__Bring on the prompts…__ Yesterday __[Google](https://robinhood.com/stocks/GOOGL/)__ rolled out its response to the existential threat posed by __OpenAI’s__ ChatGPT. Meet [Bard](https://blog.google/technology/ai/bard-google-ai-search-updates/). Google said its ChatGPT rival has been released to “trusted testers” and will be available to the public in the coming weeks. Bard, which is built on Google’s mighty language-processing model, LaMDA, pulls info from the web to craft “fresh, high-quality” responses. Google also announced plans for ChatGPT-like search features:

- __Conversational search…__ minus the “hey, Google.” The company said it’ll soon integrate genAI into web search for queries with more than one right answer. Think: a package of narrative results that distill “complex information and multiple perspectives into easy-to-digest formats.”

__May the best bot win…__ Google isn’t a newcomer to the AI game. It literally invented the “T” in ChatGPT (the “transformer” tech that powers it). But after ChatGPT was released free to the public, Google likely felt pressured to introduce Bard earlier than planned — and to protect its profit-puppy search biz. It has the upper hand since it already runs the go-to search engine, but competition’s steep: 

- __ChatGPT Plus:__ not a streaming service. Last week OpenAI announced a $20/month subscription for a premium version of ChatGPT (think: less downtime). It could set the standard for genAI monetization. And unlike Google, it doesn’t have ads… *yet*. 
- __Bing (plus ChatGPT):__ __[Microsoft](https://robinhood.com/stocks/MSFT/)__, which has invested billions in OpenAI, said it plans to integrate genAI tools into all its products, and it’s [reportedly](https://www.theverge.com/2023/2/3/23584675/microsoft-ai-bing-chatgpt-screenshots-leak) on the cusp of adding ChatGPT to its search engine, Bing. 

Battle of the bots (Jakub Porzycki/Getty Images)

Battle

__The chatbot wars have begun…__ Google’s Bard announcement came on the heels of OpenAI’s plan to monetize ChatGPT. Meanwhile, after Google announced it was entering the chatbot game yesterday, *Microsoft* announced last-minute plans to host a news event *today* (coincidence?). There’s speculation that Microsoft could roll out a ChatGPT-related service (OpenAI CEO Sam Altman tweeted that he was “excited” for the event).

Google launches a ChatGPT competitor to protect its search dominance as the bot battle begins

__Hello, Booze Bowl…__ At the 57th Super Bowl on Sunday, viewers’ll get an eyeful of more than just football. For the first time since 1989, Bud maker __[Anheuser-Busch InBev](https://robinhood.com/stocks/BUD/)__ will *not* be the exclusive alcohol advertiser. Expect more sip suppliers this year: __[Crown Royal](https://robinhood.com/stocks/CCK/)__, __[Heineken](https://robinhood.com/stocks/HEINY/)__, __[Molson Coors](https://robinhood.com/stocks/TAP/)__, and __Rémy Martin__ will all [run ads](https://apnews.com/article/kansas-city-chiefs-philadelphia-eagles-super-bowl-sports-fox-corp-5d9922047c7fb640ddbf8caf5100ece2) alongside AB InBev's three minutes of airtime. 

- __Are you ready for some eyeballs…__ The Bowl is the most-watched event in US sports, making it a top marketing opp. 100M+ people are expected to watch Super Bowl LVII. 
- __$$econds:__ __[Fox](https://robinhood.com/stocks/FOX/)__, the broadcaster, said it sold some 30-second spots for a record $7M+, and that all in-game ad slots are booked. 

__Goodbye, Crypto Bowl…__ Last year's big game was dubbed the "Crypto Bowl" as blockchain behemoths __[Coinbase](https://robinhood.com/stocks/COIN/)__, __Crypto.com__, __eToro__, and __FTX__ flooded the ads zone (think: "fortune favours the brave" and "don't be like Larry"). The crypto-sphere was in high spirits, and crypto cos spent $54M on ads. Now, with companies feeling crypto winter's chill, Fox says there are *no* crypto ads scheduled to air during this year’s Bowl. That leaves plenty of room for alcohol giants to fill the gap.

Gulp

__The familiar thrives in uncertain times…__ With celeb endorsements pouring in last year, crypto got a mainstream boost from Super Bowl viewers. But after FTX’s implosion, they may be less receptive to upbeat and edgy crypto-mercials. Beer, on the other hand, is a familiar football companion that many can get behind — and booze powerhouses are keen to capitalize on that.

The Super Bowl is poised to become the “Booze Bowl” as brewers rush to fill crypto's ad void

Google launches a ChatGPT competitor to protect it search dominance as the bot battle begins

Dow Jones

S&P 500

Nasdaq

Bitcoin

Beyoncé is now the most awarded artist in Grammys history with 32 shiny wins

🤖 Google’s chatbot battle

__Pump it up…__ Energy powerhouses pulled in ginormous profits last year, continuing a multiyear streak of blockbuster earnings. Last week, __[Exxon](https://robinhood.com/stocks/XOM/)__ reported a historic $56B profit for 2022, the biggest for *any* Western oil biz ever. __[Shell](https://robinhood.com/stocks/SHEL/)__ also rang in a slick annual profit, which was *$10B* higher than its last record, in 2008. Meanwhile, __[Chevron](https://robinhood.com/stocks/CVX/)__ pulled in a record $35B, but fell short of expectations. Up next: __[BP](https://robinhood.com/stocks/BP/)__, __[TotalEnergies](https://robinhood.com/stocks/TTE/)__, and __[Valvoline](https://robinhood.com/stocks/VVV/)__ report this week.

- __Full tank:__ Rather than ramping up production, oil giants are investing in themselves — and their shareholders. Last week Chevron agreed to buy back a whopping $75B of its shares, and last year Exxon tripled buybacks to $30B. 
- __Big crank:__ Western oil biggies are expected to have earned a combined $200B in profit last year, reigniting talks among US lawmakers about imposing a windfall tax on their excess earnings.

__Drilling down…__ For much of last year, oil giants benefited from rising prices as Russia’s war on Ukraine strained supply and demand rebounded while production stayed tight. But in the last quarter of the year, gassy growth slowed as prices fell. This year, big oil’s profit boom is expected to cool. Pump prices have dropped 30% from last year’s highs, as the global economy slows and recession jitters curb demand. Still, with China’s reopening, analysts predict oil could climb as high as $120/barrel (China’s the world's second-largest oil consumer behind the US).

