__A proper(ty) predicament…__ China’s growth forecasts are getting slashed as its property market wavers. FYI: up to three-quarters of China’s household wealth is in real estate. Home sales have slipped for 11 months straight (China’s longest slump on record) while property prices have tanked. The US may be in a housing recession, but China is in a full-on property-market *depression*.

- __Profits:__ __[Country Garden](https://robinhood.com/stocks/CTRYY/)__, China’s biggest developer, saw profits plunge 96% in the first half of the year. __Evergrande__, China’s second-largest developer with $300B in debt, defaulted on its US bonds in December.
- __Protests:__ Hundreds of thousands of Chinese homebuyers are refusing to pay their mortgages because of building delays and sinking property prices. 
- __Plan:__ To spur investment, China’s central bank slashed the five-year mortgage rate by 15 basis points, matching its biggest cut on record.

__Beyond real estate…__ China’s tech sector is slowing after intense Covid crackdowns and regulatory heat (think: big fines). __[Amazon](https://robinhood.com/stocks/AMZN/)__ rival __[Alibaba](https://sg.robinhood.com/ls/click?upn=6fntGirSE5selsQKrSSUHk6R8tCrM-2FUICq73HMQolwUPMmgwBRA9jrXSNGeB0n01BlnW_tN0j2bXf5PlAIJm8wjiAodXx1-2FSAXBw5H8-2Ft0ON7Ae4RkbHaaUxugO5tQJUyM9VLbnUo-2FvQBNIAytdR6xxsCFCtkao0p9V-2FYeo1n4inYuLDtlKHjZNY0fY8kzrpbV7GNNbui7wbPCJkheuffMRD6-2F7vtDgsD2JmGtT51OHkjSKjNseSOfmyAzyLauZ3sFR4bBJWMpjGllRqEAd5Nc4FHz76C-2F95zBhSh0VYK3TZpPo9VPrFolnLeaD8H2HmH-2Bf8KLaXdxly34Qk10yqyovcPYMeOt-2FOISrkzw9yB6V7D51yuoTIT0iX78oWXsk3W-2FJtiSNatBpxb-2BearN33xiyfkP4vAqwkyl4ue-2BRMSgLRPQ07nt2DgQKxL7-2FOSxT2X7dBJIfhM3t6KkYziAZ1OIRz3Ip1CMgtBM3-2BF3jDASErWOOG6-2Fk3wL56RO2bn6B8KDOYL0Ya3IX4WGOtaTQKOS-2BnYyeikaZUQ54o8IAPZMfFDDE95jw2jTWy-2FeEL379qHiKg20njPfXOpNtaXTgXWOmbnMLjKfukN6OyAQjeCcYsKQO7A8cNQ-2FwoZqW2KiJAoJB2RFyEE7Sjbpevchs5IhqsXsB50ZAq54IZcnivIX-2BobNUA-3D)__ and __[Tesla](https://robinhood.com/stocks/TSLA/)__ competitor __[Xpeng](https://sg.robinhood.com/ls/click?upn=6fntGirSE5selsQKrSSUHk6R8tCrM-2FUICq73HMQolwXOLexyLHOMKFaxuMxcc33-2FK_7q_tN0j2bXf5PlAIJm8wjiAodXx1-2FSAXBw5H8-2Ft0ON7Ae4RkbHaaUxugO5tQJUyM9VLbnUo-2FvQBNIAytdR6xxsCFCtkao0p9V-2FYeo1n4inYuLDtlKHjZNY0fY8kzrpbV7GNNbui7wbPCJkheuffMRD6-2F7vtDgsD2JmGtT51OHkjSKjNseSOfmyAzyLauZ3sFR4bBJWMpjGllRqEAd5Nc4FHz76C-2F95zBhSh0VYK3TZpPo9VPrFolnLeaD8H2HmH-2Bf8KLaXdxly34Qk10yqyovcPYMeOt-2FOISrkzw9yB6V7D51yuoTIT0iX78oWXsk3W-2FJtiSNatBpxb-2BearN33xiyfkPysfVRVnyh-2B9HNFRK27apLjWw6OaByiyDWP7oK247V8G41hGWidKPnDhOYcp6ySLze4QjvGj-2F3xsWO69MYlXhThQzVyhpntkn1KjJn57lLVEFCAVf0LKgA60ruLGE6PGRNFxtPXw67HLGmV7XAYZxmK8N5rRoAH9ZOOgjBiOFEHDsDMpMGfJWwz989Yd6lJwZqqWD1W-2F2yBOZAie4BA6xt68KiFmvQ3-2FDC9-2BOV-2FWbvrnNjSXLQtOCtWFzBugVjjmz1sqEKIK5BgZC9ItYjxrI3U-3D)__ just suffered their slowest quarterly growth ever, while gaming giant __[Tencent](https://sg.robinhood.com/ls/click?upn=6fntGirSE5selsQKrSSUHk6R8tCrM-2FUICq73HMQolwX8CZ9X1KmF4TPNVp3d-2B4JA42Ua_tN0j2bXf5PlAIJm8wjiAodXx1-2FSAXBw5H8-2Ft0ON7Ae4RkbHaaUxugO5tQJUyM9VLbnUo-2FvQBNIAytdR6xxsCFCtkao0p9V-2FYeo1n4inYuLDtlKHjZNY0fY8kzrpbV7GNNbui7wbPCJkheuffMRD6-2F7vtDgsD2JmGtT51OHkjSKjNseSOfmyAzyLauZ3sFR4bBJWMpjGllRqEAd5Nc4FHz76C-2F95zBhSh0VYK3TZpPo9VPrFolnLeaD8H2HmH-2Bf8KLaXdxly34Qk10yqyovcPYMeOt-2FOISrkzw9yB6V7D51yuoTIT0iX78oWXsk3W-2FJtiSNatBpxb-2BearN33xiyfkPxI0RhIiV3mTF0SgFU-2F50I-2FaulwFvUvFk3jKUzI9ouwf6Paitvz3GDqNUySYtGcqxumullXHrjkT5FYk-2Bw9tK5CDmEpHaM1LBcYOGNCmcFpVumZs3RXQ-2F8JHRnW-2BiegJZhpVy0sbiVuT8yNfIjTGf5CSD-2FFZAcBRqCbtPXKbGQvqKJqf1gt1u7jnWyfiWhm2blKXOlIQg-2BGBPx5Jw3M8g9NfvHaNgEzuw64foH1X6baVsxJ4bHYtJiA6lBXOOnIPeB2ZRwhP6xsFMnkYEfLahGg-3D)__ posted its first sales decline. To swerve a struggling domestic economy, tech titans are trying to expand into the US: 

- __Ecomm giant [Pinduoduo](https://robinhood.com/stocks/PDD/)__ is reportedly preparing to enter the North American market next month. 
- __[NetEase](https://robinhood.com/stocks/NTES/),__ China’s second-largest game developer, recently followed Tencent’s footsteps and opened a US studio.

