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Nasdaq |
25,297.62 |
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S&P |
7,354.02 |
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Dow |
51,876.11 |
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10-Year |
4.372% |
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Bitcoin |
$59,903.49 |
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Oracle |
$148.53 |
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| Data is provided by |
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*Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. |
- Markets: Investors were as wary of chips as your friend who can’t stand having greasy fingers, with AI skepticism continuing to drag stocks down yesterday. That left the S&P 500 and the Nasdaq down for the week. Oracle had its worst week since the dot-com bust of 2001, falling 19%, as investors worried about its AI investments, per CNBC.
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To tax or not to tax? That is the question that California voters will soon answer. A healthcare union’s controversial measure to impose a one-time tax on billionaires was officially added to the state’s November ballot this week, to the dismay of Gov. Gavin Newsom and several groups that you may not expect to oppose a wealth tax. The initiative, known as the California Billionaire Tax Act, would slap a one-time 5% tax on people worth $1.1+ billion who have been California residents since at least Jan. 1.
- Supporters say this would rake in $100 billion over five years from the state’s 200+ billionaires.
- There are plans for the new revenue: Ninety percent would go toward healthcare to offset federal spending cuts, and the remainder would go to education and food assistance programs.
Backers include Silicon Valley Rep. Ro Khanna, billionaire activist Tom Steyer, and Sen. Bernie Sanders. There’s plenty of oppositionNewsom has argued that a statewide billionaire tax would harm innovation and cause wealthy people to flee California. After he tried and failed to block the measure from the ballot, the governor/podcaster/2028 presidential hopeful instead proposed a national billionaire tax (unlikely to pass under the Trump administration) in a Substack post yesterday. Plenty of billionaires are against the measure, too. Also:
- Several unions and Democrat-aligned organizations have voiced concerns that the proposed levy could threaten income tax revenue and make other tax hikes on high earners harder to pass.
- Planned Parenthood’s California chapter said the measure is “shortsighted” and “does not offer a sustainable solution to funding cuts,” The Guardian reported.
If you live in California…expect a costly struggle for your attention. Billionaires have already given $100+ million to support rival ballot measures through a political committee called Building a Better California. Most of that funding came from Google co-founder (and the world’s third-richest person) Sergey Brin, who recently moved from California to Nevada. Pulse check: The proposed tax has 54% support among likely voters, according to a May poll from Public Policy Institute for California.—ML |
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 US strikes Iran after Trump accuses it of violating ceasefire. The US “struck Iranian missile and drone storage locations and coastal radar sites,” Central Command said yesterday. The attacks came after President Trump posted on Truth Social that Iran had violated the deal by attacking ships in the Strait of Hormuz with drones, one of which hit a commercial cargo ship. “Obviously, this is a foolish violation of our Ceasefire Agreement,” Trump’s post said. The status of the strait is one of the many issues at play in negotiations for a final peace deal between the US and Iran. Meanwhile, Israel and Lebanon have reached a framework for their own peace deal, officials said yesterday, although Iran-backed Hezbollah was not party to the deal.
 OpenAI may delay its IPO until 2027. The ChatGPT maker hired bankers in anticipation of going public this year, but now, watching SpaceX’s share price slide and the market’s uncertainty about AI, the company is mulling waiting longer, the New York Times reports. Plus, CEO Sam Altman wants the company to be valued at $1 trillion in its debut, but its last valuation came in at $730 billion, sources told the NYT. That likely means rival Anthropic will IPO first. In other OpenAI news, the company said yesterday that it will restrict initial access to its latest AI models to a “small group of trusted partners” to assuage the US government’s safety concerns.
 Volkswagen may cut 100,000 jobs. The carmaker is looking to cut costs amid competition from Chinese brands and is reportedly planning to get rid of 15% of its staff and stop manufacturing at four German facilities. The new plan builds on an existing effort to slash 50,000 jobs in Germany by 2030. The company declined to comment to news outlets on the proposed layoffs, but last week its CEO told shareholders, “Never has the risk situation been so high.” Hopefully, it works out for a company known for making lemonade from lemons.—AR
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You there, in the JNCO jeans, listening to CDs you bought at Sam Goody, have we got news for you: Hacky sacks are back. The small, round, and kickable bean bags are increasingly popping up around the country, making high schools look like the outside of a Pacsun in the 1990s. Hitting the sack: It’s unclear what initially sparked the revival, but teens in the Northeast have popularized the trend by posting rankings and videos on social media. NPR reported last month that searches for hacky sack:
- Jumped 7,000% on TikTok, year to date.
- Spiked more than 5,000% on Google in one month.
New foothold: The sudden interest has caused a shortage of footbags (which is technically what they’re called, since “Hacky Sack” is a brand name). “Business has exploded,” Bomb Footbags owner Mike Heher told Bloomberg, noting that he tripled the price of one of his bags—from $13 to $34—and it still sold out. Some stores are limiting how many a customer can buy. Hard habit to kick: Many parents and teachers are grateful for the sack-surgence, since it gets kids off of devices and out socializing with friends.—BC |
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Here’s everything that didn’t make it into this week’s newsletters but we immediately sent to the group chat.  Writer/director Paul Feig expressed his vexation at AI at the Nantucket Film Festival. “All AI can do is take what we’ve done…and turn it into something that seems original, but it’s not original,” said the guy who remade Ghostbusters.
