☕ Total blackout

The Great North American Eclipse is finally here... April 08, 2024 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [Masterworks]( Good morning. Almost one year ago, a 26-year-old British man who goes by the nickname, the “Hardest Geezer,” began jogging from the southernmost point of Africa with the goal of becoming the first person to run the entire length of the continent. Yesterday, [he did it](. Russ Cook (his real name) reached the northernmost point of Africa, in Tunisia, cheered on by the fans he picked up while posting about his 9,941-mile journey on social media. In 352 days, Cook ran the equivalent of 376 marathons and only went missing in the jungle of the Democratic Republic of the Congo once. He’ll also have the most epic response to a future job interviewer who asks about the gap in his resume. —Neal Freyman, Dave Lozo MARKETS: YEAR-TO-DATE Nasdaq 16,248.52 +10.04% S&P 5,204.34 +9.73% Dow 38,904.04 +3.15% 10-Year 4.378% +43.2 bps Bitcoin $69,054.92 +63.38% Oil $86.73 +23.23% *Stock data as of market close, cryptocurrency data as of 10:00pm ET. [Here's what these numbers mean.]( - Markets: Having weathered one earthquake just fine, Wall Street returns to action today facing another tremor: the prospect of no rate cuts in 2024. Last week, several Fed officials said they were in [no rush]( to slash interest rates, which investors have been banking on this year. Meanwhile, oil prices have risen to five-month highs due to concerns about supply shocks in key areas around the world.  EVENTS [Business is looking up for today’s solar eclipse]( [Eclipse map by NASA]( The sun is about to act like your college roommate freshman year—it’s getting totally blacked out on a Monday afternoon. A total solar eclipse will be visible across North America today, an event that won’t take place in the US again until 2044. The path of totality will cut through Middle America like a country music tour bus, allowing 30+ million people from Texas to Maine to see the sun, moon, and Earth align perfectly in the [early afternoon](. Bigger than the Super Bowl and Taylor Swift Americans are treating the eclipse like the YOLO moment it is and spending big: It’s projected to deliver a [$6 billion infusion]( to the US economy—not far off the combined impact of Taylor Swift’s Eras Tour ($5.7 billion) and the 2023 Super Bowl ($1.3 billion). Millions are making a vacation out of it, shelling out for flights, hotels, and tickets to viewing parties along the path of totality. And cities big and small are at full capacity. - Indianapolis is preparing for 500,000 visitors—more than 7x the attendance of the Super Bowl it hosted in 2012. - Niagara Falls expects to host [up to 1 million people]( for the eclipse. It typically gets 14 million visitors…throughout the entire year. Brands are also cashing in: Companies are rolling out [eclipse-themed promotions]( such as Delta’s [two flights]( that track the path of totality. Scientists are amped The people most excited about the eclipse are scientists, who for centuries have conducted experiments that can only be done in syzygy. While the moon is blacking out the sun for several minutes, they’ll be scrambling to gather data about the solar system and also observe how [animals behave]( when day suddenly turns to night. Did you know that [helium was discovered]( during the 1868 eclipse? Enjoy it while you can. With the moon moving away from Earth at a rate of 1.5 inches per year, total eclipses will eventually become a thing of the past in [about 600 million years]( according to Johns Hopkins professor Sabine Stanley. And finally, the [all-important cloud forecast]( WORLD [Tour de headlines](#) [South Carolina celebrating their national title]C. Morgan Engel/NCAA Photos via Getty Images South Carolina is perfect, no notes. The dominant University of South Carolina’s women’s basketball team capped off a [38–0 perfect season]( with a win over Iowa in the national championship game. Iowa’s loss brings an end to Caitlin Clark’s astonishing college career; she leaves Iowa City for the WNBA as the NCAA’s all-time leading scorer. All eyes will be on the TV ratings for the women’s title game and how they compare to the men’s game tonight between heavyweights UConn and Purdue. Iowa vs. UConn in the women’s Final Four was the most-watched basketball game on ESPN—collegiate or pro—ever. The weekend in geopolitics. As the war enters its seventh month, Israel pulled some troops from southern Gaza, and [negotiations]( for a cease-fire-for-hostages deal resumed in Cairo. In Rwanda, [former President Bill Clinton]( and world leaders joined the East African country to mark 30 years since the genocide in which government-backed extremists killed an estimated 800,000 people. And Ecuador is facing [widespread backlash]( after police raided the Mexican Embassy in Quito on Friday, prompting Mexico to sever diplomatic ties with Ecuador. A Southwest flight returned to Denver after losing an engine cover. The FAA is investigating an incident on Sunday in which a Southwest Boeing 737-800 had to [return]( to Denver immediately after takeoff when an engine cover (called a cowling) fell off and hit a wing flap. The mishap comes several days after Boeing’s board said that outgoing CEO Dave Calhoun [took home]( $32.8 million in 2023 (mostly in stock awards), a 45% increase over the $22.6 million he made in 2022. It could have been even more, but Calhoun declined to accept a $2.8 million annual bonus for 2023 after a door panel on a 737 Max 9 fell off mid-flight in January. PRESENTED BY MASTERWORKS [The art investment