Ever-growing real-estate anxiety (Liang Xiashun/Getty Images)

Tank

__Real estate’s stuck at home…__ even though companies can expand internationally. China’s property industry accounts for up to 30% of its GDP — roughly 2X as much as in the US. While experts say a 2008-style housing-and-financial-crisis combo isn’t likely, China’s property problems extend beyond its borders: every 1% decline in China’s GDP is estimated to cause a 0.3% dip in global GDP.

China’s property market is in a panic — and its slumping tech sector is looking abroad

__Recommerce on the rise…__ Suddenly that 2012 __[Volvo](https://robinhood.com/stocks/VLVLY/)__ in your garage and the vintage dress in your closet are looking valuable. As inflation continues to strain wallets, more consumers are [buying](https://www.cnn.com/2022/08/30/business/offerup-resale-report/index.html) goods secondhand.

- __Growth is booming:__ The US’s secondhand market is expected to more than double by 2026.
- __Used = mainstream:__ More than three-quarters of Americans say they buy or sell secondhand products.
- __Overstock opportunity:__ Liquidators are [taking](https://www.wsj.com/articles/glut-of-goods-at-target-walmart-is-a-boon-for-liquidators-11656927184) piles of unsold inventory from retailers like __[Target](https://robinhood.com/stocks/TGT/)__ and __[Walmart](https://robinhood.com/stocks/WMT/)__ and offloading it to resellers, boosting secondhand supply.

__Pre-worn, low-rise [Levi’s](https://robinhood.com/stocks/LEVI/)…__ Secondhand shopping became popular with sustainable Gen Z shoppers on social-friendly marketplaces like __[The RealReal](https://robinhood.com/stocks/REAL/)__, __[ThredUp](https://robinhood.com/stocks/TDUP/)__, and __[Poshmark](https://robinhood.com/stocks/POSH/)__. The fashion resale industry is forecast to double to $77B in the next five years. But thanks to #flation, young shoppers are beginning to buy other products secondhand too:

- __Used *everything*:__ Secondhand marketplace __OfferUp__ says that *non-clothing* categories like electronics, furniture, sporting goods, and auto parts make up 76% of its sales.
- __High tech, low cost:__ This month __[DoorDash](https://robinhood.com/stocks/DASH/)__ partnered with __[Facebook](https://robinhood.com/stocks/META/)__ Marketplace to deliver resale products. __[Uber](https://robinhood.com/stocks/UBER/)__ launched a similar program last year with Mercari.

Thrifty

__Recommerce is a “flation flourisher”…__ Inflation boosts recommerce by encouraging thrifty shoppers to buy and sell used items. But traditional retailers are also placing big bets on resale, which could push more consumers into the secondhand economy. __[Macy’s](https://robinhood.com/stocks/M/)__, Walmart, __[Gap](https://robinhood.com/stocks/GPS/)__, __[Adidas](https://robinhood.com/stocks/ADDYY/)__, __Everlane__, and __[Crocs](https://robinhood.com/stocks/CROX/)__ have all struck “resale as a service” partnerships with ThredUp (think: ecomm portals). Buzzy brands like __[Lululemon](https://robinhood.com/stocks/LULU/)__, Levi’s, and __Ikea__ have even [launched](https://snacks.robinhood.com/newsletters/6CeTU6j7yjNpeG4NHlfTr/articles/NolZPqOkShbND9vp856qV/) their own resale programs.

From upcycled clothes to used cars, the resale economy is booming as new products get pricier

Dow Jones

S&P 500

Nasdaq

Bitcoin

Canada’s population is smaller than California’s

🇨🇳 China’s property panic

__Powell’s prognosis…__ The #flationary fight ain’t over. On Friday, Fed chair Jerome Powell [said](https://www.wsj.com/articles/feds-jerome-powell-set-to-speak-on-economic-outlook-at-jackson-hole-11661476059?mod=article_inline) he plans to keep hiking interest rates until inflation’s under control — which could take a while. The news disappointed some investors, who hoped rates had peaked after inflation cooled last month. Powell acknowledged “pain” ahead. Markets responded accordingly:

- __Stocks slipped__ in the US, Europe, and Asia yesterday after plunging last week. Gold also fell, and __[bitcoin](https://robinhood.com/crypto/BTC/)__ dipped below $20K to its lowest level since mid-July.
- __Tech tumbled,__ notably __[Apple](https://robinhood.com/stocks/AAPL/)__ and __[Nvidia](https://robinhood.com/stocks/NVDA/)__. Higher rates curb spending and lower companies’ future earnings. 
- __Currency climbed:__ The USD hit a 20-year high yesterday after investors ditched other currencies and investments for the relatively stable dollar.

__Bitter pill…__ Powell’s ready to make sacrifices. His statement disappointed investors but was no surprise. For months JPow’s [said](https://snacks.robinhood.com/newsletters/2xWxnsCtcEtYcv012Yelqy/articles/5RKIqhn4ILH2LzzUNrtBTn/) he’ll keep fighting inflation till it sinks to near the Fed’s target of 2% — even if it means some economic pain. Last Friday he doubled down. Now he expects:

- __Single whammy:__ “Softening of labor market conditions” (translation: job losses).
- __Double whammy:__ “Sustained below-trend growth” (read: a small recession).

Tie-tening monetary policy (Tom Williams/Getty Images)

__No pain, no gain…__ Powell’s prescription may hurt now, but a temporary slowdown is better for markets and consumers than spiraling inflation. The medicine appears to be helping Americans already: real disposable income rose in July after falling for months. But painful side effects include slumping stocks and increasing layoffs. Despite that, jobs have (so far) been resilient. August hiring data comes out Friday.

Powell doubles down on the fight against ’flation, paving the way for temporary “pain”

__Smart soup...__ Panera’s serving up broccoli-cheddar bread bowls with a side of AI. Yesterday two Panera locations in upstate New York started testing an artificial-intelligence bot called "Tori," which takes drive-thru orders and interacts with customers.

