__Sneak previews get serious…__ If you hate the ending of __[Netflix’s](https://robinhood.com/stocks/NFLX/)__ next show, you might be able to *change* it. Netflix reportedly [plans](https://www.wsj.com/articles/netflix-to-let-tens-of-thousands-of-subscribers-preview-content-11669851681?mod=hp_lead_pos10) to expand its Preview Club, which lets viewers watch shows and movies early if they provide detailed feedback. The club has 2K members, but Netflix could expand it to tens of thousands by early next year. 

- __“We take your feedback seriously”:__ Netflix launched the club over a year ago, and it’s used viewer feedback to update several original movies and shows. 
- __Data-driven do-overs:__ Netflix said it added more humor to the Leo DiCaprio flick “Don’t Look Up” after viewers deemed it too serious and changed “The Sandman” after noticing that few finished the series.

__Preview and review…__ For decades studios have screened movies to “test audiences” to predict how well they’ll perform. But Netflix is notorious for using *data* to make decisions (think: recommendation algos), though critics say data shouldn’t determine which IP to acquire or which shows to renew. Now it’s expanding Preview Club to boost engagement (this year it posted two consecutive quarters of subscriber losses for the first time). 

- __Not just Netflix:__ __[Amazon](https://robinhood.com/stocks/AMZN/)__ uses an “Amazon Preview” program to gather feedback on its original content, and __[Disney](https://robinhood.com/stocks/DIS/)__ has a similar “Hulu Brain Trust.”

“Don’t Look Up” got a fan remix (Dimitrios Kambouris/Getty Images)

Preview

__The customer knows best…__ That’s why Netflix is tapping into its audience, instead of only relying on industry professionals and algorithms. Critics can disagree over whether a movie is good, because art is subjective. But subscriber-engagement numbers are *not* subjective — and they’re a priority at Netflix. By the numbers, “Don’t Look Up” succeeded: though the movie wasn’t a hit with critics, it holds Netflix’s record for most streaming hours in a single week.

Netflix expands its Preview Club to boost engagement by letting viewers shape content

__Looking for the oil cap…__ not the one for your car. EU countries have been [struggling](https://www.cnbc.com/2021/08/06/unemployment-rate-falls-but-is-higher-for-black-and-hispanic-workers.html) to agree on a price cap for Russian oil. Refresher: back in June, the 27 EU nations agreed to ban purchases of Russian oil starting on December 5. The goal was to slash Russia’s oil revenues, which are fueling its war on Ukraine. But the oil-ban plan was scrapped over concerns it would send global crude prices soaring, since Russia is a top exporter. Now: 

- __The US is pressuring__ the EU to agree on a cap, which would set a max purchasing price on Russian oil, meaning G-7 countries would end up buying it at a lower price (still hurting Russia’s coffers, but not as much as a ban). 
- __This week,__ a proposal suggested a $62/barrel limit. But Poland, Estonia, and Lithuania knocked it down, arguing it was too high to dent Russia’s income. 
- __Yesterday,__ EU governments [reportedly](https://www.reuters.com/business/energy/eu-agrees-60-barrel-price-cap-russian-seaborne-oil-eu-diplomat-2022-12-01/) agreed to a $60 cap, with a provision to adjust it to 5% below the current market price. But it needs to be formally approved.

__Cap it off…__ The cap would make it really hard for Russia to sell oil at a higher price, since the world’s key shipping and insurance companies are headquartered in G7 countries — which could block those companies from handling Russian crude shipments if they violate the cap. But it’s not as simple as that: 

- __No cap:__ Russia has repeatedly said it won’t sell oil to countries who implement a price cap. That could wreak havoc on global supply and spike prices. 
- __Wild card:__ The cap can be successful only if China and India agree to support it, since they buy the bulk of Russian oil.

Gassy

__“Sideline players” can hold frontline sway…__ China and India boosted their purchases of Russian oil after Russia’s invasion of Ukraine, and have benefited from lower prices. If they keep loading up on Russian oil, it’s unlikely that the G-7 cap would really hurt Russia. And it doesn’t seem like they’ll support it. This September quote from India’s petroleum minister isn’t encouraging: “We will buy oil from Russia, we will buy from wherever.”

The world’s oil supply is at stake as EU countries decide on a Russian price cap

- 🤔 __Sus…__ Sam Bankman-Fried has been on a press tour, giving [two](https://www.bloomberg.com/news/articles/2022-11-30/bankman-fried-denies-trying-to-commit-fraud-at-fallen-ftx-empire) [interviews](https://www.goodmorningamerica.com/news/story/ftx-crypto-collapse-ceo-sam-bankman-fried-denies-94215046) where he talked about the collapse of __FTX__ and said he "did not try to commit fraud on anyone." Meanwhile, authorities say a prison sentence is possible for the former CEO. 
- 📱 __Techy…__ __[Coinbase](https://robinhood.com/stocks/COIN/)__ [removed](https://decrypt.co/116230/apple-coinbase-wallet-nft-transfers) users' ability to send NFTs through its iOS app, saying __[Apple](https://robinhood.com/stocks/AAPL/)__ blocked its latest app release until it disabled the feature. The sticking point: Apple’s 30% “app tax,” which Coinbase says won't work with NFT gas fees. 
- 🌶️ __Spicy…__ The Senate [grilled](https://fortune.com/crypto/2022/12/01/senate-agriculture-committee-cftc-ftx-collapse/) Rostin Behnam, chair of the Commodity Futures Trading Commission, over FTX's bankruptcy and pending crypto regulation. Meanwhile, Treasury Secretary Janet Yellen [called](https://www.wsj.com/livecoverage/stock-market-news-today-11-30-2022/card/yellen-says-crypto-needs-tighter-regulation-after-ftx-meltdown-UEUjHmnH4itOrxp4XYjg) for stricter crypto oversight, citing (you guessed it) FTX.

HEATED

The Crypto Catch-Up…

Dow Jones

S&P 500

Nasdaq

Bitcoin

India could become the third-largest economy by 2030, overtaking Japan and Germany

🍿 Netflix’s sneak-peek strategy

__Cleaning fee not included…__ __[Airbnb](https://robinhood.com/stocks/ABNB/)__ has teamed up with building owners across the US to [boost](https://www.wsj.com/articles/airbnb-aims-to-attract-big-landlords-with-a-cut-of-its-rental-sales-11669781739?mod=hp_lead_pos11) the number of rentable rooms on its platform. Airbnb did the legwork in 25 markets and found property owners who’ll allow their tenants to list on Airbnb, sublease-style. 

