__Don't knock the disposable earbuds...__ __[American Airlines](https://robinhood.com/stocks/AAL)__ has two major things *not* going for it. One: it's an airline during a deadly pandemic. Two: it lost a record $8.9B last year, and [doesn't](https://www.cnbc.com/2021/01/28/american-airlines-aal-and-southwest-luv-results-q4-2020.html) expect a rebound any time soon. That's partly why American has been the most-shorted US airline. Coincidentally (but not at all), American stock soared 17% from Monday to Thursday. And that's likely partly thanks to Reddit.

- __Many meme stocks__ celebrated on the r/wallstreetbets subreddit are heavily-shorted companies that hedge funds are betting *against.* Like: __GameStop__ and __Bed Bath & Beyond__.
- __Individual investors__ are participating in mass meme stock buying campaigns. It’s part experiment, part profit-seeking, and part rebellion – a chance to “get back” at Wall Street insiders, who Main Street still resents for the wreckage of the '08 financial crisis. 

__The DL on short sells...__ So how exactly are they "getting back" at Wall Street? It all goes back to [short selling](https://learn.robinhood.com/articles/the-long-and-short-of-trading/): Basically, some professional investors borrow shares of a company whose stock they think will fall. Then they sell those shares, hoping to buy them back later at a lower price and return them to the broker. If the shares fall, their profit = the difference between the price when they sold the shares and the price when they bought them back (minus interest on the loaned stock, and any transaction costs).

- __By piling into shorted stocks,__ small investors were able to drive *up* share prices, causing some hedge funds to lose [billions](https://www.theguardian.com/business/2021/jan/27/gamestop-stocks-us-hedge-fund-pulls-out-after-heavy-losses). Some funds bought back shares to avoid even *more* losses, which drove up prices even more.
- __Shorting is risky__ because the loss potential is theoretically unlimited, since the shorted stock could keep rising. Meanwhile, the gain potential is limited to what the shorter sold the shares for (because in the "best" case scenario, they can fall to $0).
- __Buying a stock is the opposite.__ The most you can lose is the money you invested, while your potential gain is theoretically unlimited. But short selling has some positives: for example, it can expose overvalued stocks.


Short

__Retail investors turned the tables...__ on professional investors like hedge funds. Like Matt Damon in *Good Will Hunting* standing up to the snooty Harvard student, retail investors said: "*How do you like them shorts?*” It’s not clear how much we’ll see this trend in the future. And it’s possible that professionals are getting in on the Reddit buying, too. After last week, it's likely that hedge funds will reevaluate their positions in heavily shorted stocks.


Hedge funds shorted American Airlines stock — then Reddit "shorted" hedge funds

__The Bank of Nook gets paid...__ __[Nintendo](https://robinhood.com/stocks/NTDOY)__ just dropped its [best](https://www.bloomberg.com/news/articles/2021-02-01/nintendo-beats-estimates-after-another-strong-holiday-quarter?sref=q3KSFp38) quarterly earnings in 13 years. The 131-year-old gaming legend brought in an expectation-crushing $2.2B in profit last quarter, and raised its annual forecast for the second time (#MarioFlex). Nintendo shares jumped 7% on the holiday Switch-mania:

- __Nintendo sold a record 11.6M consoles__ last quarter, even though Switch has been out for nearly five years. Sales jumped 7% from a year earlier. 
- __Now it's expecting full-year sales of 26.5M units__. But some analysts are saying that's modest, since it has already sold more than 24M Switches.

__Sweats. Mask. Switch...__ In 2020, the Switch wasn't just a gaming console... *it was a lifestyle product*. There were three strong winds at Nintendo's back positioning it for a blowout year:

- __Animal Crossing__: New Horizons. The long-awaited blockbuster title was an instant hit that boosted both hardware *and* software sales.
- __Perfect timing:__ New Horizons dropped in March 2020, right when pandemic lockdowns hit. The virtual island game filled with (*very*) colorful animals was a perfect escape.
- __Competitive edge:__ While __Sony__'s PlayStation 5 and __Microsoft__'s Xbox faced production/logistics setbacks that limited sales, Nintendo was able to deliver on demand.


_Nintendo pulling a Disney_

Nook

__Nintendo should pull a Disney...__ because it might have just hit peak console (Switch saturation is real). That's why Nintendo wants to monetize its characters *outside* of hardware/software. __Disney__ is a master at this: it makes money off its characters in movies, sequels, and spin-offs — *but also through theme parks, cruises, toys, and merch* (Elsa-themed everything). Nintendo could benefit from a similarly self-reinforcing ecosystem. Unlike other major console-makers, it designs most of its own games ([85%](https://www.reuters.com/article/us-nintendo-results/after-the-triumph-of-animal-crossing-a-thin-pipeline-for-nintendo-idUSKBN22J0UG) of them). Nintendo could cash in on that precious IP in a number of ways, including the upcoming Super Nintendo World theme park in Japan.


Nintendo has its best quarter since 2008, but it needs to be more like Disney

Dow Jones

S&P 500

Nasdaq

Bitcoin

✈️ Airline shorts

__ICYMI...__ But that's unlikely. On Friday, we [covered](https://snacks.robinhood.com/newsletters/HQks7GDlIhzjFEeDazdjv/articles/6F9OH2iygvuocDMQEvXmN1/) how social-fueled stock surges have thrown the market into uncharted territory. Last week, underdog “meme” stocks like __GameStop__, __AMC__, and __Nokia__ skyrocketed, thanks to Reddit-inspired buying campaigns. From Wednesday through Friday, multiple brokerages limited — and in some cases, paused — the buying frenzy.

- __Robinhood, E-Trade, Webull,__ and others temporarily restricted certain trading activity in symbols like GME. Disclosure: Robinhood Snacks is owned by... Robinhood.
- __Some brokerages__ raised margin requirements for those stocks to mitigate risk. Margin = the percentage of the purchase investors need to fund themselves (rather than borrow).
- __Unsurprisingly,__ the price of those restricted shares dropped. Some investors were angry, shocked, and confused. *And retail investing dominated the social conversation like never before*.