Pump Anxiety flashbacks (Win McNamee/Getty Images)

Slick

__It could be big oil’s big finale…__ before the fall. Last week, oil titan __BP__ said it expects renewables will make up 35% to 65% of the energy market by 2050, up from just 10% today. The pivot from fossil fuels to green energy could be accelerated by the “energy trilemma” (affordability, security, sustainability). Last year, clean-energy investment hit a record $1T, matching fossil-fuel investment for the first time. It’s expected to hit $2T by 2030.

Oil giants are (still) raking in historic profits, but it could be a grand finale as green energy ramps up

__Closing the gap…__ As America’s fastest-growing group of entrepreneurs, Black women are increasingly [leaving](https://snacks.robinhood.com/newsletters/349vN9seEikUONVdVtRvP0/articles/uMbh670ekDujd6duoyTol/) corporate roles to launch their own companies — starting businesses at 4.5X the rate of the overall population. But while the rate of Black entrepreneurship is high, bias and funding gaps pose roadblocks to growth. As of January 2022, just 4% of Black businesses were still open after 3.5 years, compared to the national average of 55%. A key issue: Black startups, especially those run by women, tend to have less access to funding.

__Spot the bots…__ Last week __OpenAI__ announced a $20/month premium subscription for ChatGPT. More quietly, it [released](https://www.wsj.com/articles/chatgpt-creator-releases-tool-to-detect-ai-generated-text-calls-it-unreliable-11675204820) a tool that detects AI-generated text. It could be especially useful for teachers and employers looking to spot bot submissions — but OpenAI said it fails 75% of the time (womp). Meanwhile, an app called GPTZero uses __ChatGPT__ against itself to detect AI. There’s growing concern over the use of genAI tools for cheating, plagiarism, and spamming. AI detection tools could be key to addressing these issues — but first they’ll have to get reliable. 

Zoom Out

Stories we’re watching

__Rolling in Corollas…__ __Toyota__ reports earnings this week along with __Nissan__ and __Honda__. Toyota has been the world’s top-selling carmaker for three years straight, but auto sales in general have been losing traction. Last year was the worst for new-car sales in 10+ years as production issues hit supply (picture: record-low inventories). Meanwhile, higher interest rates are making car payments pricier, which could ding demand. But while __Ford__ reported weak #s last week, Chevy maker __GM__ infused hope with expectation-smashing earnings and gave strong guidance for the year.

__KenTacoHut earnings…__ __Yum Brands__, the owner of fast-food faves like KFC, Pizza Hut, and Taco Bell, is expected to deliver earnings this week — along with fast-casual icon __Chipotle__. Last week, __McDonald's__ [dropped](https://snacks.robinhood.com/newsletters/hVxJ5P0UXNj7GiarHRYHR/articles/4MlfzoaeNBLMSQ0Pc0ru6y/) tasty sales growth as its inflation-friendly prices and cult fave menu items kept McCustomers coming. But while McD’s prices *dropped* last year, Chipotle and Yum kept hiking. Analysts expect same-store sales growth, but price hikes might be dimming appetites. Meanwhile, rising avo prices are threatening Chipotle’s “burrito season” profits. 


Events

Coming up this week

- __[Zuck](https://snacks.robinhood.com/newsletters/4Tr1pVtVj5AQBMTXX7CQ0g/articles/1CI1mRFvVBDI35dSkciBqP/):__ __[Meta](https://robinhood.com/stocks/META/)__ shares popped 26% after better-than-feared quarterly revenue, despite ad-pocalypse. Zuck said 2023 is Meta’s “year of efficiency” (sorry, metaverse). It expects to spend less after slashing 11K+ employees.
- __[UnPod](https://snacks.robinhood.com/newsletters/hVxJ5P0UXNj7GiarHRYHR/articles/5upo6arBMCyFdOxzmT6V0u/):__ __[Spotify](https://robinhood.com/stocks/SPOT/)__ popped after reporting record user growth, driven by podcasts. But its quarterly loss widened to $250M and the “growth at all costs” pod-palooza could be over as the streamer chases profitability. 
- __[Cody](https://snacks.robinhood.com/newsletters/4BQOCvfFjpmfTUqq7GuMPh/articles/3oSTcViaA2PXLCPreOXfnT/):__ __[Peloton](https://robinhood.com/stocks/PTON/)__ shares surged 28% after its pivot from hardware to subscriptions helped spin down quarterly losses. While equipment sales fell, revenue from its on-demand fitness classes grew 22%.

ICYMI

Last week's highlights

Oil giants rake in historic profits, but it could be a grand finale as green energy ramps up

For the first time in Super Bowl history, two Black quarterbacks are set to face off

🛢️Big oil’s profit peak?

__Zuck bucks turn up…__ __Meta__ shares popped 23% on Wednesday after the social giant reported earnings , making yesterday its second-best trading day in nearly a *decade*. Disillusioned investors were pleasantly surprised by Meta’s quarterly revenue — and its plans to buy back $40B of its own stock. Despite a widespread ad pullback, Meta fared better than feared:

- __Sales__ were down 4% from a year earlier, declining for the third straight quarter as its average ad price fell 22%. But Meta had a surprisingly upbeat forecast for *this* quarter, saying that revenue has a chance of rising from last year.

- __Profit__ plunged 55% year over year as expenses ballooned, but was up from the previous quarter (snapping a three-quarter streak of declines).

- __Daily active users__ across Meta’s “family of apps” (FB, Insta, WhatsApp, and Messenger) jumped 4% to 2B. Monthly users hit 3.7B (nearly half of all humans).

__Reel it in…__ Ad-reliant companies like Meta, __Google__, and __[Snap](https://robinhood.com/stocks/SNAP/)__ face many of the same headwinds: a pullback in digital-ad spending, hot competition from __TikTok__, and the continued fallout of __Apple__’s ad-targeting privacy change. Snap stock plunged after it disappointed on sales and guidance. But investors were optimistic about Meta’s cost-cutting future:

- __Zuck said 2023 is “the year of efficiency”__ for Meta. It expects to spend less this year, after slashing 11K+ employees in November (it’s also cutting data-center spend).

Pumped up on efficiency (David Ramos/Getty Images)

__Cutting down can mean leveling up…__ Meta used to be synonymous with “growth at all costs,” but its latest earnings call sounds more like “efficiency at all costs.” That could mean focusing less on investments in its underperforming metaverse biz, which lost nearly *$14B* last year, and lasering in on investments like AI recommendations and TikTok rival Reels, which fueled engagement last quarter.

