☕️ Taking a dip

Angel City is now the most valuable team in women's sports... July 18, 2024 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [Edmunds]( Good morning. New side hustle just dropped: Strava jockey. Since early July, entrepreneurial runners in Indonesia calling themselves “[Strava jockeys]( have built lucrative businesses selling their jogging hobbies to mostly older, busier professionals looking for social clout on the exercise-tracking app. In essence, you pay someone else to run for you to make you seem athletic—and the faster the pace, the more they charge. Goodreads ghostreaders are inevitable. —Molly Liebergall, Cassandra Cassidy, Matty Merritt, Abby Rubenstein, Neal Freyman MARKETS Nasdaq 17,996.92 -2.77% S&P 5,588.27 -1.39% Dow 41,198.08 +0.60% 10-Year 4.146% -2.0 bps Bitcoin $64,566.65 -0.39% Eli Lilly $905.59 -3.82% Data is provided by *Stock data as of market close, cryptocurrency data as of 5:00pm ET. [Here's what these numbers mean.]( - Markets: Tech stocks [plunged]( as geopolitical unease chipped away at chip company stocks, pulling the Nasdaq down. Eli Lilly and Novo Nordisk also fell after competitor Roche released promising early-stage trial results for its oral weight loss drug.  TECH [Chipmakers face some dips]( [Nvidia chip closeup]( via Getty Images The AI-fueled stock rally hit a pothole: Wall Street’s semiconductor index lost $500+ billion yesterday, marking its worst day since 2020 (and the Nasdaq’s worst since 2022) after news of possible impending export restrictions and geopolitical commentary from former President Donald Trump spooked investors. Here’s what went down: - The Biden administration is considering implementing an export curb called the foreign direct product rule to further squeeze China’s chip industry, Bloomberg [reported]( on Tuesday. This would essentially let the US limit allied nations’ exports to China for any product that uses even a shred of American technology, something many of the chip sector’s top players do. - Separately, Trump [told]( Bloomberg in an interview also published Tuesday that “Taiwan should pay us for defense,” stoking fears that the US might put conditions on aid if China invaded the island. Taiwan is vital to AI expansion—66% of the world’s advanced chip manufacturing is expected to come from Taiwan this year, according to TrendForce data. And here’s who went down: - The biggest loser was Netherlands-based ASML, the world’s largest supplier of chipmaking equipment, which fell nearly 13%. Biden’s potential curbs could spell trouble for ASML’s business since 49% of the company’s Q2 sales took place in China, [per CNBC](. - Taiwan Semiconductor Manufacturing Co. (TSMC), the world’s largest chipmaker that’s relied upon by giants like Apple and Nvidia, closed −2.4% in Taiwan and nearly −8% in the US after Trump’s comments. - Nvidia fell 6.6%, and softer shocks rippled out to Big Tech stocks, including Apple, Microsoft, Amazon, and Alphabet. But…while others sank, Intel leveled off after rallying, and GlobalFoundries led market gains yesterday. Both manufacturers may be perceived as better protected from geopolitical uncertainty, since they’ve made recent moves to build more US plants. Zoom out: Biden has been [curbing]( Chinese chip access. But he can’t get too aggressive without angering US chipmakers, which have lost $130 billion in market cap due to US export controls, the Federal Reserve reported in April.—ML PRESENTED BY EDMUNDS [Like cruisin’ with the top down]( [Edmunds]( Selling your car doesn’t have to mean lots of math and migraines. It can actually be pretty breezy with [Edmunds’ online appraisal tool](. Edmunds gives you a [fair + instant online appraisal]( of your car—and you can see a real-deal offer for it, too. They crunch local data to provide a figure you can feel confident about. Plus, it’s 100% free with zero obligations. And did we mention the offer is good for seven days? You’ll get time to think it over. They put you in the driver’s seat so you can choose the path that suits you. Remove the guesswork. See [how much your car is worth today](. WORLD [Tour de headlines](#) [Republican vice presidential candidate, U.S. Sen. J.D. Vance (R-OH) speaks on stage on the third day of the Republican National Convention ]Alex Wong/Getty