__Demystify the jargon...__ Brokers cited financial and regulatory reasons for these moves. Here’s what actually happens when you place a trade, and some of the requirements brokerages face (for a Robinhood-specific explainer, check out Robinhood’s [blog](https://blog.robinhood.com/news/2021/1/29/what-happened-this-week)):

- __When you buy a coffee__ with your card, you see the transaction on your account right away. But Starbucks still hasn’t received your $$$ — it can take a few days to move. Similarly...
- __When you buy a stock,__ you may see the transaction immediately. But you actually pay and get the shares two days *after* you buy. That’s because...
- __All transactions have to go through "settlement"__ to make sure that sellers actually get paid, and buyers receive securities. AKA: to ensure everyone involved can really deliver.
- __Clearinghouses,__ which are regulated by the SEC, ultimately ensure that trades get settled. Brokers often need to deposit cash to meet day-to-day collateral requirements with clearing firms, in order to back customer trades. 
- __When buying becomes concentrated__ in a handful of volatile stocks, risk increases for everyone involved. So clearinghouses can ask firms for *more* cash deposits, to mitigate risk to the system. 
- __Those deposit requirements__ for brokers can dramatically jump based on how many risky/volatile stocks customers are buying. Wild stat: industry-wide collateral requirements reportedly rose to $33.5B on Thursday, from $26B on Wednesday.


Trade

__Last week surprised nearly everyone...__ because it was unprecedented. Mass “meme stock” buying campaigns significantly increased collateral deposit requirements on those stocks, which led to industry-wide trading restrictions... on those stocks. And retail investing reached a new level of social relevance. As the “mainstreamification” of investing continues, the “plumbing” powering the system will become more and more relevant to individual investors, too. 

The “mainstreamification” of investing spotlights the plumbing behind markets 

__You used to call me on my iPhone (12)....__ __Apple__ crossed the $100B quarterly sales mark for the first time, bringing in a ginormous [$111B](https://snacks.robinhood.com/newsletters/31odJOl6c3lLq4SuSoWt9z/articles/C5C8LDQhP2gXM5lLjxA33/) last quarter. That's nearly 3X __Facebook__ and __Tesla__'s quarterly sales *combined*. The most valuable company on Earth made $28.8B in profit, one of the largest quarterly profits for any company (ever). Every product category saw double-digit sales growth. iPhone sales, which make up over half of the Fruit's total sales, soared 18% after two years of declines. The 5G-enabled 12 inspired a wave of fresh upgrades.

__Still goin' ad on you, anyway...__ Despite all the regulatory and public scrutiny, __Facebook__ posted an expectation-beating $28B in sales last quarter, proving that advertising is alive and well. Ad sales soared 31% from a year earlier, making up 97% of FB's total sales. Monthly users across apps jumped to 3.3B (aka: nearly half of all humans). But Apple [ruined](https://www.cnbc.com/2021/01/27/facebook-fb-earnings-q4-2020.html) some of the earnings fun (claaassic): privacy changes to iOS 14 could hurt FB's precious ad-targeting abilities.


Highs

Who's up

__Max loss...__ __Boeing__ shares fell 6% for the week, after the plane-maker [posted](https://www.cnbc.com/2021/01/27/boeing-ba-q4-2020-earnings.html) a record loss of nearly $12B last year. Refresher: Boeing's 737 Max jets were grounded for nearly two years following two fatal crashes. For basically all of 2020, they were sitting in parking lots burning cash. Meanwhile, the pandemic sapped demand for Boeing's other jets, too —  *especially* its newest plane, the 777X, which is meant for long-haul flights. It was supposed to roll out this year — now Boeing doesn't expect it'll debut until 2023 (read: *expensive* delay).

__A sweet cream Cold Brew...__ to ease the pain. __Starbucks__ shares dropped 7% last week, after the caffeinated legend [revealed](https://www.cnbc.com/2021/01/26/starbucks-sbux-q1-2021-earnings.html) that dining restrictions hurt its biz (shocker). While you were whipping up Keurig cups and instant coffee at home, Starbs' sales fell a worse-than-expected 5% last quarter — and profit plunged 30% from a year earlier. Despite that, Starbucks' mobile-order game was strong: app orders increased nearly 50% since the start of the pandemic. 

Lows

Who's down...

"_It's not you, it's iOS 14"_

💵 The money pipes

__Quick recap...__ Over the past few weeks, some “underdog” stocks have seen meteoric rises thanks to mass buying [campaigns](https://snacks.robinhood.com/newsletters/31odJOl6c3lLq4SuSoWt9z/articles/5ZO850evnEJXwTwEDdxKTk/) stoked through social media (mainly Reddit, via the subreddit r/wallstreetbets). Example: from January 11th to January 27th, __[GameStop](https://robinhood.com/stocks/GME)__ shares surged 1,600%, and __[AMC](https://robinhood.com/stocks/AMC)__ stock soared 800%. __[Nokia](https://robinhood.com/stocks/NOK)__, __[BlackBerry](https://robinhood.com/stocks/BB)__, __[Tootsie Roll](https://robinhood.com/stocks/TR)__, and others also skyrocketed on the unprecedented social momentum.

- __On Wednesday,__ the New York Stock Exchange temporarily paused trading of GameStop, BlackBerry, and AMC, citing volatility.
- __Also Wednesday:__ Schwab’s __TD Ameritrade__ limited certain transactions of some high-flying stocks. But the stocks still finished the day up significantly.

__And then, yesterday happened...__ Some brokerages, including __Robinhood__, __E-Trade__, and __Webull__, temporarily [restricted](https://www.wsj.com/articles/online-brokerages-restrict-trading-on-gamestop-amc-amid-frenetic-trading-11611849934) certain trading activity in symbols like GME. Investors of the restricted companies were only allowed to hold or sell shares (not buy more). Meanwhile, some brokers increased margin requirements (the percentage of the purchase investors need to fund themselves rather than borrow). Then...

- __The stocks that were paused plunged.__ GameStop fell 44% yesterday, while AMC dropped 57%. Brokers cited financial and regulatory reasons for these moves. Some investors lost money, and many were angry (disclosure: Robinhood, which owns Robinhood Snacks, made a [public statement](https://blog.robinhood.com/)).
- __TLDR:__ Brokerages need to meet certain regulatory net capital and clearinghouse deposit requirements to remain compliant and ensure that trades go through properly. These requirements can rise as certain stocks become more volatile/risky.


Market

__This is an unprecedented moment in the market...__ From the rise of commission-free retail investing, to the surge of social-driven buying campaigns targeting hedge funds, we're moving into new territory for how the stock market operates. There's still a lot we don't know about this new reality and how it’ll unfold – including if structures, rules, or regulations will change to adapt to it.


