☕ Nuclear revival

An infamous power plant will serve Microsoft’s energy needs… September 21, 2024 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [Studio by Tishman Speyer]( Good morning, and happy last (official) day of summer. Some under-the-radar “news you can use” from the past week: On Wednesday, the US government finally rolled out an online passport renewal service. If you are a US adult whose passport has expired within the past five years or expires in the coming year, you can head to [travel.state.gov]( and get a new 10-year passport without leaving your couch. Maybe the best part of the revamp: You can upload your own photo, so for the first time, you might not look like a total gremlin in your passport. —Sam Klebanov, Molly Liebergall, Matty Merritt, Abby Rubenstein, Neal Freyman MARKETS Nasdaq 17,948.32 -0.36% S&P 5,702.55 -0.19% Dow 42,063.36 +0.09% 10-Year 3.728% -1.0 bps Bitcoin $63,149.49 +0.31% Intel $21.84 +3.31% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. [Here's what these numbers mean.]( - Markets: Stocks were [mixed]( as the hype from the Fed’s decision to deliver a supersized interest rate cut died down, but the Dow managed to pull off another record close. Intel spiked yesterday afternoon after the Wall Street Journal reported that Qualcomm had approached the flailing chipmaker about a possible takeover.  ENERGY [Infamous nuclear plant will restart to power Microsoft]( [Nuclear power plant]( Caballero-Reynolds/Getty Images Three Mile Island, the site of the worst nuclear disaster in American history, is going back online to pump electricity to Microsoft. The owner of the Pennsylvania power plant that suffered a partial nuclear meltdown in 1979, Constellation Energy, [said yesterday]( it signed a 20-year power agreement with the tech giant. The infamous plant’s revival is a testament to the we-are-so-back sentiment in the nuclear industry. The electricity needs of EVs, domestic manufacturing, and, especially, data centers servicing the power-hungry AI boom have made its split-atom wattage attractive. - Constellation will spend $1.6 billion to relaunch a reactor that was not damaged in the accident but was decommissioned five years ago for financial reasons. - The company hopes to make the plant operational again by 2028—pending equipment upgrades and a green light from regulators—to pump out 835 megawatts, which would be enough to cover the electrical needs of 700,000 homes (or a bunch of ChatGPT queries). The comeback kid Thirteen nuclear reactors went offline in the decade leading up to 2022, as the nuclear industry suffered from bad PR from high-profile accidents and competition from natural gas and other renewable energy sources. Now, nuclear vibes are electric because tech companies have recognized the value of a 24/7 source of clean energy, and the government has been doling out subsidies. Aside from the Three Mile Island reboot, Microsoft already has a nuclear power production contract with Constellation to offset energy used at one of its Virginia data centers. Meanwhile, Amazon recently bought a nuclear-powered data center in Pennsylvania, and a mothballed Michigan nuclear power plant is getting a new life thanks to $2 billion from the federal government and the state. But Constellation said it won’t take government grants for the Three Mile Island project to avoid regulatory delays so it can start restoration right away. Zoom out: Old-school nuclear plants remain expensive and take a long time to build, which is why many companies—including ones backed by Bill Gates and Sam Altman—are investing in experimental solutions like small reactors and bleeding-edge nuclear fusion projects.—SK PRESENTED BY STUDIO BY TISHMAN SPEYER [Host unforgettable events]( [Studio by Tishman Speyer]( Tishman Speyer sets the stage for remarkable events. Got a special occasion coming up? Experience hosting your next event in an elevated setting with [Studio at The Spiral]( in Midtown West. Yeah, you’re gonna wanna peep this spot. Studio at The Spiral offers world-class hospitality and amenities for all occasions, from bringing people together to reenergizing your team. Whether you’re booking a conference, throwing a company party, or hosting a personal event, Studio by Tishman Speyer makes your experience seamless—[so you can make it successful](. [Take your events to the next level](. WORLD [Tour de headlines](#) [Smoke billows after an Israeli airstrike on Beirut]AFP/Getty