__Love the smell of Nesquik in the morning…__ more like Nescafé. [Nestlé](https://robinhood.com/stocks/NSRGY/) (aka: the world’s largest food company) is famous for sweets like Kit Kats and Toll House cookies. But it’s also the world’s largest coffee company, with brands like Nescafé, Nespresso, and __[Starbucks’](https://robinhood.com/stocks/SBUX/)__ at-home offerings (think: fridge Cold Brew). Now it wants to save the java beans:

- __Nestlé committed $1B__ by 2030 to [protect](https://www.bloomberg.com/news/articles/2022-10-04/nestle-commits-1-billion-to-protect-coffee-from-climate-threat) coffee from the climate crisis and extreme weather. The investment is meant to help its suppliers adopt more sustainable farming methods.
- __Think:__ Replacing coffee trees with climate-change-resistant varieties and offering financial incentives to farmers who responsibly source beans. Nescafé has 500K farmers.
- __Wild stat:__ 5.5K+ cups of Nescafé are sipped worldwide every *second*. Coffee and other non-milk bevs make up a third of Nestlé’s sales. 

__The world’s favorite jitter juice…__ is in trouble. Global coffee revenue is over $400B/year, but the market could lose steam. Coffee crops are grown near the drought- and hurricane-prone equatorial belt. Rising temps could reduce coffee-growing land area by as much as half by 2050. Meanwhile, severe frosts in Brazil already slashed last year’s crop. 

- __Caffeine crisis:__ The head of Nestlé’s coffee biz said, “We will not have viable coffee farms in 20 or 30 years if we don’t take action now.”
- __With its $1B investment,__ Nescafé aims to have half of its coffee farmed with regenerative methods by 2030.

A wheelbarrow of joe (Chaideer Mahyuddin/Getty Images)

Nescrisis

__Coffee’s the tip of the iceberg…__ It isn’t the only crop facing climate threats. Corn-crop yields may decline by nearly 25% by this century, NASA [says](https://climate.nasa.gov/news/3124/global-climate-change-impact-on-crops-expected-within-10-years-nasa-study-finds/#:~:text=en%20espa%C3%B1ol%20aqui.-,Climate%20change%20may%20affect%20the%20production%20of%20maize%20(corn)%20and,see%20growth%20of%20about%2017%25.). Wine, almonds, peaches, and rice are also being affected. Companies may have to step in where governments have been slow to act to protect their products — and the world’s food supply.

Nestlé commits $1B to saving coffee from the climate crisis as trouble brews for java crops

__Sounds like a metal band…__ actually a water brand. __Liquid Death__ is on pace for unicorn status after taking the agua industry by storm. The canned-water brand launched in 2019 with mountain water in skull-adorned metal cans (so edgy). Tagline: “Murder your thirst.” It started with a website and is now sold everywhere from Whole Foods to tattoo parlors. This year Liquid Death is on track to [triple](https://www.cnn.com/2022/10/04/business/liquid-death-water-valuation) its sales to $130M. Investors want a sip:

- __Big backers:__ Liquid Death hit a $700M valuation thanks to its latest $70M cash infusion from investors like __Science Ventures__, __[Live Nation](https://robinhood.com/stocks/LYV/)__, and… __Swedish House Mafia__.
- __H20-fluencer:__ Liquid Death is the most followed water brand on __TikTok__ (nearly 3M followers) and the second most followed on Insta.

__Bubbly water > boozy brews…__ Alcohol-free drinks have sparkled as more Americans shift to a more health-conscious lifestyle. Non-alcoholic-spirit sales (think: boozeless beer) 7X’d from 2020 to 2021, and bottled water has outsold soft drinks since 2016. Fun fact: 74% of people say they’ll turn to other packaged drinks if bottled water isn’t available (read: shunning the tap).

- __Since Liquid Death launched__ flavored options like “Berry It Alive” in March, its online sales have grown 40%, helping it compete with La Croix and [Pepsi's](https://robinhood.com/stocks/PEP/) Bubly.

Quench

__The brand is in the packaging…__ and sometimes that matters *more* than what’s in the package. Liquid Death took an extremely basic product (water) and made it cool. Similarly, Dollar Shave Club (also backed by Science Ventures) used viral videos and simple brown packaging to make razors trendy. Thanks to its novel strategy, it’s possible Liquid Death could even go public at a time when IPO thirst is dry.

Viral canned-water biz Liquid Death scores a $700M valuation as booze-less brands sparkle

Dow Jones

S&P 500

Nasdaq

Bitcoin

Trees are the longest-living organisms on Earth, with the oldest species living 5K+ years

☕ Nestlé’s coffee climate crisis

__Keeping up with the crypto…__ Kim K is used to making headlines, but this one’s gonna cost her. Kardashian has agreed to [pay](https://www.sec.gov/news/press-release/2022-183) the US Securities and Exchange Commission a $1.3M fine to settle charges related to an Insta post she’d made promoting alt coin EthereumMax (not to be confused with ether). Kim used the #ad hashtag but failed to disclose she was paid $250K to promote the coin to her 330M+ followers — a violation of the Securities Act. The reality star turned billionaire entrepreneur was also barred from promoting crypto for three years. She’s not the first to get SEC attention:

- __Bad-vertising:__ In 2018 Floyd Mayweather and DJ Khaled had to pay hundreds of thousands of dollars for failing to disclose how much they were paid to promote initial coin offerings — the [first](https://www.sec.gov/news/press-release/2018-268) time the SEC dished out an ICO-related charge.

__Crypto’s red carpet…__ From Matt Damon to LeBron James to Gwyneth Paltrow, celebs have jumped on the crypto bandwagon, with some collecting big checks to promote digi-assets. Regulators are paying more attention to celeb crypto promos now that scams are proliferating: crypto scams have cost people $1B+ since last year, with nearly half of the victims saying they first heard about crypto on social media.

Crypto Kim gets shaded (Daniele Venturelli/Getty Images)

__Regulators are marking their territory…__ Although industry insiders argue that crypto isn't a security, the SEC increasingly appears to disagree — and the US’s top regulators are starting to hold it accountable to the same rules. SEC Chair Gary Gensler [tweeted](https://twitter.com/GaryGensler/status/1576897535427448832) to warn investors against celeb- and influencer-endorsed assets. Kim’s coin-related fine is a splashy indication of regulators marking their ground.