Social-fueled stock surges mean uncharted territory for the modern market

__Major gear shift...__ __[GM](https://robinhood.com/stocks/GM)__ is a 113-year-old company known for trucks built "like a rock." 98% of its sales and *100% of its profits* come from gas-powered cars (it’s still in the money-losing phase of EVs). Large pickup trucks and SUVs are some of GM's biggest profit puppies (and biggest gas-guzzlers).

- __Over the past few years,__ GM has been shifting gears. In November, GM said it would spend $27B on electric and autonomous vehicles by 2025.
- __This month,__ GM [unveiled](https://snacks.robinhood.com/newsletters/3W8LX1jIAswA4HFNTbvVHO/articles/vdFCNmlM6aWPfSxbASbFe/) its futuristic electric delivery solution, complete with electric pallets and a fresh fleet of e-vans. 
- __*Yesterday*:__ GM went all in, [setting](https://www.wsj.com/articles/gm-sets-2035-target-to-phase-out-gas-and-diesel-powered-vehicles-globally-11611850343?mod=breakingnews) an ambitious 2035 target for phasing out gas and diesel-powered vehicles from its global lineup.

__Sounds familiar...__ GM is America's largest car maker (by sales — sorry, Tesla). It's also one of the first major automakers to slap a timeline on transitioning to full-electric. But GM isn't doing this in a vaccuum: Major governments — from CA, to Japan, to the UK — have said they'll start to ban the sale of new gas-powered vehicles in the 2030s. Meanwhile, Biden has pledged $2T to clean energy innovation, with the goal of a carbon-free power sector by... 2035.


_GM pulls a Netflix_

Electrify

__GM’s pulling a Netflix...__ and burning its boats. 100% of __[Netflix](https://robinhood.com/stocks/NFLX)__'s sales pre-2007 were from *DVDs*. Then CEO Reed Hastings moved the entire DVD team to a separate part of the building, and went all-in on streaming. In order to disrupt itself before Tesla does, GM  can't just sprinkle change into its corporate plan — it needs to burn its entire biz model.

General Motors is pulling a Netflix (but instead of ditching DVDs, it's ditching gas)

🗺  Uncharted territory 

__2003 Nokia camera phone...__ Now that's nostalgic. Yesterday, we [covered](https://snacks.robinhood.com/newsletters/6jwYdiy4al8n5v0GOdIik/articles/3BaPiKzHQyiMoyxvpIyqNG/) __[GameStop](https://robinhood.com/stocks/GME)__'s "cyberbulling" stock surge. Cyberbulling: when people who are "bullish" on a stock stoke massive buying campaigns of that stock on social media (especially: Reddit, Discord, TikTok). One of the earliest cyberbulling episodes happened back in June, when bankruptcy-bound __Hertz__ saw its shares inexplicably [soar](https://snacks.robinhood.com/newsletters/1dxqpvdRnz5eITeoT8vbeN/articles/2GNeJtx802czcgsdR8Yfea/) 900%. But...

- __Cyberbulling has never been as prominent__ as it has been *this week*: While the broader market plunged yesterday, throwback stocks like GameStop, __[AMC](https://robinhood.com/stocks/AMC)__, __[Nokia](https://robinhood.com/stocks/NOK)__, and even __[Tootsie Roll](https://robinhood.com/stocks/TR)__, soared thanks to cyberbulls. 
- __This [headline](https://www.reuters.com/article/us-nokia-shares-idUSKBN29W2H1) pretty much sums it up:__ "Nokia not aware of any reason for share surge." The stock popped 39% yesterday.
- __Cue the trading halts:__ Shares of GameStop, __[BlackBerry](https://robinhood.com/stocks/BB)__, and AMC were temporarily paused from trading by the NYSE because of their stocks' volatility. GameStop was halted *nine* times. 

__1M+ "degenerates"...__ One wild stat shows what an unprecedented week it was for cyberbulling. The number of subscribers (self-described "degenerates") to the r/wallstreetbets subreddit jumped from 2.4M on Tuesday to *3.9M* on Wednesday. But the group's Discord server was [banned](https://www.theverge.com/2021/1/27/22253251/discord-bans-the-r-wallstreetbets-server) yesterday (for allowing hate speech). A few factors driving the cyberbull surge:

- __“Little guy vs. big guy” mentality:__ Some cyberbulls feel they're shifting the power dynamic by betting *against* Wall Street — after feeling historically wronged by big shots like banks and hedge funds. Funds that were betting GameStock would *fall* — like __Melvin Capital__ and __Maplelane__ — [lost](https://www.theguardian.com/business/2021/jan/27/gamestop-stocks-us-hedge-fund-pulls-out-after-heavy-losses) billions after cyberbulls pumped up the stock.
- __Community:__ Cyberbulling is also fueled by a strong sense of (cyber) community. Like: people posting screenshots of gains, thanking the "community" for helping pay off student loans and hospital bills.

Trend

__Cyberbulls are dependent...__ on people continuing to buy a stock on (potentially baseless) momentum. Normally, there are quantitative factors people use to judge investments. For example, people who invest in [dividend](https://learn.robinhood.com/articles/6jGOO5O2YvyoZzlEUtIq0F/what-is-a-dividend/#:~:text=Definition%3A,paid%20quarterly%20and%20in%20cash.)-paying companies "rely" on those payouts. People who invest in cash-rich companies might expect share buybacks, which can increase the value of a stock. And people who invest in growing companies might expect the value of their shares to rise long-term. But cyberbull stocks risk crashing as soon as momentum stops.

The Rise of "Cyberbulling"  — what AMC and GameStop have in common

__Be humble, sit down...__ Yesterday, __[Tesla](https://robinhood.com/stocks/TSLA)__ reported a respectable $11B in sales for its fourth quarter. __[Facebook](https://robinhood.com/stocks/FB)__ followed up proudly with an expectation-beating $28B in sales. Then __[Apple](https://robinhood.com/stocks/AAPL)__ stomped in with...

- __*$111B in sales*:__ It's the first time Apple has crossed the $100B  mark for a single quarter. That's nearly 3X Facebook and Tesla's quarterly sales *combined*.
- __$28.8B in profit:__ Apple's mind-boggling quarterly profit is one of the [largest](https://www.forbes.com/sites/johnkoetsier/2021/01/27/apples-biggest-quarter-ever-all-the-insane-numbers/?sh=59c1adcd46c9) in history for any company. Ever.