Images Israel strikes Beirut as tensions rise. Israel’s airstrike on the Lebanese capital [killed]( top Hezbollah commander Ibrahim Akil and 10 other Hezbollah operatives. Akil had been sanctioned by the US for his role in 1983 terrorist attacks that killed more than 300 people at a US embassy and Marine barracks. Lebanon said Israel’s attack yesterday killed at least 14 people and wounded dozens. The attack follows the deadly detonation of pagers and walkie-talkies used by Hezbollah, for which the militant group vowed to retaliate against Israel. The escalation continues to raise the prospect of a regional war breaking out. FTC sues drug middlemen over insulin prices. Gasoline isn’t the only pump price the government has been watching closely: The Federal Trade Commission hit the three largest companies that negotiate drug prices with a [lawsuit]( claiming they’ve artificially inflated the cost of insulin for patients. The companies—UnitedHealth Group’s Optum Rx, CVS Health’s Caremark, and Cigna’s Express Scripts—together administer ~80% of all US prescriptions, the agency said. The suit alleges they increased profits by steering patients toward higher-priced insulin with bigger rebates so they could pocket the cash that drug companies gave back. Georgia election board says ballots must be hand counted. If you were hoping to know who won the presidential election by 10pm on Nov. 5, you may be out of luck now that Georgia’s State Election Board [passed a rule]( requiring counties to hand count ballots—likely delaying the reporting of results in the swing state by weeks. Three board members who support Republican Donald Trump voted in favor of the rule, which was opposed by the board’s Democrat and independent members, as well as by Georgia’s secretary of state and attorney general, who are both Republicans.—AR RETAIL [Nike’s new CEO Elliott Hill has a mountain to climb]( [Nike storefront]( Hongbo/Getty Images The sneaker company with the swoosh announced this week that it’s pulling a beloved Nike vet out of retirement to [replace]( its current captain, John Donahoe, an ex-consulting executive who was recently [dubbed]( “The Man Who Made Nike Uncool” by Bloomberg. Everyone is doing a backflip. Analysts and investors rejoiced at the appointment of Elliott Hill as CEO after months of urging a leadership shakeup. Employees are “[jubilant]( Fast Company reported, while workers at one Nike office [popped]( several bottles of prosecco, per Bloomberg. Like Hill said in a message to staff after the announcement, “Things haven’t been easy.” - Nike’s stock had been down ~25% this year prior to the announcement, mostly because of one record-bad day in June when the company warned of a coming 10% sales drop. - That followed several years of restructuring in which Nike pulled products from retailers and prioritized direct-to-consumer sales, leaving shelf space for competitors like Hoka to exploit after IRL shopping resumed post-pandemic. - Amidst all this, Nike failed to satisfy sneakerheads with new designs, and widespread layoffs soured morale. Now…all eyes are on Hill to re-center sneaker innovation and team spirit and to rebuild retailer relationships once he returns on Oct. 14. Hopes are high that Hill’s popularity among former colleagues and his all-Nike [career experience]( climbed from apparel intern to president of consumer and marketplace over 30 years—make him the perfect fit to pull the company out of its [slump]( TOGETHER WITH ELF LABS [Elf Labs]( Potentially the biggest disruption to IP since Disney. History is being made in the $2t global entertainment + licensing industry. With 100+ historic trademark victories, [Elf Labs]( owns rights to the highest-grossing characters in history, including Cinderella and Rapunzel. They’re bringing them to life with revolutionary patented VR technology + AI-powered toys. [Invest by 9/27 and earn 5% bonus shares](. BIG TECH [Apple’s iPhone 16 release is lackluster without AI]( [Customers in Apple store looking at new iPhones.]