Jake Paul wants to sell you body wash...
June 13, 2024 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [New Sapience]( Good morning. Thereâs a reason Larry David began the final episode of Curb Your Enthusiasm with an airplane sceneâitâs where many unwritten social rules are litigated. The polling site YouGov recently asked Americans about airplane behaviors they [consider acceptable or unacceptable](. Some of the findings: - The most abhorrent behavior of all: Letting your kids play in the aisle (deemed unacceptable by 86%).
- Sorry, Dierks Bentley: More than 80% said it was unacceptable to get drunk.
- Lots of armrestlessness: Nearly 75% consider it unacceptable to use both armrests when someone is sitting next to you.
- Psst, I have to go: 72% said it was perfectly acceptable to wake up a seatmate to use the bathroom. 100% said the best way to watch a movie is on the screen diagonally across from you. âMolly Liebergall, Cassandra Cassidy, Matty Merritt, Abby Rubenstein, Neal Freyman MARKETS Nasdaq 17,608.44 +1.53% S&P 5,421.03 +0.85% Dow 38,712.21 -0.09% 10-Year 4.295% -11.0 bps Bitcoin $68,515.92 +1.65% Oracle $140.38 +13.32% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. [Here's what these numbers mean.]( - Markets: The S&P 500 and the Nasdaq both closed at [record highs]( yesterday after key inflation data came in cooler than expected and the Fed left interest rates unchanged (more on that in a sec). It was also a good day to have a deal with OpenAI: Oracle surged, despite disappointing earnings, after announcing cloud deals with it and with Google. And Apple briefly surpassed Microsoft as the most valuable company in the world as investors continued to cheer its deal with OpenAI. Â ECONOMY [Despite cooling inflation, Fed is cautious on rate cuts](
[Braveheart]( Century Fox via Giphy Economists went from âyay!â to âcâmon manâ yesterday when the Federal Reserve announced a more-careful-than-expected outlook for interest rate cuts just a few hours after an encouraging new inflation report suggested that rising consumer costs are finally mellowing out. One thing that came as no surprise: The Fed held interest rates steady at a 23-year high of 5.25%â5.5% for its seventh straight meeting. Itâs giving caution. Fed Chair Jerome Powell said that âinflation has eased substantiallyâ¦but is still too highâ to start cutting rates. Looking ahead, the Fed is [projecting]( only one rate cut before yearâs endâdown from earlier forecasts of twoâwith no word on how soon it might happen. A few hours earlierâ¦the latest consumer price index (CPI) [report]( showed some [inspiring inflation numbers]( that had economists expecting JPow to be a bit more bullish on 2024 rate cuts than he was. - The CPI, a broad measure of prices for goods and services, came in below Wall Streetâs estimates with no monthly increase in May and only a 3.3% uptick from the year prior. Core CPI, which excludes volatile food and energy prices, also beat expectations.
- Grocery prices were only up 1% from May 2023, while gas prices were up 2.2% on the year but fell 3.6% from April.
- Housing continues to be a big sticking point: Shelter prices are up 5.4% on the year. After the CPI report dropped but before the Fed rained on tradersâ parade, interest rate futures jumped from 53% to 71% odds of at least one rate cut by the end of September, and from 52% to 69% odds of two cuts by yearâs end, according to CME Group. The Fedâs announcement only slightly lowered those chances. Looking aheadâ¦the S&P 500 lost some post-CPI report gains but stayed up after JPowâs address, suggesting that traders are largely unwavering in their optimism that there will be more than one rate cut this year.âML PRESENTED BY NEW SAPIENCE [The problem with AI](
[New Sapience]( ChatGPT isnât necessarily intelligent. It makes massive mistakes and doesnât truly know anything. Thatâs because computers canât actually [learn or think the way humans do](. This is about to change, thanks to [New Sapience]( a company led by rocket scientists and entrepreneurs responsible for $350m+ in previous exits. Bill Gates said a company that invents a breakthrough in AI so machines can learn would be âworth 10 Microsofts.â Thatâs what New Sapience has built. Theyâve developed the necessary breakthrough for machines to actually think and learn. Now theyâre accepting shareholders for a limited time. [See how you can invest in New Sapience and get 5% bonus stock](. WORLD [Tour de headlines](#)
