__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

Dow Jones

S&P 500

Nasdaq

Bitcoin

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*

🤫 Apple’s big alleged China secret

__SPAC at it again...__ with the federal inquiries. The SEC and FINRA are [investigating](https://www.cnbc.com/2021/12/06/trump-spac-investigated-by-federal-regulators-including-sec.html) a planned merger between former President Trump’s media company and __Digital World Acquisition Corp.__ (DWAC), the special-purpose acquisition company that plans to take it public. Refresher: Trump wants to rival Big Tech and build a “non-cancellable global community” with __Trump Media & Technology Group__ (TMTG). Trump’s still barred from __[Twitter](https://robinhood.com/crypto/TWTR)__, __[Facebook](https://robinhood.com/crypto/FB)__, and __YouTube__. 

- __On Monday,__ DWAC disclosed that in October regulators had requested info on trading and comms that happened *before* the TMTG deal was announced. 
- __Potential issue:__ Trump reportedly [met](https://www.wsj.com/articles/trump-social-media-spac-deal-being-investigated-by-sec-11638807224) with DWAC’s CEO *before* the SPAC had raised money. SPACs aren’t supposed to have a target identified when they initially fundraise, so the meeting could violate SEC rules if found to have represented substantive deal talks. 
- DWAC said that regulators' requests indicated that there’s been no determination of wrongdoing. 

__What the DWAC...__ DWAC shares dipped 11% on the news, but rebounded 17% yesterday. When the merger was announced, DWAC shares *quadrupled* and it became the most traded stock on major exchanges that day. We still don’t know the identities of TMTG’s execs — besides GOP Rep. Devin Nunes, who’s set to [become](https://www.cnbc.com/2021/12/06/gop-rep-devin-nunes-resigns-from-congress-to-become-ceo-of-trumps-media-company.html) CEO — *or* the identities of investors who’ve committed $1B. What we do know:

- __Social network + streamer (in theory):__ TMTG says it plans to launch "Truth Social" next year to compete with social giants, plus a “non-woke” Netflix rival.
- __Big ambitions:__ TMTG forecasts $3.7B in revenue by 2026, though some of its growth projections seem [contradictory](https://www.bloomberg.com/opinion/articles/2021-12-07/the-trump-spac-pitch-is-weird?sref=q3KSFp38).

DWAC

__SPAC scrutiny is rising…__ Companies that go public via SPAC sometimes face less oversight than those that IPO, but they’re still held to regulatory standards. SPACs have raised as much money as traditional IPOs this year. Now regulatory heat is growing to keep tabs. EV startup __[Lucid](https://robinhood.com/stocks/LCID)__ recently got an SEC subpoena about projections made as part of its mega-SPAC merger. And Nikola said it would pay $125M to settle an SEC probe related to statements made by its founder.

Trump’s SPAC merger is being investigated, and scrutiny over IPO alternatives intensifies

__Sparks are flying…__ There’s a new EV power player on the scene. __[Con Edison](https://robinhood.com/stocks/ED)__, __[Duke Energy](https://robinhood.com/stocks/DUK)__, the __Tennessee Valley Authority__, and nearly 50 other US electric companies partnered to [launch](https://www.eei.org/resourcesandmedia/newsroom/Pages/Press%20Releases/Electric%20Companies%20Join%20Together%20to%20Form%20National%20Electric%20Highway%20Coalition.aspx) the National Electric Highway Coalition (NEHC) yesterday. Together, they plan to build a coast-to-coast network of fast-charging EV stations along major US highways by 2023. 

- NEHC members have already pitched in $3B, but the group hasn’t set precise funding or station goals yet. 

__EV envy…__ Lately, carmakers have been the key drivers behind EV investments: __[VW](https://robinhood.com/stocks/VWAGY)__, __[Daimler](https://robinhood.com/stocks/DMLRY)__, __[Stellantis](https://robinhood.com/stocks/STLA)__, __[Ford](https://robinhood.com/stocks/F)__, and __[GM](https://robinhood.com/stocks/GM)__ have committed $330B to developing EV tech in the next four years. But President Biden’s recent infrastructure bill (now a law) [sets aside](https://www.cnbc.com/2021/11/19/ev-tax-credits-in-bidens-build-back-better-act-will-help-sell-more-cars-than-new-chargers.html) $7.5B for *EV-charging stations*, offering more types of companies an incentive to support EV infrastructure too. That’s:

- __Good news__ for utilities companies, which could tap into Biden’s coffers, and good for EV-charging companies like __[ChargePoint](https://robinhood.com/stocks/CHPT)__ and __[EVgo](https://robinhood.com/stocks/EVGO)__, which run their own networks and might access more $$.
- __Bad news__ for __[Tesla](https://robinhood.com/stocks/TSLA)__, which has spent billions building 30K+ global charging stations and could lose the competitive moat of its own network. Also: Tesla isn’t eligible for some of the gov’t funds. Elon Musk [told WSJ](https://www.wsj.com/articles/elon-musk-comes-out-against-federal-electric-vehicle-spending-11638892791?mod=hp_trending_now_article_pos2) that the charging subsidies in Biden’s bill should be deleted. 
- __Just the beginning:__ Analysts say $7.5B is only 15% of the $50B necessary to hit Biden’s goal of building 500K EV chargers by 2030.