The WNBA suspended Alyssa Thomas for one game after she used her fist to make forcible contact with Caitlin Clark’s throat. When told the suspension was only one game, Clark said it was hard to swallow. A reviewer from Variety said Supergirl was the comic book movie “with the worst script I can remember.” How is it possible that this reviewer can’t remember Morbius? Christopher Nolan’s The Odyssey won’t have screenings for influencers, which are typically held to generate word-of-mouth buzz before a movie is released. That means they won’t be able to see what’s in it and will be very surprised by what comes out of it. A woman whose nude portrait sold for $39 million told the Wall Street Journal: “Mona Lisa wasn’t alive when she became famous—but I am.” Art historians are calling this the first mogging of a woman who’s been dead for 500 years.—DL |
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- Venezuelans continued to search for survivors yesterday as the death toll from two deadly earthquakes rose to at least 920 people, and more than 51,000 people remained missing.
- John Bolton, a Trump advisor-turned-critic, pleaded guilty yesterday to mishandling classified information.
- The Texas education board approved a required reading list for public schools that includes Bible passages, which critics say favors Christian interpretations despite the diversity of the state’s 5.4 million students.
- Polymarket’s annualized revenue reached more than $1 billion, CNBC reported yesterday. But the predication market is facing a CFTC investigation following a WSJ investigation that found it paid for misleading influencer videos.
- King Charles III won’t live at Buckingham Palace after the completion of a $487 million refurbishment. However, he’ll continue to work from there, possibly making him the only person to turn down the opportunity to WFH.
- Tennis legend Novak Djokovic got a Wall Street job. He’ll be an advisor to private equity firm General Atlantic.
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Sponsored By Montauk Brewing Co.
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Last week, we asked, “What’s the most amusing travel mishap that’s happened to you?” Here are some of our favorite responses:
- “I do all the travel bookings and planning for every trip, but my husband decided he would plan the next one. I told him I really wanted to go to Amman, Jordan. He found an amazing hotel, and we booked right away. The week before we were leaving, I went to find the address of the hotel and couldn’t find it anywhere. Turns out he booked a hotel in Oman. We ended up going to Oman, and it was one of the best trips we have ever taken!”—Melissa from Houston
- “I was staying in an Airbnb in Rome and wanted to do some laundry. I saw a bag of powder above the laundry machine and assumed it was detergent. After adding it to the machine I noticed it didn’t have any smell. The bag said ‘Mapei’ on it so I looked it up and found out it was cement. I tried to scoop it all out using a spoon. I didn’t do any laundry and, thankfully, I don’t think I ruined the machine.”—Jason from Johns Island, SC
- “Sitting on a train in Europe and discovering after an embarrassing amount of time that the car we were sitting in wasn’t even attached to an engine.”—Sheila from DeForest, WI
- “In the Black Hills of South Dakota we drove through this wildlife viewing area. We came across a herd of bison in the road and stopped to let them pass. But instead of passing, the herd surrounded my car and started licking it. We could feel the car moving from the impact of their licks. We were stuck in the herd for 20+ minutes but got a free bison car wash! Turns out they liked the road salt that was still on my car from the winter.”—Samantha from Nebraska
This week’s questionTaylor Swift is rumored to be planning her wedding at Madison Square Garden. Where would you host a once-in-a-lifetime bash and what would the celebrations entail if you, like TSwift, had over $1 billion? Sam’s answer to get the juices flowing: “I’d rent out a Staten Island Ferry boat and have it cruise around New York Harbor filled with my friends and family jamming to a live performance by the Ukrainian folk punk band Gogol Bordello. Catering would include fresh lobster and the finest champagne flown in from France.” Submit your response here. |
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 Debate: What is this year’s song of the summer?
Watch: Learn to make the perfect fried egg.
Travel: A ranking of the best (and worst) US states for a summer road trip.
Read: A captivating chronicle of how one banking dynasty stood at the center of the Panic of 1873, aka the first global financial crisis.**
What’s possible: AT&T’s leadership spotted an opportunity to pilot a tool everyone’s talking about: AI. They turned chatter into action with the right data. See how.*
*A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission.
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Brew Crossword: Look lively. Our big puzzle of the week is called “Copy that” for…reasons. Play the Crossword here. Open HouseWelcome to Open House, the only newsletter section heading north, but not too north. We’ll give you a few facts about a listing and you try to guess the price.  ZillowToday’s home was built in 1917 and sits on 2 acres of land in Canton, SD. If you’re not familiar with your Great Plains geography, that’s about a half hour south of Sioux Falls, SD. And if you have no idea where that is…just know it’s somewhere in the middle. Amenities include:
- 6 beds, 4 baths
- Haunted old tree swing
- Fancy billiards room
How much for the old Midwestern mansion? |
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morningbrew.com/r/?kid=eaab23a8 |
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$1.09 million Word of the Day Today’s Word of the Day is: vexation, meaning “a state of being irritated.” Thanks to Debbie from Flushing, MI, for a suggestion that didn’t annoy us at all. Submit another Word of the Day here. |
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✷ A Note From MFS Investment Management This paid content was created with our sponsor and does not necessarily reflect the opinions or point of view of Morning Brew. ✢ A Note From Cytonics This is a paid advertisement for Cytonics Regulation CF offering. Please read the offering circular at https://cytonics.com. Forward-looking statements are subject to risks and uncertainties. There is no guarantee of performance. Past performance does not predict future results. All investments involve risk, including loss of principal. |
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