|  | Nasdaq | 19,546.27 | |
| | S&P | 5,980.87 | |
|  | Dow | 42,171.66 | |
| | 10-Year | 4.397% | |
| | Bitcoin | $104,532.60 | |
| | Netflix | $1,222.29 | |
| | Data is provided by |  |
*Stock data as of market close, cryptocurrency data as of 2:00pm ET. Here's what these numbers mean. | - Markets: Nary a stock was traded yesterday, as the markets were closed for Juneteenth. When they open back up today, investors will have no shortage of news to react to, including more geopolitical tensions in the Middle East and the Fed sounding the alarm about growth and inflation. One bright spot so far this year is Netflix, which is crushing the streaming competition and is now toying with expanding into the old-fashioned TV business.
| Markets Sponsored by Miso Robotics From first mover to commercial-ready: After 200k+ hours in live kitchens, Miso's commercial robot is ready. Initial units sold out in a week. Share in their growth as an investor. |
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AI Amazon CEO Andy Jassy sent a memo to employees this week saying that the tech giant will likely shrink its head count in coming years as AI chatbots and agents take on more of the workload. Jassy said that artificial intelligence will allow the company to be more innovative, increasing demand for specific jobs. But, in general, he expects that there will be less need for human workers. The statement was met with grumbling from folks who might find themselves on the corporate chopping block, according to internal employee messages seen by Business Insider: - Some complained that Amazon plans to use efficiency gains from AI to reduce head count and keep output the same, rather than grow the business.
- Many Amazonians might've already been upset after the company recently told some employees to relocate to be closer to their teams—which is commonly used as a tactic to accelerate resignations.
Amazon insiders told the Wall Street Journal that though layoffs are possible, much of the AI-driven head count reduction is expected to happen through slower hiring. Amazon isn't alone Salesforce CEO Marc Benioff recently said that the company likely won't hire software engineers this year since AI is making its existing workers more productive. Similarly, Shopify told managers to assess whether AI can fill a position before hiring humans, and Duolingo outright said it's automating the work of contractors. A World Economic Forum survey of companies in January showed that 41% of employers plan to slash head count due to automation. Meanwhile, some companies are cutting staff as priorities shift toward AI development. Microsoft is reportedly preparing to lay off thousands of workers amid its AI spending push. At least CEOs are being honest. Management experts noted to Business Insider that CEOs candidly warning employees about AI's potential to replace them is more helpful than voicing uncertainty about its impact. It can signal to workers that they should learn to use AI tools to boost their job security.—SK | | |
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Presented By Miso Robotics Nasdaq says "The robotics industry is poised for unprecedented growth in 2025." As a first mover in a space where speed really matters, few companies have more robotic know-how than Miso, and investors are noticing. They've honed and refined their AI-powered Flippy Fry Station robot for years, logging 200k+ hours in live kitchens for top brands like White Castle and Jack in the Box. After collaborating directly with Nvidia, they recently released their first fully commercial Flippy. The industry's responding, with initial units selling out in one week. Now, Miso's finalizing a partnership with their latest national brand to further its rollout. And you can invest for just $5.22/share (and unlock bonus shares in the process). |
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WORLD  SpaceX Starship exploded during a routine test. The rocket "experienced a major anomaly," according to the company, leading to a catastrophic failure on the launchpad late Wednesday night in Starbase, TX. Though the Starship was completely destroyed, there were no reports of injuries. The explosion occurred during preparations for the rocket's upcoming 10th launch and continues a string of pratfalls for Elon Musk's space company. The seventh and eighth launches ended with fireballs, while the ninth test flight, in May, had a propellant leak that caused a chaotic splashdown in the Gulf of Mexico. The Starship is fundamental to SpaceX's mission to eventually land humans on Mars. Watch the rocket explode here.
 The latest on Israel-Iran. The conflict further intensified on its seventh day, with Israel hitting a nuclear facility in Iran, and Iran striking a major hospital in the south of Israel. Israel's defense minister threatened Iran's supreme leader Ayatollah Ali Khamenei, saying he "can no longer be allowed to exist." Iran reportedly imposed a nationwide internet blackout to prevent Israeli cyberattacks, while several US-based airlines, including United and American, suspended flights to some parts of the Middle East as the conflict escalated. According to reports, President Trump has approved plans for an imminent US strike on Iran but has not yet given the final order.
 X could soon offer stock trading on its app. "You'll be able to come to X and transact your whole financial life on the platform," CEO Linda Yaccarino told the Financial Times, promising that users will have the ability to make investments and trades on the social media site. Owner Elon Musk has long dreamed of turning X into an "everything app" where users can do a lot more than just make fun of Jim Cramer's financial advice. X already announced last year that it would soon partner with Visa to launch a digital wallet. As the FT noted, though, a deeper push into financial services would likely invite regulatory scrutiny for a company that's already on thin ice with many advertisers.—AE
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SPORTS A business mogul who revived the Los Angeles Dodgers is buying a majority stake in the LA Lakers from its longtime family owners in a deal that values the team at ~$10 billion, making it the most expensive sports franchise in US history, ESPN reported this week. The new owner is "the king of Los Angeles sports," per The Athletic. Meet Mark Walter: - He's the CEO and co-founder of Guggenheim Partners, a financial firm co-founded with the famous museum family that manages an estimated $325+ billion in assets.
