__That escalated quickly…__ The __TikTok__-ban saga, which just a few months ago seemed to have been forgotten in a dusty corner, has intensified big-time. Earlier this month, President Biden supported [a bill](https://snacks.robinhood.com/newsletters/6wxiLf0iRxZlUulU1qvIH6/articles/4Vm354Syx1blY16GEISm4a/) that would give him the power to ban (or force a sale of) TikTok in the US. POTUS urged Congress to pass the bill because of national-security concerns. This week: 

- __Biden time:__ TikTok said that the Biden admin threatened to ban it in the US unless the popular app [separates](https://thehill.com/policy/technology/3902609-biden-administration-threatens-to-ban-tiktok-if-chinese-parent-company-doesnt-sell-stakes/) itself from its Chinese parent, __ByteDance__.

- __For You rage:__ Biden demanded that ByteDance agree to spin off TikTok. While ByteDance owns other apps — including Douyin, the Chinese (censored) version of TikTok — losing TikTok and its 100M American users would be a massive blow.

- __Endless scroll:__ Americans spend, on average, nearly an hour a day on TikTok — more than on either Facebook or Instagram. 

__Interesting timing…__ It may not be a coincidence that Biden threatened a Tik ban within a day of the Chinese government announcing an [overhaul](https://www.wsj.com/articles/chinas-communist-party-overhaul-deepens-control-over-finance-technology-6acdd43c) to strengthen its control over its tech sector. China’s Communist Party set up a new bureau to [mine data](https://www.technologyreview.com/2023/03/15/1069814/china-new-bureau-data-economiy/) for economic growth, and established a central technology commission to boost the party’s oversight of the sector. Chinese President Xi Jinping also [encouraged](https://www.cnn.com/2023/03/07/economy/china-two-sessions-xi-jinping-speech-us-challenges-intl-hnk/index.html) the country’s private companies to “fight” alongside the Communist Party. The US is worried TikTok could share American data with China.

The clock’s ticking (Olivier Douliery/Getty Images)

__Bad news for one is great news for some…__ __[Meta](https://robinhood.com/stocks/META/)__, __[Snap](https://robinhood.com/stocks/SNAP/)__, and __[Google](https://robinhood.com/stocks/GOOGL/)__ stock surged after reports of an increasingly likely TikTok ban. The disappearance of TikTok in the US would be a dream come true for Instagram, Snap, and YouTube. Despite their efforts to replicate TikTok’s success (think: Instagram Reels, Snap Spotlight, YouTube Shorts), they’re still losing engagement (and advertiser $$) to Gen Z mega favorite TikTok.

Biden threatens to ban TikTok unless it separates from its Chinese parent (and US social stocks pop)

__A glass from the past…__ returns to the dustbin of history. __Google__ said it would stop selling its [Glass Enterprise](https://snacks.robinhood.com/newsletters/2ta13i6miTQPNcfww0jH8g/articles/5LQAdAg1EQ5RERapBHMKUe/) smart glasses. The $1K camera-equipped lab-goggle-looking wearables were marketed for industrial use (picture: warehouse workers scanning crates with their faces) and were an evolution of 2013's much-hyped Google Glass. Google stopped selling the first (consumer-focused) version of Glass two years after its debut after it elicited immediate pushback — both on privacy *and* style grounds. 

- __Google pass:__ Glass was called antisocial and "too dorky to succeed" by the tech-forward Wired magazine.

- __Ogle glass:__ Concerns that Glass would be used surreptitiously to record patrons led several bars to ban the devices. 

__Face computers lose face…__ Google isn't the only biz to struggle with making smart glasses shine. In 2016 __Snap__ released $130 video-recording Spectacles, but apparently overestimated demand to the tune of $40M in losses. In 2021, __Meta__ [launched](https://snacks.robinhood.com/newsletters/IoFpxzaCMWYIRwnWz8IHa/articles/6aRpVMxqEwEvfe2Crkv3qp/) its $300 Ray-Ban Stories for video recording and sharing, but despite the fashion-forward frame, they seem to have failed to catch on. __[Apple](https://robinhood.com/stocks/AAPL/)__, one biz that could allay style and privacy objections, keeps delaying its rumored Apple Glasses. Meanwhile, VR headset sales fell last year, and Meta slashed the price of its Quest Pro just months after launch.

Look

__The higher the bar, the higher the value prop…__ and smart glasses have a high barrier to adoption without a high value prop. Getting a pricey tech product on a customer's face — vs. tucked inside a pocket — is a big ask. Unless wearable makers can demonstrate a compelling practical benefit, smart glasses might forever stay in their cases.

Google stops selling its smart glasses as face wearables struggle to gain traction 

📸 __Flashy…__ US and European law enforcement [shuttered](https://www.wsj.com/articles/chipmixer-is-shut-down-for-allegedly-laundering-3-billion-in-crypto-325a55ee) __ChipMixer__, a “crypto mixer” that lets people commingle funds to boost anonymity. Authorities said it was used by criminals, including North Korean hackers, to launder $3B+ in crypto. 

🤖 __Techy…__ The Fed said its instant-payments service, FedNow, will [go live](https://finance.yahoo.com/news/federal-reserve-to-launch-instant-payment-service-fednow-in-july-210022218.html) in July. The system could overhaul how Americans move money each day. Think: not having to wait for checks to clear could cut demand for payday loans. 

🪙 __Coins…__ __[Fidelity](https://robinhood.com/stocks/FNF/)__ quietly [opened](https://www.theblock.co/post/220298/fidelity-crypto-quietly-went-live-giving-millions-of-retail-customers-access-to-bitcoin-ether) its crypto service up to millions of retail customers, with __[bitcoin](https://robinhood.com/crypto/BTC/)__ and __[ether](https://robinhood.com/crypto/ETH/)__ available to trade. The timing suggests Fidelity isn’t dissuaded by crypto winter and increased regulatory scrutiny.

UNMIX

The Crypto Catch-Up…

Biden threatens to ban TikTok unless it separates from its Chinese parent

Dow Jones

S&P 500

Nasdaq

Bitcoin

Lucille Ball was the first woman to own and run a major TV production company

🚫 Biden’s Tik-ban plan

__Blinked and missed it…__ This week __[Meta](https://robinhood.com/stocks/META/)__ quietly announced an end to its nonfungible-token platform (#sadtrombone). The [exit](https://www.barrons.com/articles/meta-nft-crypto-bitcoin-non-fungible-tokens-facebook-instagram-zuckerberg-7a4b56c5) followed grand ambitions: Meta launched NFTs on Facebook and Instagram last year in 100 countries, targeting adoption among its billions of users. It reportedly considered monetizing NFTs and said creators could mint tokens on __polygon__ and sell them to fans. Now Meta's looking to lean down as it focuses on “efficiency”:

- __Pink-slipped:__ On Tuesday, CEO Zuck said he planned to lay off 10K more employees after slashing 11K in November. 
- __Meta-hearse:__ Meta's Reality Labs division, which houses its metaverse projects, lost nearly $14B last year and is expected to lose *$16B* this year. 

