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

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

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

Bags in bags (Robert Alexander/Getty Images)

Flex

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

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

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

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

Events

Coming up this week

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

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

Zoom Out

Stories we’re watching

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

ICYMI

Last week's highlights

Dow Jones

S&P 500

Nasdaq

Bitcoin

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

🛍️ Luxury's "richcession"

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

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

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

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

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

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

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

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

Perky

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

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

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

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

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

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

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

Cargo

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

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

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

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

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

ORDINOT

The Crypto Catch-Up…

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

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

🌮 “Perk-cession” problems

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

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

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

On-screen appointment (Rafael Henrique/Getty Images)

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

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

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

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

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

Notice

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

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

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

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

👩‍⚕️ WeightWatchers' prescription bet

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

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

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

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

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

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

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

Score

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

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

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

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

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

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

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

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

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

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

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

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

DEFI(NE)

Heard on the Block: "zero-knowledge proofs"

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

⚾ Dick’s big-league earnings

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

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

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

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

Altria switches vape loyalty (Eugene Gologursky/Getty Images)

Puff

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

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

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

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

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

GO(NE)

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

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

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

Nearly 60% of US households own an air fryer

💨 Altria’s new Juul

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

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

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

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

Bonded

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

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

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

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

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

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

Zoom out

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

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

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

🏦 The 10-year Treasury yield is #trending

__When the 800-pound gorilla gets sick…__ A California bank that's played a vital role in the crypto industry's growth [issued](https://www.ft.com/content/d25c4e79-936e-445b-a664-087af642d2f9) a stark warning on Wednesday: its days may be numbered. Publicly traded __[Silvergate](https://robinhood.com/stocks/SI/)__ said it wouldn’t be able to file its annual report with the SEC on time because its financial position has deteriorated significantly since last month. Now it's "evaluating" whether it can continue operating. The fallout was swift:

- __Not so silver-great:__ The bank's stock plunged nearly 60% yesterday, hitting a record low as anxious investors shed shares.

- __Won't silver-wait:__ __[Coinbase](https://robinhood.com/stocks/COIN/)__, __Galaxy Digital__, and crypto-services biz __Paxos__ all said they're taking their business elsewhere. 

__Silver lining turns gray…__ Silvergate was *the* crypto bank because it was one of the few US banks willing to go all in on crypto, offering companies a bridge between digital assets and dollars. Before that, it was a relatively small community lender with three SoCal branches and less than $1B in assets. Fast forward to last year: Silvergate held $16B in deposits, 90% of which were crypto-related. But things took a turn after __FTX__'s fall (FTX had accounts at the bank). Silvergate reported a $1B loss last quarter, and it’s reportedly facing a Department of Justice fraud investigation.

Searching for a silver lining (Jakub Porzycki/Getty Images)

SLIVER

__Crypto risks becoming an island…__ if it loses its banking bridge to the financial mainland. Crypto promises a system separate from traditional finance (aka: TradFi), but it still heavily relies on regulated banking partners to get US dollars in and out of the system. Without partners like Silvergate, crypto's growth path looks narrower. Even Coinbase's substitute for Silvergate, __[Signature Bank](https://robinhood.com/stocks/SBNY/)__, moved to reduce its crypto exposure last year. That, combined with a recent cautionary note from regulators aimed at crypto-curious banks, could pose a real problem.

Crypto mega bank Silvergate suggests it might not survive, leaving crypto companies scrambling

__Emergency hummus delivery…__ for when you just need to buy the dip. __Instacart__ is America’s grocery-delivery leader, followed by __[DoorDash](https://robinhood.com/stocks/DASH/)__ and __[Uber Eats](https://robinhood.com/stocks/UBER/)__. Unlike its rivals, Instacart is private, so it doesn’t publicly report its earnings. But ahead of its anticipated IPO this year, The Wall Street Journal got its hands on some numbers. 

- __Full carts:__ Instacart’s quarterly sales jumped 50% from last year, while profit surged 80%, [according](https://www.wsj.com/articles/instacart-sees-revenue-profit-boost-ahead-of-public-listing-1d7891d?mod=business_lead_pos7) to WSJ’s “people familiar with the matter” (#PFWTM).

- __Clear aisles:__ Instacart’s sales jumped 39% to $2.5B last year, even as order volume growth slowed from lockdown-era highs.

