__Expedia ad en route to JFK…__ well played. __[Uber](https://robinhood.com/stocks/UBER/)__ said that its record revenue last quarter was driven partly by an acceleration in its ad biz. Refresher: Uber [launched](https://snacks.robinhood.com/newsletters/74zHu2wNENpA7EgJyuw9OM/articles/7aqUbrU41BN6Q7GgITCtKZ/) in-app “journey ads” in October, a few months after Lyft launched its *own* ad-media unit. Think: interactive tablets in cars, digital screens *on top* of cars, and branded logos in the app (like Oscar Mayer [wienermobiles](https://media.lyft.com/) moving on the Lyft map). 

- __Uber__ said it surpassed $500M in annual run rate for ads as advertisers on its platform soared. 315K companies ran ads with Uber last quarter — nearly double the # from a year earlier.

- __[Lyft](https://robinhood.com/stocks/LYFT/)__ said its ad sales almost 7X’d from the previous quarter. While it didn’t break out #s or discuss its ad biz in its latest earnings, it said ad growth exceeded its goals. 

__Taco Tuesday gets #targeted…__ Uber and Lyft have data on your riding habits (weekend trips to the bar, midweek rides to yoga), which they can use to surface targeted ads. Those are highly valuable to marketers. Unlike Lyft, Uber has the benefit of a food-delivery biz, so it knows about your late-night taco cravings. And it sees plenty of room for growth, since only a fourth of companies listed on Uber Eats are advertising there. Uber’s targeting $1B in annual ad revenue by 2024.

Where there’s an eye, there’s an ad (Liz Hafalia/Getty Images)

Ride

__Competition can come from unlikely sources…__ When it comes to digital marketing dollars, the focus has usually been on ad-reliant tech titans like __[Google](https://robinhood.com/stocks/GOOGL/)__ and __[Meta](https://robinhood.com/stocks/META/)__. Now, not only are they getting competition from newer social platforms like __TikTok__, they’re losing market share to companies like Uber, __[Kroger](https://robinhood.com/stocks/KR/)__, __[CVS](https://robinhood.com/stocks/CVS/)__, and __[Ulta](https://robinhood.com/stocks/ULTA/)__, which have leveraged their trove of customer data to peddle ads (and, in [some cases](https://snacks.robinhood.com/newsletters/3Hl3mc6sCkfmjzLxurSluj/articles/2ZU99eIEYGaFwEr5tLkHUp/), just data). Last year, Google and Meta’s share of US digital ad revenue was less than 50% for the first time in a decade.

Uber and Lyft see their ad businesses boom as advertisers look beyond Google and Meta

__GI Joe no…__ __[Hasbro](https://robinhood.com/stocks/HAS/)__, the toy giant behind Monopoly, Jenga, and My Little Pony, dropped not-so-fun earnings yesterday. Its sales fell a worse-than-expected 17% last quarter, and it swung to a $128M loss after posting a profit the year before. Hasbro (like Barbie maker __[Mattel](https://robinhood.com/stocks/MAT/)__) struggled during the holidays as parents cut back on costlier name brands. Hasbro said toy-flation could extend the buying blues through the first half of the year.

- __Un-boxing:__ Hasbro shares are down 40% this year, and last month it laid off 15% of its workforce as it looks to cut costs and offload its TV and film biz.

- __Halo effect:__ But Hasbro had record revenue for its Marvel toys and fantasy card game “Magic: The Gathering,” and says new expansion packs could pay off in later quarters.

__Bibbidi Bobbidi boost…__ Hasbro started the year on a sour note after losing its Disney princess licensing rights to Mattel and dropping other popular franchises like Trollz. But it had Magic to fall back on: last quarter the card game became Hasbro’s first billion-dollar brand, making up nearly a fifth of its annual revenue. Magic’s popularity has inspired video games, comic books, a Caribbean cruise, and an animated __[Netflix](https://robinhood.com/stocks/NFLX/)__ series.

Magical

__A magic player can carry the team…__ As consumer shopping slows from its pandemic highs, companies are leveraging franchises with passionate fan bases to keep sales afloat. Hasbro’s CEO said Magic fans are “very resilient” and motivated to spend on things they really enjoy. It’s also leaning on its hit Dungeons & Dragons franchise. Still, some analysts say that player fatigue and pricey cards (think $50/pack) could hurt growth.

Hasbro bums on earnings as toy sales slump — but Magic helps it score its first billion-dollar brand

🌶️ __Spicy…__ The SEC [sued](https://www.bloomberg.com/news/articles/2023-02-16/sec-poised-to-sue-over-terrausd-stablecoin-that-rocked-crypto) __TerraForm Labs__, the biz behind the failed TerraUSD stablecoin, alleging it committed fraud and sold unregistered securities. TerraUSD blew up in May and erased $40B in market value. 

🤖 __Techy…__ __[Bitcoin](https://robinhood.com/crypto/BTC/)__ NFTs (dubbed: [ordinals](https://snacks.robinhood.com/newsletters/hVxJ5P0UXNj7GiarHRYHR/articles/6h6QfaEiiWIYYTVHHiqAf/)) are picking up steam with 126K+ added since their blockchain debut last month. The project lets users store audio, images, and videos directly on the bitcoin blockchain. 