__Nonfungible growin’…__ Meta may be ditching NFTs, but they're having a low-key moment. Though NFT trading volume has plunged from early 2022 highs, it jumped nearly 40% to $946M from December to January and hit $2B last month. Brands have found an NFT audience by tying tokens to pop-culture faves (like: HBO's "Game of Thrones" [collectables](https://snacks.robinhood.com/newsletters/6v5OnIrayfa5vXLtAWhJy1/articles/6YW2jKhtl22U6VpDi9vBi3/) and __[Starbucks](https://robinhood.com/stocks/SBUX/)’__ "journey stamps"). __[Amazon](https://robinhood.com/stocks/AMZN/)__ reportedly plans to launch a fashion-focused NFT marketplace next month. Meanwhile, [ordinals](https://snacks.robinhood.com/newsletters/hVxJ5P0UXNj7GiarHRYHR/articles/6h6QfaEiiWIYYTVHHiqAf/) birthed a new NFT market on the bitcoin blockchain. 

Unfortunate timing (Drew Angerer/Getty Images)

NFTrend

__Timing is everything…__ Meta announced its NFT push right as the algo stablecoin TerraUSD collapsed — kicking off crypto winter — and is now walking away as NFTs could be regaining relevance. It's not the first time Meta's missed the trend boat: its metaverse transformation kicked off as spenders shifted to prioritizing IRL [experiences](https://snacks.robinhood.com/newsletters/7Eii6CUWY0BFV8UUv3TpJD/articles/6HBcxIs3mE0INLHalLT7zn/), while recession fears made big bets like the metaverse even riskier investments. Recently, Meta announced its ChatGPT rival. Brands that miss trend timelines risk becoming leading indicators of trend death.

Meta ends its NFT push, in the latest example of bad trend timing (metaverse included)

__Blooming estates…__ __[Lennar](https://robinhood.com/stocks/LEN/)__, the US’s second-largest homebuilder, posted expectation-beating quarterly growth this week, even as debt-fatigued Americans cool on home buying. Lennar’s revenue and profit both grew, while home deliveries rose 9%. Lennar’s CEO said the beat was partly thanks to buyers accepting higher mortgage rates as “the new normal.” Still…

- __Small nails:__ Lennar’s new-home orders dipped 10% from last year, and the average price of its new-home sales dropped to $452K from $495K.
- __Big hammer:__ Mortgage rates fell this week after the bank collapses, but are still 2X higher than in 2020. And in February, US home sales fell for the 12th straight month.
- __Hard wall:__ Still, lofty house prices have stuck as supply remains low. Case in point: housing costs drove *70*%+ of consumer inflation last month.

__3BDRs + patio…__ break out the bidding paddles. Mid-pandemic, houses were built at the fastest pace in a decade as more Americans took advantage of low interest rates and fled to the ’burbs. But rates have surged, making homeownership unaffordable for even high earners. Meanwhile, current homeowners locked into lower rates are staying put and listing less, exacerbating the supply problem. 

Bloom

__The housing bud may start blooming…__ Homebuilder confidence rose for the third straight month in March as rates started to cool. That could set up the housing market for a warm spring (the season when most US home sales happen). Next week is crucial: if the Fed cools or pauses rate hikes, it could be a green light for more buyers to hit the market. 

Lennar’s sturdy earnings are a window into the housing market ahead of a key spring season

Meta ends its ambitious NFT push, in the latest example of bad trend timing

Campbell Soup’s Goldfish crackers are on track for $1B in annual sales

⌛ Meta's mistimed NFTs

__J. Powell may need an energy drink…__ or some chamomile. It’s only Wednesday, but it already feels like *next* Wednesday. A lot’s happened in the past week that could influence the Fed’s rate-hike decision on March 22. Three banks [collapsed](https://snacks.robinhood.com/newsletters/5AtBujCpd8XgLHLBe7atvu/articles/7zPyo6DswDCVfx1kuMG7Ja/) (including the second-biggest bank failure in US history) and the February inflation report came out yesterday. 

- __Top line:__ The pace of inflation cooled for the eighth straight month (good), but it’s not slowing as fast as the Fed would like (not so good).

- __No surprises:__ US consumer prices were up 0.4% for the month and 6% for the year, as expected. Energy dropped, but housing costs soared.

- __Reaction:__ Stocks popped after the release, and traders priced in an 85% chance that the Fed will hike rates by 25 basis points (down from 50 last week).

__Seeing the vault half full…__ __[Silvergate](https://robinhood.com/stocks/SI/)__, __Silicon Valley Bank__, and __[Signature Bank](https://robinhood.com/stocks/SBNY/)__ all collapsed this month. US regulators swooped in with extraordinary measures to guarantee that depositors at SVB and Signature would have access to their funds. Three bank failures in one week may not seem amazing from an economic perspective, but some investors [think](https://markets.businessinsider.com/news/stocks/why-silicon-valley-bank-collapse-good-for-stock-market-rates-2023-3) it could actually be *bullish* for markets. 

- __Bull case:__ Some now expect that bank failures will pressure the Fed to cool on rate hikes. Some Wall Street firms are even predicting that Powell will *pause* hikes (#Pow-se). __[Goldman Sachs](https://robinhood.com/stocks/GS/)__ said it no longer expects any hike on March 22 “in light of recent stress in the banking system.”

Considering a Pow-se? (Liu Jie/Getty Images)

Hike

__Panic could force the Fed’s hand…__ to cool its hiking crusade. The Biden admin and US regulators seem willing to do just about anything to prevent a banking crisis. And while the Fed wants to temper sticky inflation and the hot labor market, it *really* wants to avoid a crisis. The aggressive interest-rate environment contributed to bank failures and has been one of the main causes of the stock market’s woes.

Bank failures and slowing inflation could lead the Fed to cool (or even pause) rate hikes

__The Prop 22 saga…__ could be reaching its finale. On Monday, a California court [ruled](https://www.cnbc.com/2023/03/13/uber-lyft-shares-rise-after-california-court-upholds-prop-22.html) that gig companies *can* continue to treat their drivers as independent contractors instead of employees under Prop 22. Refresher: in 2021, a CA judge ruled that Prop 22 was unconstitutional and unenforceable, even after CA voters [passed](https://snacks.robinhood.com/newsletters/16eEsik1Fk53zullntgMTm/articles/1p7Zbl78TlS0t7oJltTCT0/) the bill. This new decision reverses that.

