Hey Snackers,
The number of chicken wings consumed on Super Bowl Sunday is expected to hit a record 1.4B, according to the National Chicken Council. And Wingstop stock is popping (say it 5X fast).
Stocks hit record highs yesterday as weekly jobless claims fell.
iPhone on wheels... but you prob won't need the AUX cord. The iCar has been rumored since 2015. Just like with the rest of its products, Apple isn't building/assembling it itself. Now we finally know who the manufacturer might be (spoiler: not Tesla).
2 Fast 2 Furious... Apple's first car attempt, "Project Titan," began in 2014 and crashed in 2019. So why is the Fruit trying again? To put it in marketing terms: the TAM is huge. Total addressable market = the total amount of money companies could make selling a specific product/service.
Apple’s not a first mover. It’s a second shaker... Apple's working on a fully autonomous EV... but a bunch of other companies will probably get there first (Google's Waymo, GM's Cruise, and Tesla's Tesla are well on their way). But Apple cares more about being the best than being the first. BlackBerry came before iPhone, but iPhone won. Fitbit came before Apple Watch, but Apple Watch won. Bragi made the first truly wireless earbuds, but AirPods won. And Tesla came before Apple Car... but Apple doesn't care.
Mind the gap... 2020 highlighted inequality in America, including one key element: the racial wealth gap. A legacy of slavery and discrimination contributes to the massive gap in generational wealth-building. Segregation affected educational and job opportunities for Black Americans. Redlining, a discriminatory practice that discouraged providing loans in areas with large Black communities, stunted Black home ownership. We’re still seeing the effects of those policies today:
Closing the gap... is good not only for society, but also for the American economy: Citi found that if these financial gaps are closed today, $5T would be added to the economy over the next five years. From 2016 to 2019, median wealth for Black Americans grew 33%, compared to 3% for white households. But there’s still much left to be done.
Since 2020... more companies have started to help, through everything from diversity hiring efforts to educational grants and donations. But many of these corporate initiatives aren’t cash giveaways: they’re loans and investments.
Equal access to capital is key... to narrowing the wealth gap. Homeownership has been one of the greatest contributors to wealth creation for families: the average homeowner in 2019 had a household wealth of $255K, compared to the typical renter, with ~$6K. But Black individuals and communities have traditionally been the most likely to be denied access to capital — and Black families are still much more likely to be denied mortgages. That's why lending to and investing in Black communities is crucial to closing the gap today.
Authors of this Snacks own shares of: Apple and Snap
ID: 1512994