🍋 The Texting Wars

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Good Morning! Yesterday was an exciting one for tech stocks. Nvidia (briefly) joined the trillion-dollar club, and we found out Tesla’s Model Y was America’s best-selling car last quarter. And it looks like Americans aren’t too worried about a recession with consumer spending hitting an all-time high last month. But more tough news for Goldman bankers - the firm announced its 3rd round of layoffs this year.

If you are interested in getting in front of a smart, young audience of business leaders, bankers, investment professionals, policy influencers of over 500,000 people, then fill out this form, we’ll be in touch.

1. Story of the Day: The Texting Wars

You might not take Snapchat seriously. But turns out the company doesn’t care. They think they can take on Apple in a tug-of-war for Gen-Z’s texts.

According to a new study, most current high-school and college students prefer texting friends on Snapchat over iMessage. Some say they really only use iMessage when they need to fire off an urgent text, or get in touch with older family members.

And Snapchat doesn’t just seem to be the premier texting platform for younger generations. The company is fighting to keep their attention into their 20s and 30s. The company even debuted its own AI chatbot a few months ago and wants to be their premier search platform too.

And while Snapchat has faded in popularity for some postgrads, the platform is still surprisingly growing. Snapchat boasted 750 million active users last month, up from 600 million a year ago.

But can Snapchat remain the dominant way Gen-Z texts when they enter their 20s and 30s?

Takeaway: Teens are Apple and Snapchat’s most important customers. Both companies are hoping to successfully capture Gen-Z’s attention now, hoping it pays off when they start making money. But Snapchat struggles to shake its reputation as catering to teens/tweens. Snapchat’s success ultimately hinges on its audience using it when they age.

2. Markets Rundown

Stocks closed higher after more positive earnings data.

Movers & Shakers

• (+) C3.ai ($AI) +33% after an AI rally sparked by Nvidia news.

• (+) Coinbase ($COIN) +7% after an upgrade by Atlantic Equities.

• (+) Tesla ($TSLA) +4% because Elon Musk is visiting China.

Private Dealmaking

• Asda, a British supermarket group, bought convenience retailer EG Group’s British business for $2.8 billion

• Apollo bought United Living, an affordable housing provider, for $322 million

• Carmot Therapeutics, a metabolic disease drug developer, raised $160 million

• Carrum Health, an employer payment platform for healthcare, raised $45 million

• Vectara, a conversational search startup, raised $28.5 million

• OpenFin, an enterprise operating software, raised $35 million

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3. Top Reads

• The small business squeeze (Axios)

• HSBC to rename the British arm of SVB next month (Reuters)

• The underlying problem with the debt ceiling (Axios)

• Everyone is a programmer with generative AI (CNBC)

• Top AI CEOs weigh risk of extinction (YF)

• Scapegoating the short sellers (WSJ)

• How crypto is dealing with the debt ceiling turmoil (CNN)

• Tesla’s cybertruck could be as mainstream as Model Y (YF)

• SEC queries private equity firms that pulled cash as SVB failed (BB)

• Home-price declines may be over (CNBC)

4. Book of the Day: Black Market

For Merl Code, basketball was life.

In college he played point guard for Clemson before turning pro.

Later, when he pivoted to marketing, he found himself thrust into a startling world of profit-driven college basketball programs.

He realized that the NCAA's amateurism rules could be used to exploit young athletes, and athletes of color in particular.

Now, for the first time, Code will share his side of the explosive story of college basketball's dark reality—a system that begins with young talent in AAU programs and culminates at the highest levels of the NBA.

Propulsive, urgent, and eye-opening, Black Market exposes the truth to offer a more just way forward for both colleges and athletes.

“A "riveting" insider's account into the business of college basketball exposes the corrupt and racist systems that exploit young athletes and offers a new way forward.”

5. Short Squeez Picks

• Bed rotting is the newest hot self-care trend for lazy Gen-Zers

• Why don’t rich people use phone cases?

• 5 rituals to keep you happy all the time

• How exercise improves work performance

• 5 ways to improve your ability to get things done

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6. Daily Visual: Nvidia Briefly Joins Trillionaire Club

Market cap

_{Source: Axios}

7. Daily Acumen

Success is not solely defined by reaching the destination; it's about embracing the journey with all its ups and downs.

Find joy in each step you take, learn from the challenges you encounter, and celebrate the progress you make along the way.

Remember, it's the experiences, lessons, and personal growth you gain that truly enrich your life and contribute to your ultimate success and fulfillment.

8. Memes of the Day

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