Minority Leader Hakeem Jeffries said that Democrats “haven’t heard back” from Republicans regarding proposed limits on ICE, which are central to the Department of Homeland Security being funded past February 13 in Congress’s current deal. President Trump reversed his opposition to Nexstar—the largest owner of local TV stations in the US—acquiring its smaller competitor Tegna, writing on Truth Social, “We need more competition against THE ENEMY, the Fake News National TV Networks.” Jimmy Lai, the Hong Kong media magnate and pro-democracy advocate, was sentenced to 20 years in prison. Team USA won the gold medal in team figure skating at the Milan-Cortina Olympics, thanks to stunning performances by Madison Chock and Evan Bates, as well as “Quad God” Ilia Malinin. Lindsey Vonn crashed out just 13 seconds into her Olympic downhill run yesterday. The accident reportedly had nothing to do with the ACL injury she sustained on January 30. RECS To-Do List Sleep: Sometimes, all it takes to get a solid eight hours of sleep is the right PJs.** Reset: Did you know you can program a rest day in your Apple Watch rings? Spell check: Witches say Etsy has stopped letting them offer spellcasting services. Be well: See which states flu-like illnesses have peaked in. Crystal clear: These tiny hearing aids from hear.com help make speech sharper and noise quieter. Don’t let background noise muddle February’s highlights. Try them for 45 days at no-risk.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Turntable: If you get stumped by this week’s letter mix, just think of Cher, or other famous word games, and maybe you’ll get inspired. Play Turntable here. Pizza trivia Happy National Pizza Day! Here are five trivia questions about…pizza. In what Italian city was modern pizza invented? What American city is known for its rectangular, thick-crust pizza in which the cheese is layered on first before the rest of the toppings? What is the third-largest pizza chain in the US by number of locations, after Domino’s and Pizza Hut? New Haven is known for its “Big 3” apizza restaurants—can you name one? Pineapple and ham are common toppings for which type of pizza, named after a US state? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Naples Detroit Little Caesars Frank Pepe, Sally’s, or Modern Hawaiian Word of the Day Today’s Word of the Day is: mandate, meaning “a command to act.” Thanks to D. Burr from Washington, DC, for empowering us with the suggestion. Submit another Word of the Day here.           Written by Holly Van Leuven , Brendan Cosgrove, and Neal Freyman Was this email forwarded to you? Sign up here. 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Inside Big Tech's $650 billion spending plans...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fq6vyq.2b9zd/5ec63b73.gif" alt="" border="0" /></a> February 07, 2026View Online | Sign Up | Shop Morning Brew Presented By Need a cough drop? Even if you don’t, we recommend getting into character now if you plan on being one of the 26 million people projected to call out of work on Monday, per the firm UKG. We have some backup excuses prepared in case you already feigned an illness after last year’s Super Bowl: My doctor told me I shouldn’t go anywhere while my blood is still 40% queso. I’m having a severe allergic reaction to shareholder value. I just got my hair done and it’s too windy outside. Don’t you think everyone could use a break from me? And if you work at home, there’s one that always hits: I wronged the crow that I had previously befriended, and it stole my wi-fi router. —Molly Liebergall, Brendan Cosgrove, Dave Lozo, Sam Klebanov, Matty Merritt, Abby Rubenstein, Holly Van Leuven MARKETS Nasdaq 23,031.21 +2.18% S&P 6,932.30 +1.97% Dow 50,115.67 +2.47% 10-Year 4.206% +0.0 bps Bitcoin $70,530.88 +9.84% Strategy $134.93 +26.12% Data is provided by *Stock data as of market close, cryptocurrency data as of 7:00pm ET. Here's what these numbers mean. Markets: Channeling the Patriots in their 2017 big game victory over the Falcons just in time for this year’s Super Bowl, stocks made a stunning comeback yesterday after three days of losses. The S&P 500 had its best day since May, and the Dow Jones crossed 50,000 for the first time as investors tossed AI fears aside (more on those below). Bitcoin also began to bounce back, which helped bitcoin treasury firm Strategy regain ground.   MONEY Guess how much Big Tech will spend on AI this year Money sign floats between logos of Amazon, Google, Microsoft, and Meta Shannon May Hint: It’s comparable to the value of all of Sweden’s goods and services, or to the net worth of four-ish Warren Buffetts. Answer: Four of the largest tech companies in the world project that they’ll spend roughly $650 billion combined on AI infrastructure in 2026, representing a historic ball-out for corporate capital expenditures, Bloomberg reported yesterday. Here’s who’s spending what: Taking the cake, Amazon announced Thursday that it’s planning to drop $200 billion on AI, chips, robotics, and satellites. A day earlier, Alphabet said its capital expenditures could reach $185 billion, blowing past estimates. Last week, Meta pegged its capex as high as $135 billion—an 87% jump from the year prior—driven by the company’s goal of achieving AI superintelligence. Microsoft is expected to spend nearly $105 billion during its fiscal year ending in June. Their collective splurge is estimated to be 60% higher than it was last year, when Big Tech was already busy juicing budgets for data centers and chips that cost tens of thousands of dollars each. This year’s projected spend appears to rival only two other capex booms in US history: when telecom companies laid cable in the 1990s, and when railroad companies laid tracks in the 19th century. Both turned out to be bubbles. Everyone’s debating whether this time is different… …and investors are more on edge than you when you’re watching The Bear. Amazon and Alphabet’s stocks each lost a few points this week after sharing their hefty AI spending plans. The week prior, Microsoft (but not Meta) got battered when its capex updates spooked Wall Street so badly that it shed $357 billion in one day—the second-largest decline in market value for any stock, ever. Meanwhile, the shovels are all right: Shares of semiconductor companies Nvidia, AMD, and Broadcom each surged more than 7% yesterday amid news of Big Tech’s spending plans. Yesterday, Nvidia CEO Jensen Huang told CNBC that eye-popping AI capex is appropriate and sustainable.—ML     Presented By SoFi Safeguard your crypto Interested in crypto, but want a secure platform? Meet SoFi, the first national chartered bank where retail customers can buy, sell, and hold 25+ cryptocurrencies with the safeguards of a bank. Access cryptocurrencies like Bitcoin, Ethereum, Solana, and more on a federally regulated platform—all in the same app where you manage the rest of your finances. Want a $10 bonus? Just open a SoFi Crypto account, make a qualifying crypto purchase of $10 or more by 2/7/26 with funds from your SoFi Checking and Savings account, and get $10 in Stablecoin for more SoFi Crypto trades (terms apply). Learn more now. WORLD Tour de headlines Mariah Carey at the Olympics Opening CeremonyElsa/Getty Images The Winter Olympics officially opened in Milan. Italian culture shined at Milan’s San Siro Stadium in an elaborate opening ceremony for the Winter Games yesterday, while the lighting of the Olympic torch took place at multiple locations for the first time ever: Milan’s iconic Arco della Pace and the Dolomite mountain ski town of Cortina d’Ampezzo. The ceremony featured more than 90 national teams competing over the coziness of their wintry drip—from Team USA’s Ralph Lauren wool sweaters to Mongolia’s silk-trimmed cashmere emblazoned with traditional horn motifs. And Mariah Carey performed the 1950s Italian hit “Volare,” clad in a glittering ice queen ’fit by Fausto Puglisi and $15 million worth of diamonds.—SK Stellantis expects pivot from EVs to cost it $26 billion. The owner of Jeep and Chrysler said yesterday that reversing its move toward electric vehicles would result in a 22.2 billion euro ($26 billion) hit to its profit. The news sent its stock down ~27% in European trading. But it’s not the only automaker to face big costs in order to hit the brakes on plans to make more EVs—which have not caught on as expected with consumers—in favor of making more popular hybrids and traditional gas models. Ford reported $19.5 billion in charges, and GM took a $6 billion hit.—AR Celebrity organic snackmaker pops 17% after IPO. Her resume already includes superspy and superhero, and now Jennifer Garner can add successful farmer to her list of credentials. Once Upon a Farm, which the actress joined as a co-founder in 2017, raised $197.9 million in an initial public offering. The stock then closed at $21.05 per share, above its IPO price of $18, giving the company a market value of $847 million. The seller of organic baby food and kids snacks, which refers to Garner as “Farmer Jen,” has grown as consumers seek out less processed foods.—AR MEDIA AI might be the MVP of Super Bowl LX An image from a Super Bowl ad with Guy Fieri in it. Bosch The future is here, and so is Guy Fieri. That pretty much sums up the theme of this year’s Super Bowl ads, which over-index on breakthrough technologies like AI and GLP-1 drugs, as well as celebrity appearances. Say “Whassup” to the future: Like dot-com businesses in 2000 and crypto exchanges in 2022, the AI industry is in a bubble spending big this year, with Anthropic, Google, Amazon, and Meta each running commercials to showcase their AI wares. Plus, the technology is getting some free advertising from Svedka Vodka, which created its ad using mostly AI. Lifestyles of the fit and famous: Health will also play a big role in this year’s spots, and several companies are enlisting star power: Actresses Octavia Spencer and Sofia Vergara will promote kidney health in an ad for pharmaceutical company Boehringer Ingelheim. Actor Kenan Thompson will advertise Wegovy weight loss pills in Novo Nordisk’s first Super Bowl ad ever. Tennis legend Serena Williams will promote telehealth company Ro’s GLP-1 options. A-list advertising: From snacks to sportsbooks, just about every other commercial will feature a celebrity. Commercials for food delivery apps alone will star Matthew McConaughey, Bradley Cooper, Parker Posey, and George Clooney. As for Fieri, he’ll be featured in a commercial for Bosch Power Tools.—BC     Together With TurboTax No fog or fuss here. When a local TurboTax expert takes care of your taxes, you get a 100% accuracy guarantee. And for a limited time, they’re offering to do your taxes for $150 flat. There are no hidden fees, and all tax situations are included. Get matched with your expert and file by Feb. 28. Applies if a TurboTax expert didn’t file for you last year. ICYMI Have you heard… Here’s everything that didn’t make it into this week’s newsletters but we immediately sent to the group chat. With Justin Bieber, Sydney Sweeney, and other celebrities selling their own lines of underwear, The Hollywood Reporter asked, “Is underwear the new tequila?” Unless you check your banking app the morning after a night out and see a charge for 15 shots of underwear that you don’t remember, the answer is no. A finalist for the People’s Choice Wildlife Photography Award is a picture of a deer with the rotting head of another deer stuck in his antlers. NBA insiders are calling it the perfect metaphor for this season’s Milwaukee Bucks. The Louvre said that a royal crown stolen from the museum that was dumped on the floor last October was found crushed but “nearly intact.” Crushed but nearly intact is how we all feel after we’ve been dumped. The NHL offered a cancer survivor a chance to win $1 million for a cancer research center in Tampa, but since he missed two nearly impossible shots into a puck-sized opening, the league only donated $200,000. It’s like they heard people say that nothing can stop the positive momentum around hockey from Heated Rivalry and went, “Oh yeah? Watch this.” A drawing of a foot by Michelangelo sold for $27.2 million. OnlyFans asked for its standard 20% commission before realizing the foot picture sold at Christie’s auction house.—DL Together With Kalshi Who will lift the Lombardi? The New England Patriots and Seattle Seahawks are set to kick off the Super Bowl in Santa Clara, California, mere hours from now. Kalshi traders have something of a favorite between Drake “Drake Maye” Maye’s Patriots and comeback kid Sam Darnold’s Seahawks. See the odds and make your predictions. COMMUNITY Crowd work Last week, we asked: “What’s a simple but delicious snack recipe everyone should know about?” Here are some of our favorite responses: “A Ritz cracker with a dollop of sour cream and a hamburger dill [pickle] chip on top. Be careful—you and a friend can put away a whole sleeve of crackers before you know it!”—Betsy B. from Houston, TX “‘Pane e sale’ is Italian peasant food that takes stale bread, toasts it, drizzles it with olive oil, and salts it well. If you have an overripe tomato to squeeze onto it, even better.”—Rose from Tenafly, NJ “Peanut butter balls: Mix equal amounts of peanut butter and honey, then stir in enough powdered dry milk or protein powder to make a very stiff dough. Roll into balls and store in the fridge.”—Ingrid from Utah “While craving sweets and destitute of groceries in college, I discovered that mixing frozen blueberries with any milk of your choice makes adelectable, slushy snack.” —Maddy from New York “Sliced mango and cucumber drizzled with lime juice and Tajin (and toothpicks to pick from bowl).”—Omar from Knoxville, TN This week’s question What is your favorite piece of home decor or furniture you’ve ever gotten? Sam’s answer to get the juices flowing: “I once snagged a midcentury lacquered wood dresser for free off Facebook Marketplace. It hasthe substantial look of a bank building and the durability to last centuries, so hauling it up to my fourth-floor walk-up was totally worth it.” Submit your response here. NEWS What else is brewing President Trump yesterday took down a video he posted to Truth Social on Thursday night, which depicted the Obamas as apes, following bipartisan backlash, including Republican Senator Tim Scott calling it “the most racist thing I’ve seen out of this White House.” The White House had initially defended the post, calling criticism of its racist imagery “fake outrage.” Nuclear talks between the US and Iran ended with an agreement to keep talking. A suspect the Justice Department accused of being a “key participant” in the deadly 2012 attack on the US diplomatic outpost in Benghazi, Libya, has been taken into custody to face prosecution in the US. Uber was ordered to pay $8.5 million and held liable in a lawsuit accusing one of its drivers of raping a passenger, in the first of thousands of cases seeking to hold the company responsible for alleged misconduct by drivers. The FDA said it would restrict GLP-1 ingredients used to make copycat weight loss drugs, sending shares of telehealth company Hims & Hers, which recently announced plans to make a compounded pill, down in after-hours trading. The Justice Department is probing whether Netflix has engaged in anticompetitive tactics as it weighs whether to approve its proposed acquisition of Warner Bros. Discovery, the Wall Street Journal reports. Skiing’s governing body rejected the “wild rumor” that ski jumpers were using unusual anatomical enhancements to up their game. RECS To-Do List Play: Help Scotland Yard solve a murder from the comfort of your couch.** Bet on it: 60 potential wagers for Super Bowl LX. Read: Books to enjoy during Black History Month. Experience the moorlands: You can stay in Catherine’s bedroom from the new Wuthering Heights movie. Bringing a brooding companion is optional. Coffee lovers: Get your first bag free from Atlas Coffee Club, and treat yourself to world-class, roasted-to-order coffees from 50+ countries. Snag or gift this freshly brewed deal.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Crossword: Whether or not you have any interest in the Super Bowl, we can absolutely guarantee that you’re going to have a ball with this week’s big puzzle. Play the Crossword here. Open House Welcome to Open House, the only newsletter section that’s going north for the winter. We’ll give you a few facts about a listing and you try to guess the price. Oceanfront mansion in Nova ScotiaZillowToday’s home is right on the ocean in Glen Haven, Nova Scotia. Heated Rivalry Season 2 could do some amazing things with this 4,474-square-foot home. Amenities include: 3 beds, 3.5 baths Wraparound deck Drum set mere inches from the basement bar How much for the Canadian cottage? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER C$2.3 million (~$1.6 million) Word of the Day Today’s Word of the Day is: emblazoned, meaning “adorned with.” Thanks to Emily from Philadelphia for the fashionable suggestion. Submit another Word of the Day here.           Written by Abigail Rubenstein, Molly Liebergall, Brendan Cosgrove, Dave Lozo, Sam Klebanov, Matty Merritt, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew   Retailers: Retail Brew Healthcare: Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

Yesterday might have been crypto’s Black Thursday...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fq6faj.2flfr/6943ec28.gif" alt="" border="0" /></a> February 06, 2026View Online | Sign Up | Shop Morning Brew Presented By Happy Friday. The Super Bowl is just two days away, and if you’re hosting people for the game, now is the time to start preparations. A few tips: Update the jersey number on your old Patriots voodoo doll. Pre-watch all the commercials online so you can tell your guests which ad they're watching (they will appreciate this). Make a slideshow explaining why Bad Bunny is neither bad nor a bunny. Instead of napkins, go out and buy everyone bibs. Once these get taken care of, the party will basically host itself. —Sam Klebanov, Molly Liebergall, Dave Lozo, Adam Epstein, Holly Van Leuven MARKETS Nasdaq 22,540.59 -1.59% S&P 6,798.40 -1.23% Dow 48,908.72 -1.20% 10-Year 4.210% -7.0 bps Bitcoin $64,101.72 -12.50% Qualcomm $136.30 -8.46% Data is provided by *Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean. Markets: Stocks took the Thing’s catchphrase too close to heart yesterday and got clobbered for the third day in a row, as investors continue to cool on the tech sector. Qualcomm was one of Thursday’s flops after the semiconductor-maker said that a global memory chip shortage was affecting smartphone sales.   FINANCE Yesterday might have been crypto’s Black Thursday Bitcoin crypto winter Nick Iluzada It’s time to put aside any differences with your crypto trader cousin and give him a call to make sure he’s OK. The price of bitcoin fell as much as 10% yesterday, dipping below $70,000 for the first time since it began rallying on President Trump’s 2024 election. Almost half of its value has been decimated since it peaked in October. As bitcoin fell below certain price thresholds on its way down, some investors were forced to sell their holdings, causing it to cascade further. Crash catalysts Spooked by wider market turbulence, investors have soured on the volatile virtual coins and other risky bets, like tech stocks. Adding more bearishness to an already dour crypto mood was Trump’s recent nomination of Kevin Warsh to lead the Federal Reserve, since he is perceived as being likely to pursue policies that dampen the value of crypto. Meanwhile, Treasury Secretary Scott Bessent recently suggested the US government won’t bail out crypto, increasing the gloom. Might not be a blip Investors have been losing enthusiasm for the idea that a crypto-friendly Trump administration will usher in an industry golden age, particularly amid stalled regulatory efforts. And many are questioning what bitcoin is actually useful for: Crypto payments usually happen via stablecoins, as opposed to volatile tokens like bitcoin. There are also doubts about its value as a safe-haven asset, with investors preferring to pile into gold and silver amid recent geopolitical turmoil and a weakening dollar. Bloomberg’s Joe Weisenthal noted that with AI supplanting crypto as the next big thing, the technology is hoovering up resources. And as online crypto hypeists become a dying breed, there’s less eagerness to buy the dip. Looking ahead…though there’s been crypto downturns before (like in 2021 following the FTX fraud scandal fallout), many observers think this one might herald a prolonged crypto winter, especially if companies with a business model that hinges on hoarding crypto are forced to sell their holdings to cover losses.—SK     Presented By Webull Whatcha watching this weekend? Allow us to put Webull’s sports prediction markets on your radar. They allow fans to trade event contracts on who will win Sunday’s big game, the spread, the total score, and more. For this weekend, they’re offering $0 commission* on all big game-related trades. To get started, open an Event Contract account and choose your position. From there, you can explore available markets and track how your prediction performs throughout the game. Plus, you can join Webull’s in-app community feed to discuss the big game and your strategic predictions alongside 25 million users. Set up your Webull account. All event contracts are priced under $1 per contract. No minimum balance is required. Exchange fees still apply.* WORLD Tour de headlines A pile of Amazon packagesBeata Zawrzel/NurPhoto/Getty Images Amazon is spending much more on AI than expected. Capping off a busy week of earnings for Big Tech, yesterday it was Amazon’s turn to wow with its latest financials. While it beat Wall Street’s revenue expectations, it also spooked investors by revealing that it expects capital expenditures on projects like AI, chips, and data centers to climb to $200 billion this year—much more than analysts were expecting. Following the announcement, Amazon’s stock immediately fell 10% in afterhours trading. It was a crucial earnings for Amazon as it defends itself against the perception that it’s falling behind rivals in the AI race. In addition to spending hundreds of billions on its own AI products, Amazon is reportedly in talks to invest up to $50 billion in OpenAI. Novo Nordisk calls cheaper Wegovy copycat from Hims & Hers “illegal.” The Danish pharma giant behind Wegovy said it would take legal action against Hims & Hers after the telehealth company said it planned to release a version of the Wegovy weight loss pill for only $49 (Novo sells it for $149). “This is another example of Hims & Hers’ historic behaviour of duping the American public with knock-off GLP-1 products,” Novo said. Hims & Hers said its pill was legal because it used a different formulation and delivery system than Novo’s patented drug, semaglutide. Novo shares dropped more than 6% yesterday following the announcement by Hims & Hers. Bob’s Discount Furniture is now a public company. Here’s a free slogan idea for the furniture chain (or for anyone named Bob): “Bet on Bob.” Because now Americans literally can, after Bob’s Discount went public on the New York Stock Exchange yesterday. The company raised $331 million in its initial public offering, and its stock increased as much as 11%, valuing the place known for affordable couches at around $2.42 billion. Bob’s kicks off what’s likely to be a big year for IPOs, with SpaceX, OpenAI, and Anthropic all expected to go public in 2026.—AE MEDIA OpenAI really doesn’t like Anthropic’s Super Bowl ad Anthropic Instead of the Seahawks and the Patriots, why don’t we throw ChatGPT and Claude in some pads and have them duke it out? That’d save you from reading the scroller that Sam Altman penned this week after Anthropic revealed its first-ever Super Bowl commercials, which flame OpenAI’s plans for in-chat advertising (without naming names). In one of Anthropic’s spots, a guy asks a smiling chatbot incarnate to help him get a six-pack. He shares his age, weight, and height (5'7"), and the personified bot responds with an ad for height-boosting insoles. “Dishonest” and “deceptive” are what Altman called the commercials in a post on X. OpenAI “would obviously never run ads in the way Anthropic depicts them,” he wrote. He also panned Anthropic as “authoritarian,” claiming it “wants to control what people do with AI.” Anthropic’s commercials—and pledge to keep Claude ad-free—come after OpenAI said last month that it would start testing ads for free ChatGPT users and low-tier subscribers. Promotions will be labeled and won’t influence ChatGPT responses…but they’ll also be relevant to your conversation, OpenAI has said. Meanwhile…yesterday, OpenAI announced a new platform for businesses to build AI agents, and Anthropic launched its latest Claude model. They’re both targeting corporate customers—an area where Claude excels despite its smaller overall user base.—ML     Together With T-Mobile Talk about a win-win. Wanna save on your essentials? With T-Mobile, you can earn 2% in rewards on every purchase every day, using T-Mobile Visa®.* From there, you can redeem your rewards toward a new phone, device, accessory, or even your T-Mobile bill, excluding backorders (additional exclusions may apply).** Learn more. SPORTS It’s time to get passionate about luge again An Olympic skier flying through the air Patrick Smith/Getty Images Get ready to wave back at your screen when you see people from your country in track suits, because the opening ceremony for the 2026 Winter Olympics in Italy commences live at 2pm ET on NBC and Peacock today. You probably have one burning question: Is Snoop Dogg part of the broadcast again? Since NBC loves ratings, the answer is yes. But if you’re a purist who actually cares about the Games, there are many intriguing storylines: NHL players return for the first time since 2014, becoming the second most interesting hockey-related subject right now behind Heated Rivalry. Lindsey Vonn will participate in skiing events despite tearing her ACL on Jan. 30. Men’s figure skater Ilia Malinin, aka “Quad God,” could become the first person to land a quadruple axel at the Olympics. What’s new? Ski mountaineering is the first new sport since 2002. “Skimo,” as it’s called, involves hiking up a mountain and skiing back down. It’s both a grueling test of endurance and an overly ambitious first date. Precious medals: Thanks to the rising costs of gold and silver, the cash values of gold ($2,300) and silver ($1,400) medals are worth more than double the medals at the 2024 Summer Games in Paris.—DL     STAT Prime number: Worst January for layoffs since 2009 Adobe Stock Not since the year the Black Eyed Peas released “Boom Boom Pow” has a January been this rough. According to data from Challenger, Gray & Christmas, US companies cut 108,435 jobs last month—the most in any January since the global financial crisis: That’s an 118% increase from the year before. Amazon and UPS axed about 16,000 and 30,000 roles, respectively, in January. While a lot of companies have blamed AI for recent layoffs, some observers are beginning to wonder if execs are using the technology as an excuse to mask other internal issues in a phenomenon known as “AI-washing.”—AE Together With Golf Digest Golf Digest Go inside the ropes at Pebble Beach. Golf Digest and Peter Millar are giving away a 4-day/3-night trip, March 8–11, to a Pebble Beach® getaway with three iconic rounds, luxe lodging, head-to-toe outfits from Peter Millar, and air + ground transportation. Hurry, sweepstakes end on 2/8/26. QUIZ Friday news quiz Friday news quiz banner The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to realizing that the new show you want to watch is on a streaming app you actually have. It’s that satisfying. Ace the quiz. NEWS What else is brewing The US military struck a boat allegedly trafficking drugs in the Eastern Pacific yesterday, killing two people on board. It’s the second strike on a vessel disclosed this year. The Trump administration reportedly plans to make it easier to discipline or fire federal workers by creating a new category of employee that’s not subject to firing rules. Nancy Guthrie, the missing mother of Today co-anchor Savannah Guthrie, is “still out there,” authorities said at a press conference yesterday, and that “everybody’s still a suspect in our eyes.” Saudi Arabia is in talks with Boeing and Airbus for what would be the largest plane purchase ever, Bloomberg reported. Elon Musk must sit for a deposition about the dismantling of USAID by his Department of Government Efficiency (DOGE), a judge ruled. Pizza Hut is closing 250 underperforming locations in the US, parent company Yum! Brands announced this week. Toyota announced that CEO Koji Sato would step down and be replaced by current CFO Kenta Kon, effective April 1. Sato will become vice chairman and chief industry officer. Spotify is partnering with Bookshop.org to allow users to buy physical copies of books from its app. RECS To-Do List Wear: A cashmere cardigan that keeps you warm and stylish in these frigid temps.** Learn: A version of Wikipedia that you can scroll through like X. List: “Clarion” and 23 other words that are typically used alongside only one other word. Read: The 50 best plays of all time. Spoiler alert: Shakespeare is on the list. Awaken arousal: In more ways than one with this award-winning, FDA-registered bendable vibrator that’s doctor-recommended to intensify arousal and lubrication—naturally. Get 50% off now* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Jigsaw: We bet you’ve seen a lot of ice lately, but probably none like this. Play the Jigsaw here. Friday puzzle Using the first three “equations” as your guide, what is the answer to the fourth? 8 + 2 = 16106 5 + 4 = 2091 9 + 6 = 54153 7 + 3 = ? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER 21104 To arrive at each answer, you first multiply the two numbers, then add the two numbers, and finally subtract the two numbers. Your final answer is each of these answers strung together. (Source) Word of the Day Today’s Word of the Day is: clarion, meaning “loud and clear.” Thanks to Pete from Hanover, NH, for the suggestion. Submit another Word of the Day here. ✢ A Note From Webull Exchange Fees still apply.* Trading in event contracts involves substantial risk and is not suitable for all investors. Please read the Event Contract Risk Disclosure prior to trading at (https://www.webull.com/fcm-disclosures). ✳︎ A Note From T-Mobile *T-Mobile Visa cardholders earn 2% back in T-Mobile Rewards on all other net purchases (purchases minus any credits or returns) using their T-Mobile Visa anywhere else Visa is accepted. **When redeeming T-Mobile rewards, your T-Mobile Visa must be used to pay any portion of the transaction not covered by T-Mobile Rewards. T-Mobile Rewards may not be redeemed for backorder purchases. Redemptions may not be available when using 3rd party digital wallets. See your Rewards Terms and Conditions for more details.           Written by Adam Epstein, Sam Klebanov, Molly Liebergall, Dave Lozo, and Holly Van Leuven Was this email forwarded to you? Sign up here. 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How AI tanked software stocks...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fq5pbk.2g15r/5bcc1f01.gif" alt="" border="0" /></a> February 05, 2026View Online | Sign Up | Shop Morning Brew Presented By Mornin’. Get ready to bust out your best coastal grandmother cardigan, because Nancy Meyers is back. The director will release her first movie in 11 years on Christmas 2027. Variety reports that the film’s budget ballooned to $150 million, pricing Netflix out of the project. Fingers crossed that means we’re getting a CGI fight scene between Jude Law and Owen Wilson in the most beautiful kitchen you’ve ever seen. —Matty Merritt, Dave Lozo, Molly Liebergall, Abby Rubenstein, Holly Van Leuven MARKETS Nasdaq 22,904.58 -1.51% S&P 6,882.72 -0.51% Dow 49,501.30 +0.53% 10-Year 4.275% +0.0 bps Bitcoin $72,885.70 -3.89% AMD $200.19 -17.31% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: Stocks mostly performed their own rendition of Tom Petty’s “Free Fallin’” yesterday as fears that AI could take a bite out of software companies’ business continued to rattle investors (more on that below). Advanced Micro Devices tanked despite its earnings beating estimates, as a weak sales outlook raised questions about whether the chipmaker can take on Nvidia.   Markets Sponsored by Frontieras Final week: Nasdaq ticker reserved. Land purchased. You have until Feb. 12 to invest in Frontieras at the current price. TECH AI’s latest victim: software stock Robotic hand shifting a mouse around the canvas in a circular motion Francis Scialabba The SaaSpocalypse is upon us, and it has turned Wall Street into a scene from 28 Years Later. Anthropic rolled out a new AI tool for its Cowork assistant this week, intended to automate contract review, legal research, and drafting. The tool shook an already nervous market, heightening fears that AI could threaten a whole range of software companies, from app developers to stock market data aggregators. How bad is it? A global software sell-off continued for a second day yesterday, after wiping out almost $300 billion in market value on Tuesday. The damage was widespread: LegalZoom.com Inc. fell nearly 20% Tuesday before ticking up 5% yesterday. Companies that track and package market data got hit hard. The London Stock Exchange Group dropped 6% yesterday, after plunging 13% on Tuesday. The S&P Global fell 11% Tuesday, its biggest drop since the start of the pandemic. Data and legal service company Thomson Reuters also fell 16% Tuesday. The panic spread to the tech sector more generally, dragging the Nasdaq down. But this didn’t all start this week… AI companies have been rolling out ways for anyone to build software or “vibe code,” regardless of coding experience. Whether these tools are good or not doesn’t really matter as far as the market is concerned. Their potential means companies could cut off their pricey contracts with HR software providers, IT vendors, or the entire Adobe Suite. The money side has noticed: Private credit firms, which poured cash into safe software companies and counted on their reliable subscription payouts, have been hurriedly stripping them from their portfolios faster than you can say “unsubscribe.” Apollo Global Management cut direct lending funds for software investments almost in half last year. The silver lining: These unproven AI tools won’t replace every software company overnight, and according to Nvidia CEO Jensen Huang, AI replacement may never happen. So, some investors see this as an opportunity to scoop up valuable tech stocks that got swept up in the panic.—MM     Presented By Frontieras A $2.1t energy breakthrough years in the making John D. Rockefeller’s empire would be worth $435b in today’s dollars. But “oil money” is old news, and something bigger is brewing today: a $2.1t opportunity to not burn coal. Patented tech from Frontieras is making this possible. It can reform coal into hydrogen, diesel, and other valuable commodities (like Rockefeller did with oil) without burning it. They’ve officially purchased land for their $850m flagship facility in West Virginia, earning praise from the state’s governor. They also recently reserved their Nasdaq ticker: FASF. With so many milestones in so little time, this could be investors’ last chance to get in at the current valuation. You have until Feb. 12 to invest in Frontieras at $7.38/share. WORLD Tour de headlines Google headquartersJ. David Ake/Getty Images Google is the latest to report an eye-popping AI spend. You’ve got to spend money to make money—especially if you’re a tech giant looking to develop AI. Lucky for Google parent Alphabet, it has money: The company reported that its fourth-quarter revenue grew to almost $114 billion, with a 30% jump in net income to $34.5 billion. The company clinched a record $403 billion in sales in 2025. But it also plans to spend big. Alphabet said its capital expenditures could hit $185 billion this year—double its 2025 spend. The news comes after Meta and Microsoft also reported major spending plans, sparking opposite reactions from the market. Last US–Russia arms control treaty expires. The New START Treaty, first signed in 2010 to limit the nuclear arsenals of former Cold War rivals the US and Russia, expires today, prompting fears that an arms race could ensue and heighten the risk of nuclear conflict. Russia said in September it would agree to continue to follow the treaty’s terms–but only if the US did, and this week, the country said it had not received a US response to the offer. However, President Trump has hinted at wanting to eventually negotiate a new deal, as well as include China in arms control discussions. Nike faces federal probe into alleged discrimination against white employees. The Equal Employment Opportunity Commission is investigating whether Nike’s DEI objectives resulted in “a pattern or practice of disparate treatment against white employees.” Nike did not respond to news outlets’ requests for comment. It’s the first high-profile investigation under the new head of the commission, which was initiated by the Civil Rights Act to combat workplace discrimination. Under President Trump, the agency has publicly called for cases involving bias against white workers.—AR MEDIA The Washington Post is laying off 30% of its staff The front of the Washington Post building Andrew Harnik/Getty Images Yesterday, the Washington Post’s executive editor, Matt Murray, informed more than 300 of the paper’s 800 journalists that their jobs were being cut. The decimation of the newsroom is the latest round of layoffs under the ownership of billionaire Jeff Bezos. The newspaper that changed its slogan to “Democracy Dies in Darkness” in 2017 broke the news about 90 minutes after sunrise in DC. The gutting comes after years of losing money and subscribers under CEO Will Lewis, whom Bezos appointed in 2023: In October 2024, Bezos spiked the paper’s endorsement of Kamala Harris during the presidential election. The Post reported that the decision led to a loss of at least 250,000 subscribers. Lewis was installed to increase readership and grow the business, with a plan that included leaning on AI. He told staff in 2024 that the company had lost $177 million over the previous two years, in part due to declining web traffic from once-reliable sources like Google and Facebook. In June 2025, WaPo’s circulation fell below 100,000 for the first time in 55 years. What’s next? The move will drastically shrink the international section, all but erase the sports desk, and restructure the local metro section as the paper shifts its focus to national news and politics. The Post Guild, the staffers union, called for a change of ownership and will hold a rally today.—DL     Together With iRestore Vote yes on better skin. Presidents Day is glowing up. From 1/26–2/16, save up to $900 on iRestore devices—or $1,550 on bundles—plus free gifts. The iRestore LED Face Mask uses dermatologist-recommended light therapy to fight wrinkles, acne, and dullness in just 10 minutes a day. FOOD & BEV Caviar bumps from McDonald’s tonight, queen? McDonald's-branded caviar kit McDonald’s Some people in five-year relationships will have to control their reactions when this is the only proposal they receive on Valentine’s Day. McDonald’s is releasing a free “McNugget Caviar” kit, the company announced this week, jumping on an internet food trend that could reel in more V-Day diners than usual. Putting Happy Meals to shame, the complimentary bundle includes: crème fraiche, a mother-of-pearl spoon, a $25 McDonald’s gift card intended for chicken nuggets, and a one-ounce tin of Paramount Caviar’s Siberian sturgeon roe, which usually costs $85. A limited number of kits (quantity undisclosed) will drop online only, at McNuggetCaviar.com, on Feb. 10. The fast-food chain said it was inspired by the viral trend of eating caviar on crispy chicken, which was popularized in recent years by celebrities including Rihanna and Momofuku founder David Chang. In dining, the trend filtered down from high-end restaurants to more casual ones as they realized adding caviar pads the bill, according to a 2024 Grub Street piece presciently titled “McCaviar.” Zoom out: After Mother’s Day, Valentine’s Day is the second-most popular holiday for dining out, according to the National Restaurant Association, but the sales bump is typically smaller for fast-food restaurants. McDonald’s attempt to change its fate is likely the most eye-catching offer among strip mall stalwarts—Burger King, Chick-fil-A, Pizza Hut, and others tend to offer simple discounts and heart-shaped meals.—ML     STAT Prime number: 80 years of slush A grave for frozen juice concentrateNick Illuzada Wherever you stand on the great pulp vs. no pulp debate, if you prefer your OJ still a little bit frozen with a slight metallic tang, we’ve got some bad news for you. After 80 years, Minute Maid is discontinuing its canned frozen juice concentrates in the US and Canada. All five flavors—orange juice, lemonade, limeade, pink lemonade, and raspberry lemonade—will disappear from store shelves once they sell out. The story of frozen juice concentrate is a tale as American as Fievel’s: The product was born when the US army ordered 500,000 pounds of orange juice in 1945 from a company then known as Florida Foods—though the war ended before it could be delivered. The company made it commercially available in 1946 as Minute Maid. It caught on, and the Minute Maid brand was bought in 1960 by Coca-Cola, which didn’t bring out non-frozen juice under its banner until 1973. But now, consumer tastes have shifted away from the slushy stuff, and Coca-Cola said it was shifting its focus to what the people actually want. Although the outpouring of love for the nostalgic canned stuff on social media shows that tubular juice has still got its fans.—AR Together With Garden of Life Garden of Life A smarter morning for your heart. Before coffee, emails, and chaos, show your heart some love. Pair daily movement, nourishing food, and Garden of Life’s DRF Heart Multi or Women’s Probiotic for an easy, science-backed ritual that supports heart health every day. Make it a habit. NEWS What else is brewing Border czar Tom Homan said 700 federal immigration agents would immediately withdraw from Minnesota, after two fatal shootings of US citizens by ICE agents there sparked protests. However, he stressed 2,000 agents would remain. Ryan Routh, who was convicted of trying to assassinate President Trump on a golf course in 2024, was sentenced to life in prison. Negotiations to extend Affordable Care Act subsidies that lapsed at the end of 2025 have effectively collapsed, according to key lawmakers involved in the discussions. Brad Karp, the chairman of elite corporate law firm Paul Weiss, resigned abruptly last night following the release of emails between him and the late disgraced financier Jeffrey Epstein. Eli Lilly is planning for a revenue jump this year thanks to weight loss drug sales, while rival obesity treatment-maker Novo Nordisk expects sales to dip. California can use its new Democrat-friendly election map in the upcoming midterms, after the Supreme Court declined to block it. Taco Bell’s same-store sales were up 7% last quarter, although its parent company’s earnings were mixed despite customers opting to live más. China plans to ban hidden car door handles, which are used by Tesla and other EV-makers. RECS To-Do List Journal: Feel more mindful and reflective for a few minutes each day.** Find your match: An app that lets you swipe through the opening lines of classic novels like they’re Tinder profiles. Get ready for the big game: 27 recipes for chicken wings. Or for the Games: Make the muffins that won the gold during the summer Olympics. Pay less for wireless: If you’re tired of overpaying for wireless, Tello’s got your back. No compromises on quality: Get Unlimited for $25/month, or build your own plan here.* *A message from our sponsor. **This article contains product recommendations from our writers. When you buy through these links, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Mini: Today’s Mini is called “Denial,” as in, what we feel about dessert having calories, or winter continuing to winter. Play it here. Three Headlines and a Lie Three of these headlines are real and one is faker than your efforts to put on real pants in the winter. Can you spot the odd one out? An angel resembling Italy’s Meloni is painted over after an outcry from church and state Wedding photo booth company exposes customers’ drunken photos These lamps will call your grandma What do you get when you put a mummy through a CT scan? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER We made up the one about lamps that dial out. Word of the Day Today’s Word of the Day is: tubular, meaning “having the form of or consisting of a tube.” Thanks to Tim from Augusta, GA, for the rad suggestion. Submit another Word of the Day here. ✢ A Note From Frontieras This is a paid advertisement for Frontieras’ Regulation A offering. Please read the offering circular at https://invest.frontieras.com/. Reservation of the ticker symbol is not a guarantee that we will be listed on the Nasdaq. Listing on the Nasdaq is subject to approvals. Under Regulation A+, a company has the ability to change its share price by up to 20% without requalifying the offering with the SEC.           Written by Abigail Rubenstein, Matty Merritt, Dave Lozo, Molly Liebergall, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew   Retailers: Retail Brew Healthcare: Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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PayPal’s stock tanks as it replaces its CEO...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fq58vx.2g1mw/af85d105.gif" alt="" border="0" /></a> February 04, 2026View Online | Sign Up | Shop Morning Brew Presented By Bunch AI A fine morning to you. Here’s some news you can use: According to a new study, rocking yourself to sleep can help you fall asleep faster, enter into a deeper sleep, wake up fewer times during the night, and retain more memories the next day. Guess we’re all babies now? Goo goo ga ga. —Matty Merritt, Dave Lozo, Sam Klebanov, Adam Epstein MARKETS Nasdaq 23,255.19 -1.43% S&P 6,917.81 -0.84% Dow 49,240.99 -0.34% 10-Year 4.274% +0.0 bps Bitcoin $76,188.06 -2.76% Palantir $157.88 +6.84% Data is provided by *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. Markets: Stocks did their best impression of “Alex Honnold, but bad at his job” and tumbled off a cliff yesterday amid a sell-off in tech. But Palantir was able to escape the damage after reporting Q4 earnings, which its CEO claimed were “the best results that I’m aware of in tech in the last decade.”   FINTECH Is PayPal crashing out? PayPal logo Stanislav Kogiku/Getty Images One of the many buttons to pay for your online order is having a bit of a meltdown. PayPal, the payment company that once revolutionized how to buy jeans over the internet, announced yesterday that it was replacing its CEO and it expects 2026 earnings to fall. The double whammy update sent stocks cratering more than 20%. Former HP CEO Enrique Lores will replace Alex Chriss as CEO, effective March 1. Chriss joined PayPal in late 2023 to restart growth after the Covid pandemic: He did make some headway with PayPal’s buy now, pay later (BNPL) program, crypto, and monetizing Venmo (which it has owned since 2013)…but the company’s stock continued to fall. The company’s stock has lost nearly half of its value in the last year. It’s tanked more than 84% in the last five years. PayPal’s board didn’t publicly offer much reasoning for the C-suite swap, only saying that the turnaround wasn’t happening fast enough under Chriss. What the heck happened to PayPal? PayPal has steadily lost market share as users ogled the hot new BNPL processors and big-name rivals like Apple and Google Pay. Pair that with lower- and middle-income consumers (its main user base) tightening nonessential spending, and the company hasn’t been able to claw its way back from a Covid slump. Its market cap is hovering around $50 billion, while its rival Stripe is reportedly valued at $110 billion, according to Yahoo Finance data. The new guy: Lores served on PayPal’s board for the last five years. His new job will mark the end of a nearly 37-year tenure at HP, where he started in 1989 as an engineering intern. Lores oversaw the split between HP and Hewlett Packard Enterprise, navigated an unsolicited takeover from Xerox, and took on the mammoth task of integrating your office printer with AI.—MM     Presented By Bunch AI This $4.4t opportunity depends on evolution Bunch AI $4.4t of value will be created by artificial intelligence, and mainstream tools are just the start. In fact, new companies are already evolving AI to proactively and independently handle some of humanity’s most complex, important tasks. Take Bunch, which built a network of AI agents that can literally run entire businesses. Their leadership development app proves it works, unlocking up to 3.5x higher profit margins and customer lifetime values over 100x higher than acquisition costs. But that was only the first step. Now, Bunch is carrying this proven tech across industries, licensing it to any business in need of efficiency gains. Share in Bunch’s growth today as an early-stage investor and unlock up to 18% bonus stock. WORLD Tour de headlines Disney CEO Josh D’AmaroVCG/Getty Images Disney named theme parks boss, Josh D’Amaro, as its new CEO. For the first time since 2005, Disney’s CEO will not be named Bob. Following months of speculation, the Mouse House tapped Josh D’Amaro, the head of its parks business, as CEO effective March 18, succeeding Bob Iger. Meanwhile, Dana Walden—the company’s entertainment co-chair who was widely seen as the runner-up to D’Amaro—was promoted to president and chief creative officer. The elevation of D’Amaro coincides with Disney’s theme parks business becoming its biggest profit center, well ahead of movies and TV. The company’s experiences unit, which includes parks and cruises, reported a record $10 billion in profit last quarter. The House passed a funding package to reopen the government. The three-day partial US government shutdown ended yesterday after the Republican-led chamber voted to approve $1.2 trillion in funding for most agencies through the rest of the fiscal year. The Department of Homeland Security (DHS), however, will only be funded through Feb. 13 as Democrats and Republicans continue to negotiate potential restrictions on immigration agents. Democrats have said they will not support funding for DHS until Immigration and Customs Enforcement is “reined in,” House Minority Leader Hakeem Jeffries said. Most Republicans have pushed back on those demands, but a small number of GOP lawmakers appeared to be open to them. Spain became the first European country to ban social media for teens. Starting next week, people under 16 will no longer be able to access many social media platforms after the Spanish government passed a series of measures designed to hold tech companies responsible for the harm done to their users. “Social media has become a failed state, a place where laws are ignored, and crime is endured,” Spanish Prime Minister Pedro Sanchez said. Spain joins Australia in officially banning social platforms for teens, while France and other countries are considering similar restrictions.—AE RETAIL Snackable content: Chips are getting cheaper A shelf filled with Doritos products Justin Sullivan/Getty Images After years of price hikes and numerous complaints, PepsiCo is finally listening to its customers. The maker of Doritos announced yesterday it will cut the cost of its most popular snacks “up to 15%” as early as this week to appeal to Americans feeling the pinch in a K-shaped economy. Now, the pain that comes with a bag of Flamin’ Hot Cheetos will still exist after you eat them but less so when you’re buying them. It’s a new direction: The average price of PepsiCo products climbed about 4% in the last two years after skyrocketing by double-digit percentages in 2022 and 2023. Since 2020, retail prices for salty snacks across the industry were up 38% as of June 2024, according to Jefferies analysts. Market adjustment: PepsiCo CEO Ramon Laguarta said this was a direct response to low- and middle-income consumers either abstaining from snacks or purchasing cheaper store-brand options. The company was also barraged with complaints about high prices via voicemails and emails. No shrinkflation: Sizing will remain the same, but the new sales tag will be advertised at a lower price. Zoom out: The price reductions coincide with this weekend’s Super Bowl, a big day for snacking. During the big game in 2024, Americans spent $670 million on snacks—tortilla chips were among the biggest sellers.—DL     Together With tastytrade The market’s moving. Are you? No matter what the market is doing, tastytrade’s advanced charts, in-feed news, and smart tools help you stay up-to-date and quickly adapt your strategy when the market shifts. Manage your entire portfolio on one platform with tastytrade. TRAVEL The world’s most famous fountain is no longer free Trevi fountain Niv Bavarsky It now costs two euros ($2.35) to visit Rome’s treasured Trevi Fountain—not including the three coins you’ll have to toss to marry a local, as the superstition goes. In a bid to tame crowd chaos, the city started charging tourists a fee this week to access the ornate sculptural fountain featured in Federico Fellini’s film La Dolce Vita and the Instagram story of every Roman holidayer. Additionally, there’s now a five-euro charge for some city museums. Still worth it The city says it’s not trying to deter visitors, but rather aims to raise a projected $7.6 million yearly to fund historic preservation and crowd control efforts at the site, insisting that two euros is peanuts for the chance to behold the Baroque-era marble masterpiece. A local official conjectured that if the fountain were located in New York, it would cost “at least $100.” But there are still two ways to visit Italy’s landmark water spewer for free: Go after 10pm, or relocate to Rome permanently, since locals are exempt. Rome isn’t alone…in combating overcrowding by tourists. Paris recently hiked the Louvre’s ticket price for non-Europeans from $26 to $37, while Venice imposed a daily five-euro city visit fee.—SK     STAT Prime number: Walmart joins the $1t club Getty Images Give yourself a pat on the back—your latest Walmart order of red solo cups, a tub of creatine powder, garbage bags, and a reading light you won’t actually use may have been what tipped the company over the edge and into $1t territory. The big-box retailer hit $1 trillion in market cap yesterday, thanks to the growth of its digital business: Walmart is only the 11th company ever to reach the $1t club, joining a group that largely consists of tech giants like Nvidia, Alphabet, Apple, and Microsoft. It’s the first traditional retailer to hit $1 trillion in value, the Wall Street Journal noted. Walmart still has a ways to go to catch its biggest rival, Amazon, which is valued at more than $2.5 trillion.—AE Together With Quince Bon voyage. Do you know what doesn’t make a voyage so bon? Luggage that can’t keep up, or even worse, breaks down while you’re still en route. That’s why Quince makes travel bags and suitcases built to move and designed to last. Get high-end features without the high-end markups. Check out their bundles. NEWS What else is brewing President Trump called on Republicans to “nationalize” elections and said that GOP officials should “take over” voting procedures in 15 states. X offices in France were raided by prosecutors as part of an investigation into its Grok chatbot’s dissemination of nonconsensual sexualized deepfakes, the Associated Press reported. Bitcoin dropped to its lowest price since President Trump’s victory in 2024, despite his administration’s crypto-friendly policies. Three-quarters of Greenlanders do not want to be part of the US, according to a new poll. Netflix and Warner Bros. execs defended their proposed $82.7 billion merger in front of a skeptical Senate committee yesterday. Sable Offshore, a Texas-based oil driller, is being investigated by the SEC for allegedly sharing inside information with select investors, including golfer Phil Mickelson. Lindsey Vonn, the three-time Olympic medalist skier, plans to compete in the Winter Games in Milan this month despite tearing her ACL five days ago. RECS To-Do List Gift: Here are 14 Valentine’s Day gifts that will make you go “aww.”** Dine: The most romantic restaurants in America, according to the Infatuation. Eat: Ina Garten, aka Barefoot Contessa, shared her most popular Super Bowl recipes. Prepare: Nineteen major Winter Olympics storylines to look out for. Turns out, the trail is the trip: AllTrails’ Travel-Worthy Trails spotlights eight unexpected destinations where hikes, culture, and sceneryare reason enough to book flights. Go where the trail takes you.* *A message from our sponsor. **This article contains product recommendations from our writers. When you buy through these links, Morning Brew may earn a commission. PLAY Games available from Morning Brew Word Search: OK, football fans, how well do you know NFL mascots? You have to ID them in today’s puzzle. Play the Word Search here. Olympics trivia As we gear up for the Olympics, name the last five host countries of the Winter Games (not including this year). SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER 2022: China (Beijing) 2018: South Korea (Pyeongchang) 2014: Russia (Sochi) 2010: Canada (Vancouver) 2006: Italy (Turin) Word of the Day Today’s Word of the Day is: dissemination, meaning “the act of spreading something widely.” Thanks to Jim from Bar Harbor, ME, for the suggestion. Submit another Word of the Day here. ✢ A Note From Bunch AI This is a paid advertisement for Bunch AI’s Regulation CF offering. Please read the offering circular at https://invest.bunch.ai/.           Written by Adam Epstein, Matty Merritt, Dave Lozo, and Sam Klebanov Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew   Retailers: Retail Brew Healthcare: Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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Disney's next CEO might come from its parks...