- __The voice-order tech__ is from __OpenCity__, a startup last valued at $27M. Panera is assessing Tori's accuracy and ability to cut wait times.
- __If customers dig Tori,__ Panera could expand it to more restaurants. FYI: nearly half of its 2K locations have drive-thru lanes.
- __Tori makes moves:__ OpenCity said Tori’s being used in more than two dozen restaurants, including a Popeyes in Louisiana.

__From Tori to taco elevators...__ Fast-foodies have invested heavily in drive-thru tech since the pandemic. While lockdowns are over, takeaway sales have stayed elevated: prepandemic, less than [70%](https://www.qsrmagazine.com/reports/future-fast-food-drive-thru-arrives-early) of fast-food sales came from drive-thrus. *Now it’s more than 90%.*

- __Need for speed:__ Taco Bell opened a table-free restaurant last month with taco-delivering "vertical lifts." __[Chipotle’s](https://robinhood.com/stocks/CMG/)__ adding more digital-order Chipotlanes, and __[McD's](https://robinhood.com/stocks/MCD/)__ is working with __[IBM](https://robinhood.com/stocks/IBM/)__ to automate drive-thrus.
- __Need for peeps:__ Food service and hospitality companies led July job gains as they scrambled to hire, but were still 1.2M positions short of prepandemic headcount.

Souper

__Labor pains lead to robo gains...__ North American companies bought a [record](https://www.reuters.com/technology/north-american-companies-send-robots-even-productivity-slumps-2022-08-29/) # of robots in the first half of this year to keep operations afloat. With nearly two roles open for every unemployed worker, total US labor costs surged a record 5% last quarter. While Panera locations aren't factories, it's hoping that robo drive-thrus will ease the labor crunch. If it’s successful, others could follow.

Bread-bowl icon Panera tests AI drive-thrus as labor shortages weigh on fast food

Powell doubles down on the fight against ’flation, prescribing some temporary “pain”

It costs the US Treasury 7.5 cents to print $1

🩺 Powell prescribes pain

__The future of finance…__ aims to leave its past in the dust. The ethereum Merge — a years-in-the-making reimagining of the world's second-largest crypto — is set for [mid-September](https://www.bloomberg.com/news/articles/2022-08-18/ethereum-developers-back-sept-15-target-for-blockchain-merge), and crypto fans are HODLing their breath. The Merge is meant to move the chain's consensus mechanism (think: verification process) from “proof of work” (PoW: old, power-hungry) to “proof of stake” (PoS: new, efficient). It's a critical moment for the seven-year-old crypto, with real — *ahem* — stakes:

- __Eth-ficient:__ PoS-powered ethereum is expected to use 99.95% less energy by having validators instead of miners add new blocks to the chain. Reminder: validators are people "[staking](https://www.businessinsider.com/personal-finance/staking-crypto)" (aka: depositing and locking up) ether as collateral; miners = tons of energy-sucking computers.
- __Dirt-eth:__ Right now, ethereum uses as much energy as the Netherlands and emits as much carbon as Singapore. 
- __Crypt-oh shucks:__ The Merge will *not* actually reduce transaction fees or speed up transactions. 

__Growing up = growing pains…__ Dragging a chain worth $202B into the future isn't like flipping a switch. Plenty could go wrong, from bugs to industry consolidation (aka: dreaded centralization). Merge fans argue that if ethereum sticks with the old PoW, it risks getting left behind by new chains on the block (like: __[solana](https://robinhood.com/crypto/SOL/)__), but not all of cryptoland's on board:

- __Miner detail:__ In the new PoS future, ethereum miners (and their costly computer rigs) are no longer needed. One response: a proposed forked PoW ethereum chain living on after the merge (meet: ETHPOW).
- __Mis-stake:__ Critics worry PoS is less censorship-resistant than PoW, and that validators might be pressured into [censoring ethereum](https://fortune.com/2022/08/22/ethereum-community-censorship-fears-post-merge-tornado-cash/) at the protocol level.

Ethereum merges lanes (Jackal Pan/Getty Images)

At Stake

__The Merge is full steam ahead…__ and crypto's future is along for the ride. Picture a bunch of railroad engineers trying to swap out parts on a moving train — but the train's packed with priceless cargo and can't slow down. That's kind of like the Merge. Getting it wrong risks derailing the ethereum train *and* everything built on top of it (DeFi, Ape NFTs). If the upgrade succeeds, the train’ll run cleaner and could inspire the broader crypto industry to follow suit. If it fails? Hold on.

Ethereum's make-or-break moment nears as crypto readies itself for the big Merge

__The good, the bad, and the cryptic…__ Crypto’s so-called “Wild West” could be in for a reckoning. For over a year SEC Chair Gary Gensler has [said](https://www.wsj.com/articles/the-sec-treats-crypto-like-the-rest-of-the-capital-markets-disclosure-compliance-security-investment-mutual-fund-protections-blockfi-bankruptcy-bitcoin-11660937246) that many crypto products should be considered securities and regulated as such. Think: the same controls and protections as stocks and bonds. The SEC's doing more than talking: as part of an insider-trading case last month, it classified nine cryptos as securities. 

- __An asset is deemed a security__ by the SEC if it’s “an investment of money, in a common enterprise, with a reasonable expectation of profit derived from the efforts of others.”
- __Right now:__ A lot of cryptos are considered commodities, and lots of crypto products are virtually unregulated. 

__Scrutiny is brewing…__ This year, high-profile instances of crypto fraud have cranked up the heat from regulators and lawmakers. Recent meltdowns of some high-yield crypto lenders have added fuel to the fire. In many crypto-fraud cases, there isn’t much investors can do. People who had their funds locked by crypto lender __Celsius__, for example, are [begging](https://www.cnbc.com/2022/08/02/celsius-investors-owed-4point7-billion-beg-judge-to-recover-life-savings.html) bankruptcy judges for help. Now:

- __Crypto lenders__ (think: __BlockFi__, Celsius) are facing increased scrutiny. In February, BlockFi agreed to pay the SEC $100M for failing to list its crypto-lending product as a security. 
- __So are crypto exchanges:__ One Senate staffer [said](https://www.forbes.com/sites/michaeldelcastillo/2022/08/04/every-us-crypto-exchange-and-binance-is-being-investigated-by-the-sec-says-senator-lummis-staffer/?sh=2d872e422c27) *every* US crypto exchange is being investigated. And blockchain firm __[Ripple](https://robinhood.com/crypto/XRP/)__ is fighting a lawsuit that argues its XRP currency is a security.
- __Chasing clarity:__ A Senate proposal released this month [seeks](https://www.washingtonpost.com/business/2022/08/03/stabenow-boozman-bitcoin-cftc-bill/) to give *commodities* regulators the leading role in overseeing bitcoin and ethereum, while giving the SEC some oversight.

