☕ Total recall

Why almost every Tesla just got an update... [Advertisement] December 14, 2023 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [Fidelity Investments]( Good morning. At long last, Fontainebleau Las Vegas opened on the Strip yesterday, and at 67 stories tall, it’s the tallest occupiable building in Nevada. The only other state whose tallest occupiable building is a casino? Mississippi, with the Beau Rivage Casino Hotel in Biloxi. Pose this trivia question to your coworkers today and see which ones are stealth Brew readers. —Cassandra Cassidy, Matty Merritt, Molly Liebergall, Abby Rubenstein, Neal Freyman MARKETS Nasdaq 14,733.96 +1.38% S&P 4,707.09 +1.37% Dow 37,090.24 +1.40% 10-Year 4.025% -17.9 bps Bitcoin $43,014.65 +3.73% Pfizer $26.66 -6.72% *Stock data as of market close, cryptocurrency data as of 3:00am ET. [Here's what these numbers mean.]( - Markets: The Dow hit an [all-time high]( yesterday after the Fed hinted at plans to make multiple rate cuts next year. Not having such a good day was Pfizer, which touched a 10-year low after releasing disappointing projections for 2024 because people just aren’t buying Covid products like they used to.  SPORTS [Virginia is for Wizards and Capitals]( [Ted Leonsis outside the Capital One arena]( Scott Taetsch/Getty Images While you were looking up Giants QB Tommy DeVito’s [agent]( and thinking, “That man has style,” a regional sports shake-up was in the works. Yesterday, Ted Leonsis, owner of the NBA’s Wizards and the NHL’s Capitals, [announced]( a deal to move both teams from downtown Washington, DC, across state lines to Alexandria, VA (though no official documents have been signed). The move is a huge win for Virginia—the most populous state without any big league sports teams—where the two teams could play at the heart of a proposed $2 billion, 12-acre entertainment complex as soon as 2028. But it’s a huge bummer for the nation’s capital. Washington, DC, has one of the highest rates of people [working remotely]( in the US, and its once-buzzing downtown is still struggling to recover post-Covid. Now DC Mayor Muriel Bowser, who made a last-minute offer to Leonsis on Tuesday night to keep the teams in town, faces the potential loss of two major fanbases and a sports hub in the city’s Chinatown area. A new trend in stadiums Leonsis’s plan for Virginia places him among other billionaire franchise owners who want to build massive entertainment complexes near their teams to capitalize on the synergy between sporting events and other nightlife and entertainment. The big prize that some other franchise owners are chasing is a casino. - Earlier this month, Dallas Mavericks owner Mark Cuban came one step closer to his [dream]( of building a new Mavs arena in the middle of a resort and casino after he struck a deal to sell his majority stake in the team to casino mogul Miriam Adelson. - In November, New York Mets owner Steve Cohen, along with Hard Rock International, proposed an $8 billion entertainment complex and [casino]( to be built next to Citi Field. Meanwhile…in Oklahoma City, 7-foot-tall men aren’t going anywhere. Voters in OKC [approved]( an old-fashioned 1% sales tax for the next six years to fund the construction of a new downtown arena for the OKC Thunder. Under the agreement, the team will stay through 2050.—CC   PRESENTED BY FIDELITY INVESTMENTS [Unwrap new market opportunities]( [Fidelity Investments]( Compared to traditional active mutual funds, an active exchange-traded fund (ETF) also offers the opportunity for intraday trading and allows for potential tax efficiency benefits. Intrigued? Fidelity’s robust lineup and [commitment to active ETFs]( bring together the best of Fidelity’s active management legacy and flexibility all in one dynamic ETF package. Fidelity’s [team of investors]( are seriously committed to understanding the companies they invest in, leveraging their unparalleled access to data and a suite of products to help uncover unique investment opportunities for you—and generate potential excess returns. [See how Fidelity can help you do more with your investment](. WORLD [Tour de headlines](#) [Jerome Powell]Win McNamee/Getty Images Fed rate cuts may come in threes next year. The Federal Reserve had investors popping bottles yesterday, not just because it made the expected move of holding interest rates steady for now but also for signaling that there may be [multiple interest rate cuts]( in 2024. Most Fed officials penciled in three quarter-percentage-point cuts in their projections. Fed Chair Jerome Powell said inflation had “eased” but still did his best to keep everyone from getting too