- __Less tiptoe, more dough…__ Renters afraid of getting caught violating lease agreements won't need to secretly Airbnb their places to make extra $$. No more need to tell your neighbors “those are just my French cousins” [laughs nervously]. 
- __Testing, testing:__ To start, the program includes 175 buildings. Airbnb says participating renters have earned $100/night, on average, by hosting their apartments. But building owners can take up to 25% of the rental host's booking.

__There's no place like home…__ if you can afford one. Homeownership has become even more inaccessible, especially after mortgage rates soared. Last year, over a third of US households were renters. But renting is no bargain, either: while rent prices have been cooling this year, they’re still up 7.5% from last year. The prospect of earning extra income through Airbnb rentals could be welcomed by tenants — and help ease the financial anxiety of committing to one place for a year (especially when the economy’s so up in the air).

Supply is key (Jens Kalaene/Getty Images)

__Demand can follow supply…__ and Airbnb has an apartment-supply problem. As of October, apartments accounted for only 14% of Airbnb's listings — down 5% from 2019. According to Airbnb, that’s partly because of landlords' opposition to short-term rentals (think: anti-Airbnb rules). Now Airbnb’s looking to get landlords on board. The hope: more Airbnb-friendly apartments = more listings = more bookings. But there's a catch: research shows that the presence of short-term rentals in a neighborhood contributes to rising rents.

Airbnb teams up with landlords and renters to juice the supply of Airbnb-able apartments

__It’s the 11th hour for EV taxes…__ and everyone’s bickering about President Biden’s rules. In August, his Inflation Reduction Act introduced rules that require EVs to be mostly US-made to get $7.5K in green tax credits (*all* EVs were formerly eligible). But US trade partners like the EU, UK, South Korea, and Japan [say](https://www.wsj.com/articles/biden-administration-pressed-by-allied-nations-to-revise-ev-subsidy-program-11669758891?mod=business_lead_pos1) “Made in America” rules discriminate against foreign companies — and they’re urging Biden to ease or delay them.

- __Strict rules:__ Based on the current IRA rules, cars need to be built in North America and get 40% of key battery minerals from the US (or allies) to earn the credit starting next month. 
- __Failing grades:__ As of now, not a *single* car model qualifies for the full credit — though __[Ford](https://robinhood.com/stocks/F/)__ and __[GM](https://robinhood.com/stocks/GM/)__ say their cars will qualify for half. 

__“Made in America” mayhem…__ is escalating. Initially, Biden’s EV enthusiasm boosted investment in electric manufacturing: __Kia__, Ford, __[Honda](https://robinhood.com/stocks/HMC/)__, __[Tesla](https://robinhood.com/stocks/TSLA/)__, __[Toyota](https://robinhood.com/stocks/TM/)__, and GM all announced additional US EV investments after the IRA’s passage. But now critics say strict rules could discourage future investment — or even start a trade war.

- __Cranky carmakers:__ South Korea-based __[Hyundai](https://robinhood.com/stocks/MOTUY/)__, the #2 US EV seller after Tesla, said the rules are an “astronomical” blow and demanded an exemption.
- __Peeved presidents:__ French President Macron is in the US this week to urge Biden to relax the rules to avoid an EU trade war.

Charged

__Biden faces a tough balancing act…__ The president wants to boost domestic EV manufacturing and reduce America’s reliance on China, which manufactures most of the world’s EVs (and EV batteries). But Biden also *doesn’t* want to alienate global carmakers, which recently announced plans to invest $82B in US EV manufacturing — and create 115K US jobs.

Hyundai and the EU are bashing Biden’s “Build Back” plans — and US EV-estments could be in jeopardy

“Long Covid,” a chronic illness resulting from Covid-19, could cost the US economy $3.7T

🏢 Airbnb's sublease play

__Elon is tech’d off with [Apple](https://robinhood.com/stocks/AAPL/)…__ and (as usual) he’s taken the beef to __[Twitter](https://robinhood.com/stocks/TWTR/)__. On Monday the billionaire CEO posted a series of tweets accusing Apple of everything from threatening free speech to not being transparent about its censorship practices. But Elon’s core issues with Apple might be financial: 

- __Ad spend:__ Elon said Apple has “mostly stopped” advertising on Twitter. FYI: Apple was Twitter’s #1 advertiser in Q1 of this year, spending a reported $48M in that quarter alone.
- __App spend:__ Elon also criticized Apple’s “app tax,” the ~30% cut of in-app purchases, downloads, and subs that Apple [takes](https://snacks.robinhood.com/newsletters/5mrz8IgUB1Bjuc9ILsHQOj/) across apps in its store.
- __Now:__ Elon [said](https://twitter.com/elonmusk/status/1597300125243944961) Apple is threatening to remove Twitter from the App Store “but won’t tell us why.” Apple typically revokes App Store access when companies violate its policies.

__Battle of the MVPs…__ Musk wants to make Twitter profitable and diversify revenue beyond ads, which make up 90% of Twitter's sales (but have been sagging). Last year Twitter launched its Twitter Blue subscription, which includes perks like early access to new features (think: tweet-editing). This month, Twitter hiked the price of the sub to $8/month — and made it a requirement for users who want to gain the coveted blue checkmark. But Apple's 30% cut could strike a blow to Twitter’s non-ad sales — and its goal of doubling revenue by 2023.

Elon’s core Apple problem (STR/NurPhoto/Getty Images)

Blue

__Choose your enemies wisely…__ On the one hand, Elon has a lot of support on his side against Apple’s app tax: developers like Fortnite maker Epic Games, __[Spotify](https://robinhood.com/stocks/SPOT/)__, and Tinder parent __[Match](https://robinhood.com/stocks/MTCH/)__ have criticized the fees (and launched legal battles against Apple). On the other hand, antagonizing the world’s most valuable company — which makes the smartphones that millions use to browse Twitter — could have negative consequences.

As Twitter tries to subscription-ize its biz model, Elon Musk takes on Apple's "app tax"

__Take the last train to Clarksville…__ if it’s running. A nationwide rail strike has been looming for weeks. It’s a big deal because trains play a critical role in hauling goods, food, and materials across the US. Railroads move 30% of the nation’s freight, and a weeklong strike could cost the country $1B. President Biden [warned](https://www.nytimes.com/2022/11/29/us/politics/biden-rail-strike.html) it could put the economy “at risk.” 