Meta shares soar despite the ad sag as investors seize on its “year of efficiency”

__Veggie burger with a side of layoffs…__ Fake-meat fabricator __Impossible Foods__ said it [plans](https://www.bloomberg.com/news/articles/2023-01-30/impossible-foods-plans-to-lay-off-about-20-of-employees) to cut 20% of its employees this year, after axing 6% in October. Publicly traded rival __[Beyond Meat](https://robinhood.com/stocks/BYND/)__ laid off 20% of its staff last year, and its stock is down 70% over the past year. Alt meat had a juicy moment prepandemic, but demand for plant-based patties has plunged as inflation-stung consumers opt for cheaper eats. 

- __Freezer-burned:__ Supermarket alt-meat sales fell 14% last year, whereas real-beef sales fell 4%.

- __Impossible prices:__ Shoppers may be turning away from plant-based patties because they're typically more expensive than animal meat.

__Profits served extra rare…__ but there's a plant-based bright spot: while overall supermarket alt-meat sales fell, Impossible said *its* sales at grocery stores were up 50% last year. Plus, Impossible's CEO said 83% of the US has never heard of the company — despite patty partnerships with chains like __[Burger King](https://robinhood.com/stocks/QSR/)__ and __[Starbucks](https://robinhood.com/stocks/SBUX/)__ — suggesting there’s room to grow. The privately held biz said that almost half its customers are repeat buyers, and 90% of purchases come from meat eaters (hello, flexitarians).

Sizzle

__Barriers get higher when spirits get low…__ With food prices up nearly 10%, it may be harder for shoppers to stomach pricier mock meats — and the barrier to trying out plant-based is higher. Still, the alt-meat market is relatively new, and success may end up tasting like chicken: while overall sales of refrigerated faux meats fell in the second half of last year, sales of faux *chicken* jumped.

Impossible Foods lays off staff as fake meat struggles to take a bite of the market

- 🤖 __Techy…__ __[Twitter](https://robinhood.com/stocks/TWTR/)’s__ working on a payments feature (think: peer-to-peer transactions). Boss Elon Musk is said to want the system to be fiat first (think: real $$) but a crypto integration could be on the agenda.

- 🤔 __Sus…__ A court-appointed examiner [ripped](https://www.bloomberg.com/news/articles/2023-01-31/celsius-examiner-rips-into-crypto-lender-in-her-final-report) __Celsius__ in a newly released 689-page report. Revealed: the bankrupt crypto lender self-described internally as a "sinking ship," and said the value of its CEL token should be zero.

- 🪙 __Coins…__ __[Bitcoin](https://robinhood.com/crypto/BTC/)__ had its best month since October 2021 and its best January since 2013, [jumping](https://www.barrons.com/articles/bitcoin-crypto-markets-today-51675161319) 40%. Ethereum's followed suit, climbing almost 40% year to date, as crypto traders keep an eye on the Fed.

SUNK

The Crypto Catch-Up…

Meta shares soar despite the ad sag as investors seize on Zuck’s “year of efficiency”

US offices reached 50% occupancy for the first time since the start of the pandemic

✂️  Meta’s “year of efficiency”

__Came for the workout…__ stayed for instructor Cody. __[Peloton](https://robinhood.com/stocks/PTON/)__ shares surged 22% yesterday after the spin icon [revealed](https://www.cnbc.com/2023/02/01/peloton-pton-q2-earnings-2023.html) healthy growth for its subscription biz — which, FYI, makes more $$ than its hardware biz ($2K spin bikes, fancy treadmills). Last quarter Peloton’s losses narrowed as cash burn fell to $94M, down from $547M a year ago. While Peloton’s hardware sales plunged 52%, subscription revenue from on-demand fitness classes grew 22%. 

- __Speed up:__ Peloton gave a better-than-expected forecast for the year and is aiming to have 1M people sign up for app subscription trials over the next year.
- __Slow down:__ It’s Peloton’s eighth straight quarterly loss, and the stock’s down 43% in the past year. But shrinking losses and subscription growth could signal a comeback.  

__Just keep spinning…__ Peloton thrived during lockdown, but as people hopped off their couches and headed back to the gym, unsold equipment [piled](https://snacks.robinhood.com/newsletters/2aaB9GnrWgVHhjJd7bFJu/) up. To cut its losses, Peloton [outsourced](https://snacks.robinhood.com/newsletters/iw2tCwjTCvnTryUaqDDzb/) manufacturing, canceled plans for a $400M Ohio plant, and laid off over a tenth of staff. Last fall Peloton pivoted from its direct-to-consumer model by striking distribution deals with __[Amazon](https://robinhood.com/stocks/AMZN/)__ and __[Dick’s Sporting Goods](https://robinhood.com/stocks/DKS/)__ to energize demand. It also got itself into thousands of __[Hilton](https://robinhood.com/stocks/HLT/)__ gyms, hoping to lure new customers.

Riding with your favorite instructor (Ezra Shaw/Getty Images)

Spin

__The road less traveled can be smoother…__ Instead of giving up when its core spin-bike biz faltered, Peloton leaned into subscriptions, which are less cost-intensive than hardware. Now it’s trying to return to growth by leveraging its charismatic instructors and mobile-friendly classes. By promoting subs to *non*-Peloton owners, it could ride the fitness-for-all strategy to a gradual recovery. 

Peloton’s subscription pivot helped spin down losses — and spin up its struggling stock

__When all-time highs = industry lows…__ Crypto hackers had a banner year, stealing a record $3.8B last year, __Chainalysis__ [reported](https://blog.chainalysis.com/reports/2022-biggest-year-ever-for-crypto-hacking/). It tops the previous year's record of $3.3B. DeFi (aka decentralized finance) represented 82%+ of those losses:

- __DeFined:__ DeFi protocols (like: __Uniswap__ and Tornado Cash) are permissionless. They let people trade crypto directly without go-betweens like centralized exchanges. 
- __CeFined:__ Centralized finance (CeFi) is more akin to traditional finance (meet: TradFi) because activity runs through a centralized entity like a crypto exchange. 
- __Bridged:__ DeFi protocols like cross-chain bridges — which let people move assets between blockchains — were like catnip to attackers, accounting for 64% of DeFi's losses. 