Kim Kardashian agreed to pay a $1.3M fine as the SEC cracks down on celeb crypto promos

__Credit where it’s due…__ __[Credit Suisse](https://robinhood.com/stocks/CS/)__ pulled off a rocky [rebound](https://www.cnbc.com/2022/10/03/credit-suisse-seeking-to-assure-investors-amid-financial-concerns-ft.html) yesterday, but it’s not out of the woods just yet. On Friday the Swiss bank’s credit risk hit a record high after liquidity rumors spread, spooking investors. CEO Ulrich Koerner later told investors the bank has a $100B capital buffer, but the reassurance backfired: 

- __Shaky shares:__ C-Suisse’s stock [plunged](https://www.cnbc.com/2022/10/03/credit-suisse-seeking-to-assure-investors-amid-financial-concerns-ft.html) as much as 12% yesterday morning to a record low, before mostly rebounding. But the bank’s stock is still down 60% this year, and it’s struggling to regain investors’ confidence. 
- __It’s no “Lehman moment”:__ Analysts say C-Suisse is unlikely to default on investors, much less pose a systemic risk to wider markets. But the bank faces an uphill battle to claw back this year’s steep losses.

__Risky business…__ Credit Suisse has a well-earned reputation for taking big risks: the bank lost over $7B on investments in hedge fund Archegos and lender Greensill, both of which collapsed last year. Cue: C-Suisse posted a huge loss again last quarter (while rival investment banks __[UBS](https://robinhood.com/stocks/UBS/)__, __[Morgan Stanley](https://robinhood.com/stocks/MS/)__, and __[Goldman Sachs](https://robinhood.com/stocks/GS/)__ posted profits). Now investors are anxiously waiting for Credit Suisse to announce a restructuring plan.

Teeter

__Confidence is a valuable asset…__ and Credit Suisse may have overdrafted from its investors. When the beleaguered bank announces its turnaround plan — expected this month — analysts say it may need to raise up to $4B to finance its restructuring. But given the floundering finance giant’s recent track record, investors may be reluctant to fork over more cash.

Credit Suisse shares swing wildly as skeptical investors await restructuring plans

Manhattan’s EV-charging sites outnumber its gas stations 10-to-1

⛔️ Kim K crypto crackdown

__Great to be a greenback…__ When you exchange US dollars for euros, you’re going to get a lot more bang for your buck — literally. The USD is the strongest it’s been in two decades relative to other currencies. The British pound hit a record low against the USD last week, and as of Friday the dollar was *stronger* than the euro (which had been more valuable for decades). 

- __Driving dollar domination:__ The Fed’s aggressive interest rate hikes have made the USD even more attractive to hold, since investors can earn higher returns. 
- __The USD's stable rep means__ it’s historically been viewed as a safe haven, especially during tumultuous times (cough, like now).

__Two sided-coin…__  The USD has long been used as the world's reserve currency for international purchases (~40% percent of transactions are done in $$). That’s why its strength has global implications:

__Good for…__
- __American tourists:__ Europe is “on sale.” It’s  cheaper for Americans to [frolic](https://www.cnbc.com/2022/09/29/summers-over-but-the-european-travel-season-isnt.html) around Rome, London, and Bali. On the flip side, a strong dollar discourages tourism to the US. 
- __US importers:__ Foreign imports are "on sale” for American companies (think: cheaper Chardonnay in Kansas). Lower prices on Chinese imports are starting to help cool US inflation. On the flip side: it’s bad for US exporters (pricier Pop-Tarts for Paris).

__Bad for…__ 
- __Multinationals:__ S&P 500 companies earned 29% of their sales abroad last year — now foreign earnings are worth less in USD. S&P tech giants earn ~60% of their revenue from abroad (for Apple, it’s nearly two-thirds of sales). Last quarter, __[IBM](https://robinhood.com/stocks/IBM/)__ , __[Netflix](https://robinhood.com/stocks/NFLX/)__, __[J&J](https://robinhood.com/stocks/JNJ/)__, and __[Philip Morris](https://robinhood.com/stocks/PM/)__ together lost billions in revenue on the strong dollar. 
- __The rest of the world:__ It’s raising the cost of imported food, medicine, and fuel — hitting emerging economies like Nigeria and Somalia especially hard. It’s making debt pricier (since many countries have to pay back IOUs in USDs). Debt-laden Argentina and Egypt are closer to default.

Pieces of the dollar puzzle (John Lund/Getty Images)

Washington

__A strength can cause weakness…__ While the dollar’s strength is helping tamp US inflation, it’s *feeding* global inflation and raising the likelihood of financial crises. Still, most economists say the global pain would be worse if the Fed failed to cool inflation at home.

The US dollar hits its strongest level in decades, creating a win-lose situation for global markets

__Skinny jeans are out…__ But __[Levi](https://robinhood.com/stocks/LEVI/)__ is in (thanks, Gen Z). Last quarter, the denim dynamo’s sales [jumped](https://www.cnbc.com/2022/06/01/levi-strauss-co-levi-reaffirms-2022-outlook-boosts-guidance.html) 15% as shoppers added more casual fits to their office wardrobes. Demand was also strong for Levi’s khaki-focused Dockers brand and its athleisure-centric Beyond Yoga banner. But despite loose-fit love, inflation could distress earnings: Levi’s profit fell last quarter. The blue jean baby expects to post higher sales Wednesday, but profits may get skinnier.

__Hot potatoes…__ Frozen foods are on a sizzling streak: shares of potato powerhouse __[Lamb Weston](https://robinhood.com/stocks/LW/)__ and broccoli behemoth __[ConAgra](https://robinhood.com/stocks/CAG/)__ have outperformed the market this year as cost-conscious shoppers embrace the frozen food aisle over pricier fresh foods and restaurant fare. Lamb Weston fried up record sales last quarter thanks to price hikes coupled with healthy demand. Conagra plans to continue bumping prices to defrost margins as inflation bites into corporate earnings. We’ll see if frozen demand stayed hot when they report this week.

Events

Coming up this week...

__Robo-guac…__ Siri and Alexa may be smart, but __[Chipotle’s](https://robinhood.com/stocks/CMG/)__ new robot can *cook*. Next month, the burrito chain will [test](https://www.cnbc.com/2022/09/27/chipotle-mexican-grill-will-test-robotic-tortilla-chip-maker-.html) a kitchen bot named Chippy that makes (and seasons) tortilla chips. The robot is made by __Miso Robotics__, which has also designed kitchen bots for __White Castle__ and Buffalo Wild Wings. As restaurants continue struggling to fill positions, fast-casual giants like __[Starbucks](https://robinhood.com/stocks/CAG/)__, Panera, and __[McDonald’s](https://robinhood.com/stocks/MCD/)__ have begun automating operations. That may lead to fatter profits for companies long-term, but fewer jobs for workers. 