Heat

__Scrutiny may be reaching a boiling point…__ So far, the SEC’s strategy has been case-by-case enforcement actions and lawsuits. But if it can bring crypto under its purview, it could change the industry’s biz model. Listing securities carries rigorous disclosure and registration requirements meant to protect investors. While some crypto enthusiasts want it to stay unregulated, others believe that clear guardrails could boost the whole industry.

The “Wild West” of crypto could be reaching a regulatory boiling point

Ethereum

Solana

Dogecoin

While there could be as many as 20K cryptocurrencies, bitcoin and ethereum together make up more than half of crypto's total market value

🔀 Crypto at a crossroads

__A WFR kind of day…__ work from rideshare. __[Lyft](https://robinhood.com/stocks/LYFT/)__ is lightening its office load as more employees ditch cubicles for WFH couches. Refresher: Back in March, Lyft told its 4K employees they could work remotely *indefinitely* (FYI: Lyft drivers not included). Now…

- __Not your average sublet:__ Lyft plans to rent out nearly half its office space in SF, NYC, Nashville, and Seattle as its desks and snack-filled kitchens remain empty.
- __Call the movers:__ Last month __[Salesforce](https://robinhood.com/stocks/CRM/)__ opted to lease out 412K square feet of its SF office space. __[BuzzFeed](https://robinhood.com/stocks/BZFD/)__ also signed a sublet deal for its NYC office this week.
- __Status:__ While hybrid work remains the most popular option, 35% of employed Americans have the option to WFH full time — and [87%](https://www.mckinsey.com/industries/real-estate/our-insights/americans-are-embracing-flexible-work-and-they-want-more-of-it) take advantage of it.

__Unused kombucha taps…__ Occupancy rates in major cities are less than 45% of available space, vs. 95% pre-panny. This week, __[Apple](https://robinhood.com/stocks/AAPL/)__ workers signed a petition opposing the company's mandate to work three days a week in the office. While more employees work remote or hybrid, companies are still paying full price to keep offices running. Now, Lyft isn’t the only biz shedding desk space: 

- __[Yelp](https://robinhood.com/stocks/YELP/), [Twitter](https://robinhood.com/stocks/TWTR/),__ and others have made plans to sell or terminate their leases. Last month, __[Meta](https://robinhood.com/stocks/META/)__ and __[Amazon](https://robinhood.com/stocks/AMZN/)__ nixed plans to expand their NYC offices.

When a record three people make it to the office (Lea Suzuki/Getty Images)

Cubicle

__You don’t need to lose it if you can use it…__ Lyft doesn’t want to lose office space in case it needs the flexibility to scale up later. By subleasing unused offices, companies can cut costs and generate reliable cash during downturns. But not everyone is shedding: __[Google’s](https://robinhood.com/stocks/GOOGL/)__ planning to spend $9.5B this year on new offices and data centers.

From Lyft to Salesforce, companies are starting to sublease office space as workers stay home

__It’s good to be in charge…__ __[ChargePoint](https://robinhood.com/stocks/CHPT/)__ is the largest US EV-station operator by a country mile: it runs 29K of the 50K charging stations across the country (nearly 3X as many as __[Tesla](https://robinhood.com/stocks/TSLA/)__). It sells to retailers (think: malls), landlords (think: offices), and even cities. Its revenue doubled last quarter, but it’s still losing $$. Now, ChargePoint’s reportedly [pushing](https://www.wsj.com/articles/ev-charging-station-operators-set-to-battle-for-ad-dollars-11661421601?mod=business_featst_pos1) into advertising by turning its stations into digital billboards:

- __Watch while you charge:__ ChargePoint plans to install its first 1K screens in the coming year. They’ll show short vids about news, weather, and culture — with ads in between. 
- __Premium ads…__ for premium audiences. The ads will give retailers a way to target high-earning EV owners. Think: __[Starbucks](https://robinhood.com/stocks/SBUX/)__ can plug $7 lattes to Tesla-heads.

__EV stations are all over the map…__ especially in terms of biz strategy. Long term, it’s hard for charging companies to profit from hardware alone, because it’s a one-time sale. So while ChargePoint still makes about three quarters of its revenue from hardware, it’s investing in other moneymakers:

- __Start with subs:__ ChargePoint sells monthly software subscriptions to retailers like Starbucks (think: programs that manage complex queues). 
- __Then, add ads:__ __[Volta](https://robinhood.com/stocks/VLTA/)__, a major ChargePoint rival, generates 75% of its revenue selling ads to companies like __[Coke](https://robinhood.com/stocks/KO/)__, __[Netflix](https://robinhood.com/stocks/NFLX/)__, and __[FedEx](https://robinhood.com/stocks/FDX/)__.

Juiced

__Just stick an ad on it…__ for an added revenue stream. Thanks to this month’s [climate bill](https://snacks.robinhood.com/newsletters/42zI4SXli5Y5q5GTnO57Hh/articles/6P1VJKtvjfjnjFHojBaGj0/), EV stations could boom: the climate-focused IRA includes EV-station incentives, and President Biden’s infrastructure bill includes $5B in funding for a nationwide charging network. But fresh cash means fresh competition, and ads could help ChargePoint stay ahead of the energy pack.

ChargePoint is turning 30K EV stations into a national ad network to diversify electric revenue

From Lyft to Salesforce, companies are subleasing office space as workers stay home

Home prices fell for the first time in three years last month — the biggest decline since 2011

🏢 Lyft’s office-leasing biz

__A little less loan-ly…__ Yesterday, President Biden announced [plans](https://www.wsj.com/articles/biden-to-announce-student-loan-forgiveness-plan-11661331600?mod=hp_lead_pos10) to cancel $10K in federal loan debt for people making under $125K/year, and $20K for Pell Grant recipients (loans granted after June 30 aren’t eligible). The plan also relieves loan-holding parents, and extends the 2020 payment freeze (yet again). It might face delays because of lawsuits, but it’s expected to happen. As Biden would say, “Here’s the deal”:

- __Most of the 45M borrowers__ who owe $1.6T in loan debt will get relief, with about 15M expected to get their full debt canceled.
- __The move’s forecast to cost $300B,__ but the true cost could be less because billions in defaulted debts likely wouldn’t have been repaid anyway.

