__Overnight shipping = unavailable…__ Yesterday President Biden announced [plans](https://www.cnbc.com/2021/12/21/omicron-us-to-deploy-troops-to-hospitals-purchase-500-million-covid-tests.html) to distribute 500M free at-home Covid tests — nearly two per American. People will be able to order the rapid tests online next month. Test makers including __[Abbott](https://robinhood.com/stocks/ABT)__ and __[Quest Diagnostics](https://robinhood.com/stocks/DGX)__ [could](https://www.medtechdive.com/news/biden-new-covid-plan-may-benefit-abbott-quest-quidel/606358/) benefit. Biden *also* plans to deploy 1K military troops to overwhelmed hospitals to prep for an Omicron wave. Hospitalizations in several states more than doubled over the past two weeks. 

- __The first US Omicron case__ was detected less than a month ago, but the variant already represents nearly [three-fourths](https://covid.cdc.gov/covid-data-tracker/#variant-proportions) of Covid cases in the country.
- __Omicron is believed to be less severe__ but more contagious than previous variants, based on early data. Mild cases may be easy to miss, so regular testing is key.
- __[Pfizer](https://robinhood.com/stocks/PFE)__ and __[Moderna](https://robinhood.com/stocks/MRNA)__ say their vaccines, coupled with boosters, seem to prevent Omicron infections. But research suggests __[J&J](https://robinhood.com/stocks/JNJ)__ and __[AstraZeneca](https://robinhood.com/stocks/AZN)__ aren’t successful — though they still appear to provide significant protection against serious illness.

__Cancel the fireworks…__ 3X more Americans plan to fly this holiday season compared to last, which could also increase transmission. Omicron’s spread isn’t expected to reduce holiday travel. But several governments and organizations have tightened IRL restrictions. Just a few: 

- __50+ countries__ (including the US) have upped Omicron-related travel restrictions, and many European cities have restarted outdoor-mask mandates. 
- __Schools__ across the US have temporarily returned to remote learning, and pro sports leagues — including the NBA, NFL, and NHL — rescheduled games.

Rapid

__Recovery is fickle…__ White House officials say another lockdown isn’t necessary, but they do expect Omicron to keep spreading. New restrictions and Covid fears could cause sales to slump in the short term. Longer term, inflation and supply shortages could persist if new strains continue disrupting less vaxxed parts of the world. While markets have rebounded faster from each new variant, volatility likely isn’t over.

Biden offers free Covid tests to avoid Omicron lockdowns, as recovery grows shaky

Free Covid tests, Nikola’s big fine, and more of today’s top Snacks stories

Dow Jones

S&P 500

Nasdaq

Bitcoin

Baby Dino is ready for Christmas [Carol Yepes/Moment via Getty Images]

Just 0.01% of Bitcoin holders control 27% of the currency in circulation, a new study found

🧪 Free Covid tests

__Build Back Busted…__ the president’s nightmare before Christmas. Biden’s $1.7T Build Back Better bill has no path forward: In a surprise move over the weekend, Democratic Sen. Joe Manchin [withdrew](https://www.wsj.com/articles/manchin-says-he-won-t-vote-for-build-back-better-bill-11639924048?mod=hp_lead_pos7) his support for the bill, which featured big spending on social programs and climate-friendly perks, like universal pre-K, cheaper prescriptions, and EV tax credits. 

- __The plan passed the House last month__ but needs the support of every Senate Democrat (including Manchin) to become law. 
- __Dems trimmed their original $3.5T plan__ down for months to appease Manchin and other cost-conscious moderates, but it wasn’t enough.
- __The Senate still plans to vote__ on the plan in the new year. The latest iteration has almost no shot, though a slimmed-down version might pass.

__Dinner is *not* served…__ The $1T infrastructure bill that the Senate [passed](https://snacks.robinhood.com/newsletters/535eiAczcIj1qvPlNpbVcf/articles/3oxNV4QbHcdtoFaZVgY1sz/) in August is still happening. It includes hundreds of billions to modernize roads, bridges, and transit — but Dems saw it as an *appetizer* to this larger plan. BBB included $500B+ in climate spending, which would’ve been the US’s largest green investment ever. 

- __Pros:__ The plan could’ve boosted consumer spending and access to opportunity through programs like subsidized childcare and universal pre-K. It might’ve brought the US much closer to its climate goals. 
- __Cons:__ The $1.7B plan would’ve added an estimated $367B to the US deficit over a decade, adding to the ginormous debt and possibly spurring inflation. It could’ve also dampened investment and entrepreneurship by hiking taxes on corporations and the ultrawealthy. 

The main course disappoints [Jacobs Stock Photography/Digital Vision via Getty Images]

__Biden’s main course could be toast…__ A key part of his domestic agenda and economic plan rested on BBB, and now it might be scrapped — while the president’s approval rating has sunk to 41% (its lowest point to date). Meanwhile, analysts lowered the US economy’s growth forecasts on the BBB news. Some clean-energy companies and EV makers might also dim their expectations. 

Biden’s $1.7B Build Back Better plan is dead, but Dems might try to Build Back Smaller 

Build Back Busted, Omicron’s ripples, and more of today’s top Snacks stories

“Spider-Man: No Way Home,” the ninth movie in the Spidey franchise, had the third-best box-office opening in film history ($253M)

🥗 Build Back Busted

1. __The stimulus effect…__ Since the [third stimmy](https://snacks.robinhood.com/newsletters/VcXib5c8iwx7WvC2RdU9C/articles/5BY7nmhrMARFVO8RCsWEZi/) landed in March (another $1.9T), the US economy has rebounded *hard*. Spending boomed thanks to extra $$$ for consumers, stocks rallied to new highs, and unemployment has fallen to near pre-pandemic levels. But as the economy revved up, supply issues abounded (#EverythingShortage) and prices soared. 2021 was all about stimulating spending; 2022 could be about *cooling*. The Fed plans to hike interest rates three times in the new year to tamp down inflation, which hit a 39-year high last month. Meanwhile, __[JP Morgan Chase](https://robinhood.com/stocks/JPM)__ [believes](https://snacks.robinhood.com/newsletters/2YqcBYxzohfktpoVUVl5xf/articles/6Tpy9ekP6zrJzSf2cgGqE9/) ’22 will bring a full global recovery. 