__All eyes on iPhone (12)...__ iPhone sales consistently make up over half of Apple's total sales, but they *fell* in 2019 and 2020. Last quarter, sales for every single product category jumped by double-digit percentage points. And the star of the quarter was (finally) iPhone.  

- __iPhone sales soared 18%__ to $66B, driven by the launch of iPhone 12 last fall. Apple's first 5G rectangle spurred a fresh wave of upgrades. 
- __Apple made $10B more from iPhone sales__ last quarter than it did in the first quarter of 2020. That $10B extra = more than total Mac sales last quarter. 
- __Honorable mentions:__ Services sales (think: App Store, Music) jumped 24% to nearly $16B, making it the 2nd highest-grossing category after iPhone.  


_Apple's $66B anchor_

__iPhone = a profit today + a *bonus* profit tomorrow...__ Apple is the most valuable company on Earth, in part thanks to its self-serving ecosystem. Last quarter, iPhones accounted for 58% of Apple's total sales. But each iPhone anchors users into Club Apple's connected world. iPhone sales drive growth for other products, from AirPods to Apple Books. With the recent [launch](https://snacks.robinhood.com/newsletters/1Y9lIHuvuotRAaGBx13qHH/articles/5EXUwgniIcrgHGoPpU0qe4/) of the "Apple One" subscription, Apple might soon have us more locked in than ever. 

Apple's biggest quarter ever: iPhone is the star, but also the anchor

🍿 The big "cyberbull" surge: unpacked

__GameStop stock pop...__ Hard to say 5X fast, but even harder to explain. ICYMI: __[GameStop](https://robinhood.com/stocks/GME)__ stock has been on a tear (yes, the same GameStop that you visited at the mall 15 years ago). Shares have surged over 1,000% since December, and nearly *doubled* in value just yesterday. And it's probably not driven by the fundamentals — aka: financial info like sales growth that you see in earnings. 

- __The glory days:__ From August 2009 to October 2010, GameStop pulled in nearly ~$6B in sales and $170M in profit. 
- __The present days:__ From August 2019 to October 2020, GameStop saw less than $3B in sales and *lost* nearly $300M.
- __The TLDR:__ A money-losing video game company with 5K physical stores is surging... during a deadly pandemic when we're downloading games *online*. 

__Why...__ The momentum started around the time that former Chewy CEO Ryan Cohen (and two of his Chewy pals) announced they were joining GameStop's board. Their ecommerce expertise *could* help make GameStop less mall-retailer, more digital shop. But the surge goes way beyond that...

- __"Cyberbulling":__ Being “bullish” on a stock = thinking it'll go up. Some "cyberbulls" on Reddit sparked massive GameStop buying campaigns. That drove up the price of shares, as well as [call options](https://learn.robinhood.com/articles/4APVNaWcRdAL6i5hWAPOTe/what-is-a-call/) — which give buyers the right to purchase stock at a set price up until a certain date.
- __Short squeezing:__ "Short" sellers, people who borrow stock betting it'll fall, started buying GameStop shares back sooner to reduce more losses as the stock soared.
- __Hedging:__ Institutional investors *also* started nabbing shares to hedge against the call options people were buying.


Stop

__Cyberbulling is based on momentum...__ And while all investing carries risk, investments driven by cyberbulling can be dangerous. People riding the community-driven momentum could make significant gains, but as soon as the surge ends their investments could plunge very quickly. And unless the companies being "cyberbulled" eventually show strong fundamentals, it's likely that their shares will fall back down to earth.

GameStop's insane stock surge, and the rise of "cyberbulling"

__"Tortoise and the Hare" vibes...__ In the race for a Covid-19 vaccine, there are two winners (so far). First came __[Pfizer](https://robinhood.com/stocks/PFE)__ and __[BioNTech](https://robinhood.com/stocks/BNTX)__'s vaccine: the first to gain emergency use authorization in the US — *and* the first [mRNA](https://snacks.robinhood.com/newsletters/5gdq4YMCKXJLFy9oXr6lUV/articles/0CzIbmfTQ6Qo8bhIShm43/) vaccine ever green-lit for human use. Four days later, __[Moderna](https://robinhood.com/stocks/MRNA)__'s mRNA vax crossed the authorization finish line. __[Johnson & Johnson](https://robinhood.com/stocks/JNJ)__ lagged behind, still in trials with its OG vaccine (read: not mRNA). But that could change...

- __News:__ J&J expects to share final vax testing results by *next week*. This 45K-person trial is key to getting authorized (or not). J&J is optimistic.
- __Bigger News:__ J&J plans to deliver 100M doses in the US by the end of June if its vaccine gets the FDA's green light. 

__Slow and steady wins the race?...__ If J&J's vax moves forward, it could have an outsize impact on the overall US rollout — which (so far) has been  [slow](https://snacks.robinhood.com/newsletters/1uipNZa2crLe1sn22U34Dz/articles/1VQPjuYmwD1HcxFXeZsOp9/). Just over [44M](https://covid.cdc.gov/covid-data-tracker/#vaccinations) doses have been distributed, and barely 1% of Americans have been fully vaccinated. Here's why J&J could speed things up: 

- __Single shot:__ Unlike Pfizer and Moderna's vaccines, which require two doses weeks apart, J&J's is just one shot. 100M of J&J's doses could vax 100M Americans — Moderna/Pfizer's can do *half* that. 
- __Less high-maintenance:__ Moderna/Pfizer's vaccines need to be kept at sub-zero temperatures in fancy containers, then thawed before usage (read: logistical headache). J&J's can be stored at fridge temp.

__The prize might not be financial...__ The J&J vaccine could be a game-changer for the world, but it probably won't be one for J&J's wallet (or its stock). Unlike Moderna and Pfizer, which are [selling](https://www.latimes.com/business/story/2021-01-04/pfizer-moderna-covid-vaccine-profits) their vaccines for profit, J&J has pledged to sell the vaccine "at cost" (no profit). Also: J&J is already a massive company that brought in ~$83B in sales and ~$15B in profit last year — a Covid vaccine might not make a huge difference. Meanwhile, it's Moderna's first (and only) product. That could be why Moderna's stock is up ~570% over the past year, while J&J's is up just 15%.