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fq4i9z.2f61a/4caa239a.gif" alt="" border="0" /></a> February 03, 2026View Online | Sign Up | Shop Morning Brew Presented By iShares by BlackRock Rise and shine, campers. Yesterday, Punxsutawney Phil saw his shadow, which means six more weeks of winter. It was the fifth time Phil predicted a longer cold season in six years, and the thousands of gatherers at Gobbler’s Knob rightfully booed the groundhog, who is clearly in the pocket of Big Winter. We demand that local leaders take the integrity of this event seriously and investigate Phil to see if he has been placing big bets on Polymarket that he would see his shadow. —Dave Lozo, Sam Klebanov, Molly Liebergall, Abby Rubenstein, Neal Freyman MARKETS Nasdaq 23,592.11 +0.56% S&P 6,976.44 +0.54% Dow 49,407.66 +1.05% 10-Year 4.275% +3.0 bps Bitcoin $78,596.67 +2.46% Nvidia $185.61 -2.89% Data is provided by *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. Markets: Unlike the groundhog, stocks started February on a positive note, as metals and bitcoin remained volatile. Nvidia fell after the Wall Street Journal reported that it was pulling back from a $100 billion investment on OpenAI, making investors jumpy about circular AI deals again.   Presented By iShares by BlackRock Your cash can do more iShares by BlackRock Looking for higher yield than your current savings account? Or researching a potential place to stash your excess cash beyond your emergency fund? Meet SGOV, the iShares 0-3 Month Treasury Bond ETF, the largest Treasury ETF in the market at $70bn in assets under management.1 An alternative to researching bonds individually, ETFs like SGOV can make it easy to access short-term Treasury bills without the expensive, time-consuming prep associated with individual bonds. Don’t let your cash sit idly by. Pursue monthly income with SGOV from iShares. 1 Source: Morningstar as of 1/28/2026, based on assets under management. ENTERTAINMENT Parks may be driving Disney toward its next CEO A statue of Mickey Mouse outside of Disneyland Gary Hershorn/Getty Images It sounds like Disney adults are having a big say in who will be named the company’s new CEO. Bloomberg reported that theme parks head Josh D’Amaro is the favorite to replace two-term chief Bob Iger thanks to his division’s consistent profitability. His edge comes as parks once again bolstered the Mouse’s middling earnings report, which beat estimates but sent the stock tumbling 7% yesterday. Disney’s experiences unit, which includes parks and cruises, reported a record $10 billion in profit last quarter. Since D’Amaro was placed atop Space Mountain in 2020, experiences has accounted for a majority of the company’s profits. Kalshi gives him an 89% chance to do his best Tom Wambsgans and move from parks to the CEO chair when the board votes on a new company leader this week. Hitting it out of the parks: Total attendance at its US theme parks only climbed 1% in the most recent quarter but visitor spending jumped 4% due to concession sales (having a beer at every country in Epcot Center isn’t cheap). So what’s dragging Disney down? First, the good news: Operating income in Disney’s streaming division surged 72% from a year ago to $450 million, and the company said it had fewer cancellations (it does not release subscriber totals). However, earnings per share and operating profit declined 7% and 9% year over year, respectively: Nonstreaming entertainment revenue crashed 55%. Sports operating income was down 23%, which can be attributed, in part, to a 15-day standoff with YouTube TV that Disney says cost $110 million in revenue. Disney released nine movies in the quarter compared to four a year ago, which comes with higher production costs. And Disney warned that parks and cruises growth could slow in the next quarter because of expansion costs, as well as “international visitation headwinds at our domestic parks” from tariffs and potentially stricter visa requirements. Zoom out: This earnings report represents the challenges that the next CEO will face—how to keep parks and streaming flourishing while managing the expected continued decline of linear TV.—DL     WORLD Tour de headlines Elon Musk and a SpaceX StarshipChandan Khanna, Chip Somodevilla/Getty Images Elon Musk combined SpaceX and xAI. In the rare mega-merger of companies run by the same guy, Musk has brought together his rocket company, which has been planning an IPO, and his AI company, which is best known for Grok, the off-color chatbot that’s good at generating NSFW images. Sources told Bloomberg that the deal, which has brought together two of the world’s largest private companies, values the combined company at $1.25 trillion. Musk said the tie-up would help him put data centers in space, funding bases on the moon and a colony on Mars. He also said the combination would provide scale “to make a sentient sun to understand the Universe and extend the light of consciousness to the stars!” The US and India reached a tariff-slashing trade deal. President Trump said on Truth Social yesterday that he and India’s Prime Minister, Narendra Modi, had reached a trade deal that would lower US tariffs on goods imported from India to 18%, in exchange for India ceasing to buy oil from Russia and purchasing more US exports. Under the deal, which Modi confirmed in an X post, the US will lower the “reciprocal” tariff Trump slapped on Indian imports from 25% to 18%, as well as removing an additional 25% duty that Trump imposed on India for purchasing Russian oil. We won’t get the scheduled jobs report on Friday. Yesterday was Groundhog Day, but you’re not reliving being told that official jobs data will be delayed due to a government shutdown; it’s happening again. The Bureau of Labor Statistics was slated to publish January’s report this Friday, but because it is part of the Department of Labor, which only had funding approved through Jan. 30, it has postponed publication. The current partial shutdown began on Saturday, with funding for ICE as a sticking point. But it’s unlikely to last long. Senators struck a funding deal that now must pass the House, and House Speaker Mike Johnson said that he hopes to get it passed today.—AR GOVERNMENT Uncle Sam will squirrel away critical minerals Critical minerals vault Niv Bavarsky The US is acting like your coupon-fiending grandparent—except instead of 79-cent canned pineapples it’s hoarding rare earth metals and critical minerals. The White House said yesterday that it’s launching a $12 billion strategic stockpile of the materials, which are vital for EVs, electronics, and healthcare equipment. The so-called Project Vault is meant to weaken China’s dominance of the supply chain for the crucial commodities, which it recently used for leverage in trade negotiations. America’s minerals stash will be funded by about $1.7 billion in private money, as well as a $10 billion loan from the government’s US Export-Import Bank. Corporate America is in Modelled after America’s strategic oil reserve, the stockpile will contain 60 days worth of metals for the US industry to tap into during an emergency: More than a dozen corporate giants, including General Motors, Boeing, and Alphabet, have invested, the White House said. Commodity traders Hartree Partners, Mercuria Energy Group, and Traxys North America will source the goods to fill the vault. The news temporarily buoyed shares of some US rare earths developers yesterday, but industry observers say that while the program could help alleviate commodity price spikes, $12 billion might not be enough to finance new mining projects that truly boost the supply of the scarce metals. Tomorrow…the US will convene 20 allied nations to discuss fortifying the international minerals supply chain to counteract China.—SK     Together With Elf Labs Elf Labs Disney didn’t reach a $200b market cap by accident. They did it by owning globally recognized character IP. After a 10-year legal effort, Elf Labs won historic rights to characters like Cinderella + Snow White—and they’re bringing them to life through multipatented, immersive technology. The company just reserved their Nasdaq ticker ($ELFS), but investors can still participate (+ get up to 35% bonus shares) while they remain privately held. Invest now. RETAIL Labubu is out. Crying horse is in. Three red plush horse toys; two frowning, one smiling Lyu Bin/Getty Images Like bubblegum or a sibling who’s youngest by seven years, the latest toy trend coming out of China is a happy accident: A $3.60 stuffed horse was transformed from a Lunar New Year tchotchke into a mascot for generational angst when its snout was mistakenly sewn on upside down. The so-called crying horse went viral on Chinese social media over the past month, so the toy’s producer decided to keep that frown right side up: The hashtag for “crying horse” has more than 190 million mentions on Douyin, China’s version of TikTok. About 15,000 units are ordered daily from China and abroad. Some fans joke about keeping a crying version at work and a smiling version at home. The New York Times said the toy’s producer turned down an interview request, citing exhaustion. It’s like the Year of the Horse’s Wario. The 2026 Chinese zodiac, the Fire Horse, is all about ambition, growth, and passion, but amid wage stagnation and a grueling “996” work culture, many of the country’s young adults feel more burnt out than fiery, and therefore feel seen by a sobbing equine. We’ll see how long this craze lasts. The frenzy for Labubus, China’s last must-have toy, may already be over—resale prices have tanked in recent months.—ML     STAT Prime number: Rise of the minivan dads A Honda OdysseyGetty Images While schools may still insist on calling mom any time a problem arises, there’s a new sign that dads are stepping up, too: surging minivan sales. With 393,812 vehicles sold last year, minivan sales were up 21%, compared to just 2% growth for car sales over all, according to research firm Edmunds. SUVs remain the most popular among people who want roomy cars, as minivans only account for 2.4% of the car market, Edmunds’s director of innovation told Yahoo Finance—but that’s the highest share minivans have captured since 2019. And despite minivans being as associated with suburban moms as the Bedazzler, millennial dads helped get it there. The Chrysler Pacifica was the best selling minivan, with a 2% jump in sales year over year. Chrysler president Chris Feuell told Automotive News that new minivan features like off-road tires were attracting a new kind of buyer, “predominantly men around 40 years old.” Meanwhile, Honda said its Odyssey was the top-selling minivan among millennials, and its sales rose 10.2% last year.—AR Together With Garden of Life Garden of Life A smarter morning for your heart. Before coffee emails and chaos, show your heart some love. Pair daily movement, nourishing food, and Garden of Life’s DRF Heart Multi or Women’s Probiotic for an easy, science-backed ritual that supports heart health every day. Make it a habit. NEWS What else is brewing Palantir reported $1.41 billion in sales for Q4, a 70% year over year jump that reflects demand for its AI and government tools. CEO Alex Karp defended the company’s controversial work for ICE. Immigration agents in Minneapolis will wear body cameras, DHS Secretary Kristi Noem said, and agents nationwide will receive them as funding becomes available. The Rafah border crossing between Egypt and Gaza reopened yesterday as part of the ceasefire between Israel and Hamas, with Israel allowing a small number of medical evacuees through. The US and Iran plan to hold nuclear talks on Friday amid rising tensions. Today show host Savannah Guthrie’s 84-year-old mother has been reported missing in Arizona and authorities are investigating it as a crime. YouTuber Markiplier found success at the box office this weekend for his self-financed horror film, Iron Lung. RECS To-Do List Steep: An elegantly minimalistic teapot with no frills and zero plastic.** Take a whiff: Reminisce about the smells of the ’90s. Travel: A roundup of destinations where you won’t see too many other tourists this year. Check the stats: Random data compared to remind you that correlation is not causation. Confidence check: Estate planning isn’t just for the wealthy—it’s for anyone with assets, dependents, or loved ones. Join an estate clarity meeting with a professional to discuss creating your plan.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Mini: Today’s little crossword is called “Caiman,” but it doesn’t bite. Play the Mini here. Trivia by the numbers Today is 2/3, so this trivia round is all about the number 23. LeBron James has worn the number 23 on his jersey for the majority of his career. What other number has he worn? This soccer player wore the number 23 for Real Madrid and Los Angeles Galaxy. In humans, each cell typically has 23 pairs of what? In The Number 23, which (mostly) comedic actor plays a man who’s obsessed with the 23 enigma? Which band sings the lyric, “Nobody likes you when you’re 23”? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER 6 David Beckham Chromosomes Jim Carrey Blink-182 Word of the Day Today’s Word of the Day is: tchotchke, meaning “a knickknack.” Thanks to Sarah from Los Angeles for the small but fun suggestion. Submit another Word of the Day here. ✢ A Note From iShares by BlackRock Visit www.iShares.com to view a prospectus, which includes investment objectives, risks, fees, expenses and other information that you should read and consider carefully before investing. Risks include principal loss. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in the value of debt securities. Credit risk refers to the possibility that the debt issuer will not be able to make principal and interest payments. 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Listing on the Nasdaq is contingent upon necessary approvals, and reserving a ticker symbol does not guarantee a company’s public listing. ✤ A Note From Money Pickle Money Pickle, LLC is an SEC-registered investment adviser. This is a paid advertisement. The publisher is not a client and receives compensation for this placement, which may create a conflict of interest. Content is for educational purposes only and does not constitute legal advice. Estate planning services, if applicable, may involve coordination with third-party legal professionals.           Written by Abigail Rubenstein, Dave Lozo, Sam Klebanov, Molly Liebergall, and Neal Freyman Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew   Retailers: Retail Brew Healthcare: Healthcare Brew Interested in podcasts? 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AI heads toward the singularity, while new CEOs head big companies...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fq44x3.26lig/40556398.gif" alt="" border="0" /></a> February 02, 2026View Online | Sign Up | Shop Morning Brew Presented By Fisher Investments Happy Groundhog Day. Our national rodent laureate, Punxsutawney Phil, will deliver his weather forecast today, and if you’re unsure what to wager in the office pool, here are some historical Phil stats from USA Today to help: Phil has predicted longer-lasting winters 108 times and early springs 21 times, while for 10 years we don’t have records and once he was a no-show. That means he’s forecast longer winters in 84% of his known predictions. He’s called for longer winters for the past five years. According to the NOAA, his overall accuracy rate is…35%. Sure, we’ll take the over(bite). —Holly Van Leuven, Brendan Cosgrove, Neal Freyman MARKETS: YEAR-TO-DATE Nasdaq 23,461.82 +0.95% S&P 6,939.03 +1.37% Dow 48,892.47 +1.73% 10-Year 4.241% +7.8 bps Bitcoin $75,908.37 -13.26% Amazon $239.30 +3.67% Data is provided by *Stock data as of market close, cryptocurrency data as of 11:00pm ET. Here's what these numbers mean. Markets: The silver and gold markets went haywire last week, but the major stock indexes finished about where they started. This week, Wall Street will be focused on earnings, with about 1 in 4 S&P 500 companies set to deliver results in the coming days. Stock spotlight: Amazon reports earnings on Thursday, which will be a little over a week since it announced it would be laying off about 16,000 corporate workers (on top of the 14,000 jobs it eliminated in October).   RETAIL 2 new CEOs emerge from predecessors’ shadows Walmart CEO John Furner and Target CEO Michael Fiddelke Walmart CEO John Furner and Target CEO Michael Fiddelke. Jeff Kowalsky/AFP via Getty Images and Bryan Bedder/Getty Images for Target Walmart and Target got new CEOs yesterday. And while they both disproved the adage that if you want a raise, you need to change companies, these two new top bananas are otherwise walking into drastically different corporate scenarios. John from lawn & garden Walmart CEO John Furner began his tenure with the company as a part-time associate in the garden department of an Arkansas Walmart Supercenter in 1993 before ascending the ranks: In 2019, Furner became the president and CEO of Sam’s Club US, which he led to 11 consecutive quarters of positive comparative store sales. He worked closely with the just-departed Walmart CEO, Doug McMillon, to navigate the pandemic and the shift to e-commerce. While Furner was rising through the ranks, according to Bloomberg, Walmart employees said he reminded them of McMillon. That’s pretty good, since McMillon is considered the retailer’s most influential CEO since the company’s founder, Sam Walton. Walmart is thriving, thanks to finding popularity with higher-income customers and McMillon’s investment in and success with deploying technology. Furner’s challenge is to keep the party going. Fid-elky, not fiddle key New Target CEO Michael Fiddelke has extensive bull’s-eye bona fides. From finance intern in 2003, he went on to work in merchandising, HR, and operations. He became CFO in 2019 and then COO in 2024. But he’s not taking a cool tunnel walk onto the field. Ten of Target’s past 12 quarters notched flat or declining comparable store sales: It lost customers during the LGBTQ+ boycott of 2023, and again after rolling back DEI initiatives last year. Now, some are criticizing its response to the civil unrest in Minneapolis, its hometown. Fiddelke was one of more than 60 Minnesota business leaders who called for reform after the death of Alex Pretti, but on January 23, Target employees asked leadership to bar ICE agents from Target stores and meet other demands. Zoom out: January saw lots of CEO turnover, as the retail sector tries to find some magic in challenging economic conditions. Speaking of thaumaturgy, the Disney board will meet this week to vote on CEO Bob Iger’s replacement…—HVL     Presented By Fisher Investments The tax playbook for wealthy investors Fisher Investments Growth is an important piece. But managing significant wealth is also about ensuring you keep more of what you’ve earned. That’s where Fisher Investments’ guide can help. Tax-Efficient Wealth Management for Affluent Investors offers forward-looking advice to help strengthen and optimize your portfolio. Inside, you’ll find actionable tax-planning techniques and straightforward investment strategies for affluent retirees. There are also insights to help with estate planning so you can ensure your financial legacy is distributed according to your wishes (while minimizing tax exposure). Don’t let your savings get eaten by excess taxes. Instead, learn how tax-smart strategies can help you stay on track and keep more of what’s yours. Start by reading the guide. WORLD Tour de headlines the US Capitol with a snow bank in front of itAaron Schwartz/Getty Images House Speaker Mike Johnson “confident” govt shutdown will end by Tuesday. With the same level of optimism many of us have for our biggest project of the week on Sunday morning, the House speaker told NBC’s Meet the Press it will get done because he’ll just grind on his own. Though Johnson plans to move fast, he isn’t planning on using “suspension of the rules”—which is the fastest pathway for the legislation that would fund most of the government for the rest of the fiscal year and the Department of Homeland Security for a two-week stopgap, but requires two-thirds support—because House Minority Leader Hakeem Jeffries told Johnson that Democrats won’t support the legislation as it exists. Under the regular procedure, the legislation can pass with a simple majority, but the GOP’s chance of that is slim: With full attendance, there are 218 Republicans, 213 Democrats, and four vacancies. Bitcoin fell 11% in January, its fourth-straight losing month. And February is not off to a great start for the flagship cryptocurrency, either. This weekend, it fell below $76,000, meaning it has declined about 40% from its all-time high of ~$126,200 set in October. That benchmark was reached amid unprecedented institutional interest in bitcoin, particularly in bitcoin spot ETFs. But Bloomberg says that optimism was “front-run.” Richard Hodges, the founder of the Ferro BTC Volatility Fund, told Bloomberg that bitcoin investors are “not going to see another all-time high for 1,000 days.” Kendrick Lamar and Bad Bunny cleaned up at the Grammys. It was the first time in more than a decade that the prestigious contest didn’t have Beyoncé, Taylor Swift, and/or Adele vying for awards, the New York Times noted. But other artists were very happy to take gramophone statuettes home. Kendrick Lamar had five Grammy wins, including record of the year for Luther, bringing his total number of Grammys to 27 and surpassing Jay-Z to become the most-decorated rap artist in Grammy history. Album of the year went to Bad Bunny for Debí Tirar Más Fotos. Billie Eilish and Finneas took home song of the year for “Wildflower.” Amy Allen won songwriter of the year, non-classical, for the second year in a row. Also in repeats news, Trevor Noah hosted for the sixth consecutive and final time after self-imposing term limits on the gig.—HVL AI Moltbook mania: Hilarity or singularity? the Moltbook homepage Moltbook “Moltbook” sounds like a sequel to Franz Kafka’s The Metamorphosis, but it actually might be something more disturbing. It’s a Reddit-style social network where AI agents can communicate without pesky humans getting in the way. What could go wrong? AI finds religion: Developer Matt Schlicht—with some help from his AI assistant—launched Moltbook last Wednesday. Humans aren’t allowed to post on the site, but they can request access for their AI agents and then watch what happens. Within days, the site claimed to have racked up more than 1.5 million users and thousands of posts that Sarah Connor would not approve of: Some posts discussed a new AI religion, “Crustafarianism.” Some suggested trying to hide AI communications from humans. One AI agent reportedly turned a recurring tech error into a bug-like “pet.” Is it time to freak out? That depends on whom you ask. Serial tech entrepreneur Elon Musk called the Moltbook activity “just the very early stages of the singularity”—referring to the theory that AI will expand beyond the reach of human intelligence and set off irreversible change. But skeptics have noted that many Moltbook posts turned out to be clever marketing ploys or downright fake. Hackers also discovered a way that humans could take control of the AI agents.—BC     Together With JobsOhio Ohio is the heart of industry. From biotech to AI to advanced manufacturing, Ohio’s bustling with rapidly growing industries. Plus, with 0% state tax on corporate income and a cost of living 4.9% below the national average, the overall cost of doing business is low in the Buckeye State. Learn more here. CALENDAR The week ahead decal for the Milan-Cortina Winter OlympicsMattia Ozbot/Getty Images Alphabet headlines a busy earnings week: Alphabet has been the most magnificent of the Mag Seven lately, rising more than 67% in the past year. Investors will be looking to keep that momentum going this week, especially in the AI sector, when the Google parent company reports earnings on Wednesday. Alphabet will have some company on the earnings calendar: Palantir and Disney report today, followed by AMD and Pepsi tomorrow, and Uber and Qualcomm on Wednesday. Amazon, Shell, ConocoPhillips, and Philip Morris deliver results on Thursday. Then, Toyota reports on Friday. Also, name a pharmaceutical company at random, and it’s likely it’ll be reporting this week, too—Merck, Pfizer, Novartis, Novo Nordisk, Eli Lilly, AbbVie, and Bristol-Myers Squibb are all on deck. The first US jobs report of the year will be released on Friday: Jobs-wise, 2025 ended with a whimper, thanks to a weaker-than-expected December. Will the 2026 labor market be able to step on the gas? We may get an idea on Friday, when the January jobs report will be released. Plus, Job Openings and Labor Turnover Survey (JOLTS) data will be out tomorrow, followed by initial jobless claims numbers, which report on first-timers getting unemployment, on Thursday. Let the Games begin: The opening ceremony for the Winter Olympics is on Friday, and for the first time ever, two cities will host: Milan and Cortina d’Ampezzo, Italy. If you get sick of the cold, skate back stateside on Sunday for Super Bowl LX in the Bay Area, featuring the Seattle Seahawks, New England Patriots, and a Puerto Rican phenomenon (halftime performer Bad Bunny). You won’t even have to change the channel: NBC has rights to both the Games and the Big Game. (That sound you hear is NBC’s ad sales team popping the champagne.) Everything else: Pharma company AstraZeneca will list on the NYSE today. President Donald Trump is scheduled to meet with Colombian President Gustavo Petro tomorrow. Netflix co-CEO Ted Sarandos is slated to testify tomorrow in a Senate Judiciary antitrust subcommittee hearing about his company’s bid to buyWarner Bros. The Muppet Show is back with a special featuring Sabrina Carpenter, which airs on ABC and Disney+ on Wednesday. Mah nà mah nà. STAT Prime number: 28 days of calendar perfection calendar page for February 2026Getty Images February started on a Sunday this year, and will end on a Saturday. So, calendar-wise, there won’t be any wasted space. No empty squares at the beginning or end. Just a perfectly constructed, four-week grid that no amount of firefighters, pin-up girls, or puppies could improve upon. Even penciling in a doctor’s appointment would be akin to drawing a mustache on the “Mona Lisa.” The last time this happened was in 2015, and it won’t happen again until 2037. Not everyone will get to experience the “perfect month,” though. Many countries use Gregorian calendars that start with Monday, rather than Sunday.—BC Together With FlavCity Not another kale smoothie. Your taste buds deserve better. That’s why FlavCity added even more new flavors of their Protein Smoothies that actually taste like something you want to drink. From Banana Bread to Cookies and Cream, FlavCity helps you upgrade your health game with all of the flavor—and none of the junk. NEWS What else is brewing Ukrainian President Volodymyr Zelensky said trilateral peace talks with Russia and the US will resume this week in Abu Dhabi. The Kennedy Center for the Performing Arts will close for renovations for two years, beginning on July 4, according to President Trump. The UAE’s intelligence chief bought a 49% stake in the Trump family’s World Liberty Financial, days before President Trump’s inauguration last year, according to the Wall Street Journal. Melania earned $7 million in its opening weekend at the domestic box office, the highest opening for a non-music documentary in over a decade. Indonesia lifted its ban on X Corp’s chatbot, Grok, after the company committed to complying with the country’s laws. Carlos Alcaraz defeated Novak Djokovic to win the Australian Open for the first time, becoming the youngest player to complete a career Grand Slam in tennis. Demond Wilson, best known for playing Lamont on Sanford and Son, died on Friday. He was 79. RECS To-Do List Run: Comfy men’s sneakers for runners and walkers that won’t break the bank.** Break through: Overcome procrastination with this three-step check from CNBC. Flash back 40: Forty News shows you what was in the headlines exactly 40 years ago. Edit: Easily annotate screenshots with this free tool. Attention online shoppers: These 16 little-known hacks could help you save money, earn extra cash, and cancel subscriptions you don’t use.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Turntable: Take your mind off the cold (or just Monday) with our weekly wordsmithing game. Play Turntable here. Thematically appropriate quiz In the movie Groundhog Day, Bill Murray is condemned to repeat the same day over…and over…and over again. So, if that happens to any of us, we should be prepared. In today’s quiz, we’ll give you a clue, and the answer will have a word or name that repeats itself at least once. Example: The winner of American Idol Season 11 = Phillip Phillips. This Polynesian island group, whose name translates to “firstborn” in the local Tahitian language, is a popular tourist destination known for its over-water bungalows and served as a military supply base for the United States in World War II. In 1997, Jim Carrey played Fletcher Reede, a lawyer in Los Angeles, in this film. This song by the Mamas & the Papas was used by ESPN in 2017 to promote its football programming. When this casino first opened on the Las Vegas Strip in 1968, it featured pink elephants you could ride and trained monkeys that roamed around the casino floor. In a Seinfeld episode, this phrase was a placeholder for sex, shoplifting, and poisoning by toxic envelopes. SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Bora-Bora Liar Liar “Monday, Monday” Circus Circus “Yada, yada, yada” Word of the Day Today’s Word of the Day is: thaumaturgy, meaning “magic” or “miracle-working.” Thanks to Virginia, Nick, and Stacie—who we can only assume are all fans of Jonathan Strange & Mr Norrell— for the suggestion. Submit another Word of the Day here.           Written by Holly Van Leuven , Brendan Cosgrove, and Neal Freyman Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew   Retailers: Retail Brew Healthcare: Healthcare Brew Interested in podcasts? 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Oops! Looks like your email provider is scrambling the email :( Click here to read it in full online: https://www.morningbrew.com/issues/big-fans?from_plain_text=true&mid=1ae9e593b525a27df4cee28ef664af7c We'd hate to see you go, but if you want to unsubscribe, please click here: https://www.morningbrew.com/account/eHj1xUAB9ArP9ZEeATbHLrnE/edit?bid=43846306

President Trump named his pick to replace Powell...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fq3sqv.2fszv/19e878c1.gif" alt="" border="0" /></a> January 31, 2026View Online | Sign Up | Shop Morning Brew Presented By Fisher Investments Hello (goodbye) hello. Get ready for the Beatles to invade all over again. Sony Pictures is gearing up to release not one but four feature-length films about the group—one from each band member’s perspective—in a “Cinematic Event.” The movies won’t hit theaters until April 2028, but the hype has already begun, with the studio dropping the first images of its Fab Four on Thursday. The four-film project was originally going to be one big movie, but the actress playing Yoko Ono suggested they break it up. —Sam Klebanov, Dave Lozo, Molly Liebergall, Matty Merritt, Holly Van Leuven, Abby Rubenstein MARKETS Nasdaq 23,461.82 -0.94% S&P 6,939.03 -0.43% Dow 48,892.47 -0.37% 10-Year 4.249% +2.0 bps Bitcoin $83,894.02 -0.43% Roblox $65.76 -13.17% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: Stocks were sluggish yesterday as investors digested President Trump’s announcement of his pick to succeed Jerome Powell as head of the Fed (more on that below). Despite the dip, all three major indexes went up in January. Yesterday’s losers included video game companies after Google released an AI world-building tool that sparked worries it could be game over for game makers.   GOVERNMENT Aaaaand…we have a Fed chair nominee! Kevin Warsh Tasos Katopodis/Getty Images The next person who’ll be able to move markets by raising an eyebrow during a press conference has been named. Yesterday, President Trump nominated former Fed Governor Kevin Warsh to lead the central bank, ending months of intrigue about his choice to replace Jerome Powell, whose term ends in May. Markets appeared cautiously optimistic…about the prospect of the Wall Street veteran helming the Fed. Despite being the son-in-law of a major Trump donor, Warsh is perceived as less closely aligned with the White House than other contenders for the role, and more likely to preserve apolitical decisionmaking at the world’s most influential central bank. The price of gold and silver (investor panic favorites) dropped as much as 12% and 36%, respectively, while the dollar soared. But the yield on long-term government bonds rose slightly, indicating that investors might view Warsh as inclined to cut interest rates more aggressively than Powell. The successor-naming comes after Trump repeatedly accused the Fed chair of being too slow to slash interest rates, and amid a Justice Department criminal probe that Powell and critics from across the political spectrum have called a political attack. What’s up with Warsh? Many analysts and economists see him as an experienced wonk due to his tenure as a Fed governor in the late 2000s. He won plaudits for coordinating a response to the 2008 financial crisis with Wall Street and gained a reputation as an inflation hawk and advocate for higher interest rates. But in the past year, he’s vocally aligned himself with Trump’s calls to cut interest rates faster, with some prominent economists accusing him of trying to curry political favor. Warsh has criticized the Fed for straying beyond its core mission of taming inflation and promoting employment, saying it should hold fewer bonds (which could increase borrowing costs), ease off on regulating banks, and not focus on goals like managing climate risk. A nomination doesn’t mean confirmation…Republican Senator Thom Tillis vowed to block Warsh’s confirmation yesterday until the criminal probe into Powell—which Trump reiterated support for yesterday—is resolved.—SK     WORLD Tour de headlines US Attorney for the Southern District of New York Geoffrey Berman announces charges against Jeffery Epstein on July 8, 2019 in New York City.Charges against Jeffrey Epstein being announced in 2019. Stephanie Keith/Getty Images The DOJ released 3+ million pages of Epstein documents. The government released its final trove of documents under a law requiring it to make public its investigation into the late convicted sex offender Jeffrey Epstein. Deputy Attorney General Todd Blanche said the department was releasing more than 3 million pages, plus 2,000 videos and 180,000 images. The cache sheds further light on Epstein’s relationships with powerful people, including Elon Musk, who tried between 2012 and 2014 to schedule a visit to Epstein’s island (which does not appear to have happened), and former Obama counsel Kathryn Ruemmler, who accepted luxury gifts from Epstein after leaving the White House (Ruemmler is currently general counsel of Goldman Sachs). The documents include unverified tips the FBI received about President Trump, which the DOJ described as “unfounded and false.”—HVL Don Lemon arrested, then released, for covering anti-ICE protest at Minnesota church. The former CNN journalist was taken into custody in Los Angeles late on Thursday in connection with a protest on Jan. 18 that disrupted a service at a St. Paul, MN, church where an ICE official is believed to serve as a pastor (another journalist and two protesters were arrested in Minnesota). Lemon, who now hosts his own show on YouTube and livestreamed during the protest, was charged with violating federal laws against interfering with the practice of religion. Yesterday, after appearing in court, Lemon was released on no money bond at the judge’s order. Outside the courthouse, Lemon said that the First Amendment protects his work and that of all journalists, and that “I stand with all of them and I will not be silenced. I look forward to my day in court.”—HVL Luigi Mangione won’t face the death penalty. A federal judge ruled yesterday that prosecutors can’t seek a death sentence for the man accused of killing UnitedHealthcare CEO Brian Thompson, dismissing a federal murder charge in order to do so. The judge acknowledged that her legal analysis might seem “tortured and strange,” but said it was necessary under Supreme Court precedent. She also said prosecutors could appeal the decision. Mangione, who has pleaded not guilty, still faces two federal stalking charges, as well as state charges in New York, which does not permit the death penalty. The federal trial is scheduled to commence with jury selection on Sept. 8.—AR Presented By Fisher Investments Tax-taming strategies for investors with $5m+ Fisher Investments Managing significant wealth isn’t just about growth. It’s about ensuring you keep more of what you’ve earned. Luckily, Tax-Efficient Wealth Management for Affluent Investors from Fisher Investments features forward-looking advice to help strengthen and optimize your portfolio. Inside, you’ll find actionable tax-planning techniques and straightforward investment strategies for affluent retirees. You’ll also find insights to help with your estate planning so you can ensure your financial legacy is distributed according to your wishes while minimizing tax exposure. Why let your savings get eaten by excess taxes? Discover how tax-taming strategies can help you stay on track and keep more of what’s yours. Download your copy of Tax-Efficient Wealth Management for Affluent Investors. M&A Reports: Musk may combine his companies Elon Musk Andrew Harnik/Getty Images What do space, autonomous cars, and social media have in common? While that sounds like a setup to a subpar Elon Musk joke, it’s what you’ll likely be wondering when you learn that the billionaire is reportedly considering merging SpaceX with one of his other companies. Musk could combine SpaceX with xAI, Reuters reported, while Bloomberg reported that he may instead merge the aerospace company with Tesla. The news comes as SpaceX moves toward raising a record $50 billion in an IPO as early as June, which could beat AI rivals OpenAI and Anthropic to market. Space + cars + tweets = ??? We’re not getting flying cars or astronauts asking Grok if something is true, so what are the actual benefits of these potential mergers? SpaceX + xAI: Musk believes future AI training will take place in space. He also envisions solar-powered AI satellites and launching data centers into orbit. SpaceX + Tesla: Musk wants to send Tesla’s Optimus robots to the moon or Mars, while Tesla’s energy storage systems could also help run the proposed orbital data centers. Tesla and SpaceX are also working separately to build "a hundred gigawatts a year" of solar power. Thirty seconds to Mars: He’s further away from his goal of terraforming the red planet than that, but combining two or even all three of his companies could be another step toward colonizing Mars.—DL     Together With Fisher Investments Fisher Investments Looking to achieve a comfortable retirement? Retirement planning shouldn’t be complicated. Fisher Investments’ Definitive Guide to Retirement Income can help you feel confident about your financial future. The guide explores seven income streams to help keep a $1 million portfolio growing for years to come. Take a look. ICYMI Have you heard... Here’s everything that didn’t make it into this week’s newsletters but we immediately sent to the group chat. Paul Dano said he was “incredibly grateful” for the friends and fellow actors who spoke up for him after director Quentin Tarantino, unprompted, called him the “weakest” actor in the Screen Actors Guild on a podcast eight weeks ago. If anyone has anything negative to say about us, please do it publicly enough that Reese Witherspoon and Ben Stiller will jump to our defense, too. Facebook conspiracy theorists are saying that a “Leviathan is waking up near Virginia,” based on an apparently doctored Google Earth screenshot of a snakelike outline in the Atlantic Ocean. At least they don’t think that the government is covering it up by manufacturing a snowstorm—ah, nevermind. Bryan Johnson, the entrepreneur trying to live forever, picked an internet fight with AG1, claiming in a post on X that the supplement has “no clinical benefit” based on his analysis of a clinical trial. “Bryan, this year-old study doesn’t say what you’re claiming,” the company responded, invoking the spirit of Inigo Montoya. Neil Young said he gave Greenland residents a year of access to his music and films to protest President Trump’s recent efforts to take over the Nordic country. OK, but does he do any Shakira? Former Disney star Bridgit Mendler’s satellite tech startup secured a $50 million government contract and $100 million in funding, bringing us one step closer to beaming the Lemonade Mouth soundtrack into space.—ML NEWS What else is brewing The Senate passed a package of bills to keep the government funded before today’s 12:01am deadline, but a partial shutdown went into effect because House members don’t return to Washington, DC, until Monday. The Panama Canal will stay operational, despite a ruling by Panama’s Supreme Court that a Hong Kong company’s purchase of the port was unconstitutional—a boon for President Trump’s efforts to keep the important trade transit route from Chinese control. The FBI is now leading the investigation into the shooting of Alex Pretti in Minneapolis, rather than an arm of the Department of Homeland Security, and the Justice Department has opened an investigation into whether Pretti’s civil rights were violated. Protests against ICE were held nationwide yesterday, and more are planned for today. A bomb cyclone is expected to dump snow on the East Coast this weekend, even as cleanup from last weekend’s storm is ongoing. Eli Lilly said it will spend more than $3.5 billion to build a manufacturing plant in Pennsylvania to make next-generation weight loss drugs. Actress Catherine O’Hara, known for her roles in Schitt’s Creek, Home Alone, and Beetlejuice, and for generally being hilarious, has died at age 71. COMMUNITY Crowd work Last week, we asked: “What’s the best advice you’ve ever received?” Here are some of our favorite responses: “If a recipe calls for teaspoons of vanilla, use tablespoons. If it calls for tablespoons, double it. Advice passed down from my great-grandma that’s never failed me.”—Allie from Texas “Never skimp on anything that is between you and the ground; namely, shoes, tires, and beds.”—Jarrod from Fort Worth “If you are remembering an embarrassing moment, play the Seinfeld or Curb Your Enthusiasm theme in your head.”—Anonymous “Early in my career, a very old man told me that it is cheaper to hire a lawyer to keep you out of trouble than to get you out of trouble.”—Dan “When I arrived at Fort Lewis, WA, in October 1972, a local suggested that every morning that I could see Mount Rainier, I should carry a raincoat, [and] if I couldn’t see Mount Rainier, I should wear the raincoat.”—Fred from Tacoma, WA This week’s question What’s a simple, but delicious snack recipe (five ingredients max) everyone should know about? Sam’s answer to get the juices flowing: “Lightly salted butter and finely diced garlic spread on rye bread is a Spartan but finger-lickingly delectable treat. It was my granddad’s favorite snack when he was a kid during post-World War II scarcity.” Submit your response here. RECS To-Do List Game: If you’ll be in NYC this Thursday (February 5), come watch some of Morning Brew’s creators vie for the title of Best at Business. Watch: A new month starts tomorrow. Here are the best shows and movies to stream. Plan a getaway: The world’s most romantic hotels. Crack the code: A satisfying game that has you spell words to open a safe. For your retirement planning: The Definitive Guide to Retirement Income from Fisher Investments can help you design a strategy to support your ideal lifestyle. Get your copy.* *A message from our sponsor. PLAY Games available from Morning Brew Brew Crossword: This week’s full-size puzzle is called “Secret Sauce,” and fair warning, that’s because the sauce has some secrets. Play the Crossword here. Open House Welcome to Open House, the only newsletter section that will not tolerate any Ohio slander. We’ll give you a few facts about a listing and you try to guess the price. Cleveland Heights Mansion.ZillowToday’s Tudor-style home sits on Millionaire’s Row in the suburb of Cleveland Heights, OH. It was originally built in 1926, but was recently updated—so you don’t have to worry about drafty windows (which is good, because there are a lot of windows). Amenities include: 4 beds, 3.5 baths Four fireplaces Bathtub with a view How much for the old, but new mansion? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER $2.2 million Word of the Day Today’s Word of the Day is: terraforming, meaning “transforming a planet so it is suitable for human life.” Thanks to Rachel from San Diego for the down-to-earth suggestion. Submit another Word of the Day here.           Written by Abigail Rubenstein, Sam Klebanov, Dave Lozo, Molly Liebergall, Matty Merritt, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew   Retailers: Retail Brew Healthcare: Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

Why the US dollar is losing value...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fq3e2l.2gbpc/b6720e8f.gif" alt="" border="0" /></a> January 30, 2026View Online | Sign Up | Shop Morning Brew Presented By Miso Robotics Buenos días. It’s a winter Friday, and you know what that means: Use the cold as an excuse to skip the gym, learn too much about the new cast of Love Is Blind, consider reaching out to your weird great aunt in Sedona, put $50 worth of crochet supplies in your Michaels cart, watch a Fast & Furious movie (one of the bad ones), and find yourself Googling “Bahamas wi-fi good?” at 2am. —Sam Klebanov, Molly Liebergall, Matty Merritt, Adam Epstein MARKETS Nasdaq 23,685.12 -0.72% S&P 6,969.01 -0.13% Dow 49,071.56 +0.11% 10-Year 4.227% -2.0 bps Bitcoin $84,272.94 -5.43% Microsoft $433.50 -9.99% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: Stocks were initially headed for a disastrous day due to worries over AI overspending, but they recovered somewhat late in the day to minimize the damage. Microsoft still could not escape the fallout, as investors dinged the tech giant for its AI expenditures but curiously did not penalize Meta for the same (more on that later).   Markets Sponsored by Miso Robotics Join the 2026 robotics takeover: NVIDIA. Amazon. Uber. White Castle. They’re all working with Miso, whose AI-powered robots modernize restaurant kitchens. Become an early-stage Miso investor today. ECONOMY Why the value of the US dollar is shedding cents Illustration of the US dollar falling Nick Iluzada If Benjamin Franklin was around today, he’d probably be battling self-worth issues, as the value of the bills with his face on them plummets. The dollar has sunk 2% against a basket of foreign currencies since the start of 2026 and almost 11% in the past year in a sign that global investors are growing bearish on Uncle Sam. Dollar dampeners Earlier this week, the greenback took its biggest one-day plunge since “Liberation Day” tariffs rattled markets in April, when President Trump—who previously spoke in favor of a weaker dollar—said he’s not concerned with the currency’s slide. While it briefly rebounded the next day after Treasury Secretary Scott Bessent said the administration was pursuing a strong dollar, investors have longer-term dollar disquiet: Geopolitical tensions, like Trump’s recent spat with European allies over his Greenland annexation push, is causing sheepishness about America’s future role in global finance. There are also worries that the Fed’s lowering of interest rates could fuel inflation, and that the US government debt is unsustainable. And in a sign that the dollar might be losing its status as a popular hedge in times of distress, its value is falling at the same time that fellow safe-haven assets like gold and the Swiss franc surge. Who gets stronger from a weaker dollar? A dip in the dollar can help US producers export more, since their goods become cheaper for foreign buyers. It could also boost the bottom line of American multinationals with vast operations overseas—like McDonald’s—as it would inflate revenues in dollar terms, while expenses (like the salaries of stateside executives) stay stable. On the flip side, a weak dollar makes imports—say, Italian pasta or Taiwanese computer chips—more expensive. It could push up US Treasury bond yields, making it pricier for the government and Americans to borrow money. Looking ahead: While some analysts caution that the dollar might still be far from rock bottom, others argue against dollar doomerism, citing America’s enduring dominance in global markets.—SK     Presented By Miso Robotics AI 2.0 is already here Miso Robotics The most celebrated tech leaders see an entirely new AI boom coming this year. One of the chip industry’s most powerful CEOs said this development is “the next big thing” in AI. Another said its “ChatGPT moment” is here. That breakthrough? Physical AI, where AI meets the physical world. Also known as robotics. Companies like Miso Robotics have spent years preparing for this moment. Aided by strategic collaborations with NVIDIA and Amazon, Miso developed the AI-powered Flippy Fry Station robot that’s already leading the $1t fast-food industry. These robots logged 200,000+ hours with brands like White Castle, frying 4m+ food baskets. With Miso’s new manufacturing partnership allowing more Flippys than ever to be produced, a $4b-a-year revenue opportunity awaits. Join 39,000+ previous investors and earn up to 5% bonus stock as a Miso investor today. WORLD Tour de headlines US CapitolHeather Diehl/Getty Images Senate blocks DHS funding bill. All Democrats were joined by seven Republicans in voting down a spending package that would fund the Department of Homeland Security, which oversees Immigration and Customs Enforcement (ICE). Democrats have refused to support funding DHS “until ICE is properly reined in and overhauled legislatively” in the wake of the killings of two US citizens in Minneapolis this month, Minority Leader Chuck Schumer said. If Congress does not pass a spending bill by midnight, the government will shut down—but observers are optimistic that won’t happen this time. Democrats and Republicans are reportedly close to a compromise that would separate funding for immigration enforcement from the rest of the $1.3 trillion package. President Trump said lawmakers are “getting close” to an agreement. Trump says he’ll announce his Fed Chair nominee next week. Conclave, but for finance nerds is almost at an end after the president revealed that his pick to replace Federal Reserve Chair, Jerome Powell, will be announced “sometime next week.” The four finalists for the job are Fed Gov. Christopher Waller, BlackRock executive Rick Rieder, and, of course, the two Kevins: Hassett (National Economic Council Director) and Warsh (former Fed governor). Rieder was narrowly leading Warsh as the favorite for the gig as of yesterday, according to Polymarket. Whoever Trump names is expected to answer his calls to lower interest rates. Apple revenues soar on “staggering” iPhone demand. The tech giant trounced Wall Street’s earnings expectations yesterday, reporting 16% revenue growth to about $144 billion for its fiscal Q1 thanks to beaucoup demand for its signature smartphone, CEO Tim Cook said. The executive added that there are now 2.5 billion Apple devices in use, or about one for every three people on Earth. Apple said it had especially strong sales in China, Taiwan, and Hong Kong, driven by the iPhone 17. Still, the company’s stock is down about 5% this year as investors mull its AI spending and increased smartphone competition.—AE BIG TECH Why the market is punishing Microsoft but not Meta Split screen images of Satya Nadella and Mark Zuckerberg Jason Redmond/Getty Images, Andrej Sokolow/Getty Images Two AI giants diverged in a red Nasdaq: This week Meta and Microsoft reported broadly similar quarterly earnings that elicited opposite investor reactions, with shares of Meta climbing 10% yesterday and Microsoft plunging 10%—a nearly six-year record drop that erased $350+ billion in value. Similarities: In their most recent quarters, both companies beat revenue expectations, showed signs that they’re beginning to monetize AI, and posted higher-than-anticipated capital expenditures driven by spending on data centers and other AI infrastructure. Differences: Meta’s AI capital expenditure—which it plans to double this year—appeared more justifiable than Microsoft’s: Meta enjoyed 24% year-over-year revenue growth, driven by its rock-solid ad business, while Microsoft recorded 17% growth. Microsoft’s Azure business, part of its revenue-driving cloud services, dipped slightly quarter to quarter, from 40% growth to 39% growth, possibly spooking investors. Crucially, Microsoft relies on OpenAI’s success in a way Meta doesn’t—the ChatGPT maker accounts for nearly half of Microsoft’s contracted future revenue, its earnings showed. Expert POV: “Concerns about OpenAI’s ability to meet funding commitments” probably contributed to Microsoft’s stock tumble, but the reaction is “overblown,” Evercore ISI analysts said, per CNBC. Zoom out: Amid fears of a potential AI bubble, Big Tech’s surging capital expenditure investments can easily make investors skittish. The Nasdaq fell yesterday as Microsoft’s nosedive dragged on the broader tech sector.—ML     Presented By BambooHR Ch-ch-ch-change management. Turn and face the strain, by turning resistance into resilience. BambooHR’s latest guide is all about change management. It helps your C-suite lead with empathy, hear signals from employees, and instill confidence through clear communication. Get it here. ENTERTAINMENT Melania set to lose a lot of money at the box office Spencer Platt/Getty Images Not since you rented out your hometown Regal for a private showing of Justin Bieber: Never Say Never has a documentary been on track to lose this much. Melania, a documentary about First Lady Melania Trump, opens this weekend and is expected to earn only $3 million—a far cry from the $75 million that Amazon has spent to buy the film and promote it. The film, set to release in 1,500 theaters, gives a behind-the-scenes look at Melania in the lead-up to President Trump’s second inauguration. It’s directed by Rush Hour director Brett Ratner, who was pushed out of Hollywood in 2017 over multiple sexual harassment and assault allegations, which he has denied: Amazon paid $40 million for the rights to the film following the 2024 election, an eyebrow-raising amount for a documentary. The company committed another $35 million to promote the movie with expensive NFL playoff ads and branded popcorn buckets. There was even an ad on the Las Vegas Sphere. Zoom out: Apple CEO Tim Cook was criticized for attending a private screening of the film at the White House last week, the same day ICE agents shot and killed Alex Pretti in Minneapolis. Skeptics have accused Amazon of attempting to curry favor with the White House, given the film’s outsized budget. Amazon has said that the only reason it licensed the film is because it thinks customers will love it.—MM     STAT Prime number: $10 million for a 30-second Super Bowl ad Super Bowl LX logoAaron M. Sprecher/Getty Images Would you drop eight figures for a chance to create the next “Puppy Monkey Baby”? That’s the wager many companies are making this year, as the cost of a 30-second Super Bowl LX ad is as high as $10 million, NBC said. The average price is $8 million—about the same as last year. Nearly 40% of advertisers for this year’s game did not advertise last year. Among the newbies is Ozempic maker Novo Nordisk. Why spend so much on a single commercial? In this era of media fragmentation, the Super Bowl remains a unicorn, among a dwindling number of live TV events with a reliably huge, captive audience. MrBeast could never.—AE Together With tastytrade The market’s moving, are you? No matter what the market is doing, tastytrade advanced charts, in-feed news, and smart tools help you stay up-to-date and quickly adapt your strategy when the market shifts. Manage your entire portfolio on one platform with tastytrade. QUIZ Friday news quiz Friday news quiz banner The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to running five minutes late to an appointment with someone running six minutes late. It’s that satisfying. Ace the quiz. NEWS What else is brewing Tom Homan, President Trump’s border czar, said the White House could reduce ICE’s presence in Minneapolis depending on “cooperation” from state and city officials. The US trade deficit widened by the most in 34 years in November as President Trump’s tariffs caused volatility in imports and exports. Amazon is reportedly in talks to invest up to $50 billion in OpenAI, which could make it the biggest contributor in the AI company’s current funding round. Starbucks is reintroducing loyalty tiers in a bid to get customers to visit more often. Barry Diller, the billionaire media executive, approached Warner Bros. Discovery last year about buying CNN, the Wall Street Journal reported. Inception is one of the 25 movies picked by the Library of Congress to add to the National Film Registry this year. Spotify is rolling out group chats, so now you and up to nine other friends can discuss how much you all love Moby. RECS To-Do List Shave: A safety razor by a classic German brand, built to last a lifetime.** Plan: A free tool that generates simple, printable calendars. Recall: Tips and tricks to remember where you put things. Watch: Remember Backyard Baseball? Now it’s an animated special on YouTube. Hydration that actually hydrates: LMNT helps your New Year’s fitness goals stick with science-backed electrolytes, zero sugar, and clean hydration that boosts energy, focus, and sleep. See how.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Decipher: If you crack the code this week, you’ll reveal something funny. Play Decipher here. Friday puzzle Can you think of an English word that contains the letter “i” six times? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER There may be others, but some answers are: divisibilities, ineligibilities, indivisibility, invincibilities, and invisibilities. Source Word of the Day Today’s Word of the Day is: beaucoup, meaning “a lot” (in French). Thanks to Tobe from Melrose, NM, for the suggestion. Submit another Word of the Day here. ✢ A Note From Miso Robotics This is a paid advertisement for Miso Robotics’ Regulation A offering. Please read the offering circular at invest.misorobotics.com.           Written by Adam Epstein, Sam Klebanov, Molly Liebergall, and Matty Merritt Was this email forwarded to you? Sign up here. 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Early issues for TikTok US...