💾 Russia stokes cyberwar fears

…American C-suites are — slowly — getting more diverse. [Disclosures](   Big mood: Netflix trivia night [The Good Brigade/Getty Images]   Yesterday’s Market Moves   Dow Jones 33,224 (+0.28%) S&P 500 4,289 (+1.50%) Nasdaq 13,474 (+3.34%) Bitcoin $37,877 (+1.54%) Dow Jones 33,224 (+0.28%) S&P 500 4,289 (+1.50%) Nasdaq 13,474 (+3.34%) Bitcoin $37,877 (+1.54%) Hey Snackers, The world’s on edge right now: 44M Ukrainians are living under occupation this morning as Russia’s deadly attack intensifies. President Biden ordered new sanctions targeting Russian banks, tech companies, and members of President Putin's inner circle, saying the Russian leader "chose this war." Stocks sold off sharply immediately after the invasion, but rebounded with gains for the day. The tech-heavy Nasdaq climbed 3%. Hack Cybersecurity stocks surge as Russia’s invasion of Ukraine highlights the risks of cyberwar Modern warfare isn’t confined to the battlefield… Ukrainian banks’ and government websites were [hit]( with cyberattacks this week ahead of Russia’s deadly invasion. Since the US and its allies [imposed]( sanctions on Moscow, Western officials have been on high alert for Russian cyber-retaliation. Shares of cybersecurity companies have spiked: - Network-security stocks [Palo Alto Networks]( [CrowdStrike]( [Fortinet]( and [Mandiant]( all surged at least 10% yesterday, and cybersecurity ETFs also jumped. It’s scary out there… Even before Russia’s invasion of Ukraine, the cybersecurity industry had been seeing a flood of investment: VC-backed security companies have [raised]( $2.6B so far this month, about 4X more than the same period last year. - Cybercrime is a growing biz: the number of cyberattacks [increased]( 70% last year, and data breaches cost US companies a record $4.2M on average. The global [cost]( of hacks topped $6T last year and is forecast to hit $10.5T by 2025. - Russia’s already a big player: Cybercrime analysts [say]( nearly 75% of money stolen via ransomware attacks last year went to Russia-linked cybercriminals. In recent years, logistics giants [FedEx]( and [Maersk]( have also been targeted by Russian hackers. THE TAKEAWAY A new era of state-sponsored cybercrime is dawning… Russia was responsible for an [estimated]( 60% of state-sponsored cybercrime detected by Microsoft last year, and now the FBI is [warning]( US banks and businesses to watch out for Russian ransomware attacks. Biden has asked American tech giants like [Google]( and [Microsoft]( to help beef up cybersecurity, but has struggled to boost the national cybersecurity budget since his Build Back Better bill [stalled]( in Congress. BHM America’s boardrooms are getting more diverse, but inequity in hiring pipelines and promotions makes rising through the ranks difficult A seat at the table… Despite a national reckoning on race and equity, corporate America has been slow to diversify its C-suites. The tide’s slowly turning: last [year]( there were a record 20 Black chief financial officers at S&P 500 companies. But there are still only four Black CEOs in the Fortune 500, and more than 90% of the 50 most valuable public companies in the US don't have any black C-suite execs, including [Walmart]( [Costco]( and [T-Mobile](. Self-fulfilling prophecy… Last year, [over]( 400 S&P companies used the words “diversity,” “equity,” or “inclusion” in their annual [filings](. But creating racial equality in the upper ranks of a workforce is about more than quota-filling and good PR. Board members make some of the most critical decisions in any big company. And they’re traditionally responsible for picking their successors, who have been primarily white men. - Bottom up: Last year, Black workers [made]( up 12% of entry-level employees in the private sector, and only 7% of managers. - Singled out: Corporate [hiring]( bias and concerns about being the only employee of color on an all-white leadership team can make it hard for Black candidates to gain the experience needed to advance. THE TAKEAWAY It’s a matter of principle and money… when it comes to fostering diversity in the boardroom. One [study]( found that publicly traded companies with more people of color on their boards saw nearly 2% higher stock returns than those who didn’t. Companies have to invest in a diverse talent pipeline, especially in early career, to break the cycle. Now, historically Black colleges and universities are stepping in: [Morgan Stanley]( has [pledged]( $25M to give HBCU students the opportunity to train and network within the company and gain access into the finance biz. What else we're Snackin' - [Block]( Another mega-merger gets mega-squashed: the Biden admin is suing to block [UnitedHealth’s]( $13B acquisition of health-tech company [Change Healthcare]( citing an unfair data advantage. - [Tap]( Bud parent [AB InBev]( got a sales boost last quarter as drinkers returned to bars and splurged on pricier beers. Rival [Molson Coors]( saw its first sales growth in a decade. - [Charged]( [Nikola]( shares jumped 18% after the electric-truck maker said it planned to deliver hundreds of its battery-powered big rigs this year — though the chip shortage could complicate that. - [r/search]( Reddit is adding a discover tab to its app, joining the likes of social staples such as [Snap]( and Instagram. Redditors can explore curated GIFs and memes based on their interests. - [Beachy]( Zuck is ramping up his metaverse plans by testing an AI system that lets users describe a place they’re thinking of (like: beachside picnic) and have it immediately show up in a virtual world. 🍪 Thanks for Snacking with us! Want to share the Snacks? Invite your friends to sign up [here](. The Snacks Daily Podcast You’ve finished “Squid Game,” “Inventing Anna,” and a platypus docuseries. Now Netflix has something fresh up its sleeve (hint: it involves trivia). [Tune in]( to hear how the Flix is trying to stand out in the streaming wars. Snack Fact Of the Day [Kyiv's subway stations, among the world’s deepest, were completed during the Cold War to double as bomb shelters in the event of enemy attack. Ukrainians are now using them for that very purpose.]( Friday - Earnings expected from Liberty Media and Starwood Property Trust. Authors of this Snacks own: shares of Nikola, Microsoft, Google, Walmart, Netflix and Amazon ID: 2054702 Robinhood Snacks newsletters and podcasts reflect the opinions of only the authors who are associated persons of Robinhood Financial LLC (Member [SIPC]( and do not reflect the views of Robinhood Markets, Inc. or any of its subsidiaries or affiliates. They are for informational purposes only, and are not a recommendation of an investment strategy or to buy or sell any security, digital asset (cryptocurrency, etc) in any account. They are also not research reports and are not intended to serve as the basis for any investment decision. Any third-party information provided therein does not reflect the views of Robinhood Markets, Inc., Robinhood Financial LLC, or any of their subsidiaries or affiliates. All investments involve risk including the loss of principal and past performance does not guarantee future results. [Robinhood Terms and Conditions]( • [Disclosure Library]( • [Our Editorial Principles]( • [Contact Us]( • [FAQ]( [Manage Your Subscription Preferences](