__Mixed response…__ Since Biden campaigned on the promise of loan forgiveness, it’s a victory ahead of midterms. But some don’t love it: 

- __Critics worry__ the plan will exacerbate inflation and penalize those who paid off their debt. Economists say it’s unlikely to boost short-term inflation since loan payments have been paused since March 2020. 
- __Supporters say__ it’ll help money-strained Americans get by, but progressives want cancellation of all $1.6T in student debt.

The forgiveness is this big (Olivier Douliery/Getty Images)

Relief

__It’s a big relief, but not a long-term one…__ US student-loan debt is higher than credit-card debt, so Biden’s plan will significantly relieve Americans’ IOU stress. But it’s not a long-term fix for college affordability. Tuition’s jumped 5X more than inflation in the past half century, and economists worry college could hike tuition even more if students expect forgiveness. Loans will likely pile up again, though Biden says he wants to [improve](https://www.wsj.com/articles/biden-to-announce-student-loan-forgiveness-plan-11661331600?mod=hp_lead_pos10) loan requirements to prevent ballooning.

Biden cancels $10K in student-loan debt for millions, offering relief as prices soar

__New DIY Peloton bike…__ straight from your __[Amazon](https://robinhood.com/stocks/AMZN/)__ cart. __[Peloton’s](https://robinhood.com/stocks/PTON/)__ stock jumped 20% yesterday after the struggling spin icon [signed](https://www.cnbc.com/2022/08/24/peloton-to-sell-fitness-equipment-apparel-on-amazon.html) a distribution deal with Amazon — its first retail partner. Peloton's products are usually sold exclusively through its site or IRL showrooms. Now Pelo-fans can snag its signature bike with an Amazon click (you can even assemble it yourself). 

- __Making [Lulu](https://robinhood.com/stocks/LULU/) sweat:__ Peloton says it also plans to sell apparel and merch on the Zon, like water bottles, yoga pants, and leggings.
- __Full cycle deal:__ Amazon could account for nearly 40% of all US ecomm sales this year, and has reportedly already seen 500K searches for Peloton products.

__Rocky road…__ Peloton had lost nearly 90% of its market value over the past year as consumers opted for gym classes over $3K spin bikes. In January it [paused](https://snacks.robinhood.com/newsletters/2aaB9GnrWgVHhjJd7bFJu/articles/1cvFtVr0b2fj1m1iC9AgUW/) production as unsold bikes piled up. Last month it [outsourced](https://snacks.robinhood.com/newsletters/iw2tCwjTCvnTryUaqDDzb/articles/3CSchWJYP4rfiMdi0AGrzJ/) all its manufacturing to save on pricey US production and focus on subscriptions. This month it laid off 800 workers (its third round of cuts this year) and raised prices on premium equipment to bolster sagging sales. We’ll see how it’s holding up when it reports earnings [today](https://investor.onepeloton.com/news-and-events/events).

Cycle

__Direct-to-consumer brands might go DTR…__ direct to retailer. Instead of waiting for consumers to return to Peloton, Peloton wants to meet ’em where they are. That means gaining exposure to Amazon’s 300M active customers. Since Amazon manages several supply steps (think: warehouses, drivers), the deal could also help Peloton simplify its operations.

Peloton spins onto Amazon in its first retail partnership after it loses its pandemic traction

Jackson Hole was chosen as the location for the annual central-banking conference to attract then Fed Chair Paul Volcker, who was fond of fly-fishing 

🏫 Biden’s big loan forgiveness

__Flying the coop…__ __[Twitter’s](https://robinhood.com/stocks/TWTR/)__ in the spotlight (again) after a [newly released](https://www.cnn.com/2022/08/23/tech/twitter-whistleblower-peiter-zatko-security/index.html) whistleblower report alleged that the company’s security policies aren't… secure. Last month, its former security chief Peiter Zatko filed a 200-page report accusing the blue bird of everything from reckless cybersecurity negligence to underreporting spam-bot accounts. Zatko had joined Twitter in 2020 to help build its security division but was let go in January for “poor performance.” 

- __Zatko says:__ More than half of Twitter’s 500K servers are using out-of-date software, and over a quarter of staff computers have disabled important security updates.
- __Twitter says:__ The report paints a “false narrative” of the company, and security and privacy issues have “long been company-wide priorities.”
- __The report comes at a convenient time for Elon Musk,__ who recently subpoenaed Twitter’s founder and former CEO for docs that might support his attempt to back out of buying the company.
- __Twitter shares fell__ 7% yesterday after the news, ending the Musk-related rebound.

__Twitter’s security snafus…__ are piling up. In 2020 it [suffered](https://snacks.robinhood.com/newsletters/695acOxqA9l0V9Q9Xp38oj/articles/4aQQllifXyQmT3gMOFphRx/) a major celeb hack that compromised blue-check accounts from President Biden and Kim K to __[Uber](https://robinhood.com/stocks/UBER/)__ and __[Apple](https://robinhood.com/stocks/AAPL/)__. Despite ramping up security, the company had another hack last month that [exposed](https://techcrunch.com/2022/08/05/twitter-zero-day-vulnerability-millions/) the data of 5M+ users.

Twitter’s latest twist (John Nacion/Getty Images)

Privacy

__Losing trust is costly...__ and Twitter could suffer if the claims are determined to be true. The report’s being reviewed by FTC regulators, who could impose pricey penalties if warranted. In May, Twitter agreed to pay the FTC $150M for violating a 2011 rule that prohibited the company from profiting from deceptively collected user data. ICYMI: In 2019, the FTC hit __[Facebook](https://robinhood.com/stocks/META/)__ with a record $5B penalty for violating consumer privacy.