When you overcome range anxiety [Klaus Vedfelt/DigitalVision via Getty Images]

Charged

__A cure for range anxiety could be near…__ About 60% of drivers [say](https://www.virta.global/blog/myth-buster-electric-vehicles-range-real) range anxiety is a barrier to EV-buying. Now there’s clear incentive not only to create more powerful batteries but to build more chargers — which could make EVs a lot more practical. As companies race to grow America’s charging network 10X to hit Biden’s 2030 goals, EV-charging investments could accelerate.

Utilities companies partner to electrify US highways, pushing a cure for range anxiety

🕵️ Trump’s SPAC drama, EVs’ new plug, and more of today’s top Snacks stories

The top 0.01% richest individuals — 520K people with a net worth of at least $19M each — now hold more than 1/10th of the world's total wealth

🕵️ Trump’s SPAC drama

__NYC to Hong Kong ETA…__ 15 hours and 35 minutes. Financial ties between the US and China are coming undone as political tensions escalate. The latest case study: __[DiDi](https://robinhood.com/stocks/DIDI)__, aka the __[Uber](https://robinhood.com/stocks/UBER)__ of China, which went public in the US in June in the largest US IPO of a Chinese company since __[Alibaba](https://robinhood.com/stocks/BABA)__. But DiDi's debut caused some #drama: China wanted DiDi to *pause* its IPO until it could show Chinese data was safe. So Chinese regulators banned DiDi from app stores and started investigating the company. Now...

- __DiDi, delisted:__ Last week, DiDi said it would immediately start delisting its shares from the NYSE, saying it plans to relist in Hong Kong. Bloomberg earlier [reported](https://www.bloomberg.com/news/articles/2021-11-26/china-is-said-to-ask-didi-to-delist-from-u-s-on-security-fears?sref=q3KSFp38) that Chinese regulators were behind the reversal.
- DiDi shares have plunged 20% since the announcement. Shares of other Chinese tech giants also dropped, with Alibaba (“the [Amazon](https://robinhood.com/stocks/AMZN) of China") and __Nio__ ("the __[Tesla](https://robinhood.com/stocks/TSLA)__ of China") leading the losses.

__Taking stock...__ China has been [cracking down](https://snacks.robinhood.com/newsletters/lmendgmwiqrFZ5v9KHvVo/articles/7elgOaDupMl8Er1xxvUq14/) on its tech titans this year, levying major fines and imposing strict anti-monopoly laws. DiDi’s delisting marks a dramatic escalation. DiDi's now worth $31B — less than half its value at IPO. And it's not the only one...
- In May, there were 248 Chinese companies with a combined $2.1T market cap on US exchanges. $1T+ of that value has been *erased*.
- Not just DiDi: Since 2019, more than a dozen US-listed Chinese companies have sought alternative listings in Hong Kong.


__The Great Delisting could be coming…__ and not just because of China. Last week, the SEC [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 requirements. The goal: Avoid situations like __Luckin's__ [fake earnings](https://snacks.robinhood.com/newsletters/1cblBuDtgtokNEYEzCvie4/articles/1krUG6u9IaHRyq4K1dx9Fo/). Meanwhile, Beijing is tightening data-privacy regulations that’ll make it harder for Chinese companies to list on foreign markets. Escalating US-China tensions could mean a wave of Chinese tech companies leaving US markets — which could hurt both American and Chinese investors.