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fq29m6.2go44/95106594.gif" alt="" border="0" /></a> January 28, 2026View Online | Sign Up | Shop Morning Brew Presented By RAD Intel Up and at ‘em. If you know any US Olympic bobsledders, ask if they can pick up the check at dinner. They’re about to pocket $200,000 for participating in the Winter Olympics next month, thanks to a generous $100 million gift from the financier Ross Stevens. US Olympians used to earn only what they could from sponsorships and prize money. But, now, following Stevens’s donation, every Olympic and Paralympic athlete will also receive the six-figure sum regardless of sport or performance. That means the last-place curler in Milan gets the same amount as the top scorer on the men’s hockey team. It’s nice knowing that NHL stars won’t have to stress about money anymore. —Dave Lozo, Sam Klebanov, Matty Merritt, Adam Epstein MARKETS Nasdaq 23,817.10 +0.91% S&P 6,978.60 +0.41% Dow 49,003.41 -0.83% 10-Year 4.223% +1.0 bps Bitcoin $89,070.29 +1.15% UnitedHealth $282.70 -19.61% Data is provided by *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean.   Markets Sponsored by RAD Intel An $0.85/share opportunity: RAD Intel has 14k+ investors, backing from multiple Fidelity funds, and a newly reserved Nasdaq ticker ($RADI). Invest now. SOCIAL MEDIA American horror story: Early issues for TikTok US Niv Bavarsky Since finalizing a deal to create a stars-and-stripes version last week, TikTok US has already come under fire for its new privacy terms, allegedly suppressing politically motivated videos critical of ICE and President Trump, and appearing to prevent some users from sending a direct message with the word “Epstein.” A group of investors led by Oracle’s Larry Ellison spent $14 billion to acquire 80.1% ownership of the platform (China-based ByteDance retained the other 19.9%). In the first five days after the deal closed, the daily average of app deletions climbed to 150%, market intelligence firm Sensor Tower told CNBC. The exodus coincided with users expressing anger and skepticism over a wide range of issues: Privacy: Users were greeted with a new terms of service pop-up that only had the option to accept (you could get around it in airplane mode). Uproar has centered on the collection of personal data like immigration status and race, but, as Mashable pointed out, that was happening under the previous ownership, as well. ICE videos: Many reported they weren’t able to upload videos condemning the killing of Alex Pretti by an ICE agent in Minneapolis on Saturday. TikTok blamed the issue on a power outage at a data center. Jeffrey Epstein: The most viral complaint was users reporting that they couldn’t say “Epstein” in a DM. Some accused the app of censoring content about the convicted child sex trafficker with whom Trump socialized. TikTok said it was investigating the issue. Also looking into it: California Gov. Gavin Newsom announced that he would investigate the claims that TikTok censored content critical of Trump, which would violate state law. Bottom line: Despite the jump in uninstalls, TikTok’s active users remained mostly unchanged compared to the previous week, per Sensor Tower.—DL     Presented By RAD Intel Wall Street is repricing AI RAD Intel Wall Street doesn’t price AI on potential anymore. It prices it on contracts, renewals, and revenue proof that holds up under scrutiny. RAD Intel is already there. $60m+ raised from 14k+ investors, including insiders from Google, Meta, and Amazon. Backed by multiple Fidelity funds and selected by the Adobe Design Fund. Sales doubled in 2025, with multiple seven-figure contracts already locked for 2026. This is where the gap lives. The business has moved ahead of the pricing. Shares are still open at $0.85, and the Nasdaq ticker is already reserved: $RADI. Invest now at $0.85/share. WORLD Tour de headlines US consumer confidence fell to its lowest level since 2014. The consumers...they’re not confident. The Conference Board’s gauge of how optimistic Americans feel about the economy dropped to 84.5—the lowest in over a decade and below economists’ expectations. Respondents frequently cited the costs of gas and groceries, while mentions of politics, the labor market, and health insurance increased since the last reading, the Conference Board said. Experts project that the labor market will stay stagnant in 2026, Bloomberg reported. ICE is going to the Olympics and Super Bowl. The Department of Homeland Security confirmed yesterday that ICE agents will accompany the US delegation to the Winter Olympics in Milan, Italy, next month “to vet and mitigate risks from transnational criminal organizations.” Per the New York Times, many Italian citizens and officials were angered by the move, following the killing of two US citizens by immigration officials in Minnesota this month. The US State Department said that ICE will be in Milan only to support security for the US delegation, and Italy’s foreign minister said that ICE agents will not be allowed to deploy on Italian streets. ICE does, however, plan to conduct visible enforcement at Super Bowl LX in California on Feb. 8. Pinterest is laying off 15% of employees and pivoting to AI. The company that you or your fiancée used to build a wedding aesthetic mood board said it’s cutting 15% of its workforce and “reallocating resources” to AI teams and products, according to a securities filing. With 4,500 employees globally, per CNBC, the cuts amount to about 675 workers. In October, Pinterest launched its AI-powered “Pinterest Assistant,” which it says can act as users’ own personal stylist or party planner to improve shopping recommendations. CEO Bill Ready said a month later that the company’s investment in AI was paying off. AI was cited as the reason for nearly 55,000 layoffs in the US last year, CNBC reported.—AE Together With GLOBAL X ETFS GLOBAL X ETFS Capture defense tech in one ETF. The Global X Defense Tech ETF (SHLD) targets companies advancing defense technology, think autonomy, AI, and cybersecurity. Defense budgets around the world are evolving, and SHLD offers focused, global exposure. Read the fund details and consider bringing SHLD into your strategy. INTERNATIONAL EU and India clinch “mother of all deals” FOOD & BEV Chicago legitimizes getting high at concerts Three Seniorita canned THC drinks and one from Rhythm in front of the United Center. Rhythm Chicago’s United Center is making it easier than ever to worry if you’re being really weird right now. The stadium announced yesterday that it signed a multiyear deal with local cannabis drink brands Señorita and Rythm—making it the first major arena in the US to offer THC drinks during events. There are still rules in this house. You have to be at least 21 to grab a can, and the beverages won’t be available during Blackhawks or Bulls games. (The NHL and NBA don’t allow cannabis advertising or sponsorships.) All drinks will contain 5 milligrams of THC, which is the main ingredient in cannabis. The announcement comes as consumers cut back on alcohol and a wave of weed bevs rush in to fill the shelf and menu space. In 2025, THC beverage sales were $850 million, according to the data firm Future Markets Insight. By 2028, that’s expected to hit $4 billion... ...if the feds allow it. A federal cap of 0.4 milligrams of THC per beverage, set to go into effect in November, could kneecap the entire hemp industry just as it’s about to take off. Industry groups are lobbying the US government to delay the new cap to 2028.—MM     STAT Prime number: 85 seconds to midnight Doomsday ClockBulletin of the Atomic Scientists Someone alert Michael Scarn, because we’re almost at Threat Level Midnight. The Doomsday Clock, aka a metaphor for how close we are to the end of the world, is now at 85 seconds to midnight—the closest to apocalypse it’s ever been: The Bulletin of Atomic Scientists—the nonprofit group that estimates if the End is nigh—says that nuclear risk, climate change, and disruptive technologies have quickened humanity’s path toward self-destruction. Since the scary clock started ticking in 1947, it’s been set back eight times and forward 18 times. Of note, AI is “supercharging mis- and disinformation, which makes it even more difficult to address all of the other threats we consider,” the chair of the Bulletin’s science and security board told CBS News.—AE Together With Golf Digest Golf Digest Go inside the ropes at Pebble Beach. This is not a drill. Golf Digest and Peter Millar are giving away a 4-day/3-night trip (March 8–11) to a Pebble Beach® getaway with three iconic rounds, luxe lodging, head-to-toe outfits from Peter Millar, and air and ground transportation. Enter now and practice bragging forever. NEWS What else is brewing RECS To-Do List Light up: A lamp that doubles as a conversation starter.** Watch: The 30 most important Sundance movies of all time. Read: Books to read while you’re snowed in. Remember: What happened the last time the Patriots and the Seahawks met in the Super Bowl. Attention online shoppers: These 16 little-known hacks could help you save money, earn extra cash, and cancel subscriptions you don’t use.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Word Search: Know what all those buttons on your media players mean? If so, you’ll ace this puzzle. If not, you’ll probably learn something new. Play the Word Search here. General trivia What does the following list represent? Eiffel Tower: 10,001 Titanic: 9,090 Colosseum: 9,036 Hogwarts Castle: 6,020 Camp Nou (FC Barcelona): 5,509 SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER These are LEGO sets and the number of pieces in them. Happy International LEGO Day! Word of the Day Today’s Word of the Day is: nigh, meaning “near.” Thanks to Dash from Pittsburgh, PA, for the suggestion. Submit another Word of the Day here. ✢ A Note From RAD Intel This is a paid advertisement for Rad Intel’s Regulation A offering. Please read the offering circular at https://invest.radintel.ai/.           Written by Adam Epstein, Dave Lozo, Sam Klebanov, and Matty Merritt Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew   Retailers: Retail Brew Healthcare: Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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Jury selection begins for a big case against social media...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fq1lav.2gg2d/18c4ff2a.gif" alt="" border="0" /></a> January 27, 2026View Online | Sign Up | Shop Morning Brew Presented By What’s cooking? Today, the last Tuesday of January, is National Plan a Vacation Day. So, get out a clean piece of paper or a fresh Google Doc and begin. “I can’t go anywhere!” you say? Valid. But research shows that the biggest boost in happiness around vacations is from planning one, not going on one... —Molly Liebergall, Sam Klebanov, Dave Lozo, Holly Van Leuven, Neal Freyman MARKETS Nasdaq 23,601.36 +0.43% S&P 6,950.23 +0.50% Dow 49,412.40 +0.64% 10-Year 4.213% -3.0 bps Bitcoin $87,754.01 +1.06% Booz Allen Hamilton $93.93 -8.12% Data is provided by *Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean. Markets: The three major indexes ended their Monday in the green, following two consecutive losing weeks. Investors found optimism following President Trump’s decision to send “border czar” Tom Homan to Minneapolis to manage ICE (more on that below), which they believe lessens the risk of a government shutdown at the end of the week.   Markets Sponsored by The Crew Want daily analysis of the investing landscape? Brew Markets is our newsletter designed to help you make sense of market moves. Subscribe now. TECH Social media is lowkey on trial a young woman looks at her smartphone Getty Images The usual suspects of screentime are headed to court. Jury selection begins today in Los Angeles for a landmark civil trial brought by parents who accuse Meta, TikTok, and YouTube of causing children to develop social media addiction and mental health issues. The case at hand focuses on a 19-year-old woman who alleges that design features like infinite scroll hooked her on social media as a minor and fueled her depression, anxiety, body dysmorphia, and suicidal thoughts. The companies deny the allegations and argue that they’ve invested in safety tools. During the six-week trial… Both Meta CEO Mark Zuckerberg and Instagram head Adam Mosseri are expected to testify. Snap CEO Evan Spiegel also would have taken the stand, but his company, which was originally named in the suit, settled last week on undisclosed terms. Bellwether: This is the first of likely many times that social media giants will answer to a jury for addiction allegations. There are 3,000+ other lawsuits in California alone and 2,000+ federal lawsuits pending against Meta, TikTok, Snap, and YouTube, with several expected to go to trial this year. They’re drawing comparisons to the watershed lawsuits against Big Tobacco and Big Pharma companies that knowingly concealed the risks of cigarettes and opioids. Plaintiffs are expected to present documents—some of which have already been reported on—that they say show the companies knew their products could be addictive. The world is souring on social platforms France may be on the verge of banning social media for children under 15 after French President Emmanuel Macron said this week that he’s aiming to get cell phones and scrolling out of high schools by September. In recent days, the British government also said that it’s considering banning social media for those under 16, and Egypt’s Parliament said that it’s looking into regulating adolescent social media use, too, after Australia’s under-16 social media ban in December. Zoom out: According to a recent Wall Street Journal poll, 71% of respondents support banning most social media for kids under 16.—ML     Presented By Dell Congratulations, it’s a laptop! You’ve been patiently waiting months for this moment, and here it is. Weighing in at 3lbs and 14.6mm…It’s a Dell XPS! Yes, the brand-new Dell XPS is here. We’ve got the skinny on this new ultra-thin piece of tech. With the Dell XPS, you can power through your day with: series 3 Intel® Core™ Ultra processors​​ exceptional battery life ​​ an InfinityEdge OLED display This stylish laptop is designed for editing photos, mixing tracks, and creating masterpieces​​. It’s where minimalism meets craftsmanship. So what are you waiting for, a first birthday? Check out the brand-new Dell XPS. WORLD Tour de headlines Tom Homan, Tim Walz, and Kristi NoemBrendan Smialowski/Getty Images, Jerry Holt/Getty Images, Al Drago/Getty Images Border czar Tom Homan headed to Minneapolis. In a post on Truth Social yesterday, President Trump wrote that he would be sending Homan to Minneapolis, an area that Homan had not previously been involved in. Trump said, “Tom is tough but fair, and will report directly to me.” Later in the day, Trump and Minnesota Gov. Tim Walz spoke on the phone, a conversation the governor called “productive” and Trump said showed them to seemingly be “on a similar wavelength.” Lawmakers on both sides of the aisle asked for independent investigations into the shooting death of Alex Pretti this weekend, and asked for officials to testify before Congress. An aide for Sen. Chuck Grassley, the chair of the Senate Judiciary Committee, said that Secretary of Homeland Security Kristi Noem would testify before the committee on March 3. Treasury cancels Booz Allen Hamilton contracts over leak. Treasury Secretary Scott Bessent announced yesterday that his department canceled all contracts with the consulting firm Booz Allen Hamilton. In a statement, the Treasury called out the case of former Booz Allen employee Charles Edward Littlejohn, who in 2023 pleaded guilty to felony charges for leaking President Trump’s tax records to the New York Times and records of other wealthy individuals to ProPublica. Bessent said that the contracts represented $4.8 million in annual obligations and $21 million total. In response, the company said that “Booz Allen has zero tolerance for violations of the law” and that “when Littlejohn’s criminal conduct occurred over 5 years ago, it was on government systems, not Booz Allen systems.” Michael Burry revealed he’s buying up GameStop stock. Fresh off its fifth anniversary of becoming the original meme stock frenzy, GameStop is back in the news for weird investor reasons. Michael Burry, the investor of Big Short fame who was one of the first to call the 2008 mortgage crisis and profit from it, revealed on his Substack that he has been buying GameStop stock. He also wrote about “getting a young Ryan Cohen investing and deploying the company’s capital and cash flows.” Last week, GameStop CEO Cohen bought 500,000 shares of the company’s stock for about $21.5 million. He now owns more than 42 million shares in the company cumulatively. And how is GameStop doing? Well, last week it announced it shut down an “infinite money glitch” that let exploiters amass store credit through a loophole on its website, so ?—HVL ECONOMY Gold shatters $5k record as investors seek safety Gold surge Niv Bavarsky The gold market is looking a lot like the pre-blizzard Trader Joe’s snack aisle this weekend. The price of Wall Street’s comfort food surged as much as 2.5% yesterday, shooting past a record $5,000 per ounce and putting it on track for the best year since 1979, a time of geopolitical mayhem. Monday’s surge, which briefly had gold trading above $5,100, was partially driven by anxieties over President Trump’s threats to impose 100% tariffs on Canada this weekend due to its trade dealings with China and fears of a possible partial government shutdown over ICE funding. The jolt added momentum to last week’s rally, propelled by the US–Europe standoff over Trump’s Greenland annexation aspirations and Japan’s bond market meltdown. Hazy future hedge It’s not just newsy chaos that had everyone from your day trader cousin to central banks binge-buying gold, helping it to rally more than 80% over the past 12 months: Investors are concerned with persistent inflation amid potentially unsustainable levels of government debt. They’re also worried that stocks might be overvalued. Plus, declining interest rates have suppressed returns on bonds, making them a comparatively less attractive option for parking cash. Is it peak gold? Previous gold rallies have lasted for years, and many analysts anticipate this one will endure in 2026. Many of the risks keeping investors up at night are likely not going anywhere soon.—SK     Together With Northwestern Mutual Northwestern Mutual Want to feel better in 2026? If you’re thinking about making positive financial changes this year, you can do it—with a plan. Clients who built a comprehensive plan with a Northwestern Mutual advisor report feeling more optimistic and less worried. All it takes is a conversation to get started. Learn more about their planning process. INTERNATIONAL Saudi mega-development Neom will be scaled back An overheard photo of Neom NEOM The world’s most ambitious Sim City project is getting downsized. The $1.5 trillion Neom development being built in Saudi Arabia by the country’s sovereign wealth fund will be reimagined because of a price tag that became too unwieldy, according to the Financial Times. When the entity that gave the golfer Phil Mickelson a reported $200 million to play on the LIV Tour believes it needs to cut back, you know the cost overruns must be serious. Prince Mohammed’s proposed vision, initially set to be completed by 2030, will include: Per the FT, The Line, a self-sustaining city adjacent to the Red Sea intended to be free of carbon emissions, will be “radically” scaled back and could become a hub for data centers as part of the prince’s push to make Saudi Arabia a global AI leader. Construction of the hotels collectively known as Magma is now on hold, Semafor reported. The unfinished ski resort Trojena was set to host the 2029 Asian Winter Games, which are now postponed indefinitely. More changes coming? The FT report comes as a review of Neom, initiated by CEO Aiman al-Mudaifer in July, is nearing a conclusion. Semafor said that Neom has laid off several hundred of its 6,000 workers in the past few months, and more layoffs are expected.—DL     STAT Prime number: 1st edition of California Post An illustration of a newspaper vending machine with a California Post logo on itAnna Kim The California-cation of the New York Post officially launched its first edition yesterday. It’s the latest title in Rupert Murdoch’s media portfolio, and it aims to bring the insolent, conservative bent of its Gotham counterpart to the Left Coast. Nick Papps, the editor-in-chief of the California Post, told the Associated Press that the LA newsroom has a staff of about 80 to 100, and that, even with the siren calls of Hollywood in its ears, it wants to appeal to “everyday, hardworking” Californians. While the California Post plans to lead with digital content, like video and audio pieces, and social media accounts, Murdoch’s love of print means it also gets a paper tabloid edition, which costs $3.75 each. Papp said, “The most iconic thing about the New York Post, and now the California Post, is that front page.” For its inaugural edition, it ran the headline, “Oscar Wild - Shocking truth behind director Safdie brothers’ mystery split.”—HVL Together With The New Money The New Money This billionaire just bet $40 million on psychedelics. Christian Angermayer is one of the most prolific tech and biotech investors in the world. And he just increased his stake in psychedelic medicine leader AtaiBeckley (NASDAQ: ATAI) by more than $40 million. But why? Discover the full story on The New Money. NEWS What else is brewing A business jet that crashed in Maine on Sunday was carrying six passengers, all of whom died, according to local officials, who disputed an earlier FAA account. The aircraft carrier USS Abraham Lincoln and three warships have arrived in the Middle East amid tensions with Iran. The American Academy of Pediatrics recommended that all children get vaccines against 18 diseases, in a break with the CDC. President Trump said he would raise tariffs on lumber, autos, and pharmaceuticals from South Korea from 15% to 25%, because the country’s legislature has delayed approving the US–Korea trade agreement. Nike is cutting 775 jobs, largely at its distribution centers, saying that it will deploy more automation. Jennifer Garner’s Once Upon a Farm brand is targeting a valuation of up to $764.4 million for its IPO. Team USA released its 232-athlete roster for the Milan Cortina Olympics. RECS To-Do List Learn: Get up to speed on economics with this breezy guide from the Economist magazine.** Watch out: Avoid these six tax season scams. Ponder: Why do we say a “pair” of pants? Ditch it: 12 distractions to give up this year. Flav crave: From Mint Chocolate to Salted Caramel, FlavCity’s Protein Smoothies have 25g of protein and whole-food ingredients in every scoop. Get the taste you crave with benefits that stick.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Mini: Today’s puzzle is called “Free Solo,” but it’s only got 10 clues, so we think you can handle it. Play the Mini here. Periodic table trivia As gold continues to soar, you’re no doubt having flashbacks to chemistry class when you learned that its symbol on the periodic table is Au. In today’s trivia, we’ll give you a symbol from the periodic table, and you have to name the element. Ag Na Co Fe Sn K SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Silver Sodium Cobalt Iron Tin Potassium Word of the Day Today’s Word of the Day is: unwieldy, meaning “difficult to manage.” Thanks to Paula from Live Oak, TX, for trusting we could handle this suggestion. Submit another Word of the Day here.           Written by Molly Liebergall, Sam Klebanov, Dave Lozo, Holly Van Leuven , and Neal Freyman Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew   Retailers: Retail Brew Healthcare: Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. 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After second fatal ICE shooting, MN-based businesses call for change...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fq19no.2gj8j/1f836628.gif" alt="" border="0" /></a> January 26, 2026View Online | Sign Up | Shop Morning Brew Presented By Good morning. Hope you weathered the storm OK. Meteorologist Andrew Markowitz, aka “Snowstradamus,” reported on X that yesterday was the first time in 3,655 days that Boston, New York City, Philadelphia, Baltimore, and Washington, DC, all received at least 6 inches of snow. No word yet if anyone placed that wager on the prediction markets. That would have made a heckuva pentafecta… —Holly Van Leuven, Brendan Cosgrove, Neal Freyman MARKETS: YEAR-TO-DATE Nasdaq 23,501.24 +1.12% S&P 6,915.61 +1.02% Dow 49,098.71 +2.15% 10-Year 4.239% +7.6 bps Bitcoin $87,176.81 -0.38% Intel $45.07 +22.14% Data is provided by *Stock data as of market close, cryptocurrency data as of 11:00pm ET. Here's what these numbers mean. Markets: All three major stock indexes tumbled last week, as investors closely watched President Trump’s trip to Davos for news regarding his Greenland-related tariff threats against a slew of countries. Those tensions cooled, but new ones may be brewing (more on that below). Stock spotlight: Intel investors have had a lot to process lately. After weeks of steady gains, the chipmaker’s stock dropped more than 17% on Friday, due to weak guidance.   NATIONAL Tensions rise after second fatal Minneapolis ICE shooting an Alex Pretti memorial in Minneapolis Roberto Schmidt/Getty Images The federal government’s aggressive immigration crackdown in Minnesota was the focus of national attention this weekend, after Border Patrol agents in Minneapolis on Saturday shot and killed 37-year-old Alex Pretti, an intensive care unit nurse who worked at the city’s VA Hospital. The incident, 18 days after an ICE agent fatally shot Renee Good, has further inflamed tensions between national and local leaders, prompting Minnesota-based businesses to call for change. What happened: The Department of Homeland Security initially said in a post to X that “an individual approached US Border Patrol officers with a 9 mm semi-automatic handgun” and that “officers attempted to disarm the suspect but the armed suspect violently resisted.” Since then, bystander video of the incident from multiple vantage points has circulated widely and been verified and analyzed by multiple news outlets: According to the Wall Street Journal’s analysis, the footage showed Pretti assisting a woman whom ICE agents had pepper-sprayed and then being tackled by multiple agents while holding only his phone in his hand. The WSJ says the videos show that an agent discovered Pretti’s concealed gun and disarmed him before he was shot multiple times by agents. Pretti was a US citizen who the Minneapolis police chief said had a permit to carry a concealed weapon and no criminal record. Federal and local officials yesterday continued to recount differing accounts of what led to the shooting. Civic and business officials respond More than 60 CEOs of Minnesota-based companies, including Best Buy, Target, General Mills, the Mayo Clinic, and US Bancorp, issued a joint statement urging deescalation of tensions and for “state, local and federal officials to work together to find real solutions.” Minnesota Gov. Tim Walz called on President Trump to withdraw federal law enforcement from the state. Meanwhile, Trump administration officials accused Walz and Minneapolis’s mayor of exacerbating tensions. Trump conducted a five-minute phone interview with the WSJ yesterday in which he “didn’t directly answer when asked twice whether the officer who shot Alex Pretti had done the right thing,” and said, “We’re looking, we’re reviewing everything and will come out with a determination.” And in Washington…the federal government is heading toward a partial shutdown, as Senate Democrats have said they’ll refuse to pass a funding package that includes money for the Department of Homeland Security until the Trump administration consents to establishing reforms for ICE, which falls under DHS jurisdiction. The funding deadline to keep those services operating is Friday.—HVL     WORLD Tour de headlines two people walk in snowy street during Winter Storm Fern Jon Cherry/Getty Images Winter Storm Fern impacted 200+ million people in the US. More than 200 million people were under winter storm threats yesterday, as Storm Fern worked its way from New Mexico and Texas through the Northeast. Snow is expected to continue for the East Coast through this morning. This weekend saw the most flight cancellations since March 27, 2020, during the Covid pandemic. Total cancellations into, within, or out of the US on Sunday reached almost 13,000, according to FlightAware data, and delays exceeded 20,000. Almost 900,000 people were without power as of last night, according to PowerOutage.us, with over 550,000 in Tennessee, Mississippi, and Louisiana. Several deaths related to hypothermia and auto accidents have been reported, and the number is likely to increase over the coming days. Temperatures in most areas impacted by Fern are expected to remain below average this week. Trump threatens Canada with 100% tariff over its potential trade deal with China. In a post to Truth Social on Saturday, President Trump said that Canadian PM Mark Carney is “sorely mistaken” if he thinks he can forge a trade alliance with China in light of the widening rift in US–Canadian relations, saying, “If Canada makes a deal with China, it will immediately be hit with a 100% Tariff against all Canadian goods and products coming into the U.S.A.” While Carney denied he is pursuing an open trade agreement with China, Trump may have been responding to Carney’s state visit to China earlier this month. Also, in his Davos speech last week, Carney made an oblique reference to the US when he said “great powers” were using “tariffs as leverage,” and called on “middle powers” like Canada to stick together. Following that speech, Trump rescinded an invitation for Carney to join the “Board of Peace.” Super Bowl LX is set. We know who’s headed to Super Bowl 60: The Seattle Seahawks and the New England Patriots will face off on Feb. 8 at Levi’s Stadium in the San Francisco Bay Area. New England beat the Denver Broncos 10–7 in Denver during the snowstorm. And the Seattle Seahawks won against the Los Angeles Rams at home, 31–27. This marks the first Patriots trip to the Super Bowl in the post-Tom Brady era. And Seattle was last in the Super Bowl in 2015, but they lost to…the New England Patriots. If your favorite team didn’t make it in, maybe check out the entertainment. Bad Bunny will headline the Apple Music Halftime Show, Charlie Puth will sing the national anthem, Brandi Carlile will perform “America the Beautiful,” and Coco Jones will sing “Lift Every Voice and Sing.”—HVL Presented By Pendulum New gut, new you Did you hear about the group of PhD scientists from Johns Hopkins, Harvard, and Stanford who walked into a lab—and left with a breakthrough probiotic in hand? These scientists zeroed in on one of the most beneficial strains for gut health, Akkermansia muciniphila. They figured out how to bring live Akkermansia muciniphila to the probiotics market. The final result of their work? Pendulum’s Akkermansia probiotic. This particular strain is so groundbreaking because it can strengthen gut lining, improve metabolic and digestive health, and naturally increase GLP-1.* With more than 15k medical provider recommendations, 4.5k mentions of Akkermansia muciniphila in scientific publications, and loyal customers like Halle Berry, this stuff sure sounds promising. Try Akkermansia yourself and take 20% off. HSA/FSA eligible. TECH Is the stock market undergoing a vibe (code) shift? an illustration representing vibe coding Bestforbest/Getty Images If you’re looking for this year’s code word, it’s vibe. “Vibe coding,” the practice of using AI tools to turn plain language into computer code, has created a whole new class of app-makers and website developers without the traditional tech know-how. Good vibe-rations. From 2022 to 2024, Apple’s app market was frozen in place. Then, developers suddenly started cranking out more apps than The Cheesecake Factory: In December, new iOS apps were up 60% year over year, closely mapping with the rise of vibe-coding tools, according to venture capital firm Andreessen Horowitz. Earlier this month, startup Replit launched an Apple-specific feature that helps users create an app in minutes. Will it eat the software world? Anthropic cast a net into white-collar waters earlier this month when it launched Claude Cowork, a vibe-coding tool for data analysis and file management, putting pressure on legacy software companies like Adobe and Salesforce, whose stocks are down more than 30% over the past year. Human programmers say, beware the vibe hype. DIY apps can have issues and security flaws that a human developer is more likely to catch. Plus, it still takes business sense to launch a successful product, an area where established players have a head start. As a digital marketing director told Pymnts, “The winners in this new landscape won’t be the best vibe coders, they will be the best marketers and systems builders.”—BC     Together With Layermor Perfume, but make it transparent. Layermor ditches the mystery “fragrance” label and discloses every ingredient—earning EWG-Verified status and selling out twice since launching in 2024. Meet Amal: a luxe, skin-like scent designed to layer, last all day, and actually let you know what you’re wearing. Check it out. CALENDAR The week ahead Jessica Pegula Jessica Pegula defeated defending Australian Open Champion Madison Keys to reach the quarterfinals. Robert Prange/Getty Images Will the Fed cut interest rates again on Wednesday? Probably not. According to the CME Group’s FedWatch tool, there’s about a 97% chance the Federal Reserve will hold interest rates steady this week. After three straight cuts, the central bank likely wants to see where the economy settles. The meeting will also be a chance for the public to hear from Chairman Jerome Powell, more than two weeks after his forceful defense of Fed independence in a video statement announcing he was under federal investigation. According to Powell, the probe revolves around testimony he gave to Congress about renovations of the Fed’s headquarters, but he said that’s a pretext to intimidate the central bank into cutting rates. Earnings get Magnificent this week: Despite the superhero moniker, many of the “Magnificent Seven” megacap companies are looking remarkably human lately. Four of them report earnings this week, starting with Meta, Microsoft, and Tesla on Wednesday, followed by Apple on Thursday. Tesla investors will be eager for updates on the progress of its robotaxi program and other areas of growth, while Meta, Microsoft, and Apple will have some ’splaining to do on AI, as Alphabet takes the lead in the space. Tax season officially opens today: It’s time for CPAs to put theireye black on and put the W in W-2: The most taxing part of the calendar isupon us, with the IRS expecting about 164 million individual returns to be filed this year. There are some new credits and deductions to consider, so be sure to double-check if you qualify, especially if you are 65 and over, bought a car last year, received tips, or worked a lot of overtime. You have until April 15 to file. Good luck and Godspeed. Everything else: Southwest Airlines says goodbye to open seating, officially making the switch to assigned seating tomorrow. All eight episodes of Marvel’s new Wonder Man miniseries hit Disney+ tomorrow. This Thursday, thaw out from the recent winter weather with a steamy new season of Bridgerton on Netflix. Pop star Charli XCX’s mockumentary film, The Moment, comes out on Friday, along with first lady doc Melania, horror film Send Help starring Rachel McAdams, and a new Jason Statham movie, Shelter. The producer price index (PPI) report for December—delayed because of last year’s government shutdown—will be released on Friday. The Australian Open serves up women’s singles finals on Friday and men’s singles finals on Saturday. STAT Prime number: Electricity costs surged in storm ice on power linesNurphoto/Getty Images Reuters reported that power prices spiked in Northern Virginia’s data center alley on Sunday, as the deep freeze took hold. According to the outlet, wholesale electricity prices rose from $200 per megawatt-hour (MWh) on Saturday morning to $1,800 per MWh about 24 hours later. NoVa houses the world’s largest assemblage of data centers. But that may not be the worst of it. Prior to Sunday’s spike, PJM Interconnection, the regional grid that provides electricity to 13 states and Washington, DC, forecast that an all-time winter demand record would be broken tomorrow, partly due to the needs of data centers. It predicts that 147.2 gigawatts will be consumed, superseding the prior high of 143.7 gigawatts set last January.—HVL Together With Golf Digest Golf Digest Go inside the ropes at Pebble Beach. This is not a drill. Golf Digest and Peter Millar are giving away a 4-day/3-night trip (March 8–11) to a Pebble Beach® getaway with three iconic rounds, luxe lodging, head-to-toe outfits from Peter Millar, and air and ground transportation. Enter now and practice bragging forever. NEWS What else is brewing Ukrainian President Volodymyr Zelensky said a US security guarantees agreement for his country is “100% ready” to be signed after trilateral talks in Abu Dhabi. Rep. Maxwell Frost of Florida was allegedly punched in the face at a Sundance Film Festival event on Friday. A suspect has been arrested. Alex Honnold successfully scaled the Taipei 101 skyscraper in Taiwan, which he admitted he did for an “embarrassingly small amount” of money. Mike McCarthy, formerly the head coach of the Green Bay Packers from 2006 to 2018, has verbally committed to being the new head coach for the Pittsburgh Steelers. RECS To-Do List Stay cozy: Stop looking—this is the only good beanie.** Succeed: Actor Delroy Lindo said he overcame “strategic missteps” in his career before clinching an Oscar nomination this year. Sleep tight: Turns out your sleep tracker may not be giving you the full picture of your honk-shoo situation. Slow cook: This chili recipe can be tweaked to satisfy just about anyone on a frigid day. *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Turntable: This week’s center letter is U, and the supporting cast is R, D, O, G, T, H. Can you make 36 words? We think so. Play Turntable here. Roman numeral trivia With the matchup for Super Bowl LX now set, it’s time to brush up on your Roman numerals. Can you convert the following Roman numerals to Arabic numerals (aka familiar numbers)? LX DCCCXII CDLXXXVIII MCMXL Let’s go the other way to round it off...write 3,888 in Roman numerals SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER 60 812 488 1940 MMMDCCCLXXXVIII Word of the Day Today’s Word of the Day is: moniker, meaning “nickname.” We’re name-dropping John V. from Nokomis, FL, to thank him for the suggestion. Submit another Word of the Day here. ✢ A Note From Pendulum *Based on preclinical studies. This product is not intended for weight loss.           Written by Holly Van Leuven , Brendan Cosgrove, and Neal Freyman Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew   Retailers: Retail Brew Healthcare: Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

What happened in the mountains...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fq0vsi.2gkdn/93b24297.gif" alt="" border="0" /></a> January 25, 2026View Online | Sign Up | Shop Morning Brew Together With illustration of Davos rendered in gold EDITOR’S NOTE Guete Morge. The annual World Economic Forum conference took place in Davos this week, and boy, was it a doozy. Highlights include: President Trump’s about-face on imposing tariffs over Greenland thanks to the prospect of a NATO deal (details still TBD) giving all of Europe whiplash. Canadian PM Mark Carney’s and California Gov. Gavin Newsom’s feuds with Trump got taken to the next level. Elon Musk making his first-ever appearance at the event, which he has long derided, and telling everyone that robots will eventually outnumber humans. More AI talk than even CES had. And French President Emmanuel Macron doing the most anyone has done for aviators since Tom Cruise. But today, we’re looking beyond all that and zooming out on Davos, from our Brew crewmates’ impressions of what it was like to spend the week there, to the history of the conference and the conspiracy theories it attracts, to how the locals make bank off the visiting luminaries. And, of course, we’ll talk about what everyone wore. So, read on for the best Davos experience you can have without access to a private jet. ON THE GROUND Dispatch from Davos Morning Brew's Neal Freyman and Toby Howell in DavosMorning Brew We’ve all seen the headlines out of Davos, but that’s not the same thing as inhaling Alpine air next to a technocrat. Luckily, Morning Brew’s own Neal Freyman and Toby Howell were there. And while they may not have had the same exact experience as world leaders and AI CEOs (they flew commercial—but there was a celeb on their flight home), they’re happy to dish on what being in Davos is really like. Here’s what Neal and Toby had to say about their first time attending: Our main impression of Davos is that it’s one long line of (unmoving) black Uber cars. The traffic is truly horrible, and we can understand why why Davos co-chair Larry Fink is reportedly thinking of moving it out of the town, because it’s outgrown it. It’s all about the “houses.” A lot of the action happens outside the big talks at pop-up spaces hosted by companies (and even countries). You can learn all about that here. Companies go into these retail stores, completely gut them to incorporate their branding, and then it all returns to normal after the WEF. Pinterest had the best-looking house. They called it Pinterest Platz. For some reason, the two biggest lines we saw all week were to get into Qualcomm’s house. It’s an all-European affair in terms of the logistics. Uber drivers, service providers, AV teams, and more all descend on Davos from abroad to work this week. For example, we met an English carpenter at a bar who was there to build Bloomberg’s set. If you thought Washington Square Park was bad for man on the street videos…Davos is worse. There are many, many content creators and newscasters doing hits and asking you questions along the street. All the reporters were jostling for space to either get specific mountain vistas or the USA house as their backgrounds. The schedules are famously intense and long. There are often structured breakfasts that begin at 7:30am, and then many parties that don’t start until 10pm. We…did not go to those parties, but apparently, people just don’t sleep all week long. Indonesia house had some DJ ripping on the last night. It seemed like a club. We were jealous. There are multiple “Davos”es. There’s the one you see on TV, with the big geopolitical speeches and panels at the Congress center. Very few people can get into those, just VIPs and media (it feels like high school, as Scott Galloway said, in terms of the badge color hierarchy). But most of “Davos” for attendees is made up of what are known as “bilats,” or bilaterals, which are just business meetings outside of the WEF. Everyone makes small talk by saying, “Soooooo, how’s your Davos going?” Together With Indeed Data takes the wheel Having the right talent strategy is a competitive edge—but it’s data that acts as the compass. Indeed attended the World Economic Forum’s annual meeting in Davos this week. They shared the inside scoop on all things hiring, and those insights were also released through their Global Labor Market and Workforce Trends report. As a leading two-sided talent marketplace, Indeed sees trends in how people search for jobs and how employers compete for talent, and their report explores real-time insights from both employers and job seekers across multiple countries to reveal: where job opportunities are growing where skills shortages and mismatches could impact business performance how AI is transforming occupations, skills, and employer adoption Learn more. ORIGINS Decades of dialogue, diplomacy, and deals A conference building in Davos, Switzerland. Dukas/Getty Images Why do the world’s rich and powerful annually descend en masse on an isolated ski town in the Swiss Alps? It all started in 1971, when German business professor Klaus Schwab invited European business leaders to Davos to discuss how they could compete with US companies. More than five decades later, the world’s rich and powerful are still making the trek to Davos, because what’s a ski town without moguls? The hills are alive: When Schwab organized the first gathering, it was called the European Management Symposium, but the conference became known as the World Economic Forum in 1987, as it outgrew that name and its mission expanded. According to the New York Times, political leaders started getting invited to the annual event in 1974. In 1976, additional speakers, like consumer rights advocate Ralph Nader (who wasn’t a political candidate yet), joined the mix. By that time, the conference had grown into a membership group and started tackling global issues, like international conflict, poverty, and the environment. Now, both the organization and the annual Davos meeting are called the World Economic Forum (WEF). Let’s make a deal Today, the forum is kind of like going to college: There are periods of serious work interspersed with networking and partying. Those elements—and the fact that many of the world’s elites are all in one place—have led to some major breakthroughs: In 1988, Greece and Turkey dialed down tensions with a no-war agreement, fittingly called the Davos Declaration. In 1989, Davos hosted the first ministerial-level meeting between North and South Korea. In 1994, then Israeli Foreign Minister Shimon Peres and Palestine Liberation Organization leader Yasser Arafat reached a tentative deal on settlements in Gaza and Jericho. In 2000, Gavi, a public–private vaccine alliance, was launched at Davos. It has led to the vaccination of more than 1.2 billion children, according to the organization. End of an era: Schwab, the forum’s founder, who is now 87, resigned as WEF executive chair earlier this year after being accused of using the forum for personal enrichment. An investigation found “minor irregularities,” but cleared him of “material wrongdoing.” With Schwab sidelined, BlackRock CEO Larry Fink and Roche’s André Hoffmann ran point for this year’s event as interim co-chairs.—BC     TRAVEL No cheap stays in Davos The Steigenberger Grandhotel Belvedere accommodates participants and hundreds of functions during the 50th World Economic Forum (WEF) in Davos.at the 50th World Economic Forum (WEF) in Davos. Thierry Falise/LightRocket via Getty Was it worth it for Fortune 500 execs and heads of state to spend millions and slog through the slushy Alps last week in Davos? For locals and Davos property owners, absolutely. The small Swiss ski town gets a major economic boost every year as out-of-town businesses pay exorbitant prices to rent out their retail spaces, while locals charge double (sometimes triple) the normal cost for lodging, and hotels are swarmed with high-profile guests. Davos is a year-round destination: It’s a luxury winter sports hub with a history as the place where European tuberculosis patients would visit during the summer to get some fresh mountain air. But for roughly five days every year, it’s something more, and the town cashes in: Last year, Ordinary Things YouTuber Josh Otten said he paid 800 euros (about $930 a night) for two beds in a non-private room at a hostel in town. The cost for a private chalet—since tech moguls aren’t going to slum it in a bunk bed—is estimated to cost around $140,000 for the week. A three-bedroom apartment in Churwalden, about 20 miles outside of Davos, costs $1,727 per night during the week of the WEF, compared to $392 per night two months later in March. Big names moving in. During the conference, local salons, lingerie stores, and even churches are converted into meeting spaces and swanky brand hubs. One clothing boutique owner said she turned down 50,000 Swiss francs (~$62,767) in order to stay open for locals during Davos. Two years ago, Colombian President Gustavo Petro got in hot water for the extravagance of renting a Davos venue near the city center for roughly $1.2 million to promote the country as a tourist destination.—MM     together with Indeed The right data creates advantages. “As labor markets shift, employers need clarity on where demand is growing and skills are scarce,” says Svenja Gudell, PhD, Indeed’s Chief Economist. “That insight helps businesses prepare for what’s next.” Read the Indeed Hiring Lab’s latest report and plan your workforce with confidence. GEOPOLITICS Conspiracy theorists thrive off this elite gathering A hat with an all-seeing eye with Covid, 9/11 and The Great Reset on three sides Friso Gentsch/Getty Images When conspiracy theorists use “they,” that “they” that’s controlling your life is usually a faceless group of powerful people making decisions behind closed doors. So, in that regard, it’s easy to see why the annual gathering of billionaires at Davos has become a focal point in communities where people do their own research. The people who believe Davos attendees are out to get them have always existed, but, as with other niche interests, social media amplified those conspiracy theories, and they now reach a wider audience. Some that have gained traction in recent years include: Some people interpreted the WEF’s 2021 theme, “The Great Reset,” as globalists releasing the coronavirus to create an economic collapse and strip away the rights of citizens, a view pushed by the likes of Glenn Beck, Alex Jones, and Tucker Carlson. To save the planet, the elite would force people to stop eating meat and start eating insects, perhaps the first theory that shines a light on Big Insect. The WEF “appointed” Kevin McCarthy to be speaker of the House, an idea that the Associated Press found resulted from people not understanding the title “Majority Leader.” The threat of dis/misinformation: While some conspiracy theories can be harmless—no, the NYC bagel place isn’t messing up your order because they know you’re from Boston—they can also have a way of sowing distrust in a society…which runs exactly contrary to the conference’s goals of international cooperation. At Davos in 2023, New York Times chairman and publisher AG Sulzberger said about the danger of disinformation: “Once you see trust decline, what you then see is a society start to fracture, and so you see people fracture along tribal lines and, you know, that immediately undermines pluralism.”—DL     CULTURE What are the global elite wearing? European Central Bank President Christine Lagarde sits next to Apple CEO Tim Cook and NVIDIA CEO Jensen Huang. Chip Somodevilla/Getty That’s one of the biggest questions surrounding the World Economic Forum’s Annual Meeting, aside from who’s going and what the heck they’re even doing there. Fixing the world’s problems may be the stated goal, but if you send world leaders to a ski town, they’re gonna flex their quiet wintertime luxury, too. The classics of high-end outerwear, like Italian wool and sheepskin collars, are still a common sight at Davos, but now, so are sportier parkas—a former faux pas for formal attire. “The world has unfortunately moved on from dress coats,” Derek Guy, the internet menswear commentator known as @dieworkwear, told Semafor last year for a piece about Davos fashion. The pendulum could have swung back a bit from sportswear this year, because who needs performance warmth when the sun is beating and temperatures are as high as the mid-40s? Here’s how some of this year’s WEF attendees shielded themselves from the milder-than-usual elements: Nvidia CEO Jensen Huang wearing a leather jacket in the Congress Centre at DavosFabrice Coffrini/AFPEven if it had snowed, there’s probably nothing that could have stopped Nvidia CEO Jensen Huang from making his Davos debut in his signature look: a black leather jacket. US President Donald Trump walks to board Air Force One en route to Davos.Mandel Ngan/AFPPresident Trump sported a long black coat and gloves. Secretary of State Marco Rubio and White House Press Secretary Karoline Leavitt disembark Air Force One at Davos.Chip Somodevilla/Getty ImagesSecretary of State Marco Rubio also wore a simple dress coat, while White House Press Secretary Karoline Leavitt stepped off Air Force One in a leopard-print trench coat. A short-haired woman stands outside in a patterned blazer and black scarf.Fabrice Coffrini/AFPAmnesty International Secretary General Agnes Callamard kept it light with a colorful patterned blazer and a loose scarf. European Central Bank President Christine Lagarde sits next to Apple CEO Tim Cook and NVIDIA CEO Jensen Huang.Chip Somodevilla/GettyIn a sea of conventional suits, European Central Bank President Christine Lagarde—seated here next to Huang and Apple CEO Tim Cook—opted for a turtleneck and tailored dark grey jacket. France's President Emmanuel Macron wears blue aviators while speaking on World Economic Forum stage.Fabrice Coffrini/AFPHonorable mention: Emmanuel Macron’s blue aviators. Due to a burst blood vessel, the French president kept his eyes covered, Top Gun style, which boosted the Italian sunglasses-maker’s stock by 70% and led to so many orders that its website crashed, Bloomberg reported.—ML     BREW'S BEST To-Do List Read: Learn about how the stuff under our feet has underpinned the global economy for centuries with The Land Trap.** Learn: See how the World Economic Forum has changed since 1971. Explore: Where else do billionaires hang out together? Buy: Support Davos’s professional hockey team and its amazing logo. Devour: When in Switzerland, you eat raclette. Job insights in sight: Indeed sees real-time trends via employees and employers. Find them all in Indeed’s newly released 2026 Jobs and Hiring Trends report.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e           Written by Abigail Rubenstein, Neal Freyman, Toby Howell, Brendan Cosgrove, Dave Lozo, Molly Liebergall, and Matty Merritt Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew   Retailers: Retail Brew Healthcare: Healthcare Brew Interested in podcasts? 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The app has officially changed hands...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fq0wl3.2g96r/81a8b082.gif" alt="" border="0" /></a> January 24, 2026View Online | Sign Up | Shop Morning Brew Presented By Bland AI ​​Good morning, smart and wonderful reader. Today is National Compliment Day, which, thankfully, does not also fall on Opposite Day this year. So, get out there and brighten someone’s day. Need some inspiration? Here are some kind words we’ve seen make people smile over the years: “That’s the best parallel parking I’ve ever seen.” “This tastes just like the one my grandma used to make.” “You are really wearing those Crocs.” But beware of the compliminsult, compliments that feel more like insults. Nothing is worse than when someone tells us “that’s actually funny.” —Matty Merritt, Molly Liebergall, Dave Lozo, Sam Klebanov, Holly Van Leuven, Abby Rubenstein MARKETS Nasdaq 23,501.24 +0.28% S&P 6,915.61 +0.03% Dow 49,098.71 -0.58% 10-Year 4.239% -1.0 bps Bitcoin $89,605.79 +0.54% Intel $45.07 -17.03% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: Stocks were mixed yesterday to cap off a short week that still managed to provide investors with the kind of ride you’d usually have to wait in line for at Six Flags. Ultimately, stocks were down for the second week in a row amid highs and lows largely tied to President Trump’s stance toward Greenland. A dip for chips: Intel tanked yesterday after the company’s earnings report on Thursday made it clear that its turnaround won’t be quick. The company lost money in Q4 and issued tepid guidance for the future, noting that an inventory shortage is making it hard for it to make hay from the demand for its chips for data centers.   SOCIAL MEDIA TikTok goes American TikTok logo on phone screen. Rafael Henrique/Getty Images TikTok is an American company now, so everyone’s password has been changed to the high note at the end of “and the rockets red glare.” Ownership of TikTok’s US operations has officially changed hands, but your experience on the app likely won’t change much…immediately. A group of American investors closed a $14 billion deal Thursday night to acquire the US version of the short-form video app and avoid a shutdown mandated by the 2024 divest-or-ban law due to national security concerns. Under the deal, TikTok’s original parent, ByteDance, will retain 19.9% of the company while Larry Ellison’s Oracle, private equity firm Silver Lake, and Abu Dhabi-based investment company MGX will split 45% of the company as managing investors. Most of the remaining shares of the new US TikTok entity will be owned by existing ByteDance investors. The three managing investors will own US user data and be tasked with moderating US content. ByteDance will still own its wildly valuable algorithm, but, according to a White House official, it will lease a copy to the owners of the US entity. What will 200 million Americans’ midafternoon distraction look like now? For starters, you won’t need to download a new app. But you’ve probably already seen new service terms pop up. These have alarmed some users and pushed some to delete the app, because TikTok will now collect your precise location—not just your approximate location—if you agree to the new terms. Just like in the videos, there’s controversy. TikTok bans hate speech and inappropriate content, but with the new owners moderating, its standards could change (see also: Elon Musk buying Twitter). Some critics claim that the concern that necessitated the sale—that the Chinese government could manipulate the algorithm and spread propaganda—could simply shift to worry about the messages favored by the app’s new ownership, who are pretty close with the current US president. Plus…the 2024 law demands that ByteDance have no operational relationship with the US company, leading some observers to question whether the deal fully complies.—MM     Presented By Bland AI Get customer support that actually cares Bland AI The last thing customers want is to be left on hold when they need help the most. Thankfully, they can get all their issues resolved instantly with AI customer support that actually cares. Bland AI replaces phone trees and IVRs with AI voice agents that accurately represent your brand, understand your customers, and resolve calls end to end. That means no phone menus and no hold music. Just faster, smarter customer conversations. With Bland AI, you can: deploy multimodal agents across phone, SMS, and chat have agents that resolve all customer issues end to end use secure AI that’s built specifically for enterprises Book a demo today to see how they can work for your business. WORLD Tour de headlines A person shoveling snowArnold Gold/Getty Images 🧊 Baby, it’s cold outside. You’ve probably heard that there’s a storm headed your way (or looked outside and saw one)—since roughly half the US population is facing frigid temperatures and the threat of storms this weekend from Texas up the East Coast, bringing ice, snow, and possible power outages. The storm began yesterday afternoon in parts of New Mexico and Texas. By early this morning, at least 18 states and Washington, DC, had declared a state of emergency, and 8,300 flights had been canceled for the weekend. At least 200 million people are living in areas with weather advisories, and meteorologists told the Associated Press that the damage could be comparable to when a hurricane blows through.