…and TikTok Shop comes in hot
| Blockchain ballot (Carlin Stiehl/Getty Images) | |
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Last Week's Market Moves | | Dow Jones
38,589 (-0.54%) | S&P 500
5,432 (+1.58%) | Nasdaq
17,689 (+3.24%) | Bitcoin
$66,098 (-7.00%) |
| Dow Jones
38,589 (-0.54%) | S&P 500
5,432 (+1.58%) | Nasdaq
17,689 (+3.24%) | Bitcoin
$66,098 (-7.00%) |
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Hey Snackers, Uno reverse card: a photographer just won an AI-image contest by submitting a real photo (he was later disqualified). It's a reversal of last year, when an AI-generated image won an award for real photographs. US stocks were muted on Friday after rallying to record highs earlier in the week. Investors were relieved after inflation data came in cooler than expected, though the Fed projected just one rate cut this year. Meantime, news of an upcoming French snap election rattled global markets. 🍿 Pop quiz: Take our Snacks Seven quiz to test your knowledge of last week's biz news. Here's a sample: | |
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Trump calls for "made in the USA" bitcoin as crypto enters the election chat | It's a (political) party in the USA… and crypto's in the DJ booth. As the US presidential race heats up ahead of next week's debate, crypto has for the first time taken a prominent place in the election convo. Last week, former President Donald Trump called for "all the remaining bitcoin to be made in the USA." Trump made the statement on the day he met with execs from bitcoin mining companies Riot Platforms and CleanSpark. It's a shift from his 2021 statement that bitcoin seemed "like a scam." Canvassing the blockchain… Trump has embraced crypto, both as a fundraising tool and as a constituency. Last month, his campaign said it would accept crypto donations and Trump aligned himself with digital currencies, saying "if you are in favor of crypto, you better vote for Trump." The Chamber of Digital Commerce, an industry advocacy group, has spoken positively about Trump's coin-friendly shift. President Biden, meanwhile, hasn't made many crypto friends: BTCrackdown: Biden nominated SEC Chair Gary Gensler, who has overseen a surge in crypto enforcement actions — up 53% last year from 2022. Crypt-no: Biden last month vetoed a bipartisan bill that could've made it easier for banks to custody customers' crypto. 2nd thought: Last week, the Biden campaign was said to be considering accepting crypto donations through Coinbase Commerce, the crypto payments service that Trump's campaign is using.
|  | THE TAKEAWAY |
| Crypto's up for grabs… and it's more than just blockchains and coins. It's also a community of developers, investors, and "degens." And just like with any other constituency, politicians are starting to court the crypto community. This month, crypto-advocacy org Stand With Crypto said its members topped 1M and it was reported that pro-crypto PACs had raised $161M to spend on this year's US elections. As of last year, 7% of US adults said they used crypto. That constituency could translate to real #s at the polls. Read this online | |
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| | ✅ This AI Startup Could Reshape the Future of Marketing and Strategic Buyouts | Dubbed "game-changing AI tech" in the content industry, RAD AI is in the final days of their current funding round. The product… RAD AI taps data-driven marketing and insights for ROI-focused brands. Hasbro and Skechers have already seen up to 3.5X ROI with RAD AI. The investor advantage… 💨 Traction: $27M secured from 7,500+ investors, including VCs and executives from Google, Amazon and Meta. 🌱 Growth: Booked revenue has doubled from 2023-24 with their award-winning tech that can put clients ahead of the competition — and now, RAD is embarking on their next phase of growth. 🛒 Acquisitions: RAD's AI buyout strategy aims to create more investor value through the power of strategic AI buyouts, targeting small-to-medium-sized marketing agencies that need differentiation. Interested? RAD's current round is open to accredited investors. Click here to get in on the AI startup that's changing the game. Learn more now, this round closes on June 20th.* |