- __Not just groceries:__ Instacart has delivery partnerships with retailers like __[Best Buy](https://robinhood.com/stocks/BBY/)__, __Sephora__, __Staples__, and __[Walgreens](https://robinhood.com/stocks/WBA/)__. 

__It’s less about avocados…__ and more about ads. While the grocery-ordering boom slowed from its pandemic peak, Instacart prospered from its push into *advertising*. Think: in-app ads for __[Pepsi](https://robinhood.com/stocks/PEP/)__, Bud Light, and Cheerios. For example, you search “chicken” on Instacart and get a sponsored listing for Applegate chicken strips at the top of your page. Instacart’s ad products reportedly generate a 15%+ sales boost for brands on the platform. 

- __Secret ingredient?__ Instacart is one of the “sneaky advertisers” like __Uber__, __[Kroger](https://robinhood.com/stocks/KR/)__, and __[CVS](https://robinhood.com/stocks/CVS/)__, which have leveraged their trove of customer data to sell targeted ads.

- __Silent come-up:__ When it comes to digital marketing, the focus has been on ad-reliant tech titans like __[Google](https://robinhood.com/stocks/GOOGL/)__ and __[Meta](https://robinhood.com/stocks/META/)__. That could be changing….

__It pays to be the destination…__ Unlike Facebook, __Google__, and __Twitter__, Instacart is a shopping destination. You might scroll past a Pepsi ad on Instagram, but you’re less likely to scroll past a Pepsi ad on Instacart that appears after you searched “soda.” People come to platforms like Instacart, __[Amazon](https://robinhood.com/stocks/AMZN/)__, and Kroger with the *intention* of shopping. That makes ad space on these platforms highly valuable for marketers.

Instacart’s reportedly thriving ahead of an anticipated IPO, but growth may be more in ads than avos

🪙 __Coins…__ __Coinbase__ said it would [suspend](https://www.wsj.com/livecoverage/stock-market-news-today-02-27-2023/card/coinbase-to-suspend-binance-stablecoin-trading-64Igh962KkZjMltiqwGe) trading of __Binance__-branded stablecoin BUSD (formerly the third-largest stable). Last month regulators [ordered](https://snacks.robinhood.com/newsletters/3Zy7nWCeAzQOjEeKFD5zwW/articles/3D0jPFFxP4T08iMopuzNVf/) BUSD issuer __Paxos__ to stop minting the coin. 

📸 __Flashy…__ __Yuga Labs__, the crypto biz behind Bored Apes, said it's [launching](https://fortune.com/crypto/2023/02/28/yuga-labs-bitcoin-nfts-ordinals-inscriptions/) a new NFT collection on __[bitcoin](https://robinhood.com/crypto/BTC/)__. The 300 "TwelveFold" NFTs will join a growing number of digital assets tied to bitcoin’s blockchain (aka: [ordinals](https://snacks.robinhood.com/newsletters/hVxJ5P0UXNj7GiarHRYHR/articles/6h6QfaEiiWIYYTVHHiqAf/)). 

💰 __Costly…__ Crypto conglomerate __DCG__ said it [lost](https://www.coindesk.com/business/2023/02/27/crypto-conglomerate-digital-currency-group-reports-loss-of-11b-in-challenging-2022/) $1.1B last year, pointing a finger at declining crypto prices. Also: DCG’s crypto lender, Genesis, declared [bankruptcy](https://snacks.robinhood.com/newsletters/4BoEiy5bSjKJygt8GDtUW3/articles/7tW8jp8mSs2CeUREvHmMNe/) in January.

ORDINAL

Crypto mega bank Silvergate suggests it might not survive, leaving crypto cos scrambling

The sun is so big it could contain about 1.3M Earths 

🏦 Crypto's banking bind

__Cardi B likes it like that…__ but __[McDonald](https://robinhood.com/stocks/MCD/)'s__ franchisees aren't lovin' it. The fast-food fave announced a new combo meal last month highlighting the date-night order of rappers Cardi B and Offset. Picture: a Quarter Pounder with cheese, a cheeseburger, fries, and apple pie. But some McDonald’s franchise owners are [reportedly](https://www.wsj.com/articles/mcdonalds-cardi-b-offset-meal-promotion-pushback-8c3f5101) refusing to promote it, worried the couple's R-rated lyrics could tarnish the brand's family-friendly golden arches. The chain's own policies might back them up:

- __Burger bible:__ The "Golden Arches Code" of corporate policies forbids music partnerships involving offensive language. But Cardi B songs often get bleeped. 
- __Celeb-centric:__ McDonald’s “famous orders” partnerships with artists like BTS, J Balvin, Travis Scott, and Mariah Carey have been *major* [sales drivers](https://snacks.robinhood.com/newsletters/eQVhHD0t1MjTu4j4q8zVZ/articles/53N6SUUzHD8yZQ3vNQAEMv/). 

__A beef biz's beating heart…__ 95% of McDonald’s locations are franchised, aka: owned by individuals. While they benefit from hitching their wagon to established brands, they pay licensing fees and often fork over a % of earnings back to HQ. It’s not the first time McD’s franchisees have pushed back against corporate: last year 87% of McD’s owners said they disapproved of the CEO. And in 2020 franchisees were in an uproar after corporate [ended](https://snacks.robinhood.com/newsletters/3W2qDBQC1zd66GBLGKcPH5/articles/6HVDpykBMdbjucEqIYnyUg/) the $300/month Happy Meal toy rebate.

McD’s announced a Cardi B and Offset promo (Jeff Kravitz/Getty Images)

Saucy

__Franchising is a two-way street…__ Heavy franchising has helped brands like McDonald's, __Subway__, __[Taco Bell](https://robinhood.com/stocks/YUM/)__, KFC, and __[Chipotle](https://robinhood.com/stocks/CMG/)__ spread across the US. But it's more than just fast food: nearly 300 industries (like: beauty salons, motels) offer franchising. It can be a symbiotic relationship, but when disagreements arise, corporate can’t afford to ignore the people powering their profits.

McDonald's Cardi B promo sparks beef with franchise owners, highlighting their saucy relationship

__Refill relief…__ __[Eli Lilly](https://robinhood.com/stocks/LLY/)__ is [lowering](https://www.wsj.com/articles/eli-lilly-to-cut-prices-of-insulin-drugs-by-70-c554f516) the price of its best-selling insulin drugs, which could ease the financial burden for millions of people with diabetes. Yesterday, Eli Lilly said it would cut prices of its name-brand Humalog and Humulin insulins by 70% this fall. The company added that it would cut its generic-insulin prices by a third. 

- __It’s a big deal__ because __Eli Lilly__ and rivals __[Novo Nordisk](https://robinhood.com/stocks/NVO/)__ and __[Sanofi](https://robinhood.com/stocks/SNY/)__ supply 90% of the world’s insulin — and *100%* of the US’s (#three-opoly). 
- __Big Pharma companies__ can charge as much as $200/dose of insulin, though it typically costs less than 10 bucks to produce. Last year Eli Lilly earned $3B+ in insulin sales. 

__The discount push…__ Of the 37M Americans who have diabetes, nearly a quarter use insulin. But lofty prices have led many to ration or skip doses. While insured folks typically pay less than $35/month for insulin, those without coverage face an average of *$900*/month. Now retailers and governments are scrambling to fill the affordability gap:

- __Governments:__ Dozens of states have already implemented out-of-pocket caps on insulin spend, and President Biden wants $35/month to become the national norm.
- __Companies:__ In 2021 __[Walmart](https://robinhood.com/stocks/WMT/)__ started selling a lower-priced version of analog insulin for people without insurance. In December, Mark Cuban’s discounted __Cost Plus__ biz said it would *consider* testing a three-month supply of insulin for $170.

Meds

__The first mover can move the rest…__ especially in a three-opoly like the insulin market. 
If Eli Lilly’s market share soars thanks to its price cuts, rivals may follow suit to keep customers. Biden and the American Diabetes Association applauded Eli Lilly’s move to cut costs, saying other drugmakers should do the same. Competitive prices, coupled with public pressure, could lead to more affordable medications for those in need.