excited, saying, “No one is declaring victory. That would be premature.” Even so, markets started pricing in even more aggressive cuts than the projections. House votes to open formal impeachment inquiry into President Biden. The House vote split along party lines, with every Republican [supporting]( opening an impeachment probe into whether the president benefited from his son Hunter Biden’s overseas business dealings and every Democrat voting against it. The vote formalizes an ongoing Republican inquiry that has not yet turned up any evidence of wrongdoing by the president, who called it a “baseless political stunt.” For a little extra drama on Capitol Hill, the vote came hours after Hunter Biden defied a subpoena to testify privately to Republicans, saying his father had no involvement in his business. SCOTUS to rule on abortion pill access. In its most significant abortion case since overturning Roe v. Wade, the Supreme Court [will decide]( a challenge to federal regulations widening the availability of mifepristone, a common abortion pill. The court will hear arguments next year and is expected to rule by June. The justices also agreed to consider [another case]( with broad political implications: They will review the charge of “obstruction of an official proceeding” that’s been brought against hundreds of people involved in the Jan. 6, 2021, riot at the Capitol, as well as Donald Trump. AUTO [Almost every Tesla gets recalled]( [An illustration of a parked Tesla surrounded by traffic cones.]( Francis Scialabba Tesla [issued]( a recall for 2 million vehicles—almost every single Tesla sold in the US—yesterday. The recall, which is really just a glorified software update being pushed to the vehicles, comes after the National Highway Traffic Safety Administration (NHTSA) wrapped up a two-year investigation into crashes involving the company’s Autopilot feature. What Tesla is changing: The update will add more warnings for drivers to pay attention while using the feature because, even though it’s called “Autopilot,” drivers must remain attentive to the road and keep their hands on the wheel when using it. Why? The NHTSA looked into hundreds of Tesla crashes involving Autopilot and found insufficient safety controls let drivers use it even when they shouldn’t have: in some cases, when they were drunk or sitting in the backseat. Safety experts say it’s not enough. They warn that a few more flashing lights won’t address some serious issues with Autopilot, including the system’s trouble detecting objects, especially emergency vehicles, in front of it. Since 2019, at least 17 people have been killed in crashes involving Teslas using Autopilot, according to a Washington Post investigation.—MM   TOGETHER WITH THE POINTS GUY [The Points Guy]( Heading home for the holidays? Then you need to know about [The Credit Card Competition Act of 2023](. If it becomes law, payments could transition to a cheaper, less secure network. That could mean less robust security, higher fees, and fewer credit card rewards for consumers. [Protect your points](. FOOD & BEV [Football jocks and Nerds to join forces]( [Nerds and an atomic symbol]( Nerds via Instagram Nerds, the colorful candy brand amidst a renaissance thanks to a product innovation that would’ve made [Wonka]( proud, is set to run its first-ever Super Bowl commercial in February. The last time you went on a group snack run, chances are someone made a beeline for the innovation in question: Nerds Gummy Clusters, the bite-sized Nerds Ropes that make you see God. The sugary treat has become [so popular]( since its 2020 release that Nerds parent company Ferrara Candy has more ad money than it knows what to do with: It plans to run a [30-second spot]( during the second quarter of Super Bowl LVIII, which will [reportedly]( cost up to $7 million. In more good news for the dentistry business, Ferrara says… - Nerds retail sales have skyrocketed from $50 million in 2019 to around $500 million now. - Sales of Nerds Gummy Clusters grew 67% this year. - Within the last two years, Nerds boosted its manufacturing capacity by 360% and tripled its marketing budget. This candy sticks: Ferrara’s CMO says that in the year after people first try Nerds Gummy Clusters, 65% of them will buy the candy another two or three times, and 22% (me) will buy them on more than six occasions.