Jul 16, 2024

It's Tuesday, Cheddar-heads!

After a remarkably full weekend of news, there's plenty more unfolding as the week moves ahead. Markets have continued to process news of the assassination attempt on former President Donald Trump, with bets on a Trump victory increasing, and bitcoin prices surging along with shares in Trump Media and Technology. Goldman Sachs reported a sharp increase in its quarterly profit yesterday. Meanwhile, the Fed Chair, Jerome Powell, had more encouraging words for D.C.'s Economic Club, saying he's more confident that inflation is slowing to his 2 percent target, and setting the stage for a widely expected rate cut, although he declined to say when (hint: It's probably September). We'll continue to monitor the cheddlines for you at Cheddar HQ, and in the meantime here's our top news for you today:

May you live in interesting times, as the proverb goes.

Matt Davis, N2K Chedditor

P.S. Our Instagram will take your arachnophobia to whole new levels.

1. Nobody Wants to See Their Company's Stock Go Up in These Circumstances. But… It Happened.

Trump Media, the umbrella company for the social networking site Truth Social, saw its shares rally by over 30% on Monday after the chilling assassination attempt on former President Donald Trump over the weekend.

Adding to the mix on Monday was news out of Florida where Trump-appointed U.S. District Judge Aileen Cannon dismissed a case concerning Trump's handling of classified documents. Citing constitutional concerns over the appointment of the special prosecutor in charge, the judge granted a defense motion to dismiss. Although the case is likely to go to appeal, it does at least temporarily remove a significant legal threat to the former president as he leads polling in his campaign to regain the White House in November. He also announced Ohio Senator J.D. Vance as his running mate at the Republican National Convention.

Like its majority owner, the ticker symbol DJT has been synonymous with unpredictability in the stock market since its initial offering in late March, echoing too the erratic nature of the 2024 election campaign. It's gone as high as $61 this year and as low as $17. The company also reported a loss of $300 million in its first public earnings report. Who knows, frankly, what might happen next? We'll be here for it. Read More

2. It's Prime Day: Time to Give Amazon [checks notes] $13 Billion?!?

So, yes. It's Prime Day today, Amazon's annual savings extravaganza. And that is exciting because you can save big on a rice cooker or a fridge or whatever and this is America! Let's spend billions of dollars on consumer goods in what would otherwise be the slow summer season, because somebody marketed the idea to us by discounting things!

Since its inception in 2015, Prime Day has evolved into a mega mid-year sales event, not only for Amazon but also for the retail industry at large, sparking a competitive landscape of discounts and promotions. This year, as Amazon primes itself (sorrynotsorry) for the 10th Prime Day held today and tomorrow (it's two days, not one, because two is a prime number, whereas one is not?!), Amazon continues to underscore the exclusivity of the event to Prime members, who enjoy benefits like free shipping for a monthly fee of $14.99, or an annual charge of $139. Other retailers, including Walmart, Target, Kohl's, and even newcomers like TikTok Shop and Temu, are stepping up their game with counter-sales, aiming to attract those drawn by Amazon's tempting deals.

Market analysts project Amazon's global Prime Day sales reached $12.5 billion in 2023, and are predicting a 7% increase for this year.

However, the real question remains: Are these touted discounts genuine bargains or a clever marketing sleight of hand? Critics and analysts debate the value of Prime Day offers, especially in a market increasingly influenced by competitors like Shein and Temu, known for their aggressively low pricing.

While the allure of significant discounts is strong, savvy consumers are advised to shop mindfully. Experts suggest making a list to avoid impulsive purchases and recognizing the real cost of buying on credit especially if carrying a balance. Because they hate us.

Repeat after me: "I need a new fridge and I need it now. I'll put it on credit because it makes me feel alive to do so." Attaboy. Read More

From @cheddar

Taking arachnophobia to a whole new level. 🕷️🤖

The BionicWheelBot: A robot inspired by the Moroccan flic-flac spider that combines the agility of a spider's movements with the ability to transform and roll.

With its eight legs and 15 small motors, the robot can walk, roll, and even perform somersaults. Using automatic-locking worm gear units for energy conservation, the BionicWheelBot can overcome uphill inclines and maintain its position and speed with the help of an inertial sensor.

Follow @cheddar on Instagram!

3. Fed More Confident Inflation Slowing to Target 2%

Federal Reserve Chair Jerome Powell has conveyed a more optimistic stance on inflation, indicating a trend toward the central bank's 2% target rate. Powell referenced three recent "better readings" on inflation that contribute to a stronger belief in a sustainable slowdown.

While Powell refrained from specifying the timing of potential interest rate cuts, expectations are mounting among economists and investors for a reduction in the Fed's key rate, possibly in September. Futures markets are predicting further rate cuts later in the year. Rate cuts, generally seen as a stimulus, would lower borrowing costs for consumers on mortgages, auto loans, and credit cards over time. In other words, it could soon be even cheaper to buy that fridge we've been ever-so-subtly mentioning. Read More

You Need 2 Know About This Box!

Meet the Sunset Box, a quarterly subscription service sending home, wellness, and travel goodies straight to your doorstep, curated by editors at mag Sunset, the Western-lifestyle magazine that just so happens to be a sister company of ours.

Since you clearly have good taste (you're an N2K subscriber, after all), we think you'll love this box. Use code CHEDDAR15 for 15% off your subscription.

Gimme the Box!

Note: Sadly does not contain any cheese.

4. OpenAI Whistleblowers Ask SEC to Investigate Company's NDAs

Whistleblowers from OpenAI have reached out to the Securities and Exchange Commission, urging an inquiry into the company's non-disclosure agreements. The crux of the issue centers on allegations that these NDAs may illegally hinder employees or investors from voicing concerns about AI technology's potential risks, specifically those related to OpenAI's flagship, ChatGPT.

The whistleblowers, electing to remain anonymous, confidential, and employed, filed a formal complaint with the SEC, asking it to enforce its regulations against NDAs that potentially suppress whistleblowing and reporting to regulatory bodies.

Senator Chuck Grassley's office shared the letter with media. Grassley, who represents Iowa and is known for his extensive work on whistleblower protection laws, emphasized the detrimental impact of OpenAI's NDAs as he did so, in a move which could have broader implications for the tech industry's use of NDAs, potentially setting a precedent for how risks related to AI are managed and disclosed. Read More

5. Celebrities and Influencers Are Getting $2,000 Whole-Body MRIs. Should You?

Knowledge is power, they say. And a new era of medical curiosity has dawned, led by the glitterati. For a cool $2,000, pioneers in wellness tech offer a voyage to the inner workings of your body. High-profile endorsements from the likes of Kim Kardashian have spotlighted companies like Prenuvo, promising a crystal ball into your health with their whole-body MRI scans. Better yet, you can really go in-depth and check out your booty from many different angles and perspectives with one of these things (see "Kim Kardashian", earlier).

Still. Behind the allure and the high-tech promise lies a heated debate: Is this the revolutionary preventive tool we've all been waiting for, or an expensive dive down a rabbit hole of unnecessary anxiety and procedures? The medical community stands divided, with experts warning of the psychological and financial toll of chasing shadows. Are these scans a key to longevity or a Pandora's Box best left closed? Most important, how does my butt look?

And that's the highly appropriate question I will close our newsletter with here today. Speaking of NDAs, you signed one before reading Need2Know, right? Read More