2. __Meme mania…__ Investing gained unprecedented cultural relevance this year as Americans sat at home with extra cash and more ways than ever to participate in markets. In January, social-driven buying campaigns helped lead to rising prices of “meme stocks” like __[GameStop](https://robinhood.com/stocks/GME)__, __[AMC](https://robinhood.com/stocks/AMC)__, and __[Nokia](https://robinhood.com/stocks/NOK)__ — and later meme-related cryptos like __[Dogecoin](https://robinhood.com/crypto/DOGE)__, __Shiba__, and [short-lived](https://snacks.robinhood.com/newsletters/6tLuNcjhXyEBeNkwvMiSsY/articles/35hA5ZwBVksopzvcj3xqCK/) __Squid coin__, which turned out to be a scam. But meme mania is just one chapter in the rise of the retail investor: Retail investors accounted for an estimated [23%](https://www.ft.com/content/7a91e3ea-b9ec-4611-9a03-a8dd3b8bddb5) of all US equity trading this year, up *double* from 2019.

3. __Vaccination nation…__ December 2020: The US Covid vaccine rollout begins, starting with essential workers and high-risk groups. Since then, vax access has majorly expanded (even to kids). The first half of the rollout was all about “carrots” — think: free __[Krispy Kreme](https://robinhood.com/stocks/DNUT)__ incentives. The second was “sticks”: Corporations like __[CVS](https://robinhood.com/stocks/CVS)__, __[McDonald’s](https://robinhood.com/stocks/MCD)__, and __[Walmart](https://robinhood.com/stocks/WMT)__ mandated shots for some employees, while others required unvaccinated employees to pay more for health insurance. In November, President Biden announced vax mandates for all employers with 100 or more workers. Now [60%](https://covid.cdc.gov/covid-data-tracker/#vaccinations_vacc-people-onedose-pop-5yr) of Americans are fully vaxxed, and nearly a third have gotten a booster. But global Covid deaths this year [surpassed](https://snacks.robinhood.com/newsletters/2YqcBYxzohfktpoVUVl5xf/) 2020's total toll by June, and now Omicron is spreading fast. 

4. __Race to the metaverse…__ “That’s so meta” took on new meaning. In October, __[Facebook](https://robinhood.com/stocks/FB)__ became “Meta” to double down on its vision for an internet you can *be inside of* — from VR gaming worlds to virtual offices and meta-malls. Tech titans like __[Microsoft](https://robinhood.com/stocks/MSFT)__, __[Roblox](https://robinhood.com/stocks/RBLX)__, and __[Nvidia](https://robinhood.com/stocks/NVDA)__ are also racing to claim their stake in the ’Verse, which could be the future of work, entertainment, and commerce. Mark Zuckerberg [hopes](https://www.cnbc.com/2021/12/09/facebook-opens-horizon-worlds-vr-metaverse-app-.html) that by 2030 his metaverse will reach 1B people. But it faces many hurdles to becoming (meta) reality. 

5. __Trillion-dollar milestones…__ Tech giants got even *giant-er* as pandemic scrolly-tappy habits stuck. __[Apple](https://robinhood.com/stocks/AAPL)__ is close to becoming earth’s first $3T company, only 16 months after hitting $2T. Microsoft passed $2T in June as the cloud boom continued, and in November __[Google](https://robinhood.com/stocks/GOOGL)__ briefly surpassed the double-trillion mark (thanks, YouTube bingeing). Even __[Tesla](https://robinhood.com/stocks/TSLA)__ momentarily joined the four-comma club. The uberwealthy also had a banner year: Billionaires grew $1.6T richer. In 2022, interest-rate hikes plus Biden-led tax increases could cut into gains for tech powerhouses and the deep-pocketed.

6. __Labor gains leverage...__ from strikes to $15 minimum wages. Power shifted to workers as companies scrambled to hire during the labor shortage. Covid fears, childcare needs, and extra unemployment benefits kept many home, while the pandemic changed priorities. Job openings soared as workers looked for better options. Corporate behemoths like __[Target](https://robinhood.com/stocks/TGT)__ and Walmart engaged in a battle of benefits, hiking wages and dangling perks such as free college tuition. As workers demanded better conditions, union popularity hit a 56-year high (even __[Starbs](https://robinhood.com/stocks/SBUX)__ has one now). With a record 11M job openings on one side and a low 4.2% unemployment rate on the other, emboldened workers have negotiated [4.8%](https://www.bls.gov/news.release/pdf/empsit.pdf) higher wages this year, on average. 


Looking back, looking forward [Yifei Fang/Moment via Getty Images]

Stories

The Snacks Six: stories that defined 2021

- __51__ = # of commercial space launches this year, including __[Virgin Galactic](https://robinhood.com/stocks/SPCE)__, __SpaceX__, and __Blue Origin__ space-tourism missions (feat. “Star Trek” icon William Shatner and former footballer [Michael Strahan](https://www.space.com/blue-origin-michael-strahan-spaceflight-cabin-video)).

- __3,091__ = # of times the word “journey” was mentioned on earnings calls, as corporate execs grappled with a mixed bag of financial recovery + major global issues. 

- __$69M__ = the record-smashing price that an NFT sold for at a __Christie’s__ auction, as the value of digital assets soars. You could buy *many* [metaverse yachts](https://www.entrepreneur.com/article/400173) with that money. 

- __+58%__ = rise in US gas prices from last year. The [pump anxiety](https://snacks.robinhood.com/newsletters/1MdLG0nkEkV0IKJgkZKKXm/articles/1dxdtBVIgO4dlpYglNxhzi/) is real, and could make it way pricier to heat and electrify homes this winter. 

- __313M+__ = total “Squid Game” views, including 142M+ views of the actual __[Netflix](https://robinhood.com/stocks/NFLX)__ series and 171M views of Mr. Beast’s YouTube re-creation.

- __$2.8B__ = __[Alibaba’s](https://robinhood.com/stocks/BABA)__ historic antitrust fine. As Chinese regulators crack down on tech titans, the value of US-listed Chinese companies has plunged.