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| Mobile gaming is ForReal… "Unfiltered" social app BeReal was bought for ~$540M last week by mobile-gaming company Voodoo. The "Helix Jump" publisher said it planned to introduce ads on BeReal ASAP. Mobile-game cos are starting to use their beefy revenue (the industry hit $90B last year) to diversify. That may be why their ads (considered by some to be weird and bad) are so relentless. Microsoft, which bought "Candy Crush" parent Activision Blizzard, will launch its own mobile-game store next month, hoping to crack Apple's and Google's app store duopoly. #GetReadyWithMe… and buy the 20 beauty products I used to do it. Less than a year after its launch, TikTok's in-app store is the US's ninth-largest online beauty and wellness retailer and the UK's second biggest. TikTok Shop lets brands and influencers sell products in the app, allowing them to link items in videos or list goods in a dedicated tab. Beauty brand Tarte called out Shop as a sales driver, saying it's "the first significant social commerce that we've seen in the US." Despite the possibility of a US Tik-ban, brands are investing heavily in the app. | |
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| Glamping problems… Thursday is the first day of summer, but #VanLife vacays may be over. RV icon Winnebago thrived during the pandemic as Americans social-distanced while rolling through the heartland (work from Winnebago?). But now that air travel's returned with a vengeance, RVs may be losing traction. In March, Winnebago reported sagging quarterly sales, and this month Airstream maker Thor unloaded lower revenues. But Winnebago, which reports Thursday, forecast that revenue will increase this year (FYI: RV sales are seen as a leading economic indicator). Knock knock… US homebuilding big shots KB Home and Lennar drop earnings this week. Both topped quarterly earnings estimates in March, fueled by demand for new cribs (housing supply = low). Lennar's new-home orders jumped 28% in the quarter, while KB Home's net orders soared 55%. But higher mortgage rates have pushed both companies to cut home prices to get buyers off the sideline. Last month US homebuilder sentiment fell for the first time in six months as builders had to sweeten incentives. Price cuts could make it tough to nail down strong profit growth. | |
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Sponsored by Rocket Mortgage | | |
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What else we're Snackin' | A/C: 200M+ Americans are expected to face their first heat wave of the year this week, kicking off what could be one of the hottest summers ever. Cooling costs are projected to hit the highest level in a decade. BigThree: Big tech's AI-fueled rally has added $3.8T to the sector's market cap this year. Nvidia, Microsoft, and Apple combined are now worth more than the entire Chinese stock market (excluding Hong Kong). Chart: May's consumer inflation was the softest in nearly two years, but prices are heating up in some categories. Car insurance is up 20% YoY, and tickets to sporting events are up 22%.
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Snack Fact Of the Day | Until 2018, there were no public companies worth $3T — now there are three | | |
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This Week | Monday: Take Your Cat to Work Day. Earnings expected from La-Z-Boy Tuesday: Earnings expected from KB Home and Lennar Wednesday: Juneteenth. US markets are closed. Thursday: Summer solstice for Northern Hemisphere. World Refugee Day. Earnings expected from Aurora Cannabis, Accenture, Kroger, Darden Restaurants, Jabil, and Winnebago Friday: Existing-home sales. Take Your Dog to Work Day. International Day of Yoga. Earnings expected from CarMax and FactSet
Authors of this Snacks own bitcoin and shares of: Alphabet, Apple, Microsoft, Nvidia, and Riot Platforms Advertiser's disclosures: *INVESTMENTS IN PRIVATE PLACEMENTS ARE SPECULATIVE, POSSESS A HIGH LEVEL OF RISK, ARE HIGHLY ILLIQUID, AND THOSE INVESTORS WHO CANNOT HOLD AN INVESTMENT FOR AN INDEFINITE TERM SHOULD NOT INVEST. NO ASSURANCE CAN BE GIVEN THAT INVESTORS WILL RECEIVE A RETURN OF THEIR CAPITAL. PLEASE CAREFULLY REVIEW THE TERMS OF THIS OFFERING, INCLUDING FEES, RISKS, AND INVESTMENT DETAILS BEFORE INVESTING. | |
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Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... See more | |
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