After DiDi, more Chinese tech giants could ditch the US stock market — or be forced out 

__10-minute Doritos…__ The race to deliver snacks in under 15 minutes is getting spicy. Yesterday __[DoorDash](https://robinhood.com/stocks/DASH)__ [launched](https://www.axios.com/doordash-ultra-fast-grocery-delivery-nyc-613aa099-39d7-44eb-947e-759c80592755.html) an ultrafast-delivery service in NYC that delivers snack staples like chips and candy to customers in 10 to 15 minutes for a $1 to $2 fee. How it works: 

- __Deliveries are limited__ to an area near Dash’s tiny urban warehouse (aka: “DashMart”) in NYC’s Chelsea neighborhood. Dash [plans](https://www.wired.com/story/doordash-joins-instant-delivery-game-employees/) to expand supercharged delivery to other DashMarts in NYC and beyond.
- __Full-time employees__ who make $15/hour with benefits will complete the extra-quick deliveries, a big [shift](https://www.theverge.com/2021/12/6/22820197/doordash-launches-fast-delivery-option-new-york-city-dash-corps) from Dash’s norm of using gig workers. Quick-delivery rivals __Gorillas__ and __Jokr__ also employ full-time workers.

__Ultrafast growth…__ Online grocery sales more than doubled last year, inspiring a wave of startups focused on fast urban delivery. This year 15 quick-delivery companies have raised nearly $8B. Jokr, Gorillas, and __Flink__ — all under two years old — each hit $1B valuations. __GoPuff__, which launched in 2013, is now worth $15B.

- __But fast Fritos don’t work everywhere:__ Delivery companies say the 15-minute model works only in dense cities with high order volumes.

Accelerating your emergency Dorito delivery [Capuski/E+ via Getty Images]

Hangry

__NYC is an ultrafast-delivery lab…__ But consumers’ broader appetite is still uncertain. As the densest city in America, the Big Apple is perfect for delivery experimentation. But superfast delivery is risky even there: Last week, __1520__ closed after it spent all its cash trying to win customers. Because DoorDash’s and Uber Eats’ *regular* delivery businesses still aren’t profitable — and speedy delivery has even *higher* costs — some doubt 15-minute snacks will ever be profitable.

DoorDash launches ultrafast delivery in NYC, but speedy snacks may not be profitable

China’s Great Delisting, DoorDash’s ultrafast pivot, and more of today’s top Snacks stories

🇨🇳 China’s Great Delisting

__Doesn’t roll off the tongue...__ “Omicron” is living rent-free in investors' minds. Markets have been on edge since the new Covid variant was identified in South Africa late last month. Omicron has since been [detected](https://www.nytimes.com/article/omicron-coronavirus-variant.html) in 20+ countries, including the US, which reported cases in at least 16 states. Some infected people were fully vaxxed. Experts said it would take weeks to assess Omicron’s severity, but here's what we do know:

- __Most Omicron cases have been mild__ so far. The WHO’s chief scientist [said](https://www.bloomberg.com/news/articles/2021-12-01/vaccines-likely-to-protect-against-severe-cases-of-omicron-who?sref=q3KSFp38) existing vaccines were likely to offer some protection.
- __Omicron is spreading more than twice as quickly__ as Delta in South Africa, and accounts for the bulk of new cases there.
- __FYI:__ Several Covid variants have been identified, but Delta and Omicron are the only “[variants of concern](https://www.hopkinsmedicine.org/health/conditions-and-diseases/coronavirus/a-new-strain-of-coronavirus-what-you-should-know)” so far.

__Crank out the test tubes...__ Biden [said](https://www.wsj.com/video/biden-us-is-working-with-vaccine-makers-on-omicron-contingency-plans/F2CA6319-2A64-4929-A864-AB8583790F63.html) he doesn’t expect to impose more lockdowns or vax mandates this winter, but he's [working](https://www.wsj.com/video/biden-us-is-working-with-vaccine-makers-on-omicron-contingency-plans/F2CA6319-2A64-4929-A864-AB8583790F63.html) with vax makers on plans for Omicron-specific doses in case they're needed. __[BioNTech's](https://robinhood.com/stocks/BNTX)__ founder said Omicron is unlikely to cause severe illness in vaxxed people, but __[Moderna’s](https://robinhood.com/stocks/MRNA)__ CEO said it could make shots much less effective. How vax makers are prepping:

- __[Pfizer](https://robinhood.com/stocks/PFE) and BioNTech, Moderna,__ and __[J&J](https://robinhood.com/stocks/JNJ)__ have already started working on Omicron-specific shots, in addition to testing the protection of existing ones. Pfizer and Moderna say an Omicron-focused vaccine could be ready in under [100 days](https://www.statnews.com/2021/11/30/pfizer-research-head-envisions-a-sprint-to-develop-omicron-vaccine-if-its-needed/). 
- __Financial boosters:__ Vaccines can translate into big profits. Moderna made $7.3B in profit on $11.3B in vax sales in the first nine months of this year. Pfizer, which is also selling vaccines at a profit, expects $36B in 2021 Covid vax sales.