Johnson & Johnson's vaccine could be a game-changer — but not a profit puppy

_We're calling it "cyberbulling"_

🎮  GameStop "cyberbulling" 

__In Da Club(house)...__ you can find more than 50 Cent. Audio-based social network __Clubhouse__ just raised some fresh cash... *at a [reported](https://www.theinformation.com/articles/clubhouse-gets-investment-interest-at-1-billion-valuation) $1B valuation*. That's 10X its valuation in May, when the invite-only app [raised](https://snacks.robinhood.com/newsletters/7Fl0kcKPHzNEVEVwnee0Zp/articles/2nseO6Zlf8jIVZMzITmd6L/) $12M with just 1.5K users — now it has a whopping 2M (less #exclusive). How it works:

- __It's kind of like social podcasting.__ Clubhouse lets you spontaneously tune into topic-themed "rooms," where members openly discuss everything from race, to TikTok marketing, to Kanye West vs. Taylor Swift.
- __It's kind of filled with celebrities.__ But instead of just following a blue checkmark, you listen in on convos "moderated" by celebs. Like rapper 21 Savage, venture capitalist Marc Andreessen, and actress Tiffany Haddish — and if you're really lucky, Oprah. 

__Show me the money...__ Clubhouse doesn't make any (yet). But it might eventually, thanks to its hosts: in addition to [humble-flexing](https://www.joinclubhouse.com/welcoming-more-voices) its fundraise, Clubhouse also revealed plans to help creators get paid. Think: subscriptions, tipping, and ticket sales for exclusive talks. It's also using part of the funding to launch a Creator Grant Program, to support emerging hosts and entertainers. Later down the line, it could choose to take a cut of creators’ $$$ — or charge its own subscription.


_When the Clubhouse tea is hot_

__Exclusivity builds buzz, but quality builds loyalty...__ Cue the Fyre Festival memes. While hype-driven FOMO might drive downloads, people won't stay if the experience falls flat. Investment in creators is key — giving *them* a reason to stay gives everyone else a reason to stay. That's why: Facebook paid TikTok stars to post on Instagram Reels, TikTok created a $200M fund for creators, and now... Clubhouse is rolling out cash incentives for talent. 


 Clubhouse raises cash at a reported $1B valuation —  now it’s locking in audio influencers

__We're gonna need more pens...__ During his first week in office, President Biden has [signed](https://www.cnn.com/2021/01/25/politics/biden-executive-orders-day-six/index.html) a whopping 33 executive orders. The latest: an order that'll force the US government to buy more American-made products. TLDR: the order makes it harder for federal agencies to import goods and services from abroad.

- __$586B:__ How much the federal government [spent](https://www.wsj.com/articles/biden-to-sign-buy-american-order-for-government-procurement-11611568806?mod=business_lead_pos2) on procurement contracts in 2019. Think: tech, construction, healthcare supplies, and weapons.
- __~5%:__ How much of that was spent on *foreign* products (aka: not much). 

__But this is just *one* step...__ toward fulfilling Biden's “Buy American” campaign pledge: a $400B increase in government purchases of American-made goods and services. That includes more American PPE (think: gowns and masks) — which could benefit everyone from __[3M](https://robinhood.com/stocks/MMM)__ to smaller manufacturers like __Shawmut Corp__. But it also includes massive infrastructure investments (think: roads, bridges) — which could benefit __[Caterpillar](https://robinhood.com/stocks/CAT)__ and __[John Deere](https://robinhood.com/stocks/DE)__. 

- __Sound familiar?__ The idea behind Biden’s “Buy American” initiative is similar to former President Trump’s “America First” policy.
- __Trump slapped tariffs__ on $250B of Chinese goods in 2018, making them pricier to import. The "protectionist" goal: protect US businesses by nudging companies to... *buy American*.


__Expect “American-Made” to be a priority...__ for the next four years. Biden [said](https://www.cnbc.com/2020/12/02/biden-tells-nyt-columnist-he-wont-immediately-remove-trumps-tariffs-on-china.html) he's in no rush to remove Trump's China tariffs. Treasury Secretary Janet Yellen promised to take on China's "abusive, unfair, and illegal practice" of undercutting US companies. While China's economy grew last year (partly thanks to exports), the US economy is shrinking — and ~10M+ Americans are still unemployed. That could spark more support in DC for "Buy American" proposals.


Biden signs on "Buy American" — what it could mean for companies & the economy

__I'm latching on to you...__ If Disclosure's 2012 [hit](https://www.youtube.com/watch?v=93ASUImTedo) made you feel some type of way, this 2021 SPAC will unlock all the feels. __Latch__ will be the first pure-play "lock stock" — it literally makes smart-locks for your door. 

- __Hardware:__ Latch's "access devices" are basically techy door handles that can be placed on any door, from your apartment to a hotel gym.
- __Software:__ Through Latch's app, you can unlock connected doors with your smartphone, Apple Watch, or by typing a door code (lame). 

__SPACial relationship...__ Special Purpose Acquisition Companies (aka: SPACs) go public for the sole purpose of one day acquiring a real company and taking it public via marriage. In this case, a SPAC called __[TS Innovation Acquisitions](https://robinhood.com/stocks/TSIA)__ (they always have ugh-worthy names) is snatching __Latch__. 

- __Latch gets__ to go public without a traditional (lengthier) IPO. Aaaand: it's [snagging](https://www.wsj.com/articles/smart-lock-maker-latch-to-use-tishman-speyer-spac-to-go-public-11611568803) $450M in cash at a $1.5B valuation. 
- __TS Innovation gets__  a promising tech company. While Latch is unprofitable, it forecasts sales will nearly 3X this year and hit $877M in 2025.

__The mobile-everything economy is here...__ From paying for coffee, to managing finances, to boarding planes, our phones are our passports for the modern world. The coronaconomy has made us even *more* comfortable with tapping for nearly everything — Latch wants that to include keys. So far, Latch’s products are in less than 1% of the 47M rental units in the US. But it couldn't have chosen a friendlier time to sell its contactless tech to hotels, gyms, and real-estate companies.

Mobile lock company Latch is going public at a $1.5B valuation (tapping is key)

🎧   No crying in the Clubhouse

__One year later...__ A major vaccine rollout effort is underway to curb a virus which has killed 2M people globally and ~420K Americans so far. How it started: Since the US rollout began on December 14th, ~41M doses of __[Pfizer](https://robinhood.com/stocks/PFE)__ and __[Moderna](https://robinhood.com/stocks/MRNA)__'s Covid-19 vaccines have been distributed. How it's going: just over 3M people have received the full two doses (less than 1% of Americans). Why so anticlimactic? 