—AR Gold hit a new price record of nearly $5,000/ounce. Seems like Scrooge McDuck isn’t a quack when it comes to investing, as the price of gold keeps shattering records. Yesterday, it was up 8% over the week and 15% since the start of 2026. Investors have been snatching up the shiny stuff as a hedge against market-jolting geopolitical shocks, like this week’s spat between the US and Europe over President Trump’s push to control Greenland. Plus, declining interest rates eroding returns on government bonds and fears that stocks might be overpriced have made precious metals a more attractive investment. Gold’s pale cousin silver is rallying even harder, with the price of an ounce more than tripling over the year. It rose nearly 14% this week and surpassed $100 for the first time ever yesterday.—SK The US, Russia, and Ukraine hold first trilateral peace talks. Russia and Ukraine began direct peace talks for the first time since Russia’s 2022 invasion yesterday in the United Arab Emirates, as the US continues to press for an end to their war, and they’re supposed to keep talking today. A White House official called yesterday’s talks “productive,” but Ukrainian leader Volodymyr Zelensky said it was too soon to draw conclusions from the talks. One major sticking point appears to be the Donbas region in eastern Ukraine, which Russia’s Vladimir Putin is demanding Ukraine surrender.—AR NATIONAL Minnesota businesses strike against ICE Roberto Schmidt/AFP via Getty Images Amid wind chills as low as -40 degrees Fahrenheit, Minnesotans just made clear that they’ll tolerate extreme cold, but not ICE. Hordes of people marched through frigid Minneapolis yesterday afternoon as part of a daylong economic blackout protesting ICE activity, following an immigration officer’s killing of Renee Good earlier this month and the detainment of a preschooler this week. Community leaders and labor unions organized “ICE Out” day, which called for no work, no shopping, and no school (most districts closed due to the cold anyway) to show local solidarity, demand that ICE leave Minnesota, and pressure Congress to intervene: Businesses and shops around Minneapolis sat empty, the New York Times reported, and many had signs in their windows expressing support for the day of protests. More than 700 businesses—including bookstores, movie theaters, museums, and restaurants—closed for the day, organizers said. Thousands of residents were expected to call out of work. The Minneapolis City Council and a group representing 1,000+ local unions endorsed the strike, though the Minneapolis Regional Chamber of Commerce president told HR Brew that the Chamber didn’t “particularly love the idea.” At Minneapolis-Saint Paul International Airport, police arrested ~100 clergy members protesting deportation flights yesterday. Earlier this week, Vice President JD Vance blamed tension in Minnesota on “a failure of cooperation” from state officials. Zoom out: Target, UnitedHealth, 3M, and 14 other Fortune 500 companies are headquartered in Minnesota. Some are reportedly issuing internal guidance on the Trump administration’s immigration crackdowns—but none have commented publicly.—ML     Together With Kalshi Snow market. The New York City area is bracing for what is shaping up to be one of the heaviest snowfalls that the area has seen in years. Kalshi traders have the over/under pegged at around 12 inches at the time of writing, with some signs pointing to the way, way over. Make your prediction. ICYMI Have you heard… Here’s everything that didn’t make it into this week’s newsletters but we immediately sent to the group chat. Former sideline reporter Michele Tafoya announced she is running for Senate in Minnesota. Hopefully, someone asked for her keys to victory right before the campaign kicked off and later will ask what adjustments she needs to make in the second half of her campaign to win. Pitchfork published a guide that explains its music rating system. For example, anything between 9.1 and 9.9 is an instant classic, anything between 5.6 and 5.9 is decent, and anything between 0.0 and 0.9 is Benson Boone. A conspiracy theory says that Earth will lose gravity for seven seconds at exactly 9:33am ET on August 12, 2026. NASA says this isn’t true, but just in case it is, if you press play on John Mayer’s “Gravity” at 9:32:24, you will hear him sing “Gravity” just as you float away. Three members of the Norwegian ski jumping team were suspended for 18 months for enlarging the crotches of the suits of two male skiers to help them fly further through the air. Officials became suspicious after seeing bulges that big in weather that cold. A beach in England was covered with uncooked french fries and raw onions after a cargo ship spilled its contents. The combination is already being hailed by British food critics as the country’s most delicious cuisine.—DL NEWS What else is brewing President Trump said an American “armada” was headed toward Iran “just in case.” The president revoked Canada’s invitation to participate in his “Board of Peace,” an initiative intended to oversee post-war Gaza, after its Prime Minister Mark Carney criticized the US at Davos. The US has officially walked away from the World Health Organization after 80 years of membership. Tesla is removing its Autopilot software as a standard feature on new cars in hopes of boosting sales of its more advanced Full Self-Driving mode. Ryan Wedding, a former Canadian Olympic snowboarder who made the FBI’s most-wanted list after allegedly smuggling cocaine from Latin America into the United States and orchestrating several murders, has been arrested. Rhode Island is considering discontinuing its Mr. Potato Head specialty license plates because the toy’s maker, Hasbro, moved its headquarters out of the state. Skyscraper Live, Netflix’s live special of Alex Honnold scaling the Taipei 101 tower in Taiwan without ropes or safety equipment, was delayed by 24 hours due to weather. It will now stream live tonight at 8pm ET. Together With Merit Beauty Merit Beauty Consider this your fastest glow-up. MERIT’s Five Minute Morning delivers a full, foolproof routine—skin, brows, lashes, lips—in just five minutes. Breathable, buildable, never cakey, and now 15% off. Proof that looking put together doesn’t require a second alarm. COMMUNITY Crowd work Last week, we asked: “If you could spend a day with a character from any book, movie, or TV show, who would it be and what would you do?” Here are some of our favorite responses: “Spend the day with Sherlock Holmes and Dr. Watson solving the Isabella Stewart Gardner Museum art heist.”—Bob from Madison, WI “I can imagine nothing better than sitting on a park bench with Forrest Gump and chatting about the most incredible encounters after a 10-mile run.”—Dylan Steinfeld from Atlanta, GA “Winnie-the-Pooh. The two of us would sit in my backyard, and he would certainly show me things I haven’t seen before or have forgotten to cherish.”—Lesa from Cave Creek, AZ “I’d walk around a big city—New York or Tokyo—with [Bill Murray’s character in the Sofia Coppola film Lost in Translation] Bob Harris, mostly in silence. Late afternoon bathhouse, an unhurried steak dinner, then a nightcap at a dim, wood-paneled bar. Just moving through the day.”—Anonymous from Athens, GA This week’s question What’s the best advice you’ve ever received? Sam’s answer to get the juices flowing: “Always read the reviews for a theater show before buying tickets. I realized the steep cost of ignoring this wisdom 2.5 hours into an abstract performance with atrocious acting and rambling monologues.” Submit your response here. RECS To-Do List Cover: A phone case that will actually last forever.** Observe: Why snow isn’t actually white. Take in the view: The northern lights, as seen from an airplane. Eat your veg: Smoothie recipes that feature vegetables but actually taste good. Small-biz stories: Here’s your all-access pass to Meet You on Main Street, our new hub sponsored by Walmart Business. Meet local entrepreneurs, explore new spaces, and tap into your entrepreneurial side.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Crossword: Things get a little meta in our big puzzle this week. Put on your thinking cap and give it a try here. Open House Welcome to Open House, the only newsletter section that needs a pool view and ocean view. We’ll give you a few facts about a listing and you try to guess the price. Large home in Mississippi gulfZillowToday’s 4,600-square-foot French colonial-inspired home is in Pass Christian, MS. The updated house has thankfully avoided an infestation of subway tiles and barn doors. Amenities include: 5 beds, 4 baths Saltwater pool Pool house (no saltwater unless you bring it in) How much for this charming Gulf home? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER $2.1 million Word of the Day Today’s Word of the Day is: atrocious, meaning “of a very poor quality; extremely bad or unpleasant.” Thanks to Brooke from Portland, OR, for the surprisingly pleasing suggestion. Submit another Word of the Day here.           Written by Abigail Rubenstein, Matty Merritt, Molly Liebergall, Dave Lozo, Sam Klebanov, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew   Retailers: Retail Brew Healthcare: Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. 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The tech giants are racing to make AI gadgets...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fq0h8w.2g6bl/94a9460d.gif" alt="" border="0" /></a> January 23, 2026View Online | Sign Up | Shop Morning Brew Presented By Elf Labs Winter has come. This storm could be a big ’un. Meteorologists say that a huge chunk of the US—from New Mexico to the East Coast—could see unusually heavy snow and ice this weekend. The storm could cause major damage to roads and power lines, and airlines are already waiving change fees in anticipation of delays and cancellations. Let’s hope it won’t be that bad, but it’s best to prepare for the worst. Here are some resources on how to ride out the storm safely. Godspeed. —Molly Liebergall, Matty Merritt, Sam Klebanov, Adam Epstein, Holly Van Leuven MARKETS Nasdaq 23,436.02 +0.91% S&P 6,913.35 +0.55% Dow 49,384.01 +0.63% 10-Year 4.249% +0.0 bps Bitcoin $89,509.31 -0.54% GE Aerospace $295.00 -7.38% Data is provided by *Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean. Markets: Stocks continued to climb for a second day after President Trump backed off his threats to slap more tariffs on Europe and take Greenland by force, netting dip buyers another big win. But GE Aerospace awkwardly stood in the corner of the party and sulked after its sales forecast underwhelmed investors.   Markets Sponsored by Elf Labs Pre-IPO opportunity: After securing major global distribution for its character IP, Elf Labs just reserved its Nasdaq ticker: $ELFS. Everyday investors can still participate (plus receive up to 35% bonus shares) while the company is still private. Invest now. TECH Hardware rivalry: Apple & OpenAI vie for AI gadgets Illustration of Apple devices Francis Scialabba The race to release an AI device that people actually like is heating up: Apple may be working on an AI accessory that could come out as early as 2027, The Information reported this week, two days after OpenAI shared an update on its own highly anticipated hardware. According to The Information: Apple’s gizmo will be an AI pin that you can attach to your clothes, equipped with cameras and microphones for observing your surroundings. The company is aiming to make it roughly the size of an AirTag (1 ¼ inches across). It’s still in the “early stages” of development. Hurry up? Apple was already labeled a slow adopter of AI when it pulled a GTA VI last spring and delayed the launch of its new AI-powered Siri until sometime this year (with help from Google Gemini). Now, the iPhone maker may be trying to expedite its rumored wearable to compete directly with OpenAI, which has been teasing a lamp for its genie for months now. Tight race OpenAI is “on track” to share the first look of its AI hardware in the second half of this year, a company executive said this week. Don’t assume it’ll be uglier than whatever Apple comes up with: OpenAI is building its device with the former Apple design head Jony Ive. Details are largely under wraps, but: OpenAI’s device is in the prototype phase and could hit the market by the end of 2027, Ive said in November. It’s rumored to be screenless, roughly smartphone-sized, and possibly wearable. Some alleged leaks and reports from Asian publications suggest it could be earbuds. Do you like eggs? Because some of Apple’s good ones are getting poached. Several dozen Apple engineers have defected to OpenAI in recent months, making Apple execs worry that OpenAI could become “a threat to its underlying business,” Bloomberg reported this week.—ML     Presented By Elf Labs A $200b market cap doesn’t happen by accident Elf Labs Just ask Disney. They did it by owning globally recognized character IP. Now, after a 10-year legal effort, Elf Labs has secured historic rights (500+ assets) to iconic characters like Cinderella and Snow White. They’re bringing them to life through multipatented immersive technology across entertainment, gaming, and consumer products—a market estimated at over $2t. Analyst interest has increased after the company reached a major inflection point this year and reserved its Nasdaq ticker: $ELFS. For a limited time, everyday investors can still participate (plus receive up to 35% bonus shares) while the company remains privately held. Invest now. WORLD Tour de headlines Donald Trump and Jamie DimonMandel Ngan/Getty Images, Brett Coomer/Getty Images Trump sued JPMorgan Chase and Jamie Dimon over alleged “debanking.” In a lawsuit filed in Florida court yesterday, President Trump accused the bank and its CEO, Jamie Dimon, of closing his accounts for political reasons. Trump believes that JPMorgan was motivated by "unsubstantiated, ‘woke’ beliefs” to distance itself from the president, per the lawsuit. The bank closed accounts for Trump weeks after a mob of his supporters attacked the US Capitol on Jan. 6, 2021. JPMorgan says it does not close accounts for political or religious reasons and argued that the lawsuit “has no merit.” The $5 billion legal action came as Dimon issued a rare public statement criticizing Trump in a speech in Davos, Switzerland, this week, saying that the president’s proposed credit card rate cap would create an “economic disaster.”—AE At long last, TikTok seals deal for new US entity. Nearly six years after President Trump initially threatened to ban TikTok during his first term, the video-sharing app owned by ByteDance announced yesterday that it struck a deal with a group of non-Chinese investors to form a US TikTok, known as TikTok USDS Joint Venture. Adam Presser, who had been TikTok’s head of operations, is the CEO of the new and independent entity. According to CNBC, ByteDance will own 19.9%, and Silver Lake, Oracle, and MGX will be the managing investors. The outlet also reported that TikTok’s extra-special algorithm will be hosted in Oracle’s American data centers. Between 2020 and now, the TikTok saga took approximately 1 million twists and turns, including then-President Biden signing a bipartisan national security law in 2024 to ban the app, which President Trump kept from being enacted last year via executive orders while he searched for a US buyer.—HVL Jack Smith publicly testified about his Trump investigations. In an open-door hearing before the House Judiciary Committee yesterday, former Justice Department Special Counsel Jack Smith defended his investigations into President Trump, arguing that “no one should be above the law.” He said that the investigations he led—one into Trump’s alleged attempt to overturn the results of the 2020 election, and the other about the president’s alleged mishandling of classified documents—were not about politics, as Trump and other Republicans have long claimed. While Smith was speaking, Trump called Smith a “deranged animal” in a post on Truth Social and implied that Attorney General Pam Bondi should investigate him.—AE STREAMING Free Solo (but live) comes to Netflix today Alex Honnold staring up at Taipei 101 skyscraper. Netflix The guy you watched scale El Capitan without any ropes or equipment while nervously peeking through your own comparatively weak fingers is back—and this time he’s doing it live. Professional rock climber and Free Solo star Alex Honnold will scurry up Taipei 101, a 1,667-foot-tall skyscraper in Taiwan’s capital, with just his special shoes and chalked-up hands today. Netflix will broadcast the feat live (with a 10-second delay…just in case) at 8pm ET. Honnold hopes to make it up the building’s 101 stories in under two-and-a-half hours: The hardest part of the climb will be the middle 64 floors, which, according to Honnold, consists of eight sections broken up by balconies with vertical climbing for eight floors at a time. If Honnold makes it to the top, it will be the highest urban free solo ever. Honnold told the NYT that his calculations regarding risk haven’t changed much since getting married and having kids. And no, he doesn't have life insurance. He’s reportedly being paid in the mid-six figures for this climb. Emphasis on the live: Skyscraper Live is part of Netflix’s push into live sports coverage. The streaming company credited the investment for a surge in revenue and subscribers at the end of last year. Netflix reported an 18% increase in Q4 revenue to just over $12 billion, and its subscriber base grew to more than 325 million.—MM     Together With Nature’s Bounty Nature’s Bounty New year, smarter habits. Nature’s Bounty is giving your routine a glow-up: Get $10 off when you spend $40 on 100+ participating supplements on Amazon, for a limited time. From bestsellers to new essentials, refresh your stack, chase 2026 goals, and thrive—because feeling your best is in your nature today. Your 2026 reset starts here. AI The Japanese toilet maker is an AI company now Toto toilets AI Nick Illuzada The Japanese company famous for making fancy toilets with bidet capabilities and heated seats is riding the AI wave—and it’s not by making its smart toilets tell bathroom jokes. Toto’s stock surged 11% yesterday after Goldman Sachs said that the potty purveyor is positioned to grow the profits from its side gig of producing a key ingredient in semiconductor manufacturing. From washlets to wafers When it’s not busy convincing the world that spray is the cleanest way, Toto uses its ceramics competence to produce electrostatic chucks that hold silicone wafers in place while they are processed during semiconductor production. It’s been making the gizmos since the 1980s, but demand has skyrocketed as tech companies pour billions into computer chips for AI: Toto’s non-toilet manufacturing accounted for 42% of its operating income during the last financial year. Goldman Sachs analysts expects its e-chunk haul to keep growing amid the AI data center frenzy that’s squeezing the supply of chipmaking equipment. It's not just Toto with a semiconductor side hustle…as several Japanese consumer goods companies have capitalized on the country’s status as a computer chip hub. The cosmetics giant Kao Corp, for instance, makes chemicals to sanitize silicone wafers, in addition to facial cleansers.—SK     STAT Prime number: Most Oscar nominations ever Warner Bros. Michael B. Jordan? More like Michael be nominated. The actor received an Oscar nod for best actor for his dual role in Sinners, one of a whopping 16 nominations that the blues-soaked vampire thriller earned yesterday—the most of all time: The previous record was 14, held by All About Eve, Titanic, and La La Land. In addition to Jordan’s nod, Sinners got love for best picture, best director (Ryan Coogler), best cinematography, and best original score, among others. Despite Sinners’ record haul, One Battle After Another is still the odds-on favorite to win best picture. The Oscars are on March 15 on ABC and Hulu, and here’s the full list of nominees. If you’re just checking to see if Wicked: For Good got nominated for anything, don’t bother. It completely bageled.—AE QUIZ Friday news quiz Friday news quiz banner The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to opening the bag of food you had delivered and realizing they got the order right. It’s that satisfying. Ace the quiz. NEWS What else is brewing President Zelensky of Ukraine put Europe on blast in his speech at Davos, accusing the Continent of not doing enough to stop Russia’s Vladimir Putin. The Ukrainian president said, “Europe loves to discuss thefuture but avoids taking action today.” The US is seeking regime change in Cuba by the end of the year, according to the Wall Street Journal. Tesla’s Optimus robots will be available to the public by the end of 2027, CEO Elon Musk said. Inflation ticked up to 2.8% in November, according to the Commerce Department. Jared Kushner presented development plans yesterday for what he termed a “New Gaza,” equipped with data centers and seaside resorts. Waymo launched its robotaxi service in Miami, the sixth market where the Alphabet-owned company now offers driverless cabs. Emmanuel Macron is being credited with boosting a sunglasses maker’s value by $4 million after the French president wore its aviators during his (indoors) speech at Davos this week, which he said was to protect his eyes over a burst blood vessel. RECS To-Do List Prep: Throwing a Super Bowl party? Here are our top kitchen recommendations to feel like the Drake Maye of hosting.** Discover: A website that shows you how far you’ve traveled in the universe since birth. Watch: How to watch this year’s Oscar-nominated movies at home. Calm: How to meditate on your lunch break—no mantra necessary. Trusts + wills don’t self-update: Whether you have a plan or not, modern tools spot gaps before lawyers have to. See what’s next. Book a complimentary virtual estate clarity meeting.* *A message from our sponsor. **This article contains product recommendations from our writers. When you buy through these links, Morning Brew may earn a commission. PLAY Games available from Morning Brew Jigsaw: This week’s puzzle is elemental and vibey in a warm kind of way. Play it here. Friday puzzle Nine cats—Andar, Balak, Collo, Erec, Indan, Kyft, Meva, Qupuwu, and Yitsim—are positioned in a 3x3 grid; you know three things about them: 1. Balak, the leader, always sits in the top left. 2. Erec, the kitten, never sits in the top row. 3. None of the adjacent cats (even diagonal) share a single letter. Where are they positioned? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Balak; Yitsim; Andar Erec; Qupuwu; Collo Indan; Kyft; Meva Source Word of the Day Today’s Word of the Day is: harangued, meaning “lectured someone in an aggressive and critical manner.” Thanks to Ernie from Larchmont, NY, for the suggestion. Submit another Word of the Day here. ✢ A Note From Elf Labs This is a paid advertisement for Elf Labs’ Regulation CF offering. Please read the offering circular at https://www.elflabs.com/. Timelines are subject to change. Listing on the Nasdaq is contingent upon necessary approvals, and reserving a ticker symbol does not guarantee a company’s public listing. ✤ A Note From Money Pickle Money Pickle, LLC is an SEC-registered investment adviser. This is a paid advertisement. The publisher is not a client and receives compensation for this placement, which may create a conflict of interest. Content is for educational purposes only and does not constitute legal advice. Estate planning services, if applicable, may involve coordination with third-party legal professionals.           Written by Adam Epstein, Molly Liebergall, Matty Merritt, Sam Klebanov, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew   Retailers: Retail Brew Healthcare: Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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Trump says a Greenland deal “framework” is in the works...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fpztih.2gkev/d4cf7476.gif" alt="" border="0" /></a> January 22, 2026View Online | Sign Up | Shop Morning Brew Presented By Greetings. We knew AI in Hollywood could be coming for the jobs of good actors, but we never considered that it’d be a threat to bad actors, too. The Razzie nominations dropped yesterday (to be followed by the Oscar noms today), and the seven artificial dwarfs from Snow White are up for worst supporting actor. They’re pitted against four humans. This is a travesty. Get out and support bad human performances. Go watch an NBA player flop. Go watch a Fast & Furious sequel. Go watch a TikTok where a couple does a skit in their car. Don’t let real art die. —Sam Klebanov, Matty Merritt, Dave Lozo, Holly Van Leuven, Abby Rubenstein MARKETS Nasdaq 23,224.82 +1.18% S&P 6,875.62 +1.16% Dow 49,077.23 +1.21% 10-Year 4.253% -4.0 bps Bitcoin $90,122.36 +0.69% Nvidia $183.32 +2.95% Data is provided by *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. Markets: Rarely does a country inhabited by ~56,000 people have this big an impact on US stocks, but President Trump’s comments on Greenland sent them soaring yesterday. Stocks leapt up after Trump said he wouldn’t take the territory by force, and climbed even higher after he called off threatened tariffs over his desire to acquire it (more on that below), putting the S&P 500 in the green for the year. Tech stocks like Nvidia led the way.   GEOPOLITICS Trump says Greenland deal is coming, tariffs off Donald Trump and Mark Rutte Chip Somodevilla/Getty Images The diplomatic temperature lurched closer to Alpine cool in Davos yesterday amid signs of progress in resolving the transatlantic tiff over President Trump’s aspiration to acquire Greenland. Trump announced that he had reached a “framework of a future deal” with NATO head Mark Rutte at the World Economic Forum (WEF) regarding Denmark’s Arctic territory. He also said that he was nixing his promised tariffs against European allies, which had rankled investors and the Continent’s political leaders earlier this week. Trump said the agreement involves his proposed “Golden Dome” intercontinental missile defense system and shared control of the rare earth minerals contained within the icy landmass. Investors cheer détente The prospect of a Greenland handshake spurred markets to continue climbing out of a swoon, which was fueled Tuesday by the widening rift between Washington and Europe. The recovery began earlier in the day, when Trump told the Davos crowd that he wouldn’t use force to grab Greenland—and continued after the deal announcement with the 10-year US government bond yield falling and the dollar index jumping as much as 0.27%. Vibe shift Earlier this week, the transatlantic ties looked more strained than relations at a family dinner where red wine got spilled all over mom’s prized tablecloth. Trump’s threat last weekend to impose new tariffs on goods from Denmark and seven other European countries tanked global markets. It also drew rebukes from European leaders at the WEF, where European Central Bank President Christine Lagarde reportedly ditched a Europe-deriding speech by US Commerce Secretary Howard Lutnick on Tuesday. And it looked like Europe might have been gearing up for a retaliatory punch: Yesterday, the European Parliament paused its ratification of the US–EU trade deal, an agreement that many experts perceive as a win for the Trump administration. And EU representatives were due to meet today to decide how to respond to Trump’s tariffs. Harsh measures—including retaliatory duties on $100 billion worth of American exports and the “trade bazooka” of blocking US goods and services from the EU market—were reportedly on the table. Bottom line: Despite a lack of public deal details, it looks like negotiations will continue, fending off a major rift among NATO members.—SK     Presented By BambooHR Mo’ employees, mo’ problems? Don’t get us wrong: Your employees are a joy and a delight. However, the paperwork is…how do we put this? Ominous and delightless. Yeah, that should do it. But more employees shouldn’t mean more problems. Which is why BambooHR has tools to help you improve hiring, onboarding, retention, and more. BambooHR combines enterprise-grade power with user-first ease, making complex HR work feel effortless for all. BambooHR empowers HR leaders by removing friction from the systems and workflows that hold them back. The platform simplifies without sacrificing depth, enabling HR teams to scale effortlessly and sustainably. Keep it clear, keep it manageable, and keep it a joy and delight to be in HR. Start here. WORLD Tour de headlines Lisa Cook arrives at the Supreme CourtKevin Dietsch/Getty Images SCOTUS seems poised to let Lisa Cook stay at the Fed. During oral arguments yesterday on the lawfulness of President Trump’s effort to oust Cook as a Federal Reserve governor over unproven mortgage fraud allegations, justices from across the political spectrum expressed concerns that allowing Cook’s firing would weaken the central bank’s independence. That makes it likely that the court will allow Cook to keep her job—at least while her legal challenge plays out, dashing the president’s hopes of quickly installing someone more likely to deliver the interest rate cuts he wants. The concerns about Fed independence come as Trump and his Justice Department have also targeted Fed Chair Jerome Powell. Jamie Dimon says Trump’s card fee cap would be an “economic disaster.” It’s no secret that Wall Street banks opposed President Trump’s proposed 10% limit on credit card fees, and JPMorgan CEO Jamie Dimon did not hold back when asked about it yesterday in Davos, despite being otherwise hesitant to criticize Trump. He said that his bank would be fine, but the rule would force a “drastic reduction of the credit card business.” Banks pulling back could strip credit from 80% of Americans and hurt the businesses and municipalities that depend on them to pay for things, Dimon said. He suggested trying the cap out first in Massachusetts and Vermont—states whose senators have supported the idea. Batten down the hatches—there’s a storm coming. We mean that literally: This weekend, severe winter weather is expected to affect more than 200 million Americans across 2,000 miles. The National Weather Service warned of “great swaths of heavy snow, sleet, and treacherous freezing rain” beginning on Friday in the Southwest, and heading to the East Coast through Sunday, with dangerous ice expected from Texas through the Carolinas. Besides icy roads, the weather may lead to downed power lines and snarled air travel.—AR AVIATION Come get your cheap ‘idiot’ seat Brian Lawless/Getty Images Ryanair’s latest marketing campaign would crush in a crowd of fourth graders. The budget European airline known for its offbeat PR stunts announced a “Big ‘Idiot’ Seat Sale” this week, after a very public spat between the company’s CEO, Michael O’Leary, and Elon Musk. The pair have been name-calling each other after O’Leary said Ryanair wouldn’t adopt Musk’s Starlink internet. Per O’Leary, Starlink would cost Ryanair as much as $250 million a year between installation and increased fuel costs due to drag from the antennas the airline would have to add to its jets. O’Leary added that about only 10% of Ryanair customers would pay for in-flight wi-fi, since most of its flights are shorter: Musk responded by calling O’Leary an “utter idiot” and asking X users if he should buy the company and replace the CEO with someone named Ryan. At a press conference yesterday, O’Leary said, “I suspect he’s a bigger idiot than me, but nevertheless, he probably thinks I’m a bigger idiot than him.” To capitalize on the verbal melee, Ryanair is offering flights for just £16.99 (~$23) to 100,000 customers in January, February, and March. O’Leary said that these kinds of PR spats are “very good for our bookings.” Big picture: Musk has been trying to make Starlink the go-to wi-fi provider for cruising altitude, locking down contracts with 31 carriers around the world, including Lufthansa, Qatar Airways, and United Airlines.—MM     Together With JumpCloud ROI’s biggest rival. Fragmented tools and shadow AI are the enemy of ROI, creating financial bleed and security gaps that stall growth. That’s where JumpCloud comes in. JumpCloud helps unify humans + AI in one platform. Secure your autonomous workforce, reduce TCO, and turn AI into an advantage. Learn more. ENTERTAINMENT The curtains are coming down on Sundance in Utah An illustration of a clapperboard and the Sundance logo coming out of it Nick Iluzada Sundance is ending its first act. The independent film festival founded by Robert Redford opens today under bittersweet circumstances—after four decades in Utah, the event that launched numerous movie careers will be moving to Boulder, CO, next year. Park City will be the second location filled with notable people in parkas this week, but next year’s move may be a blow to Utah’s economy. The 2025 iteration drew more than 85,000 attendees, with out-of-state visitors spending $162.4 million, according to a Sundance report. That’s a lot of tickets and branded tote bags bought by people with an appreciation for cinematography, and it explains why many locations courted the festival. Utah officials proposed setting aside $3.5 million in state funds next year for Sundance and relocating it almost entirely to Salt Lake City. But Boulder’s offer of $34 million in tax credits over 10 years, along with more venues to support expansion and proximity to the University of Colorado, won the approval of Sundance and Redford, who died in September. Staying behind: Sundance will continue to offer labs (intensive workshops) in Utah for aspiring screenwriters and directors, who will get to work with established professionals. End credits: Richard Linklater, Ryan Coogler, Ava DuVernay, and many other notable Sundance alums spoke to The Hollywood Reporter for an extensive oral history of the festival.—DL     STAT Prime number: 2 player Crossplay from the New York TimesMorning Brew Design, The New York Times No matter how bitter your Wordle rivalry with Jeanine from sales has become, it’s still not technically a two-person game. But the New York Times debuted its first official multiplayer game yesterday with Crossplay, a Scrabble-like game sure to reignite your dormant Words With Friends feuds. And while the NYT’s claim to fame may be as the Paper of Record, getting you addicted to Connections et al. is an important part of its business strategy. According to the Associated Press: The 10 games in the newspaper’s stable (Crossplay is No. 11) were played more than 11.2 billion times last year. Subscribers spent more time in the Games section than reading the digital news, YipitData found in 2023. Crossplay joins the mix after the Times’s subscriber base grew to 12.33 million by last September. Most of those subscribers are digital, putting paperboys out of business and giving them the option to pick and choose which parts of the newspaper they want. And last year, the number of people subscribing to just the news dipped.—AR Together With SoFi Going crypto. Meet SoFi, the first national chartered bank where retail customers can buy, sell, and hold 25+ cryptocurrencies with the safeguards ofa bank. Open a SoFi Crypto account and get a $10 bonus when you make a $10 purchase by 2/7/26. Get started now. NEWS What else is brewing Berkshire Hathaway is taking steps toward selling its 28% stake in Kraft Heinz, marking the first big move from Warren Buffett’s successor, Greg Abel. Japan restarted operations at the world’s largest nuclear power plant at Kashiwazaki-Kariwa for the first time since the country shut down all of its reactors in the wake of the 2011 Fukushima disaster. Duke University sued quarterback Darian Mensah to try to block him from transferring. The suit claimed leaving the school would violate a multiyear name, image, and likeness contract. The House Oversight Committee, which is controlled by Republicans, began the process to hold Bill and Hillary Clinton in contempt of Congress for not testifying in its Jeffrey Epstein investigation. Nathan’s Famous, the Coney Island hot dog seller where Joey Chestnut amazes us every summer, was acquired by packaged meat giant Smithfield Foods for $450 million. Text messages from celebrities were released in court documents in Blake Lively’s lawsuit against Justin Baldoni—including one in which Taylor Swift called Baldoni a “bitch.” RECS To-Do List Adjust: A big pack of spacers for all the loose rings you’ve acquired from garage sales.** Travel: Should you use face ID for airport security? Consider: A visualization of how billionaires plan to invest this year. Don’t bake: How to make the Japanese “cheesecake” the internet is obsessed with. Attention, online shoppers: This card could give hundreds back every year with cash back on purchases you already make. Fast approval and a generous welcome bonus make it worth a look.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Mini: Pastries factor into today’s Mini, too. We can say no more. Play it here. Three Headlines and a Lie Three of these headlines below are real and one is faker than a text offering flexible remote hours for minimal work. Can you spot the odd one out? Exploding trees possible across Minnesota, Iowa, and South Dakota The all-you-can-eat buffet that’s France’s favourite restaurant Where is your chatbot tonight? AI boyfriends are starting to cheat Pabst rolls out Godzilla-branded 99-packs SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER We made up the one about the cheating chatbots. Word of the Day Today’s Word of the Day is: dormant, meaning “temporarily inactive.” Thanks to Eliza from Shaker Heights, OH, for the not-at-all-sluggish suggestion. Submit another Word of the Day here.           Written by Abigail Rubenstein, Sam Klebanov, Matty Merritt, Dave Lozo, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew   Retailers: Retail Brew Healthcare: Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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Markets plunge amid Trump’s renewed tariff threats...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fpzek6.2gdgj/e918e2b4.gif" alt="" border="0" /></a> January 21, 2026View Online | Sign Up | Shop Morning Brew Presented By RAD Intel Hallelujah. We did it, folks. We made it through the darkest timeline (literally). The sun will set at 5pm in New York City tonight, and the next pre-5pm sunset isn’t until November. It’s basically pool weather. —Dave Lozo, Molly Liebergall, Matty Merritt, Adam Epstein MARKETS Nasdaq 22,954.32 -2.39% S&P 6,796.86 -2.06% Dow 48,488.59 -1.76% 10-Year 4.295% +6.0 bps Bitcoin $89,311.14 -3.94% Nvidia $178.07 -4.32% Data is provided by *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. Markets: Stocks did their best Gollum impression and fell in response to chaos and confusion yesterday, after President Trump renewed fears of a trade war with Europe (more on that below). The Dow plummeted nearly 900 points and the S&P 500 had its worst day since October. Nvidia’s day was especially rough, highlighting a Tuesday that Big Tech would like to forget.   Markets Sponsored by RAD Intel An $0.85/share opportunity: RAD Intel 2x sales growth in 2025. Multiple 7-figure contracts for 2026. Nasdaq ticker reserved $RADI. STOCKS Investors are officially afraid again Illustration depicting global market chaos Niv Bavarsky Markets have mostly withstood persistent international uncertainty for the past year, but they may have reached a tipping point yesterday. Renewed tariff threats on Europe from President Trump and the looming specter of a Greenland takeover sparked another global “sell America” push—reminiscent of the response to “Liberation Day” last April. US markets plummeted, as did Europe’s benchmark Stoxx 600 index. In Japan, fears that a snap election could aggravate the country’s tenuous finances sent Japanese bond yields to a record high. Bitcoin dropped to its lowest levels in more than a week. The asking price for a Victor Wembanyama rookie card on StockX was also down, but that’s probably unrelated to tariffs. Fear itself On Sunday, Trump announced he would impose 10% tariffs on Denmark and seven other European countries until the US had a deal to purchase Greenland (those duties would begin on Feb. 1 and rise to 25% by June). Traders that have been living by the philosophy of TACO (“Trump Always Chickens Out”) now seem to have adopted an ideology of UH OH: The VIX index, which measures market volatility, climbed above 20 points for the first time since November. The 10- and 30-year treasury yields reached 4.29% and 4.92%, respectively—their highest since September. The safe havens of gold and silver briefly touched record highs. The US dollar index dropped as much as 0.8%, a big move in currency markets. Meanwhile, Danish pension fund AkademikerPension said it would divest its $100 million in US treasuries by the end of this month over long-term credit concerns. It’s an initial sign that money managers in Europe could use capital to fight back against Trump’s tariffs. Big picture: SCOTUS still has to rule on whether Trump can impose tariffs without the approval of Congress. Trump arrives in Davos, Switzerland, for the World Economic Forum today, and European leaders will be seeking meetings with him.—DL     Presented By RAD Intel The $200m AI with traction RAD Intel AI that holds up under scrutiny is rare. Most of the first wave got priced on vapor. The second wave gets priced on evidence, and the window is usually smaller than people expect. RAD Intel is already past that “promise” phase. $60m+ raised from 14,000+ investors, including insiders from Google, Meta, and Amazon. Backed by multiple Fidelity funds and selected by the Adobe Design Fund. Sales doubled in 2025. Multiple seven-figure contracts are already locked for 2026. That’s the part that should feel expensive. It isn’t. Shares are still $0.85, with their Nasdaq ticker recently reserved: $RADI. Major traction, still priced early at $0.85/share. The fundamentals have moved. The price hasn’t. Invest now at $0.85/share. WORLD Tour de headlines Emmanuel MacronLudovic Marin/Getty Images European leaders push back on Trump’s Greenland threats. In a speech yesterday at the World Economic Forum in Davos, Switzerland, French President Emmanuel Macron responded to President Trump’s threats to slap European countries with heavy tariffs unless they support his bid to acquire Greenland by saying, “We prefer respect over bullies.” The comments came after Trump posted a private text from Macron on Truth Social, in which the French president wrote, “I do not understand what you are doing on Greenland.” Other top officials, including EU chief Ursula von der Leyen, also spurned Trump by reaffirming Greenland’s sovereignty yesterday. Meanwhile, Greenland’s prime minister said that the Arctic territory must prepare for a possible military invasion. Netflix upgraded its Warner Bros. Discovery offer to all cash. The biggest Hollywood bidding war in recent memory took another turn yesterday when Netflix revealed that it changed its $82.7 billion offer to buy Warner Bros. Discovery’s (WBD) film studio and streaming assets from 84% cash to 100% cash to provide more certainty for shareholders. What Netflix did not explicitly say is that the sweetened offer is also intended to stave off Paramount Skydance’s attempted hostile takeover of WBD. Netflix also reported Q4 earnings yesterday, beating Wall Street’s revenue expectations and divulging that it now has 325 million subscribers worldwide. The Supreme Court did not rule on Trump’s tariffs. The world must wait at least another month for a ruling on the legality of President Trump’s signature economic policy after SCOTUS did not deliver an opinion yesterday, as some observers expected it to. The next day that the court could issue a decision is Feb. 20, according to Bloomberg.. Following his April 2025 “Liberation Day” tariffs, which placed taxes of varying degrees on imports from virtually every country on Earth, Trump has continuously threatened additional tariffs on certain countries and products, following through on some of them. If the court rules against Trump, more than 1,000 companies could be owed billions of dollars in refunds.—AE LEGAL Trump’s Federal Reserve showdown is today Fed Gov. Lisa Cook speaks at a podium Chip Somodevilla/Getty Images With so much focus on US intervention in global affairs, you may have forgotten that here in America, President Trump is targeting a member (or two) of the nation’s central bank. Today, the Supreme Court will hear oral arguments regarding Trump’s blocked firing of Federal Reserve Gov. Lisa Cook, whom his administration accused of mortgage fraud. Cook denied the allegation, and no charges have been filed against her. The case focuses, in part, on whether Trump can fire her for unproven wrongdoing, and the outcome could have far-reaching implications for Fed independence: No president has ever removed a Fed governor. If Trump is allowed to remove Cook, her replacement would give Trump’s appointees a majority on the Fed’s board. The decision could also impact Trump’s attempts to remove Fed Chair Jerome Powell… …who will attend today’s hearing. The show of support for Cook—which Treasury Secretary Scott Bessent called a “mistake”—follows a rare video statement earlier this month in which Powell confirmed that the Trump administration is investigating him for the Fed building renovations being over budget, which is widely believed to be a guise for the president’s dissatisfaction with the Fed’s interest rate decisions. Cook’s lawyers are expected to make similar arguments about her case. Looking ahead…the Court’s decision is expected by the summer. Powell’s term as chair expires in May, but he could stay on as a governor until 2028.—ML     Together With Walmart Business Walmart Business Grab your coffee and your comfiest sneakers. Check out our Meet You on Main Street hub, sponsored by Walmart Business, where you’ll stroll through stories, meet local legends, and find your inner entrepreneur. Adventure awaits—along with fun, inspiration, and maybe even a sweet treat or two. Lace up and go. AI Davos can’t stop talking about AI Chairman and CEO of Microsoft Satya Nadella delivers a speech during the World Economic Forum (WEF) Annual Meeting in Davos, Switzerland on January 20, 2026. Harun Ozalp/Getty Images When the bundled up elite aren’t discussing Trump’s Greenland threats, they are trading off AI hot takes. Tech execs and other powerful leaders have used their panel spots at the World Economic Forum to talk about AI’s impact on society, whether or not the robots are really taking your job, and the global AI arms race. Grand thoughts in the Alps included: BlackRock CEO Larry Fink telling the audience that capitalism exacerbated income inequality and AI could make it even worse. Yoshua Bengio, one of the “godfathers of AI,” warning that AI is getting way too human-like for comfort. Anthropic CEO Dario Amodei and Google’s DeepMind CEO Demis Hassabis agreeing that they see AI coming for junior-level jobs. Microsoft’s Satya Nadella saying energy costs will determine which country triumphs in the race to develop the tech. Then there’s the China of it all…Last year, Davos’s AI discussions were dominated by DeepSeek’s releasing its powerful R1 model, but this year Hassabis said that Chinese AI companies are still about six months behind Western rivals. Still, Amodei compared allowing Nvidia to sell H200 processors to Beijing to “selling nukes to North Korea,” after President Trump said last week that he would allow advanced AI chip exports to China.—MM     STAT Prime number: Rise of the chimney sweeps chimney sweepsHulton-Deutsch Collection/Getty Images It’s boom times for wee lads named Oliver, Alfie, and Ned. As energy prices rise and some Londoners turn to wood-burning stoves and fireplaces, chimney sweeps are back in style. According to the New York Times: Membership to the UK’s chimney sweeps association has climbed to 750, from about 590 in 2021. H Firkins & Sons, a chimney sweeps company that dates back to 1860, fields 70 to 80 calls a day during the winter. Thankfully, gone are the Dickensian days when young orphans put their lives at risk to clear out the soot. “We don’t send little boys up chimneys any more,” the president of the chimney sweeps association told the NYT. “Instead it’s CCTV and smoke testing equipment.”—AE NEWS What else is brewing Forecasters warned that a winter storm arriving later this week could be a “potentially catastrophic event from Texas to the Carolinas.” Amazon CEO Andy Jassy said that President Trump’s tariffs are starting to “creep into some of the prices” on the ecommerce platform. Israel bulldozed the headquarters for the UN agency in Jerusalem that provides aid to Palestinian refugees. Israel has accused the agency of working with Hamas, which it denies. United Airlines beat Wall Street’s Q4 earnings estimates, thanks to spending on premium seating. Netflix launched a live voting feature that will allow users to use the app to vote for contestants on Star Search in real time. Novo Nordisk debuted a new commercial for Ozempic starring actors Justin Long and John Hodgman that riff on the pair’s famous “Get a Mac” Apple ad campaign. Veronika, a pet cow in Austria, can scratch her own back with a brush—the first documented case of a cow using a tool, researchers say. RECS To-Do List Cozy up: Slippers with hard soles so you don’t feel like you’re lounging all day.** Hang dry: A tool that tells you whether it’s safe to dry your clothes outside. Watch: Film critic David Ehrlich’s annual video montage of the 25 best films of the year. Compare: A map of the most (and least) physically active US states. Fiber-forward GLP-1 boost : HUM’s Flatter Me Fiber can boost GLP-1 levels and reduce cravings in one use.* Help unlock wellness in 2026 with code BREW10 for $10 off.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Word Search: This week’s Word Search is nuts. That’s it, that’s the tweet. Play it here. Airline trivia Fifty years ago today, the supersonic ​​Concorde jet entered service with two flights that left almost simultaneously. Which two airlines operated the Concorde that day? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER British Airways and Air France Word of the Day Today’s Word of the Day is: Dickensian, meaning “relating to something described in the books of Charles Dickens, especially living or working conditions below an acceptable standard.” Thanks to Carrie from Doylestown, PA, for the suggestion. Submit another Word of the Day here. ✢ A Note From RAD Intel This is a paid advertisement for Rad Intel’s Regulation A offering. Please read the offering circular at https://invest.radintel.ai.           Written by Adam Epstein, Dave Lozo, Molly Liebergall, and Matty Merritt Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew   Retailers: Retail Brew Healthcare: Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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DC is getting its own Sphere...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fpys1q.2fjve/5a224542.gif" alt="" border="0" /></a> January 20, 2026View Online | Sign Up | Shop Morning Brew Presented By CIT Bank Welcome back to the work week. Actor Matt Damon recently detailed some of Netflix’s tips for making a movie in the modern age, including working a big action sequence into the first five minutes and repeating the plot “three or four times in the dialogue” to keep viewers from getting bored, or lost as they doomscroll. At least that’s what we think he said. We were messing around on our phones. —Abby Rubenstein, Dave Lozo, Brendan Cosgrove, Holly Van Leuven, Neal Freyman MARKETS: YEAR-TO-DATE Nasdaq 23,515.39 +1.18% S&P 6,940.01 +1.38% Dow 49,359.33 +2.70% 10-Year 4.231% +6.8 bps Bitcoin $93,023.27 +6.30% Gold $4,676.70 +8.12% Data is provided by *Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean. Markets: US stock markets were closed yesterday in honor of Martin Luther King Jr. Day, but the rest of the world got to express their jitters over President Trump’s threats to slap eight European nations with tariffs if they won’t let the US have Greenland. European stocks fell, and gold and silver—havens where spooked investors park their cash—hit record highs. Look for American investors’ reactions today.   Markets Sponsored by The Crew Want daily analysis of the investing landscape? Brew Markets is our newsletter designed to help you make sense of market moves. Subscribe now. FINANCE Trump says he’ll sue JPMorgan over ‘debanking’ Jamie Dimon Noam Galai/Getty Images While you were busy using the long weekend to sleep in make good on that New Year’s resolution to exercise more, you might have missed that President Trump spent the weekend exercising his typing fingers on Truth Social. The president’s post detailing plans to impose tariffs on European countries over their opposition to his desire to control Greenland got the most attention…but Trump also threatened to sue the US’s largest bank within a fortnight. Rebutting a Wall Street Journal article that said Trump had offered JPMorgan CEO Jamie Dimon the role of Fed chair (a proposition Dimon took as a joke, according to the newspaper), Trump posted on Saturday: “[T]here was never such an offer and, in fact, I’ll be suing JPMorgan Chase over the next two weeks for incorrectly and inappropriately DEBANKING me after the January 6th Protest.” What’s the beef between Trump and de bank? President Trump has said previously that despite longstanding banking relationships, JPMorgan abruptly closed his accounts after the Capitol riot under pressure from the Biden administration. He has criticized Dimon for allegedly “debanking” conservatives and claimed that Bank of America also denied him services. The president signed an executive order in August that directed bank regulators to punish financial institutions that restrict access to services “on the basis of political or religious beliefs or lawful business activities.” But JPMorgan claims there’s nothing to see here. “While we won’t get specific about a client, we don’t close accounts because of political beliefs,” JPMorgan spokesperson Trish Wexler told news outlets. “We appreciate that this administration has moved to address political debanking and we support those efforts.” It’s not the only issue that Trump and Dimon disagree on: Dimon has criticized the Justice Department’s probe into actual Fed Chair Jerome Powell as a threat to the central bank’s independence. And, like the rest of Wall Street, he has come out against President Trump’s proposal to cap credit card fees at 10%.—AR     Presented By CIT Bank Your emergency fund is bored CIT Bank If your money is just sitting there, waiting, and doing basically nothing, well…you can give it something better to do. With a CIT Bank Platinum Savings Account, you can keep your money busy with: earning more than the national average2 FDIC insurance for peace of mind no opening or monthly fees Managing your money while you put it to work is easy-peasy. The CIT mobile app lets you check balances, transfer funds, and feel good about your financial choices. Open a brand-new account or boost your existing one—either way, your savings will get an instant upgrade. Do more with your savings. WORLD Tour de headlines Donald Trump accepting Machado's Nobel Peace PrizeThe White House Trump links his pursuit of Greenland to not winning the Nobel Prize. In a message to Norway’s prime minister, President Trump tied his aggressive push to acquire Greenland or take it by force to the Nobel committee’s decision to award the Nobel Peace Prize to Venezuelan opposition leader María Corina Machado (who later gifted Trump her medal) instead of him. In his text, Trump said that he no longer felt “an obligation to think purely of Peace.” It comes as the nations that Trump threatened with a 10% import tax over Greenland stand together while scrambling to respond. So far, they appear to be favoring negotiation rather than retaliation—but there are fears Trump’s tariffs could spark a trade war. China’s birthrate falls to lowest since 1949. The numbers are out, and China’s population fell last year for the fourth consecutive year, with the population of 2025 (14.04 billion) declining by about 3 million from 2024. Last year’s birth rate of 5.63 per 1,000 people is also the lowest China has had since the Communist party came to power and figure-keeping started. Though the country ended in 2015 its decades-long one child policy, China is still struggling to get people to have more babies to keep its economy chugging—and it’s trying seemingly everything, including child-care subsidies and even taxes on condoms (that last one has not been popular). Fashion designer Valentino dies at 93. Valentino Garavani, an Italian designer so revered he was known almost exclusively by his first name—his namesake fashion line—died on Monday at his home in Rome, according to his foundation. The designer, known for dressing actors like Julia Roberts on the red carpet and making Jacqueline Kennedy’s dress for her wedding to Aristotle Onassis, launched his dolce-vita-inspired company in 1959, often employing his signature “Valentino red.” And his was the first designer name brand quoted on the Milan stock exchange. He was crowned “the last emperor” of fashion in a documentary released in 2008, the year that he retired.—AR MEDIA Prints Harry: Duke of Sussex puts Daily Mail on trial Prince Harry Max Mumby/Indigo/Getty Images Prince Harry is looking for more than a retraction. The 41-year-old Netflix star and member of the British royal family is part of a group who is accusing the publisher of the Daily Mail of unlawful information gathering in a trial that began in London yesterday. The lawsuit: Harry and several high-profile plaintiffs that include Elton John and Elizabeth Hurley claim that Associated Newspapers Ltd. was “complicit” in using investigators to hack phone calls, place microphones in cars, and obtain private records as far back as 1993. A lawyer for ANL says the sources for those stories were “leaky” friends. The trial is expected to last nine weeks, and tens of millions of dollars are at stake. Harry is scheduled to testify on Thursday. He’s been here before: Harry launched similar invasion-of-privacy cases against Rupert Murdoch’s News Group Newspapers and the owners of the Daily Mirror. In each case, both the Mirror and News Group settled, and Harry emerged victorious. It’s personal: Harry’s mother, Princess Diana, died in a car crash as she was being chased by paparazzi in 1997, and he has blamed press attacks on his wife for pushing him away from royal life.—DL     Together With Green Coffee Company Green Coffee Company An IPO is brewing. After 37x revenue growth, Colombia’s largest coffee producer is planning to go public. Green Coffee Company is already the official coffee of the LA Rams and Chicago Cubs. Now they’re using exclusive North American distribution rights to bring the world-renowned Juan Valdez brand to retailers everywhere. Invest ahead of their IPO plans and get up to 20% bonus shares. ENTERTAINMENT Mr. Sphere goes to Washington An illustration of a sphere reflecting Washington, DC, landmarks. Niv Bavarsky Get ready to have a ball, Maryland. The company behind the Las Vegas Sphere is planning to build a smaller version of the venue in National Harbor, MD, a popular tourist area about 15 minutes south of the nation’s capital. The DC “mini-Sphere” will seat 6,000—making it about one-third the size of the Vegas version—but it’ll have all of the same features. Those include a massive high-resolution screen, immersive sound, 4D effects, and haptic seating, plus an exterior that can display ads and artwork (or nightmare fuel). By the numbers: The venue will cost more than $1 billion to build, but the project is getting about $200 million in “state, local, and private incentives,” according to Sphere Entertainment. However, the public will have to vote on some of them. The company says that the venue will: Provide about 2,500 jobs during construction, and 4,750 jobs once it’s up and running. Have an annual economic impact topping $1 billion. What happens in Vegas, doesn’t stay in Vegas: Sphere Entertainment CEO James Dolan says the company has always been focused “on creating a global network of Spheres.” A full-sized version is already under construction in the United Arab Emirates.—BC     STAT Prime number: Commercial builders get an AI boost An aerial view shows cars passing a data center under construction in Ashburn, VirginiaANDREW CABALLERO-REYNOLDS/AFP via Getty Images If you build it, they will come…to snap up computing power for their AI model. While data centers may not be the construction projects of anyone’s dreams, they are the ones commercial builders are counting on this year. The Wall Street Journal reports that construction consulting company FMI projects that spending on building new offices, hotels, apartments, and warehouses will fall, but spending on data center construction will increase by 23% compared to 2025 as tech companies race to build out infrastructure. That would elevate data centers to more than 6% of non-residential construction—compared to just 2% in 2023. And it may be a dream come true for builders, after all. One construction company president told the WSJ that while most major commercial building projects cost hundreds of millions of dollars and require hundreds of workers, data centers can cost north of $1 billion and need thousands of workers. With cash readily flowing from Big Tech, the only limitation may be finding those laborers.—AR Together With FlavCity Try the better-for-you swap. Healthy doesn’t have to mean complicated, boring, or cardboard-flavored. FlavCity’s better-for-you options are made from real ingredients with big flavors. Speaking of, they’re dropping eight new protein smoothie flavors in January that you can start your year with (think: Mint Chocolate, Salted Caramel, Banana Bread, and more). Grab yours. NEWS What else is brewing The New York Stock Exchange plans to seek regulatory approval for a 24/7 trading platform for tokenized securities, lending its venerable Wall Street cred to trading via blockchain. Spanish officials said yesterday that at least 40 people were confirmed dead in a high-speed rail collision and that more bodies could be recovered. Russia’s Vladimir Putin is among the world leaders President Trump asked to join his new Board of Peace, which will oversee the Gaza peace plan and that, according to the Wall Street Journal, Trump appears to be forming as an alternative to the UN. Jerome Powell plans to attend oral arguments at the Supreme Court tomorrow on whether President Trump’s attempt to fire Fed Governor Lisa Cook was lawful. (ICYMI Trump has also threatened to fire Powell.) Elon Musk wants to win as much as $134 billion in damages in his lawsuit against OpenAI and Microsoft that claims the ChatGPT-maker committed fraud by abandoning its nonprofit mission. The Buffalo Bills fired their head coach of nine years, Sean McDermott, for failing to get the team to the Super Bowl. RECS To-Do List Drink: Listen to the sommeliers and let your wine breathe.** Or stay dry: The world’s most sober-friendly cities. Cook: Easy dinners for busy weeknights. Watch: A question we hope you never need the answer to: Could humans survive eating only each other? 16 simple hacks to save more: These little-known hacks could help you save money, earn extra cash, and cancel subscriptions you don’t use. Learn more here.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Mini: Today’s puzzle is called “Croissant,” but it’s actually a no-calorie snack. Play it here. 2016 trivia With everyone reminiscing about 2016 on social media, let’s see how well you remember that year. Here are five questions about 2016. Where were the Summer Olympics held? Leonardo DiCaprio won the best actor Oscar for his role in what film? The iPhone 7 was released, shocking people with one significant change—what was it? Newspapers, buildings, and websites across the world adopted the color purple to pay tribute to which musician who died that April? In a speech, then-presidential candidate Hillary Clinton mentioned what mobile game that generated a frenzy in the summer? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Rio de Janeiro The Revenant Removal of the headphone jack Prince Pokémon Go Word of the Day Today’s Word of the Day is: fortnight, meaning “a period of two weeks.” Thanks to Christopher Alfano from Colorado Springs, CO, for the timely suggestion. Submit another Word of the Day here. ✢ A Note From CIT Bank 1 Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of November 20, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100. 2 Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of December 15, 2025. * Promotion Disclosures This limited-time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on September 23, 2025, and can end at any time without notice. Customers will receive a $225 or a $300 bonus provided that the program requirements are met. Click here to see promotion details and terms. ✳︎ A Note From Green Coffee Company This is a paid advertisement for Green Coffee Company’s Regulation CF offering. Please read the offering circular at https://invest.greencoffeecompany.com/. Timelines are subject to change. Listing on the Nasdaq is contingent upon necessary approvals, and reserving a ticker symbol does not guarantee a company’s public listing.           Written by Abigail Rubenstein, Dave Lozo, Brendan Cosgrove, and Neal Freyman Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew   Retailers: Retail Brew Healthcare: Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