Twitter could face a fallout after its ex-security chief said the company has troubling security issues

__Nuclear options...__ As the world grows hungrier for electricity, interest in nuclear-power innovation has exploded: over the past year, venture-capital investors have poured [$3.4B](https://news.crunchbase.com/clean-tech-and-energy/startups-nuclear-fusion-fission/) into nuclear fusion and fission startups. Refresher:

- __Fossil fuels were the US’s main sources__ of electricity generation last year. Natural gas provided 38% of its electricity, while coal made up 22%.
- __But nuclear isn't far behind...__ Nuclear energy powered nearly 20% of America’s electricity (the same as renewables like hydroelectric and wind).
- __Fission:__ All nuclear power plants currently produce electricity from nuclear fission (think: splitting atoms), but it's considered nonrenewable because it requires uranium.
- __Fusion__ is much harder to produce but generates significantly more power than fission and produces zero greenhouse-gas emissions (#renewable).

__A distant dream?...__ No one has yet developed a commercially viable fusion power plant. The process is hard to create and control — and it's extra-pricey. Now, nuclear-tech companies are raising big rounds to innovate:

- __Bill Gates’__ __TerraPower__ raised [$750M](https://news.crunchbase.com/venture/biggest-funding-rounds-vc-startups-bill-gates-terrapower/) last week in its quest to fight the climate crisis with “carbon-free advanced nuclear energy” and treat cancer with nuclear isotopes.
- __Commonwealth Fusion Systems__ has raised nearly *$2B* over the past year to further its ambitious goal of building a compact fusion power plant. 
- __General Fusion__ [said](https://www.thestar.com/business/mars/2022/08/03/this-company-thinks-it-has-cracked-nuclear-fusion.html) this month that it’s cracked the code to building the world’s first commercially viable fusion plant, and is planning a demonstration facility in the UK. 
- __Helion Energy,__ which aims to build the first fusion generators and enable “a future with unlimited clean electricity” has raised nearly $600M in the past year.

Fuse

__High potential ≠ high viability…__ If fusion can be successfully commercialized, it has the potential of generating nearly unlimited supplies of low-carbon, low-radiation energy — threatening the dominance of oil giants. But that’s a big if. While fusion breakthroughs have been made, some [estimate](https://www.bbc.com/news/science-environment-60312633) it could take decades to achieve at scale… if ever.

Nuclear-power startups are having a banner year as energy prices soar with the world’s electric needs

Twitter’s ex-security chief alleges the blue bird’s cybersecurity isn’t so secure

Europe is experiencing its worst drought in at least 500 years

🐦 Twitter’s whistleblower woes

__Cue the scary music…__ The theater industry’s dealing with a nightmare fit for a horror flick. Regal Cinemas owner __[Cineworld](https://robinhood.com/stocks/CNWGY/)__, the world’s second-biggest theater chain, [confirmed](https://www.bbc.com/news/business-62629932) yesterday that it plans to file for bankruptcy, as first reported by [WSJ](https://www.wsj.com/articles/regal-cinemas-owner-cineworld-prepares-for-bankruptcy-filing-11660910944?mod=newsviewer_click). Cineworld shares plunged nearly 34%. 

- __The show must go on:__ Cineworld hopes to lighten its $5B debt load by filing for bankruptcy. For now the company says Regal Cinemas will remain open.
- __Popcorn IOU:__ __[AMC](https://robinhood.com/stocks/AMC/)__, the biggest theater chain, also faces at least $5B in debt. AMC has raised billions from retail investors to stay afloat. But its stock plunged 42% yesterday after it issued new meme-inspired “APE” shares to raise cash.

__Slowdown in Tinseltown…__ Despite rising movie attendance and a few big summer [blockbusters](https://snacks.robinhood.com/newsletters/71oOBinwjs2uPx02aEH9Xz/articles/58i2EhnWJE0Zzvla002jLS/) (ahem, “Top Gun: Maverick”), industry-wide box-office sales are still 30% lower than prepandemic. The problem: Hollywood studios are churning out fewer films as supply issues and inflation cut into budgets. They’re releasing more films to streaming to save $$. Cineworld blamed emptier-than-expected theaters on the lack of fresh flicks: 

- __40% fewer movies have hit theaters__ this year than in 2019. Experts don’t expect another blockbuster until “Black Panther: Wakanda Forever” debuts in November. 
- __Same screens:__ The overall number of theaters hasn’t changed much since prepandemic, which means theaters are still paying to keep lots of lights on.

AM seeing red (Paul Weaver/SOPA Images/LightRocket via Getty Images)

Blockbusted

__When pickings are slim, old winners get picked…__ Analysts [expect](https://www.wsj.com/articles/regal-cinemas-owner-cineworld-prepares-for-bankruptcy-filing-11660910944?mod=newsviewer_click) the US box office to close the year with $7B in ticket sales, roughly two-thirds of prepandemic levels. Now movie giants like __[Disney](https://robinhood.com/stocks/DIS/)__ and __[Sony](https://robinhood.com/stocks/SONY/)__ plan to [rerelease](https://www.cnbc.com/2022/08/16/avatar-rogue-one-and-spider-man-no-way-home-return-to-theaters.html) hits like “Rogue One” and “Avatar” in domestic theaters to keep the popcorn popping — and to promote franchise sequels.

Regal Cinemas considers bankruptcy as fewer blockbusters hit screens (AMC’s feeling it too)

__Who’ll get the final rose?...__ There's a “Bachelor”-style scenario playing out in the healthcare world. Big-name suitors are vying to merge with __[Signify Health](https://robinhood.com/stocks/SGFY/)__, a techy platform for home-health services that helps providers manage payments for in-home care. [According](https://www.wsj.com/articles/amazon-among-bidders-for-signify-health-11661123042) to the WSJ sources:

- __[Amazon’s](https://robinhood.com/stocks/AMZN/)__ bidding for Signify in an auction that could value it at $8B+. Signify stock spiked 32% yesterday on news of the prime suitor. __[CVS](https://robinhood.com/stocks/CVS/)__ and __[UnitedHealth](https://robinhood.com/stocks/UNH/)__ are also courting.
- __Season finale:__ Offers are due around Labor Day, but an eager suitor could seal the deal before then. Of course it's possible *no one* will win Signify's hand in merger.

__A healthy appetite…__ Big retailers have been investing heavily in expanding healthcare services. They don’t just want to be your go-to for Advil and thermometers — they want to be your go-to for doc appointments and checkups too.

- __Last month__ Amazon agreed to buy swanky clinic chain One Medical for $4B (its third-largest deal ever) in its quest to Prime-ify healthcare. 
- __This month__ CVS, which has expanded into healthcare with its HealthHub and MinuteClinic locations, said it plans to buy or invest in a primary-care company this year. 
- __[Walgreens](https://robinhood.com/stocks/WBA/)__ is opening hundreds of doctors' offices in partnership with __VillageMD__, and plans to have 600 primary-care clinics in the US by 2025 (so far it has 52). 
- __[Walmart](https://robinhood.com/stocks/WMT/)__ has a small but growing number of primary-care clinics. 