🪙 __Coins…__ After __Paxos__ said it'd [stop](https://snacks.robinhood.com/newsletters/3Zy7nWCeAzQOjEeKFD5zwW/articles/3D0jPFFxP4T08iMopuzNVf/) issuing the __Binance__-branded __BUSD__ stablecoin, the coin's market cap [plummeted](https://fortune.com/crypto/2023/02/15/binance-usd-stablecoin-billions-sold-off/) $2B+. Rival stablecoin __tether__ (aka: USDT) has benefited as crypto traders look for alts.

BNFT

The Crypto Catch-Up…

Dow Jones

S&P 500

Nasdaq

Bitcoin

US consumer debt hit a $16.9T record at the end of last year, up from $1.3T a year earlier

💰 Ride-hail ad sales

__Sharing the green juice…__ The White House [announced](https://www.whitehouse.gov/briefing-room/statements-releases/2023/02/15/fact-sheet-biden-harris-administration-announces-new-standards-and-major-progress-for-a-made-in-america-national-network-of-electric-vehicle-chargers/) that __[Tesla](https://robinhood.com/stocks/TSLA/)__ will open up at least 7.5K of its US charging stations to *non*-Tesla EVs by the end of next year. That’s a big first, because Tesla’s US chargers are compatible only with its *own* cars. The open chargers will include Tesla’s Superchargers (which can recharge cars in 30 minutes), plus “destination chargers” in places like hotels and restaurants. Why Tesla’s giving up its exclusivity edge: 

- __Gov’t cash:__ The Biden admin wants at least 500K publicly accessible EV chargers on US roads by 2030. By opening up its chargers, Tesla would qualify for a share of billions in federal funding offered for building a national network. 
- __Not just Elon:__ The White House also secured commitments from __[GM](https://robinhood.com/stocks/GM/)__, __[Ford](https://robinhood.com/stocks/F/)__, __[ChargePoint](https://robinhood.com/stocks/CHPT/)__, and others that operate charging networks. They stand to win funding for projects that meet federal requirements, like the Combined Charging System plug standard (which Tesla currently doesn’t use). 
- __FYI:__ Federally funded EV chargers won’t necessarily need to be powered by clean energy (they could use gas-fueled electricity). 

__Tesla-only zone…__ Charging networks are key to easing EV range anxiety and spurring adoption. With its US network of 17.7K fast chargers in 1.6K locations, Tesla runs the country’s second-largest charging network (after __ChargePoint__). Its Tesla-exclusive Supercharger stations are a big reason some EV buyers chose Tesla over other brands. But now it risks losing that competitive edge.

BRB, grabbing a juice (Petter Berntsen/Getty Images)

Juiced

__Losing the “Apple edge” may be worth it…__ Tesla has made its EV tech exclusive, similar to how __[Apple](https://robinhood.com/stocks/AAPL/)__ has boxed non-Apple users out of its ecosystem (think: connected software, specific device chargers, and green texts from non-iOS users). While it might lose a competitive advantage, Tesla stands to gain billions in gov’t funding and extra charging revenue from non-Tesla owners. And it would further its goal of accelerating the energy transition.

Tesla commits to opening up 7.5K of its chargers to other EVs, trading exclusivity for $$

__A bustling meta-tropolis…__ Shares of tween-favorite online gaming platform __[Roblox](https://robinhood.com/stocks/RBLX/)__ popped 26% yesterday after it [reported](https://techcrunch.com/2023/02/15/in-a-boost-for-the-metaverse-roblox-stock-pops-25-after-strong-q4-earnings/) surprisingly strong bookings, suggesting that interest in its version of the metaverse (VR headset not required) is booming. Roblox said daily active users grew 19% last quarter to 58M+ people (who spent nearly 13B hours playing). Its bookings grew 17% as users bought its “Robux” in-game virtual currency. 

__Where "kidults" reign…__ Roblox found success with kids thanks to breakout games like "Jailbreak" and "MeepCity." In 2020, the company said that 75% of US kids ages 9 to 12 played Roblox. But efforts to attract older users (and grow up with its audience) are paying off: yesterday Roblox said user growth was especially strong with players over 17, and in the fall it said half its players were 13 or older. To engage more mature age groups, Roblox embraced adult-friendly entertainment: 

- __Footblox:__ Last year the NFL said it'd have a presence in Roblox through games and live events (FIFA's there too). Last week the NFL held a live Super Bowl concert on the platform, featuring an exclusive performance by Saweetie. 
- __Superstars:__ Mariah Carey performed on Roblox in December, and Elton John and Lil Nas X have done exclusive shows there.

ROBUX

__It’s what’s inside that counts…__ While rival __[Meta](https://robinhood.com/stocks/META/)__ has struggled to grow its Roblox rival "Horizon Worlds" (picture: deserted virtual vistas), Roblox is drawing in new and older users with high-profile sports and entertainment partnerships, plus viral user-created games. The effort seems to be paying off: Roblox said that last month its daily user count hit 65M.

Roblox soars on strong growth as meta-gaming competitors struggle to find their footing

As of February 3, the average tax refund was $1.9K, down from $2.2K last year

⚡ Tesla gets less exclusive

__Grab the mini-bar champagne…__ __[Marriott](https://robinhood.com/stocks/MAR/)__ unpacked strong earnings yesterday as people splurged on ocean-view suites at the Ritz and room service at the W. The world’s largest hotel chain — which also owns Sheraton, Westin, and many others — saw its sales rise a sweeter-than-expected 33% to nearly $6B. Meanwhile, profits surged 44%. 