__Feeling lucky…__ Casino stocks like __[Wynn](https://robinhood.com/stocks/WYNN/)__ and __[Las Vegas Sands](https://robinhood.com/stocks/LVS/)__ popped last week as China’s gambling capital prepared to ease Covid restrictions. Last week, Macau (the world's largest gambling hub) said it would start accepting mainland Chinese tourists as soon as next month. Back in 2019, Macau earned 6X the annual revenue of Vegas and accounted for over half of business from US casino giants. Global gaming revenue this year is expected to be just 14% of pre-pandemic levels, but Macau’s reopening could boost the recovery.

Zoom Out

Stories we’re watching...

- __[Tried](https://snacks.robinhood.com/newsletters/4MhxLginzeMCyaP2Wt1iqx/articles/4OrC5VySDqKBFYh3eeWrBV/):__ __[Biogen](https://robinhood.com/stocks/BIIB/)__ said its experimental Alzheimer’s drug slowed cognitive decline in a large trial, boosting the drug’s likelihood of snagging FDA approval (which could lead to blockbuster sales). 
- __[Range](https://snacks.robinhood.com/newsletters/7tknxJYNWeFHQETXVJaHeu/articles/L8jamfVtEAZ4D5euk9GKw/):__ Rental-car staple __[Hertz](https://robinhood.com/stocks/HTZ/)__ is partnering with oil titan __[BP](https://robinhood.com/stocks/BP/)__ to install thousands of EV chargers. The infrastructure could help address the top EV barriers: price and range anxiety. 
- __[Verch](https://snacks.robinhood.com/newsletters/5B5IMk7SFR63CWUIdkWq8t/articles/4fdKCwgYvWe2roy1DoD2IF/):__  __[Walmart](https://robinhood.com/stocks/WMT/)__ launched two “digital lands” on __[Roblox](https://robinhood.com/stocks/RBLX/)__ as brands like __[Nike](https://robinhood.com/stocks/NKE/)__ bet on the __[Meta](https://robinhood.com/stocks/META/)__ competitor. Meta's Horizon Worlds had 300K monthly users as of February versus Roblox’s 60M daily actives.

ICYMI

Last week's highlights...

The USD hits its strongest level in decades, creating a win-lose situation for global markets

Hurricane Ian could be Florida’s costliest storm ever

💸 The dollar intensifies

__Prime time…__ for a raise. __[Amazon](https://robinhood.com/stocks/AMZN/)__ will [bump](https://www.cnbc.com/2022/09/28/amazon-hikes-pay-for-warehouse-and-delivery-workers.html) average starting pay for delivery and warehouse workers from $18/hour to more than $19/hour. The Zon says the hike will cost nearly $1B over the next year. Though small, the boost could help attract workers ahead of the holidays (which, FYI, are expected to be less frantic than last year as demand softens). It’s not the only one:

- __[Target](https://robinhood.com/stocks/TGT/):__ In February, Target announced it would set a new starting range of $15/hour to $24/hour. It’s trying to hire 100K workers this holiday season (less than last year).
- __[Walmart](https://robinhood.com/stocks/WMT/):__ Last September, Walmart lifted its minimum store wage from $11/hour to $12/hour. This season, Walmart wants to hire just 40K workers (vs. *150K* last year).
- __In context:__ Real hourly earnings (adjusted for inflation) have fallen 2.8%, and an estimated 70% of surveyed workers are looking for extra gigs to afford high prices. 

__Pay to keep unions away…__ Tensions have been rising between Amazon and its front-line workers. In April, Amazon’s Staten Island warehouse became its first US facility to unionize. Amazon tried to reverse the vote and has actively fought union organization efforts, but pumping pay could be a more subtle approach.

Preparing the pay package (Johannes Eisele/Getty Images)

Waged

__America’s retailers set the standard…__ of America’s wages. After the federal government, Walmart is the country's largest employer with 2.3M global workers, followed by Amazon with 1.5M. With a federal minimum wage of just $7.25, retail behemoths boast major influence over America’s paychecks. A boost from Amazon could pressure other employers to keep up. But this pay hike won't come close to matching inflation, with prices up [8.3%](https://www.usinflationcalculator.com/inflation/current-inflation-rates/#:~:text=The%20annual%20inflation%20rate%20for,ET.) in August from a year earlier.

Amazon boosts worker pay ahead of the holidays, but it’s not enough to beat the inflation Grinch

__Shifting gears…__ __[Peloton](https://robinhood.com/stocks/PTON/)__ is taking a new strategy for a spin: yesterday the home fitness biz [said](https://www.cnbc.com/2022/09/29/peloton-to-sell-bikes-treads-at-dicks-sporting-goods-stores-.html) it’ll sell its products at __[Dick’s Sporting Goods](https://robinhood.com/stocks/DKS/)__, its first brick-and-mortar partnership. Peloton aims to have its $1.4K Bikes and $3.5K Treads in 100+ Dick’s stores in time for the holidays. It’s in line with Peloton’s strategy to do less by itself:

- __Outsource sales:__ Originally, Peloton only sold products directly to customers. But after sales slumped as gyms reopened, Peloton began selling on Amazon in August. 
- __Outsource production:__ In July, Peloton [said](https://snacks.robinhood.com/newsletters/iw2tCwjTCvnTryUaqDDzb/articles/3CSchWJYP4rfiMdi0AGrzJ/) it would stop making its own hardware to save $$ on pricey US production. 
- __Cut costs:__ Peloton cut 800 jobs in August in an effort to slash expenses as its quarterly loss nearly quadrupled to $1.2B
- __Weird timing:__ Despite plunging sales, Peloton unveiled a $3.2K rowing machine this month.

__Mirror, mirror (off the wall)…__ Peloton isn’t the only fit-tech company suffering as pandemic-era home sweat sessions decline: fitness mirror company __Tonal__ laid off a third of its staff in July to ease its losses. __[Lululemon](https://robinhood.com/stocks/LULU/)__ slashed its annual outlook for Mirror hardware sales in December. And this week Bowflex treadmill-maker __[Nautilus](https://robinhood.com/stocks/NLS/)__ said it’s considering selling itself.