Bachelor

__Healthcare isn’t seasonal…__ Allergy season comes and goes, and consumers are fickle in their appetite for Prime-delivered air fryers and eye masks. One thing that unfortunately *doesn’t* come and go: chronic health conditions. Primary care is a reliable revenue and traffic driver, and major retailers can offer a convenience that traditional providers can’t.

Amazon and CVS are reportedly courting techy platform Signify Health as retailers commit to primary care

Regal Cinemas considers bankruptcy, as fewer blockbusters hit screens (AMC’s feeling it too)

American companies are on track to reshore nearly 350K jobs this year — the highest number on record

🎥 Regal and AMC’s slim pickings

__Build back greener…__ Last week President Biden [signed](https://www.washingtonpost.com/politics/2022/08/16/biden-inflation-reduction-act-signing/) a historic climate and social spending bill into law (confusingly dubbed: “the Inflation Reduction Act”). The $433B package is expected to help the US curb emissions by 40% by 2030, closer in line with the 50% goal Biden had set in the Paris Agreement.

- __Big deal:__ The landmark legislation [includes](https://www.wired.com/story/how-inflation-reduction-act-climate-bill-save-you-money/) nearly $400B in climate spending — less than Biden’s original agenda, but still the largest climate investment in US history. Included: $60B for clean sources and storage (think: wind turbines, EV factories) and tax credits to help consumers lower their emissions (think: home solar panels, used EVs).
- __Bigger problem:__ Despite the monumental law, scientists [warn](https://www.reuters.com/business/cop/world-scrambles-contain-damage-greenhouse-gas-emissions-hit-record-2021-10-25/) the world’s still "way off track" in capping rising temperatures, and the current energy crisis is making it harder for our gas-reliant globe to focus on green alternatives.

__From countries to companies…__ governments and corporations have made ambitious pledges to curb greenhouse-gas levels, which hit a [record](https://www.reuters.com/markets/commodities/eu-scientists-call-action-greenhouse-gas-levels-hit-high-2021-2022-01-10/) in 2021. G20 countries (notably the US, China, Germany, and India) account for more than 80% of the world's economic output *and* 80% of global emissions. Only 6% of the G20's $14T in postpandemic stimulus spending went toward projects to lower emissions. 

- __Companies aren’t doing so great either:__ [700+](https://hbr.org/2022/08/why-companies-arent-living-up-to-their-climate-pledges) of the largest 2K public companies have made net-zero commitments, and two-thirds of S&P 500 companies have set targets for emission reductions — but many are struggling to deliver.

A climate whirlwind (Andriy Onufriyenko/Getty Images)

Temp Check

__Climate problems are costly…__ hence: the Dems’ massive package. But the crisis might be even costlier to ignore. Climate-related adaptation and resettlement are expected to be multitrillion-dollar challenges: unchecked climate change could cost the global economy [$178T](https://www2.deloitte.com/global/en/pages/about-deloitte/press-releases/deloitte-research-reveals-inaction-on-climate-change-could-cost-the-world-economy-us-dollar-178-trillion-by-2070.html) over the next half century — not to mention the devastating human toll. Extreme weather has cost the US nearly [$2T](https://capitalmonitor.ai/institution/government/big-names-back-climate-disclosure-in-the-us/) since 1980, and nearly $100B last year alone.

The US is making its biggest climate investment ever, but the climate crisis could be much costlier

__Cloudy skies...__ literally. Cloud computing has enabled millions of Americans to work from home during the pandemic, but it’s come with a climate cost. There are nearly [3K](https://discover.cloudscene.com/market/data-centers-in-united-states/all) data centers in the US alone, which can each use enough energy to power 50K homes. As global temps rise, cloud companies are racing to keep servers cool while reducing emissions. The process could take a while: the cloud stores over 60% of all corporate data and has a bigger carbon footprint than the entire airline industry. 

__Crypto's climate conundrum...__ Many blockchains (think: __[bitcoin](https://robinhood.com/crypto/BTC/)__) use gobs [of energy](https://snacks.robinhood.com/newsletters/18QR0SyWNU2shCThYbl30f/articles/35CXk15pizW3Ju68UBK6WO/) to secure their networks. Bitcoin alone is estimated to guzzle more electricity than Argentina, and fossil fuels are key. A 2019 report said BTC mining emitted 23M metric tons of carbon dioxide a year (that # is likely greater now). But crypto's power situation is in flux. The planned September __[ethereum](https://robinhood.com/crypto/ETH/)__ merge ([PoW to PoS](https://mashable.com/article/ethereum-merge-explainer)) will make that chain a lot less energy-hungry. Meanwhile, US officials may put their fingers on the crypto-emission scales with industry reforms.

__Green investing…__ or green-washing? Investors hungry for climate-responsible capitalism are expected to park $50T in environmental, social, and governance (ESG) funds by 2025. Critics on the right say ESGs are too “woke” and critics on the left say ESGs are designed to prioritize profits over planet-saving progress. ESGs have [underperformed](https://www.reuters.com/business/sustainable-business/bear-market-puts-esg-investing-its-first-big-test-2022-07-13/) the market by nearly 2% during the first half of this year, thanks partly to slumping tech stocks. Now: new EU [regulations](https://www.bloomberg.com/news/articles/2022-08-02/esg-funds-face-new-rules-aimed-at-protecting-everyday-investors?utm_source=google&utm_medium=bd&cmpId=google) might tighten ESG marketing — or slow sustainable stocks.

__Carbon capture...__ is capturing corporate attention. The UN says limiting global warming will require taking tons of carbon out of the atmosphere (think: trees, carbon-sucking machines.) [In April](https://www.cnbc.com/2022/04/12/stripe-alphabet-meta-shopify-mckinsey-spur-carbon-capture-market.html), __Stripe__, __[Alphabet](https://robinhood.com/stocks/GOOGL/)__, __[Shopify](https://robinhood.com/stocks/SHOP/)__, __[Meta](https://robinhood.com/stocks/META/)__, __McKinsey__, and others created a $925M carbon-capture fund. __[Microsoft](https://robinhood.com/stocks/MSFT/)__ plans to spend $471M on the tech, and oil giants like __[Exxon](https://www.npr.org/2021/06/08/1002448099/big-oils-transition-3-takeaways-on-how-the-industry-is-and-isnt-going-green)__ say they’re investing billions in taking their emissions out of the air. But skeptics say it’s safer, cheaper, and more efficient to reduce carbon emissions now rather than try to clean them up later.