( If Apple was expecting the new iPhone 16 to enter the smartphone market with a bang, the reality of its [release]( has so far been more like one of those fireworks that looks like a dog pooping: novel but ultimately not exciting. People still lined up yesterday for its official in-store release, but the newest iPhone model’s biggest selling point is something it doesn’t have yet: Apple Intelligence, the company’s promised AI. - The first AI features are supposed to roll out with an iOS 18 update in October that will only be compatible with iPhone 16 and 15. - The new iPhone does offer two new physical buttons, including “Camera Control,” which makes it easier to zoom and adjust focus. US sales seem to be picking up, but the first weekend of preorder sales for iPhone 16 and iPhone 16 Pro were ~13% lower compared to the iPhone 15, according to analyst Ming-Chi Kuo. Still, analysts at UBS cautioned investors against overreacting to what appears to be tepid early demand. Looking ahead…a lot is hinging on Apple Intelligence and its ability to drive iPhone sales internationally, especially as competitors start to [move in]( on Apple’s customers in China.—MM STAT [Prime number: Democrats with guns](#) [A gun with an American flag pattern]George Frey/Getty Images Gun owner (and presidential candidate) Kamala Harris made headlines this week for telling Oprah Winfrey, “If somebody breaks into my house, they’re getting shot.” But she’s not the only Democrat packing heat: The Wall Street Journal [reports]( that gun buying is on the rise among liberal Americans. In 2010, 22% of Democrats or Democrat leaners told NORC at the University of Chicago that they had a gun, but by 2022, it rose to 29%. That same year, 55% of Republicans had a gun at home, up 3 percentage points from 2010. A 2023 Johns Hopkins Center for Gun Violence Solutions survey found that among Democrats who had bought guns since 2020, more than half were first-time buyers, while less than 25% of Republicans were. Guns were once common among Democrats, but ownership started dropping in the 1990s as firearm regulation became politically divisive. Now safety concerns appear to be spurring a rethink.—AR NEWS [What else is brewing](#) - [OpenAI]( has so many interested investors it’ll have to turn some away from an expected $6.5 billion funding round that values the company at $150 billion. - [Disney]( employees will have to stop using Slack in the wake of a hack that leaked the company’s chat logs. - [The Secret Service]( has acknowledged failures that led to the attempted assassination of Donald Trump at a Pennsylvania rally in July. - [A sheriff]( in rural Kentucky was charged with the murder of a local judge who was fatally shot in his chambers. - [Political reporter Olivia Nuzzi]( has been put on leave by New York Magazine after disclosing an “emotional and digital” relationship with former independent presidential candidate RFK Jr. RECS [Saturday To-Do List graphic] Watch: An anthropologist [explains]( how work shaped our society. Chart a course: Stunning [visualizations of ship movements]( using their data transmissions. Stream the obscure: An archivist runs [this site]( which features 3,000 “forgotten films.” Read: How TikTok’s viral [croissant lamp]( came to be. Your allergy ally: [Allergy Insider]( is a resource built to help patients finally get to the bottom of their allergy symptoms and work with their HCP to [find solutions]( *A message from our sponsor. GAMES [The puzzle section](#) Brew crossword: It’s not every day a crossword can get you emotional, but this one about the passing of the seasons tugs at the heartstrings. [Play it here](. Open House Welcome to Open House, the only newsletter section that is willing to retire its Crocs to be accepted. We’ll give you a few facts about a listing and you try to guess the price. [Mansion in Milan, Italy]Christie’s International Real Estate Today’s [home]( is in Milan, Italy, which is often referred to as the fashion capital of the world. It’s an old, 5,381-square-foot multilevel building with a cobblestone courtyard where you can twirl around in couture dresses, eat pasta, and ride a Vespa. Amenities include: - 6 beds, 5 baths - Basement with ancient, vaulted ceilings - Dramatic naked statues How much for the Italian getaway? 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 $10.9 million Word of the Day Today’s Word of the Day is: wattage, meaning “a measure of electrical power.” Thanks to Jim from Portland, Maine, for brightening our day with the suggestion. Submit another [Word of the Day here](. ✳︎ A Note From Elf Labs Disclosure: This is a paid advertisement for Elf Labs’ Regulation CF offering. Please read the offering circular at [elflabs.com](. Written by [Neal Freyman]( [Abigail Rubenstein]( Sam Klebanov, [Molly Liebergall]( and [Matty Merritt]( 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