- __[Uber](https://robinhood.com/stocks/UBER/)__, __[Lyft](https://robinhood.com/stocks/LYFT/)__, and __[DoorDash](https://robinhood.com/stocks/DASH/)__ shares jumped on the gig-friendly news yesterday, despite the court’s additional ruling that gig companies can’t prevent drivers from joining unions and bargaining for better conditions.

__Uber by day…__ __DoorDash__ by moonlight. Workers are increasingly joining the gig economy to earn extra $$. Estimates [vary](https://www.bloomberg.com/news/articles/2023-03-06/millions-more-us-workers-possibly-self-employed-than-thought), but at least a tenth of the US workforce is made up of gig workers, and analysts predict hundreds of thousands more will join as inflation continues. Meanwhile, Europe [expects](https://www.reuters.com/markets/europe/eu-lawmakers-agree-tougher-draft-gig-labour-rules-2022-12-12/) its 28M gig workers to nearly double by 2025.

- __The gig model__ lets people work flexible hours and drive for several companies, but doesn’t offer full-time benefits (think: healthcare and PTO).

- __As the most populous US state__, CA is a critical market for gig companies, and its latest ruling could influence gig law across the country and abroad.

Surge

__The big gig debate isn’t over…__ Critics still don’t think Prop 22 provides critical labor protections (like: minimum wage, overtime, and health insurance). Now, many expect that the Service Employees International Union will appeal the ruling to the California Supreme Court. Meanwhile, EU lawmakers are drafting strict new gig-labor laws, which could go into effect next year.

Uber and Lyft spike on California’s Prop 22 win, but the big gig debate isn’t over yet

🤝 *Like a banking superapp… without the bank*

Decentralized finance, aka __DeFi__, describes peer-to-peer financial services done on the blockchain through smart contracts. Think: borrowing or lending crypto, earning interest, or trading digital assets like NFTs, all without the involvement of a third party like a bank or crypto exchange. This week, the __Euler Finance__ [DeFi protocol](https://www.bloomberg.com/news/articles/2023-03-13/defi-s-euler-finance-hit-by-197-million-hack-experts-say) lost $197M worth of crypto in a flash loan attack.

DEFI(NE)

Heard on the Block: "DeFi"

For the first time since 1987, more vinyl records were sold last year in the US than CDs

🤔 The Fed post-SVB

__From ski resort to last resort…__ Earlier this month __Silicon Valley Bank__ hosted a “snow summit” for tech CFOs at the Deer Valley ski resort in Utah. Last week, SVB tried to borrow from the Fed — a lender of last resort — to avoid collapsing (spoiler: it still collapsed). Here’s a high-level recap of the second-largest bank failure in US history: 

- __Who:__ Silicon Valley Bank was the go-to for tech startups, servicing about half of America’s venture-backed tech companies. 
- __Rise:__ SVB was flooded with deposits in 2021 as startups easily raised venture cash in an extra-low-interest-rate environment, parking their funds at SVB. 
- __Problem:__ Banks largely make $$ by making loans, but SVB’s clients were already flush with cash. Plus, interest rates on loans (especially short term) were super low. 
- __“Solution”:__ To earn a slightly higher interest rate on its loans, SVB invested most of its deposits into US Treasury bonds with long durations (think: 10+ years). 
- __Risk:__ If interest rates soared, the value of SVB’s bond portfolio would plunge (because its old bonds would be paying out at lower interest rates). 
- __Result:__ Interest rates did in fact soar. The market value of SVB’s bonds plummeted by $15B (and its savvy customers paid attention). 
- __Re-tweet:__ SVB’s close-knit clients chatted and pulled their cash out at the same time (on Thursday alone, they tried to withdraw $42B — a quarter of SVB’s total deposits).
- __Reckoning:__ SVB ultimately couldn’t meet withdrawal requests, the FDIC took control and declared it insolvent, and panic ensued (__[Signature Bank](https://robinhood.com/stocks/SBNY/)__ also failed). 

__Pulling out all the (back)stops…__ To avoid more bank runs, regulators announced an emergency backstop to ensure that all depositors at both failed banks would have access to all their funds (as of yesterday). The Fed is also creating a “Bank Term Funding Program” to offer loans to financial institutions who present high-quality securities (think: Treasurys) as collateral — instead of having to fire-sell securities during times of stress.

- __The FDIC__ guarantees customer deposits of up to $250K at every insured bank, but most of SVB’s and Signature Bank’s deposits were *un*insured (think: tech companies with way more than $250K). Still, the FDIC said it would make *all* depositors at these two banks whole, regardless of account size. 

Silicon Valley blues (Justin Sullivan/Getty Images)

Resort

__Panic can be a self-fulfilling prophecy…__ which is why the government is taking extraordinary measures to contain the damage. The three banks that failed this month (including Silvergate) had an unusually high concentration of deposits from tech and crypto companies. Regular folks weren’t likely to have accounts there, and regular folks are *also* less likely to have uninsured deposits (aka: $250K+ in one account). Still, if companies are at risk of losing millions in deposits, then people are at risk of losing paychecks — and damage control could continue to be key to containing further contagion. 

US regulators rush to limit banking contagion after Silicon Valley Bank’s collapse

__Cutting it close…__ Crypto had a weekend it'd rather forget. __Circle__, the biz behind __USDC__ (the second-largest [stablecoin](https://snacks.robinhood.com/newsletters/1alSYApz9fMDqEf8i3IPRi/articles/1vwhQv8VIIqij4eXh9Wsvw/)), said on Friday that $3.3B of the stablecoin's US-dollar reserves were in the failed __Silicon Valley Bank__ — which regulators had taken over earlier that day. With the future of SVB's deposits in doubt, crypto investors worried that USDC might no longer be fully reserved (aka: backed one to one with US dollars). 

- __The drop:__ USDC, which was designed to always = $1, depegged over the weekend. The stablecoin fell to as low as 87 cents. 
- __The climb:__ Circle said it'd "cover any shortfall," and on Sunday the gov’t said all SVB depositors would be made whole. Yesterday USDC regained its $1 peg. 