Pharma giant Eli Lilly is slashing insulin prices 70%, which could pressure its rivals

McDonald's Cardi B promo sparks beef with franchisees, highlighting a saucy relationship

Vanilla flavoring comes from the pod of an orchid

🍔 McDonald’s Cardi B(eef)

__IOU on the hill…__ SCOTUS started [hearing](https://www.wsj.com/articles/supreme-court-signals-skepticism-on-bidens-effort-to-forgive-student-debt-68af1d27?mod=us_more_pos1) arguments challenging President Biden's student loan forgiveness plan yesterday, putting the financial future of 40M+ indebted Americans in the (judicial) balance. Last year, Biden announced plans to cancel up to $20K in federal student loan debt for qualified borrowers. But the program was [halted](https://snacks.robinhood.com/newsletters/5Jm3FdQqXA4zIHXfPN2Skx/) in November after six GOP-led states brought a case against it — and it’s still on pause. Now the US’s highest court must decide whether the forgiveness policy is an overreach of executive power, and if it causes harm to plaintiffs.

- __Behind the bench:__ Conservative justices seemed skeptical, with some saying it would be unfair for Americans who already paid off their loans or never took on debt.
- __Biden’s camp said__ that the debt-relief plan was legal under the Heroes Act, which gives the Department of Education extra power during national emergencies. 
- __State attorneys said__ the plan could strip Missouri (a key player in the case) out of revenue earned from its state’s loan servicer.

__Repayment woes…__ the court’s forgiveness decision isn’t the only challenge borrowers are facing. The pause on loan repayments has been extended eight times through two presidencies, saving borrowers $5B/month. But if the legal disputes aren’t resolved by June, then payments will restart in August. If the court issues a ruling in March, they could restart as early as May.

Busy day in DC (Robert Nickelsberg/Getty Images)

__Americans might not be prepared…__ Some recent college grads have *never* had to make a student loan payment, since the pause has lasted nearly three years. The extra costs could weigh on millions of US families already grappling with record household debt and stubborn inflation. The average loan payment is nearly $400/month.

Biden's student loan forgiveness plan faces the ultimate test at the Supreme Court


__TikTok-ban saga, reloaded…__ The US government’s been talking about banning __TikTok__ [for years](https://snacks.robinhood.com/newsletters/2woouVpp3T4E9DyQs4RPPc/articles/5Upme1v5FQZ3p9BaoiZdul/) over national-security concerns with the Chinese-owned app. The possibility just got more real: yesterday a bill that would give Biden the power to ban TikTok was on track to [pass](https://www.cnbc.com/2023/02/28/new-tiktok-ban-is-poised-to-advance-in-congress-.html) a key House committee vote. If it is greenlighted by Congress, it could lead to a Tok-less life for the 100M Americans using the app. 

- __Tok nerdy to me:__ The bill, memorably named “H.R. 1153,” would change rules that’ve shielded TikTok from US sanctions on China. Those rules exempt “informational materials” like news and magazines from sanctions-related bans. Now…
- __UnStitched:__ The bill could strip protections from companies that share Americans’ personal data with China-affiliated entities. 
- __Tick tock:__ It’s expected to pass in the Republican-controlled House, but its outlook is iffy-er in the Dem-majority Senate. 

__For You-page tunnel vision…__ Supporters of the ban say that TikTok is a tool that the Chinese Communist Party can use to monitor and manipulate Americans (think: weaponizing data, spreading misinfo). Critics like the ACLU argue that a broad ban would amount to censorship of free speech, violating the First Amendment. Meanwhile: 

- __The US, Canada, and the EU__ have already barred federal employees from having TikTok on government-issued devices. India full-on banned TikTok for all its citizens. 

TikBan

__It’s a messy Tok situation…__ The US has criticized China for being a censorship state (__[Google](https://robinhood.com/stocks/GOOG/)__, __Twitter__, __[Facebook](https://robinhood.com/stocks/META/)__, and even TikTok itself are banned there). Now the US wants to ban a social-media app… but for national-security reasons. If TikTok actually poses a serious security threat, there’s a lot at stake: over two-thirds of American teens use TikTok, and a third of US TikTok users say they regularly get their news on the app.

A broad TikTok ban could be in the cards as the US stresses national-security concerns

🐝 *If bees ditched their queen and voted on what to do with all the honey…*

A decentralized autonomous organization, or DAO, is a semi-leaderless crypto org that makes governance decisions based on token holders' votes. So if a bunch of strangers wanted to pool their $$ to [buy a golf course](https://www.coindesk.com/web3/2023/02/22/linksdao-to-bid-on-scottish-golf-course-following-vote/) or run a fast-food franchise, they could create a DAO to do just that (no IRL handshakes required). 