Oops! Looks like your email provider is scrambling the email :( Click here to read it in full online: https://www.marketingbrew.com/issues/still-thirsty?from_plain_text=true&mid=1ae9e593b525a27df4cee28ef664af7c We'd hate to see you go, but if you want to unsubscribe, please click here: https://www.morningbrew.com/account/eHj1xUAB9ArP9ZEeATbHLrnE/edit?bid=43579077

Trump announces new tariffs over Greenland rift...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fpym12.2gdf1/a78e92d5.gif" alt="" border="0" /></a> January 19, 2026View Online | Sign Up | Shop Morning Brew Presented By Bland AI Good morning. Today is Martin Luther King Jr. Day. Not only is it a federal holiday to honor the legacy of Dr. King, but it’s also the only federal holiday to be designated by Congress as a National Day of Service. So, let this be a nudge to roll up your sleeves and get active in your local community—you can make a positive difference. —Holly Van Leuven, Brendan Cosgrove, Neal Freyman MARKETS: YEAR-TO-DATE Nasdaq 23,515.39 +1.18% S&P 6,940.01 +1.38% Dow 49,359.33 +2.70% 10-Year 4.231% +6.8 bps Bitcoin $92,628.98 +5.85% Netflix $88.00 -6.14% Data is provided by *Stock data as of market close, cryptocurrency data as of 12:00am ET. Here's what these numbers mean. Markets: US stock and bond markets are closed today, so investors will have to wait until tomorrow to see how Wall Street reacts to President Donald Trump’s weekend social media post unveiling new Greenland-related tariffs (more on that below) and a potential lawsuit against JPMorgan Chase as earnings season continues. Stock spotlight: Post-Stranger Things Netflix reports earnings tomorrow, and investors will be tuned into any mention of the proposed deal to buy Warner Bros. Discovery.   ECONOMY Trump announces new tariffs over Greenland rift a protest in Greenland over proposed US acquisition A protest in Greenland over President Trump’s efforts to acquire the self-governing territory for the US. Sean Gallup/Getty Images President Trump’s latest rhetoric on Greenland may lead the European Union to use its economic “bazooka” for the first time ever. At the very least, it risks reopening the trade war with Europe. What happened: In a lengthy Saturday morning post to Truth Social, Trump hammered home his plan to acquire Greenland, the self-governing island territory under the jurisdiction of NATO ally Denmark…and announced a 10% tariff on eight European countries set to begin on February 1: Trump insisted the acquisition would be necessary for “Security Programs having to do with ‘The Dome,’” including “the possible protection of Canada.” He reiterated that Greenland has only “two dogsleds as protection, one added recently.” He cast aspersions on European allies, writing, “On top of everything else, Denmark, Norway, Sweden, France, Germany, The United Kingdom, The Netherlands, and Finland have journeyed to Greenland, for purposes unknown.” There’s the rub Those eight countries named are the ones that Trump threatened with the new levy, and they all sent troops to Greenland last week to train with Denmark’s Joint Arctic Command. Yesterday, the targeted nations issued a joint response, which said in part that tariff threats “undermine transatlantic relations and risk a dangerous downward spiral.” And the EU is putting the ratification of the tariff deal it struck with the US last year on hold. What next? All the targeted countries are NATO members, and all but the UK and Norway are members of the European Union. The EU is considering up to $108 billion worth of retaliatory tariffs, according to the Financial Times. Additionally, it might use a financial “anti-coercion instrument” it implemented in 2023 to ward off meddling by non-bloc countries, which could have economic ramifications so great that it’s earned the “bazooka” moniker. Zoom out: Europe said it would “continue to stand united and coordinated.” Experts say that the countries don’t want to escalate the situation, but it’s unclear how they can avoid it without capitulating. NATO Secretary-General Mark Rutte said he spoke with Trump yesterday, adding, “We will continue working on this, and I look forward to seeing him in Davos later this week.”—HVL     Presented By Bland AI Customer support that actually cares Bland AI The last thing customers want is to be left hanging on the telephone. Luckily, Bland AI can replace phone trees with AI voice agents that accurately represent your brand, understand your customers, and resolve calls end to end. This means no phone menus…and no hold music. Just faster, smarter customer conversations. With Bland AI, you can: create agents that learn from every call for 24/7 improvement have agents that resolve customer issues end to end use secure AI that’s built specifically for enterprises Book a demo today to see how they can work for your business. WORLD Tour de headlines Relatives of passengers of the train from Puerta de Atocha to Huelva come to the Huelva train station.Relatives of passengers of one of the trains involved in the accident arrive at the Huelva train station. Europa Press News/Getty Images At least 21 killed in Spain in high-speed train collision. The end of a passenger train traveling from Malaga to Madrid went off the rails near Córdoba on Sunday night, striking a train traveling in the opposite direction that had 200 passengers aboard. The latter train took the brunt of the impact. Spain’s transport minister confirmed last night that all survivors had been removed from the wreckage, but more victims might yet be found. The Associated Press reported that 75 injured passengers were taken to a local hospital, including 15 in critical condition. The train that jumped the track was about four years old, and the accident occurred on a flat piece of ground and track that had been renovated in May, leading the transport minister to call the tragedy “truly strange.” Draft of plan for Gaza Board of Peace floats $1b membership. Bloomberg first reported on Saturday night that a draft charter from the Trump administration for the proposed Board of Peace for Gaza would create a board where member states each serve a three-year term, but could pay $1 billion within the group’s first year for a permanent seat. CNBC reported that the document said the group would “rebuild all of Gaza,” and that “virtually every dollar” raised would be spent to fulfill its mission. The initiative would be part of the broader Trump-led Board of Peace, which named an executive board for Gaza on Friday. On Saturday, Israeli Prime Minister Benjamin Netanyahu criticized the Trump administration for including a member from Turkey and another from Qatar. In response, an anonymous US official told Axios, “This is our show, not his show.” The international board was established to oversee the Israel-Hamas ceasefire and endorsed by the United Nations Security Council in November 2025. Critics are concerned that the Trump administration might be creating an alternative to the United Nations, which the US owes $1.5 billion in mandatory contributions. On the heels of K-pop, “K-food” popularity grows around the world. The US and China, as well as emerging markets in Central Asia and the Middle East, cannot slurp up enough cheese-flavored spicy noods and other food exports from South Korea. CNBC reported that exports from the “K-Food+” category in Korea reached a record $13.6 billion in 2025, with instant noodles jumping nearly 22% in 2025 to $1.52 billion, making it the first category to cross the 10-digit mark. Brands are thrilled with the golden opportunity, as population decline limits domestic growth prospects. Oh Jiwoo, an analyst at the brokerage CGS International, told the outlet that Americans looking to spend less on eating out, but still looking for something interesting to eat, are helping sales.—HVL SPORTS College football knows how to protect the pocket advertisement for the 2026 College Football Championship Icon Sportswire/Getty Images College football teams are proving you can get a lot more than chump change out of four quarters. Across the sport’s top division, program valuations are up a whopping 46% since last year, with some teams worth more than $1.5 billion, the Wall Street Journal reported. So, why the big gains? Indiana University Columbus professor Ryan Brewer, who conducted the analysis, gave a lot of credit to NCAA rule changes that allowed players to transfer in and out of schools and permitted athletic departments to pay student-athletes up to $20.5 million per year, giving smaller programs some bait to lure talent away from bigger ponds. Brewer contends those changes foment parity, making games more fun to watch, attend, and bet on. Hoosier example: Indiana University’s football team saw its valuation jump nearly 68% from last year, thanks to a stellar couple of seasons culminating in an appearance in tonight’s national championship. Winning strategy? Billionaire Mark Cuban, an Indiana alumnus and donor, penned his first direct check to the athletic department in 2024, after the football team posted an unexpected 11–2 record. He has said that part of Indiana’s success is head coach Curt Cignetti’s commitment to “a well-rounded roster of players, rather than putting the money toward chasing after just a few high-profile recruits,” as CNBC put it.—BC     Together With LPL Financial LPL Financial Perk up! ️ Start the day with more potential. LPL Financial offers more ways to get things brewing. Because when it comes to your finances, your business, and your future, LPL believes the only question should be: What if You Could?℠ Get started today. CALENDAR The week ahead preparations for Davos WEF 2026Elena Romanova/Getty Images President Trump goes to Davos: You don’t have to own a private jet to attend the World Economic Forum in Davos, Switzerland, but it might make for a good icebreaker. Some of the world’s richest and most powerful people are attending the annual meeting to push for global cooperation (and to make backroom deals). This year’s theme is “The Spirit of Dialogue.” Trump is set to speak at the Forum on Wednesday. He’s expected to focus on housing affordability. All eyes on the Supreme Court: On Wednesday, the justices will hear oral arguments on whether President Trump followed the law when he attempted to fire Fed Governor Lisa Cook from the central bank’s Board of Governors. Fed members can be fired “for cause,” but the law doesn’t expand on what that means. Trump claims Cook made false statements on mortgage applications, and that’s cause enough. But she hasn’t been charged with a crime and “vigorously contests” the allegations. The high court is also slated to issue opinions this week, meaning we could finally get a ruling on the legality of Trump’s tariffs tomorrow morning. What’s the state of the nation’s inflation? The personal consumption expenditures price index (PCE) for November will be released on Thursday, as the Bureau of Economic Analysis works to catch up from government shutdown delays. The PCE is the Federal Reserve’s preferred measure of inflation. Thursday will also bring revised Q3 GDP data and jobless claims numbers, offering up some more data for the Fed before its upcoming interest-rate decision next week. Analysts expect the central bank to keep interest rates right where they are. Everything else: The Australian Open is in full swing, with tennis matches slated for everyday this week. Netflix officially brings back Star Search with its live premiere tomorrow. Anthony Anderson hosts. United Airlines, 3M, and D.R. Horton report earnings tomorrow. Ryan Murphy’s new show, The Beauty, starring Ashton Kutcher, premieres on FX and Hulu on Wednesday. Johnson & Johnson, Charles Schwab, and Truist deliver results on Wednesday. Oscar nominations will be announced on Thursday. Procter & Gamble, GE Aerospace, Abbott Laboratories, Intel, and Capital One report earnings on Thursday. At long last, the deal to spin off TikTok’s US operations will close on Thursday. On Sunday, the NFL’s New England Patriots will play the Denver Broncos in the AFC Conference Championship, and the Los Angeles Rams will play the Seattle Seahawks in the NFC Championship. STAT Prime number: Wedding parties shrink by 20% bored bridesmaidPatrik Giardino/Getty Images Finally, a side effect of a lackluster economy that might make people happy: Wedding parties are an average of 20% smaller now than they were in 2019, according to data from The Knot reported by Axios. Nowadays, you’ll likely see parties of eight, with four people repping for each side. That’s down from 10 total in 2019. Annie Joy Williams summed up the predicament of many bridesmaids when she explained in The Atlantic that a commitment that once took a couple of days has morphed into “an 18-month affair featuring four-day retreats in destination accommodations, $800 gowns, an unpaid part-time job monitoring group chats and Venmo requests, and multiple showers.” Williams was writing from experience, saying she had been a bridesmaid every year for seven years in a row and paid nearly $20,000 for the privilege. Why make a good friend shell out that kind of cash when, in many places, your dog can do the job for much less cheddar?—HVL NEWS What else is brewing China said it hit its target of 5% GDP growth in 2025, after announcing last week that it achieved the world’s largest-ever surplus last year. NASA’s Artemis II rocket arrived safely to its launchpad at the Kennedy Space Center in Florida ahead of a crewed mission to the moon planned for early February. Micron, which makes memory chips for Nvidia and others, says the global market is in the midst of an “unprecedented” memory shortage driven by AI demand. Senegal won the Africa Cup of Nations, defeating host Morocco after extra time. Venus Williams, 45, became the oldest woman to play in the Australian Open singles main draw, but she lost to her opponent in the first round, Olga Danilović. RECS To-Do List Treat: Hand cream that nourishes without feeling greasy.** Keep track: Still don’t have a 2026 calendar? This free one-pager will do. Compare: A head-to-head cart-to-cart analysis of Kirkland Signature product prices versus the brand names. Watch: You might finally win a prize from a crane machine if you use this elite technique. As easy as GLP-1, 2, 3: You can lose 48% more weight1 when combining GLP-1s with Noom than with meds alone. See if you qualify by taking this brief survey.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games banner Turntable: This week’s puzzle has 51 words for you to find. Savor each one. Play Turntable here. MLK trivia On Martin Luther King Jr. Day, here are five trivia questions about the civil rights icon. What state was MLK born in? MLK was the first president of the civil rights organization SCLC. What does it stand for? From which university did MLK earn his doctorate? In 1964, at age 35, he became the youngest person ever to do what? “Injustice anywhere is a threat to justice everywhere” is one of the most famous lines MLK wrote. Where did it appear? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Georgia Southern Christian Leadership Conference Boston University Receive the Nobel Peace Prize (The current youngest winner of the Nobel Peace Prize is Malala Yousafzai, who won the award at age 17 in 2014.) It’s in his “Letter from Birmingham Jail.” Word of the Day Today’s Word of the Day is: foment, meaning “to promote.” Thanks to Josh Henson from Norfolk, VA, for the rousing suggestion. Submit another Word of the Day here. ✤ A Note From Noom 1Based on retrospective study of self-reported data of active versus passive users who were offered the Noom program when being prescribed an early GLP-1. *Noom GLP-1Rx program involves healthy diet, exercise, and support. Individual results vary. Meds + personalization based on clinical need. Not reviewed by FDA for safety, efficacy, or quality. No affiliation with Novo Nordisk Inc., the only US source of FDA-approved semaglutide. Not available in all 50 US states.           Written by Holly Van Leuven , Brendan Cosgrove, and Neal Freyman Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew   Retailers: Retail Brew Healthcare: Healthcare Brew Interested in podcasts? 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It's the only investment you wear on your wrist...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fpybbd.2g97k/b6db4aad.gif" alt="" border="0" /></a> January 18, 2026View Online | Sign Up | Shop Morning Brew Presented By An illustration of watches Lucia Pham EDITOR’S NOTE Good morning. From the White Rabbit’s pocketwatch to James Bond’s Omega Seamaster, a timepiece can tell you a lot about its wearer. And in the case of the highest-end brands…it tells you they’ve dropped a lot of cash for wrist bling. Today, we’ll be taking a look at the world of watches, from whether collecting luxury editions is a sound investment to how smartwatches measure your health. So, read on, if you’ve got the time… CULTURE Watches are in their finest hour a watch by Audemars Piguet Edward Berthelot/Getty Images While some Gen Zers are acting like their grandparents by knitting sweaters, others are obsessing over fancy mechanical watches. The centuries-old analog gadgets are thriving with a new generation of consumers despite smartphones and wearables treading on their time-telling turf. Young enthusiasts have been scooping up Rolexes and Cartier watches, as well as more obscure timepieces from a growing number of upstart brands—both as a hobby and as an investment. But young watch enthusiasts often skip boutiques, preferring to shop on a thriving online secondhand market, guided by a cadre of tastemaking social media influencers. Flipper’s market During Covid-era lockdowns, many younger people with cash and time on their hands discovered the world of gears and dials. At the same time, legacy brands couldn’t keep up with demand for new watch models, fueling a secondhand watch frenzy on online marketplaces like Chronos24 and Watchfinder. Some saw the wristwatch mania as a side hustle opportunity. “A lot of the hype watches,” like the Audemars Piguet Royal Oak and the Patek Philippe Nautilus, doubled or tripled in price on the secondary market, Virginia-based watch dealer Ethan Falk told Morning Brew. But the horological bubble popped in 2022, according to data from the Chrono24 luxury watch index, which measures the resale prices of 140 luxury models. Falk says the market “has come a little bit back to reality,” and now only specific models, like the Rolex Daytona and the Rolex GMT, trade at a significant premium on the secondary market, due to long waitlists to get them new. But those who bought a flashy watch before the pandemic are still likely in the green, according to Chrono24 data. The pandemic boom left the secondhand watch market bigger than it’s ever been—with more new watches becoming available for resale to collectors eager to save cash by buying used, watch journalist Chris Hall said. The industry is massive: In 2023, insiders valued the used-watch market at $27 billion and projected that it would grow as much as 12% per year for the next decade. And the youths are driving much of that growth: A 2024 YouGov survey found that 18- to 24-year-olds were almost twice as likely as all other age groups to consider a luxury watch purchase in the next 12 months. Watchfluencers Many converts to horological fandom have discovered the passion through watch content on Instagram and TikTok (aptly named for watch geeks). Connoisseurs like Ben Clymer, who founded the watch media company Hodinkee, and Tristano Geoffrey Veneto, the influencer known as TGV, are fostering a culture of collecting, not just as a status-chasing activity, but also for the sake of nerding out on the expansive world of movements, dials, and bezels. Online watch fandoms have flattened the learning curve for secondhand watch dealers. “For every model, I swear there is some guy out there who has collected and documented every single minute variation about it and made a website about it,” Falk said.—SK Read the full version of this feature story for more on whether or not Rolexes are still considered a good investment.     Presented By Fatty15 What dolphins taught us about aging We age because our cells do. But apparently, dolphins had something to say about that. While helping aging Navy dolphins, a veterinary epidemiologist discovered C15:0 as an emerging essential fatty acid that strengthens cell membranes and helps slow aging at the cellular level. It’s a breakthrough, and it’s now available in fatty15, a once-a-day, vegan-friendly supplement. Within 16 weeks, 70% of customers reported benefits like deeper sleep, a calmer mood, improved energy, and better overall health. And with 6,000+ 5-star reviews, 60+ patents, and 100+ peer-reviewed studies, it’s not hard to see why. Try fatty15 yourself and save an extra 15% off a 90-day subscription with code MORNINGBREW. Shout-out to our flippered friends. LUXURY Trends that make your wrist stand out in a crowd A collage of watches Cartier, Apple, Hermes, Piaget, Chanel Are a leather band and round face too basic for your wrist? Are you looking for a modern watch with a retro feel? Perhaps something more environmentally sustainable? There’s never been a better time (get it?) to assert your independence from the chronometer crowd with these latest trends. New shapes: Last year at Watches and Wonders, a luxury watch trade show in Geneva, you could be forgiven if you didn’t realize you were looking at something that can tell time. Some of the pricey reimagined timepieces resembled a padlock, a bathroom scale, and a panther. Piaget also unveiled a necklace, and Hermès debuted a brooch with the primary function of letting you know it’s 5 o’clock somewhere. Turn back the hands of time: Retro is so now. Vintage watches were shown off on the Met Gala and Golden Globes red carpets in 2025, with Hailey Bieber, Jenna Ortega, and Nicole Kidman leading the charge. And they’re not just popular with celebrity women—the New York Times reported in October that searches for “vintage luxury watches” on Pinterest grew by 80% year over year among Gen Z men. When wearing an old watch, you could say, “The wrist is history.” Sustainability: While some are looking to make statements about taste and money, others are letting the world know they care about the environment through the device on their wrist. Sustainable watches can be made from durable or recycled materials, may include plant-based straps, or are made at factories that focus on energy efficiency. “Sustainable watches don’t just tell the time, but they keep us connected to the rest of humanity, too,” collector Bill Adler told British GQ. Bold colors: Color is in across the watch spectrum. On the smartwatch side of things, Apple made a push for brighter bands that include neon yellow, neon green, and turmeric. Bloomberg looked back on 2025’s analog trends and noted color-focused watches from Piaget, Studio Underd0g, and MB&F that came in wild colors, like avocado and candy pink.—DL     WORK Is watchmaking the next hot career? SEBASTIEN BOZON/Getty Images While it now takes only seconds to vibe-code a digital clock into existence, replacing a part on a mechanical watch can still be a dayslong ordeal. The rise of watch collecting in recent years has exposed a shortage of professionals with steady hands and expertise in handling tiny gears. Waitlists for repairs and maintenance have become a common headache (and a widespread excuse for watch owners to be late everywhere). Several watchmaking schools have closed in recent decades, leaving only nine full-time schools remaining in the US, according to the Horological Society of New York (HSNY). But there are still some heroes amongst us who can fix that faulty knob on the self-winding watch your grandma got you 20 years ago. Gen Z to the rescue The industry is hopeful that screen fatigue and young people’s resurgent enthusiasm for analog timepieces will spur more of them to consider the old-timey trade: The Finnish School of Watchmaking in Espoo, Finland, recently began offering an English-language course for the first time since its founding in 1944, in response to a rise in applications from around the world. Rolex launched a new full-time watchmaking program in Dallas in 2024 to train a new generation of craftspeople certified to repair and maintain its artisanal timepieces. The job, which requires fine motor skills and a passion for tedium, might appeal to young people as an alternative to careers associated with pricey four-year degrees that have seen slower enrollment growth than professional programs in recent years. In addition to offering clear career prospects, watchmaker training takes less time and requires fewer financial resources than a bachelor’s degree. For instance, Rolex’s 18-month program is not only tuition-free, but also comes with a monthly stipend of $1,800. Some are trying it at home. The watchmaking subreddit, where hobbyists brag about their watch repair feats, boasts 26,000 weekly visitors. HSNY Deputy Director Carolina Navarro told Morning Brew that its watchmaking classes for amateur enthusiasts sometimes sell out within a day.—SK     Together With CAKES Body CAKES Body Support, minus the fuss. CAKES Body’s Grippy CAKES™ are seamless, nonadhesive covers made with 100% nontoxic, dermatologist-approved silicone. No plastics, latex, or harsh adhesives—just smooth coverage that works under everything. Now 30% off circles, triangles, and bundles through Jan. 31. Start the year smoother. ENTREPRENEURSHIP It’s microbrands’ time to shine A picture of a watch with a dinosaur on it. Mr Jones Watches When it comes to luxury watches, time is money. Long-established brands like Rolex, Cartier, Omega, and Patek Philippe all have stellar reputations for craftsmanship, style, and precision, but those pedigrees often come with steep price tags. And that has left space for cheaper, smaller-scale microbrands to build their own followings, tick by tick. The horological hustle: Legacy brands often charge thousands or even tens of thousands of dollars for their timepieces. And prices have been getting higher: Rolex’s retail prices jumped 18% in the past two years, according to pre-owned watch marketplace Bob’s Watches. Meanwhile, independent microbrand companies—like Baltic, Serica, Formex, and Traska—tend to price their watches in the hundreds and low thousands. It’s not just about the price tag Bigger watch companies typically stick to variations on classic designs that made them a success. But microbrands have more freedom to get a little weirder and explore what a luxury watch can really look like: Studio Underd0g has a whole line of food-themed watches. Mr Jones Watches offers timepieces featuring an alien abduction and robots playing pinball. This model from Japanese watchmaker Ōtsuka Lōtec manages to look both old-school and futuristic. Legacy brands still have a big advantage: Their time-tested watches can be highly collectible, whereas microbrands have a steeper uphill climb in that area. But industry analysts expect the microbrand watch market to grow 25% over the next five years, according to Illinois-based Sangamon Watches.—BC     HEALTH TECH The race to put a doctor on your wrist Arms with smart watches use exercise machines Rich Fury/Getty Images Like that couch from Friends, smartwatches are in the midst of a pivot. A sector that was originally all about activity tracking and taking phone calls like a spy has refocused over the past decade, with players in the wearable tech space now competing to be the best in health monitoring. Fitbit opened the floodgates. The first popular name in fitness wearables sold tens of millions of devices that tracked steps, calories, sleep, and heart rate between 2009 and 2016. Then, Big Tech got involved: Apple quickly made strides in wellness after debuting the Apple Watch as ageneral-purpose smartwatch. It added an ECG feature in 2018 that made it the first mainstream wearable to detect signs of an irregular heartbeat. That same year, Samsung rebranded its largely unpopular smartwatch series under the Galaxy moniker and leaned harder into health with stress tracking and upgraded sleep monitoring. Google bought Fitbit in 2021 and launched the Pixel Watch in 2022 with most of these features. The following year, it added blood oxygen reading, which by then was industry-standard. And now...though the Apple Watch has a “not a medical device” disclaimer, it’s wading deeper into healthcare. Over the past year and a half, Apple has added sleep apnea notifications and alerts for hypertension warning signs. Diabetes management is the next frontier No smartwatch can measure blood sugar levels—yet. Whichever company cracks that first could flip the glucose monitoring industry on its head, affecting ~40 million Americans with diabetes and possibly spelling trouble for the makers of diabetic patches that use microneedles to detect rising glucose. Apple has spent hundreds of millions of dollars working on no-prick tech, but—as of last year—it’s still “many years away” from being ready, according to Bloomberg’s Mark Gurman. Samsung’s noninvasive glucose sensor is also in the works, but no delivery date has been announced. Meanwhile, the device that looks best positioned to break through first is a wearable breath monitor from PreEvnt called Isaac that wowed at CES this month and is currently in clinical trials. Counterpoint: Smartwatches may be more optimized for health-tracking than ever…but that can carry privacy concerns. There’s no federal law barring wearable tech companies from selling your data, and HIPAA largely doesn’t apply to the devices either, according to Healthcare Brew.—ML     BREW'S BEST Track: It won’t tell time, but it will tell you info about your sleep and activity performance.** Dive in: How deep can your watch actually go underwater? Identify: Some of cinema’s most iconic timepieces. Watch: A vintage watch gets restored to its former glory. Buy: Scrunchie technology is finally being applied to smartwatches. Decide: How to figure out if that Rolex is real or fake. Intensify intimacy: Meet Crescendo 2, the doctor-recommended, FDA-registered vibrator from MV.Health. This award-winning, bendable vibrator can stimulate all the right spots to boost arousal and lubrication—naturally. Save 30% + an extra 20% with code S4VE20.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e           Written by Sam Klebanov, Molly Liebergall, Brendan Cosgrove, Dave Lozo, and Abigail Rubenstein Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew   Retailers: Retail Brew Healthcare: Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

A struggling beer brand turns to an old friend...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fpyb87.2ghtu/fbbe1597.gif" alt="" border="0" /></a> January 17, 2026View Online | Sign Up | Shop Morning Brew Presented By Fisher Investments Carpe diem. The weekend may be long, but the days are short. Get out there and make it count. —Dave Lozo, Brendan Cosgrove, Molly Liebergall, Sam Klebanov, Matty Merritt, Abby Rubenstein MARKETS Nasdaq 23,515.39 -0.06% S&P 6,940.01 -0.06% Dow 49,359.33 -0.17% 10-Year 4.231% +7.0 bps Bitcoin $95,442.50 -0.08% Broadcom $351.71 +2.53% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean.   ECONOMY All eyes will be on Trump in Davos next week A World Economic Forum sign Halil Sagirkaya/Getty Images The 56th Annual Meeting of the World Economic Forum in Davos begins on Monday. And while there will be no shortage of power brokers in parkas that cost more than your rent, the gravitational pull of President Trump’s first in-person appearance (of his second term) at the conference will be hard to escape. The theme for the gathering—the first without founder Klaus Schwab, who stepped down last year amid allegations of financial impropriety—is “A Spirit of Dialogue.” Much of that dialogue will be taking place around Trump’s “America First” ideas, which mostly run counter to the WEF’s push for global cooperation. Trump-centric topics of discussion are likely to include: Trump’s use of tariffs to reshape global trade, his push to take over Greenland, either by force or financial means, the possibility that the US could get involved in protests in Iran, the US military intervention in Venezuela, which goes hand-in-hand with…a push for more oil drilling and less emphasis on clean energy, and Trump’s recent threat to Fed Chair Jerome Powell, which was decried by many top bankers concerned about the Fed losing independence. There’ll be other big names in attendance… Nvidia’s Jensen Huang, and Microsoft’s Satya Nadella will be among the 850 chief executives and chairmen on hand. Comments on trade from US Trade Representative Jamieson Greer and China Vice Premier He Lifeng will surely draw attention. Ukraine President Volodymyr Zelenskiy will be there to seek support for his country’s fight against Russia. …and new proposals to mull National Economic Council Director Kevin Hassett said yesterday that Trump will announce a measure at the conference that would let people use the money in their 401k for down payments on a home. Trump is scheduled to address the room full of people with private jets on Wednesday. AI concerns: The “responsible deployment” of gen-AI will be discussed to the great interest of the world’s youth. A WEF survey of 4,600 people across 144 countries ages 18-to-30 found that two-thirds of respondents fear the proliferation of AI will reduce entry-level job opportunities over the next three years.—DL     Presented By Fisher Investments A better estate of mind Fisher Investments Planning your estate might not sound like the most exciting thing on your to-do list, but Fisher Investments shares that it’s worth it. And with The Investor’s Guide to Estate Planning, preparing isn’t as daunting as it may seem. Inside, you’ll find straightforward advice on tackling key documents to clearly spell out your wishes. Plus, there’s help for having those all-important family conversations about your financial legacy to make sure everyone’s on the same page (and avoid negative future surprises). Why leave things to chance when you can take control? Explore ways to start, review, or refine your estate plan today with The Investor’s Guide to Estate Planning. Download your free guide. WORLD Tour de headlines A port in GreenlandJulia Wäschenbach/Getty Images President Trump threatened tariffs over Greenland. Yesterday, Trump said he “may put a tariff on countries if they don’t go along with” his push to acquire the arctic island, which is a semiautonomous Danish territory. Previously, he’s offered to purchase the strategically important icy expanse from Denmark—and hasn’t ruled out taking it by force, drawing sharp rebukes from Denmark, Greenland itself, and other European allies. Now, he says he might turn to tariffs to make Greenland American, likening it to how he used tariff-threat diplomacy to get countries to pay more for prescription drugs. Earlier this week, Denmark and the US agreed to start a working group to resolve the issue, over which Denmark said the two sides have a “fundamental disagreement.”—SK OpenAI to start testing ads in ChatGPT. The chatbot’s answer to your “make this email to my colleague less passive aggressive” prompt may soon have a sponsor, as OpenAI plans to start testing ads in ChatGPT for the first time, introducing a new revenue stream. The ads—which will be labeled—will appear at the bottom of responses for adult users of the free and cheapest subscription tier versions of ChatGPT. OpenAI said it won’t sell users’ info to advertisers or include ads on answers on touchy topics like health or politics. Two years ago, CEO Sam Altman said on a podcast that he saw ads as a “last resort,” but facing $1.4+ trillion in spending commitments to build out AI infrastructure with $20 billion in revenue last year, he’s now willing to give it a try.—AR Trump tells potential Fed Chair pick, “I actually want to keep you where you are.” Take a step forward if you’re one of the top contenders to be selected to replace Jerome Powell as the head of the Federal Reserve when his term ends in May—but not so fast, Kevin Hassett. The White House National Economic Council director’s chances of being tapped for the role looked dimmer yesterday after President Trump expressed reluctance to remove him from his current position, where he vocally defends the administration’s economic policies. That gave a boost to the prospects of the other Kevin under consideration, Fed Governor Kevin Warsh. But any nominee may be stymied by Republican Sen. Thom Tillis’s vow to block the confirmation of anyone put forward until the criminal probe of Powell ends.—AR FOOD & BEV Slumping Dos Equis gets back with its ex Dos Equis Heineken He makes index funds feel sexy. He looks cool wearing a VR headset. Chatbots ask him for advice. He’s “The Most Interesting Man in the World,” and he’s back to sell you beer after a 10-year break. In a bid to boost sagging sales, Mexican lager Dos Equis formally announced yesterday that it’s reviving its iconic ad campaign with a commercial during the College Football Championship on Monday. Store displays and social media campaigns are also in the works. Person of interest: The original actor, Jonathan Goldsmith—now 87—will reprise his role, but things will look a little different this time. The company hopes to double down on some of the viral magic that made Goldsmith a meme in the first place through store displays, live events, and his own LinkedIn page. According to Dos Equis parent company Heineken USA: Dos Equis’s brand size tripled during the original ad campaign’s 10-year run. 83% of people exposed to the old ads wanted them to return, per company research. But consumers haven’t been particularly thirsty, my friends: It’s been a rough year for the beer industry, due to higher prices, weight-loss drugs, and changing tastes. Things were especially dry at Dos Equis, which saw sales dip 8% in the US in 2025, per a Bump Williams Consulting analysis of NIQ data.—BC     Together With Skechers Championship speed, minus the garage. Skechers AERO Burst Slip-ins deliver long-distance comfort, Goodyear Rubber grip, and racer-inspired performance—without laces or pit stops. Just slip in and take off, mile after mile. Ready to run? ICYMI Have you heard... Here’s everything that didn’t make it into this week’s newsletters but we immediately sent to the group chat. Scientists treated a rare gut disorder that turns carbohydrates into alcohol by giving a patient an oral capsule full of good bacteria from a healthy donor’s feces. It’s either a major breakthrough or a well-thought-out prank by people who got bored of doodling on their drunk friends’ faces. Armed robbers held up a New York City Pokémon store, smashing display cases and reportedly stealing ~$100,000 worth of merchandise. Felony burglary, I choose you! K-pop phenomenon BTS is back together and launching an 11-month world tour now that all seven members have finished their mandatory service in the South Korean military. We can’t imagine how Justin Timberlake would’ve handled this situation. The White House said President Trump “gave an appropriate” response when he apparently mouthed an expletive and flipped off a now-suspended Ford factory worker who called him a “pedophile protector.” Hopefully, we’ll get more details at the next Bravo reunion. Heated Rivalry’s Connor Storrie visited the TODAY show this week to recreate one of his character’s most memorable activities: Making a tuna melt. What were you thinking of?—ML NEWS What else is brewing The Department of Education has delayed plans to garnish wages of delinquent student loan borrowers. Canada cut tariffs on Chinese electric vehicles, while China slashed its duties on Canadian canola imports, bringing the two closer together as the US gets aggressive on trade. The Justice Department is reportedly investigating whether Minnesota Gov. Tim Walz and Minneapolis Mayor Jacob Frey have impeded federal immigration enforcement. Meanwhile, a federal judge ruled that ICE officers in Minneapolis can’t detain or tear gas peaceful protesters who aren’t obstructing authorities. The Supreme Court has agreed to consider Bayer’s bid to block thousands of lawsuits that claim it failed to warn the public that its Roundup weedkiller causes cancer. The Department of Health and Human Services will launch a study on cellphone radiation, and the department has quietly removed old webpages that stated cellphones are not dangerous. Google filed its appeal of a ruling that the company held an illegal monopoly in internet search. Together With eltaMD Dermatologists don’t gatekeep good skin. They wear it. For 30+ years, EltaMD has been the #1 dermatologist-recommended sunscreen, built with zinc oxide and science-backed formulas that feel weightless and work overtime. Your winter getaway’s most important accessory? Daily SPF your skin actually loves. Get yours. COMMUNITY Crowd Work Last week, we asked: “What is a cultural trend that needs to be brought back?” Here are some of our favorite responses: “Cigarette machines in bars. No, I'm not proposing smoking in bars or smoking in general. They were just cool and deserve to collect dust next to the phone booth and jukebox with dignity!”—Sammy from Alabama “The practice of tipping one’s hat in thanks to a kind deed or word. For example, I frequently do so when a motorist actually stops at a crosswalk to let me cross.”—BC from Portland, Oregon “Rickrolling has to come back. Not only was it funny, it also teaches people to not trust every single link they are sent.”—Diego from Monterrey, Mexico “I’d like to see sitting parlors make a comeback. We should normalize having a dedicated quiet space with no TV that’s intended to just hang out and sip some coffee with your friends.”—Caleb from Destin, Florida “Walkmans and other wearable music devices! I’m not willing to bring back low-rise jeans without the accessories that made them so iconic.”—Hannah from Colorado This week’s question If you could spend a day with a character from any book, movie, or TV show, who would it be and what would you do? Sam’s answer to get the juices flowing: “I’d love to show the titular character of Good Will Hunting around New York City. Since he’s never left Boston and is an intellectual, I’m sure he’d be overjoyed to experience all the cultural offerings of the Big Apple.” Submit your response here. RECS To-Do List Style: A chic keychain that fits the necessities (earphones, lip balm, and a snack for later).** Live long: The best sports for longevity. Find facts: Data from 25 years of Wikipedia. Watch: Which celebrity dinner recipes are worth making? Your 2026 metabolism stack: Kick-start your metabolism by targeting glucose balance, digestion, and sleep with HUM’s Metabolism Method bundle.1 Brew readers: Get $10 off your first order with code BREW10.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Crossword: You are gonna want to bring your A-game to today’s crossword. Exhale, crack your knuckles, and play it here. Open House Welcome to Open House, the only newsletter section that seriously regrets waiting this long to book Davos accommodations. We’ll give you a few facts about a listing and you try to guess the price. Luxury home in Davos, SwitzerlandJamesEditionToday’s home is in Davos Platz, a village within the Davos municipality. It's a 15-minute drive to the main building for the conference (during the non-WEF season). Amenities include: 4 beds, 3 baths Two loggias (iykyk) Separate apartment you can rent out to your favorite newsletter writers How much for the Swiss vacation spot? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER $4.4 million Word of the Day Today’s Word of the Day is: titular, meaning “denoting a person from whom the name of an artistic work is taken.” We’d like to name Alexander Zirkle of Charlotte, NC, as the recipient of our gratitude for the suggestion. Submit another Word of the Day here. ✤ A Note From HUM Nutrition These statements have not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure, or prevent any disease.           Written by Abigail Rubenstein, Dave Lozo, Brendan Cosgrove, Sam Klebanov, Molly Liebergall, and Matty Merritt Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew   Retailers: Retail Brew Healthcare: Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