__Have crypto, will travel…__ While SVB's collapse sent shockwaves through crypto, it wasn't the first crypto-friendly bank to run into trouble. Last week crypto [mega bank](https://snacks.robinhood.com/newsletters/1N6EVPNiFMVnsRFMeZq1Si/articles/7mcLpvg5uE1w1Dg08UBtdR/) __[Silvergate](https://robinhood.com/stocks/SI/)__ said it'd shut down after a surge in post-__FTX__ withdrawals. And on Sunday regulators moved to close New York's __Signature Bank__ (over a fourth of its deposits were from crypto companies like __[Coinbase](https://robinhood.com/stocks/COIN/)__ and __Paxos__). Now, with three big crypto banking players off the board, the industry’s [scrambling](https://www.bloomberg.com/news/articles/2023-03-13/crypto-scours-the-globe-for-banks-to-replace-collapsed-us-lenders) to find alts.

CHAIN

__Crypto can't shake TradFi's grip…__ Circle's rough weekend is a reminder that crypto's fortunes remain tied to traditional finance (aka: TradFi). It wasn't just the stablecoin heavyweight that was forced to face this reality: bankrupt crypto lender __BlockFi__ and __Ripple Labs__ — the biz associated with the $19B __XRP__ token — both had exposure to SVB. Still, some crypto fans see the recent bank failures as an argument *for* digital assets. Think: self-custodied crypto vs. bank-custodied dollars.

SVB's implosion depegged the second-largest stablecoin, highlighting crypto's dependence on traditional banking

As home prices soar, 3M US households making $150K+/year are still renting

🏦 Silicon Valley spillover

__Prada? In this economy?…__ “I could have my Gucci on” takes a literal turn: 62% of respondents in a new __Saks Fifth Avenue__ survey said they [planned](https://www.bloomberg.com/news/articles/2023-03-06/shoppers-are-cooling-on-luxury-purchases-saks-fifth-avenue-says) to spend the same or more on luxury goods in the coming months. It’s a theme: global luxury sales grew 22% last year as consumers shrugged off price hikes from brands like __Chanel__ and __Hermès__. In January, Dior owner __Moët Hennessy Louis Vuitton__ (aka: LVMH) reported record revenue and profit, and last week __Prada__ reported booming annual sales. 

__Not so home alone…__ It might seem odd that luxury sales are thriving in this high-interest-rate, recession-flavored environment. But an unlikely cohort may be keeping the cash flowing: young adults who moved back in with the ’rents (#no-pay-rent). Nearly half of US adults 18 to 29 live at home, and __Morgan Stanley__ suggested that some of that money saved on housing is being spent on handbags. Spending by Gen Z and millennials accounted for all of the luxury sector's growth last year. But rent-free livin' is probably not the only luxury booster: 

- __IOU for Jacquemus:__ Consumers have been leveraging credit and buy now, pay later services to make flashy purchases. Credit-card debt is at a record high, soaring 19% last quarter. 
- __Gucci-gram:__ Social media is driving luxe splurging among younger consumers, who see designer staples as TikTok status symbols.
- __The rich = still richer:__ The top 40% of earners built up $1T+ in extra savings during the pandemic.

Bags in bags (Robert Alexander/Getty Images)

Flex

__A “richcession” could be coming…__ because even luxury's not immune to macro trends. Shoppers earning between $100K and $200K are feeling more cautious, and some higher earners have been trading down (even __Walmart__ said it's attracting higher-income customers). Because mass layoffs have disproportionately affected higher-income workers (think: tech), wealthier Americans could fare worse than usual in a down market. That could lead to a “richcession,” The Wall Street Journal [said](https://www.wsj.com/articles/get-ready-for-the-richcession-11672615577). Meanwhile, the hospitality sector (picture: bars, hotels) — which employs Americans with lower incomes — is one of the US’s fastest-growing employers.

Shoppers aren't skimping on luxury, but a “richcession” could be on the horizon

__The bot battle intensifies…__ __Microsoft__ is set to [host](https://www.engadget.com/microsoft-is-holding-a-future-of-work-ai-event-on-march-16th-165818278.html) a “Future of Work With AI” event on Thursday, and it’s hoping to excel with some ChatGPT-fueled power points. A possible outlook: Microsoft *could* introduce AI-infused versions of apps like Word and Outlook (think: email-reply suggestions). It’s *already* integrated AI into its “new Bing” search. Recently, rival __Google__ held an event to show off its Bard bot, while __Meta__ introduced LLaMA. But concerns around broad use of AI tech remain (especially after the Bing chatbot went viral for unhinged convos). 

__Blooming estates…__ The housing market’s been in a chill, but __Lennar__ could experience warmer days ahead. Last quarter the nation’s second-largest homebuilder by sales beat on earnings, but revenue fell short after its new-home orders dipped 15%. High interest rates put a squeeze on housing affordability, sending mortgage applications to a 28-year low. But inventory is also low, as homeowners locked into low rates stay put. Now bidding wars are breaking out for what’s left. The lingering demand could lift Lennar’s results when it reports Thursday.

Events

Coming up this week

__Goodbye, unlimited snacks…__ As corporations cut costs and shift to growth mode, cushy employee perks are [vanishing](https://snacks.robinhood.com/newsletters/52n5q990ifpz2YhcWhQvqn/) fast. __Meta__ ended free laundry, __Salesforce__ canceled its wellness retreat, and __Goldman Sachs__ nixed free cabs to the office. It’s not just the fun stuff: about half of US companies plan to cut benefits like parental leave, childcare subsidies, and adoption programs. Disappearing perks and layoffs are just a few symptoms of corporates' profit push, which could translate to better returns for investors.

__TikTok on the clock…__ ’cuz the drama don’t stop. Last week the White House endorsed a bipartisan bill that could give President Biden the power to ban TikTok in the US (or force a sale) — *and* urged Congress to pass it ASAP over national-security concerns. It’s expected to pass in the GOP-controlled House, but its fate is more TBD in the Dem-led Senate. Critics of the bill could also bring challenges over free-speech concerns (FYI: 100M Americans use the app). A Tik ban would be a huge boon for __Meta’s__ Instagram and __Google’s__ YouTube.

Zoom Out

Stories we’re watching

- __[Lead](https://snacks.robinhood.com/newsletters/6egD8EKaKsuXeJXn0jLxRV/articles/4vmKfnPR8bRXWs5vF10QpA/):__ Women leaders are leaving companies at the highest rate ever as they continue to be passed over for promotions. Now companies risk losing their current (and next generation) of female leaders.
- __[Score](https://snacks.robinhood.com/newsletters/1BUh6EMXa2ElyqCFBuv5qn/articles/1uWpxgEpsoY47JG34sPpAF/):__ __Dick’s Sporting Goods__ dropped record earnings as shoppers splurged on everything from footwear to team sports merch. Dick’s benefited as shoppers put a $$ premium on their active lifestyles.
- __[Register](https://snacks.robinhood.com/newsletters/60A6ahVYR5KpMBNjxn77SE/articles/2QXhkJdnxyvhz8mY07ZAYG/):__ __Amazon__ plans to close eight of its futuristic Amazon Go convenience stores next month as it backs off of in-person retail. ICYMI: Amazon's brick-and-mortar biz represents only 3% of its revenue.