- __Yesterday:__ Congressional leaders on both sides of the aisle vowed to pass legislation to prevent the strike. House Speaker Nancy Pelosi said Congress would have a bill ready by *today*. 
- __For the sake of speed,__ they’ll vote on a tentative agreement that was previously hashed out in September. It would raise rail-worker wages by 24% by 2024. Eight unions voted to support it, but four didn’t (fully paid sick leave is a key sticking point). Hence the looming strike. 

__Dude, where’s my coal?...__ The last time Congress intervened to settle a nationwide rail dispute was 30 years ago. A holiday rail strike could be disastrous: halted train lines would freeze supply chains for key commodities like lumber and coal and aggravate inflation by driving up prices of consumer goods. 

- __Bipartisan rarity:__ It seems as if both Dems and Republicans want to move fast to avoid a strike. A rail halt in the weeks leading up to Christmas = major doozy. 
- __Pelosi said:__ “I don’t like going against the ability of unions to strike, but weighing the equities, we must avoid a strike.”

Uncoal

__When shift hits the fan, alliances can shift…__ Biden has been a strong union backer, having previously argued against congressional intervention in labor disputes. But this week the president *requested* that Congress intervene to force a deal by passing legislation. Now hundreds of business groups are praising Biden while his usual allies (unions) are criticizing the move.

For the first time in 30 years, Congress steps in to avert a disastrous holiday rail strike

As Twitter tries to subscription-ize its business model, Elon Musk takes on Apple's "app tax"

Koalas have unique fingerprints that are nearly identical to those of humans

🐦 Elon’s Apple beef

__’Tis the season to splurge…__ and inflation-stressed US shoppers still have the urge: shoppers spent a [record](https://www.cnbc.com/2022/11/26/black-friday-online-sales-top-9-billion-in-new-record.html) $9B online on Black Friday, and yesterday’s Cyber Monday sales were expected to hit a record $11B. Thanks partly to deep discounts, sales of __[Apple](https://robinhood.com/stocks/AAPL/)__ MacBooks, __Dyson__ gadgets, drones, and gaming consoles soared, while toy sales quadrupled. 

- __Mobile mania:__ Consumers did nearly half their Black Friday shopping from their phones — a new record.
- __Buy now, pay later__ payments rose 78% from the previous week as consumers continued to grapple with high prices.

__Holiday hype may not last…__ Strong post-Thanksgiving sales were a bright spot for retailers, which had given cloudy forecasts for this holiday season: __[Target](https://robinhood.com/stocks/TGT/)__, __[Macy’s](https://robinhood.com/stocks/M/)__, __[Nordstrom](https://robinhood.com/stocks/JWN/)__, and others reported slow sales in October and early November as consumer sentiment dipped. Now retailers are trying to unload their inventory — and stay rid of it:

- __Deeper discounts:__ This year the average Black Friday discount ticked up to 30%+, __[Salesforce](https://robinhood.com/stocks/CRM/)__ data showed. Translation: retailers want to ditch piles of summer goods.
- __Stricter returns:__ About 60% of retailers surveyed are adopting stricter policies to cut costs (think: fewer free returns).

The store might be empty, but the e-cart is full (Leonardo Munoz/Getty Images)

Click

__More sales ≠ more profits…__ because discounts mean slimmer margins. Despite this past week’s strong (cough, inflated) sales, analysts actually expect holiday sales to fall this season when adjusted for inflation — which would be the first holiday drop since 2009. That could spell tough times ahead for mega-retailers like Target and __[Walmart](https://robinhood.com/stocks/WMT/)__, which may end up with punier profits if they’re forced to keep slashing prices to move merch.

Black Friday sales break online records as Americans keep click-shopping while margins get slimmer

__Eruptions in the east…__ From Beijing to Shanghai, thousands of Chinese residents took to the streets (and social media) over the weekend to protest the country’s strict zero-Covid policies. Some called for President Xi to step down. China has extended lockdowns and tightened restrictions in certain areas after reporting 253K+ Covid cases over the past three weeks. Now things may be reaching a breaking point: 

- __On Thursday__ a fire in China's western city of Urumqi killed 10 people trapped in a high-rise building, which was under partial lockdown and reportedly [inaccessible](https://www.cnn.com/2022/11/26/asia/xinjiang-urumqi-china-lockdown-protests-intl-hnk/index.html) to first responders.
- __It’s a big deal:__ The deadly fire sparked mass protests to Xi’s authoritarian government on a scale not seen in decades.
- __In markets, stocks sank yesterday__ while oil fell to its lowest level since January, as investors feared that China’s domestic conflict could jolt the global economy.

__The Covid fallout…__ Earlier this month China said it would ease some quarantine rules to curb the economic damage. But its plans have been thwarted by outbreaks in 80 of its cities, which generate half of China’s GDP. It’s hurting the economy:

- __Last month,__ China’s retail spending shrank by 0.5% from a year ago, the first decline since May. Meanwhile, China's exports dropped for the first time since 2020.
- __China's economy is expected to__ grow about 3% this year — nearly half of the 5.5% expected in March.

Fallout

__China could be at a tipping point…__ While its strict Covid policy has crippled global supply chains and companies including Apple, it’s affecting Chinese citizens the most. Though some analysts say the unrest could cause Xi to crack down even further, others are optimistic that the protests could spur the government to unwind some of its policies.

China's “zero-Covid” protests send jitters through global markets as the second-largest economy falters

🤧 *Like when your coworker shows up to the office with the flu…*

Because crypto's so [interconnected](https://snacks.robinhood.com/newsletters/5oS3vfl3q3m34Ud64MuTOf/articles/6GVY28qbI5kcW4Y5gvzbIM/), one big incident (like a bankruptcy or hack) can act as a "contagion" spreading across the industry and getting others sick. Case in point: crypto lender BlockFi filed for [bankruptcy](https://www.wsj.com/articles/blockfi-files-for-bankruptcy-as-latest-crypto-casualty-11669649545) yesterday, citing "significant exposure" to the contagion of bankrupt exchange __FTX__.

DEFI(NE)

Heard on the Block: "contagion"

Black Friday sales break online records as shoppers click-splurge — but margins are slimmer

Hawaii’s Mauna Loa volcano — the world’s largest active volcano — is erupting for the first time since 1984

📦 Black Friday goes cyber

__MVP of the season…__ “companion content.” Sports shows like __Netflix’s__ “Drive to Survive” (about Formula 1 racers) have become hugely popular as younger sports fans seek new ways to engage. Now, more media giants are looking to capitalize on the companion-content craze: 

- __Working overtime:__ This month __Amazon__ struck a deal to stream games of high-school b-ball league __Overtime Elite__ on Prime — and produce a companion docu-series.
- __Hail Maverick:__ Also this month, the NFL teamed up with __Skydance Media__ (the studio behind “Top Gun: Maverick”) to make original sports content like docs and shows. 