- __Most of the rollout was left up to the states,__ which don't have enough health care staff and infrastructure to support the target pace.
- __President Biden is aiming for 100M vaccinations__ in his first 100 days as prez. But Congress would need to approve his $1.9T [proposal](https://snacks.robinhood.com/newsletters/44rp3bUdom0Q5pREmL0SR1/articles/49RzO2EFs5wK6FlcAGzWGy/), which includes $20B to build federal vax sites, hire healthcare workers, and launch an education campaign.
- __Some small countries with centralized healthcare__ are moving faster. Israel has vaccinated 42 people out of every 100, while the United Arab Emirates has vaccinated 25/100. Meanwhile, the US’s rate is 6/100 people, and China’s is barely 1/100 people. 

__Prime Vax this thing...__ Early in the pandemic, Trump invoked the Defense Production Act to get companies like 3M to make masks and GM to make ventilators. Now, American companies are stepping up on their own to scale vax distribution:

- __[Walmart](https://robinhood.com/stocks/WMT)__ plans to offer the vaccine at 5K US locations, starting in seven states this week. It hopes to deliver 10M to 13M doses a month. 150M people already pass through its doors weekly.
- __[Amazon](https://robinhood.com/stocks/AMZN)__ wrote a letter to Biden offering its logistical expertise. It also signed an agreement with a healthcare provider to administer vaccines at its US warehouses, and partnered with a Seattle hospital to offer vaccinations at its HQ yesterday.
- __[Starbucks](https://robinhood.com/stocks/SBUX), [Costco](https://robinhood.com/stocks/COST), and [Microsoft](https://robinhood.com/stocks/MSFT)__ are partnering with the state of Washington to deliver vaccines to hospitals and vax sites.

__*What's in it for them?*...__ Priority vaccination for employees, and goodwill with customers + the government. Amazon, Walmart, and Starbs have aggressively lobbied to gain early vaccine access for workers. Amazon and Walmart combined have *3M+* employees — vaccinating them reduces risk to their operations.


Prime Vax?

Distro

__The US government isn’t built for efficiency at scale...__ but big US companies *are*. They have the tech, work force, and distribution networks to deliver things quickly countrywide. They've reached "efficient scale" thanks to tough competition (cough, Walmart vs. Amazon), which pushes them to provide quality and convenience at competitive prices. And the pandemic only expanded their capabilities. They have huge reach, but also have streamlined leadership — making them the perfect candidates to speed up vaccine rollout long-term.


Vaccine rollout: why the government needs Amazon and Walmart

__If it has a royal title...__ *it's probably a hit*. __[Netflix](https://robinhood.com/stocks/NFLX)__ shares surged to a record high last week on some #streamy numbers. The Flix now has 200M+ paid subscribers (double from 2017). 100M+ households have watched *The Crown* to date, and 62M watched *The Queen's Gambit* in its first 28 days. Investors also got excited about positive [cash flow](https://snacks.robinhood.com/newsletters/6A4i5DEOmrdBlnl7pPSa1b/articles/3I3iCjDTF4yofNLN1txTnT/): Netflix had more money coming in than going out last year, and expects to be sustainably cash flow positive after 2021. It says it doesn't need to borrow or raise money anymore (read: strong, independent streamer).

__Splurging on organic Tide pods...__ It's the little things. __[Procter & Gamble](https://robinhood.com/stocks/pg)__ is the company behind Tide, Crest, Gillette, and pretty much anything that lives near a sink. P&G's sales jumped 8% last quarter — impressive for a 183-year-old consumer goods giant. It also took home a squeaky clean $3.9B profit. Those numbers were partly fueled by demand for fancier household products. Think: premium dish soap, $100 electric toothbrushes, and paper towels (4-ply).


Who's up...

__Like a soggy Biscoff cookie...__ __[United](https://robinhood.com/stocks/UAL)__ shares descended 4% for the week, after the airline revealed it [lost](https://www.cnbc.com/2021/01/21/united-airlines-ceo-says-too-early-to-predict-when-the-carrier-will-break-even.html) $1.9B last quarter. United's sales plunged nearly 70% from a year earlier —  and CEO Scott Kirby wasn't upbeat about a recovery anytime soon: Kirby said a “critical mass” of people need to be vaccinated before passengers return, and declined to estimate when the airline would stop losing money. Meanwhile, __[Delta](https://robinhood.com/stocks/DAL)__ is seeing the champagne glass half full: it lost $755M last quarter, but expects to be profitable this summer.

__What's up, doc?...__ Bad week all around for companies called United. __[UnitedHealth](https://robinhood.com/stocks/UNH)__'s profit dropped to ~$400M last quarter, down from $2B+ in the same period a year earlier. Back in July, United [posted](https://snacks.robinhood.com/newsletters/695acOxqA9l0V9Q9Xp38oj/articles/6TuKPDyMpL7gPV2Z8tHuP7/) its most profitable quarter *ever*, courtesy of your canceled doc visit: the insurance giant collected premiums while reducing payouts, as you postponed physical therapy. All those pent-up visits turned into "revenge visits" this fall, so United had a bigger bill.

...and who's down

🏥  Walmart, Amazon, and the vaccine rollout 

__Not the Go-Gurt type...__ When a Kurdish businessman from Turkey took over a shuttered __Kraft__ yogurt plant in New York, Chobani was just a cool sound. 15 years later, it's the most famous Greek yogurt brand in America — with an [estimated](https://www.forbes.com/sites/denizcam/2019/11/18/chobani-yogurt-founder-ulukaya-announces-companys-move-into-oat-milk/?sh=3903558d5334) $1.5B+ in yearly sales. 

- __But yogurt peaked circa 2015,__ so Chobani got on the oat train, launching oat milks and creamers in late 2019. The logical next step...
- __Chobani's launching coffee.__ The new line of ready-to-drink (RTD) coffees: sweet cream cold brew, cold brew with vanilla creamer, and oat milk cold brew (theme: cold brew).

__Not the Star Wars robot...__ That's R2-D2. RTD coffee is one of the fastest growing segments of the non-alcoholic bev industry: sales surged 17% from October 2019 to October 2020. Basically, the hard seltzer of the caffeine world. You're not doing your typical morning Starbs run. Instead, you have a Starbucks RTD can in the fridge for your 8 am Zoom call — or if you're fancy, a Trader Joe's La Colombe. Chobani will face big competition with Starbucks and Stok, which own over 70% of the $4.6B RTD coffee market, combined. 