- __Expensive nights:__ Marriott's revenue per available room (a key metric in the hotel industry) jumped 5% above 2019 levels thanks to pricier rates and healthy demand. 
- __City lights:__ Leisure and group trips in North America (Marriott's largest market) topped prepandemic levels, while business travel recovered to nearly 90%.

__Stash the mini toiletries…__ With the worst of the pandemic past us, consumers are taking advantage of their regained freedom by traveling — a *lot*. Last year, US hotel revenue and profits hit record highs. But some of that growth was driven by higher prices (average room rates in North America surged 33% from 2019 prices). Americans have mostly stomached those hikes, but that could change as households burn through their pandemic savings.

Living the suite life (Jeffrey Greenberg/Getty Images)

Suite

__Savings may die before demand…__ As savings dollars dry up, consumers could be *forced* to cut back on travel spend — even if organic demand is still high. Goldman Sachs predicts that Americans will’ve burned through 65% of their pandemic savings by the end of this year. Still, consumers could satisfy their wanderlust with more budget-friendly choices (think: road trips, cheaper lodging).

Marriott’s profit soars on the vacay-palooza, but Americans’ travel fuel could be running low

__When stables get rocked…__ New York regulators unbalanced the crypto industry this week, [ordering](https://www.wsj.com/articles/crypto-firm-paxos-to-stop-issuing-dollar-pegged-binance-token-94f65e52) __Paxos__ — the crypto-services biz behind the third-largest stablecoin — to cease issuing its __Binance__ USD (BUSD) token. Refresher: [stablecoins](https://snacks.robinhood.com/newsletters/1alSYApz9fMDqEf8i3IPRi/articles/1vwhQv8VIIqij4eXh9Wsvw/) are crypto pegged to real-world assets like the US dollar. They let folks interact with DeFi and smart contracts without the price volatility associated with other coins. But there’s a shake-up in the works:

- __Destabilized:__ Paxos said it’ll stop creating new BUSD coins next week — *and* that it’ll no longer work with BUSD's brand partner, __Binance__. 
- __Axe-os:__ The SEC [reportedly](https://www.wsj.com/articles/crypto-firm-paxos-faces-sec-lawsuit-over-binance-usd-token-8031e7a7) plans to sue Paxos over its sale of BUSD, alleging it's an unregistered security. 

__Byenance?…__ Paxos rolled out BUSD in 2019 and grew the coin to a $16B market cap in partnership with Binance. Now BUSD’s value is shrinking fast as investors ditch it. That could be bad news for Binance, which had seemingly solidified its crypto [dominance](https://snacks.robinhood.com/newsletters/526WtJRG3zrWufKdIt6J4Q/articles/3zB6agzhn8eYlznx5dEr4X/) after __FTX’s__ fall. BUSD transactions were reported to make up 40% of the exchange’s trading volume last month. Binance's CEO, Changpeng “CZ” Zhao, said the exchange made 90% of its revenue from transaction fees. Yesterday CZ downplayed Binance’s connection to the stablecoin. 

Tilt

__No one’s sleeping on crypto (regulation)…__ anymore. Last year's cascading bankruptcies at __Celsius__, __BlockFi__, and FTX left some lawmakers asking if crypto regulation was asleep at the wheel. Now regulators have downed a double espresso and set their sights on more than just stablecoins. The SEC said last week that it had reached a $30M settlement with US-based exchange __Kraken__ over its staking program. And last month it went after __Gemini's__ troubled Earn program.

Regulators order the third-largest stablecoin to shut down, which could spell trouble for crypto's top exchange

🤑 *When you put your money where your mouth is…*

Proof-of-stake blockchains like __ethereum__ rely on people called validators to process transactions and keep the chain honest. But first validators must lock up crypto as collateral in a process called "staking." The idea: validators are less likely to do something shady if their coins are on the line. Last week, after SEC Chair Gary Gensler [said](https://www.sec.gov/news/sec-videos/office-hours-gary-gensler-staking-a-service) that companies offering staking services must comply with securities laws, __[Coinbase](https://robinhood.com/stocks/COIN/)__ [argued](https://www.coinbase.com/blog/coinbases-staking-services-are-not-securities-and-heres-why) staking's not a security. 

DEFI(NE)

Heard on the Block: "staking"

This year’s Super Bowl was the second-most-watched Bowl ever with 113M viewers

🏖️ Marriott’s room boom

__“Who sat on the remote?!”...__ It’s no surprise that Tubi’s [ad](https://nypost.com/2023/02/13/tubis-super-bowl-2023-commercial-pranks-fans/) caused so much stress this Sunday. Super Bowl gambling set sportsbook [records](https://www.cnbc.com/2023/02/13/super-bowl-betting-records.html) this year, with an estimated 50M+ Americans wagering over $16B (double last year’s estimate). It was the first Bowl to take place in a state with legalized sports betting, which was a boost for betting apps. A highlight reel: 

- __MGM Resorts,__ which runs the BetMGM app plus sportsbooks on the Vegas Strip, said it was BetMGM’s most successful Super Bowl and most-bet-on single-game sporting event ever.
- __FanDuel__ said it was processing 50K bets/second at its peak, and averaged 2M active users throughout the game. 
- __DraftKings__ predicted that the Bowl was going to be its largest customer-acquisition event of the year. (Oh, and one of its bettors won $2.7M on a $1.7M wager on the Chiefs.) 