Numbers

Six big numbers of 2021…

The Snacks Six: stories and numbers that defined 2021

Art auction sales hit a record $6.5B in 2021 thanks to booming sales of NFTs, which were in the fastest-growing category

🎁 The Snacks Six for 2021

__Born to run…__ to the bank. Bruce “The Boss” Springsteen [sold](https://www.nytimes.com/2021/12/15/arts/music/bruce-springsteen-sells-music-catalog.html) the rights to all his music to __[Sony](https://robinhood.com/stocks/SONY)__ for a reported $500M+, the largest music-rights deal *ever*. Sony will profit from your streams of classics like “Born in the U.S.A.” on platforms such as __[Spotify](https://robinhood.com/stocks/SPOT)__, YouTube, and __TikTok__. 

- __Music mega-deals have boomed__ this year: Sony spent $1.4B on music in just the first *six months* of 2021.
- __Bob Dylan sold his catalog__ to __Universal Music__ for an estimated $300M last December, and the Red Hot Chili Peppers and Paul Simon sold their catalogs for $140M+ this year.

__#Flated tunes…__ The value of popular music catalogs soared this year as demand grew across social platforms (TikTok today, the metaverse tomorrow). Many musicians chose to cash out on the premium prices. And they weren’t the only ones: 

- __Stocks:__ Corporate execs sold a record number of shares this year. Elon Musk recently sold nearly $13B worth of __[Tesla](https://robinhood.com/stocks/TSLA)__ stock, and last month [Microsoft](https://robinhood.com/stocks/MSFT) CEO Satya Nadella offloaded half his MSFT shares.
- __Entertainment:__ Roald Dahl’s estate sold the rights to his beloved kids’ books to [Netflix](https://robinhood.com/stocks/NFLX) for $700M, and [MGM](https://robinhood.com/stocks/MGM) is selling its films (and itself) to [Amazon](https://robinhood.com/stocks/AMZN) for $8.5B.
- __Real estate:__ Home prices soared to fresh records in 2021, spurring the most home sales in 15 years.

Boss

__This year was the Great Cash-Out...__ because *next* year is the great unknown. 2021 was a seller’s market because of high prices (thanks, inflation) and easy borrowing (thanks, low interest rates). 2022 may be different: The Fed is expected to raise interest rates three times to curb soaring prices. President Biden and Dem lawmakers plan to increase taxes on the wealthy, which could reduce gains from cashing out. Meanwhile, the fast-spreading Omicron variant is creating greater economic uncertainty. 

Bruce Springsteen sells his tunes for a record $500M as the Great Cash-Out continues

__Jumbo slide in aisle six…__ not your regular toy store. Childhood legend __Toys R Us__ is staging a major US rebirth. In 2017, the chain was sitting on $5B in debt as the “buy now” button on Amazon replaced shelf-browsing for the latest superhero figure. Toys R Us filed for bankruptcy and closed all US locations, leaving 900 international stores running. Until now:

- __Toys R Us just opened__ its first standalone US flagship store featuring a two-story slide, an ice-cream parlor, and a Geoffrey the Giraffe café. 
- __Over the next year,__ [Macy's](https://robinhood.com/stocks/M) also plans to open 400 Toys R Us shop-within-shops in its US department stores (#InceptionRetail).

__Department store après-ski…__ Toys R Us isn’t the only one __[Disney-ifying](https://robinhood.com/stocks/DIS)__ its shopping experience. Its new store is nestled right outside the American Dream mall in New Jersey. And it’s *wild*: 

- __The mall features an indoor ski park,__ a water park, mini-golf courses, a Nickelodeon Universe, and even an aquarium. Oh, and hundreds of stores and restaurants.
- __It’s the most expensive mall ever built__ in the US, and the second largest. The magical megamall is $3B in debt, and made only $139M in sales in the first half of this year.

Slopes next to the Saks store [bojanstory/E+ via Getty Images]

Slide

__To nail the mall, you must nail the anchor…__ The e-commerce-driven mall-pocalypse has turned many malls into tenant-less ghost towns. That’s why malls can’t just be malls anymore. They need an anchor to survive — whether that’s outdoor dining, a grocery store, or a full-on ski resort. Surprise: Landlords [filled](https://www.wsj.com/articles/open-air-shopping-centers-are-leading-retail-recovery-11639486803) about 50% more real-estate space in open-air shopping centers last quarter than they did *pre*-pandemic. Anchors like grocery stores, fitness studios, and pharmacies led the mall revival. *Food first, shopping second.*

Toys R Us makes a mega US comeback, as malls take the “anchor” approach

Springsteen’s cash-out, Toys R Us’s American dream, and more of today’s top Snacks stories

“Impossible cheeseburger” was Grubhub’s top order of the year, with the plant-based meal more than 5X’ing from last year

🇺🇸 Springsteen and the Great Cash-Out

__Christmas card from Jerome…__ minus the XOXO. During the Fed’s final meeting of 2021, chief Jerome Powell [said](https://www.cnbc.com/2021/12/15/fed-will-aggressively-dial-back-its-monthly-bond-buying-sees-three-rate-hikes-next-year.html) the US’s central bank plans to slash its economy-boosting bond purchases *twice as fast* as [previously planned](https://snacks.robinhood.com/newsletters/7q898Mvlp8z02ASmtrNovs/articles/5NKvyaaxjNrCnU33TEsGat/). That puts the Fed on track to end bond splurges in March, *not* June — meaning interest rates could rise as early as spring. In March, the Fed wasn’t expected to hike rates until 2024. Now it expects to hike them *three times* next year.

- __The reason:__ Powell called inflation transitory until this month, when he officially “retired” the term. Prices are soaring faster than expected, with inflation at a 39-year high. 
- __The solution:__ Higher interest rates make borrowing more expensive. Extra IOU payments discourage spending and encourage saving, which can help lower prices. 
- __The reaction:__ Stocks jumped yesterday after Powell announced his #FlationControl plan, which reduced uncertainty for investors and relaxed price fears. 

__Take a (interest rate) hike…__ or *three*. This year was all about boosting spending to support the economy. But because Powell says high prices may persist “well into next year,” 2022 could be all about *cooling* the overheated economy. Unemployment has fallen to 4.2%, and the average American’s bank account is about 50% higher than pre-pandemic.

Pivot

__The easy-money party is over…__ and rate hikes may be the cure for an overspending hangover. The Fed’s easy-money policies helped the economy rebound by encouraging bank loans and consumer spending. But as prices soar, those policies could make it harder for people to pay for essentials like food, housing, and heat — and that might end up seriously *hurting* the economy. US retail sales majorly [slowed](https://www.wsj.com/articles/us-economy-november-2021-retail-sales-11639498894) in November from October, signaling that rising prices are starting to mess with spending.