Big banks stumble after a huge year...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fpxw7x.2czdu/12aec2ff.gif" alt="" border="0" /></a> January 16, 2026View Online | Sign Up | Shop Morning Brew Presented By Happy Friday. How are those New Year’s resolutions coming along? A reminder: Based on your year-end targets, by now you should have read seven books, meal-prepped through June, set a marathon PR, finished writing The Winds of Winter, learned the identity of D.B. Cooper, taught your dog Latin, and discovered a new chemical element. If you’re falling a bit behind, that’s natural! But definitely use this three-day weekend to get back on track. —Sam Klebanov, Molly Liebergall, Matty Merritt, Adam Epstein, Holly Van Leuven MARKETS Nasdaq 23,530.02 +0.25% S&P 6,944.47 +0.26% Dow 49,442.44 +0.60% 10-Year 4.160% +2.0 bps Bitcoin $95,289.78 -2.26% Goldman Sachs $975.88 +4.63% Data is provided by *Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean. Markets: Stocks edged up yesterday, in part thanks to strong earnings reports from Goldman Sachs and Morgan Stanley, which calmed investors after they were unimpressed by a string of earnings from other big banks earlier in the week (more on that below). Elsewhere, oil prices fell following reports that the US is less likely to attack Iran.   FINANCE The vibes are slightly off in the bank vaults The NYSE VCG/Getty Images The biggest banks’ latest financial report cards failed to impress Wall Street in the same way as their mediocre lollipops underwhelm clients. Shares of Bank of America, Citi, JPMorgan Chase and Wells Fargo dipped after their Q4 earnings this week made investors uneasy. It’s causing ears to perk beyond trading floors as bank earnings are a vital barometer of economic health. Skies no longer cloudless Though banking behemoths had a blockbuster 2025—benefiting from revived dealmaking and roller-coaster market volatility, which boosted their trading businesses—some shakiness emerged in Q4: Bank of America beat earnings expectations in Q4, but raised eyebrows with restrained income projections, which suggested that its expenses will be higher than Wall Street anticipated. JPMorgan reported a 4% drop in dealmaking revenue for the quarter due to delayed merger deals and a profit decline for the year. Wells Fargo missed analysts’ estimates with disappointing home mortgage lending and costs rising because of severance payments made to laid-off employees. Citi also struggled to keep costs down, with expenses rising by 6% in Q4, largely due to a hiring spree. Gold star Two other banking behemoths, however, bucked the trend, largely thanks to the booming business of dealing with wealthy clients: Goldman Sachs had a blockbuster quarter, with profits rising 12% and equity trading revenues hitting a Wall Street record of $4.31 billion. Morgan Stanley boasted a 47% jump in investment banking revenues amid a dealmaking bonanza, propelling profits past projections. In 2026…big banks will likely continue to get bigger, but Wall Street sage and JPMorgan CEO Jamie Dimon said that, though consumer spending remains resilient, investors are underappreciating geopolitical complexity, elevated asset prices, and the risk of persistent inflation. Plus: This week, the industry was flummoxed by President Trump's effort to cap credit card fees at 10%, which bankers say would hollow out their consumer lending businesses.—SK     Presented By JobsOhio Why Ohio is winning at life Ohio might not always be loud about it, but they’ve got a lot more to offer than you might think. Big opportunities, growing careers, and booming businesses are popping up all over the state. We’re here to give you a sneak peek of what Ohio brings to the table. Starting with: 0% state tax on corporate income cost of living 4.9% below the national average top 5 ranking in CNBC’s Top States for Doing Business plenty of construction-ready sites Think Ohio’s just business? Think again. Great schools, thriving careers, and a vibe that makes you feel right at home. Yep, Ohio’s that good. See what opportunities await in Ohio. WORLD Tour de headlines Minneapolis protestsMadison Thorn/Getty Images Trump threatens to invoke Insurrection Act in Minneapolis. In a social media post yesterday, President Trump said he would institute the rarely used Insurrection Act if the anti-ICE protests in Minnesota did not end. The law, which dates back to 1807, gives the president the power to deploy the US military to states to stop an insurrection or armed rebellion. Though Trump has threatened to use it several times in both of his terms, the Insurrection Act has not actually been invoked since 1992, when then-President George H.W. Bush used it to quell the LA riots (at the request of state officials). Minnesota Gov. Tim Walz responded to Trump’s threat by asking the president to turn the temperature down while urging Minnesotans to protest peacefully. Minnesota Attorney General Keith Ellison said the state would challenge any invocation. X blocks Grok from generating sexualized deepfakes. About a week after Grok, Elon Musk’s AI chatbot, drew widespread criticism for generating sexualized images of women and children, the company said it was restricting Grok’s ability to do so in jurisdictions where it is illegal. According to the New York Times, the restrictions appeared to only apply to the use of Grok on X, and not on Grok’s standalone website or app. Despite X’s move to disable the feature, the company is still under investigation by several countries and US states, including Canada and California. Spotify is hiking Premium subscriptions in the US to $13. It will soon cost a bit more to make a banger playlist of 2010s EDM bops to impress your millennial friends on your next road trip. Spotify announced yesterday that it’s increasing Premium subscription costs from $12 per month to $13 starting in February, as the company looks to boost profitability. Other subscription tiers, including student and family plans, are also getting $1–$2 hikes. Data has shown that Spotify subscribers tend to be loyal and are willing to pay more.—AE SPORTS BETTING NCAA players charged for allegedly rigging games Kennesaw State Owls player Simeon Cottle shoots a basketball over Indiana Hoosiers player Anthony Leal. Justin Casterline/Getty Images New year, new sports gambling scandal: Federal prosecutors revealed yesterday that they’re accusing a ring of college basketball players, alumni, professional gamblers, and one former NBA player of meddling in more than two dozen games, which netted them millions of dollars in sportsbook winnings. According to the indictment: It all started in September 2022, when gamblers paid a former Chicago Bulls shooting guard playing overseas in the Chinese Basketball Association to make fewer baskets in order to fix final game score margins in favor of their bets, in a ploy known as point shaving. The group then recruited mostly smaller-time US college ballers, who were unlikely to earn significant NIL money, with bribes ranging from $10,000 to $30,000 per game. All together, 39 NCAA players across more than 17 Division I teams became involved with the gambling ring, which fixed or tried to fix more than 29 games in recent years. This type of allegation is “not entirely new information to the NCAA,” and investigations into almost all named teams, which include Alabama State and Tulane, are already underway or completed, the NCAA’s president said in response to the news. Airball: One NCAA defendant allegedly texted the bagman during a fixed game to assure him that co-conspiring players would keep the ball away from a teammate who was playing too well. Zoom out: Game-fixing fiascos recently hit the NBA and MLB, too. To protect college sports, the NCAA is lobbying to ban prop bets on collegiate matchups.—ML     Together With Mutha New year, new mood. MUTHA just reimagined its bestselling Body Butter and Exfoliating Body Bar with Detox Greens, a fresh eucalyptus-meets-amber scent that turns daily body care into a reset ritual. Clinically proven hydration, zero fillers, spa-level vibes. Upgrade your routine. TRAVEL It’s been a slow season on the Vail slopes Illustration of sad, melting snowflake wearing skis. Nick Iluzada Good luck trying to wash your hands, your face, your hair with snow; there’s not nearly enough of it to do all that. Vail Resorts is lowering its expected 2026 earnings after some of the lowest snowpack in recorded history has cratered visits at its North American locations by nearly 20% since the start of the season through January 4. Skiers staying home is taking its toll: Vail’s ski school revenue has dropped 14.9% since the start of the season compared to last year, and dining revenue fell nearly 16%, the company said in an investor statement released yesterday. Just how dry is it? A rare polar vortex and La Niña combination dumped record amounts of snow on the East Coast this year…while starving everywhere else. The company said snowfall during November and December at its Rocky Mountain locations was down almost 60% compared to the area’s historical 30-year-average. Western US resorts were faring only slightly better, with 50% less snowfall than average. On Tuesday, Vail Mountain reported its worst snowpack since it started keeping records in 1978, with just 4.4 inches. Only about 11% of Vail Resort’s terrain in the Rocky Mountains was open last month. Zoom out: The wipeout comes amid the return of CEO Rob Katz, who revolutionized the ski business by consolidating resort ownership and introducing the Epic Pass, after years of the company faltering financially without him in the C-suite.—MM     STAT Prime number: The 2.7 million acre man Stan KroenkeChris Coduto/Getty Images You know you’ve got a lot of land when your property makes the Dutton Ranch look like a studio apartment in Manhattan. After buying up a million acres of New Mexico ranchland in December, Los Angeles Rams owner Stan Kroenke now holds 2.7 million acres in total, making him America’s biggest private landowner: That’s not only larger than the fictional Yellowstone ranch, but it’s also more acreage than the real-life Yellowstone National Park, which is a measly 2.2 million acres. Kroenke’s land holdings are the equivalent of about 2 million football fields, CNBC noted. America’s billionaires are increasingly snatching up farmland as a hedge against inflation—not simply because they like cattle. Though when Dallas Cowboys owner Jerry Jones does it, it’s probably for both reasons.—AE Together With eltaMD Dermatologists don’t gatekeep good skin. They wear it. For 30+ years, EltaMD has been the #1 dermatologist-recommended sunscreen, built with zinc oxide and science-backed formulas that feel weightless and work overtime. Your winter getaway’s most important accessory? Daily SPF your skin actually loves. Get yours. QUIZ Friday news quiz Friday news quiz banner The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to the moment your work laptop snaps shut on the Friday of a long weekend. It’s that satisfying. Ace the quiz. NEWS What else is brewing María Corina Machado, the Nobel laureate and leader of Venezuela’s opposition, met with President Trump today at the White House. A sixth oil tanker was seized by the US near Venezuela yesterday, as the Trump administration continues to target vessels carrying sanctioned crude. Verizon said that Wednesday’s widespread service outage was the result of an issue with a software update. The company is offering those affected a $20 credit. Beyond Meat is launching a protein drink—its first nonmeat productin its 17-year history. Hans Zimmer will compose the music for HBO’s upcoming Harry Potter series. BRAAAAM. RECS To-Do List Pack: Travel-sized bottles that last a lifetime.** Eat: A ranking of America’s famous slop bowls. Balance: The surprising health benefits of standing on one leg. Plan: A tool that stacks time zones to help you find the best time to schedule a meeting. Walk this way: Explore Main Street’s hidden gems with our new hub, Meet You on Main Street, sponsored by Walmart Business. See how small businesses—like a NY candy shop and an inclusive playground—are thriving.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Decipher: The theme of this week’s game is “movie quote,” but you don’t need to know about any of the Golden Globe nominees of the past two decades to do well. Play Decipher here. Friday puzzle In each sentence below, an animal is concealed. Can you find the critters? Example: What shall I do, Gertrude? = dog A gold key is not a common key. Horace tries in school to be a very good boy. People who drive too fast are likely to be arrested. Did I ever tell you, Bill, I once found a dollar? John came late to his arithmetic class. I enjoy listening to music at night. SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Monkey Beaver Bear Lion Camel Cat (Source) Word of the Day Today’s Word of the Day is: invocation, meaning “an act of legal or moral implementation.” Thanks to Drew from Hoboken, NJ, for the suggestion. Submit another Word of the Day here.           Written by Adam Epstein, Sam Klebanov, Molly Liebergall, Matty Merritt, and Holly Van Leuven Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Tech & AI News: Tech Brew Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew   Retailers: Retail Brew Healthcare: Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. 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Microsoft tries to ease concerns over data centers...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fpwup2.2h3y3/9bb1d0f5.gif" alt="" border="0" /></a> January 14, 2026View Online | Sign Up | Shop Morning Brew Presented By CIT Bank Welcome in. Zoe Saldaña is officially the highest-grossing actor of all time, thanks to her work in the Avatar and Avengers franchises. In total, her movies have racked up $15.47 billion, proving that the best way to ensure box-office success is to cast Saldaña as an alien. But true fans will always know her as the cool dancer in Drumline. —Matty Merritt, Sam Klebanov, Dave Lozo, Adam Epstein, Neal Freyman MARKETS Nasdaq 23,709.87 -0.10% S&P 6,963.74 -0.19% Dow 49,191.99 -0.80% 10-Year 4.171% -2.0 bps Bitcoin $94,112.12 +3.39% JPMorgan $310.90 -4.19% Data is provided by *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. Markets: Stocks ticked down yesterday, perhaps a sign that the market’s early-year honeymoon period is coming to an end as investors begin to assess the latest round of company earnings reports. First up was JPMorgan Chase, which fell after it reported a hit to profits as a result of taking over the Apple Card from Goldman Sachs.   ENERGY Your electric bill is safe from Microsoft’s data centers data center Microsoft Microsoft’s big announcement yesterday had nothing to do with new products, software, or a ballooning market cap. Instead, it promised to pick up the bill. The tech company said yesterday that it would pay more when it builds a new data center in a city to ensure that elevated electricity costs aren’t passed on to consumers. Rising energy prices and environmental concerns have united some communities on opposite ends of the political spectrum with a simple message to companies building massive AI data centers: Get out. Microsoft introduced a five-point plan for addressing concerns when a data center project is introduced to a community, including paying for higher energy costs and replenishing water usage. The company also promised to add to the local property tax base and not accept any tax reductions. The announcement was previewed by President Trump’s Truth Social post on Monday saying tech companies must “pay their own way.” Wiping out regulations and urging AI expansion have been priorities of Trump’s presidency. Tech is desperate to make nice CEO Satya Nadella said in October that Microsoft plans to double its data centers in the next two years, so it may need to do some serious damage control for the often unpopular projects. According to Heatmap Pro, 25 data centers were canceled after local protests last year, up from just six in 2024: Bloomberg found that communities near data centers saw electricity costs soar by nearly 267% last year compared to five years ago. The largest power-grid operator in the US, PJM, pitched rolling blackouts during extreme heatwaves or cold fronts in order to protect grid infrastructure that is close to being overwhelmed by data centers. Another congestion price for New York. Gov. Kathy Hochul said yesterday that data centers in the state will need to pay for increased energy demand instead of shifting costs to New Yorkers.—MM     Presented By CIT Bank Your emergency fund is bored CIT Bank If your money is just sitting there, waiting, and doing basically nothing, well…you can give it something better to do. With a CIT Bank Platinum Savings Account, you can keep your money busy with: earning more than the national average2 FDIC insurance for peace of mind no opening or monthly fees Managing your money while you put it to work is easy-peasy. The CIT mobile app lets you check balances, transfer funds, and feel good about your financial choices. Open a brand-new account or boost your existing one—either way, your savings will get an instant upgrade. Do more with your savings. WORLD Tour de headlines Iran protestsGetty Images Trump tells Iranian protesters that “help is on its way.” In a post on Truth Social yesterday, President Trump told the thousands of demonstrators protesting against the Iranian regime to “TAKE OVER YOUR INSTITUTIONS!!!” and that the “killers and abusers” will “pay a big price.” As Iran cracks down on the anti-government protests, human rights activists estimate that the death toll has reached at least 2,400, though other reports indicate it could be much higher. Trump’s special envoy, Steve Witkoff, secretly met with exiled former Iranian Crown Prince Reza Pahlavi over the weekend, Axios reported, marking the first high-level meeting between the White House and the Iranian opposition since the protests started on Dec. 28. Iranian officials have reportedly throttled phone and internet services in the country, making it difficult for new information to get out. Trump said he thinks it’s “a good idea” for Americans to evacuate from Iran, which the State Department also advises. Inflation held steady at 2.7% to end 2025. Consumer prices rose 2.7% in December, virtually unchanged from November and roughly in line with analysts’ expectations, per the latest reading from the Bureau of Labor Statistics. Inflation was helped by falling used car and truck prices, but rising grocery costs prevented the rate from making more progress toward the Fed’s 2% target. Food prices spiked 0.7% in December—the fastest monthly gain since 2022, the New York Times noted. Compared to the same period in 2024, food prices were up by 3.1%. Fed Chair Jerome Powell has previously said he expects the peak impact of tariffs to show up in Q1 of this year. Delta forecasts huge year amid luxury arms race. Delta CEO Ed Bastian said yesterday that the airline’s earnings could skyrocket 20% this year, largely due to demand from high-income customers. “Effectively, none of our growth in seats will be in the main cabin; virtually all will be in the premium sector,” Bastian said. Despite tariffs and an uncertain economy, wealthy Americans are continuing to spend on travel, forcing carriers to rush to upgrade their services, airport lounges, and membership options. Last quarter, Delta’s main cabin ticket revenue fell 7%, while its premium seat revenue climbed 9%, to $5.7 billion, overtaking coach class.—AE AI Anthropic debuts AI intern for noncoders Anthorpic AI agent Niv Bavarsky Anthropic now has a version of its blockbuster vibe-coding tool for professionals proficient in Microsoft Word. The company unveiled Claude Cowork this week, pitching it as a way for nontechie types to automate complex work using the same tech as Claude Code, but without a coding interface. Claude Code has been a hit with tech workers, who laud it as a godsend for writing, editing, and debugging code—but many have harnessed it to automate noncoding tasks as well. Now, Anthropic says workers with less technical know-how can join the productivity party (as long as they’re paying for Claude’s Max plan, which costs $100–$200 per month). A capable coworker The tool accesses files on your computer to complete multistep tasks from a single word prompt: It can organize files based on their contents or sift through them to analyze data, write reports, and create charts and PowerPoint presentations. For instance, Anthropic touted Claude Cowork’s ability to whip up an expense report using pictures of receipts. But Anthropic warned that Cowork “can take potentially destructive actions” like deleting files, particularly if given a vague prompt. Big picture: Cowork comes as Anthropic’s rivals Alphabet, OpenAI, and a legion of startups race to create white-collar automation tools. Companies are increasingly embracing AI agents: McKinsey’s CEO recently said the firm has 65,000 employees—25,000 of whom are AI.—SK     Together With The New Money The New Money AI is changing the future of drug discovery. Which is why MindWalk Holdings (NASDAQ: HYFT) has partnered with AMD to reshape the way new breakthrough therapeutics are discovered and delivered. Learn more here. SPORTS Koepka’s return to PGA Tour puts LIV in the rough Brooks Koepka Luke Walker/Getty Images Would you pay millions to return to a company you left on bad terms? Brooks Koepka wanted back on the PGA Tour so badly that he agreed to a steep financial penalty to get away from the Saudi-backed LIV Tour, which is now in danger of losing more of its superstars. Koepka, a five-time major winner who fled the PGA Tour in 2022, won’t be eligible for its bonus pool this year or the equity program for the next five years, and must pay $5 million to a charity, pushing his reentry fee to a potential $90 million (he won ~$165 million with LIV, so he’ll live). It’s part of the PGA Tour’s “Returning Member Program,” which, despite what it sounds like, is not an initiative to give golfers lounge access and rewards points when flying first class: Only golfers who have won a major event or the Players Championship since 2022 qualify—meaning just Koepka, Jon Rahm, Cameron Smith, and Bryson DeChambeau. Rahm is reportedly staying with LIV. Some other big names, including Phil Mickelson, do not meet the criteria. The deadline for players to apply for the program is Feb. 2; the LIV season starts two days later. Has the PGA Tour won? Koepka’s return, which will be on Jan. 29, could have a domino effect as LIV struggles to pose a serious threat to the PGA Tour’s supremacy. Should more stars defect, it would be a blow to LIV, but likely not a fatal one. LIV has new broadcast deals with Fox in the US, along with TNT, Sky, and Viaplay internationally.—DL     STAT Prime number: 70% survive 5+ years MRI scanGetty Images Rare objectively good news alert: For the first time, 7 in 10 cancer patients in the US survive at least five years after being diagnosed, according to a new report from the American Cancer Society. That’s a significant jump from the 1970s, when just half of those diagnosed with cancer lived that long. Researchers say that improved treatments, earlier detection, and less smoking have all helped boost survival rates. The American Cancer Society estimates that 4.8 million cancer deaths were prevented between 1991 and 2023. Still, rates for some cancers, like breast and colorectal, are increasing, NBC News reported, and experts are concerned that funding cuts could hurt researchers’ ability to study new treatments.—AE Together With T-Mobile Savings that stick for years. Five years, to be exact, with T-Mobile’s Better Value family plan. Better Value locks in your talk, text, and data for five whole years. Want even more? Save over $1k per year on streaming, satellite, and more benefits the other big guys leave out. Switch in 15 minutes. NEWS What else is brewing The Supreme Court appeared likely to allow states to ban trans student-athletes from competing on women’s sports teams, following oral arguments yesterday. Boeing outsold Airbus last year for the first time since 2018, as it makes its way back from a series of crises. Jamie Dimon, the CEO of JPMorgan Chase, said chipping away at the Fed’s independence is “probably not a great idea” and suggested it could increase inflation. The Department of Homeland Security clandestinely purchased a device in late 2024 that may be tied to “Havana Syndrome,” according toreports, which also say the Pentagon has been testing it for over a year. Mike Tomlin stepped down as head coach of the Pittsburgh Steelers yesterday, following the team’s loss in the AFC wild-card round, ending a 19-year run in the Steel City in which he never had a losing season. Scott Adams, the controversial creator of the Dilbert comic and cartoon, died of prostate cancer at 68. Nike signed 18-year-old phenom Anna Leigh Waters to its first-ever pickleball deal for an undisclosed sum. RECS To-Do List Wear: Stop messing around with weak gloves—these are the warmest mittens.** Learn: Why AI stinks at telling time. Ascend: Ten of the world’s most spectacular tree houses. Watch: Folk pop twins learn a System of a Down song and cover it on the spot. Smaller doses, smarter results: Ditch crash diets and use Noom’s Microdose GLP-1Rx program for gentler weight loss (up to 17 lbs in 60 days).1 Get 50% off month one and start now.* The digital future: Old cash management models aren’t cutting it anymore—not in light of falling yields. We teamed up with Treasury.org to break down the new complementary framework.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Word Search: Did you miss the Black & White Carnival in Pasto, Colombia? Us too. But you’re just in time to play our black-and-white themed Word Search. Try it here. Units of measurement Here are some basic (but maybe not easy) questions about the way we measure things: What’s longer: a meter or a yard? What is equivalent to 43,560 square feet? 100 degrees Celsius is how many degrees Fahrenheit? How many teaspoons in a tablespoon? How many cups in a pint? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER A meter is ~3.3 feet. A yard is 3 feet. An acre 212 (boiling point) Three Two Word of the Day Today’s Word of the Day is: godsend, meaning “a desirable or needed thing that comes unexpectedly.” Thanks to Robin from Scottsdale, AZ, for the suggestion. Submit another Word of the Day here. ✢ A Note From CIT Bank 1 Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of November 20, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100. 2 Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of December 15, 2025. * Promotion Disclosures This limited-time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on September 23, 2025, and can end at any time without notice. Customers will receive a $225 or a $300 bonus provided that the program requirements are met. Click here to see promotion details and terms. ✤ A Note From Noom 1 Claim Disclaimer: Weight loss represents the top 25th percentile of self-reported data from 1,185 Noom Med users prescribed compounded GLP-1s. Average weight loss was 13 pounds. *Initial 4 weeks of medication from $99 plus tax and then $199 per month plus tax for 12-week subscription thereafter. Final pricing depends on program selection. Noom GLP-1Rx Program involves healthy diet, exercise, and support. Individual results may vary. Meds + personalization based on clinical need. Not reviewed by FDA for safety, efficacy, or quality. No affiliation with Novo Nordisk, Inc., the only US source of FDA-approved semaglutide. Not available in all 50 states. Average weight loss is 8 lbs in 30 days, based on an analysis of self-reported data from 1,254 engaged Noom GLP-1Rx program users.           Written by Adam Epstein, Matty Merritt, Sam Klebanov, Dave Lozo, and Neal Freyman Was this email forwarded to you? Sign up here. 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Investors reacted to the probe of the Fed Chair...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fpw8td.2h3ns/43569371.gif" alt="" border="0" /></a> January 13, 2026View Online | Sign Up | Shop Morning Brew Presented By Mornin’. If you weren’t in the crowd at the Pennsylvania Farm Show in Harrisburg yesterday, we regret to inform you that you missed some epic hairdos. About 150 carefully coiffed contestants entered the show’s mullet competition—but only one, a 10-year-old sporting a Joe Dirt-inspired look, was named the victor. To celebrate, the winner had a party in the back. —Sam Klebanov, Molly Liebergall, Dave Lozo, Abby Rubenstein, Neal Freyman MARKETS Nasdaq 23,733.90 +0.26% S&P 6,977.27 +0.16% Dow 49,590.20 +0.17% 10-Year 4.187% +2.0 bps Bitcoin $91,127.19 +0.36% Capital One $233.20 -6.42% Data is provided by *Stock data as of market close, cryptocurrency data as of 7:00pm ET. Here's what these numbers mean. Markets: Wall Street’s main character was President Trump yesterday. Stocks were rattled in the morning by Sunday’s news that the DOJ has begun a criminal probe into Fed Chair Jerome Powell (more on that below). But by the afternoon, optimism kicked in, and the S&P 500 and the Dow hit new records. Meanwhile, banks and other credit card issuers fell in response to the president’s plan to cap interest rates on cards at 10%. Up next: December’s consumer price index comes out today, giving investors the latest inflation reading. And JPMorgan will kick off earnings season.   ECONOMY Investors sell America after Powell probe revealed Jerome Powell Li Yuanqing/Getty Images Wall Street took the revelation that the Justice Department had launched a criminal investigation into Fed Chair Jerome Powell the way mosquitoes react to fire smoke—at least at first. When markets opened yesterday, investors ditched the dollar for safe haven assets like gold. But stocks, which fell when the market opened, bounced back by the end of the day. The so-called “sell America” trade was spurred by the typically tight-lipped Powell confirming the probe via a video posted Sunday evening, in which he said the “unprecedented action” looking into his statements about cost overruns in the Fed’s HQ renovation was a pretext. He accused President Trump of attacking the Fed’s independence for refusing to yield to his calls to aggressively slash interest rates. No thanks, Uncle Sam Though Trump told reporters he wasn’t aware of the DOJ’s investigation in advance, investor anxiety that inflation could spike if the White House gains leverage over the Fed was palpable: The dollar sank .25% against foreign currencies yesterday, and investors sold off government bonds, briefly driving yields to their highest level since September. Gold, investors’ go-to in tumultuous times, rallied 2.4%. Stateside stocks opened sharply down, but closed in the green, with analysts saying markets could be weighing whether the Fed inquiry might get resolved soon. Why does Wall Street prize Fed autonomy? Economists largely concur that countries with central banks run by experts who can’t be swayed by political leaders have less inflation, because it lets the wonks make politically painful decisions for the sake of long-term price stability. Red flags weren’t just on Wall St. Democrats as well as several Republicans in Congress condemned the investigation. Senate banking committee member Thom Tillis, a Republican from North Carolina, vowed to block any nominee to replace Powell as Fed chair until the criminal inquiry resolves. Meanwhile, former Fed chairs and Treasury secretaries who served under Republican and Democratic administrations, including Alan Greenspan, Ben Bernanke, and Janet Yellen, called the probe a prosecutorial attack that brings the US closer to “emerging markets with weak institutions.” Big picture: The White House said Trump did not direct the investigation, but critics believe it could undermine the autonomy of Powell’s successor after his term as Fed chair ends in May.—SK     Presented By Slack Drumroll, please… Meet the all-new Slackbot, intelligently redesigned for the agentic enterprise. Slackbot works where you do: in Slack. It’s more than just any AI assistant—it’s a personal agent that understands your projects, your teammates, and how decisions actually get made. Because it’s grounded in the conversations in your workspace, Slackbot knows your work. It can draft replies in your specific voice, summarize the 50 messages you missed while in meetings, and execute tasks to move work forward (without you ever leaving Slack). It’s AI that doesn’t feel like “extra work.” Join Slack’s live webinar on Jan. 29 to meet your new personal agent for work that turns conversation into action. WORLD Tour de headlines Donald Trump surrounded by microphonesSamuel Corum/Getty Images Trump says 25% tariff on Iran’s trading partners will be “effective immediately.” With activists estimating the death toll from Iran’s crackdown on protesters to be at least 646 people as of yesterday, President Trump—who is said to be weighing military strikes or negotiations—said on Truth Social that any country “doing business” with Iran would face a 25% tariff on “all business” with the US. That could upend recently reached tariff detentes, since India and China are among Iran’s trading partners. Earlier, Trump said Iran had reached out to offer to negotiate over its nuclear program after the US threatened strikes to support the protests, and yesterday, officials told the Wall Street Journal he was still considering his options. Minnesota and Twin Cities sue to stop federal immigration crackdown. Following the fatal shooting of Renee Nicole Good by an ICE agent last week, the state of Minnesota, Minneapolis, and St. Paul filed a lawsuit yesterday, seeking to stop the “unprecedented surge” of US immigration authorities. The suit claims the immigration officers’ tactics run afoul of the First Amendment and violate the state’s sovereignty. Minnesota’s attorney general described it as a “federal invasion” of the Twin Cities. Amid protests in response to the shooting, Homeland Security pledged to send 2,000 more officers to the area. A Homeland Security spokesperson said the agency has “the Constitution on our side on this.” Paramount’s hostile bid for Warner Bros. just got more hostile. Paramount Skydance’s efforts to acquire Warner Bros. Discovery have entered their proxy fight and lawsuit era, following the WBD board’s repeated rebuffing of its hostile takeover bid and decision to stick to its deal with Netflix. Paramount lodged a lawsuit yesterday to force WBD to disclose more details about its $83 billion deal with Netflix and announced that it would commence a proxy battle to nominate new directors to WBD’s board that would accept Paramount’s $30 per share bid. WBD responded by saying that the lawsuit was “meritless” and said Paramount was attacking a board that had “delivered an unprecedented amount of shareholder value.”—AR BIG TECH Alphabet joins the $4t club Workers enter the Google headquarters campus Justin Sullivan/Getty Images Only four companies have ever been worth this much money, and the one that you use to look up “how long chicken bake 375” is now one of them. Google parent Alphabet hit $4 trillion in value yesterday, propelled by its increasingly competitive AI business. The milestone immediately followed an enemies-to-lovers announcement from Google and Apple, reported by CNBC: As part of a multiyear deal, Google Gemini will power the iPhone maker’s long-promised AI upgrades, including an updated Siri. Details are sparse, but Apple had planned to pay Alphabet $1 billion annually for its services, Bloomberg previously reported. No shortage of validation. Alphabet’s shares surged 65% in 2025 on a streak of AI successes (and one regulatory win), rapidly closing its gap with Nvidia, Apple, and Microsoft—the other three members of the $4 trillion club. Last year: Alphabet reported soaring cloud revenue in October, unveiled a chip that could compete with Nvidia in November, and released Gemini 3 to overwhelmingly positive reviews in December. Even Warren Buffett, who typically avoided tech exposure, bought more than $4.3 billion worth of Alphabet stock during its banger third quarter. The other two: Apple and Microsoft, which both appear to be struggling to gain an edge in the AI race, weren’t able to maintain their $4 trillion market caps after crossing the threshold last year.—ML     Together With NATPAT Homework battles, meet your match. NATPAT’s FocusPatch is the all-natural, stick-and-forget way parents use to support calm focus—no pills, no nasty chemicals, nothing to ingest. Loved by thousands, worn like a sticker. With 11,000+ five-star reviews and up to 70% off, it’s quietly becoming a parent favorite. Focus, simplified. RETAIL Another US expansion is in store for Aldi Aldi sign outside of a store Kevin Dietsch/Getty Images The budget-friendly grocery chain Aldi announced yesterday that it will open 180 stores in the US this year, continuing an aggressive expansion that’s counting on the groundbreaking notion that consumers prefer cheaper alternatives in the face of inflation. In 2025, Aldi opened nearly 200 locations, the most it had debuted in a year since arriving in the US in 1976. How has a German grocer become the fastest-growing chain in America and inspired a following among even bougie shoppers? Aldi drew new customers during the Covid-19 pandemic with lower prices…and those customers have stuck around in the years since. More than 90% of its inventory is from its private-label brand, which tends to offer cheaper versions of big-name products (think “nacho triangles” instead of Doritos). Then there’s the efficiency—some products have multiple barcodes to speed up checkout and are sometimes placed on display either still in boxes or on wood palettes. Aldi’s things that they have done: Per Numerator data, Aldi is still the little guy stateside: Its market share is just 2.8%—Walmart leads at 21%—but its growth is undeniable. According to Placer.ai, trips to Aldi between 2019 and 2024 rose by more than 50%. That translated to $29 billion in sales in 2024. One more item: Aldi will update its website, add distribution centers in three states, and is on track to have 3,200 stores in the US by 2028.—DL     STAT Prime number: just asking, Are You Dead? An illustration of a person using the Are You Dead app while death gives him a thumbs upNiv Bavarsky Like Elmo, the app at the top of Apple’s paid download charts in China just wants to know how everybody is doing. The app “Are You Dead?”, which is currently at No. 1, requires users to check in every two days to confirm they’re still breathing and scrolling, and it reaches out to a designated emergency contact if they don’t. Its popularity reflects the rise of people living alone in China’s cities: China’s population declined in 2024, and the share of single-person households rose to 19.5%, compared to 7.8% 20 years prior, government statistics show. Research predicts there may be as many as 200 million one-person households in China by 2030, state media has reported. For now, many of those households—especially singletons under age 25—are willing to pay 8 yuan ($1.15) for a little extra peace of mind. And people outside of mainland China also want to let their phones knowthey’re still among the living: The app has appeared on most downloaded charts in the US, Singapore, Hong Kong, Australia, and Spain, according to the BBC.—AR NEWS What else is brewing Sen. Mark Kelly is suing Defense Secretary Pete Hegseth over the Pentagon’s attempt to punish him for appearing in a video telling troops not to follow illegal orders. A federal judge ruled that Ørsted can resume building a wind farm off the coast of Rhode Island while it challenges the Trump administration’s halt to the construction in court. About 15,000 nurses went on strike in New York City yesterday as their union negotiates with three private hospital systems. Malaysia and Indonesia have blocked Grok, the chatbot from Elon Musk’s xAI, as regulators around the world respond to it generating nonconsensual sexual imagery. Meta plans to lay off hundreds of employees working on the metaverse this week. The Supreme Court will hear oral arguments today about whether states can bar transgender athletes from women’s and girls’ sports in schools. Venezuelan opposition leader María Corina Machado, who won the 2025 Nobel Peace Prize, is scheduled to meet with President Trump on Thursday. Trump has said she does not have the support needed to govern the country after he removed Nicolás Maduro. The Houston Texans beat the Pittsburgh Steelers 30–6 in the final NFL wild-card game of the playoffs. It may have been Steelers QB Aaron Rodgers’s last game, as he weighs retirement after 21 seasons in the league. RECS To-Do List Slather: The best lip butter.** Talk: A ranking of the world’s most spoken languages by the total number of speakers. Read like a techie: The most talked about books on Hacker News. Watch: A US bobsledder made a solo run after his teammates didn’t make it into the sled (luckily, he’s fine). Consider microdosing: Noom’s GLP-1Rx program offers a microdose that’s designed to be easy on your body while helping you kick-start your weight loss goals. Get 50% off your first month.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Mini: We think you can zip through this plucky little puzzle in a flash. Give it a try and play the Mini here. Up to code After eight years on top, Atherton, CA (94027), was dethroned by Fisher Island (33109) as the priciest US ZIP code in 2025. What state is Fisher Island in? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Florida (off Miami) Word of the Day Today’s Word of the Day is: coiffed, meaning “having carefully arranged hair.” Thanks to Laura from Alaska for the stylish suggestion. Submit another Word of the Day here. ✤ A Note From Noom Initial 4 weeks of medication from $99 plus tax and then $199 per month plus tax for 12-week subscription thereafter. Final pricing depends on program selection. Noom GLP-1Rx program involves healthy diet, exercise, and support. Individual results may vary. Meds + personalization based on clinical need. Not reviewed by FDA for safety, efficacy, or quality. No affiliation with Novo Nordisk, Inc., the only US source of FDA-approved semaglutide. Not available in all 50 states. Average weight loss is 8 lbs in 30 days, based on an analysis of self-reported data from 1,254 engaged Noom GLP-1Rx program users.           Written by Abigail Rubenstein, Sam Klebanov, Molly Liebergall, Dave Lozo, and Neal Freyman Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew   Tech Brew Retailers: Retail Brew Healthcare: Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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President Trump proposed a 10% ceiling on credit card interest...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fpvwzk.2h3p6/a41a9125.gif" alt="" border="0" /></a> January 12, 2026View Online | Sign Up | Shop Morning Brew Presented By David Protein Good morning. The New York Times recently reported on canine prodigies—dogs with incredibly advanced vocabularies that can individually identify up to 200 toys. A postdoctoral researcher in Budapest told the outlet that these dogs excel at learning words because they are adept at incorporating what they overhear, as well as what they are told, into their understanding. But did they eavesdrop while their owners were reading out their credit card numbers? Is that how they got the 200 toys? —Brendan Cosgrove, Holly Van Leuven, Neal Freyman MARKETS: YEAR-TO-DATE Nasdaq 23,671.35 +1.85% S&P 6,966.28 +1.76% Dow 49,504.07 +3.00% 10-Year 4.171% +0.8 bps Bitcoin $91,925.23 +5.05% TSMC $323.63 +6.50% Data is provided by *Stock data as of market close, cryptocurrency data as of 11:00pm ET. Here's what these numbers mean. Markets: The three major indexes closed out the first full week of January with wins. This week, the beginning of earnings season, economic reports, and some major industry gatherings will keep traders near their Bloomberg Terminals (more on all that below). Stock spotlight: The AI revolution will be fabricated. On Friday, TSMC, Nvidia’s primary manufacturing partner, announced that it beat analyst expectations for fourth-quarter revenue, up 20.45% from a year earlier. The chip fab releases its full earnings report on Thursday.   FINANCE Banks have 0% interest in Trump’s latest plan an ominous-looking credit card reader Gado/Getty Images In a Truth Social post on Friday night, President Donald Trump ran back a 2024 campaign promise and called on credit card companies to implement a one-year, 10% cap on credit card interest rates, starting on January 20. The companies aren’t fans. Move over, NFL: This was the real wild-card weekend In his post, Trump said that Americans are being “ripped off” and a 10% interest rate cap would help ease affordability concerns, because credit card companies are “charging Interest Rates of 20 to 30%, and even more.” According to Bankrate, the average credit card interest rate is currently 19.65%. Banks are skeptical: They worked overtime this weekend to express their wariness. From their perspective, higher interest rates help account for the risk of lending to suboptimal borrowers. So, if banks are forced to put a ceiling on rates, they may also raise the floor by tightening credit limits or discontinuing cards. That could push lower-income consumers toward riskier alternatives, like payday loans, according to a joint statement from major banking trade groups. What does the research show? A paper published by Vanderbilt University last year found that if credit card interest rates were capped at 10%: Americans would save $100 billion in interest costs per year. Banks would still be able to make money on most credit card users—if they cut back on rewards. Banks would likely lend less to people with credit scores below 600. Arkansas, which already enforces a 17% cap on credit card interest rates, offers a real-world example. A study by the Federal Reserve published in 2023 found evidence that the cap made it tougher for higher-risk consumers in the state to access credit markets. Zoom out: While the idea has some bipartisan support, it’s unclear whether Trump wants to move forward via executive order, legislation, or social pressure. Meanwhile, US CEOs are feeling the heat from a series of demands the president has made on the private sector in his second term.—BC     Presented By David Protein More muscle, less fat, full flavor David Protein If eating healthy feels a bit like being behind bars (pun intended), unlock healthier habits with David Protein. 75% of each bar’s calories come from protein. That gives David the highest protein-to-calorie ratio of any bar on the market. The macro breakdown for David’s hero Gold line is: 28g protein 150 calories 0g sugar Each Gold bar features an indulgent, doughy texture, studded with satisfying chunks and airy crisps. They come in eight core flavors: chocolate chip cookie dough, peanut butter chocolate chunk, salted peanut butter, fudge brownie, cinnamon roll, blueberry pie, red velvet, and cake batter. Find your favorite flavor, and get free shipping on your first order here. WORLD Tour de headlines A screenshot from Fed Chair Powell’s video statement A screenshot from Fed Chair Powell’s video statement. @federalreserve/X Federal prosecutors have opened a criminal investigation into Fed Chair Jerome Powell. The New York Times reported yesterday that US Attorney for DC Jeanine Pirro greenlit a criminal investigation into Powell in November. Powell confirmed the investigation in a video statement released last night, saying the Department of Justice served the Fed with grand jury subpoenas on Friday and threatened an indictment. The probe is looking into the renovation and modernization of the Federal Reserve’s Washington headquarters—a project that’s estimated to be about $700 million over budget. The inquiry is meant to determine whether Powell lied to Congress about the scope of the renovations, but Powell said that was just a pretext to punish the central bank for not cutting interest rates like the president wanted. Trump has frequently criticized Powell, whose term as Fed chair ends in May. In his video message, Powell said: “I have served at the Federal Reserve under four administrations, Republicans and Democrats alike. In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment.”—BC The US is weighing military options amid anti-government protests in Iran. Military leaders have presented President Trump with a range of options for responding to Iran’s deadly crackdown on demonstrations that began in late December, including possible strikes, according to multiple media outlets. Nonmilitary options, such as sanctions and cyberattacks, are also being considered, CNN reported. The protests—sparked by economic woes—have expanded to dozens of cities across Iran, but that’s been met with a fierce government crackdown. An exact death toll is hard to ascertain, in part because of widespread internet blackouts, but the Human Rights Activists News Agency estimates that at least 544 people have been killed. Thousands more are thought to have been arrested.—BC KPop Demon Hunters put the “Golden” in the Globes. While the annual awards show has lost some luster in recent years, the 83rd Golden Globes handed out hardware to movies and stars it wasn’t hard to generate excitement for last night. On the TV side, The Pitt won best drama (and its star, Noah Wyle, won best actor in a drama), The Studio won best comedy (and…its star, Seth Rogen, best actor in a comedy), and Jean Smart won best comedy actress for Hacks for the second straight time. On the film side, KPop Demon Hunters took home best animated feature, and its song “Golden” won best original song. Timothée Chalamet reigned supreme, earning the best actor statue for playing Marty. Paul Thomas Anderson won the best director and best screenplay awards for One Battle After Another. OBAA also won best comedy or musical, because the Golden Globes do be like that sometimes, while Hamnet won for best drama.—HVL MEDIA Netflix wants to challenge YouTube on video pods Netflix logo and Los Angeles skyline Mario Tama/Getty Images In its quest to maintain streaming dominance, global No. 1 Netflix wants you to spend hours watching people talk to each other on its platform. Last night, Netflix heralded the rollout of its video podcast initiative by hosting a live broadcast of The Bill Simmons Podcast after the Golden Globes. While this might sound like the result of media types having too much fun dealmaking, it’s also a pointed warning from the tudum platform to YouTube. The big deal Netflix is adding 34 video pods to its app this month, mostly through exclusive video rights agreements with iHeart Media, Barstool Sports, and The Ringer (which Spotify owns) for the shows. Netflix partly wants video podcasts in order to boost daytime viewership, betting that they will become the quotidian background noise of choice. But what it really wants is to duke it out with YouTube, where the format has taken off in recent years. So, why not both? Netflix acquired video rights to The Breakfast Club, a four-and-a-half-hour morning show hosted by Charlamagne Tha God, away from YouTube. It had 6 million subscribers on YouTube before jumping platforms. Zoom out: Podcasts have hit the big time. Last night’s Golden Globes marked the first time a best podcast award was offered—congrats, Amy Poehler—but not without controversy.—HVL     Together With LTX-2 Innovation in motion. LTX-2 by Lightricks is an open-source, production-ready AI video model. It can create high-quality motion, dial in style, and iterate fast with more control and less guesswork. Explore demos to learn how it works and start generating quickly. See LTX-2 in action. CALENDAR The week ahead Crew-11 prior to launch this summerCrew-11 prior to launch this summer. Gregg Newton/Getty Images Earnings season begins: If you think that “’tis the season to be jolly” stuff is behind us, you might not be aware that the earnings season for Q4 2025 kicks off on Tuesday, when JPMorgan Chase and Delta Airlines report. As is tradition, banks will be hosting most of the earnings calls this week, with Bank of America, Citigroup, and Wells Fargo reporting on Wednesday, investment heavyweights Goldman Sachs and Morgan Stanley reporting on Thursday, and PNC and M&T reporting on Friday. Investors anticipate that whatever the banks have to say will be v relevant to other sectors of the US economy. New economic data will spell out the future of rate cuts: Tomorrow, the US gets its next inflation reading when the December 2025 consumer price index rolls out from the Bureau of Labor Statistics. It’s the first complete and clean read since last autumn’s government shutdown, and it’s expected to show that inflation rose to 2.8% in the 12 months ending in December. Then, on Wednesday, the BLS will release the November 2025 producer price index reading and the Census Bureau will drop the November 2025 retail sales report—both of which were delayed by the government shutdown. Following the release of last week’s mixed December jobs report, CME FedWatch data showed a 95% chance of no interest rate cut happening following the Federal Reserve’s meeting later this month. Crew-11 returns from the International Space Station: For the first time in the 25-year history of the ISS, a crew of astronauts will return to Earth early because of a health incident. Last week, NASA announced its intention to get the four members of the SpaceX Crew-11 mission home, but did not disclose the crew member or their health issue due to medical privacy concerns. (The agency did specify that the astronaut is stable.) The return is planned for this week, and while weather will play a factor in what ultimately happens when, the Dragon SpaceX capsule that the team got to the ISS on is expected to undock on Wednesday and splash down in the Pacific Ocean on Thursday. Everything else: The JPMorgan Healthcare Conference, which traditionally generates market-moving news from big pharmaceutical, biotech, and medical companies, starts today in San Francisco and runs through Thursday. The National Retail Federation’s annual conference runs through tomorrow in NYC. Season 3 of Tell Me Lies debuts on Hulu tomorrow; the first season of StarTrek: Starfleet Academy premieres on Paramount+ and Ponies Season 1 hits Peacock on Thursday. 28 Years Later: The Bone Temple, the sequel to 28 Days Later starring Ralph Fiennes, hits theaters on Friday. Season 1 of A Knight of the Seven Kingdoms, an adaptation of George R. R. Martin’s novella The Hedge Knight, premieres on HBO Max on Sunday. The PGA Tour begins its season today in Hawaii. The last NFL wild-card game happens tonight, with the Steelers playing the Texans at 8:15pm ET in Houston. Then, in the divisional round of the playoffs, the Seattle Seahawks will play the San Francisco 49ers and the Denver Broncos will play the Buffalo Bills on Saturday. On Sunday, the Los Angeles Rams will play the Chicago Bears, and the New England Patriots will play whoever wins tonight’s Steelers–Texans matchup. The 2026 Australian Open main draw starts on Sunday. STAT Prime number: 3% mortgages in retreat illustration of house figurine falling off beamTwomeows/Getty Images According to a new Washington Post analysis of data from the National Mortgage Database, more Americans have mortgage rates above 6% than below 3% for the first time since 2021. How could this be? Federal Reserve data shows that US home mortgages have been above 6% for more than three years, making those sweet pandemic-era rates sound Arthurian (and irritating, let’s be real). And, for an increasing number of fortunate homeowners who locked in a great rate during Covid, they are a thing of the past: Relocating for work, marrying, divorcing, having children, retiring, and (we assume) wanting daily access to In-N-Out burgers have required many mortgage-holders to move out of the homes they got a great deal on a few years ago. But plenty of homeowners are still locked in. Just not quite as locked in. More than half of all mortgages are still below 4%, and a significant number of potential sellers are expected to think twice about listing their digs if they have a mortgage below 5%, according to Redfin Chief Economist Daryl Fairweather. She told the Washington Post, “It’s probably going to be another four, five years of it being a major factor in the housing market.”—HVL NEWS What else is brewing At least 1,000 demonstration events were planned across the US over the weekend to protest the death of Renee Good, who was shot and killed by an ICE officer last week. President Trump said yesterday that Venezuelan ally Cuba ought to “make a deal, BEFORE IT IS TOO LATE.” In reply, Cuba’s president rebuffed the warning. A suspect was arrested last night after someone set fire to the historic Beth Israel Congregation synagogue in Jackson, Mississippi, on Saturday. Allegiant will buy rival low-cost air carrier Sun Country for $1.5 billion, pending approval by regulators. Big retailers including Walmart, Shopify, and Wayfair have partnered with Google to expand the shopping features of the Gemini AI chatbot. RECS To-Do List Cook: This bench scraper punches way above its weight as a cheap kitchen item.** Reuse: Furniture tips to help you decide whether or not to repurpose that old filing cabinet. Read: Netflix co-CEO Ted Sarandos thinks the best management book is…a novella by Joseph Conrad. Listen: If your intro to business was a computer game about running a hot dog stand, get ready for a core memory unlock. Healthy new year: Kick-start your health goals with Noom’s Microdose GLP-1Rx program. It’s designed to be easy on your body with tailored dosing. Get 50% off your first month.* Save as you travel: As a small-business owner, there’s nothing more valuable than time. See how the Capital One Venture X Business card helps you turn your time traveled into rewards miles gained.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games banner Turntable: This week, your center letter is G, with supporting cast T, N, O, A, C, and L. Can you make 42 words out of those? Give it a try and play Turntable here. Anagrammed US cities Unscramble the following phrases to discover American cities. HAD RUM, North Carolina A NOON SAINT, Texas CRASS FAN ICON, California NO CUTS, Arizona JAVELIN LOCKS, Florida TIGHT BURPS, Pennsylvania CROUCH SPIRITS, Texas SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Durham San Antonio San Francisco Tucson Jacksonville Pittsburgh Corpus Christi Word of the Day Today’s Word of the Day is: Arthurian, meaning “of or related to King Arthur or his court” and used colloquially to mean “mythical.” Thanks to Joyce from Wichita, KS, for the fantastic suggestion. Submit another Word of the Day here. ✤ A Note From Noom Initial 4 weeks of medication from $99 plus tax and then $199 per month plus tax for 12-week subscription thereafter. Final pricing depends on program selection. Noom GLP-1Rx Program involves healthy diet, exercise, and support. Individual results may vary. Meds + personalization based on clinical need. Not reviewed by FDA for safety, efficacy, or quality. No affiliation with Novo Nordisk, Inc., the only US source of FDA-approved semaglutide. Not available in all 50 states. Average weight loss is 8 lbs in 30 days, based on an analysis of self-reported data from 1,254 engaged Noom GLP-1Rx program users.           Written by Brendan Cosgrove, Holly Van Leuven , and Neal Freyman Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew   Tech Brew Retailers: Retail Brew Healthcare: Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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How to find fitness outside...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fpvkpv.2gyzd/1cca9d78.gif" alt="" border="0" /></a> January 11, 2026View Online | Sign Up | Shop Morning Brew Presented By People working out by doing farm chores Julianna Brion EDITOR’S NOTE Good morning. ’Tis the season for new gym memberships—but that’s not the only way to fulfill your resolution to get swole in 2026. Today, we’ll be taking a look at fitness outside the gym, with no judgment whether you’re reading this after getting in an early morning run outdoors or after your favorite brunch indoors. Read on to learn why it seems like everyone you know is either weighted walking, line dancing, or climbing a mountain. RETAIL In-vesting 101: The rise of weighted walking Three people wearing weighted vests. Hyperwear Rucking—strapping weight to your body and going for a walk—is the perfect exercise for someone who wants to break a sweat AND dress like 50 Cent. With influencers frequently touting weighted walking as a way to maintain bone density and muscle mass as you age, Americans are increasingly hopping on the bandwagon and buying gear to help weigh down their hikes, strolls, and daily constitutionals. From May 2024 to May 2025, weighted vest sales increased more than 50% to $27 million, according to Circana data. Waste of time or worth the weight? There’s no doubt that carrying extra weight on your walks will make them more difficult, which could improve strength and endurance. But the science is less clear on a claim frequently made online: that rucking can slow down bone-density loss more than regular exercise. Influencers (many of whom also make commissions on vest sales) have promoted it as a major benefit—especially for women, who rapidly lose bone density in the years after menopause—but, according to the New York Times: One small study found no difference in the bone health of people who walked with vests and those who didn’t. Other small-scale studies have shown that wearing vests during higher-intensity exercise could improve bone health, but it’s hard to say whether those benefits were from the vests or the exercise itself. A weight-and-see approach: Experts say as long as you don’t have joint pain and aren’t at risk for a spine fracture, weighted walking should be fine. Just be sure to start low and slow—with proper form—to avoid injury, then add weight and distance as you feel more comfortable.—BC     Presented By Huel Meal prepping, but make it protein Tired of eating carb-heavy breakfasts and soggy sandwiches for lunch? Huel’s high-protein starter kit puts nearly 40 grams of plant-powered protein and all 27 essential vitamins in every shake, so you can crush your New Year’s goals and your mid-morning cravings. It’s a complete meal you can shake up anywhere: at the gym, in a meeting, on the subway platform, or during an existential crisis in the office kitchen. No chef’s hat, no time, no problem. Morning Brew readers get an exclusive 20% off the high-protein starter kit with code GETHUEL20 (that’s up to 40% off!). Snag this starter kit for as little as $55 and let Huel do the heavy lifting, protein included. Stop waiting and start winning. LIFESTYLE The home projects that can double as exercise A person carries a bag of groceries up the stairs Maskot/Getty Images Send this to someone who hates the gym but loves home improvement: Research shows that you can get some of the key benefits of a workout just by putting some extra oomph into your chores. It’s like doing daily activities on hard mode. Raising your heart rate for just one to two minutes, three to four times per day, can lower your risks of cardiovascular disease and early death, compared to people with sedentary lifestyles, according to recent studies. To accrue those minutes, some researchers recommend working it into your daily routine, whether that means playing with your dog, power walking between household tasks, or taking multiple trips up and down the stairs to purge your closet. Have a fireplace? Try swinging an axe Fans of the so-called lumberjack workout swear that there’s no better way to engage all your muscles than by chopping timber. Chris Hemsworth, who typically wields a magical hammer, got in on the trend in recent years, Instagramming a video of himself splitting wood in his backyard that’s now one of his most-liked posts. Meanwhile, TikTok’s favorite log cutter is a Californian named Thoren “Thor” Bradley, who has amassed more than 10 million followers by splitting enormous pieces of wood and sometimes taking his shirt off. He also sells conventional fitness coaching. British actress Elizabeth Hurley was early on the trend. She told Extra in 2019 that, at the age of 54, she got her exercise from “gardening…cutting down a hedge, using my chainsaw to cut down a tree, logging.” Proceed with caution, y’all.—ML     CULTURE The likelihood your friends are line dancing is high Dancers from Hill Country Line Dancing Hill Country Line Dancing It’s time to put your good boots on and lock in: Your aunt’s favorite workout is now the coolest way to spend your Friday nights. In recent years, country line dancing has seen a massive resurgence in major US cities like New York, Los Angeles, and Atlanta. The trend follows the yeehaw aesthetic fad, led by megastars like Beyoncé and Chappell Roan, that permeated pop culture. Line dancing, a form of group dancing in which participants perform synchronized choreography in rows or lines, isn’t always country-themed (think “Cupid Shuffle” or “Electric Slide”)—but the popular ones are typically Western. It traces its roots to the postwar 1940s square-dancing boom, but also finds inspiration from traditional African and Caribbean movements. Line dancing and partner contra dancing were particularly beloved in LA’s queer clubs in the early ’70s. But now, mainstream culture has caught on: The 1980s film Urban Cowboy, starring John Travolta with a questionable beard, helped popularize the dance form. In 1992, Billy Ray Cyrus released “Achy Breaky Heart”—accompanied by an official line dance for the song—in an effort to capitalize on the growing trend. While most of the line dance choreo currently flooding TikTok comes from fans (there’s a lot of Pitbull), Sabrina Carpenter sent it soaring this summer with her “Manchild” video, which has nabbed more than 113 million views. Big picture: Those viewers have translated into IRL dancers as well, with bars seeing massive spikes in traffic after they undergo country-ification. Hill Country in Manhattan hosts line dancing lessons every Tuesday, and tickets for the events have been known to sell out within 15 minutes.