__What happens in Vegas…__ hasn’t stayed in Vegas. Gambling platforms had strong growth last year as more states legalized sports betting. It’s now legal in 36 states plus DC, while *mobile* betting is allowed in 26 states (up from 18 a year ago). Americans placed $73B worth of legal sports bets last year, up 70% from 2021 — and sports-betting companies raked in nearly $6B from those wagers. Meanwhile, calls to the national hotline for people with gambling problems have [soared](https://www.nytimes.com/2022/11/20/business/sports-betting-laws-states.html). 

Higher stakes = more nail-biting (Anthony Behar/Getty Images)

Book

__Blockbuster events can be growth “freebies”…__ The Super Bowl super-charged the sports-betting industry by simply existing. Companies have splurged on celeb-studded marketing to compete for customers in the crowded space. But now they’re starting to shift their focus to achieving *profitability* — and milking blockbuster events for organic growth. Sportsbooks are already accepting bets for *next year’s* Bowl, which’ll take place in Vegas for the first time.

Super Bowl sports betting hits records as companies seize on the blockbuster moment

__Sounds like Ticketmaster…__ actually __[Amazon](https://robinhood.com/stocks/AMZN/)__. The e-shopping titan is [charging](https://www.bloomberg.com/news/articles/2023-02-13/amazon-amzn-takes-half-of-each-sale-from-2-million-small-businesses?srnd=premium&sref=q3KSFp38) fat fees to drum up fresh cash. Last year, Amazon took an average 50%+ cut from each third-party transaction, up from 40% in 2018. Third-party sellers are non-Amazon merchants who *list* on Amazon. They make up over [half](https://sell.amazon.com/blog/grow-your-business/amazon-stats-growth-and-sales) of Amazon’s sales, providing everything from beach umbrellas and sneakers to “gently used” TVs. 

- __Before:__ Sellers have been handing over more per transaction to Amazon for the past six years, but were able to stomach the higher cuts as sales on Amazon soared. 
- __After:__ Amazon’s coming off its slowest annual sales growth in history, and wants to leverage its nearly 2M small and midsize third-party sellers to fatten margins.

__Not so prime…__ As the ecomm boom cools, third-party sellers have lured shoppers by ramping up discounts instead of spending more on Amazon’s #sponsored listings. As growth slows in its core business, Amazon’s looking for new ways to drum up fresh revenue. Last month the company [launched](https://snacks.robinhood.com/newsletters/3ixqIRvS7EbwrWX2JbYIrl/) a new "Buy with Prime" feature that allows Prime members to enjoy fast payment and delivery options on *non*-Amazon sites. 

Split

__It’s hard to leave the world’s biggest showcase…__ While delisting from Amazon can be more financially efficient for some businesses, many feel like they can’t do without it. Amazon’s third-party sellers account for about a quarter of all online purchases in the US, and its fulfillment services (think: storage, delivery) can cost 30% less than competitors. The tide could be changing: 60% of Amazon sellers use at least one other e-comm platform, and half plan to add another this year.

Amazon’s taking a huge cut from its sellers, but businesses will (probably) keep listing anyway

Consumers are expected to spend an average of $193 for Valentine’s Day this year

🏈 Super bet Bowl

__AI of the tiger…__ Cue the music. The Super Bowl wasn’t the only big competition to play out last week: the AI-chatbot battle officially [kicked off](https://snacks.robinhood.com/newsletters/6MahrOtOORUiLsDkSLNGui/articles/75QCH1H4Ub0eWmzYpMgui3/). Before getting into it, a quick recap: in November, __[Microsoft](https://robinhood.com/stocks/MSFT/)__-backed OpenAI launched ChatGPT and it went viral as people used it to answer prompts, write articles, and even craft poems. In January, Microsoft announced plans to integrate OpenAI’s tech into all its products. Then *last* week, things took an intense turn: 

- __On Monday__ __[Google](https://robinhood.com/stocks/GOOGL/)__ debuted its ChatGPT rival, Bard — a response to the existential threat posed by OpenAI — and said it’ll soon integrate Bard into web search. 
- __On Tuesday__, in a last-minute news event announced on *Monday*, Microsoft introduced a ChatGPT-fueled version of its Bing search engine and an AI-supported Edge browser.
- __Then on Wednesday__, Google held its *own* news event to show off its Bard chatbot, but the stock tumbled after a video promo contained the [wrong answer](https://www.reuters.com/technology/google-ai-chatbot-bard-offers-inaccurate-information-company-ad-2023-02-08/) to a query. 

__Well, that escalated quickly…__ The launch of ChatGPT triggered an AI battle between search giant __Google__ and software titan __Microsoft__, and it could get more heated than their cloud rivalry. Google’s been in the AI game for years (it invented the “transformer” tech that powers ChatGPT). But it’s historically been more cautious with rolling out these lightly tested tools to the public, since there are still significant unknowns. But… 

- __Google apparently felt pressured__ to introduce Bard earlier than planned to protect its profit-puppy search biz. 
- __Microsoft apparently felt pressured__ to invest billions in OpenAI and attach its powerful tools to its product suite.