__Not so CeFine…__ As numerous CeFi crypto lenders went bankrupt last year (think: __BlockFi__, __[Celsius](https://snacks.robinhood.com/newsletters/74Rmw5VlxBTIazWlkKzrHf/articles/3f7BisGSpk0jgZKhOePwTn/)__, __[Genesis](https://snacks.robinhood.com/newsletters/4BoEiy5bSjKJygt8GDtUW3/articles/7tW8jp8mSs2CeUREvHmMNe/)__) and crypto exchange __FTX__ [blew up](https://snacks.robinhood.com/newsletters/5oS3vfl3q3m34Ud64MuTOf/articles/6GVY28qbI5kcW4Y5gvzbIM/), some crypto enthusiasts pointed to DeFi as a path forward. The argument: a CEO like Sam Bankman-Fried couldn't be accused of stealing your crypto if they never touched it in the first place. But as last year’s head-turning crime #s show, DeFi’s not immune either. Case in point: last year North Korea-linked hackers stole $1.1B from DeFi protocols. 

Loot

__You need a solid foundation to BUIDL…__ crypto speak for "build." As CeFi stumbled, some crypto fans believed it could be DeFi’s time to shine. But two straight record-setting years of crypto crime suggest DeFi still has work to do if it wants to provide a path out of CeFi's rubble. One hope: DeFi's public-facing nature means investigators can follow looted crypto across blockchains — suggesting that while hackers can run, they may have trouble hiding.

Crypto hackers set a looting record last year, casting a shadow on DeFi's bright promise

Boeing just made its final 747 delivery, marking the end for the famous jumbo jet

🚲 Peloton’s subscription sprint

__When shuffle plays your fave song…__ Bingo. __[Spotify](https://robinhood.com/stocks/SPOT/)__ shares popped 12% yesterday after the Swedish streamer [reported](https://www.cnbc.com/2023/01/31/spotify-spot-earnings-q4-2022.html) expectation-beating quarterly revenue and upbeat user growth. Spotify had its largest spike *ever* in monthly active users, with listeners up 20% to a whopping 489M. Ad-free paid subscribers jumped 14% to 205M. 

- __Spotify’s top line looks great.__ Its bottom line, *not so much*. Despite its green logo, Spotify is still deeply unprofitable, and last quarter its losses widened to $250M.

__Put it on mute…__ Spotify said its big growth was driven by podcasts. But big pod investments have also fueled big losses. ICYMI: Spotify has splurged $1B+ on pod-related purchases like The Ringer and Parcast, *plus* exclusive shows like “The Joe Rogan Experience” (reportedly for $200M+) and “Call Her Daddy” (reportedly for $60M). Pricey pod-vestments fueled growth, but also burned a hole in Spotify’s pockets. 

- __Spotify laid off 600 employees__ last week in a reorg that included the exit of its chief content officer, Dawn Ostroff, who was at the helm of huge pod deals. 
- __End of the pod-palooza?__ Spotify execs vowed that 2022 was the year of peak losses (read: they’ll try to get closer to profitability from now on). 
- __On the mic:__ CEO Daniel Ek said that pods have been a drag on profit margins and that some shows haven’t performed as well as expected. 

The end of the pod-palooza era? (Cindy Ord/Getty Images)

Unpod

__“Growth at all costs” comes at a cost…__ and many aren’t willing to pay it anymore. In this uncertain economy, the focus has shifted from supercharging growth to cutting costs and maximizing profits. Ek [summarized](https://deadline.com/2023/01/spotify-ceo-daniel-ek-podcasts-investing-dawn-oststroff-fourth-quarter-losses-subscriber-growth-1235245223/) it thus: “You go for growth first and then you seek efficiency. Generally, you will see us focus on efficiency… not just growth at all costs.”

Spotify adds record users, but the “growth at all costs” pod-palooza could be dead

__Waiting 30 mins for the McRib…__ worth it. __[McDonald’s](https://robinhood.com/stocks/MCD/)__ [served](https://www.cnbc.com/2023/01/31/mcdonalds-mcd-q4-2022-earnings.html) up hearty earnings after more fast-food lovers headed to the Golden Arches last quarter. McD’s same-store sales in the US jumped 10%, thanks in part to the “farewell tour” of its cult fave McRib. Abroad, same-store sales spiked ~13% — and make up over half of all quarterly revenue — thanks to stronger demand in countries like the UK, France, and Germany. 

- __Nugget nostalgia:__ McD’s “adult Happy Meal” promo drove the highest weekly digi-transactions ever in the US. Half of the meals sold out in the first four days.
- __Deep-fried footprint:__ While McD’s execs expect a “mild to moderate” recession this year, they still plan to open nearly 2K new restaurants — 100+ more than they had forecast last year.

__Unwrapping deals…__ Inflation’s finally cooling, but many consumers are trading down from full-service restaurants as budgets stay tight. Nearly a quarter of consumers say they’ve turned to fast-food since it can sometimes be cheaper than cooking at home. But not all combos are created equal: 

- __Fancy fries:__ Menu prices at rivals like __Chick-fil-A__ and __Taco Bell__ rose about 15% from 2021 to last year, while __[Wendy’s](https://robinhood.com/stocks/WEN/)__ prices soared 35% in the same period. 
- __Slow rise:__ McDonald’s — which actually *decreased* prices 5% — said that while lower-income consumers are ordering less, they’re returning more frequently than in previous quarters.

Combo

__Consistency is king…__ but surprise is queen. McDonald’s has been relatively consistent with its low prices and classic McMenu items, but it has also sprinkled in spontaneity with buzzy promos. While rivals have leaned on higher prices to raise revenue, McD’s leans on cult faves and fresh tastes to juice demand. Last year, McD’s celeb-inspired meal [collabs](https://snacks.robinhood.com/newsletters/6lzvLrthhcs2XAAKrGo75i/articles/2tlVc1V2nx6jY75DFlpmKO/) with stars like Travis Scott, BTS, and J. Balvin were key in driving digital sales.

McDonald’s posts tasty growth as inflation-friendly prices and cult faves spark a fast-food frenzy

*🖊️ Like taking a Sharpie to a digital dollar bill…*

The OG crypto is playing catch-up. A recent addition to bitcoin lets people add text, images, or video to individual “satoshis” (think: the smallest unit of BTC). It essentially creates bitcoin-native NFTs. Dubbed "[ordinals](https://www.bloomberg.com/news/articles/2023-01-30/nfts-coming-to-bitcoin-sparks-handwringing-about-crypto-purists)," the new protocol and its on-chain digital artifacts have sparked a mini [controversy](https://www.coindesk.com/tech/2023/01/31/bitcoin-community-erupts-in-existential-debate-over-nft-project-ordinals/), with some in the crypto community saying they'll drive up transaction fees.