[Elon Musk]SOPA Images/Getty Images Elon Muskâs $56 billion pay package is up for a vote. Tesla shareholders will [vote]( today on whether to reinstate the CEOâs compensation package, which was okayed in 2018 but struck down by a Delaware judge in Januaryâand itâs expected to be close. Musk and Teslaâs board have urged support for the measure, with Musk threatening to leave the company and develop important tech like AI elsewhere if it isnât reupped. But major shareholders appeared divided going into the vote with some considering it too large, potentially giving a big voice to individual investors. Muskâs decision to reincorporate Tesla in Texas rather than Delaware will also be on the ballot. Sony became the first movie studio to own a theater chain in 75 years. Sony Pictures said yesterday it had [acquired]( Alamo Drafthouse, the seventh-largest cinema chain in the US. Although other studios own one-off theaters, from 1948 through 2020, studios were prohibited from owning theater chains under deals with the DOJ called the Paramount Consent Decrees that broke down the Old Hollywood studio system where the studios owned every aspect of the movie-making. With the decrees rescinded, Sony is now the first studio to get into the theater chain owning game as both studios and cinemas struggle with getting people to watch movies in theaters. Basketball legend Jerry West died at 86. Even if youâve never watched a single game, youâve seen [West]( play: His dribbling silhouette is the NBAâs logo (though the league has never officially admitted it). Born in West Virginia, West led the Lakers to multiple championships while playing on the team and as their general manager. He was a legendary figure on the court, known for his ability to play under pressure and through injuriesâincluding nine broken noses. As a manager, he built out one of the most iconic Lakers rosters with Kobe Bryant and Shaquille O'Neal. AUTO [Whoâs afraid of Chinese EVs? The European Union](
[Stacks of cars waiting to be loaded on a cargo ship]( Images A trade warâs a-brewinâ, and the EU just sailed right into its path. The bloc announced plans yesterday to impose [tariffs]( on Chinese electric vehicles in a gambit that could upend a global automotive market increasingly [reliant]( on China. The tariffs, which will range from 17.4%â38.1% on top of an existing 10% duty, are a push by politicians to prevent ultra-cheap and popular Chinese EVs from flooding the market, echoing a [move]( made by the US last month. Last year, an EU investigation found Chinese EV-makers benefited unfairly from government subsidies allowing them to sell cars for cheap, pricing out European-made EVs. Unlike their US brethren, European carmakers didnât want this. Despite what may seem like relief from competition, Mercedes-Benz, Stellantis, Volkswagen, and others oppose the tariffs because they need China more than they fear it. Many [European]( auto companies either rely on the Chinese market for gas car sales or have crucial production plants in China, which would be threatened if the Chinese government follows through on its vow to retaliate. The only thing green may be Europeâs envyâ¦critics of the tariffs have questioned the EUâs decision considering its commitment to a carbon emissions-free future that necessitates a move away from [gas-fueled]( cars.âCC TOGETHER WITH BETTERMENT
[Betterment]( Power to your portfolio. Concerned interest rates are plateauing? Consider Bettermentâs BlackRock Target Income portfolio, a 100% bond portfolio with a [6.72% annual yield]( while generally involving less risk than stocks. [Learn more](. RETAIL [Jake Paul is building a bathroom sink empire](
[Jake Paul in boxing gloves showing off deodorant and body wash in front of lockers.]( Body Care Middle-school teachers will always remember the day Jake Paulâs body spray dropped. The 27-year-old YouTuber, boxer, and influencer is [creating]( his own line of skin and hair care products called âWâ (which stands for winning) to capitalize on the booming menâs grooming market. The brand launched with body wash, body spray, and antiperspirant deodorant. All products will be under $10 and roll out at Walmart before becoming available on Amazon. Paul eventually wants to take over your bathroom with soaps, hair gels, and face wash. In an interview with The Hollywood Reporter, Paul [said]( the idea for the line stemmed from a trip to CVS to buy deodorant and seeing limited options for guys. But: - Over the last few years, the male grooming market has seen a massive influx of creams with genderless ingredients sold in masculine [silver tubes]( to appeal to men.
