Good Morning! 2023’s shaping up to be the year of the Fed playing Wall Street investors. JPow and Co. didn’t raise interest rates yesterday - but they left the door open yet again to further hikes, rattling investors. And Instacart’s IPO lost a little steam yesterday, wiping out almost all of its IPO gains.

Looks like NYC’s return-to-office crackdown is working - on Tuesday subway ridership hit a post-pandemic record of 4.1 million riders. Airbnb’s using AI to crack down on parties, Wall Street’s rental giants can’t find enough houses to buy, and Starbucks is spending billions of dollars just to make faster Frappuccinos.

_{SQUEEZ OF THE DAY}

Elon’s Playing Chess

The Big Three automakers (Ford, GM, and Stellantis) have been gearing up to challenge Tesla in the EV market for quite some time. But the United Auto Workers strike (on its 6th straight day) is derailing that.

Wall Street analysts claim, if the strike lasts longer than a month, it’s going to sabotage GM and Ford’s plans for EV domination by early 2024.

And amidst the Big Three turmoil, Tesla has been dominating this year. The Model Y finally cracked the top 10 list of best selling U.S. cars in January. And by May? It was the world’s best-selling car. 60% of new U.S. EVs sold last quarter were Teslas. And its charging stations have become industry’s standard.

Building EVs requires fewer workers, a big cause of worry for the strikers. But the Big Three is losing billions building EVs, and they don’t want to shell out 40% wage hikes on top of that. And making matters worse for them, Tesla is finally turning a profit.

Takeaway: If there’s one thing Elon Musk hates more than Zuck, it’s gotta be unions. And with Tesla being one of the most vocally anti-union companies in the country, the UAW strike might be giving Tesla the runway it needs to dominate going forward.

Elon 1 - 0 Big Three.

_{CAPITAL PULSE}

Markets Rundown

Stocks closed lower because Fed says it’s not done with rate hikes.

Movers & Shakers

• (+) Steelcase ($SCS) +19% after posting strong Q2 earnings.

• (+) Build-A-Bear Workshop ($BBW) +4% after D.A. Davidson initiated coverage with a Buy.

• (–) Chewy ($CHWY) -5% after a downgrade by Oppenheimer.

Private Dealmaking

• Boston Scientific acquired Relievant Medsystems for $850 million

• Chelsea FC secured a $500 million investment from Ares

• Corti, an AI assistant for healthcare clinicians, raised $60 million 

• JOKR, an instant grocery delivery startup, raised $50 million

• ReCode Therapeutics, a genetic medicines developer, raised $50 million

• Ambient Photonics, a low-light harvesting tech developer, raised $30 million

Get access to private deal flow here.

_{SPONSORED BY ARRIVED}

Myth: Real Estate Is For The Ultra-Wealthy

We all know real estate can be a stellar investment (after all, it has outperformed the S&P 500 for the past 20 years).

But the everyday investor probably doesn’t have the up-front capital, time, or experience to invest in lucrative real estate projects.

Introducing Arrived. Backed by Bezos himself, Arrived lets you invest in real estate properties (like vacation rentals) with just $100 and share in the profits.

Simply browse from properties curated by Arrived’s experts, invest $100 up to $50k, and relax as Arrived handles all the end-to-end management.

Over $2.6 million in dividends has already been paid–invest in real estate today!

_HEADLINES

Top Reads

• Goldman raises oil forecast to $100 (YF)

• You got your MBA - good luck finding a job (BB)

• Apple and Goldman were planning a stock trading feature for iPhones (CNBC)

• DoorDash, GrubHub, UberEats can sue NYC over commission caps (Reuters)

• CVC gears up for potential listing as soon as November (BB)

• Goldman in advanced talks to sell GreenSky (WSJ)

• Daily IPO roller coaster continues (Forbes)

• The economics of $15 salads (WSJ)

• In EV battle, Toyota bets on new technology and old-school thinking (Reuters)

• Bankers scramble to find leaders equipped for today’s economic realities (CNN)

_{BOOK OF THE DAY}

Power And Progress

A thousand years of history and contemporary evidence make one thing clear: progress depends on the choices we make about technology. New ways of organizing production and communication can either serve the narrow interests of an elite or become the foundation for widespread prosperity.