- In his free time, Walter has amassed a collection of teams from different sports, including baseball's Dodgers (which he bought out of bankruptcy), the WNBA's LA Sparks, Cadillac in Formula 1, and the entire Women's Hockey League.
End of an era: The Lakers' outgoing owners, the Buss family, have controlled the team since the late Jerry Buss bought it in 1979 and helped usher in a golden era. His daughter, current Lakers president Jeanie Buss, will stay on for "a number of years" after the sale, and the family will temporarily keep a minority share. The Buss dynasty inspired the streaming shows Winning Time in 2022 and Running Point earlier this year. Zoom out: NBA valuations are rapidly ballooning as media rights get more lucrative. The Celtics just set a (now-broken) record in March with a $6.1 billion sale.—ML | | |
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Together With P&G Innovation nation. From toilet paper with the right perforations for a smooth tear to detergent that deep-cleans even in cold water, P&G's innovations are improving lives in small, meaningful ways. Learn more and sign up for P&G's newsletter to get the latest on product creations and innovations. |
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TRAVEL More than three decades after declaring bankruptcy, Pan American World Airways has returned to the skies. A blue-and-white Boeing 757, complete with the iconic Pan Am logo, departed from New York on Tuesday, carrying 50 passengers across the Atlantic as part of a 12-day luxury tour. A flight down memory lane. While billionaire entrepreneurs launch futuristic rockets and Katy Perry into space, Pan Am has an eye toward the past, aiming to replicate the experience your grandparents rave about—namely, fully reclining seats, an open bar, and flight attendants in little hats. The private trip, which stops in Bermuda, Portugal, France, the UK, and Ireland, costs at least $59,950 per person, including lodging, Bloomberg reported. Technically, the Pan Am airline is not back: Investors bought the trademark last year and are now merely slapping the brand on a chartered plane, staffed with borrowed flight attendants. But more ambitious plans are on the horizon, including: - Another Pan Am-branded tour with stops in the Pacific
- A Los Angeles hotel
- A revamped 1970s "dinner theater" experience
- Maybe: becoming a real airline again with regularly scheduled service (it already has an FAA call sign: Clipper)
In the lap of luxury. The revived Pan Am joins United, British Airways, and other major airlines that are beefing up their high-end offerings. Air France, for instance, is trying to lure private jet customers onto commercial flights with an upgraded first-class experience.—BC | | |
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STAT It turns out that perhaps all you need to earn your fair share is a Netflix show. The Dallas Cowboys cheerleaders successfully lobbied for a big 4x raise, as revealed in the second season of the docuseries America's Sweethearts, which began streaming this week. The storied NFL franchise's cheerleaders—most of whom work full-time jobs—have long sought better pay. One former cheerleader said they earned $15 per hour, which could now increase to as much as $75 an hour with the bump. The Netflix series is being credited for shining a light on the league-wide issue of low compensation for team dancers. The 400% raise, or about 8% for every point the Cowboys gave up in a first-round loss to the Green Bay Packers last season, proves that at least some people in AT&T Stadium can still win in crunch time.—AE |
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Together With Okta Oh hi, NHIs. The rise of AI is contributing to the skyrocketing volume of non-human identities (NHIs). What's an enterprise to do? Contact Okta, that's what. Okta's platform helps developers build the next generation of SaaS apps, AI agents, and customer experiences securely from the start. Tap in to identity security in this era of AI. |
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QUIZ The feeling of getting a 5/5 on the Brew's Weekly News Quiz has been compared to standing in front of an open freezer on a hot day. It's that satisfying. Ace the quiz. |
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NEWS - Erick made landfall in southern Mexico as a Category 3 hurricane, becoming the earliest storm ever to hit the country at that strength.
- Thai Prime Minister Paetongtarn Shinawatra is facing calls to step down after a leaked phone call apparently showed her acting deferential toward a Cambodian official.
- Airbus is dominating this week's Paris Air Show, earning ~$21 billion in sales while rival Boeing takes a backseat amid its ongoing safety struggles.
- Honda successfully launched and landed an experimental reusable rocket, marking a major step toward being able to compete with SpaceX and Blue Origin.
- A listeria outbreak tied to ready-to-eat chicken alfredo products at Walmart and Kroger stores has killed three people and sickened 17 others across more than a dozen states.
- President Trump upped his personal insults of Federal Reserve Chair Jerome Powell, calling him "a real dummy" and an "American Disgrace" in a series of social media posts the day after the Fed held firm on interest rates.
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PLAY Jigsaw: Everyone's wearing their baggies and Huarache sandals, too, in today's sandy puzzle. Play it here. Friday puzzle Look at the following groups of letters. "FOQZ" is the odd one out. Why? BCDEGPTV AJK FOQZ IY |
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ANSWER All the others rhyme. Source Word of the Day Today's Word of the Day is: pratfalls, meaning "embarrassing mistakes." Thanks to Vincent from Reno, NV, for the suggestion. Submit another Word of the Day here. |
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✢ A Note From Miso Robotics This is a paid advertisement for Miso Robotics' Regulation A offering. Please read the offering circular at invest.misorobotics.com. |
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