Powell’s inflation plan: The Fed’s “easy money” party is ending earlier than expected

__Tracking your avo delivery…__ and your semi. The Internet of Things (IoT) is a connected system that distributes real-time data across devices. Think: __[Apple Watch](https://robinhood.com/stocks/AAPL)__ sending your heart rate to an iPhone app, or Alexa ordering you groceries. Less consumer-y, but very IoT: __[Samsara](https://robinhood.com/stocks/IOT)__ sells dash cams and GPS trackers that companies stick on trucks, containers, and manufacturing equipment to give them an all-in-one view of their supply chain. Yesterday:

- __Samsara__ went public on the NYSE under ticker “IOT.” Shares jumped 7% from its IPO price, giving Samsara a $11B+ market cap — more than double its valuation last year.
- __By targeting less tech-savvy industries__ (think: farming), Samsara tripled its revenue from 2020 to $114M last quarter. Buuut: It *lost* $100M+ in the first nine months of 2021.

__54-day LA port backup…__ Supply delays and shortages have disrupted the global economy. Manufacturing, transportation, and farming are the backbone of global supply chains, but many companies in those industries have yet to “tech-ify” operations. Now IoT companies like Samsara are helping them streamline to take advantage of a growing opportunity:

- __40% =__ The amount of global GDP generated last year by key industries like transportation, construction, and manufacturing.
- __By [2024](https://www.sec.gov/Archives/edgar/data/1642896/000119312521334578/d261594ds1.htm),__ the number of connected IoT assets (like: machinery, vehicles, warehouses, and factories) is expected to reach 39B.


Spotted by IoT: Why’s Bill stopping at Popeyes? [shotbydave/E+ via Getty Images]

__If cloud is oil, IoT is the refinery…__ Cloud computing is the oil that greases the digital economy, and IoT could be the refinery that turns it into premium fuel — by translating *physical* objects into *digital* data. Big retailers like __[Walmart](https://robinhood.com/stocks/WMT)__ already [use](https://corporate.walmart.com/newsroom/2021/01/14/how-walmart-leverages-iot-to-keep-your-ice-cream-frozen) IoT to monitor freezer aisles and troubleshoot mechanical issues before they start. Samsara's tracking tech has helped companies avoid driving accidents, and even reduce carbon emissions.

Samsara goes public at $11B to expand the “Internet of Things”

The IPO of Things, Fed interest-rate hikes, and more of today’s top Snacks stories

The most popular term on Investopedia this year was “capital gains tax”

🔈The IPO of Things

__Tim Cook-ing up a triple trillion…__ It took __[Apple](https://robinhood.com/stocks/AAPL)__ over 40 years to reach a $1T valuation (in 2018). It took two more years to add another trillion. Just 16 months after that, it's now on the brink of a $3T valuation: Apple [could](https://www.reuters.com/markets/europe/apple-set-amass-3-trillion-market-capitalization-2021-12-13/) reach that mark this week with its shares already up 35% for the year. Trailing: __[Microsoft](https://robinhood.com/stocks/MSFT)__ is worth $2.5T, __[Google](https://robinhood.com/stocks/GOOGL)__ is hovering under $2T, and __[Amazon](https://robinhood.com/stocks/AMZN)__ hasn't hit $2T yet. Driving the Fruit’s stock surge:

- __Big growth:__ Apple is enjoying record sales and double-digit growth across categories, which helped profit soar 64% profit boost in the past year to a stunning $94B. 
- __iPhone sales__, which make up over half of Apple's total, surged in 2021 as the 5G iPhone 12 and 13 fueled upgrades.
- __Services__ (think: App Store, Apple TV+) notched record revenue last quarter as the pandemic continued to boost our scrolly-tappy ways.

__Fruit Ninja on my Apple glasses...__ Apple's present is bright, but many analysts [think](https://finance.yahoo.com/news/apple-price-targets-keep-rising-110004668.html) its future could be *brighter*. Alongside continued growth from existing products, many analysts are upgrading Apple thanks to potential growth from products that *may not even exist yet*:

- __iGlasses:__ Some analysts [expect](https://www.wsj.com/articles/apples-iphone-successor-comes-into-focus-11638594004) that Apple will launch AR headsets by late 2022. Think: sleek smart glasses that layer apps and info over IRL views. 
- __iCar:__ Apple's long-rumored self-driving-car project has hit many roadblocks, but it's reportedly finally on track to arrive by 2025.

Riding the $3T iWave [Colin Anderson/Digital Vision via Getty Images]

Triple

__Apple holds a key to the future…__ even though its success is far from guaranteed. Apple hooked us on its connected ecosystem of hardware and services. If AR and VR are the future of the internet, Apple’s tech prowess and fan base could be a gateway to get consumers in. But that’s a big *if* — Apple hasn't even revealed plans for an AR device. Plus, every effort at smart glasses (from Google Glass to Snap Spectacles) has flopped so far. And of course, there's always the risk that Apple could tank for various reasons. Think: getting on China's bad side or losing control of its App Store on regulatory pressure. 

Apple is close to becoming earth’s first $3T company, as investors eye VR and iCars

__Tony the Tiger turns a frosty shoulder…__ Earlier this week, __[Kellogg](https://robinhood.com/stocks/K)__ [said](https://www.wsj.com/articles/kellogg-raises-sales-outlook-despite-labor-strike-supply-challenges-11636034114) it would replace 1.4K striking union workers at four US cereal factories after failing to reach a contract agreement. Workers have been striking since early October, demanding stronger benefits and higher pay after Kellogg’s business boomed on your pandemic snacking. 

- __For nine weeks,__ Kellogg has employed temp workers and imported cereal from as far away as Australia to keep Froot Loops on US shelves.
- __Last week,__ Kellogg’s workers rejected a final offer that gave veteran workers a 3% pay bump and new workers a path to higher pay — but offered no new health benefits. 