DEFI(NE)

Heard on the Block: "ordinals"

Spotify adds record users, but the “growth at all costs” pod-palooza could be over

Lucy Stanton became the first Black woman in America to earn a four-year college degree after graduating from Oberlin in 1850

🎵 Spotify’s profitless pod boom

__More a-Ford-able…__ __[Ford](https://robinhood.com/stocks/F/)__ is following __[Tesla](https://robinhood.com/stocks/TSLA/)__ down the discount road: the Detroit carmaker said it’ll slash prices of its electric Mustang Mach-E crossover by an average of $4.5K. It also plans to boost production from 78K units/year to 130K. The Mach-E helped Ford become America’s second-best-selling EV maker, with 65K+ electric cars sold in the US last year (trailing Tesla’s 500K+). Recently __Tesla__ also announced price cuts, including slashing its Model Y price tag by up to $13K.

- __Less profit:__ With the cuts, the Mach-E will have a starting price of $46K. The markdowns mean that not all Mach-E models will be profitable on a per-unit basis. 
- __More saving:__ Ford expects to offset some of that profit drop with streamlined production and lower commodity costs. FYI: Ford reports on Thursday.
- __Ford stock lost__ 3% yesterday after the news. But investors had reacted positively to *Tesla’s* cuts, hoping that lower prices would boost sales. 

__Everyone wants to be an EV player…__ The markdowns from America’s two largest EV sellers are all about revving up demand as competition booms (partly thanks to subsidies). From old-school players like __[GM](https://robinhood.com/stocks/GM/)__ and __[Toyota](https://robinhood.com/stocks/TM/)__ to electric-first companies like __[Rivian](https://robinhood.com/stocks/RIVN/)__ and __[Lucid](https://robinhood.com/stocks/LCID/)__, carmakers are doubling down on EV ambitions. While the US lags behind China and Europe in electric adoption, full-electric vehicles accounted for nearly 6% of all cars sold in the US last year — up from 3% in 2021. 

Smells like EV deflation (Frederic J. Brown/Getty Images)

Juicy

__The trend-setter can be the price-setter…__ Tesla made EVs cool and spurred electric adoption with its sleek and techy models, setting the standard for electric luxury. Tesla’s also the world’s leading EV maker, and its price moves set a *price* standard for other EV players. When it cuts prices, other carmakers could feel pressure to do the same to keep demand in check.

Ford follows trend-setter Tesla by slashing EV prices as electric competition revs up

__Beyond the grocery aisle…__ into high-margin style. __[Walmart's](https://robinhood.com/stocks/WMT/)__ going for a new look (which could make it harder for you to reach the grocery section). The big-box behemoth [remodeled](https://www.cnbc.com/2023/01/28/walmart-new-sleek-store-designs.html) six of its SuperCenter mega stores to focus shoppers' attention on clothes, makeup, pet supplies, and furniture — all items with higher profit margins than groceries. A $30 floral dress that costs $3 to produce typically brings home more profit than a box of cereal. 

- __Front and center:__ Picture snazzy mannequins under spotlights at the front of the store, eye-catching cosmetics displays, and colorful pet-supply sections. 
- __Try it on:__ At least 30 more Walmart stores have adopted elements of the fanci-fied makeover. Walmart’s trying to pump profits after posting a loss in its October quarter.

__Come for the juice…__ stay for the jeans. As America’s largest grocer, Walmart has always used affordable groceries as a hook (groceries = over half of Walmart’s sales). As food inflation squeezed budgets last year, higher-earning households switched to Walmart for groceries. Now it hopes it can persuade them to spend on more than just hummus and salmon. But it might not be easy: consumers have been cutting back on discretionary merch spend. 

Dressy

__Dress for the profits you want…__ because new looks can lure new pocketbooks. Walmart became the grocery go-to thanks to competitive prices and its network of 5K+ US stores. By spotlighting its fashion and makeup offerings, Walmart's hoping that grocery-hooked customers will venture past the grapefruits and toward the swimsuits. 

Walmart’s snazzy makeovers aim to put more profitable products front and center

Toyota defended its title as earth’s best-selling automaker with 10.5M cars sold last year

🚙 Ford’s Tesla response

__Ignoring the (three) bears…__ The economy ≠ the stock market, but markets rallied last week after GDP #s showed the US economy grew an expectation-beating 2.9% in the final quarter of last year. The icing on the cake: the pace of growth slowed slightly from the previous quarter, suggesting the Fed's hikes are *gently* cooling the economy rather than freezing it. That’s reviving hopes for a Goldilocks-like "[soft landing.](https://www.bloomberg.com/news/articles/2023-01-27/fed-sees-soft-landing-as-silver-lining-of-temp-jobs-decline)" The ingredients:

- __Not too hot:__ Temp jobs fell for the fifth straight month, raising hopes that the labor market could cool *without* erasing many full-time roles. But fresh layoff announcements from companies like __[IBM](https://robinhood.com/stocks/IBM/)__ and __[Hasbro](https://robinhood.com/stocks/HAS/)__ could change the picture. 
- __Not too cold:__ Inflation cooled again last month, ending the year at 6.5% (still way above the Fed's target). And while job growth is slowing, the labor market’s still historically strong. 

__Juuuust right…__ Experts say continued consumer spending, which rose 2.1% last quarter but ticked down last month, will be key to avoiding a recession. While consumers are starting to rein in their daily budgets, some are "[revenge inflation spending](https://www.wsj.com/articles/inflation-spending-luxury-travel-clothing-food-11674502204)" on major purchases. __[American Express’s](https://robinhood.com/stocks/AXP/)__ CFO said spending on experiential splurges like travel is "off the charts." Still, while consumer sentiment has improved this year, it’s still near historic lows. 

J. Powell preps the porridge (Andrew Caballero-Reynolds/Getty Images)

Golden

__A fairy-tale ending isn’t guaranteed…__ While optimism is up, some experts say there's still plenty of room for concern (and a Q3 recession). The Fed, which meets tomorrow and Wednesday, is expected to continue raising rates over the next two months — though at a slower pace than those past “jumbo” hikes. Fed officials said they don't expect to cut rates this year, but analysts think cuts could come as soon as September. We’ll see whether Fed Chair Powell squashes the market’s optimism.