The wealth generated by technological improvements in agriculture during the European Middle Ages was captured by the nobility and used to build grand cathedrals, while peasants remained on the edge of starvation.

The first hundred years of industrialization in England delivered stagnant incomes for working people. And throughout the world today, digital technologies and artificial intelligence undermine jobs and democracy through excessive automation, massive data collection, and intrusive surveillance.

It doesn’t have to be this way. Power and Progress demonstrates the path of technology was once—and may again—be brought under control. Cutting-edge technological advances can become empowering and democratizing tools, but not if all major decisions remain in the hands of a few hubristic tech leaders.

With their bold reinterpretation of economics and history, Daron Acemoglu and Simon Johnson fundamentally change how we see the world, providing the vision needed to redirect innovation so it again benefits most people.

“The bestselling co-author of Why Nations Fail and the bestselling co-author of 13 Bankers deliver a bold reinterpretation of economics and history that will fundamentally change how you see the world.”

_{ENLIGHTENMENT}

Short Squeez Picks

• 22 truths I wish I knew at 22

• 5 books to read if you’re thinking of changing careers

• How to visualize success

• How to cultivate an executive presence

• Is your home office layout sabotaging your productivity?

_{DAILY VISUAL}

Change in Unemployment Rate

Aug ‘22 to Aug ‘23

_{SPONSORED BY MODE MOBILE}

The First Disruption to $martphones Since iPhone 🤳

Flip the script: Turn your phone from a cost to an income source. Intriguing idea, isn't it? Which is why, this week, we have our eyes on the launch of Mode Mobile’s Public Equity Offering. It’s the latest in a series of impressive raises among smartphone innovators, likely spurred by Apple’s recent $3+ trillion valuation.

Mode saw 150x revenue growth from 2019 to 2022, a leap that has made them one of America’s fastest growing companies. Mode is on a mission to disrupt the entire industry with their "EarnPhone," a budget smartphone that’s helped consumers earn and save $150M+ for activities like listening to music, playing games, and ... even charging their devices?!

Early backers are getting up to 60% bonus stock, and in the first month alone, 9,900+ investors acquired shares — leaving only ~10% of the bonus allocation up for grabs.

📈 Claim Exclusive 60% Bonus: $0.08/share

_{DAILY ACUMEN}

An Apple A Day

We've all hummed the tune, "An apple a day keeps the doctor away." But what's the real deal behind this crunchy delight? While apples might not have the X-ray vision properties of carrots, they are loaded with wonders of their own.

Apples are packed with "bioactive substances" — natural chemicals that aren't necessarily nutrients, but they're every bit as important. These little powerhouses work wonders in the body, boosting overall health in subtle yet significant ways.

Beyond just being a source of hydration and fiber, apples are rich in polyphenols, compounds that have been linked to a slew of health benefits, including heart health and possibly even warding off some chronic diseases.

And that peel? It's not just for show. Apple skins are bursting with these polyphenols, so eating your apple whole is like getting the VIP health treatment. While "superfoods" might be hogging the health spotlight, it's "functional foods" like apples that truly deserve a standing ovation.

So, next time you're at the store, don't just grab an apple — celebrate it. It might not be the sole answer to skipping the doctor's office, but it's a delicious and health-packed step in the right direction. 🍎

_{JOB BOARD}

Featured Jobs

• Trustpilot - Financial Analyst - New York, NY

• Angi - Financial Analyst - New York, NY

• Lenox Advisors - Financial Advisor - New York, NY

_{MEME-A-PALOOZA}

Memes of the Day