Celebrate Pride by buying a few mushrooms

Plus: Saudi Arabia's oil shock, banking doldrums and more. Bloomberg This is Bloomberg Opinion Today, a utilitarian ski resort of Bloomberg Opinion’s opinions. [Sign up here](. Today’s Agenda - The superpowers of [Pride](. - The struggles of [bankers](. - The strategies of [Saudi Arabia](. - The geopolitics of [Alaska](. Super Queer Shrooms Amanda Little’s column today explains how mushrooms may hold [the secret to solving the climate crisis](. Some fungal networks can store more than 13 million tons of carbon dioxide annually — almost as much as the annual greenhouse gas output of China and the US combined. Pretty badass, right? But that’s not the only superpower that toadstools hold. [Mushrooms are also nonbinary](, or “[super queer](,” in the words of Victoria Munro, the executive director of the Alice Austen House, home to the new [Queer Ecologies Garden Project](. “It sort of challenges the notion that being queer is a choice. If nature is doing it, it’s natural,” Murno told The New York Times. The fact that the humble mushroom can hold a multitude of gender expressions is a helpful reminder going into Pride Month. Being gay is natural. It is not the result of “[grooming](” or some “[woke mind virus](.” And yet in just the first two months of this year, [at least 385 anti-LGBTQ bills]( were introduced at the state level — an average of more than six per day: At a time when their very existence is under threat, queer and transgender employees and customers don’t get much comfort from seeing corporations vomit [rainbows](. They want bona-fide assurances that their safety and protection is a priority — 12 months a year. “When the noise levels rise in June, we must push back and push forward. … For all the parades and boosts to self-esteem, this month is [a reminder of what being out costs]( and what it can deliver,” Howard Chua-Eoan writes. The [Hallmark-ification of Pride]( is often seen as [a double-edged sword](. It’s amazing to see LGBTQ+ spending become “a global consumer phenomenon” that transcends a [month of parades](, Howard writes. But [the vibes of Pride]( feel different this time around: It’s still a celebration, but it’s also an act of defiance. This past weekend, members of the queer community flocked to Orlando to celebrate the unofficial “[Gay Days](” — a rallying cry against the dangerous antics of Florida Governor Ron DeSantis, whose battle with Disney is just one of many culture wars going on this year. Photographer: Joe Raedle/Getty Images North America The first half of 2023 has been marked by an anti-gay political furor that has hit a wide variety of brands, from [Bud Light]( to [Target](. “Picking up a six pack has become [a political statement](,” Allison Schrager writes. Even holier-than-thou [Chick-Fil-A]( is on the receiving end of right-wing vitriol after transphobic boycotters learned it named a vice president for diversity, equity and inclusion. All of these disturbing outbursts expose “a fundamental disagreement about whether transgender and queer people deserve humanity,” Leticia Miranda explains. As anti-LGBTQ protests grow [louder and more violent](, Corporate America would be wise to adopt a new playbook to protect workers and shoppers alike. If the mushrooms can do it, so can humans. Two Visions, No Pro Ugh can someone please tell me how these two sentences were written on the same day? I just … make it make sense: “The S&P 500 Index is heading toward [a bull-market milestone]( after stocks rallied back from last year’s lows.” “Top executives are talking about [tougher times to come]( and that’s why more jobs are set to go.” Okay, sooo which is it? Paul J. Davies says that bankers from New York to Paris are “struggling to get clients to do anything interesting at all.” Global deal volumes haven’t looked this weak since [Taylor Swift]( was on [the Red Tour]( in 2013. I don’t want to think about [how many bugs she’s swallowed]( since then: Even [presidential tease]( Jamie Dimon says he’s too busy worrying about JPMorgan’s abysmal trading levels [to run for office](. But perhaps it’s just bankers who have fallen on rough times. Paul points out that “the chances of a deep recession and sharp rise in unemployment still seem relatively low.” Plus, the S&P 500 has seen a substantial boost from [Nvidia’s ride to overnight AI success](, which Tim Culpan charts: And Nvidia’s not the only company in the spotlight. Just today, [Apple]( announced its heavily anticipated [mixed-reality headset](, which put the company within reach of the [vaunted $3 trillion valuation](. But [the jury is still out]( on [whether]( people are actually going to pay $3,499 for a glorified pair of [ski goggles](. Even if [Tim Cook’s expensive gambit]( ends up fueling a market rally, it doesn’t mean that everything is right under the hood. “The trading bonanza of last year is deflating,” Paul writes, and with it, the hopes of junior bankers [looking for a big bonus]( to buy the Vision Pro headset: Source: Trung Phan via Twitter Telltale Chart Everyone has that one friend who will go MIA in the middle of the party and won’t text you until the next morning. Turns out, she did an Irish goodbye at 9:30 p.m. to go watch The Sopranos in her bathtub. Which: OK, great, love that for you! But please for the love of gabagool, TELL ME YOU ARE LEAVING! MY SANITY REQUIRES A TEXT! Anywho, Prince Abdulaziz bin Salman, a longtime hater of the [solo dolo]( camp, went back on his word by announcing [a unilateral cut in oil output]( — nicknamed the “[Saudi lollipop](” (ew) — without his OPEC+ pals. Javier Blas says the “[high-reward but extremely high-risk strategy](” could push Saudi Arabia’s production down to levels rarely seen in a decade. It “echoes [a pattern that we’ve not seen]( since before the birth of the country’s de facto ruler, Prince Mohammed bin Salman,” David Fickling notes. Saudi Arabia, you [crazy, crazy girl](: Quote of the Day: [Looking for Alaska]( US soldiers train on a ski slope. Photographer: Louie Palu/Agence VU “Climate change is [crumbling the Arctic’s walls of ice](, raising hopes of access to its resources and new sea routes to project power and influence … Which is why I have come to [the Northern Warfare Training Center](, where high strategy hits the ground. With its draglifts, backcountry trails and campsites, it resembles the most utilitarian ski resort you ever saw, albeit with heavily armed patrons. As they practice snowshoeing, hiding out and fighting in one of the world’s most challenging physical environments, the same question recurs: What mission exactly is the Army preparing for?” — Liam Denning, columnist covering energy and commodities Further Reading Any talk of [dethroning the dollar]( is pure fantasy. — Marcus Ashworth [Chris Christie’s campaign]( need not be a useless exercise. — Jonathan Bernstein Elon Musk needs to do the least obvious thing: [Take Twitter public](. — Ed Hammond Rishi Sunak is [getting cozy]( with the wrong crowd. — Martin Ivens Tesla loves doing business with China? We’ve seen [this song and dance]( before. — Niall Ferguson Wait, remind me why [grocery stores have become the villains]( of our age? — Andrea Felsted Does China have [another Evergrande]( on its hands? — Shuli Ren California is a hot mess, and [insurers]( know it. — Mark Gongloff ICYMI The [sonic boom scare](. [Chris Licht]( has a lot of drama. [Migrant planes]( arrive in California. America’s first [religious charter school](. Kickers A [human evolution]( update. Mondays are bad for [heart attacks](. [Jennifer Coolidge and Jeremy Allen White]( will melt your heart. Cheez-It opened up [the pit stop of my dreams](. [A wolverine](’s rare appearance. Notes: Please send Cheez-Its and feedback to Jessica Karl at jkarl9@bloomberg.net. [Sign up here]( and follow us on [Instagram](, [TikTok](, [Twitter]( and [Facebook](. Follow Us You received this message because you are subscribed to Bloomberg's Bloomberg Opinion Today newsletter. 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