Rotate

__Luxury hardware is a hard sell…__ *Especially* during a recession. Even Apple, which is outperforming the broader market, got a rare downgrade yesterday on worries of waning demand. Peloton has been called “the Apple of fitness,” but its products are less integral to daily life than smartphones and laptops. Now it’s hoping that big-name retail partnerships will revive demand for its fancy fitness products.

Peloton starts selling bikes at Dick’s, hoping brick-and-mortar will spin its fortunes around

- __📜🖊️ Policy…__ Fed Chair Jerome Powell said it's time for stricter DeFi [regulations](https://techcrunch.com/2022/09/27/feds-powell-says-real-need-for-defi-regulation-because-of-significant-structural-issues/). While this year's "crypto winter" hasn’t damaged the traditional financial (TradFi) system, Powell said next time could be different.
- __🤔 Sus……__ South Korea tried to [freeze](https://www.bloomberg.com/news/articles/2022-09-28/bitcoin-reserve-linked-to-fugitive-do-kwon-denies-moving-tokens) $67M in __[BTC](https://robinhood.com/crypto/btc/)__ it said is tied to TerraUSD stablecoin founder Do Kwon. Kwon said Terra's collapse (think: $40B investor loss) took his $$ with it, and called reports that he tried to cash out "misinformation." 
- __🤹‍♀️ Quirky…__ The Mouse House wants a piece of NFT cheese. __[Disney's](https://robinhood.com/stocks/DIS/)__ looking to hire web3 (think: DeFi, metaverse) [legal counsel](https://www.coindesk.com/business/2022/09/26/disneys-latest-job-posting-hints-at-big-plans-for-nft-and-crypto-adoption/) to explore the rules and regs surrounding NFT sales. Non-fungible Yodas, anyone?

Cryptic

The Crypto Catchup…

Amazon boosts pay ahead of the holidays, but not enough to beat the inflation Grinch

The pivot to remote work fueled 60% of the pandemic housing price boom, according to a new Fed study

📦 Prime paycheck

__The results are in…__ and __[Biogen](https://robinhood.com/stocks/BIIB/)__ scored a multibillion-dollar win. This week the pharma giant [announced](https://www.nytimes.com/2022/09/27/business/alzheimers-drug-biogen-lecanemab.html) that an experimental Alzheimer’s drug it’s developing significantly slowed cognitive decline in a large trial. The results boost the drug’s likelihood of snagging FDA approval, which could lead to blockbuster sales: 

- __Second time’s the charm:__ Biogen stock soared 40% yesterday, erasing its losses for the year. Last year Biogen got a *different* Alzheimer’s drug approved, despite iffy trial results. But that drug failed commercially after getting only limited Medicare coverage.
- __Industry-wide win:__ Shares of __[Eli Lilly](https://robinhood.com/stocks/LLY/)__, which is also developing an Alzheimer's drug, spiked 7%. Shares of Alzheimer’s-focused biotechs __[Prothena](https://robinhood.com/stocks/PRTA/)__ and __[Acumen Pharmaceuticals](https://robinhood.com/stocks/ABOS/)__ surged over *85%*.

__R&D is a roller coaster…__ Pharma giants have tried to develop successful Alzheimer’s drugs for decades. Despite billions in R&D spending, there’s still no commercially successful drug proven to slow Alzheimer’s. But pricey R&D is common in pharma: it costs an average of $1.3B to develop a drug, and approval can take a decade. 

- __High risk:__ __[J&J](https://robinhood.com/stocks/JNJ/)__, __[Roche](https://robinhood.com/stocks/RHHBY/)__, __[Merck](https://robinhood.com/stocks/MRK/)__, and __[Novartis](https://robinhood.com/stocks/NVS/)__ spend up to 25% of their revenue on R&D. 
- __High reward:__ Roche has launched only eight drugs in the last five years, but they’re worth $100B in potential sales.

Waiting for the trial results like… (Silas Stein/Getty Images)

Tried

__Some industries are feast or famine…__ Bio-pharma revolves around trials. If the trial flops, it’s back to the billion-dollar drawing board. If it succeeds, it’s a “feast” for all involved. Those high stakes come with high potential rewards: __[Moderna](https://robinhood.com/stocks/MRNA/)__ notched a $1.2B quarterly profit (its first ever) after its Covid vax got authorized. It took Biogen lots of time and $$ to develop its most recent Alzheimer’s drug, but analysts say it could do up to $8B in annual sales.

Biogen soars on word of a successful Alzheimer's drug trial, paving the way for big sales after big spending

__Hide your tennis courts…__ Pickleball — a mix of badminton, ping-pong, and tennis — has become the fastest-growing sport in the US with nearly 5M players. Now, MVPs want a swing at the pickle pie. Yesterday, the MLP (Major League Pickleball) [announced](https://www.cnbc.com/2022/09/28/lebron-james-is-a-pickleball-fan-and-player-now-hes-buying-a-team.html) that NBA legend Lebron James joined its investor ranks.

- __The backers:__ In July, Super Bowl champ Drew Brees became one of the [first](https://www.cnbc.com/2022/07/21/drew-brees-is-now-a-co-owner-of-a-professional-pickleball-team.html) big sports figures to invest in MLP. Now, the league plans to grow from 12 to 16 teams across six US cities next year. 
- __Match point:__ Next month, the league’s season-ending tournament will have a $319K purse — the largest in pickleball history.

__Game, set, match…__ Pickleball gained popularity during the pandemic as people looked for socially distant group activities. Since it requires less stamina (and formal training) than tennis or b-ball, it’s easier to pick up. Now, pickleball has 10K designated courts in the US, with *three* new ones opening each day.

- __Sour pickle:__ Pickleball matches can draw large crowds and take over public tennis and basketball courts for hours, causing [friction](https://www.latimes.com/california/story/2022-03-03/pickleball-noise-fueling-neighborhood-drama) (and even lawsuits) between players and nearby residents.
- __Fit pickle:__ Gyms like __[Life Time Fitness](https://robinhood.com/stocks/LTH/)__ have expanded their pickleball offerings to 120+ locations.
- __Camp pickle:__ Some investors are building out chains like pickleball-themed restaurants with indoor and outdoor courts.

