Robinhood is playing the long game with its new credit card...
[Advertisement] March 28, 2024 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [Aura Health]( Good morning. Itâs Opening Day for Major League Baseball, marking the second season a pitch clock has been enforced to speed up the game. In their first year, the clocks were impactful: The average nine-inning game was 24 minutes shorter than in 2022. Multiplying that across the 2,430+ games played during the season, it means more than 40 fewer days of baseball were played in total. With results that impressive, donât be surprised to see pitch clocks added to other areas of society. Letâs get a 10-second timer on people choosing their sides at a restaurant. âMolly Liebergall, Cassandra Cassidy, Matty Merritt, Abby Rubenstein, Neal Freyman MARKETS Nasdaq 16,399.52 +0.51% S&P 5,248.49 +0.86% Dow 39,760.08 +1.22% 10-Year 4.196% -3.8 bps Bitcoin $69,319.63 -0.96% GameStop $13.17 -15.03% *Stock data as of market close, cryptocurrency data as of 4:00am ET. [Here's what these numbers mean.]( - Markets: The S&P 500 closed at another [record high]( yesterday and, along with the Dow, broke a three-day losing streak. But pour one out for the meme stock lovers: GameStop plunged after reporting a drop in sales last quarter and laying off staff. Â PERSONAL FINANCE [Robinhood wants you to sign up for its Gold Card](
[Gold credit card next to gold Robinhood logo]( Robinhood The online brokerage firm that was home to meme stock mania is growing up, and that means getting its own plasticâ¦or, in this case, gold. This week, Robinhood launched its shiny new Gold Card, the latest of the companyâs efforts to [expand]( its financial services offerings beyond its commission-free stock trading app. The no-annual-fee card will only be available to Robinhood users who subscribe to its Gold program, which costs $5/month or $50/year. The cardâs main draw: It offers 3% cashback on all purchasesânot just on certain categories like almost all other credit cardsâplus 5% back on travel booked through Robinhoodâs portal (and no foreign transaction fees). Customers can invest that cash via their Robinhood brokerage accounts, but the credit card will live on a separate app. Robinhood will also give solid 10-karat gold versions of the new credit card to the first 5,000 customers who get 10 friends to sign up for a Gold membership. All about the long game Robinhood doesnât just want to compete with popular rivals like the Chase Sapphire cardsâit wants to become the everything platform for personal finance. âThe goal is for all of our customers to hold all of their assets in Robinhood, and for all of their transactions to go through it,â CEO Vlad Tenev [told]( Bloomberg this week. - Last week, Robinhood became available in the UK, operating outside the US for the first time.
- Robinhood introduced retirement savings last year and does a 3% IRA match for Gold members. As of last month, ~500,000 accounts were open and deposits surpassed $3 billion, according to Tenev. Zoom out: Robinhood [follows]( Apple in releasing a no-fee credit card. As of January, 12+ million people have Apple Cards, which offer 2% cash back on all purchases made with Apple Pay.âML Â Â PRESENTED BY AURA HEALTH [The Forbes 30 Under 30 founders transforming the mental health industry](
[Aura Health]( People scroll on their smartphones; they get depressed. And this contributes to 25% of American adults suffering from some kind of diagnosable medical condition every year. After seeing their mother struggle with depression, brothers and Forbes 30 Under 30 winners Steve and Daniel Lee started Aura, the all-in-one mental wellness marketplace that already has 8m+ users and 100k+ paying monthly subscribers. Aura has already raised $10m+, including [investments from legendary Silicon Valley investors]( Cowboy Ventures and Berkeley SkyDeck, as well as from executives at Spotify, Facebook, Masterclass, and Apple. [Their new investment round]( just opened to fuel internationalization and is filling up fast. Join over 2k people investing in Aura. [Only one day left for 5% bonus shares]( ends on April 29. WORLD [Tour de headlines](#)