- The market is expected to grow by 10% over the next four years to more than $100 billion, according to The Business Research Company. No more big words. While the promo photos may target his audience of younger dudes, Paulâs branding is following the same playbooks that sell face goop and pit sticks to women: more ânaturalâ products that tout paraben- and phthalate-free formulas.âMM STAT [Prime number](#)
[A bowl of ramen that's on fire]Illustration: Anna Kim, Photo: Getty Images In Denmark, the search for those viral Buldak spicy ramen noodles is about to get harder as the government there [recalled]( three flavors for being too spicy, saying their levels of capsaicin (the chemical compound that makes chili peppers burn) could cause âacute poisoning.â According to Samyang, the Korean company that makes the noodles and exports them globally, this is the first time theyâve been recalled for being too hot. Before you roast the Danes for preferring bland breakfast pastries, itâs worth noting that the original flavor comes in at 4,404 Scoville units, which is about 2x Tabasco sauceâs heat. And the noodle-maker is still on fire: Its stock rose 70% last year as it took in a record-high profit of $110 million while the global instant noodle market grew to $50 billion. NEWS [What else is brewing](#) - [The Republican-controlled House]( voted to hold Attorney General Merrick Garland in contempt of Congress for refusing to release audio of President Biden being interviewed by a special counsel.
- [Florida Gov. Ron DeSantis]( declared a state of emergency as dangerous flooding occurred in the southern part of the state, including in Miami and Fort Lauderdale.
- [The G7 Summit]( begins today, and itâll include the pope speaking to world leaders about AI (the real pope, not the modish one who [wears Balenciaga](.
- [The International Energy Agency]( said global oil supply will outpace demand by 2030 as production surges and greener energy sources gain popularity.
- [The Oklahoma Supreme Court]( dismissed a lawsuit brought by survivors of the 1921 Tulsa Race Massacre.
- [The Southern Baptist Convention]( voted to oppose in vitro fertilization.
- [Joey Chestnut]( may be banned from the July Fourth Nathanâs Famous Hot Dog Eating Contest, but Netflix will livestream him competing against rival Takeru Kobayashi on Labor Day. RECS
[To do list Thursday] Go clubbing: The best books for [book clubs]( according to Goodreads. A cautionary real estate tale: The [rise and fall]( of a $600 million strip-mall tycoon. Watch: Youâll wish you were actually invited to [day drink]( with Julia Louis-Dreyfus and Seth Meyers. Guess: This game has you [name the movie]( from a series of screenshots. Learn: [Join Sectionâs AI Academy]( and get unlimited AI courses, fireside chats, community meet-ups, and office hours with AI experts for a year. Use code MB20 to get 20% off. Invest in the first âtrueâ AI: Bill Gates says a company that can create true AI would be âworth 10 Microsofts.â New Sapience is building it. [Become an early shareholder and get 5% bonus stock]( Summer spending sidekick: Looking for smart [spending strategies]( this summer? Try saying that five times fast, and then, [check out our article]( all about it.* *A message from our sponsor. GAMES [The puzzle section](#) Brew Mini: Todayâs crossword will have you craving a smash burger for lunch. [Play it here](. Three Headlines and a Lie Three of these headlines are real and one is faker than the bubble-less Depression glass serving platter you picked up at the thrift store. Can you spot the odd one out? - âPractical Magic 2â: Sandra Bullock and Nicole Kidman in [talks]( to return for sequel
- Metallica is [headlining]( Fortniteâs next concert
- Door is [jammed]( on expensive space telescope, blocking its view of space
- Climate activists [protested]( London art auction with fart machine SHARE THE BREW [Share Morning Brew]( with your friends, acquire free Brew swag, and then acquire more friends as a result of your fresh Brew swag. Weâre saying weâll give you free stuff and more friends if you share a link. One link. Your referral count: 0 [Click to Share]( Or copy & paste your referral link to others:
[morningbrew.com/daily/r/?kid=4904f90a]( ANSWER We made up the one about the fart machine protest. Word of the Day Todayâs Word of the Day is: modish, meaning âfashionable or stylish.â Thanks to Diana from New Canaan, CT, for the chic suggestion. Submit another [Word of the Day here](. ⢠A Note From New Sapience This is a paid advertisement for New Sapienceâs Regulation CF Offering. Please read the offering circular at [(. Written by [Neal Freyman]( [Abigail Rubenstein]( [Molly Liebergall]( [Cassandra Cassidy]( and [Matty Merritt]( Was this email forwarded to you? Sign up [here](. [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](.
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