- __[World](https://snacks.robinhood.com/newsletters/1QYl1TwLnXJZ5skLYT8Ds2/articles/13z9ikwBYH8cc8GXwXrLda/):__ G7 countries want to fund global infrastructure to rival China's influence through an initiative called "Build Back Better World" (catchy).
- __[Autonomous](https://snacks.robinhood.com/newsletters/5x9q6KbLrmzrqnVrUOqsEu/articles/4GqXfxwpLLMN0t1CLZGUpc/):__ Google's __Waymo__ self-drove its way to a $2.5B fundraise. Pro tip: you can now book its driverless robotaxis through Google Maps. 
-  __[Fashun](https://snacks.robinhood.com/newsletters/54fsSmVD9q1yF2P4z5Qy9n/articles/4KHWw1mVCDwnjX6SGQ1wKv/):__ Chinese shopping giant __Shein__ overtook __Amazon__ in the app store by going *ultra*-fast fashion. 

ICYMI

Last week's highlights...

Snacks

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Tom Jones

Culture

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Tech

The happiest place on Earth is feeling pretty meh today.  fiscal fourth-quarter earnings report came...

Max Knoblauch

Markets

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Data Reporter

 is up nearly 5% in Hong Kong on Thursday morning, paring losses earlier in the week, after Bloomber...

Claire Yubin Oh

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J. Edward Moreno

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Power

Today OpenAI released GPT 5.1, an update that aims to make ChatGPT “more conversational.” The model ...

Jon Keegan

Tech Reporter

 saw orders from AI hyperscalers accelerate in its most recent quarter, the company reported Wednesd...

Matt Phillips

Senior Markets Correspondent 

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Millie Giles

__Jerome has spoken...__ and investors didn't clap. Last week, the Fed  indicated it expects to raise rates by the end of 2023, sooner than previously projected. The central bank has been pumping $$$ into the economy to keep rates low. Now, investors worry that could end sooner than expected. Higher interest rates can make bonds and savings accounts more attractive compared to riskier assets, like stocks. They also increase borrowing costs (think: credit card interest).

__Should be an Uber Limo...__ for the price of that Uber X. The Fed can raise interest rates to slow inflation. ICYMI: things have been pretty #flated recently. Consumer prices jumped 5% in May from last year, the fastest pace since 2008. Here's where you might be feeling the bump:

- __Gas:__ The pump anxiety is real. Gas prices are up a whopping __56%__ since last May.
-  __Cars:__ Consider the bus. Used car prices are up __30%__, and insurance is up 17%.
-  __Flights:__ Your Miami getaway ticket is looking like a roundtrip to Europe — __+24%__.
-  __Laundry:__ Grab the quarters. Washing machine and dryer prices =  __+26%__.
- __Ride-hail:__ When the Uber/Lyft surge pricing seems endless. Transportation services = __+11%__.  
- __Food & Bev:__ Restaurant food (+4%), alcohol (+1.6%), cereal and baked goods (0.6%). Peanut butter has been a victim of [price hikes](https://snacks.robinhood.com/newsletters/eto2AkKAyWnKqhapU8qK1/articles/62H1VZQ7fErOkYBzrT8WvO/), too. 

_Checking the inflation receipts like [Hirurg/E+ via GettyImages]_

Flated

__The US' recovery has global implications...__ That's because the US economy accounts for  nearly 25% of the world's economic output. America's booming recovery is [starting](https://www.wsj.com/articles/red-hot-u-s-economy-drives-global-inflation-forcing-foreign-banks-to-act-11623933343?mod=hp_lead_pos2) to drive up inflation around the globe. That's pushed some central banks in other countries to raise interest rates early — while many developing economies are still struggling as Covid surges. Looking ahead, continued inflation in the US could slow the global recovery. Investors hope it's just a one-time increase as the economy rebounds. But some worry inflation could last longer and weigh on markets. 

The US' booming recovery is fueling inflation: here's where you might be feeling it

__The e-menu stays...__ Last month, __[Yelp](https://robinhood.com/stocks/YELP)__ seated a record 4M diners in the US — up 48% from May 2019. Bookings [surged](https://snacks.robinhood.com/newsletters/54fsSmVD9q1yF2P4z5Qy9n/articles/6ADWcH5YdBqHwhNKPYeVWK/) past pre-pandemic levels in almost every US state, minus NY. It's not just a reopening thing: Yelp's data highlights the number of restaurants and diners *that shifted online during the pandemic*. This digital transformation bodes well for restaurant tech providers like Yelp, __OpenTable__, __[Square](https://robinhood.com/stocks/SQ)__, __Resy__, and __Toast__ — which is reportedly prepping to IPO.

__Not so SPAC-tacular...__ SPACs = public companies whose sole purpose is to buy *actual* companies to take them public. This year, the popular IPO alternatives have already raised more than they did in all of 2020. But while the broader market is up, the top 50 SPACs have fallen 19% since February. Last week, SPAC-quisitions __[Lordstown Motors](https://robinhood.com/stocks/RIDE)__ and __[DraftKings](https://robinhood.com/stocks/DKNG)__ plunged on not-so-flattering [allegations](https://snacks.robinhood.com/newsletters/1QYl1TwLnXJZ5skLYT8Ds2/articles/7xmIZTOxsn5BlcxEsr60Xq/) from a short-selling firm. TBD if the SPAC-palooza will slow. FYI: SPAC investments involve [risk](https://cdn.robinhood.com/assets/robinhood/legal/Special-Purpose-Acquisition-Companies.pdf).

Zoom Out

Stories we're watching...

__Home, sweet KB Home...__ __[KB Home](https://robinhood.com/stocks/KBH)__ is the Chipotle of homebuilding — but instead of build-your-own-bowl, it's build-your-own-home. KB has thrived on the [Big Housing Boom](https://snacks.robinhood.com/newsletters/3W8LX1jIAswA4HFNTbvVHO/articles/4Fw8bHVeO2Nn0unnSjroHO/), racking up a backlog of home orders on wild demand. Near-zero interest rates have made mortgages cheaper, while home sales and prices have soared. But interest rate fears and inflation (think: soaring lumber prices) could cool the homebuilding party. KB's earnings on Wednesday could provide a glimpse into future demand. 

__E-Jordans...__ __[Nike](https://robinhood.com/stocks/NKE)__ reports earnings on Thursday. The Swoosh loves to market [nostalgia](https://snacks.robinhood.com/newsletters/6ZqOoifdPf952oFcedxEx1/articles/1OBFW9hjoVCTQ9aekyPjA8/) with AF1s and Jordans, but its superpower is digital. Online orders have been surging, heading toward half of total sales as Nike focuses on direct-to-consumer. With WFH sticking, Dri-FIT leggings could keep flying off digital shelves. But ongoing supply chain issues and competition from rival __[Lululemon](https://robinhood.com/stocks/LULU)__ may hit Nike’s performance.


Last week's highlights...

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