__We’re (still) hiring…__ Job openings hit record highs this year as workers delayed returns and looked for better options. So corporate giants like __[Walmart](https://robinhood.com/stocks/WMT)__, Amazon, and __[McDonald’s](https://robinhood.com/stocks/MCD)__ are pumping up wages and benefits to get you in their uniforms. This summer, wages jumped by the most in 20 years, though rising inflation is eating away at some of those paycheck gains. Worker strikes are yielding results:

- __10K striking [Deere](https://robinhood.com/stocks/DE) workers__ rejected two offers in October before accepting a contract that gave instant 10% raises and $8.5K bonuses. __Frito-Lay__ and __Kaiser-Permanente__ also struck deals with strikers.
- __Kellogg is the first major example this year of big biz *fighting* back__ by replacing workers. It’s confident it can make Pop-Tarts without union labor, and last week it even raised its yearly sales forecast.

Flaked

__Workers have the upper hand…__ but employers don’t have to shake it. Labor is expected to stay tight in 2022, so worker strikes could continue — and employers might *strike back*. But there’ll likely be consequences for employers who do. President Biden and other Democrats want to make it illegal to replace strikers. And we’ve never seen this before: Pro-union __TikTok__ and __Reddit__ users have moved to sabotage Kellogg’s effort to hire replacement workers by clogging its hiring portal with bogus applications.

Kellogg replaces striking workers, even as labor gains leverage

Apple’s triple trillion, Kellogg’s worker battle, and more of today’s top Snacks stories

The most common bird species in the world is the chicken

🍎 Apple’s triple trillion

__good 4 u...__ Olivia Rodrigo, Elon Musk, Simone Biles, and vaccine scientists were honored in [Time's "Person of the Year"](https://time.com/person-of-the-year-2021-elon-musk/) issue. Elon was coverboy, aka *the* Person of the Year. The title is less of an award, more of an acknowledgement of *influence*. Past POYs include Donald Trump (2016), Pope Francis (2013), Mark Zuckerberg (2010), and The Computer (1982). Back to Elon...

- __The EV and space pioneer__ became the world’s richest person this year, and gained mass cultural influence through his eccentric tweets — from crypto memes to [live-tweeted](https://twitter.com/elonmusk/status/1465474116622946307) bathroom breaks.
- __As Time put it:__ *“Musk is our avatar of infinite possibility, our usher to the remade world… where Earth and humanity can still be saved."*

__Happy and healthy...__ finally. __[Tesla](https://robinhood.com/stocks/TSLA)__ is worth nearly $1T, and __SpaceX__ is leading America’s spacefaring efforts, but Elon's companies weren't always successful: In 2008, Tesla stood on the verge of collapse, and Elon went broke using personal funds to keep it going. That same year, a string of bombshell failures for SpaceX resulted in headlines like [this](https://www.wired.com/2008/08/musk-qa/). A few years ago, Tesla was close to bankruptcy *again*. Today:

- __Tesla__ controls two-thirds of the EV market, and could help reduce global warming if the company delivers on its pledges. The EVs that Tesla popularized have forced OG carmakers to invest billions in electric. 
- __SpaceX__ [became](https://snacks.robinhood.com/newsletters/4rNe8qoYgGWH3zr9vhM8LM/articles/4srz4ZoIYDbhUzLXlyokri/) the first private company to send humans to space last year. This year, it won a $2.9B contract to develop a NASA lunar lander — and its valuation topped *$100B*. Now it’s [working](https://snacks.robinhood.com/newsletters/4YSTdNOZ2mu83UVlDgiCYM/articles/1onPZNNY7k2JvfFj7hvzEH/) on a next-gen rocket for Mars missions. 
- __Not all good 4 u:__ Elon has faced (and is facing) a number of challenges, from federal [probes](https://snacks.robinhood.com/newsletters/O8R5HCECdF2Z9XgDuAiGP/articles/3gQwb4cITkidP2hDTbPJpU/) into Tesla’s Autopilot software to regulatory fines for the infamous [$420 tweet](https://fortune.com/2021/11/23/elon-musk-tesla-hires-david-misler-former-sec-lawyer-regulators-tweets/).

Elon live-tweeting to Earth [Caspar Benson/Brand X Pictures via Getty Images]

Coverboy

__Musk revitalized two key industries…__ *electric vehicles and space exploration*. Last year, SpaceX launched astronauts into orbit from US soil for the first time in a decade, breathing new life into America’s dusty space dreams. EVs are trending hard now, but traditional automakers thwarted their development for decades. Love or hate him, Musk revived industries that were dwindling in the US, turning them into private-sector successes and hubs of investment.

Elon snags Time’s “Person of the Year” after revitalizing two big industries

__Meet the eHog…__ __[Harley-Davidson’s](https://robinhood.com/stocks/HOG)__ electric-motorcycle division, __LiveWire__, aims to go public in a $1.8B SPAC deal and become the world’s [first](https://time.com/6128071/harley-davidson-livewire-ipo/) publicly traded e-motorcycle company. LiveWire has been part of Harley for a decade, and it spun off as a separate unit in 2019. Its only product is the LiveWire One, a $22K e-motorcycle with a 146-mile range. Harley’s stock surged 16% yesterday on the news. *FYI: Harley will still own ¾ of* LiveWire.

__Old hog, new tricks…__ Harley has struggled to attract millennials for years: The brand’s average customer was 48 years old when Harley stopped reporting buyer stats in 2008, and last year its sales were down 40% from their 2006 peak. But Harley has boosted profits in recent quarters by cutting costs. Now the 118-year-old brand plans to keep the momentum going by tapping into the surging popularity of EVs.

- __The early bird may get the worm:__ __[Rivian’s](https://robinhood.com/stocks/RIVN)__ market cap has soared past $100B — more than both __[Ford](https://robinhood.com/stocks/F)__ and __[GM](https://robinhood.com/stocks/GM)__ — since it became the first public e-truck biz last month. 
- As gas prices soar, electric motorcycles could become an increasingly appealing option — especially in crowded European cities where parking is trés hard.


eWheels

__We haven’t seen a “My Bike’s Electric” tattoo before…__ We don’t yet know whether there’s a strong demand for e-motorcycles. But motorcycle sales this year are on track to hit their highest point in a decade, and the electric motorcycle and scooter market is growing as gas prices skyrocket and e-charging options spread. LiveWire isn’t the only e-hog in the race: __Zero__, __Sondors__, and __Energica__ all sell e-motorcycles — and for a fraction of the cost of LiveWire’s.