ICYMI

Last week's highlights

Clara Zetkin first proposed an international day to advocate for women's demands in 1910

🛍️ Luxury's "richcession"

__*Farewell, unlimited kombucha tap…*__ and free post-meeting Pilates. As corporations prioritize cost cuts, cushy employee perks that’ve long been used to attract talent are vanishing faster than tortillas at a build-your-own-taco happy hour. From Silicon Valley’s tech titans to Wall Street’s banking walruses, the “perk-cession” has arrived, The Wall Street Journal [reports](https://www.wsj.com/articles/the-perk-cession-is-under-way-at-some-companies-9cb04e9c?mod=business_lead_pos5). 

- __Companies are slashing benefits__ like barista-brewed coffee, fitness classes, pet insurance, extra PTO days, and catered meals.

- __Some examples:__ __[Meta](https://robinhood.com/stocks/META/)__ ended free laundry and dry cleaning, __[Salesforce](https://robinhood.com/stocks/CRM/)__ canceled its wellness retreat, and __[Goldman Sachs](https://robinhood.com/stocks/GS/)__ nixed free cabs to the office.

- __Not just the fun stuff…__ About half of US companies plan to cut benefits like parental leave, childcare subsidies, and adoption programs, a new survey [suggested](https://www.bloomberg.com/news/articles/2023-03-09/parental-leave-child-care-benefits-face-cuts-as-recession-looms). 

__Hard fork…__ The perk-cession comes after mass layoffs at companies that are scaling back after hyper growth during the pandemic. Meta, famous for its cushy office perks, slashed 11K employees in the biggest layoff of the year so far. Beyond tech, banks like __Goldman__ and __[Citi](https://robinhood.com/stocks/C/)__ and manufacturers like __[GM](https://robinhood.com/stocks/GM/)__ and __[Ford](https://robinhood.com/stocks/F/)__ have announced reductions. 

- __But the US job market is historically *hot*:__ In January there were nearly two open roles for each available worker, and unemployment was just 3.4%.

- __Unbalanced:__ But that’s largely thanks to the hospitality industry (think: hotels, restaurants), which became the US’s fastest-growing employer.

So long, ping-pong (Kim Kulish/Getty Images)

Perky

__Perk-cession is a symptom…__ of the efficiency bug. Instead of growth at all costs, the focus for many companies is now profit at *less* cost — which means “efficiency” is key. And ping-pong tables don’t exactly scream efficiency. Disappearing perks and layoffs are just a few symptoms of the profit focus, which could translate to better returns for investors. Meta shares popped after Zuck announced 2023 was the company’s “[year of efficiency](https://snacks.robinhood.com/newsletters/4Tr1pVtVj5AQBMTXX7CQ0g/).” 

The “perk-cession” has landed: companies are cutting back on employee benefits as profit takes precedence

__Roadblock ahead…__ __[Uber](https://robinhood.com/stocks/UBER/)__ is [reportedly](https://www.bloomberg.com/news/articles/2023-03-08/uber-technologies-is-said-to-consider-spinning-off-freight-logistics-division) considering spinning off its freight division as the trucking industry hits some bumps. The ride-hailing leader launched Uber Freight in 2017, connecting semitruck drivers with companies that make high-volume deliveries (think: a truck full of Pepsi). Last quarter, Freight’s sales grew 43% to $1.5B, and made up nearly a fifth of Uber’s total revenue. But in January Uber Freight said it would cut 3% of its workforce as trucking cools. 

- __Initial Truck Offering?__ Uber is said to be thinking of spinning off Freight as a separate publicly traded company, or just selling it altogether. But it’s TBD if either will happen.

__Slowing the (freight) train…__ During the pandemic, trucking was essential in delivering tons of backlogged goods across the nation. But as supply chains start to balance out, so has demand. Last quarter truckload freight deliveries fell 7%, the biggest drop since 2020. Now analysts say shippers will have to charge even less to stay competitive, which could eat into profits.

- __Delivery doldrums:__ __[UPS](https://robinhood.com/stocks/UPS/)__ warned its annual sales could fall for the first time since 2009, and rival __[FedEx](https://robinhood.com/stocks/FDX/)__ saw its quarterly profits dip.

- __Oh ship:__ Global shipping demand has also [dropped](https://www.wsj.com/articles/idled-ships-empty-containers-ocean-shipping-faces-its-biggest-slump-in-years-6f8dfcc4) from pandemic highs. It now costs less than $1.5K to ship a container from China to LA vs. $15K a year ago.

Cargo

__Sometimes you can do more with less…__ Ditching Freight could help Uber focus on its core ride-hail and food-delivery businesses, both of which saw record growth last quarter. While offering different services can be helpful, Uber may’ve realized it was diversified enough when its food-delivery biz helped offset a major ride-hail downturn during lockdowns.

Uber may spin off its truck-focused freight biz as the lockdown logistics boom cools

💰 __Costly…__ Crypto mega bank __[Silvergate](https://robinhood.com/stocks/SI/)__ said it would [shut down](https://www.wsj.com/articles/crypto-bank-silvergate-to-shut-down-repay-deposits-4bc2a469) after being forced to sell assets [at a loss](https://snacks.robinhood.com/newsletters/1N6EVPNiFMVnsRFMeZq1Si/articles/7mcLpvg5uE1w1Dg08UBtdR/) to cover a rush of withdrawals post-__FTX__. The closure of crypto’s go-to bank could make it harder for industry players to move $$. 

📜 __Policy…__ CFTC Chair Rostin Behnam [said](https://fortune.com/crypto/2023/03/08/stablecoins-ether-commodities-cftc-rostin-behnam-sec-gary-gensler/) that __ethereum__ and stablecoins are commodities — aka: should be regulated by *his* agency. Note: SEC Chair Gary Gensler likely disagrees. He's argued that all crypto (except __[bitcoin](https://robinhood.com/crypto/BTC/)__) may actually be a security.

🌶️ __Spicy…__ __Yuga Lab's__ bitcoin NFT (aka: [ordinal](https://snacks.robinhood.com/newsletters/hVxJ5P0UXNj7GiarHRYHR/articles/6h6QfaEiiWIYYTVHHiqAf/)) auction brought in $16.5M. But the creator of ordinals [blasted](https://decrypt.co/122771/critic-says-yuga-labs-bitcoin-nfts-auction-sets-really-bad-precedent) the process — which required that bidders send their BTC to Yuga — suggesting it could be abused by scammers.