Pickled

__The pickle jar is far from full…__ Thanks to leagues like the MLP and investors like Lebron, pickleball is gaining corporate attention. Pickleball tourneys have attracted sponsorships from brands like __[DraftKings](https://robinhood.com/stocks/DKNG/)__, __[Hertz](https://robinhood.com/stocks/HTZ/)__, and __[Chase](https://robinhood.com/stocks/JPM/)__. MLP’s founder said MVP investments would help the league reach its goal of 40M players by 2030. If momentum sticks, we could see a pickle-conomy emerge (think: merch, sponsors). 

From Lebron to Drew Brees, MVPs are investing in pickleball as it becomes an American phenom

Biogen soars on a successful Alzheimer's drug trial, which could lead to billions in sales

Monthly NFT trading volume is down 97% from January highs

💊 Biotech’s boom or bust

__A tale of two (electri)cities…__ Here’s an unlikely pairing: OG car-rental giant __[Hertz](https://robinhood.com/stocks/HTZ/)__ is partnering with oil titan __[BP](https://robinhood.com/stocks/BP/)__ to install EV chargers for your weekend getaway. Last year Hertz struck deals to buy up to 340K EVs from __[Tesla](https://snacks.robinhood.com/newsletters/6fvWNlLj06lmuzw6LGoQJT/articles/4ADArtfh2xKfYOP5GrK3Ip/)__, __[Polestar](https://robinhood.com/stocks/PSNY/)__, and __[GM](https://robinhood.com/stocks/GM/)__ by 2027. Last week it signed a deal to buy *175K* EVs from GM over the next five years, adding to its offering at 500 locations nationwide (already the largest EV-rental fleet in North America). Now:

- __Hertz and BP Pulse__ (BP’s electric-charging unit) plan to build a network of charging stations that’ll primarily serve Hertz renters but also ride-hailing drivers and the public. 
- __For BP:__ The charging-as-a-service partnership could bring the oil giant closer to its goal of operating more than 100K chargers by 2030. Back in 2020, BP pledged to go net-zero by 2050, but it’s notching record profits on the back of surging fossil-fuel prices.

__Running on e…__ EVs have been touted as a way for drivers to reduce emissions while saving $$ — but the latter hasn’t been the case lately. While gas prices have [jumped](https://gasprices.aaa.com/) 17% this year, electric-charging prices can fluctuate by as much as 400% in a single day. BP Pulse’s software could help Hertz lower its electricity costs by scheduling EVs to charge at cheaper times.

EV Chargers → that way (Kevork Djansezian/Getty Images)

Range

__If you build it they will come…__ EV demand is higher than ever, but the lack of charging infrastructure has been a top barrier to mainstreamification. The US has nearly 50K charging stations — that's about 100K fewer charging stations than gas stations. By setting up spots with a cost-efficient charging model, Hertz and BP could help address the top EV barriers: price and range anxiety.

Hertz teams up with oil titan BP to install thousands of EV chargers to ease America’s range anxiety

__Chippy ’n’ guac...__ Visit any __[Chipotle](https://robinhood.com/stocks/CMG/)__ today and there's a 100% chance your tortilla chips will be fried and seasoned with salt and lime by Chipotle workers. But starting next month the carne asada icon will add a *robot* to its chip-making operation.

- __Meet "Chippy":__ The autonomous kitchen bot from __Miso Robotics__ will [make](https://www.cnbc.com/2022/09/27/chipotle-mexican-grill-will-test-robotic-tortilla-chip-maker-.html) and season tortilla chips at a Chipotle location in Fountain Valley, California.
- __Taste tested:__ Chipotle’s already tested Chippy's chef skills at its HQ’s innovation hub.

__Hint of lime...__ lots of crunch. Fast-food joints around the US are still dealing with a crippling labor shortage. In May the restaurant industry still had [750K](https://fortune.com/2022/09/21/flippy-robot-fast-food/) fewer jobs filled than prepandemic. Now the hard-hit sector is bringing in bots to fill the gap:

- __[Jack in the Box](https://robinhood.com/stocks/JACK/)__ debuted fries-making robot "Flippy" (also from Miso Robotics) at a California location in July. __White Castle__ and Buffalo Wild Wings are also testing Miso's robots.
- __Chili's__ employed "Rita the Robot" to serve customers in 2020, and has expanded it to 51 locations.
- __Panera__ is [testing](https://snacks.robinhood.com/newsletters/3Xy3kid2cGsNJewaxEmlYl/articles/4PIIQRXDw9FsXq7ZzufP8q/) an AI drive-thru bot called “Tori.” McDonald's is also piloting automated drive-thrus.

Ippy

__It’s a fast-casual conundrum…__ for America’s nearly 200K fast-food spots and their ~5M employees. A 2021 report [found](https://www.restaurantdive.com/news/report-50-of-operators-plan-to-deploy-automation-tech-in-2-to-3-years/608201/) that half of restaurant operators planned to use automation tech in the next few years. Companies may have to spend big in the short term, but could be rewarded with more efficient operations and fatter profit margins longer term. On the flip side, it could mean millions of jobs lost to bots. Plus: a third of customers don’t want to see a robot prep their food, one report said.

Chipotle debuts tortilla-making robot “Chippy” as restaurants bring in bots to deal with the labor crunch

Hertz teams up with oil titan BP to install thousands of EV chargers to ease range anxiety

Nearly half of US schools are facing teacher and staff shortages

⚡ Hertz and BP’s electric alliance

__Brick-and-mortar…__ goes pixel-and-avatar: America’s largest retailer wants a slice of the metaverse pie. Yesterday __[Walmart](https://robinhood.com/stocks/WMT/)__ [launched](https://www.bloomberg.com/news/articles/2022-09-26/walmart-is-making-its-first-move-into-the-metaverse-with-virtual-worlds-on-roblox) two digital lands: “Walmart Land” is focused on "verch" (virtual avatar merch) and “Walmart's Universe of Play” features games and toy worlds. Walmart chose tween-favorite gaming platform __[Roblox](https://robinhood.com/stocks/RBLX/)__ as its big-blox home. 

__Fashionably late…__ Walmart joins a growing # of brands moving into meta-territory. Last year __[Nike](https://robinhood.com/stocks/NKE/)__ launched “Nikeland” on Roblox and Vans maker __[VF Corp.](https://robinhood.com/stocks/VFC/)__ kicked off “Vans World,” also on Roblox. This year Miller Brewing opened a virtual bar in blockchain-based __[Decentraland](https://robinhood.com/crypto/MANA/)__, while __[Wendy's](https://robinhood.com/stocks/WEN/)__ graced __[Meta’s](https://robinhood.com/stocks/META/)__ Horizon Worlds with a VR resto dubbed the "Wendyverse."