Cron

__Better safe than sorry…__ Dr. Fauci [said](https://www.cnbc.com/2021/12/03/fauci-says-booster-shots-likely-give-cross-protection-against-wide-range-of-covid-variants.html) existing boosters would likely protect against a wide variety of variants. But there are still a number of unknowns. If Omicron is severe, it could slow economic recovery, depress markets, and exacerbate supply problems — as Delta did. Dozens of countries, including the US, have already imposed Omicron-fueled travel restrictions, while vax makers prep new shots. It’s better to be overly prepared when public health is at stake: US Covid deaths this year recently surpassed 2020's toll.


Plan Omicron: How Biden and vax makers are prepping to tackle the new variant

__Anchoring your digital yacht…__ next to your virtual mansion. From virtual Gucci bags to digital plots of land, people have been pouring money into metaverse possessions. A meta-yacht sold for a record $650K last week, while a virtual developer [bought](https://www.wsj.com/articles/metaverse-real-estate-piles-up-record-sales-in-sandbox-and-other-virtual-realms-11638268380?mod=hp_lead_pos12) a property from gaming company __Atari__ for $4.3M. The market for real estate in digital worlds like __Decentraland__ and __Sandbox__ is growing: Some developers have even built and rented out digital malls. But experts warn the digital real-estate market is far riskier than *actual* real estate given crypto’s volatility.

__No coal in the stocking…__ As if gas prices weren’t enough, coal prices have hit a 10-year high. That could make it hard for some to warm their homes this winter. While natural gas has replaced coal as the US’s main source of energy, demand for coal has held steady this year. As the world moves away from fossil fuels, nuclear energy — which provides 20% of the US’s juice — is gaining traction. A Bill Gates-backed startup, __Commonwealth Fusion__, just raised $1.8B. And the EU [might](https://www.bloomberg.com/news/articles/2021-11-30/eu-considers-giving-some-gas-and-nuclear-projects-green-label?sref=q3KSFp38) allow certain nuclear investments to be labeled as “green.” 

It’s always sunny in the metaverse [Plug Pattarin via Getty Images]

__Sports-bra stand-off…__ Lockdowns may be over, but the leggings life isn’t. __[Lululemon’s](https://robinhood.com/stocks/LULU)__ sales soared 63% last quarter as shoppers visited Lulu’s digital *and* physical stores for stretchy tanks. Lulu’s on track to exceed its 2023 sales goals *this year*. But it's not all peace and vinyasa: Last week, Lulu sued __[Peloton](https://robinhood.com/stocks/PTON)__ over its “copycat” yogawear. And it has a fledgling revenue stream to grow: Lulu bought connected-fitness company __Mirror__ for $500M. We’ll see whether the athleisure life is still revving when it reports on Thursday. 

__Just binged “Selling Sunset”…__ The housing market is still #thriving, with the median US home price hitting a record [$360K](https://nationalmortgageprofessional.com/news/sale-home-inventory-hits-new-all-time-low) last month. The boom has been good for the US’s largest homebuilders, including __[Lennar](https://robinhood.com/stocks/LEN)__, __Pulte Group__, and __[Toll Brothers](https://robinhood.com/stocks/TOL)__. US home sales are on track for their [best year](https://www.wsj.com/articles/u-s-home-sales-on-track-for-biggest-year-in-15-years-11637593790?mod=markets_minor_pos16) in more than a decade, and homes for sale [just hit](https://nationalmortgageprofessional.com/news/sale-home-inventory-hits-new-all-time-low) a new low. That translated into record income for Toll last quarter. But home building has cooled since peak pandemic, while rising costs for materials like lumber have pushed homebuilders to raise prices. We’ll see if that bruised Toll when it reports earnings tomorrow.

Coming up this week…

- __[Ping](https://snacks.robinhood.com/newsletters/4YSTdNOZ2mu83UVlDgiCYM/articles/1onPZNNY7k2JvfFj7hvzEH/):__ __SpaceX__ CEO Elon Musk warned employees that the rocket startup could face bankruptcy if it doesn’t ramp up production of its Raptor engines — but his SOS seems mostly to be a move to drive results.
- __[Namaste](https://snacks.robinhood.com/newsletters/7ulB0FYNp6qUhXwrwbS5HI/articles/4vdCsYuHPUjDuLjZUujp5W/):__ Jack Dorsey stepped down last week as __[Twitter](https://robinhood.com/stocks/TWTR)__ CEO to focus on being the full-time CEO of Block (fka: __[Square](https://robinhood.com/stocks/SQ)__), letting Twitter join the ranks of tech titans like __[Amazon](https://robinhood.com/stocks/AMZN)__ and __[Google](https://robinhood.com/stocks/GOOGL)__ that have also ditched their founders to evolve.
- __[Woolly](https://snacks.robinhood.com/newsletters/y2vYdUTHNaS4xw4nNE5Wd/articles/Hge0g8ZSvXBIsH2a7akah/):__ __[Allbirds](https://robinhood.com/stocks/BIRD)__ saw huge demand for its eucalyptus-pulp-infused sustainable sneakers in its first-ever earnings report — but it needs to grow its customer base if it wants to turn a profit.