[The castle at Disney World]Roberto Machado Noa/Getty Disney and DeSantis squashed their beef. Much like Buzz and Woody, Disney and Florida Governor Ron DeSantis are [setting aside]( their differences and becoming friendsâor at least parties not actively suing each other. The company and the board hand-picked by the governor to run the special district where Disney World sits after Disney spoke out against the stateâs so-called Donât Say Gay law have reached a settlement in their legal battle. The deal wipes out [changes]( to the boardâs power and the companyâs development plans that Disney pushed through just before the new board was seated. Instead, Disney will move forward with an earlier plan to expand the theme park. Amazon ups its investment in AI. In the e-commerce giantâs largest outside investment since its founding, Amazon said yesterday that itâs pouring another $2.75 billion (on top of the $1.25 billion it already invested) [into Anthropic]( maker of ChatGPT competitor Claude. With the race for AI dominance heating up, Anthropic, which also counts Google and Salesforce among its backers, has raked in over $10+ billion in investments over the last year, including the latest one from Amazon, per CNBC. Meanwhile, bankrupt FTX recently reached [a deal]( to sell off its $844 million stake in Anthropic, mostly to a UAE sovereign wealth fund. Former Sen. Joe Lieberman, one-time VP candidate, has died. The centrist four-term senator from Connecticut [died]( yesterday from complications of a fall at age 82. As Al Goreâs running mate in 2000, Lieberman was the first Jewish nominee for vice president from a major party. He mounted an unsuccessful bid for the presidential nomination in 2004, and was defeated in the 2006 Democratic primary for the nomination for his senate seatâbut won the seat in the general election anyway as an independent. After retiring from the Senate in 2013, he helped lead the group No Labels, which has said it intends to field a candidate in the 2024 presidential contest. SPORTS [The NCAA is very worried about prop betting](
[NCAA Menâs Basketball game]( Stacy Revere/Getty Images On the heels of an NBA [investigation]( into allegations of prop betting irregularities involving a Toronto Raptors player, the NCAA has set its sights on preventing similar scandals. NCAA President Charlie Baker issued a statement yesterday calling on states to [prohibit]( prop betting on college sports games, citing concerns about maintaining the [integrity]( of the game and the safety of student-athletes. Prop betting allows bettors to wager on playersâ individual stats rather than on the outcome of games. - Baker has opposed college prop betting since he became NCAA president last year. Heâs said that legal sports gambling is increasing stress on college players.
- Some student-athletes have been harassed by prop bettors for failing to make them money. Prop bets on college sports, which accounted for just 1.4% of total DraftKings wagers last year, are only fully legal in Kansas, Louisiana, Michigan, Wyoming, and Washington, DC. NCAA gambling scandals have already begun: Temple University, Iowa State, and the University of Alabama have all been implicated to varying degrees in betting improprieties within the last year. In other betting newsâ¦the Wall Street Journal reported yesterday that online betting VIP programs are facing [federal scrutiny](   TOGETHER WITH SNOWFLAKE
[Snowflake]( Follow the data . AI has changed a lotâand Snowflakeâs here to break the data down. Uncover the insights in the free report: [Snowflake Data Trends 2024](. It explores key trends, including how 9k+ leading organizations are building toward advanced AI success. [Read the deets](. ECONOMICS [What the father of behavioral economics taught us](
[Daniel Kahneman at speaking event.]( Sean Gallup/Getty Images Daniel Kahneman, the father of behavioral economics, [died]( yesterday at 90 years old. Heâs best known for applying psychology to economics and uncovering biases and mental shortcuts that make people act irrationally, as he chronicled in his best-selling book Thinking, Fast and Slow. Kahneman, along with his long-time collaborator and friend Amos Tversky, developed âprospect theory,â or loss-aversion theory, which earned him the Nobel Prize in Economics in 2002 (which he shared with fellow economist Vernon Smith). The idea is that people value losses and gains differently, so we [feel]( more bad about losing $100 than we feel good about making the same amount. He applied this theory to investors, who had previously been considered rational decision-makers. It shows up elsewhere, tooâfor example, [golfers]( putt better when theyâre facing the loss of a stroke than when they might gain one. A few other biases he identified that are probably buried in your brain (whether or not you learned them in Psych 101): - The âpeak-end ruleâ that people remember an experience primarily based on how they felt at its most intense moment and the final part of it. Itâs why you consider a whole vacation good if the last day was goodâor the opposite.
