Tokyo Drift

Hi, today we're looking at (1) Japan's continuing population problem, (2) Nvidia's value-per-worker, (3) Skiing giant Vail Resorts is struggling. Good morning! The NBA Finals got underway last night with the Boston Celtics trouncing the Dallas Mavericks, just as the league itself is reportedly closing in on deals with ESPN, NBC, and Amazon worth a whopping $76B over [11 years](. Today we're exploring: - Tokyo drift: As births fall, authorities are launching a dating app. - Nvidia: Putting the company’s valuation in context. - Downslope: Visits to Vail Resorts have fallen. Have feedback for us? Just hit reply — we'd love to hear from you! TOGETHER WITH The Tokyo Metropolitan Government is planning to launch a [dating app](. Undeterred by the long list of failed government-backed tech initiatives, Tokyo authorities are doing everything in their power to reverse the country’s tumbling birthrate, as data out on [Wednesday]( revealed a record low of ~727k births in 2023: a staggering 5.6% decline, an issue compounded by a similar (6%) drop in marriages. I do (not want to fill out this form) In true bureaucracy-loving government fashion, the registration process for the app is expected to be lengthy. Users will need to submit documents proving they are single, provide tax certificates to verify their salary, offer up 15 other pieces of personal information, such as height and occupation, and attend an interview to verify their identity. They’ll even need to confirm that they aren’t looking for anything casual, signing a pledge that promises that they are seeking a marriage partner, per [The Asahi Shimbun](. Local governments are clearly getting serious about tackling what national officials [are calling]( “a critical situation”. Economic instability in couples of child-rearing age has been cited as a major contributing factor, with the government earmarking trillions of yen to tackle the problem through financial support, childcare services and parental leave — even sponsoring in-person events for singles and offering counseling on marriage. According to the Tokyo Metropolitan Government, the new app will target the 70% of people who want to get married but aren’t actively looking for a partner. [Read this on the web instead]( The records have been coming thick and fast for AI phenomenon Nvidia recently — and on Wednesday it ticked off two more major milestones. The company [crossed]( the $3 trillion market cap mark and simultaneously surpassed Apple to become the second most valuable company in the world. There are a lot of ways to value a company: price-to-earnings multiples, discounted cash flow analysis, or EV-to-EBITDA multiples are all favorites of equity analysts... though each is often more of an art than a science. One really simple fundamental metric is: how much value is being ascribed for every person that it employs? For Nvidia, after this latest run-up took it north of the $3T milestone, the company is being valued at more than $100M for each of its 29,600 employees (per its filing that counted up to the end of Jan 2024). That’s more than 5x any of its big tech peers, and hundreds of times higher than more labor-intensive companies like Walmart and Amazon. It is worth noting that Nvidia has very likely done some hiring since the end of January — the company might just be in growth mode — but even if the HR department has been working non-stop, Nvidia will still be a major outlier on this simple measure. We are running out of ways to describe Nvidia’s recent run... but a nine-figure valuation per employee is a new one. [Read this on the web instead]( [Sponsored by Aura]( Brothers Solving a $100B Mental Wellness Problem After seeing their mother struggle with depression, two Forbes 30 Under 30 brothers [founded Aura]( to reinvent the $100B mental wellness industry. Their last investment round sold out in days, so now they’re [extending the opportunity to invest]( for three weeks only. Why shares sold out so fast: - 👏 Aura’s 8M+ users & 100K+ paying subscribers are just the beginning. The company is set for an [international expansion]( by launching in 6 new languages. - 💼 Their 3,000+ investors include top Silicon Valley VCs and executives from Spotify, Meta, and Apple. - 💪The $100B mental wellness industry needs a library of wellness resources, and the [rise of AI]( will help Aura meet demand even further. The deadline is June 27th and shares are limited — [learn more about Aura today.]( Snowfall shortfall Vail Resorts, which operates 42 ski resorts [globally]( cut its full-year profit forecast [yesterday]( as warm weather continues to weigh on skier visits to some resorts and the pandemic-era surge in skiing and snowboarding cools down. Revenue also came in below expectations, with shares falling ~6% in after-hours trading. Vail’s CEO explained the results as a reflection of the ski industry “normalizing” after a post-Covid bump when everyone wanted to get back out into nature. Over the last 12 months, Vail recorded 17.7M visits, down 9% on the year before, with visits in this most recent season falling more sharply, [down 17%](. Subscription skiing Vail revolutionized the skiing industry back in 2008 by introducing the Epic ski pass, a season pass that offers access to an extensive portion of its ever-growing resort network. Priced comparably (at the time) to a weekend lift ticket, the Epic pass had to be purchased before the season commenced — locking in sales that could otherwise be weather dependent. The pass became a [game-changer]( for the company, with the more predictable revenue leading to more rapid expansion. Last year the Epic pass cost $909 and was used by 72% of the resorts' skiers, generating ~$850 million in revenue. This strategy helps explain why, despite skier numbers for Vail Resorts falling 9%, its lift revenue was actually up 2.4%. Thanks to the Epic pass, even if visits drop, almost three-quarters of its lift revenue is pre-paid. [Read this on the web instead]( More Data • Bored millionaire looking to live out your 90s sitcom dreams? The iconic home from Full House is now on the market in SF [for $6.5M](. • The FDA is [walking back]( its 2022 ban on controversial Juul e-cigarettes. • The goal of creating the Spotify of mental health is a ~$20B revenue opportunity. That’s why leaders from Apple and Meta are investing in Aura. [Become an Aura shareholder by June 27th]( • The Port of Baltimore could reportedly fully reopen [this weekend]( almost 11 weeks after the fatal collapse of the Francis Scott Key Bridge. **This is sponsored content. Hi-Viz • A look at the MLB’s [Most Lovely Ballparks](. Off the charts: Despite falling sales, J.M. Smucker shares were still rising yesterday after the company announced profits which [beat expectations]( — explore our deep dive on one of the company’s most beloved products: [Uncrustables](. Have a wonderful weekend. Have some [feedback](mailto:daily@chartr.co?subject=Feedback&body=Hi%2C%0A%0AI%20like%20the%20newsletters%2C%20but%20I%20had%20a%20thought%20for%20you...) or want to [sponsor]( newsletter](mailto:james@sherwoodmedia.com?subject=Chartr%20NL%20Sponsorship%20Enquiry%20)? Not a subscriber? Sign up for free below. 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