The “new Bing” walks into a search bar… (Jason Redmond/Getty Images)

Unbottle

__Getting there first can be a dangerous game…__ because competition makes it harder to move cautiously. Now two tech titans with *massive* reach are racing to crank out genAI features even though concerns abound. Large language models have been known to share false information and biased answers, and have [well-documented](https://www.theverge.com/2023/2/6/23588033/google-chatgpt-rival-bard-testing-rollout-features) tendencies to spew out hate speech. Also on the line: the intellectual output of future generations, which could become monotonous.

Microsoft and Google kick off the AI-bot race, but their speed comes with concerns

__Put an extra mint on the pillow...__ Experiential spending (think: travel, entertainment) is having a moment. And when consumers splurge on trips, they need places to rest their heads. Enter __Airbnb__, __Hyatt__, and __Marriott__, which are set to report this week. Both Marriott and Hyatt are expected to show king-size earnings growth. Airbnb, whose stock is up almost 30% this year, is also predicted to drop big growth. Hotel giant __Hilton__ beat expectations last week after surpassing prepandemic profits, partly thanks to lofty room prices. 

__Zillow-scrolling returns…__ as the housing market (slowly) warms up. After hitting a 20-year high in November, mortgage rates have trickled below 7%. Mortgage applications are up, and online brokerage __Redfin__ said that interest from prospective buyers has jumped since a November low. Meanwhile, __Zillow__ said it expects mortgage rates to continue falling. The cos could use the bump after shuttering their pandemic-boom-era iBuyer divisions. Both Redfin's and Zillow's revenue is expected to be down on the year when they report this week. 

Events

Coming up this week

__What the Shell…__ Environmental-law firm ClientEarth is suing 11 members of __Shell's__ board, alleging that the oil behemoth has failed in its duty to manage climate risk. It’s a first-of-a-kind suit because *individuals* are being sued — and comes on the heels of Shell reporting a record $40B annual profit. ClientEarth (a Shell investor) said the board’s failed to implement a suitable energy-transition strategy, yet Shell said it does "not accept" the allegations. Last year its renewables spend was less than half of what it dropped on extracting fossil fuels. 

__A stake through the heart…__ Crypto exchange __Kraken__ agreed to pay a $30M fine and end its staking program, which let people lock up crypto as collateral and earn yield. The SEC said the program amounted to the sale of unregistered securities (aka: a big no-no). __Coinbase__ — whose own staking program has been a rapidly growing source of revenue — [said](https://www.barrons.com/articles/coinbase-staking-crypto-kraken-sec-1a404fd9) it has no plans to abandon staking. The issue may soon come to a head: ethereum's upcoming [Shanghai hard fork](https://snacks.robinhood.com/newsletters/7g8WyDpRHlBW4XKb0ArYq9/articles/3YIdBYT3OuwOf9IqZp0aMK/) is set to make staking more attractive to investors.

Zoom Out

Stories we’re watching

- __[Fluffy](https://snacks.robinhood.com/newsletters/526WtJRG3zrWufKdIt6J4Q/articles/2WDwwTJmfNddBuxrd4a7L4/):__ Americans aren’t trading down on their pets. As folks keep spoiling their fur babies, companies like __Post__, __General Mills__, and Purina maker __Nestlé__ are investing in the fast-growing pet-food biz. 
- __[Control](https://snacks.robinhood.com/newsletters/526WtJRG3zrWufKdIt6J4Q/articles/3zB6agzhn8eYlznx5dEr4X/):__ After FTX’s collapse, __Binance__ now reportedly controls over half of crypto spot trading. But the exchange has had some issues, and the industry could be at risk of putting too many eggs in one basket. 
- __[Sail](https://snacks.robinhood.com/newsletters/7g8WyDpRHlBW4XKb0ArYq9/articles/12XVNbkeyxk3jFkCrDrdrh/):__ __Royal Caribbean’s__ cruise booking volumes blew prepandemic #s out of the water last year. Rivals __Carnival__ and __Norwegian Cruise Line__ are also sailing with tailwinds as consumers keep YOLO spending on experiences.

ICYMI

Last week's highlights

Between 2021 and 2022, US sales of non-boozy beverages grew 21%

👾 AI-bot battle

__It’s a dog-eat-dog-food world…__ and we’re all just living in it. The human economy isn’t doing too hot, but the pet economy is still thriving: Jam icon __[J.M. Smucker](https://robinhood.com/stocks/SJM/)__ struck a [deal](https://www.bloomberg.com/news/articles/2023-02-08/j-m-smucker-to-sell-pet-food-brands-to-post-for-1-2-billion?srnd=industries-v2) to sell its pet-food brands to cereal company __[Post](https://robinhood.com/stocks/POST/)__ for $1.2B. Smucker said that the brands (which include Rachael Ray Nutrish and Kibbles ’n Bits), will make $1.5 billion for the fiscal year. But Smucker isn’t shedding pets: it’ll focus on its fast-growing Milk-Bone dog snacks and Meow Mix cat food. 

