☕️ Vital node

Port strike hinges on automation... October 02, 2024 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [Grayscale Investments]( Good morning. 40 trillion gallons. That’s the staggering amount of rain that fell on the Southeast last week from Hurricane Helene and another storm that preceded it, according to calculations by former NOAA chief scientist Ryan Maue. It’s nearly impossible to wrap your head around the concept of 40 trillion gallons of water, so here are some helpful comparisons, per the AP. It would: - Fill the Dallas Cowboys stadium 51,000 times. - Fill Lake Tahoe (once). - Fill more than 60 million Olympic-size swimming pools. - Be the equivalent of 619 days of constant water flow over Niagara Falls. Another scientist ran the calculations and said 40 trillion gallons was, if anything, an undercount. —Cassandra Cassidy, Sam Klebanov, Matty Merritt, Adam Epstein, Neal Freyman MARKETS Nasdaq 17,910.36 -1.53% S&P 5,708.75 -0.93% Dow 42,156.97 -0.41% 10-Year 3.743% -6.0 bps Bitcoin $60,981.02 -4.21% Nike $89.13 +0.83% Data is provided by *Stock data as of market close, cryptocurrency data as of 4:00pm ET. [Here's what these numbers mean.]( - Markets: Stocks embraced the start of spooky season by [falling]( yesterday, ending a hot streak as investors mulled the rising tensions in the Middle East. Nike’s beleaguered stock was up a bit ahead of its first earnings report since the company announced a CEO change.  LABOR [Automation is at the heart of a debilitating port strike]( [Dockworkers strike at Port Newark in New Jersey]( R. Smith/Getty Images Put on Rod Stewart because it feels like 1977. For the first time in almost 50 years, dockworkers along the East and Gulf Coasts are on strike, resulting from failed negotiations between their union and port operators over higher pay and job security from automation. Roughly 47,000 dockworkers, a part of the International Longshoremen’s Association (ILA), have [stopped]( unloading containers in a debilitating strike that—depending on how long it lasts—could damage the US economy, raise prices, and cost as much as $5 billion a day, per JPMorgan estimates. Referring to the union’s ability to block imports and threaten the US economy if an agreement isn’t reached, the ILA’s chief negotiator, Harold Daggett, said last month, “I will cripple you.” Behind the strike: While the union is digging its heels in for a pay bump (it wants a 77% wage increase over six years), the core rift between the workers and the ports is over [automation]( - Port operators are gung-ho on full automation—using cranes and trucks to move containers—and say that it would reduce the number of workers needed in what is considered a dangerous, chaotic, and physically taxing job. - Dockworkers view these machines as a direct threat to their livelihoods and want ports to agree to a ban on automation. As it stands…in the US, only three terminals, all in California, are considered fully automated, and there are dueling reports as to what extent their conversion hurt workers. - According to a report financed by the West Coast dockworkers union, automation eliminated 572 jobs, or 5% of the workforce, in 2020 and 2021. - Another study done at UC Berkeley commissioned by port operators found that between 2015 and 2023, paid hours for port union members went up more than 11%. On average, dockworkers make over $150,000 a year. Big picture: The ILA strike parallels other industries’ calls for assurances against technology, like the SAG-AFTRA strike last year, when actors sought protections against studios replacing them with AI.—CC PRESENTED BY GRAYSCALE INVESTMENTS [Introducing the crypto “mini” funds]( [Grayscale Investments]( Considering an investment in crypto but looking to start small? How about starting with a Mini? A Grayscale Crypto Mini. - [Grayscale Bitcoin Mini Trust]( (ticker: BTC), offering exposure to Bitcoin - [Grayscale Ethereum Mini Trust]( (ticker: ETH), offering exposure to Ether The Trusts are not funds registered under the Investment Company Act of 1940 as amended (“1940 Act”) and are not subject to regulation under the 1940 act, unlike most exchange-traded products or ETFs. An investment in the Trusts is subject to a high degree of risk and heightened volatility. Digital assets are not suitable for an investor that cannot afford the loss of the entire investment. The Grayscale Crypto Mini funds offer: - Mini fee: BTC and ETH offer some of the lowest fees1 among Bitcoin and Ethereum spot funds (brokerage fees and other expenses may still apply). - Mini share price: BTC and ETH both have very low share prices, allowing investors to get extremely precise with their exposure. - Mini commitment: You don’t need an entire Bitcoin or thousands of dollars’ worth of Ethereum to get crypto exposure—as exchange-traded products, BTC and ETH allow you to allocate as much or as little as you want to crypto. Turns out, a Mini gets you a lot. Crypto investing begins with Grayscale. [Learn more](. WORLD [Tour de headlines](#) [Rockets from Iran are seen over Jerusalem in Israel]Anadolu/Getty Images Iran launched 180 ballistic missiles at Israel. The Israeli military said ~180 missiles—most of which were intercepted—were [fired at Israel]( from Iran last night as millions of Israelis took cover in bomb shelters. A US defense official said Navy destroyers in the Mediterranean Sea helped Israel