- The conjunction fallacy where people erroneously think the probability of two things being true is more likely than just one thing, which the famous â[Linda the Bank Teller]( problem illustrates. For further reading: Kahneman and Tversky were the [center]( of Michael Lewisâs 2016 book, The Undoing Project.âMM Â Â GRAB BAG [Key performance indicators](#)
[A baby's bottom in a diaper]Karl Tapales/Getty Images Stat: Japanâs aging population is shifting even its diaper business. Japanese diaper company Oji Holdings recently [announced]( that itâll stop producing for babies domestically and will make adult versions insteadâthough it will continue making products for babiesâ tushes in Malaysia and Indonesia. The decision reflects whatâs been happening in the Japanese market for a while now: In 2011, the nationâs biggest diaper brand, Unicharm, said adult versions had outsold baby ones. And itâs grown more acute since then. Last year, Japan recorded its fewest annual births since the 19th century, and the proportion of its population over age 80 grew to more than 10%, per the BBC. Japanâs growing adult diaper market is estimated at ~$2 billion. Quote: âThis is an unprecedented situation and a big deal. Itâs not a huge change in the Earthâs rotation thatâs going to lead to some catastrophe or anything, but it is something notable.â Feel dizzy? It might be because the Earth is spinning faster than it used to. OK, you canât really feel the change, but to keep our clocks running precisely, we may need to have a ânegative leap secondâ (where clocks will skip a second) in 2029, according to a paper published in Nature yesterday. The geophysicist behind the paperâwho [explained]( to the Associated Press that this is most unusual because to reconcile astronomical and atomic time, we usually add secondsâclaims that climate change has delayed the need for a strange subtraction because the melting of the polar ice caps has [counteracted]( some of the extra rotational speed by slowing Earth down with extra ocean water. Read: An architectâs vision for cities that float on water. ([The New Yorker]( NEWS [What else is brewing](#) - [Sam Bankman-Fried]( will be sentenced today for his role in the collapse of FTX. The government wants him behind bars for 50 years, while his lawyers say six years would be enough.
- [Divers]( found the remains of two of the six people presumed to have died after a cargo ship crashed into Baltimoreâs Francis Scott Key Bridge.
- [An appeals court]( ruled that Texasâs controversial immigration law allowing the state to arrest migrants will stay on hold while it considers the lawâs constitutionality.
- [A federal judge]( ruled that the SECâs lawsuit accusing Coinbase of selling unregistered securities can go to trial, rejecting the crypto exchangeâs bid to get it tossed.
- [Twitchâs most popular streamer]( Ninja (real name: Tyler Blevins), has been diagnosed with skin cancer.
- [New York City]( is poised to levy a $15 toll for driving into parts of Manhattan after the controversial congestion pricing plan was approved by the cityâs transportation board. RECS
[To do list Thursday] Watch: A very special [road race]( has waiters traversing the streets of Paris while carrying trays with a croissant and coffee. Get inspired: A list of verbs for [making art]( by sculptor Richard Serra, who died this week at age 85. Learn: How [jelly beans]( became an Easter candy. Eclipse tips: [This video]( explains how to take the perfect photo of the sky, and hereâs how to watch [without harming your eyes](. Rep the Brew: Itâs warming up, which means itâs time to snag a Brew Smiley tank top. [Get yours here](. Cash + credit: Get up to 3% unlimited Daily Cash on every purchase with Apple Card. Thatâs [real cash]( that never expires or loses value. [Apply for Apple Card]( *A message from our sponsor. GAMES [The puzzle section](#) Brew Mini: If todayâs grid were a Scrabble board, itâd probably rack up a very high score. [See what we mean here](. Three Headlines and a Lie Three of these headlines are real and one is faker than your plans to just iron it at the hotel. Can you spot the odd one out? - Canadaâs maple syrup reserve [hits]( 16-year low
- New bottled water company is [targeting]( people who suffer from IBS
- Shop error [leaves]( Orkney island with more Easter eggs than people
- Lego head mugshots [add]( to Californiaâs debate on policing and privacy FROM THE CREW [The business empires youâve never heard of](
[Looking through glasses at zipper ad at bus stop]( Francis Scialabba You might know that Nestlé makes a ton of the snacks in your pantry or that Johnson & Johnson is all over your medicine cabinet, but lower-profile industry titans lurk behind many of the other products that have become part of our daily lives. If youâve used a zipper, put on glasses, or walked by a bus stop today, youâve probably encountered one. Check out our dive into three brands you might be accidentally loyal to [here](. ANSWER We made up the one about the IBS water. Word of the Day Todayâs Word of the Day is: improprieties, meaning âbehaviors that are dishonest, socially unacceptable, or unsuitable for a particular situation.â Thanks to Brett from San Francisco for the totally appropriate suggestion. Submit another [Word of the Day here](. ⢠A Note From Aura Health This is a paid advertisement for Aura Healthâs Regulation CF offering. Please read the offering circular at [invest.aurahealth.io](. Written by [Neal Freyman]( [Abigail Rubenstein]( [Molly Liebergall]( [Cassandra Cassidy]( and [Matty Merritt]( Was this email forwarded to you? Sign up [here](. [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](.
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