__Getting in the game…__ is more important — and more expensive — than ever. As __Netflix__, __Amazon__, __Apple__, __Disney__, and __Comcast__-owned Peacock compete for streaming supremacy, they’ve struck pricey live-broadcasting deals with the NFL, MLB, and MLS to attract subscribers. The amount paid for US sports broadcasting rights surpassed $21B this year, a 26% jump from 2019.

- __Bidding bonanza:__ Netflix recently lost its bid for Formula 1 streaming rights to Disney, which lost a *separate* bid for Indian cricket rights.
- __Joining the little leagues:__ To save money, Netflix has reportedly considered streaming more niche sports like pro surfing and cycling.
- __More bang for less buck:__ For streaming titans, sports-adjacent content could bring the popularity of live sports without the big broadcasting price tag.

A winning formula? (Jeff Spicer/Getty Images)

Punt

__Adjacency = opportunity…__ because fans love to get up close and personal with their favorite stars. Social-media-adjacent businesses like __OnlyFans__, __Patreon__, and __Cameo__ succeeded by giving superfollowers an exclusive peek (beyond the social page). Gaming-adjacent Twitch took off by giving fans interactive access to top gamers with livestreams. Streaming giants are betting on sports-adjacent content for the same reason: they know fans love getting an inside look. 

The NFL and Amazon invest in sports-adjacent content to lure fans with “companion” shows

__Like an Advent calendar…__ Instead of chocolate, the surprise is labor market #s. On Friday, the Labor Department will release unemployment data for November. In October, the unemployment rate ticked up to 3.7% and stocks reacted positively (bad news = good news). While unemployment’s still near historic lows, we saw a fresh wave of layoffs this month,  from Twitter to Amazon to __Meta__ (__Google__ might be [next](https://www.forbes.com/sites/jackkelly/2022/11/21/alphabet-seeks-to-cut-10000-poor-performing-googlers/?sh=79725c8e2704)). But tech openings are still above prepandemic levels, and widespread layoffs across industries remain low. That could be changing: last week’s jobless claims hit their highest level since August. 

__Not-so-silver cloud lining…__ Shares of __Salesforce__, __Snowflake__, and __Workday__ have lost nearly half their value this year as higher interest rates curb cloud spend. Salesforce's revenue rose 22% last quarter, but it cut its full-year forecast as the strong US dollar (and slowing demand) pressure profits. But as tech layoffs pile up, companies are still investing in cloud software to help them do more with less. Cloud spend is forecast to grow 21% next year, but analysts aren’t expecting breakthrough results when the cloud companies report this week.

Events

Coming up this week...

__Status-symbol cuffs are in…__ Despite global gloom, luxury jewelers like __Cartier__, __Bulgari__, and __Tiffany__ are growing as branded bling booms. Last year the luxe jewelry market grew 7% from prepandemic totals. Bulgari’s planning to double production at its massive Italian jewelry factory, and Cartier is looking to open two new plants next year. Even fashion-focused __Prada__ is launching its first jewelry collection. Branded pieces like Cartier Love bracelets are driving demand more than nameless gems.

__FTX-tra messy…__ Lawyers for bankrupt crypto exchange __FTX__ went to court last week to explain just how bad the company's books are. Think: a "[substantial amount](https://www.wsj.com/articles/ftx-lawyer-says-substantial-amount-of-crypto-firms-assets-stolen-or-missing-11669134521)" of customers' crypto was stolen or is just straight up missing — *that* kind of bad. The Bahamian-based exchange owes $3B+ to its top 50 creditors (but hasn't publicly identified them). If they're institutional players (like crypto lenders), that bad debt could supercharge [contagion](https://snacks.robinhood.com/newsletters/5oS3vfl3q3m34Ud64MuTOf/articles/6GVY28qbI5kcW4Y5gvzbIM/). Meanwhile, customer funds remain frozen, and experts say sorting through FTX's mess could take years.

Zoom Out

Stories we’re watching...

- __[Bobs](https://snacks.robinhood.com/newsletters/2GLZub1cHXTZXSoOZHM85W/articles/2XkVuT54tkaSmCn0gj9trv/):__ The old Bob gets his old job: Disney icon Bob Iger shocked the entertainment industry by announcing his return as CEO (Bob Chapek is out). The surprise move proves brand makers are hard to replace. 
- __[Offside](https://snacks.robinhood.com/newsletters/2GLZub1cHXTZXSoOZHM85W/articles/4QHnAyVtv5SFiECOs7aUuh/):__ World Cup host Qatar has kicked off controversy, from anti-LGBTQ+ moves to alcohol bans in stadiums. Despite vocal opposition, sponsors like __Budweiser__ and __Adidas__ aren’t willing to ditch one of the world’s top advertising opportunities. 
- __[Fitch](https://snacks.robinhood.com/newsletters/XD4mGtAm3M6SA5C4JIHfC/articles/3ldFSDbQ9YlRuEnW9XhkTk/):__ __Abercrombie's__ back with a cologne-scented vengeance: Abercrombie and __American Eagle__ shares soared last week after the tween-friendly retailers posted uplifting results as they overhauled inventories.

ICYMI

Last week's highlights...

The 2022 World Cup is expected to attract 5B viewers, up from 3.5B in 2018

🏈 Streamers’ sports-verse

__Stop trying to make Fitch happen…__ It’s already happening. __[Abercrombie & Fitch](https://robinhood.com/stocks/ANF/)__ was long known for overpowering cologne scents, shirtless mall models, and a [dubious](https://www.msnbc.com/opinion/msnbc-opinion/new-netflix-documentary-takes-down-abercrombie-fitch-n1294716) corporate culture. In the early 2000s, it was the go-to “cool brand” for tweens everywhere. Then Abercrombie logos became very *un*cool and it fell off the map. After a major rebrand focused on inclusivity, Abercrombie’s back with a denim-twinged vengeance: 

- __Abercrombie shares surged 20%__ yesterday after it reported a surprise quarterly profit and beat sales expectations as demand for office jeans and date dresses rebounded. 
- __That’s so Fitch:__ While Abercrombie’s global sales ticked down, US sales were up from last year and its namesake brand saw 10% global growth. 
- __Cali casual < East Coast chic:__ Hollister makes up more than half of Abercrombie’s total sales, but revenue for the casual sister brand fell 12%.