ORDINOT

The “perk-cession” has landed: companies cut employee benefits as profit takes precedence

As of 2021, there were 4M more women in the US than men

🌮 “Perk-cession” problems

__An appetite for growth…__ __[WW International](https://robinhood.com/stocks/WW/)__ (aka: WeightWatchers) has its eye on telehealth. The OG weight-loss biz said it's buying health biz __Sequence__ for $106M. Sequence's members pay $100/month for access to video appointments with docs who can prescribe weight-loss meds like Wegovy. WW says prescription meds can complement its lifestyle-based "points" program. 

- __Sell-ehealth:__ The latest weight-loss push involves a class of drugs that include Wegovy and Ozempic. While Wegovy is FDA-approved for weight management, Ozempic is not (it’s approved to treat diabetes).
- __Hot topic:__ Elon Musk and Chelsea Handler are just two of several celebs who've said they've taken one of these injectable drugs.
- __StockWatchers:__ WW's stock jumped nearly 80% after the Sequence deal announcement, but is down 90% over the past five years as subscriptions have sagged.

__The doctor is in…__ your iPhone. Telemedicine boomed during the pandemic, when trips to the doc’s office carried heightened Covid risks. But the path ahead is less clear. While __[Teladoc](https://robinhood.com/stocks/TDOC/)__ and __[Hims & Hers Health](https://robinhood.com/stocks/HIMS/)__ are still seeing some growth, other players like __[GoodRx](https://robinhood.com/stocks/GDRX/)__ saw declines. Meanwhile, scrutiny’s heating up: last year __Cerebral__ paused prescriptions of controlled substances like Adderall after regulators reportedly began investigating. Now, as the Biden admin moves to require *in-person* doctor visits for prescriptions like Adderall and Oxycontin, the telehealth industry could pivot to cater to a growing demand for weight-loss meds.

On-screen appointment (Rafael Henrique/Getty Images)

__You don’t need to buy the skyscraper…__ sometimes all it takes is a blueprint. WeightWatchers is one of the better-known weight-loss brands, but declining subs suggest it’s lost its star power. Meanwhile, Sequence is relatively unknown with only 24K members. Yet it has the prescription foundation that could help WW build on a growing trend: weight-loss meds prescribed virtually. 

WeightWatchers steps into the Ozempic market as the telehealth industry tries to find its footing

__“The Great Breakup” is here…__ and it’s not a new rom-com. A recent __McKinsey__ [study](https://www.mckinsey.com/featured-insights/diversity-and-inclusion/women-in-the-workplace) says women leaders are leaving their companies at the highest rate *ever* as they demand more from their workplaces. Obstacles to getting promoted, pay gaps, and office microaggressions are all contributing to departures. Female leaders are 2X as likely as male leaders to be mistaken for someone in a junior position. And in the US women are paid 17% less than men. So while women have made major strides in the past century, leadership gaps remain: 

- __Two steps ahead:__ For the first time in history, female CEOs run more than a tenth of Fortune 500 companies, including names like __[GM](https://robinhood.com/stocks/GM/?sharer_id=brandoo1255)__, __[Oracle](https://robinhood.com/stocks/ORCL/)__, __[Walgreens](https://robinhood.com/stocks/WBA/)__, and __[AMD](https://robinhood.com/stocks/AMD/)__. 
- __Still four steps back:__ Only one in five C-suite execs is a woman, and just one in 20 is a woman of color. Men also still make up the vast majority of S&P 500 board seats, despite the fact that companies with more women leaders tend to outperform. 

__Two weeks’ notice…__ Despite some gains over the past eight years, women are still underrepresented at each level on the corporate ladder. Men are more likely to be promoted from entry to management positions — a problem known as “the broken rung” — making it harder for women to climb the ranks. Only 87 women are promoted to managerial positions for every 100 men, and it’s lower for women of color.

Notice

__It’s a self-feeding cycle…__ until the broken rung is fixed. When there are fewer women in top positions, women are less likely to have the same advancement opportunities as their male counterparts. Now companies risk losing the relatively few women leaders they have left — and consequently could risk losing the *next* generation of leaders.

Women leaders are switching jobs at the highest rate as “the broken rung” stalls promotions

WeightWatchers steps into the Ozempic market as telehealth tries to find its footing

Americans want to delete Instagram more than any other app, a search-trend analysis found

👩‍⚕️ WeightWatchers' prescription bet

__New shin guards…__ and a fresh __[Nike](https://robinhood.com/stocks/NKE/)__ fit. Shares of __[Dick’s Sporting Goods](https://robinhood.com/stocks/DKS/)__ surged 11% yesterday after America’s largest sporting-goods retailer unpacked big-league results. It notched a record $3.6B in quarterly revenue as same-store sales grew 5% over the holiday quarter (more than double what Wall Street expected). Dick’s said over 80% of its sales growth was driven by footwear, athletic apparel, and team sports merch. 

- __Double or nothing:__ Dick’s gave a better-than-expected full-year forecast and more than doubled its dividend payout after its third straight year of record sales.

- __Roster refresh:__ It added 7M new “athletes” (aka: customers) last year, many of whom were young women. Dick’s said the segment presents a big growth opportunity. 

__Your one-stop sporting shop…__ From replacing worn soccer cleats to scoring a Knicks jersey before the big game, Dick's is a sporting go-to. It’s boosted engagement by adding in-store goodies like golf simulators and batting cages, making it more alluring to customers *and* brands: 

- __Direct to Dick’s:__ While brands like Nike are trying to sell more directly to consumers (think: Nike’s site), many haven’t ditched Dick’s because it has a huge national presence.

- __Pricey kicks:__ Its go-to retailer status lets Dick’s charge more for popular products like Nike Jordans, Hoka sneakers, and Brooks running shoes.

The ball is in Dick’s court (Scott Olson/Getty Images)

Score

__If they “need” it, they will come (repeatedly)…__ Whether it’s football, golf, or little-league baseball, athletes have to regularly replace their gear. Even in a high-inflation environment, people aren’t likely to sacrifice their active lifestyles or give up the team sports they love. Dick's price variety (think: cleats ranging from $28 to $280) could also appeal to the 20% of consumers planning to trade down to less expensive sporting goods this year.

Dick’s Sporting Goods posts record sales as Americans keep splurging on active lifestyles

__The next Gordon Ramsay…__ could be down the street whipping up your Bolognese. __Shef__, a platform for ordering home-cooked meals, [announced](https://www.grocerydive.com/news/homecooked-meals-marketplace-shef-raises-735m-plans-nationwide-expansion/643803/) plans this week to expand nationwide. Shef is kind of like __[DoorDash](https://robinhood.com/stocks/DASH/)__ *minus* the restaurant (individual “shefs” offer their specialities). Think: someone three miles from you whips up butter chicken in their kitchen. 