- __On Roblox:__ 21M+ people have visited Nikeland since its launch, and 81M+ have strolled through Vans World, with some paying Robux (in-game currency) to customize their digital shoes.
- __Meta's Horizon Worlds__ has struggled to attract crowds. Its reported monthly user base of 300K (as of February) includes users of a separate Meta app called Venues.
- __Barrier to meta-entry:__ Horizon Worlds requires a $400 VR headset, but Roblox and Decentraland are desktop-first experiences (think: "The Sims").

Clean up in the meta-aisle (Courtesy of Walmart)

Verch

__Brands want to be where the people are…__ even if it's just their avatars. As companies like Walmart and Nike plant their flags in the metaverse, they're looking to platforms that are already populated. Why build your shopping mall — digital or otherwise — in a ghost town when there’s a bustling metropolis next door? Roblox has 60M daily active users, up nearly 25% from last year. That could be a problem for higher-barrier Meta's Horizon Worlds.

Walmart dives into Roblox’s metaverse as brands bet on the Meta competitor

__Dangling the carrot (cash)…__ __Hopper__ passed __[Booking.com](https://robinhood.com/stocks/BKNG/)__ as the most downloaded US travel app last year, snagging attention with data-driven features like hotel-price freezes and flight-rebooking guarantees. Now it’s trying to *keep* consumers’ attention — even when they’re not planning trips. Hopper’s [testing](https://www.wsj.com/articles/hopper-travel-rewards-games-11663959822?mod=business_lead_pos11) a program that rewards users for playing games. 

- __Carrot-nomics:__ Hopper gives users “Carrot Cash” for referring friends, playing games, or opening the app seven days a row (think: __[Snap](https://robinhood.com/stocks/SNAP/)__ streak). Users can redeem Carrot Cash for discounts.
- __Games > billboards:__ Hopper has doled out $50M in rewards, vouchers, and deals in the past year — more than it spent on marketing during that time. 

__Hopping into the game…__ Hopper isn’t the first to use games as an engagement booster: Chinese app __[Pinduoduo](https://robinhood.com/stocks/PDD/)__ used gaming and social features to become an ecomm giant across Asia. Now travel apps like India-based __Oyo__ and US-based __[IHG](https://robinhood.com/stocks/IHG/)__ are using mobile games to keep customers engaged as they rack up points for discounted stays. __[Starbucks](https://robinhood.com/stocks/SBUX/)__ added java-themed [games](https://snacks.robinhood.com/newsletters/3zk1PzoMK4g9MSqLIZcEPW/articles/5lo8sn02AgFwfflhKsoKl8/) to its recently revamped rewards app.

Carrot

__Games could be the new ads…__ While digital billboards are easy to gloss over, reward-based games can be attention-grabbing. Hopper says users who engage with games open the app 5X to 10X more than users who don’t. Games bring customers directly into an app — ads have the same goal, but not always the same result. These new engagement strategies could bring more pain to the flagging digital-marketing sector.

Travel app Hopper tests reward-based games as companies compete for eyeballs in the attention economy

Russia’s war on Ukraine is expected to cost the global economy $2.8T in lost output by the end of next year

👾 Walmart’s meta-world

__The streak’s over…__ and pump anxiety returns: Last week US gas prices [rose](https://www.forbes.com/sites/nicholasreimann/2022/09/21/us-gas-prices-rise-for-first-time-in-100-days/?sh=6b18b69b1dad) for the first time in nearly 100 days. On Wednesday, the average price of a good old-fashioned gallon ticked up to $3.68. That’s nowhere near the $5 average in mid-June, but prices might keep rising. A few things that could make the energy crisis worse:

- __War:__ On Wednesday, Russian President Putin declared a “partial mobilization” of 300K reservists to fight in Ukraine — and even made a nuclear threat. 
- __Weather:__ Hurricane season could cause supply disruptions, with Hurricane Fiona hitting Category 4 on Wednesday. 

__A bitter cocktail…__ Gas is just one ingredient. At the base we have inflation, which is weakening consumer demand as it sticks near 40-year highs. To fight the inflation Grinch, we have something just as painful: soaring interest rates. Last week the Fed approved its third “jumbo” hike and signaled more are likely (several other central banks also lifted rates). Mix in a looming energy crisis, and the dark-and-stormy combo is complete: 

- __Earlier this month:__ Russia’s __Gazprom__ indefinitely [shut down](https://snacks.robinhood.com/newsletters/7oETBY36SrLGaQPslRoeYL/articles/79MQ7GeoUXRx4wTJr1vGMn/) natural-gas flows to Europe, blaming Western sanctions. This year Europe’s electricity bills have nearly 4X’d. 
- __Last week:__ Germany announced it would nationalize __Uniper__ (its biggest Russian-gas importer) as Europe races to store supplies to keep homes warm this winter.

A tank full of problems (Brandon Bell/Getty Images)

Brewing

__Uncertainty hurts most, but does help some…__ While most sectors have tanked, energy stocks like __[Occidental Petroleum](https://robinhood.com/stocks/OXY/)__ and __[Valero](https://robinhood.com/stocks/VLO/)__ have had a banner year. Considering gas prices, it’s no surprise that energy has been the best-performing sector, followed by utilities. Meanwhile, growth stocks that rely heavily on the prospect of big *future* returns (think: tech) have plunged. A dollar today is worth more than a dollar in a year, and rising interest rates incentivize investors to earn off their cash *now* (think: savings accounts, bonds). Meanwhile, some investors are turning to slower-growing companies with historically stable earnings vs. unprofitable growth companies.

Gas prices trend up for the first time in months as a bitter economic cocktail brews

__Shoot for the stars…__ Even if you miss, you might land at a __[Hilton](https://robinhood.com/stocks/HLT/)__. Space tourism isn’t light-years away: last week __Voyager Space__ [tapped](https://www.cnbc.com/2022/09/19/hilton-partners-with-voyager-starlab-space-station-to-design-astronaut-suites.html) Hilton to design a space hotel set to launch in 2027 (feat. a galactic gym and room service). The space economy is forecast to hit $1T by 2040, and the space-tourism race is heating up: Voyager, __Axiom Space__, __Blue Origin__, and __[Northrop Grumman](https://robinhood.com/stocks/NOC/)__ are using NASA funding to build private space stations. __[Virgin Galactic](https://robinhood.com/stocks/SPCE/)__, Blue Origin, and __SpaceX__ are now selling trips to space for between $50K and $55M.