Investors hope for a Goldilocks-style soft landing, but the proof will be in the Fed’s porridge

__Ad-pocalypse now?...__ __[Google](https://robinhood.com/stocks/GOOGL/)__ and __[Meta](https://robinhood.com/stocks/META/)__ report this week, at a complicated time for the industry. Ads make up 80% of Google’s revenue, and *98%* of Meta’s. But in their last-reported quarters, Meta saw an annual drop in ad revenue while Google’s growth slowed. Meanwhile, Google’s dealing with an existential threat from ChatGPT, with a DOJ lawsuit that seeks to break up its ad biz. Facebook’s growth stalled last year and Insta barely grew as users flocked to TikTok (bringing ad bucks with ’em). Analysts expect lower earnings from the ad titans.

__Apple's core…__ could be softer than usual. A year ago __[Apple](https://robinhood.com/stocks/AAPL/)__ reported record sales in its blockbuster holiday quarter. That could be hard to beat this year, as Covid crackdowns in China disrupted iPhone production (iPhones make up over half of Apple’s sales). Last year, global smartphone shipments posted their largest drop *ever*. The world’s most valuable public company is expected to report lower earnings and sales on Thursday. Still, Apple's the only Big Techie that’s avoided mass layoffs so far (partly since it didn’t do a mass hiring spree). 

__Prime pills…__ Call it a prescription subscription. Last week __[Amazon](https://robinhood.com/stocks/AMZN/)__ [launched](https://snacks.robinhood.com/newsletters/79pjIuyGvvYRy0vRYusvPY/articles/AsPZberidCKIL3eLBLLEK/) a subscription for unlimited meds. With “RxPass,” 168M Prime members can buy pills and get ’em delivered for $5/month (no insurance needed). RxPass offers 80 meds (think: blood pressure, anxiety, migraines) and targets people with numerous prescriptions. Nearly half of US adults take *two or more* meds daily, and retailers like Amazon, __[Walmart](https://robinhood.com/stocks/WMT/)__, and __[CVS](https://robinhood.com/stocks/CVS/)__ are scrambling to get a bigger chunk of the lucrative prescription pie. Amazon’s differentiator: offering *many* drugs at a flat rate.

__Living for the jump scares…__ Moviegoers are seeing dead people and studios are seeing green. Horror flicks are giving big blockbusters a run for their money. __Universal Studios’__ and __Blumhouse’s__ “M3gan,” which follows a trendy murderous doll, has already raked in [$130M](https://www.cnbc.com/2023/01/21/m3gan-topping-100-million-horror-movies-box-office.html) at the box office — the latest hit in a series of successful horror releases. “Skinamarink,” an experimental horror with a tiny $15K production budget, earned $1.7M in two weekends. Horror could help boost the recovering movie industry, which is still far from prepandemic levels. 

- __[Listicle](https://snacks.robinhood.com/newsletters/3AfJ5QticYzqpCcokZ516q/articles/3j7AOj9siIxg2ATa4dA6ye/):__ __Meta__ is reportedly paying __[BuzzFeed](https://robinhood.com/stocks/BZFD/)__ millions to generate viral creator content as engagement falls for both. It’s a symbiotic social relationship. 
- __[Searched](https://snacks.robinhood.com/newsletters/5m7fnGl8GCvlx7gfsQcDYc/articles/rbKFyth6EA3WcU7CNJDVw/):__ __Google’s__ bread-and-butter ad biz could be toast with a new Department of Justice lawsuit. Regulators in the US and EU have been cranking the heat on tech giants. 
- __[Swap](https://snacks.robinhood.com/newsletters/5m7fnGl8GCvlx7gfsQcDYc/articles/6bA9qEJZg44MjxYhiiHkmZ/):__ Tech layoffs are intensifying, but last year 80% of laid-off tech workers found a new gig within three months — and over half of those rehired got pay bumps.

 ICYMI

Investors hope for a Goldilocks soft landing, but the proof’s in the Fed’s porridge

Only eight countries have won the World Cup

🍦 Soft landings and Big Tech earnings

__Which T. Swift song are you?...__ __Meta__ hopes it won’t get “Anti-Hero.” The social titan is paying BuzzFeed millions of dollars to help it attract more creators to Facebook and Instagram, the Wall Street Journal [reports](https://www.wsj.com/articles/meta-pays-buzzfeed-millions-to-generate-creator-content-for-facebook-and-instagram-11674693687?mod=business_lead_pos6). Refresher: BuzzFeed is the publicly traded media company famous for viral listicles and quizzes like “what your favorite chicken-nugget shape reveals about your personality.” 

- __Deal:__ As part of a reported $10M deal reached last year, BuzzFeed is said to be helping to generate creator content for FB and Insta — and training creators to grow their presence.

- __Reel:__ It’s part of Meta’s strategy to boost engagement as creators flock to __TikTok__, whose users grew 18% last year. Meanwhile, FB’s growth stalled and Insta grew less than 3%. 

__Your favorite condiment will reveal your biggest fear…__ Meta, which reports earnings next week, has been struggling with slowing growth and shrinking profits. BuzzFeed has been losing money and its stock is down over 60% since it went public in late 2021. Like Meta, it also announced job cuts last year. But both are investing more in *creators*. 

- __Human creators:__ Last year Meta said it would stop paying news publishers to feature their content and would reallocate the $$ to growing its creator biz. And BuzzFeed announced it would double its creator network.

- __AI creators?__ Yesterday BuzzFeed said it would leverage ChatGPT maker __OpenAI__ to help it churn out quizzes and other content. FYI: CNET — which was called out for publishing AI-generated articles riddled with errors and even plagiarism — said it was halting its use of AI for content generation.

Listicle anxiety (Drew Angerer/Getty Images)

Buzz

__It’s a symbiotic social relationship…__ between BuzzFeed and Meta. BuzzFeed’s growth has largely relied on content going viral on Facebook, while Facebook has often relied on BuzzFeed to tap into internet culture and trends. In its last earnings report, BuzzFeed attributed declining engagement on its sites partly to declining traffic from FB. By helping FB boost engagement, BuzzFeed could help itself — and earn millions.

Meta is reportedly paying BuzzFeed millions to generate content as engagement falls for both

__Owing money all over town…__ __FTX__'s "creditor matrix" list was finally [unsealed](https://www.cnn.com/2023/01/26/investing/ftx-creditors-wall-street) this week, and it provides some insight into the $8B+ question looming over the exchange's bankruptcy: to whom, exactly, does it owe all that $$? FYI: We learned last year that the exchange owed its top 50 creditors more than $3B, but the identities remained a mystery. Now the 115-page matrix lists companies that had [some](https://blockworks.co/news/ftx-creditor-matrix-more-than-creditors) connection (picture: vendor, account holder, creditor, landlord) to the exchange. Unsurprisingly, the list includes crypto cos like __[Coinbase](https://robinhood.com/stocks/COIN/)__. Surprisingly:

- __What the tech:__ The matrix includes __Apple__, __Amazon__, __Google__, __Meta__, __[Microsoft](https://robinhood.com/stocks/MSFT/)__, and for some reason — __[Netflix](https://robinhood.com/stocks/NFLX/)__.