__Grass-fed lamb for Fluffy…__ while you eat frozen peas. The pet-food biz is growing fast as Americans keep showering their fur babies with premium treats, despite inflation. __[Nestlé](https://robinhood.com/stocks/NSRGY/)__, aka: the world’s largest food company, makes pretty much anything that begins with "Nes" (presso, quik). But its biggest growth driver isn’t Nes-treats — it’s *pet* treats. 

- __Net-pet-so:__ In the first nine months of last year, Nestlé’s Purina PetCare unit was once again the largest contributor to organic growth.

- __One two pet:__ __[Petco](https://robinhood.com/stocks/WOOF/)__ has had 16 straight quarters of year-over-year sales growth as “pet parents continue to prioritize the health and wellness of their pets.”

- __Cereal pet lover:__ In 2018 __[General Mills](https://robinhood.com/stocks/GIS/)__ splurged $8B to buy Buffalo Pet Food, and last year it bought __[Tyson](https://robinhood.com/stocks/TSN/)’s__ pet-treats biz. It expects pet-related sales to accelerate this year.

- __Chewy chow:__ In its last reported quarter, __[Chewy](https://robinhood.com/stocks/CHWY/)__ [delivered](https://investor.chewy.com/news-and-events/news/news-details/2022/Chewy-Announces-Third-Quarter-2022-Financial-Results/default.aspx) accelerating double-digit sales growth and said it’s “a clear indication of the resiliency of the pet category.”

A gourmet meal for a good boy (Natalia Boychenko/Getty Images)

Fluffy

__Skimping on your (fur) babies is hard…__ While many Americans have been cutting back on personal purchases, they’re not trading down on their dependents, which is why the pet category has been so resilient. North American pet-food sales are expected to hit $64B+ in 2027, up from an estimated $49B last year.

As Americans keep spoiling their pets, companies invest in the fast-growing category

__One exchange to rule them all?…__ As __FTX__ died, __Binance__ thrived. The crypto exchange saw its share of global crypto spot trading grow by 7 percentage points after the November collapse of its onetime rival. As of last month, Binance [reportedly](https://www.ft.com/content/1fb69ad6-0c1a-4ebd-b2ea-720dc422eeb7) controlled 55% of all crypto spot trading (think: buying and selling of crypto at market price). And at the end of last year, it oversaw a whopping 92% of all __[bitcoin](https://robinhood.com/crypto/BTC/)__ spot trades. It's not just spot: last month Binance's share of on-exchange derivatives trading hit 61%. Now US-based exchanges are fighting over the scraps:

- __2nd (coin)place:__ Just 6.5% of crypto spot trading takes place on __[Coinbase](https://robinhood.com/stocks/COIN/)__, the second-largest exchange by trading volume.

- __Showing kraks:__ __[Crypto.com](https://robinhood.com/crypto/CRO/)__'s and __Kraken__'s spot trading market share has actually *declined* since FTX's collapse. 

__The bigger they are…__ Binance may be the world's largest crypto exchange by volume, but that doesn't mean it’s all smooth sailing. This week, the exchange said it would [suspend](https://www.bloomberg.com/news/articles/2023-02-06/binance-plans-to-suspend-us-dollar-transfers-using-bank-accounts) deposits and withdrawals of US dollars through bank accounts. And while Binance published a "[proof of reserves](https://snacks.robinhood.com/newsletters/2jedAlq0iN3kyZjhRJ7QXZ/articles/5LZm0DXxBdnT4jdK7CApd8/)" in December, the exchange said that an actual audit (aka: reserves + liabilities) wouldn’t happen for some time. Just last month it said it mistakenly mixed customers' crypto with token collateral.

Bidominance

__Crypto risks putting many eggs in one basket…__ At its core, crypto's about decentralization (picture: [DAOs](https://snacks.robinhood.com/newsletters/1894aHFyK3xA7bKiUzBNbg/articles/3eobFnULMb2A5W2BmYsEAO/), [DeFi](https://snacks.robinhood.com/newsletters/4BQOCvfFjpmfTUqq7GuMPh/articles/5yNLUw1csw4pCDO5DzKa0U/)). But as Binance's share of the market continues to grow, the industry is growing more concentrated along with it. That centralization creates crypto market risk, because if one big player falls (like: FTX), it could take large chunks of the industry down with it.

Binance now controls over half of crypto spot trading as the industry struggles with centralization

💰 __Spendy…__ The SEC said __Kraken__ would [close up](https://www.cnbc.com/2023/02/09/crypto-exchange-kraken-settles-with-sec-over-us-staking-operation.html) its crypto-staking program and pay a $30M fine. The regulator said the exchange had failed to properly register its program, which advertised up to a 20% yield. 

🪙 __Coins…__ One of the longest-running crypto exchanges, __LocalBitcoins__, said it's [shutting](https://www.coindesk.com/business/2023/02/09/bitcoin-exchange-localbitcoins-to-close-citing-market-conditions/) down. The 10-year-old biz initially grew to prominence by facilitating face-to-face [meetups](https://www.wired.com/2013/07/buttonwood/) where traders swapped $$ for BTC. 

📸 __Flashy…__ Revenue from dark-net markets [plunged](https://www.bloomberg.com/news/articles/2023-02-09/dark-net-revenue-plummeted-after-hydra-closure-chainalysis-says) by half last year, to $1.3B, a new report said. A main driver: last spring authorities shuttered Hydra, a Russian-language market for drugs and money laundering.