Harley plans to take electric motorcycles public to woo the next generation

Elon’s big year, Harley’s e-motorcycle SPAC, and more of today’s top Snacks stories

90% of bitcoins have now been mined — but the remaining 10% will take 100+ years to reach the open market

🚀 Elon’s big year

__Smokin' meats with Zuck's avatar...__ __[Meta](https://robinhood.com/stocks/FB)__ (fka Facebook) has been positioning its "Horizon Worlds" as a building block in the metaverse since 2019. The metaverse = a vision for an internet you can *be inside of* — from VR learning to meditating under (virtual) Mount Everest. Last week, Meta finally [opened](https://www.cnn.com/2021/12/09/tech/meta-launches-horizon-worlds/index.html) its virtual world to every adult in the US. You no longer need an invitation to enter, but you *do* need a $300 Oculus headset.

- __In Horizon Worlds,__ customizable (but legless) avatars play games and socialize in VR. Meta said users have built thousands of worlds in the app since its beta launch last year.
- __Not-quite-metaverse:__ Still, Horizon Worlds’ launch represents a giant step that Meta’s taken to expand VR, which is key to the meta-future.

__Back to the future...__ Instead of an ’80s sports car, you're traveling in a virtual yacht. While the fully fledged metaverse hasn’t arrived, here's how consumers are most likely to engage with it — *and how they already are*:

- __Gaming:__ The most common meta use case right now. Gaming leaders like __[Roblox](https://robinhood.com/stocks/RBLX)__ and Fortnite creator __Epic__ see their 2D and 3D digital worlds as constantly evolving meta hubs.
- __Working:__ From Meta's "Horizon Workrooms" to __[Nvidia's](https://robinhood.com/stocks/NVDA)__ "Omniverse Enterprise" and __[Microsoft's](https://robinhood.com/stocks/MSFT)__ "Mesh," tech giants are trying to let you work at the office *from* home (#AvatarColleague).
- __Socializing:__ Apps like __AltspaceVR__ let you hang in VR locales, from comedy clubs to bars. A Marshmello concert in Fortnite [attracted](https://www.theverge.com/2019/2/21/18234980/fortnite-marshmello-concert-viewer-numbers) *10M* people.
- __Shopping:__ From e-Jordans for your avatar to $650K digital yachts and NFT art for your meta-mansion. Some developers have already built meta-malls where you could shop in VR stores.

Addressing the meta-elephant in the room [John M Lund/Stone via Getty Images]

Legless

__Meta-reality is coming…__ The metaverse market could hit [$800B](https://www.bloomberg.com/professional/blog/metaverse-may-be-800-billion-market-next-tech-platform/) by 2024, as tech powerhouses invest in building it. Meta says it'll hire 10K people and spend $10B over the next year on its meta-ambitions. CEO Mark Zuckerberg [hopes](https://www.cnbc.com/2021/12/09/facebook-opens-horizon-worlds-vr-metaverse-app-.html) that by 2030 the metaverse will reach 1B people, facilitate hundreds of billions of $$$ of commerce, and support millions of jobs. But even once the tech is mastered, the metaverse faces hurdles to going mainstream. Expensive headsets = barrier. Also, the [mental-health toll](https://www.psychologytoday.com/us/blog/digital-world-real-world/202110/will-the-metaverse-impact-mental-health) of spending time in the metaverse is still unknown. So are the myriad effects of wearing headsets for big chunks of your day.

The future of the consumer metaverse — and how tech titans could shape it

__Crypto goes to Washington…__ Last week, execs from crypto juggernauts like __[Coinbase](https://robinhood.com/stocks/COIN)__ and __Circle__ [defended](https://www.wsj.com/articles/crypto-ceos-to-testify-before-lawmakers-weighing-greater-regulation-11638959403) the industry to Congress. Lawmakers — and SEC Chair Gary Gensler — have called for stricter rules in the booming $2T+ crypto market, saying investors and markets are at risk. But the execs highlighted their belief that crypto *improves* markets by making transactions faster, cheaper, and more accessible. They also said crypto should be governed by crypto-specific regulations, not existing ones used for stocks or other securities. Because lawmakers increasingly disagree over crypto’s future along partisan lines, experts don’t expect big changes soon.

__“Financial uncoupling”...__ This month, the White House announced the US would stage a diplomatic boycott of the Winter Olympics in Beijing over China’s human-rights abuses. But US-China tension is rising in the financial arena too. __[DiDi](https://robinhood.com/stocks/DIDI)__ (the “__[Uber](https://robinhood.com/stocks/UBER)__ of China”) began [delisting](https://snacks.robinhood.com/newsletters/4Kd4lO6WFcc5HwEH5XR6SP/) from the NYSE two weeks ago under pressure from Chinese regulators. Meanwhile, US regulators [finalized](https://www.cnbc.com/2021/12/02/sec-issues-final-regs-that-allow-it-to-delist-foreign-companies-that-dont-comply-with-audit-rules.html) rules to *forcibly* delist foreign companies that don't follow auditing rules. We could see a wave of Chinese companies leaving US markets — which could hurt both American and Chinese investors.

Zoom Out

Stories we’re watching...

__Christmas gifts on New Year's…__ This holiday season is poised to be another [record](https://www.cnbc.com/2021/12/03/holiday-shopping-2021-spending-set-to-blow-past-records-nrf-says.html) year of gift-giving, but it hasn’t been so merry for __[FedEx](https://robinhood.com/stocks/FDX)__, which reports Thursday. Last quarter, FedEx’s profits cooled as wage hikes (see: labor shortage) and higher transportation costs added $450M in expenses. Plus, competition is hot: __[Amazon’s](https://robinhood.com/stocks/AMZN)__ on pace to become the largest US delivery service by early next year. FedEx has already cut its earnings outlook for the year, and it's still TBD how Omicron could affect the rest of the holiday shopping season.

__Unlimited breadsticks are back…__ Olive Garden owner __[Darden Restaurants](https://robinhood.com/stocks/DRI)__ has majorly rebounded from its pandemic plunge, as hangry Eggplant Parm-pounders hit dining rooms. Carbo-loaded quarterly sales jumped 51% from last year, even topping pre-pandemic levels. Darden’s profit more than 6X’d, as it cut back on marketing and kept its menu simple (no 146-ingredient linguini). Despite a national labor shortage, Darden added 34 new restaurants and is almost back to its pre-Covid staffing levels. Next, Darden serves up earnings on Friday.

Events

Coming up this week...