__Pre-Black Friday flex…__ Abercrombie isn’t the only retailer wowing investors with its preholiday quarter. __[American Eagle](https://robinhood.com/stocks/AEO/)__ stock soared 17% yesterday after the Aerie-owner beat quarterly profit estimates while toning down its inventory levels (think: higher markdowns). AE’s inventory was up just 8% from last year, compared to *36%* in the previous quarter. While sales and profits at AE and Abercrombie fell, right-sizing inventory helped them exceed expectations.

The old Fitch (Justin Sullivan/Getty Images)

Model

__Black Friday is an opportunity…__ for retailers to get their inventories right. First, the problem was too *little* merchandise as pandemic supply-chain snags collided with rebounding demand. Then it was too *much* merch as inventories recovered while demand sagged (picture: piles of unsold summer dresses in December). AE expects this holiday season to be “highly promotional,” which reduces profit margins. But clearing out supplies can help retailers stay relevant with shoppers — and reduce profit-draining overstock long term.

Abercrombie and American Eagle post uplifting results ahead of Black Friday as inventory trends improve

__Giving thanks with Uncle Bob Evans…__ Thanksgiving traditions are being tested this year with high food prices [bumping](https://www.axios.com/2022/11/22/thanksgiving-restaurants-dining-turkey-inflation-takeout) the cost of a home-cooked feast by 20%. It's more than just pricey potatoes: according to a __[Wells Fargo](https://robinhood.com/stocks/WFC/)__ analysis, when you factor in cooking and cleaning time, dining out on Thanksgiving might be a better deal than hosting. Inflation-weary shoppers are taking note, even if they don't want to make a resto reservation: 

- __A home-*delivered* meal:__ 45% of surveyed consumers plan to order in at least some of their Thanksgiving eats (think: less family recipe apple pie, more Applebee's).
- __Green bean coupons:__ Chains like __[Chipotle](https://robinhood.com/stocks/CMG/)__, __[Bob Evans](https://robinhood.com/stocks/BOBE/)__, __[Ruth's Chris Steak House](https://robinhood.com/stocks/RUTH/)__, and KFC are pushing Thanksgiving promos to lure shoppers on the side-dish sidelines.

__A night on the town is a treat…__ but a night on the couch is no steal, either. While dining out is typically still pricier than eating in, inflation hasn't struck evenly across the cutting board. The cost of eating out has jumped less than 9% from last year, but the cost of groceries is up more than 12%. In other words, the *relative* value of ordering turkey takeout this Thanksgiving (versus buying a raw bird) has increased.

Gobble

__Versatility is a secret sauce…__ Restaurants are well served for success this holiday season because they have scale *and* speed. Big chains like __[Yum Brands'](https://robinhood.com/stocks/YUM/)__ KFC can lock in supply deals in advance, helping them weather inflation's storm. Meanwhile, mom-and-pop joints can more quickly shift ingredients and menu prices as costs dictate. With food prices expected to continue rising next year, restos will need to lean on flexibility.

Turkey takeout rules the roost as food ’flation makes eating out a holiday deal

Abercrombie and American Eagle shares soar ahead of Black Friday as inventory woes ease

The Pakistani city of Sialkot produces about 70% of the world’s soccer balls — including the official ball of the 2022 World Cup

👖 Abercrombie is Fitch again

__“Game of Thrones: Magic Kingdom” edition…__ __[Disney](https://robinhood.com/stocks/DIS/)__ icon Bob Iger shocked the entertainment industry by announcing he’d return as chief exec for two more years. Iger had stepped down as CEO in 2020 and was replaced by then head of parks Bob Chapek. In June, Disney's board voted to extend Chapek's CEO contract until 2025. But internal complaints from senior execs reportedly prompted a U-turn. Now, Disney’s ousting Chapek while the board looks for a more permanent replacement.

- __“Succession” IRL:__ Conflicting loyalties may’ve played a role, because Chapek and his inner circle were said to be caught off guard by the decision. 
- __Disney shares jumped 6%__ yesterday, but are down 38% this year. Disney execs say Iger is "uniquely situated" to direct the company at this time.

__Mouse House divided…__ Though Chapek helped Disney survive the pandemic, his tenure featured some public controversies. Last year Scarlett Johansson launched a lawsuit against Disney claiming breach of contract for “Black Widow.” In April, Chapek narrowly avoided a worker revolt following his delayed response to Florida’s “Don’t Say Gay” bill.

- __On the #s side:__ Disney stock experienced its biggest plunge in 21 years this month after its park and resorts revenue underwhelmed and profit disappointed.
- __Disney+ added__ more subs than forecast, but Disney’s streaming biz posted nearly $1.5B in operating losses.

Old Bob is new Bob with his old job (Michael Loccisano/Getty Images)

Bobs

__Brand makers are hard to replace…__ Iger spent 15 years growing Disney into Hollywood's most powerful media conglomerate. That's the kind of household-name leadership that investors and execs like to bank on in a downturn. We’ve seen it before: Steve Jobs returned to __[Apple's](https://robinhood.com/stocks/AAPL/)__ helm in 1997 after 12 years away, and __[Starbucks](https://robinhood.com/stocks/SBUX/)__ founder Howard Schultz returned in April as interim CEO.

Bob Iger’s surprise comeback as Disney CEO proves brand makers are hard to replace

__Kicking themselves…__ Sponsors are losing the PR game at the FIFA World Cup. In the years leading up to this tournament, host country Qatar has been [criticized](https://www.axios.com/2022/11/21/world-cup-qatar-controversy) over corruption, exploitative labor practices, and its anti-LGBTQ+ laws (homosexuality is illegal there). Controversy escalated this week after FIFA threatened teams who were planning on wearing rainbow armbands in support of the LGBTQ+ community, while Qatar banned beer sales at stadiums. 

- __Sponsors = hit hard:__ __[AB InBev](https://robinhood.com/stocks/BUD/)__-owned Budweiser, the World Cup’s exclusive beer partner since 1986, paid $75M to sponsor this tourney but now won’t be able to sell alcohol (it’ll sell booze-free Bud Zero instead).
- __FIFA = unfazed.__ Soccer’s governing body, FIFA, made a record $7.5B from 2022 sponsors (FYI: FIFA officials have been charged with accepting Qatar-related bribes).