Staked

You’ve probably never seen anyone actually drinking beer in a beer commercial

🐶 Pet profit-palooza

__5 stars…__ __[Uber](https://robinhood.com/stocks/UBER/)__ reported a record $8.6B in quarterly revenue, with CEO Dara Khosrowshahi [saying](https://www.nytimes.com/2023/02/08/business/uber-revenue.html) it was the company's strongest quarter ever. That record represents a 49% jump on the year and was made possible by 131M customers hailing 2.1B rides — up from 1.7B a year earlier. Driving the growth:

- __Folks:__ Uber's rides biz, which makes up nearly half its total sales, was the fastest-growing unit last quarter with stretch-limo-sized 82% growth from last year. 
- __Freight:__ Uber’s freight biz, which connects semitruck drivers with high-volume loads (like trucks full of Pepsi), did $1.5B in revenue, up 43% from last year.
- __Fries:__ Its Eats delivery unit grew 21% from last year — a slower pace than during pandemic boom times, when it overtook Uber’s rides division.
- __Flyers:__ Uber also got a boost from recently introduced [in-app ads](https://snacks.robinhood.com/newsletters/74zHu2wNENpA7EgJyuw9OM/articles/7aqUbrU41BN6Q7GgITCtKZ/) (think: beer promo as you book your ride to the bar). 

__Pass the AUX cord…__ With Uber setting records, investors are all ears for __[Lyft's](https://robinhood.com/stocks/LYFT/)__ earnings, scheduled for today. The smaller of the two ride-hail whales, Lyft has long focused on moving *people* (instead of people *plus* Happy Meals). Lyft’s expected to have grown revenue by 19% from last year, to $1.1B+. But the fact that its prices were typically 10% higher than Uber's could have hurt bookings as people price-toggled between apps. 

Let the good times roll (Spencer Platt/Getty Images)

Hail

__Diversification can come in clutch…__ With the return to the office picking up steam — US offices passed the 50%-occupancy mark last week — Lyft's ride-centric biz could be primed for gains. Though Lyft could benefit from the same ride boom lifting Uber, its hyper focus on passengers could be a double-edged sword. Recall: Lyft got hit extra hard during the pandemic as ride-hail volumes plunged, while Uber had its food-delivery biz to fall back on.

Uber reports record revenue as the return to the office tees up the ride-hail biz for gains

__Mexican Pizza and Pete Davidson…__ the secret ingredients to Taco Bell’s strong quarter. __[Yum Brands](https://robinhood.com/stocks/YUM/)__ — which owns Taco Bell, KFC, and Pizza Hut (#KenTacoHut) — delivered expectation-beating sales and profit yesterday, largely driven by its shining star, T. Bell. Covid lockdowns weighed on Pizza Hut and KFC sales in China (KFC’s largest market). But same-store sales at US Taco Bells grew 11%. Some viral hits driving demand: 

- __Tortilla triumph:__ Execs said Taco Bell sold a whopping 45M Mexican Pizzas during the four months that the culinary creation was available last year (Dolly Parton is a [fan](https://news.yahoo.com/dolly-parton-loves-taco-bells-215231741.html)). 
- __Breakfast with Pete:__ Taco Bell’s breakfast biz is making a comeback as people return to offices, and an ad featuring [Pete Davidson](https://www.nrn.com/quick-service/taco-bell-s-breakfast-drives-strong-q4-results) generated breakfast buzz. 

__A mixed (takeout) bag...__ Pizza Hut had a solid quarter as consumers recovered from “[pizza fatigue](https://www.cnbc.com/2023/02/08/yum-brands-yum-earnings-q4-2022.html)” after over-ordering during lockdowns. The Hut also got a boost from demand on delivery platforms and cheaper pizza-novations like Melts, which attracted folks with lower incomes. Some other fast-eating results: 

- __Burrito bust:__ __[Chipotle](https://robinhood.com/stocks/CMG/)__ disappointed as transactions fell for the second straight quarter. It’s hiked prices a lot, but says it hasn’t seen backlash to its inflated bowls. 
- __McWin:__ __[McDonald’s](https://robinhood.com/stocks/MCD/)__ had strong earnings last quarter after lowering prices, as consumers [returned](https://snacks.robinhood.com/newsletters/hVxJ5P0UXNj7GiarHRYHR/articles/4MlfzoaeNBLMSQ0Pc0ru6y/) for its affordable staples. 

KenTaco

__“Value” has become more valuable…__ because both high and low-income consumers are trading down for better deals. While Yum hiked some prices, it kept a mix of affordable items. Yum’s CEO said, “We’re winning because of value.” But Chipotle’s relatively pricey bowls may’ve unwhetted some appetites. Now even it says it doesn’t have plans for more hikes this year. 