platform with 21 profitable exits]( [Masterworks]( How has the art investing platform Masterworks been able to realize an individual profit for investors with each of its 21 exits to date? Here’s an example: An exited Banksy was offered to investors at $1.039 million. With Banksy’s market ascension partly responsible, Masterworks received an offer of $1.5 million from a private collector, resulting in a [32% net annualized return]( for investors in the offering. Every offering is unique and should be treated differently—but overall, Masterworks pieces held longer than one year have delivered median [returns of 13.9%, 14.6%, and 17.8%](. How can you get involved in Masterworks' next securitized art offering? Just use this [exclusive link to unlock VIP access](. TECH [AI companies are running out of training data]( [Coyote looking through binoculars]( Tunes/Warner Bros. via Giphy In 1974, Shel Silverstein found where the sidewalk ends. In 2024, tech companies found where the internet ends. In their frantic hunt for data to train powerful AI systems, tech giants like OpenAI have harvested almost every last bit of web content available. And they warn that high-quality data (Wikipedia entries, scientific papers, etc.) could completely [run out]( in the next two years, the WSJ reported. To avoid a huge drag on their growth plans, tech firms are getting creative in finding [new sources of data]( for AI training—methods that can fall into a legal gray area, the NYT reported. - OpenAI allegedly developed a tool that transcribes audio from YouTube videos, opening up a new source of data that may violate the copyrights of those videos. - Strangely, YouTube’s parent company, Google, didn’t raise a stink about that. Why? Because Google is also transcribing YouTube videos to feed its own AI models, and it might want to keep that on the DL, per the NYT. The internet is so tapped out of quality data for these AI companies that Meta reportedly discussed buying publisher Simon & Schuster for the information contained in its books. It’s getting weird out there. With limited human-created content left to scrape, some companies have reportedly begun developing “synthetic” information: Yes, that means using AI to create content that will be used to…train the same AI.—NF CALENDAR [The week ahead](#) [Flowers at the Masters ]Charles Laberge/Augusta National via Getty Images A tradition unlike any other: The Masters tees off on Thursday with Tiger Woods returning to Augusta and reportedly preparing in a [unique]( way. Since it’s a major tournament, PGA Tour and LIV golfers will share the same course for the first time since the British Open last July. While there’s been lots of talk of a deal to bring the rival leagues together, nothing has [materialized yet](. Jon Rahm, who defected to LIV in December, will defend his title. Investors have their hands full: Wall Street is preparing for a [crammed week]( with crucial inflation data dropping on Wednesday and big banks (JPMorgan, Wells Fargo, Citigroup) inaugurating earnings season on Friday. The pressure is on companies to post beefy profits to back up their strong stock performance in Q1. Coachella kicks off music festival season: Microinfluencers will head to the California desert this upcoming weekend for Coachella, which is being headlined by Lana Del Rey, Doja Cat, No Doubt, and Tyler, the Creator. Demand for Coachella tickets [appears to be muted]( this year, while the country music festival Stagecoach (held on the same grounds in a few weeks) is seeing booming interest. Everything else… - Ramadan will end this week with Eid al-Fitr, a three-day festival that breaks the fast. - It’s National Grilled Cheese Sandwich Day on Friday. Missed opportunity to not have it coincide with National Tomato Soup Day. - The final day of the NBA regular season is Sunday. FROM THE CREW [The Crew]( The perfect balance does exist. Today’s employers are caught in a balancing act between employee flexibility vs. meticulous compliance, empathy vs. efficiency, and worker expectations vs. budget realities. It’s a fine line and trickier than most to walk. So, how do we move forward? [Join Dayforce’s panel of HR experts]( as they discuss tips for building trust, inspiring loyalty, and driving higher performance in your org. GRAB BAG [Key performance indicators](#) ["Open 24 hours" sign]Tim Boyle/Getty Images Stat: It’s 3am and you’re craving a tuna melt, but all-night diners don’t exist like they did before the pandemic. The number of restaurants that stay open 24 hours [dropped 18%]( from 2020 to 2024, with Los Angeles experiencing an outsized 35% plunge, per data from Yelp. The rising cost of doing business has been the primary factor in the decline of late-night options: Food costs are up 25%, while labor costs in the industry are up 29%, according to the Bureau of Labor Statistics. The only restaurant that seems impervious to this trend is the indomitable Waffle House, whose locations are all open 24 hours. Quote: “I’m a bit tired.” Russ Cook [understated]( the obvious after completing his record-setting run across Africa. The Brit, who has discussed his mental health struggles and how running has helped him, has raised hundreds of thousands of dollars for [The Running Charity]( which supports the mental health of young people with complex needs or who are experiencing homelessness, and [Sandblast]( which raises awareness about the Indigenous Saharawis of Western Sahara. Cook said he will cap his yearlong adventure with a well-earned celebration at a hotel in Bizerte, Tunisia, featuring the UK punk band Soft Play. