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Why some companies won't jump on the AI bandwagon... August 20, 2024 | | PRESENTED BY Good morning.

Why some companies won't jump on the AI bandwagon... August 20, 2024 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [Monogram]( Good morning. The eyes of the country are on today’s mayoral primary in Cheyenne, Wyoming. Not really, but something truly bizarre and historic is happening in the state’s capital: One of the six candidates on the ballot has pledged to let an AI chatbot run the city government, a first for a US political campaign. The candidate, librarian Victor Miller, built a customized ChatGPT bot called VIC (Virtual Integrated Citizen), which he argues could make more data-driven, unbiased decisions than any human as leader of Cheyenne. How will VIC perform tonight? Nothing would surprise us—it’s undoubtedly the most power-hungry politician in Wyoming history. —Cassandra Cassidy, Molly Liebergall, Sam Klebanov, Abby Rubenstein, Neal Freyman MARKETS Nasdaq 17,876.77 +1.39% S&P 5,608.25 +0.97% Dow 40,896.53 +0.58% 10-Year 3.867% -3.0 bps Bitcoin $59,101.22 -1.02% FuboTV $1.80 +17.65% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. [Here's what these numbers mean.]( - Markets: Give it up for the S&P 500 and the Nasdaq, which both clinched their longest [winning streaks]( of the year yesterday (eight days), leaving recent volatility in the rearview mirror. - Stock spotlight: FuboTV jumped as investors digested its courtroom win against a proposed competitor from Disney, Fox, and Warner Bros. Yesterday was also the 20th anniversary of Google’s IPO, and—not to make you feel bad—if you bought shares then, they’d be up 7,600%.  TECH [The new poster child for AI resistance]( [Procreate CEO James Cuda]( Francis Scialabba, Photos: Procreate via X Just when it seems everyone is on the AI bandwagon, some have let it pass them by, and they’re reaping the rewards. Such is the story of the popular iPad design app Procreate, which became the face of anti-AI sentiment and a favorite among creatives yesterday when it came out [against]( generative AI, vowing never to use the technology in its products. In a viral [video]( posted on X, Procreate CEO James Cuda said, “I really f*cking hate generative AI.” While investors might dismiss that sentiment as cuckoo, it reflects the views of many in creative industries who have had to reckon with whether using AI is worth the ire it may draw from its users. - Adobe, which seems to introduce a new generative AI feature every time a child breaks a crayon, did some damage control in June after a terms of service update seemed to convey that it would train its AI models on users’ creations. It clarified that it does not, but the platform still lost brownie points with customers. - Meanwhile, platforms that emphatically refute the use of AI are gaining [popularity]( according to Rolling Stone. AI may not be the golden buzzword Wall Street thinks it is Over the last few years, many companies have rushed to find a way to use AI, the mere mention of which has been enough to boost investors’ outlook on an earnings call. But as the technology’s proliferation begets more mistakes and problems, people are becoming wary, and some companies are taking the hint. No thanks. The publishing platform Medium banned the use of AI in its partner program. And some brands are becoming strict in their contracts with ad agencies to block any use of generative AI, fearing a [mishap]( that could draw backlash, according to Ad Age. Beauty brand Dove even publicly pledged earlier this year not to use AI in its advertisements. Bottom line: Companies want to be where the people are, and the people are not all behind AI. A recent study from the Journal of Hospitality Marketing & Management found people were less likely to buy a product described as using AI, reflecting a growing [distrust]( of the technology.—CC PRESENTED BY MONOGRAM [Beyond Nasdaq…lies new investment potential]( [Monogram]( [Monogram (Nasdaq: MGRM)]( known for their autonomous robotic surgical systems, completed a crowdfunded public offering and Nasdaq listing last year. What’s next? They just filed for FDA approval to market and commercialize their patented AI joint replacement tech. By the year 2027, 50% of knee replacement surgeries will be robotic—up from 12% today. Now, Monogram’s offering [a new chance for investors]( the opportunity to invest in preferred stock with an 8% dividend yield (in cash or kind). Their common stock traded as high as $2.75 in the past week, but the unlisted preferred stock (which is convertible into one share of common) is available for $2.25/share. [Monogram currently plans to close the Series D Preferred offering on September 12, 2024](. WORLD [Tour de headlines](#) [Joe Biden speaking at the DNC]YouTube 🫏 Biden passed the torch at the DNC. Much like Snoop Dogg with the Olympic cauldron, President Joe Biden [handed]( the metaphorical torch over to Kamala Harris on the first night of the Democratic National Convention, praising his VP and saying “democracy must be preserved” in a speech at an event where he was once expected to become the party’s candidate. Other featured speakers included Hillary Clinton, the party’s first woman at the top of the ticket, Alexandria Ocasio-Cortez, and First Lady Jill Biden. In addition to bringing party delegates to Chicago, the event attracted thousands of [protesters]( who oppose the war in Gaza and the US’ role in it. British tech mogul among the missing after yacht sinks. UK tech entrepreneur Mike Lynch and his daughter were among the six people [missing]( after bad weather sank a 184-foot luxury yacht named the Bayesian off the coast of Sicily. Lynch, who founded the software company Autonomy, had been involved in legal struggles since Hewlett-Packard bought the company for $11 billion in 2011, and was recently acquitted of fraud. Twenty-two people were on board the yacht, and 15 people, including Lynch’s wife, were rescued by the Italian Coast Guard. One person was confirmed dead as of last night. Carl Icahn to pay SEC $2 million over loan hiding claims. The Securities and Exchange Commission [alleges]( that the activist investor failed to disclose that he pledged his own Icahn Enterprises stock as collateral for billions of dollars worth of margin loans. Investors are allowed to do this, but it creates risk, so they have to disclose it to others, and the SEC says he started doing it in 2018 but didn’t reveal it until 2022. Without admitting or denying anything, Icahn personally agreed to pay $500,000 and his company will pay $1.5 million in fines to end the agency’s probe into the matter. RETAIL [The year’s largest intl. takeover bid is for Slurpees]( [Holding money bag out to 7-Eleven logo]( Scialabba One of 7-Eleven’s competitors wants it so badly that it would grab the steering wheel on a road trip. In the largest-ever attempted foreign takeover of a Japanese company, 7-Eleven’s parent company is [reviewing an offer]( from a top Canadian retailer looking to expand its convenience store empire, Japan’s Nikkei newspaper reported yesterday. It’s a “friendly, non-binding proposal,” said Canada’s Couche-Tard, which operates Circle K and Ingo. Its offer is the most expensive cross-border acquisition attempt of 2024. 7-Eleven parent Seven & i Holdings was valued at $31 billion before the announcement, which added another ~$7 billion to the Japanese company’s market cap yesterday. If Seven & i says yes…not only would they complete the enemies-to-lovers arc, but they’d also create a hyper-fluorescent kingdom of 100,000 convenience stores worldwide. Couche-Tard only has ~16,700 storefronts compared with 85,000+ under the Seven & i umbrella, but the Canadian propositioner is worth more. It’s gobbled up businesses in recent years while Seven & i expanded globally but severed its less-profitable arms. Will the deal happen? Analysts aren’t holding their breath. Plus, regulators might not be thrilled to see the two largest convenience chain operators in North America get together. Still…between Mars and Kellanova’s $36 billion deal last week and a three-year [high]( for M&As in July, it’s been a hot deal summer.—ML TOGETHER WITH LMNT [LMNT]( Are euhydrated? Nope, that’s not a typo. Euhydration is a state of optimal hydration—and it’s not just about drinking water. Hydration is about your body’s fluid ratios, which depend on many factors like electrolyte intake. And [LMNT’s electrolyte mix]( contains a science-backed ratio designed for optimal balance. Try it and [get a free sample pack](. COMMERCE [Canadian railways barrel toward a labor shutdown]( [Train in Canada]( Pics Editorial/Getty Images Trainspotters might soon see fewer cubic meters of Québec maple syrup rolling into the US as a looming work stoppage at Canada’s two biggest freight railways threatens to scuttle supply chains across North America. Employees at Canadian National Railway (CN) and Canadian Pacific Kansas City (CPKC) [won’t clock in]( starting Thursday unless the companies ink a last-minute labor deal with the Teamsters. The union is engaged in protracted negotiations on behalf of 9,000+ rail professionals over pay and other workplace issues. Trade derailment A simultaneous shuttering of rail giants responsible for moving $732 million worth of products daily won’t just be a Canada problem. - The two companies carry millions of tons of freight across Canada’s southern border, including key exports like potash, grains, timber, coal, and cars. - Canada exported $38 million worth of farm products by rail in the first half of the year, per the US Department of Agriculture. In preparation for the work stoppage, CPCK is halting all shipments over the border starting today, and CN has been turning away Canada-bound freight at US ports. Truckers to the rescue (sort of): Eighteen-wheelers could pick up some of the cargo slack, but experts say that they can’t take on the full tonnage handled by rail.—SK STAT [Prime number: Startups are shutting down](#) [Startup employees working at a WeWork]MANDEL NGAN/AFP via Getty Images Bad news for dorm-room denizens with big dreams: Startup bankruptcies in the US [rose]( 60% over the past year, as companies burn through the cash VCs were happy to throw around before interest rates started rising in 2022. Morgan Stanley analysts explained that an unusually big number of companies raised an abnormally large amount of money in 2021 and 2022, and now many of those seemingly high-flying startups are crashing down to Earth. While that may sound like it’s only a problem for wannabe CEOs whose goal in life is to be able to wear a hoodie to work every day, the Financial Times notes that VC-backed companies employ ~4 million people in the US—so the financial pain is likely to be felt throughout the economy if they keep going under. NEWS [What else is brewing](#) - [Israel]( accepted a proposal the US put forward for a cease-fire in Gaza and a return of hostages, US Secretary of State Antony Blinken said, urging Hamas to do the same. - [Harley-Davidson]( is ending diversity programs after facing anti-DEI pressure from a conservative activist. - [AMD]( has agreed to buy AI equipment-maker ZT Systems for $4.9 billion to help it take on the king of AI chipmakers, Nvidia. - [GM]( laid off 1,000 software employees globally, including 600 at its tech campus near Detroit. - [Former Rep. George Santos]( pleaded guilty to charges of wire fraud and identity theft. Separately, [a judge]( tossed Santos’s suit against Jimmy Kimmel over videos the comedian ordered from him on Cameo. - [Phil Donahue]( a legend of daytime TV, died at age 88. RECS [Tuesday To Do List] Host game night: The [best board games]( for when you’re sick of staring at a screen. Smile for a selfie: [This website]( turns NYC’s traffic cameras into photo booths. Watch like the old days: Surf YouTube [like it’s TV channels](. Guess: Test your wildlife knowledge with this [animal guessing game](. Invest: Preferred stock is often unavailable to the public, but [Monogram]( (Nasdaq: MGRM) is offering everyone the opportunity to purchase Monogram preferred stock with [an 8% dividend]( *A message from our sponsor. GAMES [The puzzle section](#) Brew Mini: Today’s crossword is a knee-slapper. [Play it here](. Radio waves trivia Today is National Radio Day, celebrating the technology that allows for communication along radio waves. For today’s trivia, let’s see how well you know the electromagnetic spectrum—which consists of radio waves, X-rays, ultraviolet, gamma rays, microwaves, infrared, and visible light. Put those seven bands in order from the highest frequency to lowest. 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=a905682a]( ANSWER Gamma rays, X-rays, ultraviolet, visible light, infrared, microwaves, radio waves Word of the Day Today’s Word of the Day is: denizens, meaning “inhabitants.” Thanks to Kathy from Montana for the lived-in suggestion. Submit another [Word of the Day here](. ✢ A Note From Monogram This is a paid advertisement for Monogram Technologies’ Series D Preferred Stock offering. A prospectus supplement and accompanying base prospectus have been filed with the SEC. Before making any investment, you are urged to read the prospectus supplement and accompanying base prospectus carefully for a more complete understanding of the issuer and the offering. ([( The securities offered by Monogram are highly speculative. Investing in these securities involves significant risks. The investment is suitable only for persons who can afford to lose their entire investment. Investors must understand that such investment could be illiquid for an indefinite period of time. There is no existing public trading market for the Series D Preferred Stock. Monogram does not intend to apply for listing of the Series D Preferred Stock or the common stock purchase warrants on a national securities exchange or quoted on an over-the-counter market. DealMaker Securities LLC, a registered broker-dealer and member of FINRA | SIPC, located at 105 Maxess Road, Suite 124, Melville, NY 11747, is the Intermediary for this offering and is not an affiliate of or connected with the Issuer. Please check our background on FINRA’s BrokerCheck. Written by [Neal Freyman]( [Abigail Rubenstein]( [Cassandra Cassidy]( [Molly Liebergall]( and Sam Klebanov Was this email forwarded to you? Sign up [here](. 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

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