shoot down the missiles. There were no reports of casualties in Israel, except for one Palestinian man killed by falling shrapnel in the West Bank. Around the same time the missiles were launched, six people were killed and others were injured in a shooting near Tel Aviv that Israeli police described as a terrorist attack. Iran said the missile attack was retaliation for Israel’s assassination of Hezbollah leader Hassan Nasrallah. Israel vowed a “significant response.” Tim Walz and JD Vance squared off in the VP debate. In what is likely the final debate of the 2024 campaign, the VP contenders kept things [civil and policy-focused]( channeling most of their attacks to the candidates running at the top of the ticket—not each other. Walz appeared nervous in the early stages of the night, but grew stronger when the topic turned to abortion and reproductive rights. Vance was a polished speaker across the 90 minutes of the debate, which was hosted by CBS News, but notably refused to concede that former President Trump lost the 2020 election. The campaigns are now in a sprint to the finish: Roughly five weeks remain until Election Day and millions of Americans can now cast their ballots. CVS is laying off nearly 3,000 workers as it reportedly considers a breakup. The healthcare giant is conducting a [strategic review]( as its stock has fallen more than 20% this year, the Wall Street Journal reported. Its troubles are partly due to incurring higher medical costs for its private Medicare business than anticipated. The strategic review could yield no major changes, or it could lead to a breakup of the company’s insurance and retail businesses. CVS, which has already promised investors $2 billion in cuts, announced this week that it plans to lay off 2,900 workers.—AE TECH [Helene imperils main source of chip components]( [Helene flooding]( Botsford/Getty Images Hurricane Helene devastated communities across western North Carolina and five other states, and damage in one small Appalachian town could impact the tech industry globally. The storm ravaged a linchpin locality in semiconductor production: Spruce Pine, North Carolina, a mining town that is the [world’s only natural source]( of the highest-purity quartz sand. The material is crucial to making silicon wafers that underpin the chips powering tech from smartphones to AI data centers. Vital node In the aftermath of catastrophic flooding, the extent of the destruction at the quartz mines is unknown, but roads and rail lines used to access the mining facilities were severely damaged. - The two companies that operate quartz mines in the area, Quartz Corp. and Sibelco, have not provided a timeline for restarting operations. - Sibelco has reportedly sent its customers “force majeure” notices forfeiting future liability for any unfulfilled orders, per Sky News. While Brazil and Russia also export quartz, Spruce Pine’s quartz sand is unmatched in purity and plentifulness, according to journalist and rare earth metals wonk Ed Conway. Looking ahead…experts say that wafer-makers likely have some Spruce Pine quartz stashed away, and there are ways to purify inferior quartz, but a prolonged disruption might lead to more expensive electronics.—SK Together With HOKA [HOKA]( We’ll race you. Here’s something that will have you doing double this fall racing season: the Mach X 2. This next iteration of [HOKA’s fast-paced training favorite]( has the smooth ride of the original Mach X with increased stack height, extra PEBA foam, and an upgraded winged-plate design. [Shop now](. HIGHER ED [California bans legacy admissions]( [A view of Hoover Tower on the campus of Stanford University as seen from Stanford Stadium before a Pac-12 NCAA college football game between the Oregon Ducks and the Stanford Cardinal on September 30, 2023 in Palo Alto, California.]( Madison/Getty Images The likelihood of your random roommate at Stanford having “the third” after their name just went down. California Gov. Gavin Newsom [signed]( a bill this week banning the consideration of family or donor connections, otherwise known as “legacy admissions,” at all public and private universities in the state. Following the Supreme Court’s decision last year to strike down affirmative action in college admissions, attention is turning to the debate around legacy admissions and whether or not to make the higher-ed playing field more equal. The new law requires the institutions to report all admissions data, and those found in violation will, essentially, be publicly shamed (there’s no financial penalty). Admissions offices argue that legacy consideration is a net benefit because the money families donate to the college can be funneled into financial aid. Critics say the legacy process [favors]( white applicants and only pads the school’s already ballooning endowments. - Economists are divided on whether legacy admissions = more donations. - The practice’s origins stem from colleges in the 1920s fearing that more Jewish, Catholic, and immigrant students would take spots from wealthy Protestant students. Big picture: California becomes the second state to ban the practice at both public and private colleges after Maryland, while Illinois, Colorado, and Virginia have outlawed it at just public universities.