__It's "Branded House" vs. "House of Brands"...__ We’ve seen Big Food companies expand from their core product to entirely new brands — *by acquiring or creating sub-brands*. __[Kellogg](https://robinhood.com/stocks/K)__ started with corn flakes, but now owns brands from Cheez-Its, to Pringles — *but you still associate it with cereal*. __[Kraft](https://robinhood.com/stocks/KHC)__ is known for mac-n-cheese, but owns Planters peanuts, Jell-O, Capri Sun, and every other brand in your 3rd grade lunch (shoutout Lunchables). Chobani represents the opposite: a single branded house that’s putting its own powerful brand front-and-center to develop new product lines.

Chobani gets ready-to-drink coffee: the hottest, coldest beverage trend

__As sexy as frozen broccoli...__  __[Travelers](https://robinhood.com/stocks/TRV)__ is one of America's largest sellers of insurance to businesses and car owners — it offers everything from condo, to home, and renters' insurance (contain your excitement). While insurance may not get your heart racing, Traveler's latest quarterly earnings juuust might:

- __Profit soared 50% last quarter__ to $1.3B, up from $873M a year earlier.
- __But total *sales* were up just 4%__ for the quarter. What's with the massive profit jump?

__Do less...__ Already did. We did way less driving, traveling, and general moving-around-ing in 2020. Travelers’ car and home insurance profits [soared](https://www.wsj.com/articles/travelerss-net-written-premiums-rise-under-3-in-fourth-quarter-11611230451#:~:text=Travelers%20TRV%202.93%25%20Cos.%20net,driving%2C%20resulting%20in%20fewer%20wrecks.) 40% from October to December last year while the third wave of US Covid cases hit. The forever-at-home life had us driving way less, which meant fewer accidents for Travelers to cover. 

- __Travelers was still collecting premiums__ while we were WFH'ing (but it spent significantly less on coverage). 
- __That means more profit__ — especially since Travelers didn't issue any refunds for the lower mileage, like some other insurers did.


Sure

__Some companies are earnings benchmarks...__ With insurance earnings season kicking off, analysts watched Travelers to gauge how *other* car insurers might've performed. "Less mileage, more profit" could be true for others, too. Meanwhile, health care earnings might be less rosy, based on __[UnitedHealth](https://robinhood.com/stocks/UNH)__'s latest report: after [posting](https://snacks.robinhood.com/newsletters/695acOxqA9l0V9Q9Xp38oj/articles/6TuKPDyMpL7gPV2Z8tHuP7/) its most profitable quarter ever in July, United saw quarterly earnings plunge as you *finally* returned to the doc's office. All those postponed "revenge" visits = more bills for UnitedHealth.

Less driving and "revenge visits" leads to A Tale of Two Insurance Profits

_XOXO, Chobani_

🥛 Chobani's "Branded House"

__Can you please forgive me?...__ *Not a text from your ex*. During his campaign, President Biden (whoa) [suggested](https://www.forbes.com/sites/adamminsky/2020/12/23/biden-says-he-is-unlikely-to-cancel-50000-in-student-loan-debt-by-executive-order/?sh=5b611b5515b6) he would support $10K of broad student loan forgiveness. Wild stat: about [~42M](https://www.brookings.edu/policy2020/votervital/who-owes-all-that-student-debt-and-whod-benefit-if-it-were-forgiven/) Americans (1 in 8) hold $1.5T worth of student loans combined. Also: Black and Hispanic borrowers are much [more](https://www.federalreserve.gov/publications/2019-economic-well-being-of-us-households-in-2018-student-loans-and-other-education-debt.htm) likely than white borrowers to be behind on their loan repayment, exacerbating the racial wealth gap. In his campaign [plan](https://joebiden.com/beyondhs/), Biden proposed a few ways to ease the big debt burden:

- __Offer $10K of federal student debt relief__ for every year of national or community service someone performs (for up to five years). Think: public school teachers, police officers, and Peace Corps.
- __Give a free pass__ to people making $25K or less per year (no loan or interest payments required). Also: make public college tuition-free for families making under $125K.
- __Forgive federal loans after 20 years__ for everyone else who has responsibly made payments, and significantly reduce the overall payment.

__But will it happen?...__ Biden has already [said](https://www.forbes.com/sites/adamminsky/2020/12/23/biden-says-he-is-unlikely-to-cancel-50000-in-student-loan-debt-by-executive-order/?sh=5b611b5515b6) he's "unlikely" to forgive $50K of student loan debt, which progressive Democrats (like Sen. Elizabeth Warren) are pressuring him to do. $50K sounds fantastic, but nearly [70%](https://www.brookings.edu/blog/up-front/2019/04/24/how-progressive-is-senator-elizabeth-warrens-loan-forgiveness-proposal/) of Warren's proposed benefit would go to the top 40% of households (higher earners  hold most of the student debt). As for Biden's $10K eraser and the other relief, there are three reasons it doesn't seem likely to happen in the near future:

__1.__ __Biden isn't doing this via executive order:__ Instead, his admin [signaled](https://www.cbsnews.com/news/biden-executive-orders-watch-live-stream-today-2021-01-20/) they'll go through Congress, which will be a lengthier, more complex process.

__2.__ __It's not in the stimulus proposal:__ Biden's massive $1.9T [proposal](https://snacks.robinhood.com/newsletters/44rp3bUdom0Q5pREmL0SR1/articles/49RzO2EFs5wK6FlcAGzWGy/) covers a lot — but not student debt.

__3. Biden *just* extended student loan payment deferrals:__  Last year, Congress suspended payments and waived interest from March to September. *Then*, Trump extended that to January 2021. *Now*, Biden has extended deferrals to October 2021. But some see it as an either/or situation.


Forgive

__Biden chose the least costly option...__ to achieve the same effect (for now). The eight-month deferral of student loan payments stimulates the pandemic economy similarly to how lowering/canceling payments would: in both cases, you're not required to pay during the pandemic — which (in theory) means you have more $$ in a tough economy. Meanwhile, this deferral scenario doesn't bloat the (already huge) national debt. If Biden *does* go for loan forgiveness, he'll likely target households that need it most.


Biden's big student loan forgiveness plan: will it happen?