Images J.D. Vance made his debut as Trump’s VP nominee. In a speech at the Republican National Convention, the Ohio senator and heir-apparent to the MAGA movement channeled his [upbringing in the Midwest]( to argue he’d fight for working-class Americans who had been “cast aside and forgotten” by Democrats. For Vance, a former venture capitalist in Silicon Valley, the speech was an opportunity to introduce himself to Americans, since nearly two-thirds of voters had never heard of him or had no opinion, per a CNN poll. Tonight, former President Trump will formally accept the GOP’s nomination and close out the convention with a speech. Dems delay nomination plan amid calls for Biden to step aside. The Democratic National Committee said it would stick with its planned [virtual roll call]( to officially make President Joe Biden the nominee in advance of the party’s convention. But, rather than beginning the virtual vote as soon as next week as originally planned, it won’t start before Aug. 1. The new timeline gives donors and lawmakers concerned about Biden’s ability to beat Republican nominee Donald Trump more time to make their case. Yesterday, Rep. Adam Schiff [urged]( Biden to drop out of the race, making the California Democrat, who’s running for Senate, one of the most high-profile [party members]( to do so. Guests found dead at luxury Thai hotel were likely poisoned by cyanide. Thai authorities [say]( the poison was found in the blood of the six people, including two US citizens, who were found dead inside a suite at Bangkok’s five-star Grand Hyatt Erawan. Police say cyanide was detectable in a teapot and coffee cups they drank from amidst a dispute involving bad investments, and law enforcement is now trying to determine whether the deaths were murder or suicide. SPORTS [Angel City FC gets a record-breaking valuation]( [Angel City FC team]( Ingram/Getty Images It’s always great to see a sports team owned by its fans, but this isn’t like the Green Bay Packers. Hollywood power couple and OG Angel City FC fans, TV journalist Willow Bay and her husband, Disney CEO Bob Iger, [finalized]( a deal to buy the LA-based women’s soccer team. The sale values the club at $250 million, making it the most valuable women’s sports team in the world. Some details of the [agreement]( - Bay and Iger will invest $50 million and take controlling ownership from Reddit co-founder Alexis Ohanian. - Bay will lead the board and represent ACFC on the National Women’s Soccer League’s Board of Governors. All existing owners—a group that reads like the invite list to Oprah’s birthday party—will continue to be involved, including Natalie Portman (a co-founder), Billie Jean King, and former USWNT players such as Abby Wambach and Mia Hamm. Show me the money: Bay predicts that ACFC can ride growing interest and investment in women’s sports to a $1 billion [valuation]( in the “modestly near term.” The team generated $33 million in revenue last year, the most of any women’s sports team in the world (according to the team), and was No. 1 in NWSL attendance and sponsorship revenue. But it’s not without its devils…the team ranks 11th out of 14 teams this season and has been dogged by reports of infighting.—CC TOGETHER WITH HEAR.COM [Hear.com]( Hear us out. Imagine hearing aids so small, you can barely see them—but so effective, you have crystal-clear speech clarity. That’s what you get with the [IX hearing aids from hear.com](. These tiny, discreet hearing aids are virtually invisible and offer unparalleled speech understanding. [Start your 45-day no-risk trial](. ENVIRONMENT [Paris mayor takes a swim in the Seine]( [Paris Mayor Anne Hidalgo smiling while wading in Seine river in Paris.]( Suu/Getty Images A prework swim rarely, if ever, includes the threat of bumping into a floater. But Paris Mayor Anne Hidalgo [swam]( in the Seine River yesterday morning to prove how clean it was, despite reports of high E. Coli levels in June and threats from angry Parisians to increase those levels (by pooping in the river). The mayor’s dip was meant to show the Olympic marathon swimmers and Olympic and Paralympic triathletes set to compete in the Seine at the end of the month that it’s safe after a decade of murky waters. Swimming and wading in the Seine have been illegal since 1923 as trash and sewage flowed free into its waters, but after a $1.5 billion cleanup effort, the river is (seemingly) ready to dive into. - Much of the money went to building a giant basin to hold rainwater overflow that could contaminate the water. - Officials had to get thousands of homes and buildings along the river to link to the official sewage system instead of just dumping into the Seine. Looking ahead…so far, the Seine is a go, but there’s no backup venue for the triathlons—even though too much rain could still muck up the water and affect flow.