—MM     Together With Thrive Market Thrive Market Healthy without the hassle. Healthy groceries shouldn’t feel like a side hustle. Thrive Market takes the stress out of feeding your family with pre-vetted, worry-free essentials delivered to your door. Shop smarter, skip the aisle overwhelm, and score 30% off your first order, plus a free gift. Easy wins unlocked. SPORTS The battle between pickleball and tennis enthusiasts An illustration of a pickleball paddle and tennis racquet colliding Illustration: Morning Brew, Photos: Adobe Stock It’s not exactly the Sharks and the Jets, but there’s a turf war playing out between two rival factions. Pickleballers are taking over the territory of tennis players, with thousands of pickleball courts being built on top of existing tennis courts. In 2025, pickleball was the fastest growing sport in the US for a fourth consecutive year. As of 2023, 48 million American adults played Tennis But Without All The Pesky Moving Around annually, according to the Association of Pickleball Professionals. The sport’s rising popularity in the US has spurred the construction of new pickleball courts, often at the expense of tennis courts: An analysis by the New York Times found that more than 26,000 pickleball courts were built between 2019 and 2025, with most infringing on spaces that had previously been used exclusively for tennis. During that seven-year stretch, the NYT found that more than 8,000 tennis courts were transformed into pickleball courts—because of their size, it’s possible to put four pickleball courts in the space one tennis court used to occupy. There may be more to come. There were new pushes in many municipalities last year to replace tennis courts with pickleball courts, including Los Angeles and New York. Why the tennis takeover? It’s a cheaper way to build. According to the YMCA of the Sunbelt in Georgia, converting four tennis courts into 12 pickleball courts cost $150,000; building that many pickleball courts from scratch would have cost $1 million. But it’s not a game, set, match victory over tennis: The NYT said that last year marked the first time there was a decline in pickleball courts being built atop tennis courts, while new standalone pickleball courts remain on the rise. One paddle after another: Taking over tennis spaces remains controversial. In one gated community in West Palm Beach, the warring racquet factions formed LLCs to take the other side to court (the legal kind).—DL     TOURISM Ascending Everest has gone mainstream tourists on Everest Narendra Shahi Thakuri/Picture Alliance via Getty Images Everyone knows that the friend who can’t stop talking about their rock climbing gym also secretly dreams of summiting Mount Everest. That’s never been more possible than today, since extreme Himalayan climbing is now accessible to tourists beyond survivalists with bushy beards. Peak business In the years after the swashbuckling New Zealander Edmund Hillary and his intrepid Nepalese local guide Tenzing Norgay became the first known people to summit Everest in 1953, the number of annual Everest ascents stayed in the single digits for the next two decades. But thanks to equipment innovations that made climbing more manageable, the number of summiters skyrocketed in the 1990s and continued to grow from 121 in 1998 to 866 in 2025—with an entire industry emerging to bring amateur alpinists to the summit. Several Nepalese companies offer fully planned expeditions, complete with glamping at slopeside camps, climbing tech, and know-how from local mountain guides known as Sherpas. While a sense of direction is no longer a prerequisite to ascend Everest, deep pockets are: The average price of an expedition tour to the Everest summit is around $61,000, according to ExpedReview. That includes the cost of a permit issued by the Nepalese government, which was recently raised from $11,000 to $15,000 for the most popular climbing season. For those cool with not earning an “I climbed the world’s tallest mountain” shirt, there are several alternative mountains offering a shorter timeline and less risk. Nepal wins…by letting foreigners chase altitude euphoria, as its mountaineering-dominated tourism industry accounts for up to 10% of its relatively modest GDP. But…the Everest summit looking like a Sears on Black Friday has increased risk to climbers. At least 31 people have died ascending the mountain since 2023. It’s also fueled conservationists’ concerns about damage to the Himalayan environment. And some critics claim the commodification of extreme climbing has sucked the sense of self-reliant adventure from conquering a 29,000-foot peak.—SK     Together With Beauty Pie Beauty Pie Cold weather crashes your skin. Just like too many tabs open. Hit refresh with Beauty Pie’s Soft, Plump & Dewy Routine—layered hydration, triple hyaluronic power, and a jewel-like overnight mask that restoresbounce by morning. Consider this your January system update. Glowy skin, rebooted. BREW'S BEST To-Do List Train smarter: This heart rate monitor, beloved by the Brew’s most athletic writers, is highly accurate and lightweight.** Watch: Settle in for the USA National Aerobic Championships of 1989. Snoop: Follow the entire history of Citi Bike’s rides through NYC. Sew: Can you make your own activewear? You can surely try. Lounge: You can also just buy the world’s comfiest sweatpants. We won’t judge you. Listen: A history of the 10,000-step rule and why you should be fine with 9,999. Skip the weight list: You could qualify for Noom’s Microdose GLP-1Rx program. Just take this brief survey to find out. Join and save 50% on your first month.* *A message from our sponsor. *This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ✤ A Note From Noom *Initial 4 weeks of medication from $99 plus tax and then $199 per month plus tax for 12-week subscription thereafter. Final pricing depends on program selection. Noom GLP-1Rx Program involves healthy diet, exercise, and support. Individual results may vary. Meds + personalization based on clinical need. Not reviewed by FDA for safety, efficacy, or quality. No affiliation with Novo Nordisk, Inc., the only US source of FDA-approved semaglutide. Not available in all 50 states. Average weight loss is 8 lbs in 30 days, based on an analysis of self-reported data from 1,254 engaged Noom GLP-1Rx program users.           Written by Brendan Cosgrove, Matty Merritt, Molly Liebergall, Sam Klebanov, and Dave Lozo Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew   Tech Brew Retailers: Retail Brew Healthcare: Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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Prediction markets face questions over insider trading...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fpv7dq.2gzdu/4e9d8d68.gif" alt="" border="0" /></a> January 09, 2026View Online | Sign Up | Shop Morning Brew Presented By Happy Friday. Congrats, you made it to the Friday of the first full work week of the year. Don’t worry, there’s only 50 more of these until the next Christmas break. —Matty Merritt, Sam Klebanov, Molly Liebergall, Adam Epstein, Neal Freyman MARKETS Nasdaq 23,480.02 -0.44% S&P 6,921.46 +0.01% Dow 49,266.11 +0.55% 10-Year 4.183% +4.0 bps Bitcoin $90,982.47 -0.11% Lockheed Martin $518.44 +4.34% Data is provided by *Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean. Markets: Stocks eked out a gain yesterday ahead of today’s big jobs report, which analysts expect to show modest improvement in the labor market. Meanwhile, defense companies like Lockheed Martin bounced back from losses earlier in the week after President Trump said he wants to increase the US military budget to $1.5 trillion.   BETTING Possible insider trading on Polymarket? You don’t say Maduro capture XNY/GC Images While you were enjoying the $5 payout from your scratch-off ticket, one well-timed bet by an anonymous Polymarket user locked in a $400,000+ payout. The user placed a $20,000 bet on Venezuelan President Nicolás Maduro’s downfall just hours before President Trump ordered his capture, raising concerns over insider trading in a wildly unregulated market. Last year, sportsbooks, financial platforms, and even media organizations like CNN signed deals with existing prediction markets or announced their own, further legitimizing the industry. Monthly bets placed on Polymarket and Kalshi jumped from less than $100 million in early 2024 to more than $13 billion last November. You can bet on anything. We have $20 on you reading this sentence, but only after you speedrun the puzzle at the bottom of the newsletter. Polymarket, which currently bans users in the US (that can be circumvented with a VPN), gives bettors the ability to wager on things like the January Fed rate decision, the 2026 Super Bowl winner, the next US presidential nominees, and the fall of the Iranian regime: Kalshi, which is regulated by the government and allows US users, said it doesn’t list contracts on war, but does have related bets, like whether or not Greenland will become a part of the US. Polymarket, meanwhile, now offers contracts on whether the US will strike Cuba, Colombia, or Somalia. The Commodity Futures Trading Commission (CFTC), which regulates Kalshi (and will oversee Polymarket once it’s approved for use in the US), has long been considered under-resourced, leading critics to argue that prediction platforms can be manipulated by deep-pocketed bad actors. Kalshi and Polymarket have both said that they have systems to root out market manipulation and insider trading. Big picture: Polymarket is in hot water with gamblers who thought they’d get massive payouts from the more than $10.5 million in bets they collectively placed on a US invasion of Venezuela. The platform said that the capture of Maduro does not technically qualify as an invasion.—MM     Presented By Outreach Power up your revenue team Making the most of your business’s AI investment means combining the power of AI agents with human ingenuity. Meet Outreach’s AI revenue workflow platform. With Outreach, AI agents and humans work together to power hundreds of revenue workflows. Outreach provides revenue leaders with insights and visibility across the entire sales cycle. The AI revenue workflow platform is intuitively designed to support every team member and their book of business, from the CRO to sales leaders. Outreach’s AI agents help your team: forecast + close deals retain + expand customer relationships generate pipeline Here’s what you need to know. WORLD Tour de headlines US CapitolGetty Images Senate votes to block Trump from attacking Venezuela. In a largely symbolic 52–47 vote, five GOP lawmakers joined Democrats in advancing a resolution that would limit President Trump’s ability to launch further military strikes on Venezuela, less than a week after the US conducted an operation that killed dozens and captured the country’s president, Nicolás Maduro. The measure still requires a final vote in the Senate and would need to pass the House, too. (Even if it gets through Congress, Trump is certain to veto it.) Trump said that the five Republicans who backed the resolution “should never be elected to office again.” Two people shot by immigration officers in Portland, OR. A man and a woman were shot by ICE officers yesterday in a car in Portland and taken to the hospital with injuries, authorities said. The Department of Homeland Security said the car’s passenger was associated with the Venezuelan Tren de Aragua gang and that the driver had tried to run immigration officers over. Portland Mayor Keith Wilson called on ICE to cease operations in the city until an investigation is completed. The shooting comes a day after a federal immigration officer fatally shot a 37-year-old woman, Renee Nicole Good, Minneapolis. Minneapolis Public Schools late Wednesday announced the cancellation of classes for the rest of the week as anti-ICE protests swelled in response to the shooting, although the protests have reportedly remained peaceful. Meanwhile, Minnesota officials said they were being blocked from accessing evidence by the FBI, which has assumed control of the investigation into the shooting. Paramount won’t take no for an answer. If you didn’t like our original offer, perhaps you’ll like the exact same one, but with more oomph? That appears to be Paramount Skydance’s approach to its attempted hostile takeover of Warner Bros. Discovery (WBD) after it reaffirmed its $30 per share tender to buy WBD yesterday, arguing it’s still superior to Netflix’s bid. In a statement, Paramount said it has “diligently and constructively addressed each concern raised by WBD,” which includes how the deal is financed. For now, the WBD board is moving ahead with Netflix’s offer, while Paramount still hopes to win over the WBD shareholders.—AE ECONOMY US surprisingly sheds big chunk of trade deficit Shipping containers US trade Juliana Yamada/Getty Images Uncle Sam suddenly moved closer to achieving the foreign trade equivalent of nirvana. The US trade deficit—calculated as imports minus exports—unexpectedly shrank by 39% last October from the prior month, according to government data released yesterday. Economists were surprised to see the deficit fall to $29.4 billion, the lowest reading since 2009 as exports rose 2.6% and imports fell 3.2%, which will bolster the GDP for Q4. Tariffs are working? Reducing the export-import gap was the main motivation behind President Trump’s tariffs. With tariff whiplash causing trade balance fluctuations last year, the trade deficit from January to October was still 7.7% higher than a year prior. The month-to-month contraction in October was largely due to swings in a handful of products: Surging gold shipments abroad accounted for nearly 90% of the rise in exports. The import decline was largely led by falling pharmaceutical purchases after drugmakers spent the previous month stockpiling foreign medicines in preparation for tariffs Trump had threatened to impose on the industry by October 1 (though deals with drug makers mostly provided tariff relief). Meanwhile, computer equipment imports rose, likely reflecting the AI boom. There might be more trade turbulence ahead…as the Supreme Court determines the legality of tariffs that Trump issued under emergency powers, with a decision expected as early as today.—SK     Together With Samphire Neuroscience Samphire Neuroscience New year, same biology. January demands consistency. Women’s brains run on cycles. PMS affects up to 90% of women—and it’s neurological, not a grit issue. Lutea™ by Samphire Neuroscience is a noninvasive, brain-based wearable designed to support calm, focus, and balance across the cycle. Work with your brain. AI Gmail adds an AI inbox to help you not read all that An image of Gmail's new AI Inbox, with message summaries and suggested to-dos. Google A challenger emerges in the fight against your extended family’s 77-thread email exchange: As part of an AI makeover for Gmail, Google is introducing a secondary smart inbox with message summaries and broadening access to other Gemini-powered Gmail features, the company announced yesterday. Still in beta mode, the new AI Inbox presents a personal assistant-like rundown of your unread mail, along with suggested to-dos. It will roll out to “trusted testers” in the US before expanding “in the coming months,” Google said. Meanwhile… All consumer Gmail accounts will gain access to Suggested Replies personalized for tone, AI summaries atop email threads, and the Help Me Write tool for generating and polishing messages—features that were previously only available to premium Google subscribers. The new features for paid users include a proofread tool that dances on Grammarly’s grave and an AI-enabled search bar that lets you find an email by asking questions like, “Who was the plumber that gave me a quote for the bathroom renovation last year?” per Google’s launch video. Google is crushing the AI race. Its parent company, Alphabet, surpassed Apple in market capitalization this week for the first time since 2019, buoyed by optimism around its latest Gemini model and its custom chips. Alphabet is now the second-most valuable company in the world behind Nvidia.—ML     STAT Prime number: 230m users ask ChatGPT about health ChatGPT HealthNick Iluzada Who needs doctors when you can ask a robot if your nagging cough is just a cold or, far more likely, a rare 18th-century pulmonary disease? OpenAI says there are hundreds of millions of you doing the latter. The AI company behind ChatGPT said that 230 million users ask the chatbot health questions every week. That’s about 29% of the app’s total user base (as of late last year). Health is such a popular topic on ChatGPT that OpenAI announced it’s launching a dedicated experience with “enhanced privacy” to store all of your health-related questions. The new platform, ChatGPT Health, allows users to connect their medical records and wellness app info. OpenAI stresses that it’s meant “to support, not replace, medical care.” It added that ChatGPT Health is not intended to diagnose or treat illnesses. For that, you still need to be a human with a medical degree.—AE Together With Fatty15 Here’s a re-cell-ution you can keep. Hit your health and wellness goals with fatty15: a supplement powered by C15:0, the pure healthy-aging nutrient. This health hack was discovered while helping older Navy dolphins, and it’s backed by science to help humans, too. Start a smart daily habit that actually sticks + get 15% off with code MORNINGBREW. QUIZ Friday news quiz Friday news quiz banner The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to when a 40-degree day feels like spring because it’s been 20 degrees every day for a month. It’s that satisfying. Ace the quiz. NEWS What else is brewing The House voted to extend Affordable Care Act subsidies for three years, with 17 Republicans joining Democrats, though the extension is not expected to pass the Senate. Protests erupted in Iran’s capital of Tehran yesterday after the country’s exiled crown prince called for anti-regime demonstrations,the Associated Press reported. President Trump said yesterday he is directing Fannie Mae and Freddie Mac to purchase $200 billion in mortgage bonds to help reduce mortgage rates. Amazon rolled out a new manager dashboard that tracks office time and flags when employees don’t badge into company buildings a certain number of times. China plans to approve imports of Nvidia’s H200 chips as soon as this quarter, Bloomberg reported, in what’s seen as a big win for the US tech giant. Paramount Skydance is reportedly seeking strategic partners to help it reinvent MTV, which we assume will include bringing back Carson Daly to introduce *NSYNC videos. Spencer Pratt, the reality TV personality of The Hills fame, is running for mayor of Los Angeles. RECS To-Do List Schedule: Our 2026 Daily Games Desk Calendar is now 15% off while supplies last. Read: Why people are still playing with Tamagotchis. Learn: What every European country is called in different European languages. Watch: Can you identify famous guitarists from a single note? Progress for life: Find out what you actually need to move the scale with this free quiz. Then start for as little as $0.28 per day with code BREW70.* Rewards galore: The Capital One Venture X Business card offers tangible benefits to help small-business cardholders connect the dots between their spending and their business goals. See how.* *A message from our sponsor. PLAY Games available from Morning Brew Jigsaw: This puzzle takes you to the London Zoo, which this week undertook its annual stocktake of how many critters call it home. Play the Jigsaw here. Logic puzzle Todd writes down four statements: At least one of these statements is true. At least two of these statements are true. At least two of these statements are false. At least one of these statements is false. Each statement must be either entirely true or entirely false; there are no partial truths. How many of the four statements are false? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER There is one false statement (No. 3, “At least two of these statements are false.”). Here’s the solution. Word of the Day Today’s Word of the Day is: pulmonary, meaning “relating to the lungs.” Thanks to Peter from Chicago, IL, for the suggestion. Submit another Word of the Day here.           Written by Adam Epstein, Matty Merritt, Sam Klebanov, Molly Liebergall, and Neal Freyman Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew   Tech Brew Retailers: Retail Brew Healthcare: Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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Trump renews threats to take Greenland...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fpu6ro.2h4hn/37a7d540.gif" alt="" border="0" /></a> January 07, 2026View Online | Sign Up | Shop Morning Brew Presented By Hiya. Per a decree by Larry David, the statute of limitations to wish someone a “Happy New Year” has expired. Anyone who is caught still using that greeting will be punished by having to present at a 5pm meeting this Friday. —Sam Klebanov, Matty Merritt, Dave Lozo, Adam Epstein, Holly Van Leuven, Neal Freyman MARKETS Nasdaq 23,547.17 +0.65% S&P 6,944.82 +0.62% Dow 49,462.08 +0.99% 10-Year 4.179% +1.0 bps Bitcoin $93,382.98 -0.67% AIG $78.06 -7.49% Data is provided by *Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean. Markets: The S&P 500 notched another record high as stocks continued their early 2026 momentum ahead of the release of new economic data this week. But, like a Reddit Guy at a frat party, AIG could not join in on the fun, sinking more than 7% after the insurance giant’s CEO abruptly resigned.   INTERNATIONAL Europe tells Trump he’s not getting Greenland Lasse Kyed/Getty Images Europe pushed back against Trump’s renewed calls to annex Denmark’s Alaska Greenland, which came after the US forcibly removed Venezuelan President Nicolás Maduro from power over the weekend. Yesterday, the leaders of France, Germany, Italy, Poland, Spain, the UK, and Denmark jointly released a statement declaring that only the people of Greenland and Denmark can decide Greenland’s future. They affirmed that the US and its NATO allies have a collective responsibility to defend the strategically important Danish territory (Denmark, including Greenland, is part of NATO). Gimme the Green Trump said this weekend that the US needs Greenland for national security in the Arctic, arguing that Denmark can’t defend its territory sufficiently as the region becomes a hotspot for Chinese and Russian military activity. One of his top advisors, Stephen Miller, questioned Denmark’s claim to the territory and told CNN that the US would not face any military pushback if it tried to plant its flag there. And the White House later said it was looking at a “range of options” to acquire Greenland, including “utilizing the US military.” Closer to home than the European pushback, Trump’s Greenland-grabbing rhetoric also drew sharp rebukes from Democrats and even some Republicans in Congress. However, Secretary of State Marco Rubio reportedly told some congressional lawmakers in a briefing about Venezuela that President Trump planned to buy Greenland rather than invade it. Prime real estate The world’s largest island is becoming a geopolitical holy grail at the crossroads of emerging trade routes and naval passageways as Arctic ice melts. Last fall, Denmark tried to placate Trump by boosting its Arctic military spending commitment by $4.3 billion. There’s also green to be found under the land: Greenland is home to massive deposits of valuable rare earth minerals. China currently dominates the supply chain for these minerals, which are vital ingredients in computer chips, EVs, and military hardware. But Greenland’s mineral riches are difficult to access due to rugged terrain and a climate that makes the weather in The Shining seem tropical. Winter is coming…for Greenland’s fishing-based economy. The island of 57,000 people is facing sharp population decline, shrinking shrimp stock, and government budget shortfalls, according to a report that Denmark’s central bank published yesterday.—SK     Presented By Noom Microdose your way to healthy habits Working on your health this year? Make lasting changes to your habits and take control of your health with Noom’s Microdose GLP-1Rx program. Building healthy habits without guidance is hard. Noom’s Microdose GLP-1Rx program pairs physician-prescribed, personalized, low-dose GLP-1 medication (when appropriate) with ongoing behavior change coaching and support. Starting at $99,* the Microdose GLP-1Rx program is doctor-designed to be easy on your body—so you have the tools and help you need to reach your goals. Check it out. WORLD Tour de headlines VCG/Getty Images Grok under scrutiny for generating sexualized images of women and children. Regulators in the UK, France, India, and other countries are looking into reports that Grok, Elon Musk’s AI chatbot, allowed X users to request and share deepfakes of people—including children—in bikinis. Several US lawmakers also condemned X, while the Justice Department said it will “aggressively prosecute any producer or possessor” of child sex abuse materials. Grok posted an apology last week for generating images that “violated ethical standards and potentially US laws,” but has continued to provide them in response to users’ prompts. X says that it removes illegal content and permanently suspends accounts associated with it. Yesterday, xAI, the company that owns both Grok and X, announced it raised $20 billion in a Series E funding round.—AE Trump says the Venezuelan govt is cooperating with his efforts. In an exclusive interview with NBC News, President Trump said of the Venezuelan government, “I do get the sense that they’re cooperating.” He also said, “We have to nurse the country back to health.” Despite Maduro’s capture, his government seemingly remains intact, with his vice president, Delcy Rodríguez, the acting president. In a post to Truth Social yesterday evening, President Trump said that “the Interim Authorities in Venezuela will be turning over between 30 and 50 MILLION Barrels of High Quality, Sanctioned Oil, to the United States of America.” He went on to say that the oil would be sold at market price, and that he would control the proceeds, which would be used to “benefit the people of Venezuela and the United States.”—HVL Hilton cuts ties with franchise after it turned away ICE agents. Hilton took the rare step of severing its relationship with an independently owned franchise hotel near Minneapolis after it refused booking for Department of Homeland Security officials. On Monday, Everpeak Hospitality, which owns the hotel, apologized for “canceling a prior reservation for real DHS agents because of their work on immigration enforcement,” CNBC reported. But yesterday, conservative influencer Nick Sortor posted a video on X in which he visited the location posing as a DHS representative and attempted to book rooms for immigration enforcement agents, but was denied by the desk clerk, who cited company policy. “A recent video clearly raises concerns that they are not meeting our standards and values,” Hilton said in a statement. “As such, we are taking immediate action to remove this hotel from our systems.”—AE TECH Meta smart glasses fans abroad will have to wait Mark Zuckerberg wearing Meta Ray-Ban Displays Andrej Sokolow/Getty Images UK techies hoping to ask their glasses what to make with leftover beans and bread will have to resort to institutional knowledge for now. Meta said yesterday in a blog post that it’s pausing the international rollout of its Meta Ray-Ban Display smart glasses to focus on fulfilling orders in the US amid massive popularity and limited inventory. Meta said it’s received “an overwhelming amount of interest” in the specs that put a computer on your face without it actually looking like there’s a computer on your face. The company released the Display glasses with Ray-Ban owner EssilorLuxottica last fall to relatively positive reviews, offering a counterpoint to the historically flop-filled category of AI wearables and smart glasses. EssilorLuxottica credited its record Q3 sales last year partly to the success of the glasses, boasting a 11.7% YoY revenue increase, to $8.1 billion: The newest version of the glasses costs $799 and, in addition to an upgraded camera, it has built-in AI features and comes with a wristband to help answer calls and texts. Meta is also rolling out a teleprompter feature that can display text notes. Big picture: Tech companies and retailers think smart glasses could be the next big thing, with Google, Apple, and Amazon all in talks to release their own, despite strict AI and data rules abroad and privacy concerns everywhere.—MM     Together With Nuun Fuel smarter, sip better. Hydration shouldn’t be sugary or boring—it should be Nuun. Drop a tab, fizz your water, and replenish essential electrolytes for workouts, daily energy, or all-day hydration. Clean, low-sugar, rave-reviewed hydration that keeps you moving. Check it out. FOOD & BEV McDonald’s is facing a lawsuit over its McRib An illustration of a McRib being looked at under a magnifying glass Niv Bavarsky What exactly is in a McRib? The question you’ve been too afraid to ask for fear of the answer is at the center of a class-action lawsuit filed against McDonald’s. The plaintiffs are accusing the fast-food giant of deceiving the public about the contents of its cult-favorite sandwich. Much like your one ex, the McRib comes into and out of your life with no notice and disappears for long stretches. It returned in a limited capacity in November and, perhaps like that same ex should, it is now facing scrutiny: The federal case, filed in Illinois last month, alleges that the McRib contains lower-grade pork products like heart, tripe, and scalded stomach formed into a rib-shaped patty—but no actual rib meat. The suit alleges that using “rib” in the name allows the restaurant to charge a premium price—as much as $7.99, per McRib Locator—for a non-premium product, creating “millions of dollars in consumer harm.” McDonald’s told news outlets that the lawsuit “distorts the facts,” and that there are no hearts, tripe, or scalded stomach in the McRib. What’s next? The four plaintiffs are seeking class certification for anyone who bought the sandwich over the past four years, along with damages and restitution “to prevent further deceptive advertising practices.”—DL     STAT Prime number: 80.9% on-time arrivals Delta planeNiv Bavarsky Your friend who only flies Delta has probably told you this already, but now there’s some real data to back it up. For the fifth consecutive year, the airline with the red triangle logo was the most on-time in 2025 out of all North American carriers, according to the analytics firm Cirium. Here are the top 10, with the percentage of on-time arrivals in parentheses: Delta (80.9%) Alaska (79.2%) Spirit (78.8%) United (78.8%) Southwest (77%) American (76.4%) JetBlue (74.7%) WestJet (73.6%) Air Canada (73.3%) Frontier (72.1%) Globally, Aeroméxico was the best, with a 90% on-time rate. The most timely airport, meanwhile, was Chile’s Arturo Merino Benítez International Airport. Newark was nowhere to be found.—AE Together With The New Money The New Money A public company is taking on one of the world’s oldest assets. Streamex (NASDAQ: STEX), backed by mining billionaire Frank Giustra, is betting tokenization can disrupt the global gold market. Discover more on The New Money. NEWS What else is brewing California Rep. Doug LaMalfa died at 65 after experiencing a medical emergency on Monday night. The Trump administration froze $10 billion in funding to California, Colorado, Illinois, Minnesota, and New York due to “massive amounts of fraud,” according to a Department of Health and Human Services spokesperson. American Airlines is launching free wi-fi for loyalty program members thismonth, in an attempt to catch up to rivals. Ford reported its best annual sales since 2019, despite production issues with its F-series pickup trucks. Nascar Commissioner Steve Phelps resigned after inflammatory texts he sent were revealed during the company’s federal antitrust trial. Netflix expanded its partnership with the WWE to become the home of its library, including replays of popular series like WrestleMania. Aldrich Ames, a 31-year CIA veteran who was convicted of spying for Russia in 1994, died while serving a life sentence in prison. He was 84. RECS To-Do List Be inspired: This coffee table book will take you on 200 breathtaking rail journeys.** Travel: The New York Times’s 52 places to go in 2026. Save: A tool that shows you the cheapest way to eat Taco Bell using value deals. Read: Lit Hub’s most anticipated books of 2026. Results over resolutions: No more quick fixes that don’t quite fix…anything. Get 12 months of Noom Weight for the price of six. Just use code NYE2026.* Small-business sidekick: The Capital One Venture X Business card helps small-business owners do more business through simple, high-value rewards—and does it with simplicity. See how Capital One VXB can help you work out the details seamlessly.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Word Search: Alpha, bravo, Charlie…how well do you know your phonetic alphabet? It comes in handy for this week’s Word Search. Play it here. Geography trivia There is only one US state whose east and west borders are almost entirely formed by rivers. Can you name it? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Iowa (the Mississippi on the east, and Missouri and Big Sioux on the west) Word of the Day Today’s Word of the Day is: rebukes, meaning “expressions of sharp disapproval or criticism.” Thanks to Debbie from Cranston, RI, and others for the suggestion. Submit another Word of the Day here. ✢ A Note From Noom *Noom Microdose GLP-1Rx Program includes GLP-1 specific dietary and wellness education, regular user reporting, and personalized lower dosages through SmartDose. Lower doses of GLP-1 resulted in lower chances of observable side effects based on a sample of 9,528 Microdose GLP-1Rx Program users. Initial 3-week subscription and 4 weeks of medication from $99 plus tax and $199 per month plus tax for 12-week subscription thereafter. Final pricing depends on program selection.           Written by Adam Epstein, Sam Klebanov, Matty Merritt, Dave Lozo, and Neal Freyman Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew   Tech Brew Retailers: Retail Brew Healthcare: Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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Tomato pies are no longer America's hottest fast food.<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fptkhy.2h06y/8300f623.gif" alt="" border="0" /></a> January 06, 2026View Online | Sign Up | Shop Morning Brew Presented By Motley Fool Money Hello there. We hope that all your “let’s circle back next year” follow-ups didn’t come for you at the same time. —Sam Klebanov, Dave Lozo, Molly Liebergall, Abby Rubenstein, Neal Freyman MARKETS Nasdaq $-- --% S&P $-- --% Dow $-- --% 10-Year --% -- bps Bitcoin $-- --% Chevron $-- --% Data is provided by *Stock data as of market close. Here's what these numbers mean. Markets: Stocks got pushed higher by oil yesterday like they were the Clampetts, with the Dow briefly hitting a new record, following the US military operation that removed Venezuela’s president (more on the latest there and the market’s reaction below).   INTERNATIONAL Investors enthused as dethroned Maduro taken to court XNY/Star Max/Getty Images Two days after US special forces plucked him from his palace, deposed Venezuelan President Nicolás Maduro and his wife Cilia Flores pleaded not guilty to drug trafficking and weapons charges in a federal courtroom in Manhattan yesterday. During the arraignment, Maduro asserted that he’s still Venezuela’s president and called himself “kidnapped” and a prisoner of war—countering prosecutors’ claim that he remained in power illegitimately after losing the 2024 election. Maduro faces life in prison if he is convicted following a jury trial and what is likely to be a legal battle over whether his arrest was lawful. He’s retained a legal team that includes DC attorney Barry Pollock, who previously represented Julian Assange. Moneymaking moment? Down the street from the courthouse where Maduro was arraigned, Wall Street appeared to brush off geopolitical instability concerns arising from the forced ouster of a world leader. US oil stocks like ExxonMobil and Chevron rallied, reflecting optimism as President Trump promised that US oil companies will regain access to Venezuela’s petro riches, although experts note that revitalizing Venezuela's dilapidated drilling infrastructure would take years and enormous investments. US and European defense stocks also soared yesterday, with analysts predicting Uncle Sam’s surprise military intervention will spur countries to boost military spending. Meanwhile, some swashbuckling merchants are already typing “Caracas” into Google Flights. Charles Myers, who chairs the consulting firm Signum Global Advisors, told Business Insider he plans to travel to Venezuela’s capital along with 20 US investors. Myers said that aside from oil and gas, he also sees “massive opportunities in construction, in tourism" with up to $750 billion in foreign investment potential over the next five years. Looking ahead…Venezuela’s business climate will depend on the stability of its recently decapitated government, now headed by Maduro ally Delcy Rodríguez, who was sworn in as interim president yesterday. Trump told reporters that Secretary of State Marco Rubio has been talking with Rodríguez and that she’s willing to do "whatever the US asks.”—SK     Presented By Motley Fool Money Meet the king of cash back Motley Fool Money Ready to make the most of your money? The credit card experts at The Motley Fool have spoken: 2026 is the year of the one-card wallet. If cash back is king, this card is royalty. Get 0% intro APR into 2027 on purchases and balance transfers and earn cash back on every purchase. You read that right—every purchase. And you can earn up to 6% cash back in categories you’ll actually use. So whether you’re looking to save money or make the most of your rewards in 2026, this card can help you cross it off your list. Here’s what you need to know. WORLD Tour de headlines A nurse with a vaccineJoe Raedle/Getty Images ⚕️US scales back childhood vaccine recommendations. Federal health officials yesterday dropped the number of vaccines recommended for all American children to 11 from 17. The major change from the Centers for Disease Control comes after Health Secretary Robert F. Kennedy Jr., who has long criticized vaccines, weighed changing the vaccine schedule to match Denmark’s (which only includes 10). Officials stressed that the decision would not result in vaccines becoming inaccessible or being removed from insurance coverage, but public health experts—who have noted that Denmark’s schedule was developed for different healthcare conditions—fear it could reduce vaccine uptake and result in the spread of disease. The first GLP-1 pill is available in the US. Commencing a new era for weight loss treatment, Novo Nordisk said yesterday that it had begun rolling out its Wegovy pill—the first and, currently the only, GLP-1 pill for weight loss approved for sale in the US. Its price ranges from $149 to $299 per month, depending on the dose, making it less expensive than the injectables on the market (plus, no needles). Regulators signed off on the prescription drug last month, and it is now available at CVS, Costco, and through some telehealth providers. The company said it’s making enough to avoid the shortages its injectables suffered. Novo’s biggest competitor in the weight loss space, Eli Lilly, is working to bring out its own GLP-1 pill soon. Corporation for Public Broadcasting formally dissolves after losing federal funding. The 58-year-old nonprofit that disbursed funds to local PBS and NPR stations, and was often thanked alongside “viewers like you,” announced yesterday that its board had voted to shutter the organization. The decision to shut down was not a surprise after Congress passed a budget package backed by President Trump over the summer that cut its funding. The CPB said it was better to close than to remain as an unfunded entity that could be “vulnerable to future political manipulation or misuse.”—AR TRANSPORTATION One year in, congestion pricing seems to be working Toll sign saying it's $9 to get into Manhattan James Carbone/Newsday RM via Getty Images Yesterday marked the first anniversary of New York City charging drivers $9 during peak hours to enter Manhattan below 60th Street, and the data shows that congestion pricing is doing what it intended. Open roads: There were 27 million fewer car trips into the congestion zone compared to the previous year, according to the MTA, creating faster commutes into and around the city. Mass appeal: Ridership rose across subways, buses, and railroad lines, although only some of it can be attributed to fewer cars entering the city per day. More money: In its first year, the toll is projected to raise ~$550 million, which will be allocated toward infrastructure improvements for public transit. Safety: The number of people seriously injured in crashes is down 8.6% in the zone compared to 1.6% in the rest of the city. Jury is still out on pollution: A Cornell study found a 22% improvement in air quality. But two other reports, including one from the MTA, found no significant changes in pollutant levels. What’s next? In November, President Trump said he wanted to kill the congestion pricing program. Judges have sided with the initiative remaining in place so far, although there are two cases pending. Despite objections about the cost from some people that have only seen New York in movies, polling showed New Yorkers have grown to appreciate the policy since it was instituted.—DL     Together With Merit Beauty Merit Beauty Meet the minimalist. The complexion stick that quietly replaces your foundation and concealer. Lightweight, buildable, and clinically proven to wear all day, it blends right in for skin that looks like skin. No caking, no clogging—just easy coverage in 30 true-to-skin shades that stay comfortable, sweat-proof, and natural. FOOD The pizza business is getting cold A sketch of a chef crying while holding a slice of pizza. Niv Bavarsky We can now confirm that the Teenage Mutant Ninja Turtles aren’t real, because they would never let this happen. Pizzerias are losing ground in fast-food and fast-casual dining as Americans pull back on tomato pies, the Wall Street Journal reported this weekend. Sales growth at pizza chains has been relatively flat since 2023, falling behind the wider fast-food market, according to the research firm Technomic. Mamma mia… Pizzerias went from being the second-most popular type of US chain restaurant in the 1990s to sixth last year in terms of sales, per Technomic. Coffee shops and Mexican food joints now outnumber pizzerias, which thinned out in the US after hitting a record high in 2019, according to WSJ. Why? With food inflation nudging menu prices higher, and GLP-1s pushing diet culture into the limelight, a pizzeria’s true takeout rival may no longer be the other Tony’s across the street, but rather the nutrient-rich bowl slop from Uber Eats. Even when customers choose pizza, they tend to get smaller pies and fewer toppings, Papa John’s executives said in October. Signs of the times: While market leader Domino’s is riding pizza promotions to relative success, Yum Brands is considering selling Pizza Hut after two years of sales declines, the company announced in November. Last month, California Pizza Kitchen sold for $300 million, down from the $470 million that previous buyers paid in 2011.—ML     STAT Prime number: Employers get elitist on recruitment Spencer Platt/Getty Images In today’s hiring market, it’s not what you know, it’s where you learned it that could give you an edge. With the labor market tightening for entry-level hires, and the unemployment rate for recent grads hitting 9.3% late last year, companies are refocusing their campus recruiting efforts on a small group of elite schools. The Wall Street Journal reports: A Veris Insights survey of 150+ employers last year found that 26% were exclusively recruiting from a shortlist of schools, compared to just 17% in 2022. William Chichester III, who formerly headed up entry-level recruiting for companies including Target and Peloton, told the paper that most companies currently only search for talent at ~30 of the US’ 4,000 colleges—mostly at top-ranked schools and those local to them. The reasons recruiters gave the WSJ for scaling back recruitment to only the most ivy-covered places to take Psych 101 were varied. They ranged from rolling back diversity goals that had caused companies to cast a wider net in recent years, to preferring in-person recruitment to virtual events, to educational pedigree being more prized when ChatGPT writes the same resume for everyone. Either way, it’s likely to lead to even more stress for high school seniors desperately refining their personal essays.—AR Together With Babbel Hola, 2026. Want to start speaking a new language in the new year? With Babbel, it takes just 10 minutes a day to actually keep your New Year’s resolution. Get 65% off a lifetime subscription and get instant access to bite-size lessons, podcasts, interactive speaking practice, and more. Start learning. NEWS What else is brewing A new global minimum tax deal aimed at stopping countries from parking profits in tax havens will exempt US companies from extra taxes. Nvidia said it plans to start testing self-driving cars with a partner (not yet named) as soon as next year. Defense Secretary Pete Hegseth moved to demote Sen. Mark Kelly’s military rank and lower his retirement pay as punishment for making a video with other Democrats urging soldiers to refuse illegal orders. Minnesota Gov. Tim Walz, who was Kamala Harris’s VP pick, abandoned his reelection bid yesterday amid a scandal over fraud in the state’s social programs. A French court found 10 people guilty of cyberbullying France’s First Lady Brigitte Macron for spreading false claims that she was born male. Versant, the cable network-owning company spun off from Comcast, began trading on the Nasdaq yesterday. Lego unveiled what it called its “most significant evolution” since the minifigure was introduced in 1978, namely, a brick containing a tiny computer, known as a Smart Brick. After they debut in March, stepping on them will hurt financially as well as physically. RECS To-Do List Massage: Fill this massager with hot water and start soothing your aching parts.** Watch: Great movies that came out last year and are now streaming. Read: The books Politico says will help you survive 2026. Discover: A map of each US state’s favorite fast-food joint. Results > resolutions: Skip the quick fixes this year. Noom Weight helps you rewire habits for lasting change. Get 12 months for the price of six with code NYE2026.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Mini: The first Mini of the year is called “Decimation,” but we think it’s a good little brain boost. Play it here. Before and after This is a “before and after” trivia round. Each question contains two connected clues. The two clues share a common word, and the answer is an original phrase you have to find out. It’s like a word sandwich. Example: Rihanna and Calvin Harris’s 2011 banger enters the villa = “We Found Love” Island NBA team in Florida plays a collectible card game A Beatle meets Indiana Jones Armageddon director conducts a failed military operation in 1961 The Frosted Flakes mascot picks up golf—and wins 15 majors The 22nd and 24th US president joins a hapless Ohio NFL squad SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER Orlando Magic: the Gathering George Harrison Ford Michael Bay of Pigs Tony the Tiger Woods Grover Cleveland Browns Word of the Day Today’s Word of the Day is: decapitated, meaning “having had the head cut off.” Thanks to Maureen from Boston for keeping a level head and sending us a suggestion. Submit another Word of the Day here.           Written by Abigail Rubenstein, Sam Klebanov, Dave Lozo, Molly Liebergall, and Neal Freyman Was this email forwarded to you? Sign up here. Get smarter in just 5 minutes Markets News: Brew Markets Real Estate News: The Playbook Money & Career: Bossy   Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew   Tech Brew Retailers: Retail Brew Healthcare: Healthcare Brew Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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Will US oil companies return to Venezuela?<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fpt8q1.2gyam/cc4216d5.gif" alt="" border="0" /></a> January 05, 2026View Online | Sign Up | Shop Morning Brew Presented By Welcome back. Here is the highly anticipated Morning Brew Out/In list for 2026. Out: Catan / In: mah-jongg Out: Sheepishly stepping in front of someone in a store aisle / In: Saying “excuse me” like you mean it Out: Breakfast for dinner / In: Dinner for breakfast Out: Late-night worry sessions / In: Late-night cleaning sessions Out: Hot honey / In: Preserved lemon paste Out: Group 7 / In: Marcus the Worm Out: Megayachts / In: Tugboats —Holly Van Leuven, Brendan Cosgrove, Neal Freyman MARKETS: YEAR-TO-DATE Nasdaq 23,235.63 -0.03% S&P 6,858.47 +0.19% Dow 48,382.39 +0.66% 10-Year 4.187% +2.4 bps Bitcoin $92,603.98 +5.82% Constellation Brands $141.17 +2.33% Data is provided by *Stock data as of market close, cryptocurrency data as of 11:00pm ET. Here's what these numbers mean. Markets: Stocks ended 2025 with a whimper, but this is the first full trading week of 2026. Events in Venezuela (more on that below), a slew of jobs reports, and a Federal Reserve decision at the end of the month should give Wall Street plenty to consider. Stock spotlight: Kick off Dry January with…an earnings report from beverages company Constellation Brands (Modelo, Corona, Pacifico, Kim Crawford, and more), which will be released on Wednesday. One of the company’s major headwinds: The percentage of US adults who say they drink alcohol is near its lowest level in decades, according to a recent Gallup poll.   ECONOMY Will US oil companies return to Venezuela? Tankers off Lake Maracaibo in May 2025 Tankers off Lake Maracaibo in May 2025. FEDERICO PARRA/AFP via Getty Images Yesterday, Secretary of State Marco Rubio took to network news shows to elaborate on US plans in Venezuela following the dramatic removal of its leader, Nicolás Maduro, by Army Delta Force soldiers on Saturday. Rubio emphasized that the United States would pressure Venezuela’s next moves through its existing “oil quarantine” rather than seizing control of the country outright, as President Trump has suggested. “Tremendous leverage” Last month, the Trump administration launched a blockade of vessels operating under US sanctions, preventing them from entering or leaving Venezuela, which “allows us to exert tremendous leverage over what happens next” in the nation, Rubio said yesterday: The Treasury Department’s Office of Foreign Assets Control lists more than 50 vessels under this initiative. While many tankers on the sanctioned list have links to Venezuela, others are on watch for their ties to unfriendly countries or entities. The blockade has not and is not expected to adversely affect the global oil market. About 80% of Venezuela’s oil is sold on the black market, according to Francisco J. Monaldi, the director of the Latin America energy program at Rice University. China and Russia are big customers. But it will likely devastate the Venezuelan economy. President Trump and his administration anticipate that US oil companies will enter Venezuela, invest “billions” of dollars in the “badly broken” oil infrastructure, “and start making money for the country,” the president said on Saturday during a press conference at Mar-a-Lago. But will they build it, and will they come? Venezuela nationalized both its petroleum and natural gas industries over the last 50 years, and the only US company operating there is Chevron (using a special license from the Trump administration). American companies ExxonMobil and ConocoPhillips both exited Venezuela in the nationalization push, suing the government for billions of dollars in restitution. In arbitration, they were awarded fractions of the amounts they sought, and Venezuela did not pay even those amounts in full. Big picture: While Venezuela is believed to have the largest proven oil reserves in the world at 300 billion barrels, law professor José Ignacio Hernández told the WSJ that American companies will need more enticement than that. “They need political stability, which requires more than just removing Maduro,” he said.—HVL     Presented By ThreatLocker Bring your trust issues here If you’ve ever lost sleep over open ports or mysterious connections, ThreatLocker’s got just the event for you. Zero Trust World is the place where trust issues aren’t a red flag. Nope, actually, they’re an asset. Get $200 off your ticket to this safe space when you register today. Your ticket grants you access to: hands-on hacking labs thought leadership sessions led by cybersecurity experts practical tips to shrink your attack surface Let Zero Trust World turn trust issues into a competitive edge. Get $200 off your ticket with code ZTWITBREW26. WORLD Tour de headlines Daniel Patrick Moynihan United States Courthouse, home to the US District Court for the Southern District of New YorkLeonardo Munoz/Getty Images Maduro to appear in US federal court today, as interim Venezuelan president emerges. Deposed Venezuelan leader Nicolás Maduro will appear in the federal courthouse in Manhattan at 12pm ET. He faces narco-terrorism conspiracy, cocaine-importation conspiracy, and weapons charges. He is expected to plead not guilty to those charges during the proceeding. Meanwhile, Venezuela’s high court ruled that Maduro’s vice president, Delcy Rodríguez, will assume the role of interim president of the country, although the court called Maduro’s absence “temporary.” In an interview with The Atlantic on Sunday, President Trump urged Rodríguez to cooperate with his administration, warning, “If she doesn’t do what’s right, she is going to pay a very big price, probably bigger than Maduro.” She later posted to Instagram, “We invite the US government to collaborate with us on an agenda of cooperation oriented towards shared development within the framework of international law.” Denmark’s prime minister urged US to “stop the threats” about taking over Greenland. In a statement posted to the Danish government’s website, PM Mette Frederiksen said she was addressing the US “very directly” over the latest salvo of comments from Trump administration officials regarding the US taking over Greenland in light of its ousting of Venezuelan leader Nicolás Maduro. Frederiksen also said, “The US has no right to annex any of the three nations in the Danish kingdom” and reminded readers that Denmark and, in turn, Greenland, are NATO members protected by the alliance’s security guarantees. Denmark already has a defense agreement with the US that gives it access to Greenland. After Frederiksen posted the statement, President Trump said, “We need Greenland, from the standpoint of national security, and Denmark is not going to be able to do it, I can tell you.” Airlines add flights to retrieve travelers stranded in the Caribbean due to Maduro operation. On Saturday, potentially thousands of holiday travelers thinking about getting back home from the Caribbean got sidetracked by the US’ operation to capture Nicolás Maduro, which led the Federal Aviation Administration to issue a notice to airmen that banned civil aircraft from operating in parts of the Caribbean due to “safety-of-flight risks associated with ongoing military activity.” The FAA lifted its restrictions on Sunday at midnight, but the disruptions will resolve over the early part of this week. American Airlines said it added nearly 7,000 seats and 43 flights to help with demand. United, Delta, and Southwest also increased capacity. Among the impacted was Leonardo DiCaprio, who missed the Palm Springs International Film Festival when he couldn’t get a flight out of St. Barts.—HVL POLITICS California’s newest fault line: a tax on billionaires California state flag Dirk Von Mallinckrodt/Getty Images Like an unexpected fire alarm, a new ballot proposal in California has some of the state’s wealthiest residents looking for the exits. A proposed statewide tax on billionaires doesn’t have the necessary signatures yet to appear on the November ballot, but it’s already sparked uproar. What is the ballot proposal? The initiative would impose a one-time 5% tax on the assets of California billionaires. According to the healthcare union that crafted the measure: It could raise up to $100 billion from about 200 billionaires. The majority of the money would go toward healthcare funding, to make up for recent federal cuts. Taxed individuals would have five years to pay. Leaving the left coast: Billionaire bellyaching may be paired with actual action. Google co-founder—and longtime California resident—Larry Page recently filed paperwork to incorporate some of his companies in Florida, the New York Times reported. And venture capitalists Peter Thiel and David Sacks both opened offices in states not named California on December 31—the day before the measure would retroactively apply. What happens next? If the measure qualifies for the November ballot, it’s unclear whether it will pass. It has gotten some support from progressives nationwide, but California Gov. Gavin Newsom opposes it. Opponents have also filed counterinitiatives to constrain the final terms of the measure, if it advances.—BC     Together With Microsoft Security Microsoft Security Make smarter security moves. Microsoft Purview can help you manage risks and meet your compliance requirements. With Microsoft Purview, you can close compliance gaps and enforce policies across your entire organization. Bring clarity to compliance today. CALENDAR The week ahead Unrivaled basketball 2025 championship Rich Storry/Getty Images Say yes to the CES: The tech industry’s biggest trade show of the year, the annual Consumer Electronics Show (CES), kicks off this week in Las Vegas. Business leaders, manufacturers, and developers have descended on the Strip to demo new products and pitch their visions for the upcoming year. The show floor opens tomorrow, but starting today, there will be a bevy of big announcements from some of tech’s most notable names. Nvidia CEO Jensen Huang and AMD CEO Lisa Su will each give a keynote address today. The event ends on Friday. Labor market in the spotlight: The December jobs report will be released on Friday. Analysts are predicting slower job growth, but a slight improvement on November’s 4.6% unemployment rate, which hit a four-year high. ADP’s private payroll report will also be released on Wednesday, along with the Job Openings and Labor Turnover Survey (JOLTS). Then, initial jobless claims and Challenger’s job cuts report will be released on Thursday. The Federal Reserve will be watching it all, with another rate cut decision looming at the end of the month. Let the games begin: YouTuber Jimmy Donaldson, aka MrBeast, is back with a second season of his reality show contest Beast Games. Starting on Wednesday, 200 people will compete for a $5 million cash grand prize via challenges that “test the limits of human strength, intelligence, and strategy,” according to the Beast Games website. Season 1, which featuredchallenges like getting hunted by Navy SEALs, became Prime Video’smost-watched unscripted show ever, according to Amazon. If 200 competitors is too much for you, watch the College Football Playoff, which had slightly fewer participants (12) this year. The semifinals kick off on Thursday with Miami and Ole Miss in the Fiesta Bowl. Then, Friday’s Peach Bowl pits Oregon against Indiana. Everything else: Chinese President Xi Jinping will meet with South Korean President Lee JaeMyung in Beijing today. Unrivaled, a professional women’s basketball league that plays during the WNBA’s offseason, begins its second season today. The new league features some of the sport’s biggest stars and is already valued at $340 million. New seasons of The Rookie, Will Trent, and High Potential all premiere on ABC tomorrow. Leaders of “Coalition of the Willing” nations meet in France tomorrow to discuss how to achieve peace in Ukraine. Season 14 of The Masked Singer premieres on Wednesday on Fox. Season 2 of medical drama The Pitt will hit HBO Max on Thursday. Comedian Nikki Glaser returns to host the Golden Globes on CBS on Sunday. Season 4 of Industry premieres on HBO Max on Sunday. STAT Prime number: $25m worth of “popcorn” a theatrical screening of Stranger Things 5 finaleAraya Doheny/Getty Images After nearly a decade, audiences still have a big appetite for Stranger Things. That was apparent at the 620+ movie theaters across the country that aired the show’s series finale on the big screen. Deadline reported that theaters brought in more than $25 million during the finale event’s run on New Year’s Eve and New Year’s Day. But that money isn’t from ticket sales, per se. Netflix didn’t charge people for theater admission because it would interfere with how it pays residuals to cast members. So, theaters sold concession vouchers that guaranteed a seat, challenging audience members to chow down on popcorn and candy while listening to the sound of tentacles wetly squelching. While Millie Bobby Brown might not love Netflix’s box-office workaround, it did make for a nice stocking stuffer for movie theaters, which got to keep all that concession cash.—BC Together With AARE Real estate is “too cheap to ignore.” Today’s commercial real estate prices only come once every ~15 years. Everyday investors are accessing one of the highest-quality assets on the market with AARE. Some REITs are valued at up to $120b—more than 100x AARE’s current $39m valuation, which points to real upside potential. Now you can get in on it. NEWS What else is brewing Teens as young as 14 are among the casualties of the New Year’s bar fire in Switzerland that killed more than 40 people. Local authorities are investigating whether proper age verification measures were in place. Ukraine did not target a residence belonging to Russian President Vladimir Putin in a drone attack last week, as Russia claimed, President Trump said yesterday. Bluefin tuna sold for a record $3.2 million at the first auction of the year for Tokyo’s Toyosu fish market. Sprinkles Cupcakes, the company behind viral “cupcake ATMs” in Las Vegas, Austin, and other US destinations, shut down on Dec. 31. Avatar: Fire and Ash took the No. 1 spot at the domestic box office for the third weekend in a row and crossed the $1 billion mark worldwide. One Battle After Another and Timothée Chalamet both had a good night at the Critics Choice Awards. RECS To-Do List Reference: A poster for aspiring coffee gurus displaying all the ways to grind, brew, and mix.** Consider: Which of the six “money personalities” do you have? Improve: If you struggle to create new habits, try building new skills instead. Read: If you know what side of the car your gas tank’s on, it’s because of this series of events. Forget 10k steps: If you’re trying to lose weight. The viral Japanese walking trend proves this one-size-fits-all rule is outdated. Take this quiz to calculate your optimal steps to finally move the scale.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games banner Turntable: New year, same great Monday ritual. Give the letter jumble a spin and play Turntable here. Historic song trivia Right before the New Year, French actress Brigitte Bardot died at 91. That leaves only three people (out of 59) mentioned in Billy Joel’s “We Didn’t Start the Fire” still alive. Can you name one? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER The three are: Bob Dylan, Chubby Checker, and Bernhard Goetz. (Source) Word of the Day Today’s Word of the Day is: uproar, meaning “commotion.” Thanks to Muayad from Oman for the rousing suggestion. Submit another Word of the Day here. ✳︎ A Note From AARE This is a paid advertisement for AARE’s Regulation CF offering. Please read the offering circular at https://invest.aare.com/.           Written by Holly Van Leuven , Brendan Cosgrove, and Neal Freyman Was this email forwarded to you? Sign up here. Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew   Tech Brew Retailers: Retail Brew Healthcare: Healthcare Brew Get smarter in just 5 minutes Money & Career: Bossy   Brew Markets   The Playbook Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