__Hot-button hosts…__ are nothing new. The organizers of the 2022 Beijing Winter Olympics and the 2018 World Cup in Russia were also criticized for ignoring local human-rights abuses. Now, 2022 World Cup sponsors like __[Coke](https://robinhood.com/stocks/KO/)__, __[McDonald’s](https://robinhood.com/stocks/MCD/)__, __[Visa](https://robinhood.com/stocks/V/)__, Hyundai, and __[Adidas](https://robinhood.com/stocks/ADDYY/)__ are getting heat for participating despite Qatar’s human-rights record. Meanwhile, “anti-sponsors” are on the rise: 

- __UK brewery BrewDog__ [launched](https://www.brewdog.com/uk/anti-sponsor-qatar) flashy ad campaigns and special brews condemning Qatar, but has itself been criticized for signing a beer-distribution agreement with the country. 

B(ad)

__Eyeballs may matter more than mouths…__ when it comes to corporate profits. Despite vocal opposition to Qatar’s conduct, none of the World Cup’s 70+ major sponsors have backed out. Few are willing to ditch one of the world’s top advertising opportunities: this year’s Cup is expected to attract a record-shattering 5B viewers (aka: more than half of all humans).

As World Cup host Qatar kicks off more controversy, Budweiser and other sponsors stay the course

📜 *Like a crypto constitution, but the founders are anonymous…*

Crypto and blockchains come from somewhere. At the most basic level, that somewhere is often a white paper. Typically, white papers are foundational documents laying out technical specifications and core principles of a new cryptocurrency or blockchain. The __[bitcoin](https://robinhood.com/crypto/BTC/)__ [white paper](https://bitcoin.org/bitcoin.pdf) was first published 14 years ago by the pseudonymous Satoshi Nakamoto.

Heard on the Block: "white paper"

Gamblers are expected to wager over $160B on the World Cup

🏰 Disney’s Battle of the Bobs

__One-two contagion punch…__ As the crypto industry reels from __FTX's__ [collapse](https://snacks.robinhood.com/newsletters/2jedAlq0iN3kyZjhRJ7QXZ/articles/1enAKmQ2NnWWzq409J1MHk/), the billion-dollar question is, who might be next? We may know soon, as __BlockFi's__ [reportedly](https://www.bloomberg.com/news/articles/2022-11-16/blockfi-said-to-plan-imminent-bankruptcy-filing-amid-ftx-fallout) planning to file for bankruptcy. The crypto lender, which held nearly $4B in customer assets, paused withdrawals this month, citing "significant exposure to FTX." It also had loans out to __Alameda Research__, FTX's so-called sister firm. It's not the first time contagion’s come for BlockFi:

- __Terra-part:__ The TerraUSD stablecoin [melted down](https://snacks.robinhood.com/newsletters/CZLtSSO02dkWUNfYSsz7D/articles/40vJyepmLGsyVSkxrAJx2M/) in May, wiping out $40B in investor value. The resulting chaos felled crypto hedge fund __Three Arrows Capital__ (3AC), which in turn threatened BlockFi, which had made loans to 3AC.
- __FTXtra Life:__ BlockFi was saved partly by a $400M credit line from FTX. Now FTX might be its undoing. 

__FTX's bankruptcy is a powerful blow…__ because crypto is a highly leveraged industry (think: using borrowed assets to make trades). That causes ripple effects when big players fall. __Liquid__, an exchange that FTX acquired this year, froze withdrawals last week. Crypto lender __Genesis__ suspended new loans and redemptions. __Gemini__, the Winklevoss-helmed exchange that used Genesis to offer a yield product, also paused some redemptions. Retail exchange Genesis Block said on Friday that it would cease trading. And there's fear contagion could spread even further:

- __Crypto.com__ (picture: Matt Damon Super Bowl ads, Lakers’ stadium-naming rights) tried to reassure investors it would not follow FTX. 
- __Nine exchanges__ now say they'll offer up "[proof of reserves](https://snacks.robinhood.com/newsletters/2jedAlq0iN3kyZjhRJ7QXZ/articles/5LZm0DXxBdnT4jdK7CApd8/)" to show they still have customers' assets.

Coin-tagion (Chesnot/Getty Images)

Sneeze

__Contagion thrives because crypto's interwoven…__ with leverage as the thread. If a crypto lender or exchange lends its customers' assets to a hedge fund (like: 3AC or Alameda), which then uses those assets to generate yield (aka: earn crypto interest) and make potentially risky bets… one wobbly domino risks toppling the whole lot. FTX’s bankruptcy isn’t the end of this story: __Binance__ CEO Changpeng “CZ” Zhao says he’s "very worried" about some forms of crypto leverage — and [regulators](https://snacks.robinhood.com/newsletters/5vc5yehi8D6UyFME7P6v6r/articles/u28ZR9jrs0HLSaD0qErHN/) are on high alert.

FTX “contagion” spreads, highlighting the crypto industry's interdependence

__“Power casual” [Lulu](https://robinhood.com/stocks/LULU/) fit…__ Workers are slowly returning to offices, and there’s less room for __[Zoom](https://robinhood.com/stocks/ZM/)__. While office occupancy is still lower than prepandemic, 88% of employers are offering workers incentives to return IRL. The number of workers returning to cubicles is rising, and 9 in 10 companies surveyed said they planned to require workers in offices (at least part time) by 2023. That hurts pandemic powerhouses like Zoom, which reports today. Last quarter it cut its sales forecast as growth majorly slowed from the pandemic Zoom boom.

__Forks up, sweatpants on…__ wallets out. Thanksgiving is on Thursday, but grocery prices are already eating into budgets. A third of Americans plan to spend less on their feasts this year, with the average meal for 10 hitting $64, up 20% from last year. Turkey is up 21% while stuffing mix has soared 70%. Some retail giants are gaining customers by keeping prices (relatively) low: __[Walmart](https://robinhood.com/stocks/WMT/)__ says it’s keeping Thanksgiving meal prices the same as last year, and more higher-income shoppers turned to the retailer last quarter for discounts.

Events...