__Tiger King's Gambit...__ __[Netflix](https://robinhood.com/stocks/NFLX)__ stock [soared](https://www.cnbc.com/2021/01/20/netflix-stock-soars-13percent-on-subscriber-growth-and-possible-buybacks.html) 17% yesterday, its biggest one-day gain in four years — oh, and it also hit an all-time high. Netflix's latest quarterly earnings made investors hot and streamy. Some numbers:

- __200M+:__ Netflix's paid subscriber count, double from 2017.
- __100M__ households have watched *The Crown* to date, and 62M watched *The Queen's Gambit* in its first 28 days (Netflix *thrives* on shows with royal titles).

__Rolling with the (cash) flow...__ Netflix's quarterly sales growth has been slowing — and its quarterly profit actually *fell* compared to a year earlier. But analysts got all giddy over one thing: [cash flow](https://learn.robinhood.com/articles/1QCiYedr0qDRD2EoXHJuI5/what-is-cash-flow/). The Flix said it expects to become sustainably cash flow positive after 2021.

- __Cash flow positive__ = having more money coming in than going out over a given time period. If you made $3K from your job this month, but spent $2K, you're cash flow positive (#ey).
- Netflix has been paying for its operations (like the outfits in *Bridgerton*) by borrowing and raising money. Now it has enough cash on hand — $8.2B — that it doesn't need to raise more. 
- __BTW:__ Netflix is profitable, but it's possible for a company to be cash flow positive and *not* profitable. Big loans can inflate cash flows but don't directly boost profit.

_Netflix's royal cash flow_

Flix

__It's all about sharing the wealth...__ *with shareholders*. Companies that are cash flow positive are generally more likely to return cash to investors, either through dividends or through stock buybacks. As it approaches “being sustainably cash flow positive," Netflix said it'll explore more stock buybacks — which boost the price of shares by reducing their availability. *But investors are also patient*: it took Netflix 23 years to get to this point.

Netflix shares jump the most in four years — investors are feeling (cash flow) positive

🎓  Student loan forgiveness...?

__Get DJ D-Sol in here...__ __[Goldman Sachs](https://robinhood.com/stocks/GS)__ is celebrating shockingly good earnings — good thing its CEO David Solomon (aka: DJ D-Sol) is [tight](https://www.cnn.com/2020/07/28/business/hamptons-concert-goldman-sachs-ceo-chainsmokers/index.html) with The Chainsmokers. 

- __Profit more than doubled__ last quarter compared to the same quarter a year earlier, clocking in at $4.5B — and a whopping $9.5B for the full 2020 year. 
- __And it's not thanks to your savings account...__ Investment banking revenues jumped 27% last quarter, while Equities revenues soared 40%.

__On a scale of Main Street to Wall Street...__ Goldman is basically the show *Billions* (aka: Wall Street Extreme) — at least compared to retail-friendly banking peers like __Citi__, __BoA__, and even __JPMorgan Chase__. Apart from its Marcus savings account, Goldman doesn't really cater to us regular folks. Here are some of its big profit puppies:

- __Investment Banking:__ Helping companies like __Airbnb__ and __DoorDash__ sell new shares in an IPO, making mergers/acquisitions happen, underwriting debt, and loans. 
- __Asset Management:__ Managing stock portfolios for pension plans, sovereign wealth funds, insurance companies, universities, and the mega-rich.
- __Equities Trading:__ Making big transactions happen by buying/selling large positions in stocks. Goldman makes money from the bid/ask [spread](https://learn.robinhood.com/articles/6ttKzSPbxOq6P32lBN7IF0/what-is-an-ask/#Stock_Market_Spreads).

_When DJ D-Sol drops the beat_

Double

__But investors don't really care about the past...__ They're obsessed with the future. Despite those expectation-crushing earnings, Goldman shares actually *fell* yesterday. Also yesterday: Biden [picked](https://www.cnn.com/2021/01/18/economy/biden-wall-street-gensler-sec-elizabeth-warren/index.html) Gary Gensler to lead the SEC. He's an ex-Goldman banker turned hardcore Wall Street regulator (known as one of the toughest under Obama). Gensler + a Dem-controlled Congress could mean more red tape to reign in Big Banks' power — and possibly Goldman's future profits. 

Goldman doubles its profit and crushes earnings — but investors aren't celebrating

__One small step for man...__ *one giant leap for plant-based meat?* __Impossible Foods__ is the privately held rival of publicly traded __[Beyond Meat](https://robinhood.com/stocks/BYND)__. Last summer, Impossible raised $200M, got its sausage in Starbucks, and graced 7.5K Burger Kings with its planty Croissan'wich. This latest headline is different — but maybe even more significant:

- __Former UN climate head Christiana Figueres__ will be joining Impossible's board of directors, [according](https://www.axios.com/former-unfccc-executive-director-christiana-figueres-impossible-foods-f288fa9a-77e8-4802-b52a-18c0aa29f9ae.html) to Axios.
-  __As a creator of the Paris climate agreement__, Figueres sees the food industry as "one of the main levers of change" on global warming. That's perfect, since...
- Impossible [calls](https://www.impossiblefoods.com/impact-report-2020) itself an "audacious yet realistic strategy to turn back the clock on climate change and stop the global collapse of biodiversity" (*whoa*).

__pea.protein21 wants to join the convo...__ When we think of companies solving environmental issues, we generally think of EV makers and solar companies — not soy patties. But alt-meat has *three* narratives which people buy into: eating animals  is morally bad, eating animals is "unhealthy," and/or eating animals (especially cows) is *unsustainable*.

- __Impossible + Beyond's burgers__ generate ~90% less greenhouse gas emissions and require dramatically less water & land to grow than beef.
- __Sustainable energy takes the environmental spotlight,__ but Figueres' move could help highlight the impact of food and agriculture, too.


Sustain

__It's a perfect time to grow the conversation...__ Biden has pledged $2T to creating a "clean energy future," which includes subsidies/incentives for green tech. Figueres' experience could help loop plant-based meat into the convo with lawmakers, companies, and consumers. It seems far-fetched, but if public schools and corporate cafeterias got incentivized to buy plant-based, companies like Impossible could take on even fresher relevance. After all, one in four Americans are already [cutting](https://news.gallup.com/poll/282779/nearly-one-four-cut-back-eating-meat.aspx) back on meat-eating.


✈️ Airline shorts

💵 The money pipes

🗺 Uncharted territory

🍿 The big "cyberbull" surge: unpacked

🎮 GameStop "cyberbulling"

🎧 No crying in the Clubhouse

🏥 Walmart, Amazon, and the vaccine rollout

🥛 Chobani's "Branded House"

🎓 Student loan forgiveness...?

🍔 One small step for man...