The great chip scare Victor Dyomin/Moment via Getty Images
A Bosnian man built his wife a “rotating house” so that she could simply spin away when unwanted visitors dropped by — and they say chivalry is dead.
Stocks rallied today, with the market-tracking S&P 500 index notching its best daily gains since March. Investors were heartened by expectation-topping corporate earnings, as big banks like Citi and Morgan Stanley reported profit growth.
Scratch the mango e-juice... For the first time, the FDA has authorized an e-cigarette to stay on the US market. Refresher: Juul, Puff, and others still don't have the green light. The FDA authorized three Vuse vaping products from Camel-maker R.J. Reynolds, one of the world's largest cigarette companies. Unlike competitors, this vape is far from “cute”:
First Vuse... The landmark decision means the FDA thinks some vapes could offer more benefits than risks — keyword: “some." The FDA rejected 10 other flavored Vuse products, which are popular with teens. As global tobacco use falls, smokers are trading paper for puffable nicotine tech. The e-cig market was worth $14B last year, and is expected to hit $22.5B by 2026. So far the FDA hasn't been sipping the e-juice.
Vice companies can’t have it all... Companies in industries like tobacco, alcohol, drugs, and weapons face unique risks. Case in point: Tobacco giant Altria, which bought a 35% stake in Juul, has been dealing with a torrent of litigation as regulators blamed Juul's marketing and Jamba Juice-inspired flavors for a teen-vaping epidemic — and Altria has lost billions. Juul and Puff rose to popularity thanks to their branding, but they may have to be more conservative like Vuse if they want to survive.
Say “supply shortage” again… Three major global problems have dominated headlines and weighed on markets. First, supply-chain snarls are straining everything from USPS delivery to Grape Nuts availability. Second, a chip shortage is slowing production of GM trucks, gaming consoles, and lots more. Third, a surge in ransomware cyberattacks has disrupted a large variety of organizations, including beef suppliers and big governments. Meanwhile, the IMF lowered its forecast for 2021 global economic growth this week. To get things on track, President Biden and other leaders are getting involved.
ETA on that rice cooker: 97 days… Corporations don’t necessarily have financial incentives to help solve global operations and security problems. So Biden’s encouraging them to address the far-reaching threats. Some examples:
It’s a pandemic “prisoner’s dilemma”… When facing huge shared costs, individual companies often wait for someone else to pay first. But if no one pays, everyone loses — so governments sometimes get involved to spur action. Exhibit A: climate change. Without fines or rewards, companies have little financial incentive to curb pollution. Biden’s hoping that big bucks and hefty fines convince companies to tackle global economic threats together.
50M people are making money in the Creator Economy, but Airbnb’s CEO thinks the “Host Economy” will be even bigger.
Tune in to hear why his vision is way bigger than Airbnb.
Authors of this Snacks own Bitcoin and shares of Spotify, Delta, Chase, and GM