—ML   GRAB BAG [Key performance indicators](#) [A scene from Emily in Paris where she asks ]Emily in Paris/Netflix via Giphy Stat: If you’re dropped into a new location and find yourself surrounded by French speakers, don’t assume you’re in Paris like Emily. The Democratic Republic of Congo’s capital, Kinshasa, has as many people who [speak the language]( as the city where the Eiffel Tower lives does, according to the New York Times. In fact, more than 60% of people who greet the day with a bonjour live in Africa, and 80% of children studying French are doing it on the African continent, per the Times. Of course, the influence of the former colonial power is also still felt in Canada, where [authorities]( in Quebec strive to prevent English words from creeping into fashion. Quote: “The fact that there’s a medically approved prescription for managing weight and staying healthier, in my lifetime, feels like relief, like redemption, like a gift, and not something to hide behind and once again be ridiculed for.” Oprah Winfrey is an accomplished entrepreneur and TV personality who had her portrait [unveiled]( in the National Portrait Gallery yesterday—so, naturally, everyone’s talking about an exclusive [interview]( she gave People magazine about…her weight. The talk-show queen told People she was taking weight loss meds. Winfrey also has a financial interest in the medical treatments through her position as a board member of WeightWatchers, which has embraced the shift toward them. Read: Why cinemas want to bring back intermission. ([The Hollywood Reporter]( NEWS [What else is brewing](#) - [Etsy]( laid off 11% of its staff, about 225 employees, blaming “a very challenging macro and competitive environment.” - [A former Meta employee]( who led DEI programs pleaded guilty to stealing more than $4 million from the company. - [Tesla]( is facing another Nordic sympathy strike. The Swedish Transport Workers union vowed to stop picking up Tesla’s trash unless the company accepts an agreement with unionized mechanics. - [Axel Springer]( the European publisher that owns such illustrious titles as, erm, Morning Brew, struck a landmark licensing deal with OpenAI to let ChatGPT train on content from its publications and use them to compose answers. You can probably blame us if the chatbot starts serving up a lot more SpongeBob memes to explain the economy. - [The Library of Congress]( has added its annual 25 films to its National Film Registry. This year’s picks include Apollo 13 and Christmas classic Home Alone. RECS [To do list Thursday] Play: Google wants you to do the searching within a [Where’s Waldo?-style game]( based on 25 years of search history. And, of course, there’s a hidden Taylor Swift [version](. Consider your ride: Here’s a [ranking of cars]( by their resale value. Bake: Before you head to your IRL cookie swap, trade recipes at [this virtual one](. Smell like teen spirit: If you thought Doritos-flavored [booze]( would be the wildest collaboration of the week, you probably missed this AXE Body Spray-infused [hoodie](. Last call for early investors: The team at [Autonomix]( is responsible for $600m in previous exits—and now they’re planning to list on NASDAQ. [Invest in this medtech innovator by Jan. 15]( *A message from our sponsor. GAMES [The puzzle section](#) Brew Mini: In today’s Mini, form follows function. Neal completed it in 1:32—can you top that? [Play it here](. Three Headlines and a Lie Three of these headlines are real and one is faker than someone actually planning to circle back in 2024. Can you spot the odd one out? - New study [finds]( blondes need fewer haircuts - Dakota Johnson likes to [sleep]( for 14 hours a night - FBI [investigating]( how Russian man flew from Europe to LAX with no ticket, passport - Why scientists are [making]( transparent wood 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 haircuts. Word of the Day Today’s Word of the Day is: renaissance, meaning “a rebirth or revival.” Thanks to Nandita Biju from India for the revitalizing suggestion. Submit another [Word of the Day here](. ✢ A Note From Fidelity Investments ETFs are subject to market fluctuation and the risks of their underlying investments. ETFs are subject to management fees and other expenses. Before investing in any mutual fund or exchange-traded fund, you should consider its investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus, an offering circular, or, if available, a summary prospectus containing this information. Read it carefully. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 1123834.1.0 ✤ A Note From Autonomix This is a paid advertisement for Autonomix’s Regulation A+ Offering. Please read the offering circular at invest.autonomix.com Written by [Neal Freyman]( [Cassandra Cassidy]( [Matty Merritt]( [Molly Liebergall]( and [Abigail Rubenstein]( Was this email forwarded to you? Sign up [here](. 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