- __Ordering out:__ __[DoorDash](https://robinhood.com/stocks/DASH/)__, __[Uber Eats](https://robinhood.com/stocks/UBER/)__, __Caviar__, __Margaritaville Beach Resort__, and, yes, __Coachella__ are also listed.

- __Fly away:__ Airlines including __[Southwest](https://robinhood.com/stocks/LUV/)__, __[Spirit](https://robinhood.com/stocks/SAVE/)__, and __[American](https://robinhood.com/stocks/AAL/)__ make an appearance.

- __It’s unclear why__ those companies are on the list ([Coachella NTFs](https://pitchfork.com/news/coachella-nfts-seemingly-unavailable-amid-ftx-crypto-collapse/), anyone?). 

__Badly scrambled…__ __FTX__'s implosion flipped crypto out of the frying pan and into the fire. While a lot of the companies above seem like unexpected casualties, they’re far from the only ones caught in FTX's downfall (think: [bankrupt](https://snacks.robinhood.com/newsletters/4BoEiy5bSjKJygt8GDtUW3/articles/7tW8jp8mSs2CeUREvHmMNe/) crypto lenders). And the fallout hit more than company coffers: as of last month, 60% of Americans in a CNBC survey said they saw crypto investing as “highly risky” and just 8% had a positive view of cryptocurrencies themselves.

Matrix

__Once bitten, twice crypto shy…__ FTX’s creditor matrix, which notably omits the exchange's almost 10M retail customers, paints a picture of just how mainstream FTX was, at least in its business dealings. Now, with bitcoin up 36%+ in the past month and FTX teasing a potential relaunch, investors will have to decide whether — like former spokesman/current FTX creditor Tom Brady once declared — they're in. [271]

From Netflix to Apple, FTX's creditors list reveals the exchange's surprising connections 

🤔 __Sus… Genesis__ [said](https://www.coindesk.com/tech/2023/01/24/genesis-seeks-209m-from-bitcoin-jesus-over-crypto-options-trades-that-werent-settled/) bitcoin-cash evangelist Roger Ver, aka "Bitcoin Jesus," owes it $21M to settle crypto options. Ver suggested he doesn't have to pay Genesis anything as the bankrupt lender's now, well, bankrupt. 

🤹‍♀️ __Quirky… Porsche__ launched (and quickly [shuttered](https://fortune.com/crypto/2023/01/24/porsche-nft-collection-crash-and-burns-after-lackluster-launch/)) an NFT project after selling only 25% of supply. Nearly 2K NFTs, tied to pictures of white 911 Carreras, went for $1.4K apiece.

🌶️ __Spicy… Circle,__ the biz behind the second-largest stablecoin, USDC, said its $9B plan to go public last year via a SPAC [fizzled](https://www.ft.com/content/10bfdb8e-3a16-4bd2-a979-2d4b4c86ea41) because the SEC dragged its approval heels. SPAC-tivity has [plummeted](https://snacks.robinhood.com/newsletters/KzzfFjx1Ng1lyjGJiZJ0W/articles/3ywag1qgBYXGQTzeuSwAkA/). 

HONK

UK car production hit its lowest level in 66 years

❓ Meta’s BuzzFeed play

__Google’s bread-and-butter ad biz…__ could be toast. This week the Department of Justice filed an antitrust suit targeting Google’s golden goose: *advertising*. The goal is to break up its digital ad biz, which makes up 80% of the search leader’s sales. The suit alleges that Google abuses its role as one of the largest buyers, sellers, and brokers of digital ads and hurts competition. 

- __Big yikes…__ for Google. The suit calls for the divestiture of Google’s ad exchange and the unwinding of “anticompetitive” ad-quisitions like DoubleClick. 
- __Google says__ the suit “attempts to pick winners and losers in the highly competitive advertising technology sector,” arguing it would raise ad fees and hamper growth. 
- __Searching for a friend…__ Eight states, including California and New York, joined the DOJ’s suit. The court battle could have serious consequences for the ad industry. 

__Google can buy itself flowers…__ but it’ll need to buy lots of lawyers, too, to deal with regulatory break-up tensions. This suit isn’t the only legal drama Google’s dealing with: in 2020 the DOJ filed a suit targeting its search dominance (think: how it’s the default in Safari). That case is expected to go to trial in September. Google’s facing three *additional* antitrust suits from state AGs. Oh, and in September the EU fined Google *$4B* after ruling it had broken competition rules — the EU’s second win in a trio of cases.

Getting toasty in here (Stefani Reynolds/Getty Images)

Toast

__Tech’s biggest threat isn’t deceleration…__ it’s *regulation*. Growth slowdowns have been dominating headlines. But while macro trends can be temporary, regulatory crackdowns change a biz forever. Scrutiny has intensified in recent years: the FTC’s suing to block __[Microsoft’s](https://robinhood.com/stocks/MSFT/)__ $75B __[Activision](https://robinhood.com/stocks/ATVI/)__ acquisition, and it slapped Meta with two antitrust suits. The DOJ’s investigating __[Apple](https://robinhood.com/stocks/AAPL/)__, while the EU has opened cases against __[Meta](https://robinhood.com/stocks/META/)__, __[Google](https://robinhood.com/stocks/GOOGL/)__, and others. Meanwhile, President Biden has urged lawmakers to rein in tech titans with legislation.

Google’s profit-puppy ad biz is under threat as regulators crank up the heat on tech giants

__Glancing at the news...__ the job market looks rough — especially for tech workers. More than 57K layoffs were announced in the tech sector this month alone: __[IBM](https://robinhood.com/stocks/IBM/)__ said yesterday it would cut nearly 4K jobs, __Microsoft__ axed 10K, __[Salesforce](https://robinhood.com/stocks/CRM/)__ said goodbye to 8K, and __[Amazon](https://robinhood.com/stocks/AMZN/)__ laid off 18K. Before that, __Meta__ and __[Snap](https://robinhood.com/stocks/SNAP/)__ had let go of a combined 12K+ employees. 