- __Heating up:__ Shef raised nearly $74M last year, and though it’s available in just 11 states, this week it started allowing cooks across the US to apply to list their dishes.

- __Home is where the tart is:__ As of last year, several states clarified their rules to allow for the sale of certain types of homemade food. Shef says all 50 states now allow it. 

__Like an Uber side hustle but for chefs…__ Shef brings a creative twist to the gig economy. The startup said demand “has grown dramatically,” both from home cooks looking to earn extra $$ and from consumers looking for “more affordable, healthy” options. Shef isn’t the only one whipping up fresh delivery concepts: 

- __Wonder__ raised $350M last year to deliver mobile restaurants to your home (think: a food truck at your curb with chefs dishing up hot meals). 
- __WoodSpoon__ (another platform for local home cooks) raised $14M in 2021. Meanwhile, __CookUnity__ lets you order precooked meals created by top chefs.

__Fresh takes on classic recipes can stand out…__ The delivery biz is still booming above prepandemic levels, but the classic restaurant-to-door model is already supersaturated. Apps like __DoorDash__, __Grubhub__, __[Uber Eats](https://robinhood.com/stocks/UBER/)__, and __Postmates__ are all competing for the same market share. But now companies are popping up with new twists on the time-tested delivery concept, which could help them stand out in the crowded market.

Home-cooked-meal platform Shef aims to expand as delivery services get creative

🃏 *Like convincing the table you weren't bluffing… without showing your cards*

What if you wanted to prove to someone that you weren’t a criminal *without* revealing your identity? In cryptography, __zero-knowledge proofs__ are a mathematical way to prove a claim is true without showing the actual data backing it up.

Smart contract Tornado Cash was sanctioned over concerns that criminals used it to launder stolen crypto. But now a new Tornado Cash fork called Privacy Pools is [using](https://www.coindesk.com/tech/2023/03/06/tornado-cash-fork-privacy-pools-deployed-on-optimism-testnet/) zero-knowledge proofs to show that anonymous crypto transactions *aren't* tied to crime.

Heard on the Block: "zero-knowledge proofs"

For every 100 men promoted to manager roles, only 87 women are promoted

⚾ Dick’s big-league earnings

__Hitting the vape *again*…__ Marlboro maker __[Altria](https://robinhood.com/stocks/MO/)__ is taking another puff of the e-cig market. After pulling out of its disastrous Juul investment, Altria [announced](https://www.wsj.com/articles/altria-to-buy-vaping-startup-njoy-for-at-least-2-75-billion-d6c7b1ca?mod=business_lead_pos4) it’s buying vaping startup __NJOY__ for $2.7B+. After its Juul experience, it might seem surprising that Altria’s still splurging billions on e-cigs.

- __Mango-flavored mayhem:__ In 2018, Altria invested $12.8B for a 35% stake in __Juul__. But after regulators ordered Juul off US shelves, that stake is worth just $250M. 
- __NJOY’ing an advantage:__ NJOY is one of the few e-cig makers whose vapes have FDA clearance (market leaders Juul and Vuse are still struggling for a regulatory greenlight). 
- __Bluepuff:__ Altria agreed to pay an extra $500M for NJOY if the FDA authorizes more of its products (like: a new vape that uses Bluetooth to authenticate smokers). 

__Menthol pod envy…__ As smokers trade cigs for vapes and other alternatives, tobacco giants have tried to stay competitive with puffable tech — *especially* since the FDA and the Biden admin plan to [slash](https://www.nytimes.com/2022/06/21/health/fda-nicotine-cigarettes.html) nicotine in traditional cigarettes. __[Philip Morris International](https://robinhood.com/stocks/PM/)__ (the cig juggernaut behind Parliament and Marlboro outside the US) has invested heavily in “smoke-free” alts like IQOS heated tobacco devices, which’ve fueled its growth in Europe and Asia. Meanwhile, Altria’s developing an IQOS rival. 

- __Now this…__ NJOY is America’s third most popular e-cig brand, but lags behind competitors like Juul and the __[Reynolds](https://robinhood.com/stocks/RAI/)__-owned Vuse. Still, there’s a reason Altria wants it. 

Altria switches vape loyalty (Eugene Gologursky/Getty Images)

Puff

__Pick your friends based on their enemies…__ Juul and NJOY are both vape makers, but with one major difference: regulators *don’t* hate NJOY. Juul created a lot of enemies as kids got hooked on its fruit-flavored vapes. Altria’s CEO explained NJOY’s appeal: “This is an authorized product versus a pending product. There are no litigation challenges. The youth usage is minimal.” Altria hopes to gain a foothold in the e-cig market without making too many enemies.

Tobacco titan Altria ditches Juul to splurge on another vape maker (with a key difference)

__Do not pass go…__ __[Amazon](https://robinhood.com/stocks/AMZN/)__ said it’ll close eight of its futuristic Amazon Go convenience stores next month. The company launched its first [cashier-less](https://snacks.robinhood.com/newsletters/6C3NINHH63LqJzzhKOJkQW/articles/5J66WJZUGJNT5weCePDZKH/) location in 2018, with reported plans to open thousands more. Now Amazon’ll [shutter](https://www.cnbc.com/2023/03/03/amazon-to-close-eight-go-convenience-stores-in-cost-cutting-move.html) Go stores in NYC, Seattle, and San Francisco, leaving only about 20 open.

- __Panshopticon:__ Go stores use cameras to track customers as they pull chips and cold brews from shelves. The system automatically adds items to shoppers' digital carts. 
- __Just walk away:__ Amazon used its Go locations as showcases for its “Just Walk Out” tech, which it’s licensed to other retailers like airport news staple __[Hudson](https://robinhood.com/stocks/HUD/)__. But its sparse customer page suggests adoption may’ve been limited. 

__Amazon Go-ing back online…__ While Amazon said it remains committed to Go, the closure is just the latest step away from its brick-and-mortar push. Last year the biz said it would close 68 physical Amazon Books, Amazon 4-Star, and Amazon Pop Up locations. And last month it said it’s ditching a bunch of Amazon Fresh grocery stores. One possible reason: Amazon suggested it had yet to land on a formula for IRL-store success. Despite its $13B+ purchase of __Whole Foods__ in 2017, Amazon's brick-and-mortar biz represents only 3% of its revenue. 