—MM STAT [Prime number](#) [A scene in the kitchen from The Bear]FX The Bear—a series known for exploring trauma, grief, and family tension, as well as for getting fans who have never set foot in a restaurant kitchen to shout “yes, chef”—just set a [new record]( for Emmy nominations for a comedy series with 23 nods. The show trumped 30 Rock’s 22-nomination record, which the much-zanier program set in 2009. But it’s only as a comedy that The Bear earned the television equivalent of a Michelin star: The all-time winner for most nominations remains Game of Thrones, which got 32 in 2016. You can see the full list of nominees for the awards, dominated by Shogun outside of comedy (with 25 nominations), [here](. The Emmy ceremony will be in September. NEWS [What else is brewing](#) - [President Biden]( tested positive for Covid-19 yesterday, but the White House says his symptoms are “mild.” - [EssilorLuxottica]( which owns Ray-Ban, is buying Supreme for $1.5 billion in its first move outside the eyewear space. - [The armorer]( on the set of Rust, who was convicted of manslaughter in the death of cinematographer Halyna Hutchins, wants that conviction thrown out after the case against star Alec {NAME} collapsed. - [The UK]( approved lab-grown meat for pet food. - [Pernod Ricard]( is selling off a portfolio of wine brands, including Jacob’s Creek, to focus on spirits and champagne as people drink less vino. - [Hedge fund billionaire Ken Griffin]( paid $45 million for a stegosaurus skeleton at a Sotheby’s auction, setting a new record for fossil prices. RECS [To do list Thursday] Watch: Stunning [drone footage]( of Mount Everest from base camp to the summit. Pick out a summer treat: A method for selecting the [perfect watermelon](. Consider the location: A [map]( of the places with no corporate taxes. Going to Disney World: How an [epic ad]( came together. Shop: Morning Brew’s summer merch sale is in full swing. [Get up to 50% off]( on all your favorite Brew Crew items. Your personal board of directors is here. [Sidebar matches you]( with a peer group of 6–10 leaders and provides world-class facilitation to drive career growth. 93% of members say it’s a game changer. [Request an invite to join]( *A message from our sponsor. GAMES [The puzzle section](#) Brew Mini: Today’s Mini features a power couple who just doesn’t get enough press. [See who it is here](. Three Headlines and a Lie Three of these headlines are real and one is faker than a tornado siren to a Midwesterner with a garage. Can you spot the odd one out? - Timothée Chalamet to [star]( in Josh Safdie, A24 movie about ping pong pro - The Sims 4 will FINALLY [introduce]( polyamory in free update - The app that promised to ‘use AI to weed out daters with STIs’ has been [shut down]( - Construction workers listening to Def Leppard [completed]( projects 13% faster 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. We’re saying we’ll 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 construction workers. Word of the Day Today’s Word of the Day is: polyamory, meaning “the state or practice of having more than one open romantic relationship at a time.” Thanks to Asher from Maryland for the suggestion. Submit another [Word of the Day here](. Written by [Neal Freyman]( [Abigail Rubenstein]( [Molly Liebergall]( [Cassandra Cassidy]( and [Matty Merritt]( Was this email forwarded to you? Sign up [here](. Get smarter in just 5 minutes - Money & Career: [Money With Katie](  [Bossy](  [Brew Markets](  [The Playbook]( Interested in podcasts? - Check out ours [here]( [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](. View our privacy policy [here](. Copyright © 2024 Morning Brew. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011