__Dominating your LinkedIn feed…__ While tech layoffs turn heads, they pale in comparison to the jobs *added* during the industry-wide pandemic hiring spree. __Google__, which just laid off 12K employees, had added 37K jobs over the past year alone. California, where many tech cos are headquartered, gained 16.2K nonfarm payroll jobs in December, and the unemployment rate in the greater San Francisco area sat at just 2% last month. Meanwhile, Chicago is working hard to [recruit](https://www.bloomberg.com/news/articles/2023-01-25/chicago-seeks-to-lure-foreign-workers-laid-off-by-tech-giants) laid-off foreign tech workers.

- __Let go to level up:__ Last year, 80% of laid-off tech workers found a new gig within three months. And over half of those rehired got pay *increases*. 
- __Musical chairs:__ Three-fourths of let-go tech workers found new jobs in the same industry.

Hired

__The tech market ≠ the job market…__ The "information" sector employs only 2% of US workers. Despite doom-and-gloom headlines, the *overall* unemployment rate is at historic lows and economists [aren’t worried](https://www.barrons.com/articles/economists-tech-microsoft-spotify-layoffs-51674512876) — so far. Just this week: __[Walmart](https://robinhood.com/stocks/WMT/)__, America’s largest private employer, said it's *upping* its minimum wage for store staff to retain and attract workers in a competitive labor market. We'll see whether that strength held up into the new year when January's employment numbers drop next week. 

Tech layoffs are stealing the show, but economists say the job market's still a star

Google’s bread-and-butter biz could be toast as the DOJ tries to break up its ads unit

Two in three Americans couldn’t cover a $400 emergency, a new survey suggests

🍞 Google’s bread threat

__A pack of migraine meds…__ with your monthly TP delivery. __[Amazon](https://robinhood.com/stocks/AMZN/)’s__ doubling down on its pharmacy biz with a [new](https://www.aboutamazon.com/news/retail/introducing-rxpass-from-amazon-pharmacy-a-5-prescription-subscription-that-helps-prime-members-who-take-multiple-medications-save-time-and-money) prescription-drug subscription. Prime members can now buy unlimited meds (and get ’em delivered to their doorstep) for a flat fee of $5/month — no insurance necessary. The subscription (dubbed “RXPass”) offers 80 medications for everything from high blood pressure to anxiety. Amazon’s targeting people who are juggling numerous prescriptions: 150M+ Americans take one or more of the drugs included in the RXPass.

- __Look back:__ Amazon [bought](https://snacks.robinhood.com/newsletters/2wPRmRTzXsZZPrXKhazVKD/) online pharmacy PillPack for $750M in 2018 and splurged nearly $4B on membership-based health-clinic chain __[One Medical](https://robinhood.com/stocks/ONEM/)__ last year.

- __Pill pack:__ So far only 14% of prescription customers know about Amazon’s PillPack online pharmacy, but over a third say they plan to switch pharmacies in the next year.

__Getting crowded…__ Nearly half of US adults take two or more meds daily, and a quarter say it’s difficult to afford the treatment they need. Now retailers are scrambling to get more prescription business. In 2021 __[Walmart](https://robinhood.com/stocks/WMT/)__ added prescription discounts to its Walmart+ membership program. Mark Cuban’s discounted __Cost Plus__ e-pharmacy attracted 1.5M customers just a year after launching. Meanwhile, __[CVS](https://robinhood.com/stocks/CVS/)__ and __[Walgreens](https://robinhood.com/stocks/WBA/)__ have ramped up their prescription offerings with features like mobile ordering and delivery. Amazon’s big differentiator: offering *many* drugs at one flat rate.

Adding pharmacy to cart (Igor Golovniov/Getty Images)

__Old roads can open new paths…__ Amazon’s been moving into healthcare for years, but has yet to make a big mark in the $500B pharmacy retail space. Now it’s using its “old road” strengths (think: 168M Prime subscribers and a massive delivery network) to get ahead. Its bid is promising: nearly two-thirds of brick-and-mortar pharmacy customers have a Prime account.

Amazon unveils a $5/month unlimited meds subscription as retailers race into pill delivery

__Soft landing…__ __[Microsoft](https://robinhood.com/stocks/MSFT/)__ kicked off Big Tech earnings yesterday on an upbeat note. Shares of the software titan spiked 4% after it reported (slightly) better-than-expected earnings, courtesy of solid cloud growth. Microsoft’s cloud-computing unit — aka: the second-largest cloud biz after __Amazon’s__ AWS — grew revenue by 31% from last year, a slowdown from previous quarters. Investors were uplifted by the small earnings beat, but Microsoft’s reality is not so suite: 

- __Far from Excel-ent:__ Total sales grew at the slowest pace since 2016, and profit dropped for the first time in *eight* years (from $18.7B last year, to $16.4B).

- __Iffy Outlook:__ Last week Microsoft said it was slashing 10K workers to prepare for a recession as the remote-work boom wanes. 

__New year, new me…__ Microsoft is the first of the Big Tech Five (__[Apple](https://robinhood.com/stocks/AAPL/)__, Amazon, __[Google](https://robinhood.com/stocks/GOOGL/)__, Microsoft, __[Meta](https://robinhood.com/stocks/META/)__) to report. In 2021, they [demolished](https://snacks.robinhood.com/newsletters/4yfojyZE9WLvdIySo7B6GF/articles/5HHwtkiQ6PZUclm1Kohn61/) earnings with jaw-dropping records. In May of that year, Microsoft posted its strongest revenue growth since 2018, while Apple and Amazon delivered quarterly records. This year, it’s a different story: 

- __The remaining four of the Big Tech Five__ are also expected to release lower quarterly earnings as demand slows, recession fears grow, and layoffs abound.

Word

__When the going gets tough, get more going…__ Even as cloud and PC demand slows, Microsoft’s not backing down from big spending: it just announced a multiyear, multi*billion*-dollar investment in ChatGPT maker __OpenAI__ — *and* is still aggressively [trying](https://www.playstationlifestyle.net/2023/01/24/microsoft-activision-deal-sony-subpoena/) to complete its $69B acquisition of gaming company __[Activision Blizzard](https://robinhood.com/stocks/ATVI/)__. By doubling down on generative-AI tools and gaming, Microsoft’s hoping to energize growth with new tech.

Microsoft reports slowing growth and a rare profit drop, but is still investing billions

Amazon rolls out a $5/month unlimited meds subscription as retailers race into pill delivery

Scientists captured a radio signal that was emitted from a distant galaxy 8B+ years ago