The Omicron plan, metaverse mansions, and more of today’s top Snacks stories

💉 Enter: Plan Omicron

__Grab a taxi...__ or a taco. Singapore-based __[Grab](https://robinhood.com/stocks/GRAB)__ started as a ride-hailing platform, but it’s now one of Asia's largest super apps. Think: __[Uber](https://robinhood.com/stocks/UBER)__, __[DoorDash](https://robinhood.com/stocks/DASH)__, __Venmo__, __[Expedia](https://robinhood.com/stocks/EXPE)__, __[Netflix](https://robinhood.com/stocks/NFLX)__, and __[Amazon](https://robinhood.com/stocks/AMZN)__... *all in one app*. The decade-old company has 187M users in eight countries — nearly *double* Uber's users. Yesterday, the super app became a super SPAC.

- __Grab went public on the Nasdaq__ through a SPAC merger that valued it at nearly $40B — the largest SPAC deal on record. But shares closed down 21% on day one. 
- __The #s:__ Grab's loss grew to nearly $1B last quarter and sales fell 9% as Covid surges in Southeast Asia hit its ride-hail biz.

__Can't color-coordinate your home screen...__ when you have just one app. Grab users can manage their entire lives in-app: from ordering groceries to booking resort vacays, to applying for loans and health insurance, and even streaming rom-coms.

- __"Everything apps"__ like Grab are super popular in Asia, with Chinese powerhouses like __WeChat__, __Alipay__, and __[Alibaba](https://robinhood.com/stocks/BABA)__ touting billions of users. That’s partly because slower broadband connections discourage people from clogging their phone with multiple apps.
- __American companies__ have been dipping into super-app territory. Think: Uber doing food delivery and __[Facebook](https://robinhood.com/stocks/FB)__ integrating payments and shopping. But they’re way less super.

Taco

__Super apps aren’t just staying abroad....__ American companies have been dipping into super-app territory. Think: Uber doing “delivery everything” and Facebook integrating payments, gaming, and shopping. All-in-one platforms are super convenient for users, but that comes at a cost: bigger privacy and regulatory concerns. As antitrust scrutiny heats up, becoming more super could get harder for US tech titans. 

Grab goes public in the largest SPAC merger ever as super apps take over Asia

__Three strikes…__ and you’re (locked) out. Major League Baseball owners locked out players yesterday after [failing](https://www.wsj.com/articles/lockout-owners-mlb-players-union-11638400103) to reach a deal with the players’ union — its first shutdown in 27 years. When workers strike, they refuse to work; when employers lock out, they refuse to *let* employees work. Now all 30 teams are shut down, and no trades are allowed until a deal is reached. 

- __Players__ want a higher salary minimum (it’s currently $571K) and more trade flexibility. Average MLB salaries fell last year, while MLB franchise values jumped.
- __Owners__ say players’ demands are too high. MLB teams spent $2B on free agents this year, including a record deal for one pitcher that pays $43M *per season*.
- __It’s the offseason,__ so games haven’t been cancelled — yet. But the dispute’s expected to last weeks and could cut into the season.

__Not the first labor curveball...__ MLB has had nine labor stoppages, including four lockouts. They haven’t usually interfered with regular-season games, but the 1994 strike resulted in the cancelation of 900 games — including the World Series. And MLB attendance didn’t rebound for *more than a decade*.

- __Higher stakes:__ Today, the average MLB team is worth $1.9B — 10X more than during the 1994 strike — so an in-season lockdown would be way costlier. 


Batter out [peepo/E+ via Getty Images]

Swing

__Labor is gaining power…__ and not just in sports. Pro athletes have leverage to negotiate with owners thanks to powerful players’ unions. And because of labor shortages and mass quittings, workers *across* the economy have gained bargaining power this year, too. That’s led to rising wages and better benefits — and the highest level of support for unions since 1965. Work stoppages are becoming common in other industries, from __[Kellogg’s](https://robinhood.com/stocks/K)__ and __[John Deere](https://robinhood.com/stocks/DE)__ factories to __BuzzFeed’s__ newsroom (just yesterday).

The MLB is shutting down over a labor dispute — and it’s not just a pro-sports trend

The MLB shutdown, Grab’s super SPAC, and more of today’s top Snacks stories