__Here comes Santa Claus…__ with a *much* lighter sleigh. __[FedEx](https://robinhood.com/stocks/FDX/)__ sent shivers through the market this month after announcing cost-cutting measures on a slowdown in shipping demand and plunging profits — oh, and its CEO forecast “a worldwide recession.” Package deliveries have dipped for nearly all major couriers this year as the ecomm boom cools. Over half of Americans say it’ll be harder to afford holiday gifts. Holiday sales are expected to grow only 4 to 6% this year, down from 15% last year.

__Bed Bath &…__ Beyond repair? Expectations are low for __[Bed Bath & Beyond](https://robinhood.com/stocks/BBBY/)__ when it reports Thursday. Last month, the coupon legend [announced](https://snacks.robinhood.com/newsletters/70AWukI131xlHFLP88EM8T/articles/6EIEdveXK2qaTduU5Hv0ex/) plans to close 150 stores and lay off 20% of employees as it struggles to address slumping sales and sliding market share. BB&B has missed earnings expectations for four straight quarters, and its losses 7X’d last quarter as it struggled to stock items customers actually wanted. BB&B raised $500M in financing last month, hoping to head into the holidays with more cash and less baggage.

__Air Jordan problems…__ __[Nike](https://robinhood.com/stocks/NKE/)__ may be the most popular sneaker company, but it has big shoes to fill when it reports Thursday. Nike's direct-to-consumer sales grew 7% last quarter, but revenue in North America (its biggest market) fell 5% as inflation curbs sneaker splurges. In China, sales fell 20% as Covid lockdowns trip up demand. Now Nike’s focusing on ecomm (which make up a quarter of its sales) to offload kicks. It’s a steep climb: Nike’s spending 5X what it did prepandemic to ship products, and this year the stock’s down 41%.

- __[Blank](https://snacks.robinhood.com/newsletters/KzzfFjx1Ng1lyjGJiZJ0W/articles/3ywag1qgBYXGQTzeuSwAkA/):__ “SPAC King” Chamath Palihapitiya is shuttering two special-purpose acquisition companies worth a combined $1.6B. SPAC-tivity has dwindled this year, with 600 SPACs scrambling to find acquisitions before their deadlines. 
- __[Hole](https://snacks.robinhood.com/newsletters/2FNcgbTKZJ40ykkQHDIiIJ/articles/1dho5yASIr1XkJJTtq2DZo/):__ Prices of crypto-mining machines have tanked 70% this year. The issue: plunging BTC prices + surging electricity costs = lower profits for mining companies, which means lower demand for new equipment.
- __[Play](https://snacks.robinhood.com/newsletters/0T1D7HapptEFn8A65c8L2/articles/29JS1dcQRAdaMAnfUljCYh/):__ __[Spotify](https://robinhood.com/stocks/SPOT/)__ launched a pay-to-download audiobook service for US users, taking on __[Amazon](https://robinhood.com/stocks/AMZN/)__ and __[Apple](https://robinhood.com/stocks/AAPL/)__. Audiobooks are experiencing a growth chapter, and Spotify wants to change the playbook for these “B-list” products.

One-way flights out of Russia sold out after Putin’s call for reservists, and since Wednesday prices out of Moscow to Istanbul have soared to thousands of dollars

🔥 The gas also rises

__Déjà vu at the box office…__ You’re not imagining it: the original “Avatar” is back on big screens this weekend. “Avatar” became the highest-grossing film ever (not adjusted for inflation) when it debuted in 2009, raking in $2.8B globally, and fans demanded a sequel. But __[Disney](https://robinhood.com/stocks/DIS/)__ inherited “Avatar” when it bought 20th Century Fox in 2019 and has been slow to release a sequel. Now Disney’s generating hype by [rereleasing](https://www.cnbc.com/2022/09/22/avatar-returns-theaters-disney-hypes-way-of-water.html) the original in US theaters on Friday:

- __The wait’s (almost) over:__ “Avatar: The Way of Water,” the first of *four* planned sequels, is scheduled to debut in December (just 13 years after the OG…).
- __Better than free advertising:__ Advertising that *pays*. The rerelease is forecast to earn ~$10M. But it’s also said to include a sneak peek of the sequel, which is already gaining buzz.

__Theaters aren’t choosy…__ because they’re struggling. Industry-wide box-office sales are still 30% lower than prepandemic, and the world’s second-largest theater chain, __Regal Cinemas__, filed for bankruptcy this month. Part of the problem: big studios like __[Universal](https://robinhood.com/stocks/UVV/)__ are releasing only some films in theaters and sending others straight to streaming.

- __Fewer blockbusters:__ Nine movies made $1B at the box office in 2019. But since the pandemic, only *two* have cracked $1B, and they’re both franchises (“Spider-Man: No Way Home” and “Top Gun: Maverick”). Analysts expect the new “Avatar" to be the third.

Back on the big screen (Tong Yu/Getty Images)

Pandora

__A bird in the hand could yield two in the bush…__ By reusing “Avatar” Disney can give the sequel a big boost — for very little cost. It owns the two biggest cinematic universes (“Star Wars” and Marvel) and makes money cross-promoting them with films, shows, parks, and merch. Disney’s rerelease could position the “Avatar” franchise to become its next profitable cinematic universe.

Disney rereleases “Avatar” in theaters to drum up hype for its sequel (and its cinematic universe)

__Mining rigs hit rock bottom…__ prices. __Bitmain__, a major manufacturer of the computers that create new __[bitcoin](https://robinhood.com/crypto/BTC/)__, said it's [slashing](https://www.coindesk.com/business/2022/09/21/bitmain-discounts-bitcoin-mining-machines-in-an-already-depressed-market) the cost of its machines. The fire sale comes as mining-rig prices have already tanked 70% this year. The issue: plunging BTC prices + surging electricity costs = lower profits for mining companies, which means lower demand for new equipment. 

- __Stocked:__ As crypto prices climbed last year, miners rushed to preorder rigs from manufacturers like Bitmain and __[Canaan](https://robinhood.com/stocks/CAN/)__ to lock in supply. Higher prices = higher incentive to mine. 
- __Boxed:__ As mining costs rise and returns fall, analysts estimate there are up to 500K new rigs sitting in storage in the US alone (almost 40% of all computing power used to mine BTC is US-based). 