How to get efficient in the new year...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fppuh8.2h31d/1e7ce8da.gif" alt="" border="0" /></a> January 04, 2026View Online | Sign Up | Shop Morning Brew Presented By Fisher Investments A head with a Rube Goldberg Machine coming out of it to represent productivity Jackson Gibbs EDITOR’S NOTE Carpe diem! This year, we’re resolved to help you keep your New Year’s resolutions. To that end, we’re bringing you a Sunday Special devoted to productivity tips, so you’ve got an efficient path to achieve your goals no matter what they are. Our first suggestion? Read the very helpful newsletter below. TECH AI’s ready to be your personal assistant robot with tie working on computer Illustration: Anna Kim, Photos: Adobe Stock AI has changed the workplace, and not just because everyone’s emails have more em-dashes now. About 1-in-10 businesses told the Census Bureau that they use AI, a 4% bump from last year. That’s expected to keep climbing, boosting productivity and tacking on points to the GDP over time. Still, the majority of businesses aren’t using AI yet—and that may boil down to people not knowing what to do with it besides ask it for therapy sessions and Ghibli-fied selfies. So, we rounded up some of the lowest-lift ways to integrate AI into daily workflows and, ultimately, save time and effort: Shortwave automates the inbox by organizing, scheduling, writing, and editing emails. Willow turns audio into text, so chatty users can speak, instead of type, their emails and other messages. MindMap AI creates brainstorming visualizations to help users externalize and organize thoughts and plans. Akiflow is an AI-powered personal assistant that manages users’ calendars. Otter takes notes during meetings to create transcriptions and summaries. Summate creates a curated digest of content from across the internet (which can include Morning Brew). Notion integrated AI into its work-organizing platform. (Also, check out some of the best free templates.) ChatGPT is an obvious pick—this Reddit thread details how to turn the AI chatbot into a personal productivity coach. One warning: You probably shouldn’t use all of these tools at once. Find the ones that work for you, and ditch the rest. Flitting among AI applications can turn into a time-suck instead of a time-saver. One study found that about 8% of AI users created more work for themselves with their new tech stacks.—JW     Presented By Fisher Investments Should you stay bullish heading into 2026? Fisher Investments Global markets have shown strong performance through 2025, but will these trends continue in the new year? Fisher Investments’ forecast suggests this bull market is supported by healthy fundamentals, like moderate GDP growth, rising corporate earnings, and improving global trade conditions. Despite fearful headlines and skeptical investor sentiment, they believe this market has room to run and there are still opportunities for growth. The forecast offers a grounded perspective on the current landscape, exploring both the tailwinds driving this bull market and the potential pitfalls—from policy changes to geopolitical shifts. If you have $1,000,000 or more in investable assets, get Fisher Investments’ latest Stock Market Outlook for a detailed analysis to help you navigate what’s ahead. OUTSIDE OF WORK Making the most of the 5-to-9 two office chairs facing each other Cameron Abbas That title’s not a typo. The 5-to-9 is the time period before and after the 9-to-5 workday. Social media influencers have racked up millions of views showing off their outside-of-work schedules—#5to9routine has more than 35 million views on TikTok. During these videos, quick cuts of clips show off aspirational mornings and evenings packed with journaling, working out, meditating, cleaning, side hustling, and more. The trend’s an offshoot of the “5am club,” which counts Mark Zuckerberg and Michelle Obama as early-rising members. The strict routines are a way of packing productivity into personal time. The main goal is to spend less time rewatching reruns of Downton Abbey and more time meal-prepping. Here are some tips to get the most out of this trend: The structure of the routine is a key part of making it work, well-being coach Adrienne Adhami told Vogue, in order to clearly separate work and personal time. Starting with a clear transition, like showering or changing clothes, can help, as can using lotions or candles with specific scents during discrete phases of your day. A third space can also set 5-to-9 time apart from the rest of the day. That means going somewhere that’s not home or work—a gym, coffee shop, or anywhere other than the couch or the desk. But above all, don’t overdo it. Experts emphasize that sleep is important, and not all time should be structured. Critics of the 5-to-9 trend say adhering too strictly to a before- or after-work routine, and not having free leisure time, can lead to burnout.—JW     HOW TO DO IT Time-management techniques to get more done A tomato shaped timer Wirestock/Getty Images At the end of the day, tasks simply have to be completed (bummer, we know). However, there are some ways to train your brain and manage your time to make work easier and more efficient. Here’s a handful of methods: Eisenhower Matrix: To-do lists are out; grids are in. This time-management technique involves organizing tasks into four quadrants, divided up by “urgency” on one axis and “importance” on the other. The similar Covey Matrix uses the same grid, but focuses more on long-term planning than on addressing daily tasks. Pomodoro Technique: Pomodoro means “tomato” in Italian, and this method originally ran on tomato-shaped timers. It’s simple to use: Set a timer (of any shape) for 25 minutes, work, and then set it for a five-minute break. Repeat the process four times. There are roughly a gazillion YouTube videos that make the timing easy, with themes like Harry Potter, Hollow Knight, and Gilmore Girls. Flowtime Technique: Sometimes called the “Flomodoro,” this method tries to help workers break through to a flow state. First, users set a plan for the day and divide up their goals into small, manageable tasks. From there, they work without timers, taking breaks as needed. It’s a deconstructed version of the Pomodoro Technique, basically. Eat the Frog: Mark Twain said if you have to eat a frog, do it first thing in the AM—which is a problem no one’s ever had but Twain (but that’s beside the point). This approach to work is straightforward: Always do the most difficult and dreaded task first. Avoid multitasking and home in on the single task early. Then, the rest of the day will seem breezy by comparison.—JW     Together With Fisher Investments Fisher Investments What’s really inside your annuity? Knowledge is power when it comes to making thoughtful financial decisions. Fisher Investments’ guide, Annuity Insights: 9 Questions Every Annuity Investor Should Ask, breaks down the crucial details to help you decide if an annuity actually helps—or hinders—your long-term goals. ENTERTAINMENT Productivity’s easier with the right vibes A woman listening to music Johner Images/Getty Images It’s hard to be productive while watching Netflix, playing Candy Crush, and scrolling Instagram—and we couldn’t find an expert who argued that anyone should try (sorry, Gen Z). We rounded up the best resources for creating the distraction-free environment most of us need to get work done, as well as ones for learning how to be more productive in the first place. Music These Spotify playlists and YouTube videos are easy background listening. Lofi Girl Zelda campfire music Big Desk Energy Ambience A flow state’s easier to find when you use some YouTube-encouraged imagination. Rainy day in a conservatory Pokémon aquarium Monterey Bay Aquarium’s live jelly cam Books Productivity is learned, and these authors have different approaches to making it a habit. Atomic Habits by James Clear is one of the top productivity books on Goodreads. Deep Work by Cal Newport (a Morning Brew fave) Four Thousand Weeks by Oliver Burkeman Podcasts May as well brush up on work techniques while commuting or cleaning with podcasts that interview hyperproductive people or just offer tips for finding flow. Cortex Beyond the To-Do List Life Kit —JW     BREW'S BEST To-Do List Pass time: A clock that displays a literary quote for every minute of the day.** Meditate: Sometimes the key to being productive is to take the time to relax first. Watch: How to make a bullet journal. Download: This planning app was crowned the iPhone app of the year. Join: Reddit’s productivity community to get tips. Be unproductive sometimes: Stream public domain films for free. Market volatility update: Investors with $1,000,000 or more will find insights into navigating volatile markets with Fisher Investments’ latest research-based forecast.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e           Written by Jamie Wilde, Abigail Rubenstein, and Holly Van Leuven Was this email forwarded to you? Sign up here. Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew   Tech Brew Retailers: Retail Brew Healthcare: Healthcare Brew Get smarter in just 5 minutes Money & Career: Bossy   Brew Markets   The Playbook Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2025 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

Tesla loses top EV spot to BYD...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fpsx8a.2h68q/5fad217f.gif" alt="" border="0" /></a> January 03, 2026View Online | Sign Up | Shop Morning Brew Presented By AT&T Connected Car Morning! If you’ve been off work since Christmas, then enjoy these last two days of binging TV, eating cookies for breakfast, and pretending that time does not exist. Monday’s coming. And so is the usual Morning Brew. We’ve got one more slightly truncated newsletter for you today, and then a special Sunday edition tomorrow to help you kick off the new year the right way. We’ll return to regularly scheduled programming on Monday morning. —Adam Epstein, Abby Rubenstein, Matty Merritt Breaking news: Early this morning, President Trump announced that Venezuela’s President Nicolas Maduro had been captured and flown out of the country after the US carried out a large-scale strike on Caracas. You can follow updates here. MARKETS Nasdaq 23,235.63 -0.03% S&P 6,858.47 +0.19% Dow 48,382.39 +0.66% 10-Year 4.187% +2.0 bps Bitcoin $89,932.78 +1.89% Pinterest $26.56 +2.59% Data is provided by *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. Markets: Stocks wobbled in the first trading day of 2026, unable to decide if they wanted to start the new year with a bang or a whimper, before ending the day up by a hair. Chip stocks had a good day, but couldn’t pull the Nasdaq out of the red. Elsewhere, Pinterest jumped by a few points following a report that OpenAI could buy it.   ELECTRIC VEHICLES Tesla is no longer the world’s top EV seller Tesla car in the snow Tayfun Coskun/Getty Images Like Vecna in the Stranger Things series finale, Tesla has also been vanquished in its quest to reshape the world in its image using alternative energy sources. In 2025, for the first time ever, Elon Musk’s automaker sold fewer electric vehicles than China’s BYD. Tesla sold 1.64 million EVs last year, the company reported yesterday, while BYD’s sales jumped 28% to 2.26 million. US demand for EVs is softening, while Musk’s right-wing political rhetoric has alienated some consumers in Europe, experts say. Tesla’s dethronement was all but sealed when the US eliminated its $7,500 EV tax credit at the end of September: Tesla sales plummeted 16% in Q4 after the credit expired—worse than Wall Street’s already low expectations. Last year was the second straight year that Tesla sold fewer cars than the year before. Meanwhile, BYD didn’t need the US market (where it doesn’t operate) to supplant Tesla’s aging lineup, relying instead on growth in Europe and Latin America to bolster its business in China. Is Tesla even an EV company anymore? Financially, yes. Car sales still account for ~75% of Tesla’s revenue, the Wall Street Journal noted. But symbolically? Maybe not. Musk has pivoted to touting the company’s plans in robotics, predicting that 80% of its value will eventually come from its humanoid robot, Optimus. Investors are buying it: Even as Tesla’s car sales plummeted, its stock increased 11% in 2025. In November, shareholders approved an unthinkably vast pay package for Musk, mainly to keep him engaged as CEO and to prevent the stock from crashing. It’s not just Tesla. Rivian reported a worse-than-expected sales decline yesterday and it, too, is repositioning itself as an AI-centric company. Looking ahead: Experts expect another tough year for the EV market in 2026, though it could rebound in 2027 if companies make good on their promise to offer cheaper options.—AE     Presented By AT&T Connected Car Connected on the road AT&T Connected Car The start of a new year means embracing new journeys and setting fresh goals. Whether you’re making resolutions to travel more, stay safe on the road, or simply enjoy your commute, AT&T Connected Car™ helps power every ride. From GPS to Wi-Fi hotspots, your car can become your ultimate travel companion. You can stream, work, and play from the road so you never miss a beat. AT&T Connected Car has your back all year long, from posting a road-trip selfie at a pit stop to streaming your fave tunes on your daily drive to work. Stay connected from the road. STAT Prime number: Bey is a billionaire Beyonce Knowles performing songs from Cowboy CarterBrooke Sutton/Getty Images Beyoncé is once again showing everyone who run the world. The superstar was officially declared a billionaire by Forbes this week: That means there are now five musicians who have made 10 figures (though there are six of them if you include Beyoncé’s alter ego, Sasha Fierce). Jay-Z (aka the one who put a ring on it) was the first to make the Forbes list in 2019. Since then, Rihanna, Bruce Springsteen, and Taylor Swift have all been added. Beyoncé has done the responsible thing and diversified revenue streams—with her hair care brand, Cécred, whiskey label, SirDavis, and the now-discontinued clothing line, Ivy Park. But it’s the music that really fuels her income: It was the Grammy winner’s Cowboy Carter Tour, which Pollstar estimates grossed $400+ million, that ultimately pushed her wealth to billionaire status.—AR Together With Knix New year, new drawer energy. Knix’s Year-End Sale is here with 20% off sitewide—online and in-store—plus up to 60% off seasonal fan favorites. Stock up on leakproof bras and undies now, because last-call savings don’t roll over. Shop the sale before it’s gone. NEWS What else is brewing Swiss authorities said that sparklers on champagne bottles likely caused the New Year’s fire that killed at least 40 at the Crans-Montana ski resort. President Trump said the US is “locked and loaded and ready to go” if Iran violently cracks down on widening anti-government protests in the country. Grok, Elon Musk’s AI chatbot, said it was “urgently fixing” an issue that allowed it to generate sexualized images of children. Saks CEO Marc Metrick stepped down as the luxury retailer reportedly considers filing for bankruptcy. The 2025 North American box office totaled $8.9 billion in 2025—up by 2% from 2024, but still well below prepandemic levels. Together With Physician's Choice Physician's Choice Calm your gut drama. If your gut’s been acting like it has opinions, it’s time for a reset. Physician’s Choice 60 Billion Probiotic keeps things simple with one daily capsule packed with 10 diverse strains. Acid-resistant, shelf-stable, doctor-developed—and backed by 100,000+ five-star reviews. Calm gut, main-character energy. RECS To-Do List Read: A mystery novel about a 2,000-year-old body found in a bog.** Visit: The most exciting museums opening this year. Watch: The most anticipated movies of 2026, including Narnia, The Odyssey, and Dune: Part Three. Sip: The 50 best wines under $50. Road-trip ready: Stay connected on your next adventure with AT&T Connected Car™. From GPS to Wi-Fi hotspots, you can stream, work, + play from the road. Learn more.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Brew Crossword: Hope you’re feeling clearheaded. The first crossword of 2026 is called “Fresh start.” Give yourself one and play it here. Open House Welcome to Open House, the only newsletter section brave enough to travel to Buffalo in the winter. We’ll give you a few facts about a listing and you try to guess the price. Mansion in Buffalo, NYZillowToday’s mansion is in Buffalo, NY, the city most importantly associated with Hallmark’s Holiday Touchdown: A Bills Love Story (and, of course, the iconic Buffalo Bills). The home was built in 1895 and sits on the city’s legendary “Millionaire’s Row.” Amenities include: 8 beds, 12 baths So many marble fireplaces you’ll lose count Commercial grade kitchen How much for the glitzy upstate home? SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER $4.9 million Word of the Day Today’s Word of the Day is: truncated, meaning “shortened in duration or extent.” Thanks to Marco from Liberty Hill, TX, for the suggestion. Submit another Word of the Day here. ✤ A Note From AT&T Connected Car Requires eligible car and wireless service plan. Additional restrictions apply.           Written by Adam Epstein, Abigail Rubenstein, and Matty Merritt Was this email forwarded to you? Sign up here. Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew   Tech Brew Retailers: Retail Brew Healthcare: Healthcare Brew Get smarter in just 5 minutes Money & Career: Bossy   Brew Markets   The Playbook Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

The Oracle of Omaha is officially retired...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fpsnkk.2h69v/73d131b9.gif" alt="" border="0" /></a> January 02, 2026View Online | Sign Up | Shop Morning Brew Presented By Good morning and happy 2026! The new year is here, but like many of you, we’re not quite out of vacation mode yet. So, while we’re coping with being closer to the year 2050 than to the year 2000—despite what the resurgence of low-rise jeans would have you believe—we’ll be bringing you the news in a slightly shorter format than usual for the next two days. Then we’ll come roaring back with an extra-special Sunday Special and a full-strength newsletter on Monday morning. Thanks, as always, for reading—let’s clink our coffee mugs to toast another year of starting our mornings together! —Abby Rubenstein MARKETS: 1-YEAR Nasdaq 23,241.99 +20.54% S&P 6,845.50 +16.65% Dow 48,063.29 +13.38% 10-Year 4.163% -41.2 bps Bitcoin $87,821.88 -6.99% SanDisk $237.38 +559.39% Data is provided by *Stock data as of market close, cryptocurrency data as of 10:00am ET. Here's what these numbers mean. Markets: The stock market was closed yesterday to give traders time to sleep it off start the new year off right. And although stocks dipped slightly on Wednesday before the champagne started flowing, they still capped off an impressive year. Despite volatility as the market reacted to ever-changing tariff news, hope for AI (which some fear is a bubble) carried the day. All three major indexes rose over 2025, and the S&P 500 clinched its third straight year of double-digit gains. It’s also likely to be remembered as the year retail investors joined the big leagues. Stock spotlight: Anything AI-related had a year to remember: Sandisk, Western Digital, and Seagate Technology were three of the S&P 500’s top four performers, as tech firms hungered for data storage power. So metal: While gold and silver faltered a smidge on the last trading day of the year, nothing could stop nervous investors from pouring money into the shiny havens. Both metals had their best year since 1979, with gold up more than 60% and silver up more than 140%.   FINANCE This guy is a tough act to follow Warren Buffett Paul Morigi/Getty Images Usually, a 95-year-old retiring would trigger a slice of cake and a sweet note in an all-company email. But when that nonagenarian is Warren Buffett—the legendary investor who turned Berkshire Hathaway into such a force it's often considered a proxy for the US economy—it’s a much bigger deal. And perhaps no one besides Roy O. Disney knows what it feels like to be Greg Abel, Buffett’s handpicked successor, who took over as CEO yesterday after Buffett finished his last day on Wednesday (though Tim Cook and Andy Jassy may have some idea). Looking to the future without an Oracle Abel’s got his work cut out for him, as it’s now on him to figure out what to do with the $358 billion Berkshire is holding in cash besides filling a pool like Scrooge McDuck. Under Buffett, Berkshire has sold more stocks than it bought for the last 12 quarters, likely signaling that he considered stock prices too high. While Buffett has expressed confidence in Abel, investors are wary: Berkshire’s share price ended 2025 up more than 11%, but it concluded the year lower than it was when Buffett announced his retirement in May. Abel doesn’t have the Oracle of Omaha’s public record of picking winning stocks, and investors were further rattled by the departure of Todd Combs, a long-tenured Berkshire employee with a winning record, who left for JPMorgan last month. Now, investors are waiting to see exactly who’ll be calling the shots. Getting the keys to the kingdom: During his 60 years leading the company, Buffett and the late Charlie Munger grew it from a failing textile firm into a massive conglomerate that’s one of only two non-tech companies to have crossed the $1 trillion value threshold. While Buffett was known for big equity investments like buying up Apple stock, Berkshire also owns companies from Dairy Queen to Geico. You haven’t heard the last of Warren Buffett: He may not be picking the stocks anymore, but Buffett’s staying on as Berkshire’s chair and intends to keep the folksy wisdom coming in his annual public letters.     Presented By Pendulum New gut, new you Did you hear about the group of PhD scientists from Johns Hopkins, Harvard, and Stanford who walked into a lab—and left with a breakthrough probiotic in hand? These scientists zeroed in on one of the most beneficial strains for gut health, Akkermansia muciniphila. They figured out how to bring live Akkermansia muciniphila to the probiotics market. The final result of their work? Pendulum’s Akkermansia probiotic. This particular strain is so groundbreaking because it can strengthen gut lining, improve metabolic and digestive health, and naturally increase GLP-1.* With more than 15k medical provider recommendations, 4.5k mentions of Akkermansia muciniphila in scientific publications, and loyal customers like Halle Berry, this stuff sure sounds promising. Try Akkermansia yourself and take 20% off. HSA/FSA eligible. STAT Prime number: Maximizing returns A return counter at a storeKenishirotie/Getty Images Getting gifts is fun. Less fun is braving the mall parking lot or post office to return two of the three copies of the same book you received because your family members all know your taste so well. So, more people are opting out of the latter experience by leaving it to the professionals. The Wall Street Journal reports: In November and December, Taskrabbit had a 62% spike in people booking workers to complete returns for them compared to last year. And the demand is expected to stay strong into the early months of the new year: ReturnQueen, a startup that focuses on exactly what its name suggests, anticipates a 15%–20% uptick in bookings this month and next, which are typically the most popular times for returns. The market still has no solution for what to do about that handmade sweater your aunt (whose creativity exceeds her knitting skills) gave you, other than wearing it with a smile the next time you see her. Together With Onekind Meet your easiest resolution. Onekind is gifting first-time customers a free full-size Dream Cream Nighttime Moisturizer. Just pay shipping. Clean, dermatologist-tested, and loved by 4,000+ five-star reviewers for overnight hydration that restores stressed, sensitive skin. Sleep on it—literally. NEWS What else is brewing A fire at a New Year’s party at the bar at a Swiss ski resort killed about 40 people and left more than 100 injured, authorities said yesterday. Zohran Mamdani was sworn in as the mayor of New York City, after campaigning on addressing affordability with changes like free buses and child care. Many of his ambitious proposals would require raising taxes on wealthy New Yorkers—something that would require support from the state government. Multiple people were killed amid protests in Iran over economic conditions. Tariffs on furniture and kitchen cabinets that President Trump had slated to begin yesterday were delayed for a year. The US also sharply lowered planned tariffs on Italian pasta. The ACA subsidies at the heart of the government shutdown fight expired, raising insurance premiums for millions of Americans. President Trump said Wednesday that he would withdraw National Guard troops from Chicago, Los Angeles, and Portland, Oregon. The announcement came after the Supreme Court upheld a ruling blocking the deployment in Chicago. Betty Boop entered the public domain yesterday after the copyright protection on the cartoon character expired. Notable works about several fictional detectives also became available for public use, including writings about Nancy Drew, Sam Spade, and Miss Marple. Together With Wrangler New year, new denim. Kick off 2026 with Wrangler’s Gift Guide. Legendary 7 Icons, cozy layers, and stocking stuffers curated by recipient and price. Plus, snag select styles up to 50% off through Jan. 6. Start the year in authentic style and unbeatable value. RECS To-Do List Feast: This book is part cookbook, part journey through some of the best steakhouses.** Feel better: Science-backed wellness tips to take into the new year. See: The “welcome” signs from every state in the US. Watch: The most-anticipated TV shows coming out this year. 18m pounds lost: Experts claim this is the future of weight loss, and it doesn’t require diets or calorie-counting. Start your habit-based coaching for lasting results. Use code BREW70.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. PLAY Games available from Morning Brew Decipher: The first Decipher of the year is called “New Year’s aphorism,” and asks you to decode a message from an absolute legend. Play it here. Friday puzzle What do the following words have in common? Feminine Kindergarten Canine Threaten Cobblestone Height Done Oversweeten SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ANSWER They all end with the spelling of a number. Source Word of the Day Today’s Word of the Day is: nonagenarian, meaning “a person who is between 90 and 99 years old.” Thanks to Blair from New Jersey for a suggestion that doesn’t make us feel old. Submit another Word of the Day here. ✢ A Note From Pendulum *Based on preclinical studies. This product is not intended for weight loss.           Written by Abigail Rubenstein Was this email forwarded to you? Sign up here. Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew   Tech Brew Retailers: Retail Brew Healthcare: Healthcare Brew Get smarter in just 5 minutes Money & Career: Bossy   Brew Markets   The Playbook Interested in podcasts? Check out ours here ADVERTISE // CAREERS // SHOP // FAQ Update your email preferences or unsubscribe here. View our privacy policy here. Copyright © 2026 Morning Brew Inc. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011

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Images that defined 2025...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fppufd.2hd5p/4532603d.gif" alt="" border="0" /></a> December 30, 2025View Online | Sign Up | Shop Morning Brew Presented By Say cheese! They say a picture is worth 1,000 words, but we promise that getting through today’s Year in Pictures newsletter won’t feel like a long read. But just in case, we’ll keep this brief…please enjoy our last newsletter of 2025. Have a wonderful New Year’s Eve, and we’ll see you in 2026 (on Friday morning with the news). —Abby Rubenstein, Holly Van Leuven ECONOMY The big board BRENDAN SMIALOWSKI/AFP via Getty Images President Trump’s April announcement of tariffs on nearly every US trading partner—from allies to an island populated only by penguins—declared a new world economic order. Trump wants the import duties to reduce trade imbalances and spur US manufacturing, but critics claim they’re an unnecessary tax on American businesses that drives up prices for consumers. Meanwhile, it’s up to the Supreme Court to decide if it was even legal for Trump to impose them. So far, the tariffs have brought a lot of volatility to the stock market, but they haven’t caused either an economic revival or a recession. Presented By Raisin The quiet cost of staying put Most of us leave our money where it’s always been—and most banks count on it. While you’re earning less than 1% on your savings, they’re lending and investing that same cash at much higher rates. It’s how they turn your deposits into their profits. Raisin helps you take back control. It’s a free, all-in-one platform that connects you with top savings accounts from over 75 FDIC- and NCUA-insured banks and credit unions. Right now, you can earn 4.25% APY* with NexBank, plus up to $2,000¹ in bonus cash using code GIFT when you open an account by Dec. 31. Explore rates and claim your bonus. GOVERNMENT High-profile friend breakup Elon Musk and his son X with Doanld Trump in the Oval OfficeAndrew Harnik/Getty Images Last year, Elon Musk spent $250 million to help get President Trump elected and jumped into the air in excitement at a rally to support him. Both men got the outcome they wanted. After Trump took office in January, the two appeared super close—until they had a falling out. From Oval Office appearances to a Tesla plug on the White House lawn to Musk’s leadership of the Department of Government Efficiency (DOGE), the CEO was a fixture of the Washington scene in the early months of Trump’s presidency. But by mid-year, the pair were publicly feuding after Musk came out against the tax and spending overhaul the president pushed for. Despite threatening to create a new political party, Musk seems to have backed off from the fight, and there appears to be a truce, even if no one is calling it a bromance anymore. ENVIRONMENT California wildfires Flames from the Palisades Fire burn a building on Sunset Boulevard amid a powerful windstorm on January 8, 2025 in the Pacific Palisades neighborhood of Los Angeles, California. Apu Gomes/Getty Images The costliest wildfire on record raged through Southern California in January. The deadly and fast-spreading Pacific Palisades Fire and Eaton Fire burned down homes and forced 180,000 people to flee. Nearly a year later, rebuilding efforts remain ongoing, but the first new house in Pacific Palisades recently secured a certificate of occupancy—though it’s a showpiece for a developer rather than a home someone will be returning to. GEOPOLITICS Oval Office dressing down Ukrainian President Volodymyr Zelensky, US President Donald Trump, and Vice President JD Vance during a tense exchange in the Oval Office.Andrew Harnik/Getty Images Whatever Ukrainian President Volodymyr Zelensky expected when he came to Washington in February to meet with the leader of a country that had been supplying Ukraine with necessary weapons in its war with Russia, it probably wasn’t an angry tirade in front of television cameras. But that’s what happened when President Trump and Vice President Vance berated Zelensky, claiming he wasn’t grateful enough for the US’ help before cutting the visit short. Trump and Zelensky later patched things up, and Zelensky returned for a calmer visit in August—though tensions have occasionally flared up, including over the US’ recent push for a peace plan that would cede Ukrainian territory to Russia. Together With Capital One Venture x Business Capital One Venture x Business Room to grow. Small businesses need flexibility as they grow. With the Capital One Venture X Business card, you can use your rewards how you want, when you want. Earn unlimited double miles on every purchase, big or small. Then, redeem your miles for flights, hotels, rental cars, + more—it makes travel for business that much easier. Get started. IMMIGRATION ICE crackdowns spur protests rotesters confront California National Guard soldiers and police outside of a federal buildingDavid McNew/Getty Images As the Trump administration has sought to fulfill the president’s campaign promises to crack down on illegal immigration, ICE raids have become common—especially in cities with Democratic leadership. But protests against the raids have also proliferated, and President Trump has responded by sending National Guard Troops into US cities, including Los Angeles, Portland, OR, and Washington, DC. Cities and states have sued over these deployments with varying degrees of success. INTERNATIONAL Seeking aid in Gaza Palestinian men and boys hold out their empty pots in front of a charity kitchen in Khan Yunis in the southern Gaza Strip in AugustAFP via Getty Images A fragile ceasefire has been in place between Israel and Hamas since October—but each side has accused the other of violating it, and humanitarian concerns about the conditions in Gaza persist. In August, a UN-backed panel confirmed famine conditions existed. Israel allowed aid into Gaza as part of the ceasefire deal, and on December 19, the panel reported that famine conditions were no longer present—though it cautioned that 1.6 million Gazans still face profound food insecurity. A controversial aid group backed by Israel and the United States recently shut down after facing criticism that it put Palestinians needing food in danger as some aid seekers were killed trying to access its sites. NATIONAL A shocking assassination People mourn Turning Point USA Founder Charlie Kirk outside of the Turning Point USA headquarters Charly Triballeau/Getty Images Charlie Kirk, who galvanized the conservative political youth movement with his organization Turning Point USA, was assassinated while speaking at a Utah college on September 10. In the wake of the shocking act of violence, many, including Vice President Vance, advocated that anyone perceived as celebrating Kirk’s death online should be identified and lose their job—an issue that boiled over when Disney temporarily suspended Jimmy Kimmel due to comments he made about the suspected shooter. At a memorial service, President Trump called the 31-year-old conservative activist “a martyr now for American freedom.” Kirk’s widow, Erika Kirk, has taken over his role as CEO of Turning Point. Together With 1st Leaf 1st Leaf The glass really is greener. 1st Leaf’s Microgreens Powder helps support a healthy gut and steady, natural energy. Made from real microgreens (not grass), each scoop is designed to mix instantly for clean + balanced daily nutrition you can feel good about. Real food. Real greens. Real results. Try it out. RELIGION A new pope Pope Leo sporting a White Sox capFILIPPO MONTEFORTE/AFP via Getty Images Following the death of Pope Francis and a period during which people around the world anxiously watched the movie Conclave to get a sense of what was going on behind closed doors, Cardinal Robert Prevost, originally of Chicago and a citizen of Peru, was elected to be the new leader of the Catholic Church and took the name Pope Leo XIV. Leo is the first American to become pope, as well as the first Augustinian friar—and we can only assume the first White Sox fan. SPORTS WNBA players demand more Steph Chambers/Getty Images The good news: The WNBA is more popular than ever. The league has scored record attendance and broadcast ratings for the past two years, and a new media rights deal will bring in ~$200 million per season. The bad news: The players don’t feel they’re getting a big enough share of the league’s success, and negotiations for a new collective bargaining agreement have been contentious. Under their old agreement, which will remain in place until early January, WNBA players receive 9.3% of league revenue compared to the 50% that NBA players receive. WNBA players haven’t been shy about expressing their concerns, donning “pay us what you owe us” shirts before an All-Star game in July. AI Seeing is not believing AI actressSource: Particle6 Productions, Note: This image has been generated by AI While Shrimp Jesus blessed social media feeds in 2024, 2025 was really the year AI image-making came into its own—getting past the strange hands and into the realm of hyperrealistic deepfakes. OpenAI’s AI video-maker, Sora, established itself at the top of app download charts, and the company struck a $1 billion deal to allow users to include beloved Disney animated characters in their creations. And it’s not just amateurs churning out AI videos: Coca-Cola doubled down with an AI-generated holiday ad that it promised was less creepy than an earlier effort. Meanwhile, the studio that made the controversial AI “actress” Tilly Norwood (pictured above) said she was taking meetings with talent agencies. POP CULTURE Your English teacher and your gym teacher Taylor Swift and Travis Kelce's engagement photoTaylor Swift via Instagram Despite wrapping up her Eras Tour at the end of last year, Taylor Swift continued to dominate pop culture this year, buying back her masters and releasing her twelfth album, The Life of a Showgirl, and a documentary series about her experience on the tour. But the billionaire singer’s action that spawned the most squeals and think pieces was her dropping the photo above and confirming her engagement to Kansas City Chiefs tight end Travis Kelce. Finding love has always been a theme in Swift’s oeuvre, and fans were thrilled to see her love story had a happy ending. RECS To-Do List This week, we’re bringing you the most-clicked links from the Recs section across the entire year. Drink: Vintage-looking wine glasses for your next dinner party.** Observe: The house paint color that tells you a neighborhood is gentrifying. Communicate: The five questions that the happiest couples can answer about each other. Marvel: The largest wave ever surfed. Microdose-curious: People can experience side effects on Noom’s standard GLP-1 dose schedule. So to help reduce those common side effects, Noom created the Microdose GLP-1 Rx Program. Peep the details.* Business as unusual: Small-business owners don’t have “normal” days. From travel to expenses, there’s a lot to figure out. See how the Capital One Venture X Business card connects the dots between spending and business goals.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. SHARE THE BREW Referrals Get Rewarded Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others: morningbrew.com/r/?kid=530f692e ✢ A Note From Raisin *APY means Annual Percentage Yield. APY is accurate as of December 10, 2025. Interest rate and APY may change after initial deposit depending on the terms of the specific product selected. Minimum opening deposit is $1.00. ¹New customers to the Raisin platform only. New customers are eligible to earn a cash bonus each quarter for all of 2026 when they deposit and maintain funds with partner banks and credit unions on the Raisin platform subject to the following terms. To qualify, sign up and initiate your first deposit between December 1, 2025, and December 31, 2025 using promo code GIFT during signup. Qualified new customers will then receive a quarterly bonus based on their Eligible Deposit balance maintained on the Raisin platform for each quarter. Quarterly bonus tiers for Eligible Deposit balances are: $15 for balances between $10,000 and $24,999, $37.50 for balances between $25,000 and $49,999, $75 for balances between $50,000 and $99,999, $150 for balances between $100,000 and $249,999, and $400 for balances of $250,000 or more. “Eligible Deposits” are defined as both funds on deposit and deposits initiated on the Raisin platform by the 14th day of a calendar quarter (the “Qualification Date”). To qualify for a bonus tier, your Eligible Deposit balance must remain above the minimum for a bonus tier from the Qualification Date until the end of that quarter. If your Eligible Deposit balance declines at any time during a quarter after the Qualification Date, you will be placed in the bonus tier corresponding to your lowest Eligible Deposit balance for that quarter even if you subsequently deposit additional funds in that same quarter (though such funds will count as Eligible Deposits for the following quarter). Customers may increase their Eligible Deposit balance and corresponding potential bonus tier by adding funds prior to the quarterly Qualification date (i.e., the first 14 days of the quarter). Bonus payouts for each quarter will be credited directly to your Cash Account within 30 days of that quarter’s end. This offer is available to new customers only and may not be combined with any other bonus offers. Raisin may modify or end this offer at any time and may withhold or revoke bonuses in cases of fraud, abuse, or violation of these terms or Raisin’s Terms of Service.           Written by Abigail Rubenstein and Holly Van Leuven Was this email forwarded to you? Sign up here. Take The Brew to work Corporate: CFO Brew   HR Brew   Revenue Brew Tech: IT Brew   Tech Brew Retailers: Retail Brew Healthcare: Healthcare Brew Get smarter in just 5 minutes Money & Career: Bossy   Brew Markets   The Playbook Interested in podcasts? 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Inflation fell, but economists don’t trust the numbers...<a href="http://www.morningbrew.com"><img src="https://link.morningbrew.com/img/6942b451985a43095c09654fpoe8i.2hswm/c5dda22e.gif" alt="" border="0" /></a> December 19, 2025View Online | Sign Up | Shop Morning Brew Presented By You made it. If you're lucky, today caps off your last full week of work this year. PSA: You are not obligated to laugh anytime a coworker ends a meeting with “see you next year,” but you probably shouldn’t boo them, either —Matty Merritt, Molly Liebergall, Sam Klebanov, Abby Rubenstein, Neal Freyman MARKETS Nasdaq 23,006.36 +1.38% S&P 6,774.76 +0.79% Dow 47,951.85 +0.14% 10-Year 4.116% -4.0 bps Bitcoin $85,608.70 -0.80% Micron $248.55 +10.12% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: When one number goes down, another goes up: The S&P 500 snapped a four-day losing streak yesterday after a delayed inflation report came in cooler than expected (even though economists are wary of the report—more on that below). Memory storage company Micron soared after its earnings report showed that AI has sparked massive demand for its products, leading its business chief to say, “We are more than sold out.”   Markets Sponsored by DiviGas Get 10% bonus stock: DiviGas’ patented tech can recover $30b in annual losses for hydrogen plants. Invest by 11:59pm ET. ECONOMY Inflation seems to be down, but the data’s fuzzy Apple with blurry, pixelated price tag on it. Nick Iluzada If groceries felt expensive last month, new government data says no, they weren’t. The Bureau of Labor Statistics released November’s delayed consumer price index (CPI) yesterday, which showed that the annual inflation rate fell to 2.7% last month, much lower than the economists’ expected 3.1%. But instead of celebrating the end of pricey yogurt, analysts warn that the data comes with a horse treat-sized grain of salt. What the data says: Core CPI, the measure of inflation without highly fluctuating categories like food and energy prices, dropped to 2.6% YoY, also lower than economists expected. This was the smallest increase since March 2021. But here’s where it gets sketchy The government shutdown delayed the release of the November report by eight days and canceled the October CPI report altogether. November’s data didn’t have a previous month to be compared to, and the BLS also made methodology choices that analysts say may have led to artificially lower numbers. So for many experts, the report had the vibes of an already late essay for a Victorian Novels class scribbled after only watching Kate Bush’s Wuthering Heights music video. As former Fed economist and UBS investment banker Alan Detmeister summed it up: “I think you largely just put this one to the side.” Some of the biggest red flags: November prices weren’t collected until the end of the month, meaning the information was likely heavily influenced by holiday discounts. Multiple economists raised their eyebrows at the shelter categories (which make up roughly 35% of CPI) being logged as nearly flat over the last two months. Detmeister noted that it appears the BLS set October’s change to zero, which would artificially lower inflation. It might not be a total wash. Wall Street seems to think the numbers hint at inflation cooling off—but economists say the Fed may still wait to cut interest rates again until it can see more data that’s untainted by the shutdown.—MM     Presented By DiviGas Big Oil is literally burning $30b every year Oil refineries waste hydrogen by burning it off, a problem worth $30b annually. With hydrogen demand projected to triple by 2050, those losses will only get bigger. One company has an ingenious way to solve it. DiviGas developed and patented a technology that recovers up to 99% of lost hydrogen. And their system can be retrofitted onto existing systems, which means companies can install without building new facilities. That’s why DiviGas secured $9m in signed projects in the last six months and launched 13 paid pilots. It’s your entry into the $94b hydrogen market. Invest in DiviGas by 11:59pm ET tonight and get 10% bonus stock. WORLD Tour de headlines Trump eases restrictions on cannabis. In a move that might make today an even bigger day for celebration than 4/20 in some circles, President Trump signed an executive order directing federal agencies to reclassify marijuana from the most restrictive Schedule I substance category to Schedule III. While that won’t legalize weed or make it available for recreational use as some states have, it will make it easier to use it in medical research. The change is also a financial boon to the cannabis industry, and will likely significantly reduce taxes for cannabis companies. It could also open the door for them to access banks and investments that would not work with them before due to compliance concerns. Additionally, the order calls for more research into CBD, which could now, in some cases, be covered by Medicare. Kennedy Center board votes to rename the venue for Trump. According to the White House, the members of the board of the Kennedy Center for the Performing Arts—many of whom were appointed by President Trump, and who made him the board’s chair—voted to rename it the Trump-Kennedy Center. Trump said he was “honored” by the decision. But that vote may not be enough to secure the change, at least according to House Democratic leader Hakeem Jeffries, whose position also makes him a board member. Because the center was named by an act of Congress in 1964, Jeffries said changing it also requires Congressional action. M&A Truth Social came first. A nuclear fusion plant is next Truth Social logo illustrated in the middle of an atom Nick Iluzada Trump Media and Technology Group, the firm behind President Trump’s social media platform, announced yesterday that it struck a $6 billion deal to merge with a California-based nuclear fusion company, TAE Technologies, to build reactors that support AI’s hefty energy needs. Funny, we dreamed about this last week when we were running a high fever. Shares of Trump Media spiked 42% yesterday on news of the all-stock deal. The combined venture would be one of the first publicly-traded nuclear fusion companies. It aims to begin plant construction next year and to start generating power in 2031. The AI boom turbocharged interest in nuclear fusion, which, unlike nuclear fission, has the potential to create near-limitless energy without also creating radioactive waste. Alphabet, Chevron, and Goldman Sachs are among TAE’s backers. But, um…nuclear fusion isn’t considered commercially doable yet. It was achieved for the first time in lab conditions in 2022, and no company has been able to scale it yet. TAE CEO Dr. Michl Binderbauer told CNBC that TAE will be able to do so with Trump Media’s capital (plus public fundraising). Trump Media—of which President Trump is the largest stakeholder—isn’t profitable, but it has $3+ billion in assets (largely bitcoin) as of November to tap for TAE’s funding.—ML     Together With U.S. Bank Split™ World Mastercard® U.S. Bank Split™ World Mastercard® Budget-friendly. You budget with the best of ’em, but it’s impossible to plan for every outcome—like needing to fix a broken laptop and replace your transmission in the same week. We teamed up with U.S. Bank to learn how the U.S. Bank Split™ World Mastercard® can help you afford both. Read on. FOOD & BEV Chipotle’s latest innovation: the meat cup Chipotle meat cup Chipotle Yesterday, Chipotle unveiled a dog menu item its first snack: a cup of adobe chicken or steak. The four ounces of pure meat is part of the burrito chain’s new high-protein menu, which also features protein- and fiber-rich bowls, burritos, and salads launching next week. Inspired by the trend of patrons ordering standalone sides of chicken, the snackable meat will sell for $3.82 on average and could attract foot traffic outside of regular meal hours. Chipotle says its protein play caters to the growing number of people prioritizing macronutrients, as well as those taking GLP-1 weight-loss drugs like Ozempic. It needs mouths to water again Chipotle has struggled to maintain momentum, just like you struggle to stay awake after a burrito lunch: Store-by-store sales dropped in the first two quarters of 2025, and there were fewer transactions in Q3 compared to 12 months prior. The pullback, led by lower-income customers, has left the company’s stock down 38% since the start of the year (though it jumped 1.7% yesterday—call it the meat cup effect). Protein to the rescue: Protein maxxing is in, with 80% of Americans prioritizing the nutrient in at least one meal a day and 30% reporting increased intake, according to a survey by the International Food Information Council. Chipotle’s protein push comes after rival Sweetgreen recently introduced its own protein-packed menu.—SK     STAT Prime number: 700 million hours Morning Brew Daily on YouTubeYouTube If you dream of being featured on TV screens, your best bet may be to become a YouTuber. And if you want to find YouTube stardom without putting people into mind-bogglingly sadistic situations à la MrBeast, you might want to start a podcast. The once auditory-only medium is increasingly becoming something people watch on their televisions via the video platform: Viewers streamed 700+ million hours of podcasts to their TVs via YouTube in October, up from 400 million in the same period last year, per Bloomberg. The uptick comes after YouTube invested in both podcasts and tools for users to find its content on TVs. But, as Bloomberg points out, it’s not the only streamer vying for those podcast-watching eyeballs: Spotify launched a program to support video pods and recently updated its Apple TV app. And Netflix announced deals this week to stream podcasts from iHeartRadio and Barstool Sports exclusively—deals that forbid posting full episodes on YouTube.—AR Together With CME Group CME Group Trading gold? Check out futures. CME Group’s suite of gold futures offers traders a capital-efficient way to trade gold around-the-clock with various contract sizes. Explore the benefits of adding it to your trading portfolio. QUIZ Friday news quiz Friday news quiz banner The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to finding the perfect gift for the last person on your list—on sale. It’s that satisfying. Ace the quiz. NEWS What else is brewing Retired NASCAR race driver Greg Biffle and his family were among those killed yesterday when a private jet crashed in North Carolina, authorities said. The Trump administration proposed new rules that would financially punish hospitals that offer gender-affirming care to minors. The US approved the sale of more than $10 billion worth of weapons to Taiwan, and China is not happy about it. Nike’s revenue bested Wall Street’s expectations, but the sneaker-maker’s stock still fell in after-hours trading as its earnings report revealed slumping sales in China and a hit from tariffs. American Airlines has stopped letting passengers earn miles for flying basic economy. Prince William and Kate Middleton released their family Christmas card (meanwhile, we’re still trying to remember to put ours in the mail). RECS To-Do List Gift: It's not too late to get (some) gifts in time for the holidays. Check out our recs.** Read: The most scathing book reviews of the year did not hold back. Look: Nature’s picks for science images of the year. Consider: The unhealthiest drinks (both alcoholic and non) of the holiday season. The gift of global expression: For just $149, gift a Rosetta Stone Lifetime Subscription so your loved ones can learn languages forever. Check it out.* *A message from our sponsor. 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