Coming up this week

__Ready for flu szn…__ As Americans look for easily accessible healthcare, retailers are racing into the industry. Last week __[Amazon](https://robinhood.com/stocks/AMZN/)__ launched its first virtual healthcare clinic to treat patients for everything from allergies to acne. Amazon also agreed to buy clinic chain __[One Medical](https://robinhood.com/stocks/ONEM/)__ in July. Last year, __[Walgreens](https://robinhood.com/stocks/WBA/)__ took a $5B stake in VillageMD and is now opening an average of one clinic every three days. Meanwhile, __[CVS](https://robinhood.com/stocks/CVS/)__ has grown its HealthHUBs, where shoppers can meet with medical pros in stores. Retailers could help capture 30% of the primary-care market by 2030. 

__Credit cards are red hot…__ because swiping is *soaring*. Card balances rose 15% last quarter from last year — the fastest jump in two decades — as cash-strapped shoppers leaned on plastic for inflated expenses. But as the Fed hikes rates, IOUs have gotten pricier: some cards have interest rates of 30%+ (translation: a $1K purse would cost $700+ in annual *interest* if you didn’t pay off the full balance on time). With 60% of Americans now living paycheck to paycheck, historically low delinquency rates are starting to rise.

- __[Swift](https://snacks.robinhood.com/newsletters/5vc5yehi8D6UyFME7P6v6r/articles/5r2wLR5a5WqbnjdLLxxeP4/):__ T-Swift’s world tour crashed Ticketmaster as millions of fans (and resellers) rushed to the __[Live Nation](https://robinhood.com/stocks/LYV/)__-owned platform. Swifties may have bad blood, but Live Nation’s music dominance makes it hard to escape. 
- __[Hunt](https://snacks.robinhood.com/newsletters/2mdUwkwlkcBgMX8vZOTUP/articles/3bE3btkX7UxXzJSURZiUif/):__ As more shoppers “treasure hunt” for bargains, discount retailers like Marshalls owner __[TJX](https://robinhood.com/stocks/TJX/)__ and __[Ross](https://robinhood.com/stocks/ROST/)__ are humming along — while mid-tier (not discount, not luxe) chains like __[Target](https://robinhood.com/stocks/TGT/)__ and __[Kohl’s](https://robinhood.com/stocks/KSS/)__ suffer. 
- __[3BR](https://snacks.robinhood.com/newsletters/2mdUwkwlkcBgMX8vZOTUP/articles/3YKml8vvfQzRLMGQotIps4/):__ As wild mortgage rates and prices depress home-buying demand, __[JPMorgan](https://robinhood.com/stocks/JPM/)__ said it’ll build $1B worth of single-family homes for renters. With mortgage revenue down, JPM hopes to capitalize on the “rent-aissance.”

Federally owned Amtrak hasn’t earned a profit in its five-decade history

🦠 Crypto contagion

__Found a $30 [Michael Kors](https://robinhood.com/stocks/KORS/) bag…__ under a shoe rack. __[TJX](https://robinhood.com/stocks/TJX/)__ — the discount retailer behind TJ Maxx, Marshalls, and HomeGoods — is humming along as consumers scour its aisles for cute deals. This week, TJX beat quarterly sales expectations and boosted its outlook, because there’s no better feeling than finding perfectly fitting __[Levi’s](https://robinhood.com/stocks/LEVI/)__ for $11 after hours of scavenging. 

- __The “exciting treasure-hunt shopping experience”__ is still resonating, TJX’s CEO said. Same-store sales at Marshalls and TJ Maxx were up 3%. And while the S&P 500 is down nearly 18% for the year, TJX stock is also up 3%.
- __Dress for less:__ Yesterday, rival rack-rummaging destination __[Ross](https://robinhood.com/stocks/ROST/)__ also delivered better-than-expected results, despite declining sales and profit. Shares popped 13% after it issued higher-than-anticipated guidance for the holidays.

__It’s the “affordable splurge” vibes for me…__ and the unaffordable splurge for others. While discount retailers are banking on low prices, luxury retailers are enjoying resilient demand. Bloomingdale’s owner __[Macy’s](https://robinhood.com/stocks/M/)__ raised its annual profit forecast as higher-income shoppers scooped up designer blazers and fancy beauty products. Macy’s isn’t the paragon of luxury, but it does stock more luxe goods than department rivals like __[Kohl’s](https://robinhood.com/stocks/KSS/)__. Interestingly: 

- __While Macy’s same-store sales were down__ for the quarter, its higher-end brands grew. Bloomingdale’s revenue was up 5%. Meanwhile…
- __Its luxury beauty retailer, Bluemercury,__ enjoyed *14%* sales growth as shoppers splurged on pricey serums and designer foundations.

The unmatched thrill of bargain-hunting (Chip Somodevilla/Getty Images)

Hunt

__The middle is an awkward spot…__ during an economic downturn. Lower- and middle-income consumers are moving downmarket to discount retailers like TJX and __[Walmart](https://robinhood.com/stocks/WMT/)__, while wealthier consumers are sticking with luxury brands. Meanwhile, more middle-of-the-road retailers are hurting: this week Kohl’s withdrew its annual forecast after sales fell 7% and __[Target](https://robinhood.com/stocks/TGT/)__ cut its holiday outlook as demand slackened.

As more shoppers bargain-hunt, TJ Maxx and Marshalls grow while “in-between” retailers suffer

__Big Banks join the rent-aissance…__ Fewer people are buying houses, so banks are shifting their focus from home loans to rental properties: this week __[JPMorgan](https://robinhood.com/stocks/JPM/)__ [said](https://www.bloomberg.com/news/articles/2022-11-15/jpmorgan-forms-new-joint-venture-for-1-billion-in-rental-houses) it’s teaming up with property giant __Haven Realty Capital__ to build $1B worth of single-family homes for renters. As US homes sales continue sliding, JPM is preparing for a rental surge:

- __Bettin’ on the ’burbs:__ JPM and Haven plan to buy 250 “built to rent” homes in the Atlanta area, and then develop entire communities of new suburban rental homes.
- __Renting, revamped:__ Last month, JPM started testing a platform that aims to help landlords digitize monthly rental payments — 78% of which are still paid by check. 

__Renting is the new buying…__ because many can’t afford to buy right now. Mortgage rates have more than doubled in the past year, making the long-term cost of homeownership prohibitive for many. While banks are earning higher interest, mortgage demand has plunged 40% from a year ago.

- __It’s bad for buyers…__ *and* for banks: JPM issued $15B of mortgage loans last quarter — 46% less than a year ago. JPM laid off mortgage workers this year as slumping revenue dented profits.
- __Rival [Wells Fargo’s](https://robinhood.com/stocks/WFC/)__ mortgage volume has fallen 90% since last year, and it’s also laid off mortgage workers. __[Rocket Mortgage](https://robinhood.com/stocks/RKT/)__, __[Redfin](https://robinhood.com/stocks/RDFN/)__, and __Better.com__ have also cut staff, and some mortgage startups have gone bankrupt.