Zoom Out

Stories we’re watching...

- __[Spark](https://snacks.robinhood.com/newsletters/29d17uJyHleH663tK5KuJ1/articles/5gnyDPfIyTl29DPyVD3NrR/):__ E-truck maker __[Nikola](https://robinhood.com/stocks/NKLA/)__ agreed to buy battery biz __[Romeo Power](https://robinhood.com/stocks/RMO/)__. EV batteries are the new oil — both expensive and scarce. That’s why EV suppliers have invested $30B in the battery biz over the past two years.
- __[Vroom](https://snacks.robinhood.com/newsletters/2zh9ZuNrQGjZdXgKAstRqM/articles/1clzXSu7L3YCvgXXkv57b1/):__ Dodge is retiring its gas-guzzling Challenger and Charger cars, and launching a new electric car (dubbed: Hornet). Dodge is leaning on brand fans to help it transition into a more EV-forward biz. 
- __[Boom](https://snacks.robinhood.com/newsletters/5OQRdDSON3q7HH9Mc9MUP1/articles/uWHUubxsK4Wgwez1MUerB/):__ __[American Airlines](https://robinhood.com/stocks/AAL/)__ agreed to buy 20 ultrafast jets that fly at twice the speed of commercial flights. New supersonics are *super* expensive, but their planned use of sustainable fuel could help demand take off.


ICYMI

Recent highlights… 

The US is making a huge climate investment, but the climate crisis could be much costlier

Natural disasters are occurring 3X as often as they were a half century ago

🌎 Climate money

__Middle-earth…__ has a new lord of the rings. Yesterday, Swedish gaming company __Embracer__ announced a deal to buy IP rights for "Lord of the Rings" and "The Hobbit." FYI: Embracer is one of the largest game publishers with 120 in-house studios, 230 games in development, and 850 IPs. Under the deal, Embracer can create and sell LOTR-based films, games, merch, theme parks, and stage productions. 

- __Gi-Ent sized:__ The deal was part of six acquisitions that Embracer made, totaling nearly $573M. Presale estimates had put LOTR’s value at about $2B. 
- __Return of the ring:__ __[Amazon](https://robinhood.com/stocks/AMZN/)__ spent $250M on LOTR rights for its new "Ring of Power" TV series, which debuts next month. __[Warner Bros.](https://robinhood.com/stocks/WBD/)__ plans to release an anime LOTR film in 2024, and __[EA](https://robinhood.com/stocks/EA/)__ is working on a middle-earth mobile game.

__One IP to rule ’em all…__ Embracer’s been on an M&A spree over the past decade, scooping up smaller developers and the rights to classic franchises (like: “Tomb Raider,” “Hellboy”) to build its gaming archive. Rivals including __[Microsoft](https://robinhood.com/stocks/MSFT/)__ and __[Nintendo](https://robinhood.com/stocks/NTDOY/)__ are also droppin' big bucks to bolster their roster of classic franchises, even with gaming sales forecast to [shrink](https://snacks.robinhood.com/newsletters/7lRM3c04eGZ4ddiogzx4gE/articles/3rMD1M3DR0NWavorSAxY9m/) 9% this year. So far, stocking up is paying off: Embracer’s sales [jumped](https://www.gamesindustry.biz/embracer-net-sales-up-107-for-q1) 107% in Q1 of this year.

Grabbin' Gandalf (New Line/WireImage via Getty Images)

LOTR

__Super-sticky franchises can pay off big $$…__ just ask __[Disney](https://robinhood.com/stocks/DIS/)__. The Mouse House has made nearly $5B from "Star Wars" box-office sales alone after buying Lucasfilms for $4B in 2012. By grabbing super-sticky franchises, companies like Embracer can expand beyond gaming with name-brand fan faves, and diversify revenue through new channels (think: hobbit-inspired homeware or a Gandalf spin-off series).

Swedish gaming giant buys "Lord of the Rings" as big media stocks up on super-sticky franchises

Swedish gaming giant buys “Lord of the Rings" as big media snags super-sticky franchises

90% of US retailers now accept Apple Pay — but when it launched only 3% used contactless payment

🧙‍♂ Middle-earth's new kingdom

__Hitting the gas on electrics…__ Dodge says it's retiring both the Challenger and the Charger — two iconic muscle cars born in the ’60s — in the coming year. The fresh hotness: Dodge's first electrified vehicle, the Hornet R/T. The plug-in hybrid crossover should hit the streets in the spring, and the dual announcements — out with the gas-guzzling old, in with the EV new — show just how much Dodge is counting on EVs to carry its brand as it looks to leave purely gas-powered cars in the dust:

- __Rearview mirror:__ Dodge sold 54K Challengers in the US last year, making it the country’s best-selling muscle car.
- __Road ahead:__ The Hornet starts at $40K and can travel up to 30 miles per charge before a gas engine kicks in.

__The EV race…__ is fully underway. 10 automakers have already pledged to go EV-only, and Dodge's parent company, __[Stellantis](https://robinhood.com/stocks/STLA/)__, says it’ll spend $35B+ on electrification by 2026. It's not alone: experts predict 54M global EV sales in 2040 — from 7M last year. Auto giants like Stellantis are moving, but they'll need to step on it if they're going to catch up: 70% of all EVs registered in the US last year were __[Teslas](https://robinhood.com/stocks/TSLA/)__.

Dodge plugs in (Brooks Kraft LLC/Corbis via Getty Images)

__If you're slow off the blocks…__ brand loyalty can give you a boost. Dodge is trailing rivals in its shift to electric — __[Ford](https://robinhood.com/stocks/F/)__ sold 27K+ Mustang Mach-Es last year alone — but it’s counting on brand fans to help it succeed over the long haul. One possibility: a future Challenger EV. Plus, Dodge says it has something extra under the hood: the youngest fan-base in the biz. It’ll need all those components if it's going to shift its muscle-car-loving customers to EVs.

Dodge ditches 2 gas-powered muscle cars as it races to catch up with EV competition

Dodge ditches gas-powered muscle cars as it races to catch up with EV competition

175M+ Americans have at least one credit card, and about half of active accounts carry a balance