- __[Venti](https://snacks.robinhood.com/newsletters/2YqcBYxzohfktpoVUVl5xf/):__ __[Starbucks](https://robinhood.com/stocks/SBUX)__ workers in New York voted to form the company’s first-ever union as a national labor movement continues to pick up steam.
- __[Probe](https://snacks.robinhood.com/newsletters/5rqDw9Gg96DzdNkRZaFKEX/articles/1LLPwFObPGsRzgZt9srVnj/):__ The SPAC merging with former President Donald Trump's media company is being investigated by federal regulators, as scrutiny over IPO alternatives intensifies. 
- __[Juicy](https://snacks.robinhood.com/newsletters/5rqDw9Gg96DzdNkRZaFKEX/articles/6KC3fl6vGirnrMyYViN6di/):__ Over 50 electric power companies plan to build a coast-to-coast network of fast-charging EV stations, which could be the magic pill to cure "range anxiety."

ICYMI

Last week's highlights...

The meta-future, crypto meets Congress, and more of today’s top Snacks stories

Amazon is the most trusted institution in America — after the US military

🤖 Back to the meta-future

__Sapphire Reserve, reloaded...__ In March 2020, we were told to pack up our workstations. The next month, 14.5M Americans [lost](https://snacks.robinhood.com/newsletters/7gjwDkgedPN5nYRjehzoLU/articles/7vwYzU7j0N6XhtTEdyR1aD/) their jobs, driving up the unemployment rate to ~15%. The US suffered its largest quarterly GDP drop *ever*. Nearly two years later, America's largest bank is [predicting](https://www.reuters.com/business/jpmorgan-says-2022-see-full-global-recovery-2021-12-08/) that 2022 will be the year things return to normal. __[JPMorgan Chase’s](https://robinhood.com/stocks/JPM)__ predictions:

- "2022 will be the year of a full global recovery, an end of the global pandemic, and a return to normal conditions." Mic. Drop.
- Chase believes the world will achieve population immunity with the help of new therapeutics, expected to be broadly available next year.
- Bill Gates also [believes](https://www.yahoo.com/entertainment/bill-gates-thinks-acute-phase-133659249.html) the critical phase of the pandemic will end in ’22.

__Recovery check-in...__ Thanks to speedy vaccine development, the pandemic is waning. Still, only [57%](https://www.nytimes.com/interactive/2021/world/covid-vaccinations-tracker.html) of the world's population has received a shot, and just [7.5%](https://www.cbc.ca/news/world/vaccine-inequity-covid-19-africa-1.6275262) of Africa's population is fully vaxxed. Global Covid deaths this year surpassed 2020's *total* toll by *June*. And while Omicron cases have been [milder](https://www.wsbtv.com/news/local/atlanta/cdc-chief-says-omicron-variant-mostly-mild-so-far-interview-with-ap/YYBZKP377VAX5C5LN6I5JCQV4I/) than Delta so far, there's a lot we don't know.

- __GDP:__ By the end of 2022, 66 out of 77 key economies representing 96% of global GDP are [expected](https://www.prnewswire.com/news-releases/global-economy-enters-2022-in-strong-health-after-surprisingly-swift-pandemic-recoverybut-new-and-pre-existing-conditions-cloud-the-long-term-prognosis-301415781.html) to be at or above pre-pandemic output.
- __Global unemployment__ is [projected](https://www.un.org/development/desa/dpad/publication/world-economic-situation-and-prospects-november-2021-briefing-no-155/#:~:text=According%20to%20the%20ILO%2C%20around,per%20cent%20registered%20in%202019.) to stay slightly above pre-Covid levels next year. US unemployment fell to 4.2% in November, up less than 1 percentage point from pre-pandemic.
- __Stocks__ have rebounded to records after their pandemic plunge in March 2020, with the S&P 500 index more than doubling since. Chase projects continued but slower growth next year. 
- __Inflation__ has [risen](https://www.pewresearch.org/fact-tank/2021/11/24/inflation-has-risen-around-the-world-but-the-u-s-has-seen-one-of-the-biggest-increases/) worldwide, but the US had one of the largest increases, with consumer prices [hitting](https://snacks.robinhood.com/newsletters/7ebwytjz3WYYJUCwFll9mF/articles/7JlpUByn23QUgca64lvrMp/) a 30-year high. The global supply-chain crisis could [last](https://www.businessinsider.com/supply-chain-crisis-when-it-will-be-over-end-2021-11) into 2023.

Rebound

__We may never return to "normal"...__ even when the world recovers economically. The pandemic’s unprecedented human toll can never be reversed. It will be hard to forget how quickly our lives can be turned upside down. We see the world through a new lens now, and that’s affecting everything from [job decisions](https://www.npr.org/sections/money/2021/10/19/1047032996/why-are-so-many-americans-quitting-their-jobs) to investment decisions. 


Chase predicts the world will return to “normal” in 2022 — we’re checking in on recovery

__Peppermint mocha…__ with an extra shot of organized labor. __[Starbucks](https://robinhood.com/stocks/SBUX)__ workers at a store near Buffalo, New York, [voted](https://www.nytimes.com/2021/12/09/business/economy/starbucks-buffalo-union-vote.html) yesterday to form the first union at a company-owned Starbucks in the coffee chain’s 50-year history. Two other Buffalo-area Starbucks also had union votes yesterday; one voted against unionizing, and the other will have a recount. 

- __Buffalo baristas__ began petitioning for a union in August to demand better wages. Starbucks, whose stock is having its worst year since 2017, opposed the effort. 
- __The coffee colossus__ sent founder and former CEO Howard Schulz to Buffalo to persuade workers not to strike, and unsuccessfully asked labor officials to delay the vote. 
- __The final tally:__ 19 workers said yes and eight voted no. Union members said they planned to start negotiating a new contract with Starbucks immediately.

__Hotter than PSLs…__ The US unionization rate peaked — at [35%](https://www.nytimes.com/2011/01/22/business/22union.html) — in the mid-1950s, but experienced a decades-long decline as unions fell out of favor. Now unions are picking up steam again: In this year’s tight labor market, workers started demanding higher wages and stronger benefits. As a result, the popularity of unions jumped to its highest level since 1965. 

- __About 40 union groups__ from companies like __[Deere](https://robinhood.com/stocks/DE)__, __[Mondelez](https://robinhood.com/stocks/MDLZ)__, and __[Kellogg](https://robinhood.com/stocks/K)__ have gone on strike since August — twice as many as in the same period last year.
- __[Amazon](https://robinhood.com/stocks/AMZN) warehouse workers__ voted *against* unionization in April, but will soon revote after federal labor officials said Amazon violated labor law.