__Mining demand…__ caves in. The largest US publicly traded BTC miners had $1B in second-quarter losses this year. It's not just bitcoin: __[ethereum's](https://robinhood.com/crypto/ETH/)__ Merge last week — from proof of work (energy-hungry) to proof of stake (efficient) — means ethereum miners *and* their expensive rigs are no longer needed. The result: the cost of GPUs for ETH mining fell off a cliff (BTC and ETH miners use different types of computers to unearth digital gold).

Hole

__As crypto evolves, mining must follow…__ That’s why some ETH miners are leaving the biz altogether, repurposing their powerful machines for cloud computing and AI instead. On the BTC side, efforts like Bitmain's collab with mining giant __Merkle Standard__ (think: jointly owned mining data centers) earlier this year could also show potential paths forward.

Crypto-mining rigs go on deep discount as the industry scrambles to respond to tech changes and soaring energy costs

- __📸 Flashy…__ __[Nasdaq Inc.](https://robinhood.com/stocks/NDAQ/)__ wants a taste of crypto. Pending regulatory approval, the corp's getting into the crypto [custody biz](https://www.bloomberg.com/news/articles/2022-09-20/nasdaq-makes-first-big-crypto-push-to-lure-institutional-clients). Holding institutional investors' coins could be a first step toward launching its own crypto exchange.
- __🤔 Sus…__ South Korea [issued](https://www.washingtonpost.com/business/2022/09/19/cryptocurrency-founder-do-kwon-red-notice/) an arrest warrant for Do Kwon, the founder of the failed TerraUSD algo stablecoin ($40B in investor value lost). The 31-year-old tweeted he's not "on the run," but authorities say they can't find him.
- __📜 Official…__ Speaking of which: US legislators drafted a [two-year ban](https://www.bloomberg.com/news/articles/2022-09-20/house-stablecoin-bill-would-put-two-year-ban-on-terra-like-coins) on algo stablecoins like TerraUSD. Nothing's final, but it shows Uncle Sam’s not waiting for another Terra-like collapse to spur regulation.

The Crypto Catch-Up…

Disney rereleases “Avatar” to drum up hype for its sequel as it seeks a new hit franchise

Over half of Americans with student loans say their mental-health challenges stem from that debt

💧 Disney’s “Avatar”-verse

__Heavy is the head…__ that wears the SPAC crown. “SPAC King” Chamath Palihapitiya said he’s [shuttering](https://www.wsj.com/articles/spac-king-chamath-palihapitiya-shuttering-two-spacs-after-failing-to-find-deals-11663674342) two special-purpose acquisition companies worth a combined $1.6B. Refresher: SPACs (aka: blank-check companies) are investment firms that IPO for the sole [purpose](https://snacks.robinhood.com/newsletters/2miYQo5VvBqToiUH0v2lTP/articles/147BXMVnvTG2cNtnGXSgCE/) of merging with real private companies to take them public (think: a more frictionless path to listing). But Palihapitiya’s recent SPACs couldn’t find merger partners by their two-year deadline:

- __Time’s up:__ Both SPACs will now return the funds they raised from investors. Palihapitiya himself will forfeit several million dollars he spent forming them.
- __Past results…__ don’t guarantee future returns. He took __[Virgin Galactic](https://robinhood.com/stocks/SPCE/)__, __[SoFi](https://robinhood.com/stocks/SOFI/)__, __[Opendoor](https://robinhood.com/stocks/OPEN/)__, and __[Clover Health](https://robinhood.com/stocks/CLOV/)__ public via SPAC-quisition. Their stocks boomed last year amid social-media hype but have since fallen 75%+ from their highs. 
- __Uneven returns:__ Palihapitiya’s firm still doubled its money thanks to insider pricing. But many of the retail investors who followed his SPAC-vestments are underwater.

__Blank checks → blank stares…__ #SPACtivity has dwindled this year as rising rates and inflation spook investors. Last year SPACs raised more than $160B; this year they’ve raised just $13B. Overall, SPACs have lost half their value this year. In July, Bill Ackman’s $4B SPAC (the largest ever) returned its money to investors after failing to find an acquisition target.

One SPAC, two SPAC… (Brian Ach/Getty Images)

Blanking

__Headless SPACs are running scared…__ Palihapitiya’s challenges are the tip of the iceberg. The clock’s ticking for the other 600 or so SPACs — which hold nearly $175B of investors’ cash — that are scrambling to find partners. But since many private companies are souring on public markets, and the SEC is thinking about tightening its SPAC rules, it’s looking more likely that many will have to return cash to investors in the coming months.

“SPAC King” returns cash to investors in a sign that the blank-check boom is over

__Cutting a check…__ literally. As the creator economy booms, Twitch wants a bigger slice of the $100B pie. The __[Amazon](https://robinhood.com/stocks/AMZN/)__-owned platform is one of the largest live-streaming subscription sites with 30M+ daily active users and 100K streams running 24/7 (think: gaming follow-alongs). Twitch makes $$ by running ads and taking a cut from subscription sales. 

- __Headline:__ Yesterday, Twitch [announced](https://www.theverge.com/2022/9/21/23364050/twitch-subscription-revenue-split-share-premium-partners) that "premium" creators with a 70-30 subscription revenue split will receive just a 50-50 split after earning $100K.
- __Fine print:__ The change won't take effect till next June, and Twitch says it’ll affect only about 10% of its streamers. FYI: smaller streamers already have the 50-50 split.

__24-hour “Fortnite” marathon…__ zero bathroom breaks. From ASMR bubble-popping to esports, live content has taken the world by storm. Live streaming has accounted for about 20% of all internet traffic this year, doubling from 2019. Nearly a quarter of 18- to 34-year-olds regularly watched live streams last year. Now sites like Twitch and YouTube are battling for the top spot.

ASMR

__Creators have more options than ever…__ Last month, Twitch got rid of its exclusivity clause for top streamers, who are frequently lured into high-paying contracts by rivals. Twitch has the most live-stream hours watched compared to rivals YouTube and __[Facebook](https://robinhood.com/stocks/META/)__, and makes up about 75% of the live market. But its new split could drive more creators to YT, which shares ad revenue 70-30 for channels with 1K+ subscribers.

Twitch is cutting subscription paychecks for its biggest streamers as the creator economy grows more competitive

The “SPAC King” returns cash to investors in a sign that the blank-check boom is over

The US gained 2.5M new millionaires last year, the largest annual boost in millionaires recorded for any country this century