—MM STAT [Prime number: Big stake in steaks](#) [A steak with a US flag planted in it]Emily Parsons The only things some US politicians get done more than “nothing” are steaks. According to a deeply comprehensive history of lawmakers’ century-old [obsession with steakhouses]( what once was a bipartisan affinity for wining and dining over a bone-in ribeye has turned into a GOP-dominated pastime. Republican PACs spent $762,000 at the Capital Grille steakhouse this election season, per OpenSecrets data, compared with just $59,000 by Democrats. PACs for Republican House Majority Leader Steve Scalise dropped $130,000 at the Pennsylvania Avenue restaurant on their own. One theory: As DC becomes more polarized, Republicans have ensconced themselves in traditional establishments, while Democrats prefer a more eclectic food scene.—AE NEWS [What else is brewing](#) - [Microsoft]( overhauled its Copilot AI assistant, adding voice and vision capabilities to make it more personalized. - [LVMH]( the largest Champagne producer in the world, bought a stake in a company that makes nonalcoholic sparkling wine to capitalize on the boozeless trend. - [Fortnite]( now allows parents to set time limits for their kids, in case you want them to hate you. - [CNN]( put up a digital paywall, charging $3.99 a month for unlimited access to its website as part of a strategic shift toward becoming “a more consumer-oriented digital product company.” - [Tom Brady]( is putting his watch collection, valued at as much as $6 million, up for auction at Sotheby’s. - [Rosh Hashanah]( the Jewish New Year, begins tonight and ends on Friday. Shana Tova to those celebrating. RECS [Wednesday to-do list] Go back to Day One: Here’s what [the weather was like]( on the day you were born. Read: [The finalists]( for the 2024 National Book Awards. Watch: Jazz fusion drummer Larnell Lewis [ascends to a plane]( higher than previously known to humankind. Out-pizza the hut: Pizza Hut is giving away 1 million [free personal pan pizzas]( for the 40th anniversary of its “Book It!” program. Lost in the sauce paperwork: Don’t lose your whole day to paperwork. [BambooHR’s checklist]( helps simplify your workload so you can focus on what matters—your people. [Get it here]( Ketchup on…: [Miso Robotics]( is leaving its mark on not just the $1t fast food industry, but the world of early-stage investment. [Here’s how they’re doing it]( *A message from our sponsor. GAMES [The puzzle section](#) Word Search: You are tasked with finding the countries with the biggest economies in the world in today’s Word Search. [Play it here](. Car name trivia Today is National Name Your Car Day, so in honor of the person in your life who gives their car a name like it’s a pet, here’s a trivia category on car nicknames. We’ll give you the name of a car, and you have to name the TV show or movie that featured it. - Herbie - The DeLorean time machine - The Mystery Machine - Mach 5 - Ecto-1 - Pursuit Special (or the Last of the V8 Interceptors) 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 1. The Love Bug 2. Back to the Future 3. Scooby-Doo 4. Speed Racer 5. Ghostbusters 6. Mad Max Word of the Day Today’s Word of the Day is: ensconced, meaning “settled comfortably.” Thanks to Linda from San Diego, CA, for the snug suggestion. Submit another [Word of the Day here](. ✢ A Note From Grayscale Investments 1. Low cost based on gross expense ratio at 0% for the first 6 months of trading for the first $2.0 billion. After the fund reaches $2.0 billion in assets or after 6-month waiver period, the fee will be 0.15%. Brokerage fees and other expenses may still apply. See prospectus for additional fee waiver information. Investing involves risk, including the loss of principal. Investments in the Trust involve a high degree of risk and heightened volatility. Digital assets are not suitable for an investor that cannot afford the loss of the entire investment. An investment in ETH or BTC is not an investment in Ethereum or Bitcoin. Foreside Fund Services, LLC is the Marketing Agent for the Trusts. Please read the [ETH prospectus]( and [BTC prospectus]( carefully before investing. Digital Asset Risk Disclosures Extreme volatility of trading prices that many digital assets, including Bitcoin and Ethereum, have experienced in recent periods and may continue to experience could have a material adverse effect on the value of the Trust, and the shares could lose all or substantially all of their value. Digital assets represent a new and rapidly evolving industry. The value of the Trust depends on the acceptance of the digital assets, the capabilities and development of blockchain technologies, and the fundamental investment characteristics of the digital asset. Digital asset networks are developed by a diverse set of contributors and the perception that certain high-profile contributors will no longer contribute to the network could have an adverse effect on the market price of the related digital asset. Digital assets may have concentrated ownership and large sales or distributions by holders of such digital assets could have an adverse effect on the market price of such digital assets. ✤ A Note From Miso Robotics This is a paid advertisement for Miso Robotics Regulation A offering. Please read the offering circular at [invest.misorobotics.com]( Written by [Adam Epstein]( [Neal Freyman]( [Cassandra Cassidy]( Sam Klebanov, and [Matty Merritt]( Was this email forwarded to you? Sign up [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