Taco Bell’s parent outperformed on Mexican Pizza, Pete Davidson, and the new buzzword: “value”

Uber reports record revenue as the return to the office tees up a ride rebound

Washington, DC, has more tech-job openings than Silicon Valley

🚘 Uber's ride record

__Sail away…__ to near-record bookings. __[Royal Caribbean's](https://robinhood.com/stocks/RCL/)__ stock jetted up 7% yesterday after the cruise conglomerate [reported](https://www.barrons.com/articles/royal-caribbean-beats-earnings-strong-bookings-51675775715) expectation-beating #s. The boaty biz, which also operates Celebrity Cruises and Silversea Cruises, still *lost* $500M — but that was less than half of its year-ago loss. Analysts say strong demand combined with higher ticket prices could make for smoother financial sailing. Last quarter, booking volumes blew prepandemic bookings out of the water. Royal’s not the only one working on a cruise comeback:

- __Come one, come all:__ __[Carnival](https://robinhood.com/stocks/CCL/)__ execs said they expect first-quarter bookings to hit 90% of 2019 levels, and this year the stock is up about 50%. 
- __Not-so-rough waters:__ __[Norwegian Cruise Line](https://robinhood.com/stocks/NCLH/)__ said last year’s bookings matched prepandemic levels (and at record prices). This year its stock is up 47%. 

__Round trips and road trips…__ It’s not just Cruise companies getting a consumer-powered boost. Last month, __[American Express'](https://robinhood.com/stocks/AXP/)__ CFO said that spending on experiential splurges like travel and entertainment is "off the charts." And airlines like __[Delta](https://robinhood.com/stocks/DAL/)__ and __[United](https://robinhood.com/stocks/UAL/)__ reported expectation-beating profits last quarter as demand stayed strong despite sky-high fares. Meanwhile, __[Disney](https://robinhood.com/stocks/DIS/)__ (which reports earnings today) is expected to show strong revenue gains from its theme parks. 

Break out the piña coladas (MyLoupe/Getty Images)

POSH

__YOLO spending's becoming a lifestyle…__ because the pandemic elevated the value of real experiences. Despite historically high inflation and historically low consumer sentiment, people are still “[revenge spending](https://snacks.robinhood.com/newsletters/537dMBHls4pXZImAT8l4a5/articles/79VCq2iiUC01NTlHhU61PT/)” on socially good times like cruises, flights, and amusement parks. As the cruise industry's "wave season" heats up (picture: promos offered from January to March), we'll see whether YOLO spending continues to maintain its grip on many Americans’ pocketbooks. 

Royal Caribbean's blowout bookings show YOLO spending charging full steam ahead

__Checking the Powell-meter…__ When J. Powell speaks, investors listen. Yesterday the Fed chair sat down for a midday Q&A sesh in DC. It wasn’t as big a moment as a Fed meeting, but after last week’s killer jobs report, investors were eager for any clues about a policy shift — especially after Atlanta’s Fed chief [said](https://www.bloomberg.com/news/articles/2023-02-06/fed-s-bostic-says-higher-peak-rate-on-table-after-jobs-blowout?srnd=premium) that a higher peak rate was on the table. 

- __Thing Powell said that the market liked:__ J-Pow acknowledged that “disinflation has begun” in the goods sector, which makes up a quarter of the US economy. 
- __What the market *didn’t* like:__ If the labor market continues strengthening and inflation climbs further, Powell said the Fed might need to make higher-than-expected hikes. 
- __Bike hikes:__ When asked how he de-stresses, Powell said, “I like to ride my bike.” 

__Climbing up that rate hill…__ Mixed economic data, coupled with Fed comments, has been giving the market whiplash. Stocks popped last week after J-Pow acknowledged that inflation is cooling at the Fed’s meeting (the first time he mentioned “disinflationary” trends). But on Friday stocks fell after news that the US had added a shockingly strong 517K jobs last month while unemployment fell to 3.4% — its lowest level in 53 years. When the Fed meets in March, it’ll have yet another month of jobs and inflation data to inform its next hike decision.

__When optimism’s high, disappointment’s likely…__ Investors are obsessed with the Fed because rising rates tend to lower stock prices, discourage spending, and cool economic growth (aka: the Fed’s goal). The market may have gotten ahead of itself, but now it’s pricing in higher expectations of Fed tightening. Yesterday Powell said that reaching acceptable inflation levels is going to take a while: “My guess is it will take certainly into not just this year, but next year to get down close to 2%.”

J. Powell (gently) reins in expectations after stocks popped on “disinflation” optimism

🏡 *When your neighbor's home improvements have you wondering if they're about to sell…*

A major update, dubbed the “[Shanghai hard fork](https://www.barrons.com/articles/ethereum-price-crypto-market-coinbase-stock-51675789767),” is said to be coming to __ethereum__ next month. When completed, validators — people who’ve locked up ether as collateral in a process called "[staking](https://snacks.robinhood.com/newsletters/1wtJg97QxjQGWOy95mSzca/articles/4PkMBBDA5ADxTIJm447Hdh/)" — will finally be able to sell their staked ETH. Yesterday developers successfully tested withdrawing staked ether ahead of the fork. There are about 16M staked ether worth $26B. Some investors worry the fork could spark a mass sale.

Heard on the Block: "Shanghai hard fork"

Black taxpayers are at least 3X as likely to face IRS audits, partly because of bias in algorithms

🚢 Cruise companies’ YOLO wave

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

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

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

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

Battle of the bots (Jakub Porzycki/Getty Images)

Battle

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

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

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

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

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

Gulp

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

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

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

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

🤖 Google’s chatbot battle

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

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

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

Pump Anxiety flashbacks (Win McNamee/Getty Images)

Slick

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

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

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

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

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

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


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

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

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