Heard on the Block: "DAO"

Women outnumber men in the US college-educated labor force

📚 Loan forgiveness feat. SCOTUS

__Looks like an iPad…__ actually a cellphone. China’s top phone manufacturers are upping their game as they fight for a bigger share of the $450B industry. __Honor__ — formerly a __Huawei__ subsidiary — rolled out its $1,700 foldable Magic Vs phone onto the global stage this week (it was previously available in China). And rival __[Xiaomi](https://robinhood.com/stocks/XIACY/)__, the world’s third-biggest smartphone seller, showed off its nearly $1,400 13 Pro, which sports super-fast charging and a telephoto camera. 

- __Xiaomi released its first phone__ in 2011 and it now makes up about 13% of the entire smartphone market (up from 2% in 2017).
- __Still:__ __[Apple](https://robinhood.com/stocks/AAPL/)’s__ iPhone and __Samsung’s__ Galaxy phones made up an overwhelming 92% of the high-end-smartphone market last year.

__Battle of the pros…__ China-based Huawei was the world’s #1 smartphone seller as recently as 2020. But the effects of US sanctions, issued in 2019, knocked its 2021 sales down by almost a third. Enter Apple, which ramped up its must-have phone features like film-worthy camera tech and AirDrop file sharing to lure younger consumers and fetch premium prices abroad. So far it’s worked: Apple’s worldwide share of high-end phones (think $800+) grew to 76% last year, up from 65% in 2018.

But does it fold? (Xavi Lopez/Getty Images)

Flip

__Dress for the customers you want…__ Xiamoi and Honor want a slice of Apple and Samsung's massive market share. The Chinese manufacturers are trying to court premium shoppers with flashy features, but that may only get them in the door. There's a lot at stake: over the next five years, $600+ smartphones are forecast to make up a fifth of all smartphone sales growth.

China’s top phone makers embrace flashy features as they challenge Apple and Samsung for premium-smartphone dominance

__It's not a bug…__ it's a feature. Social star __[Snap](https://robinhood.com/stocks/SNAP/)__ said it's [adding](https://www.bloomberg.com/news/articles/2023-02-27/snap-debuts-my-ai-chatbot-powered-by-openai-s-gpt-technology) an AI chatbot to its $4-a-month Snapchat+ subscription service. Dubbed “My AI,” the bot’ll be powered by __OpenAI's__ ChatGPT, and it apparently writes haikus and recommends gift ideas. Snap warned users of My AI's "many deficiencies" and said the bot could be tricked into saying almost anything. Think: less a serious search [solution](https://snacks.robinhood.com/newsletters/64ZuFLHX6YfnQ8QQYZICfn/articles/5EDobF4dEXa3d5APRhq1hn/), and more an entertaining app companion. But when it comes to revenue, entertainment's no plaything.

__Putting an AI cherry on top…__ of a subscription sundae. Snapchat+ has 2M paying subscribers, and it brought in $28M after launching last year. While Snap said it eventually plans to offer My AI to all its 750M users, for now the chatbot is a differentiator for Snap's subscription biz as it looks to move away from ad-dollar dependence. Snap isn't the only ad-reliant social mammoth now offering subscriber-only perks:

- __Blue it:__ __Twitter__ relaunched its $8-a-month Twitter Blue in December with editable tweets and check marks. As of last month, it had about 180K subscribers. 
- __Veribuyed:__ Earlier this month __[Meta](https://robinhood.com/stocks/META/)__ said it would charge users $12 a month to be verified on Facebook or Instagram.

$OCIAL

__Subscriptions need the wow factor…__ Charging for mundane perks on an otherwise free app is a hard sell — just look at Twitter Blue's subscriber #s. Snap's clearly hoping My AI on Snapchat+ will make its paid service a standout. With digital ad spending cooling last quarter (Meta's revenue dipped more than 4%), companies trying to make up for lost $$ with subscriptions will need compelling perks to draw in paying users.

Snap gives its subscription offering an AI boost as socials push for diversification 

China’s phone makers embrace flashy features as they chase premium-smartphone dominance

Black History Month was first officially recognized by a US president — Gerald Ford — in 1976