Only drinks union-brewed espresso [Anchiy/E+ via Getty Images]

Grande

__Others may want a sip of union life…__ The Buffalo coffee shop is now the *only* unionized Starbucks of the 9K company-owned locations. Fewer than 2% of food-service workers were unionized last year, according to the Labor Department. But after this mocha-flavored victory, unionization could accelerate. Arizona Starbucks workers already filed a petition for a union vote.

Starbucks workers vote to form its first union, and more change may be brewing elsewhere

Chase’s big recovery bet, Starbucks’ first union, and more of today’s top Snacks stories

The US is the only country that isn’t using — or currently adopting — the metric system

💸 Chase’s big recovery bet

__Cupertino to Beijing...__ A route that __[Apple](https://robinhood.com/stocks/AAPL)__ CEO Tim Cook knows well. Apple is known for its secrecy, but one alleged big secret: The Information [reported](https://www.theinformation.com/articles/facing-hostile-chinese-authorities-apple-ceo-signed-275-billion-deal-with-them) that Cook signed an estimated $275B deal with Chinese officials in 2016, in which Apple promised to invest in China’s economy and tech industry. Cook is said to have sealed the deal during China visits he made after regulators there cracked down on its China biz, including shutting down iTunes books/movies. As iPhone sales plunged, Cook jumped into action:

- __The reported five-year agreement__ included Apple’s promise to invest in Chinese companies (see: Apple’s [$1B](https://www.reuters.com/article/us-apple-china/apple-invests-1-billion-in-chinese-ride-hailing-service-didi-chuxing-idUSKCN0Y404W) investment in __[Didi](https://robinhood.com/stocks/DIDI)__), supply deals, infrastructure, and worker training. 
- __The supposed goal:__ Establish strong ties with China to protect and grow Apple’s business in the key market, where [nearly](https://www.nytimes.com/2021/05/17/technology/apple-china-censorship-data.html#:~:text=Chinese%20workers%20assemble%20nearly%20every,American%20company%20makes%20in%20China.) all its products are assembled. 

__iPhone diplomacy...__ As China tightens censorship and data-privacy laws, more US tech companies like __LinkedIn__ and __Yahoo__ have pulled out. __[Facebook](https://robinhood.com/stocks/FB)__ and __[Twitter](https://robinhood.com/stocks/TWTR)__ have been blocked since 2009, and Google left in 2010 after refusing to censor its search results. US-China tensions are escalating: The US just announced a diplomatic boycott of the Beijing Winter Olympics over China’s human-rights abuses. Meanwhile:

- __Apple is #thriving in China:__ Thanks to Cook’s reported diplomacy efforts, it’s one of the few US tech companies succeeding in the world’s most populous country. 
- __No. 1:__ Apple recently became the largest smartphone brand in China, which now makes up 19% of Apple’s total sales — up from 15% a year ago.

Red-eye

__China diplomacy is a double-edged sword…__ likely why Apple would try to keep such a deal under wraps. Apple’s China strategy has helped it become the world’s most valuable company. It has been exempt from many limitations imposed on foreign companies (for example: It gets to control encryption keys for Chinese iCloud users). But Apple has also complied with China’s requests to delist [thousands](https://www.theverge.com/2020/8/18/21374246/apple-china-chinese-operations-restrictions) of apps that run counter to the state’s policies, including religious apps. As US-China tensions grow, Apple could get more flak for its biz-boosting concessions.

Apple’s alleged $275B deal with China has helped it thrive where other US tech giants couldn’t

__Your filet mignon is en route…__ courtesy of Bobby Flay. __Wonder Group__ designs exclusive meals with celeb chefs and then cooks them outside customers’ homes in mobile kitchens (think: fancy food trucks). On Tuesday, this food-tech biz — which has raised $500M to date — [unveiled](https://www.linkedin.com/pulse/all-wonder-marc-lore/) its new CEO: Marc Lore, the billionaire founder of __Diapers.com__ and __Jet.com__.

- __Fresh model: Wonder__ pays partner restaurants a one-time fee for the rights to prepare their dishes but keeps *all* delivery sales — [unlike](https://www.bloomberg.com/news/articles/2021-12-07/food-truck-startup-wonder-has-raised-more-than-500-million-for-delivery-push?srnd=premium&sref=q3KSFp38) __[DoorDash](https://robinhood.com/stocks/DASH)__ and __[Uber Eats](https://robinhood.com/stocks/UBER)__, which earn fees from restaurants for each delivery. 
- __60 mobile kitchens__ are already cooking food and mixing cocktails in New Jersey. Lore [plans](https://www.cnbc.com/2021/12/07/marc-lore-plots-us-expansion-of-wonder-group-food-delivery-biz.html) to have 1.3K trucks in the NYC area by next year. Wonder also runs a *separate* service, __Envoy__, which lets customers order from local restaurants.

__The “soggy fries” problem…__ Delivery behemoths DoorDash and Uber Eats are still losing money after raising billions, partly because delivery margins are thin and customers abandon apps easily if someone offers a better promo code (or their fries arrive cold). To solve the soggy-fries problem, Lore plans to copy ecommerce giants and streamline fulfillment — by using mobile kitchens to ensure food is piping hot. But the loyalty problem requires a different fix. 

Just arrived at your doorstep [RicardoImagen/E+ via Getty Images]

Sizzle

__*Exclusive* content is king…__ even when it’s a sizzling steak. __[Netflix](https://robinhood.com/stocks/NFLX)__ won over millions of customers by spending billions on exclusive “gated” content. Wonder plans to do the same — not with *movies*, but with exclusive *mojitos*. To build customer loyalty, Lore plans to copy streaming companies and “lock up all the best proprietary content” by forming exclusive partnerships with top restaurants. Think: __[Spotify](https://robinhood.com/stocks/SPOT)__-exclusive podcasts, but for pasta.

Wonder’s chef-centric food-delivery trucks could solve the “soggy fries” problem

Apple’s big alleged China secret, fancy food-delivery trucks, and more of today’s top Snacks stories

Investors bought $6.7B worth of stocks during last week's Omicron dip — the highest weekly amount in *four years*