__It pays to be pragmatic…__ JPM could capitalize on America’s housing-affordability crisis by capturing a new generation of renters. Builders first popularized the build-to-rent model during the Great Recession as a way to keep building even when people weren’t buying. Now builder confidence is at its lowest level since 2012, thanks to soaring rates and construction material costs. By shifting strategy banks could see another build-to-rent boom.

JPMorgan invests $1B in rental homes as pricey houses kick off an American rent-aissance

- __🧹Messy…__ Former __FTX__ CEO Sam Bankman-Fried apparently cursed regulators in a DM-based [interview](https://www.vox.com/future-perfect/23462333/sam-bankman-fried-ftx-cryptocurrency-effective-altruism-crypto-bahamas-philanthropy) with Vox and said his "biggest" mistake was filing for bankruptcy. Meanwhile, FTX's new CEO called the mess "[unprecedented](https://www.wsj.com/articles/ceo-overseeing-ftx-restructuring-calls-it-an-unprecedented-mess-11668707836)" (and he oversaw the Enron bankruptcy). 
- __🌶️ Spicy…__ An FTX investor is [suing](https://variety.com/2022/digital/news/ftx-lawsuit-larry-david-tom-brady-stephen-curry-crypto-1235434627/) Larry David, Tom Brady, and Steph Curry, among others, alleging their paid promotions for the now bankrupt crypto exchange lured "unsophisticated investors" into a "Ponzi scheme." 
- __🤖 Techy…__ Crypto hardware wallet makers __Ledger__ and __Trezor__ saw booming sales last week after FTX froze customer withdrawals. Hardware wallets let crypto “hodlers” self-custody their coins (no exchange required).

SBF'D

Average 401(k) balances fell for the third straight quarter, down 23% from last year

🛍️ Marshalls’ treasure-hunt win

__Alexa, play “Bad Blood”…__ Taylor Swift fans have major beef with Ticketmaster. On Tuesday, the __[Live Nation](https://robinhood.com/stocks/LYV/)__-owned ticket platform suffered outages after *millions* of Swifties tried buying tickets to Taylor’s 2023 “Eras” tour, her first in five years. Presale tix were going for $49 to $500 on Ticketmaster, but resellers quickly began listing seats for as much as $21K+ on third-party sites like __StubHub__. Some police stations warned fans about a surge in ticket scammers.

- __Fans said__ they were forced to wait hours for site access — and many still couldn't complete their transactions, despite having a presale code.
- __Ticketmaster said__ the problems were a result of “historically unprecedented demand,” and it extended the presale event for an extra day.
- __FYI:__ Swift’s “Midnights” became __[Spotify’s](https://robinhood.com/stocks/SPOT/)__ most-streamed album in a single-day when it dropped last month.

__Pop-star performances…__ at Super Bowl prices. The live-music industry has had a show-stopping comeback since the pandemic hit. Last quarter, Live Nation’s revenue climbed 63% from 2019, and it’s on pace to notch record ticket sales this year. But as more Americans splurge on experiences over objects, concert prices have surged nearly 15% from prepandemic. It's good news for Ticketmaster, which is said to make up 70%+ of ticketing services for major venues like __[Madison Square Garden](https://robinhood.com/stocks/MSGS/)__.

It’s hard to shake it off (John Leyba/Getty Images)

Swifties

__It's hard to be a hater of the top player…__ Music fans may be mad at Live Nation, but its live-music dominance makes it hard to escape. In January, Live Nation was accused of snubbing venues that didn’t use Ticketmaster. Meanwhile, Alexandria Ocasio-Cortez [tweeted](https://twitter.com/AOC/status/1592587226801934336) that Ticketmaster was a "monopoly" after the Swift drama. But the backlash hasn’t curbed demand: Ticketmaster sales for 2023 shows are already on track to surpass this year’s.

T-Swift’s world-tour rush crashed Ticketmaster, highlighting the reach of Live Nation's concert empire

__Place your right hand…__ on the crypto white paper? Sam Bankman-Fried has been called to testify. The House Financial Services Committee said the __FTX__ founder is expected to [speak](https://decrypt.co/114816/house-committee-sbf-binance-testify-ftx-collapse) to lawmakers next month about his now bankrupt exchange's spectacular collapse. SBF was a regular on Capitol Hill, lobbying for centralized-exchange-friendly regulation. He spent $40M in the last election cycle, mostly on Democratic candidates and causes. Now the so-called wunderkind could be forced to explain how customer funds disappeared (reportedly up to $2B):

- __FTXtradition:__ American and Bahamian law enforcement (FTX is Bahamas-based) are said to be in talks to bring SBF to the US for questioning — separate from the House hearing. 

__Mr. SBF goes to Washington…__ but this time he’s in the hot seat. Before FTX imploded, lawmakers had been working on the SBF-favored Digital Commodities Consumer Protection Act (DCCPA). The bipartisan bill would give commodities regulators (aka: the CFTC) additional crypto oversight. But critics said it would prop up centralized exchanges like FTX while hurting decentralized ones like __Uniswap__. Now the bill's future is in doubt:

- __SB-effed:__ The Blockchain Association, a crypto trade group, said the DCCPA has SBF's stink on it, and predicts elected officials will want to distance themselves. And yet…
- __Better than nothing:__ Sens. Debbie Stabenow and John Boozman, the bill's backers, are doubling down, saying FTX's fall hastens the need for regulation.

SBFED

__The sunk-cost fallacy is a powerful motivator…__ and so is embarrassment. FTX's bankruptcy left elected officials in an awkward position: do they push forward regulation once championed by crypto's now “[villain](https://www.nytimes.com/2022/11/14/technology/ftx-sam-bankman-fried-crypto-bankruptcy.html)” du jour, or walk away from months of efforts only to start anew? Stabenow and Boozman have chosen the latter. Meanwhile, __Binance’s__ CEO is also calling for regulation — just not through the DCCPA.

Lawmakers want SBF to testify as FTX's collapse puts crypto regulation in the spotlight

T-Swift’s world-tour rush crashed Ticketmaster, highlighting Live Nation's concert empire

NASA’s Artemis I rocket successfully launched yesterday, becoming the most powerful launch vehicle to ever lift off from Earth