GO(NE)

__Convenience has its (physical) limits...__ Amazon redefined online shopping by crushing competitors with convenience (think: Prime, next-day delivery) but has struggled to transfer that success to the physical realm. Efforts to streamline grocery trips through splashy tech (picture: [palm scans](https://snacks.robinhood.com/newsletters/2DpDxCQOUGTefBMQ0b0NRA/articles/2Q1srEqauX9eJQCpP7UM7Z/) for payment and smart shopping carts) haven't connected with shoppers. They might actually find it *more* convenient to pull out their physical card than onboard to Amazon’s techy systems.

Amazon shutters a host of cashier-less Go stores as it reevaluates its brick-and-mortar push

Tobacco titan Altria ditches Juul to splurge on another vape co (with a key difference)

Nearly 60% of US households own an air fryer

💨 Altria’s new Juul

__The name’s Bond…__ T-Bond. Uncle Sam’s payouts on IOUs are getting fatter: last week the 10-year Treasury yield (basically: the interest rate the US government pays to borrow money)
briefly topped 4% for the first time since November. While Treasury yields may sound as enthralling as waiting in line at the DMV, they’re key to understanding stock-market moves. 

- __Spill the T-bill:__ When investors expect rates to go higher, the price of existing bonds falls. If people can get a new bond with a higher interest rate, why would they pay the same price for an old version of the same bond that pays out at a *lower* rate?
- __US yields soared and stocks fell__ early last week as investors came to terms with the possibility of Fed rate hikes lasting longer (and going higher) than previously expected. 
- __But stocks rebounded__ after Atlanta Fed President Bostic said he “firmly” supports sticking with quarter-point hikes. And surprise, surprise: the 10-year yield dipped. 

__Define the relationship…__ As interest rate (or inflation) expectations rise, yields rise and bonds fall. Historically, rising Treasury yields tend to lead to falling stocks, because they make Treasury securities more attractive when compared to riskier assets (like… stocks). The US gov’t has historically always paid its debt on time, so Treasury securities are considered “safe” investments. Now that the 10-year yield is hovering around 4%, it could be a tipping point for some investors to offload some stocks and buy more bonds. 

Watching the yield rise like (Scott Olson/Getty Images)

Bonded

__It’s all about opportunity cost…__ AKA: what you stand to potentially lose by choosing one option over another. When Treasury yields are low or near zero, there’s little incentive to invest in bonds over stocks. But as potential returns from low-risk investments (like US gov’t bonds) rise, investors demand higher returns from stocks to justify the changed opportunity cost. As yields climbed last month, the S&P 500 lost 2.6%.

What the 10-year Treasury yield’s 4% milestone means for markets and investors

__Slow jog…__ On Wednesday __Adidas__ is set to release its first earnings report of the post-Yeezy era. Last year the German shoemaker [discontinued](https://snacks.robinhood.com/newsletters/419JPU4iKFubhqsgTFUD7I/articles/e8sgVKCwr2g0Q13CQXp4h/) its profitable sneaker collab with Kanye West (think: nearly 10% of annual sales) after the singer made antisemitic remarks, among other offensive statements. Now Adidas says it may face an operating loss of nearly $750M and warned investors it could lose $1.2B+ in sales this year. Last month its new CEO said the company would focus on returning to growth with new products in the pipeline. 

__Cream of mushrooming sales…__ 150-year-old soup slinger __Campbell Soup__ has been on a roll. The humble soup can has made a comeback (even among millennials) after the pandemic drove Americans to stock up on affordable pantry staples. But there was more to Campbell's moneymaking sauce: repeated price hikes. Yet that strategy is starting to go stale as competitors like __Kraft Heinz__ [ease](https://snacks.robinhood.com/newsletters/3CiAS3Tg8B7Jkh3PjorITN/articles/34CHabCH0DkpJGYn3NgpaB/) off. When Campbell last reported, it turned heads with 15% sales growth. We'll see whether the chicken noodle is still hot when Campbell reports Wednesday.

__Graduating with a PhDebt…__ The Supreme Court [heard](https://snacks.robinhood.com/newsletters/6wxiLf0iRxZlUulU1qvIH6/articles/1ud0PSigxerdef2ZRZVAUA/) arguments last week over the legality of President Biden's student loan forgiveness plan. His effort to scrap up to $20K in debt for qualified borrowers was put on hold last year after six GOP-led states challenged it in court. 43M Americans have federal student loans, and the average payment is nearly $400/month. SCOTUS’s decision is expected by late June. Payments have been on pause since March 2020, but are set to restart this year — and many Americans might not be financially prepared. 

__New club on the block…__ The biz behind the Bored Ape Yacht Club said it would launch a 300-piece NFT collection, dubbed TwelveFold, on the __bitcoin__ blockchain yesterday — marking a significant departure for a company that's been all in on __ethereum__. The __Yuga Labs__ project could further divide a crypto community already battling it out over NFTs on bitcoin. Critics argued that bitcoin NFTs (aka: [ordinals](https://snacks.robinhood.com/newsletters/hVxJ5P0UXNj7GiarHRYHR/articles/6h6QfaEiiWIYYTVHHiqAf/)) would drive up transaction fees, while enthusiasts said they'd bring miners revenue. Yuga Labs’ push into ordinals suggests bitcoin NFTs could be here to stay. 

Zoom out

- __[CardiBeef](https://snacks.robinhood.com/newsletters/13SB4TYZ5gIuhmdpvpu4SO/articles/31yaUlHum6NJQLFOrVoH4f/):__ __McDonald’s__ franchise owners have beef with a new meal inspired by rappers Cardi B and Offset. While celeb meals have been a big sales driver, franchisees say the rappers’ R-rated lyrics could hurt the family-friendly brand. 
- __[Sliver](https://snacks.robinhood.com/newsletters/1N6EVPNiFMVnsRFMeZq1Si/articles/7mcLpvg5uE1w1Dg08UBtdR/):__ __Silvergate__ shares plunged 60% last week after the crypto mega bank suggested it might not survive. Silvergate was the go-to bank for crypto companies, and its potential demise could leave many in a banking bind. 
- __[Avo](https://snacks.robinhood.com/newsletters/1N6EVPNiFMVnsRFMeZq1Si/articles/3RAIAmf4X1YSqfPoKPuUE3/):__ __Instacart’s__ profits reportedly boomed ahead of its anticipated IPO this year. But America’s grocery-delivery leader doesn’t just owe its growth to avocados: its ads business is apparently ripe.

The 10-year Treasury yield topped 4%, which could tip the scales for some investors

Lots of zippers say “YKK” because one Japanese company — Yoshida Kogyo Kabushikikaisha — produces about half the world’s zippers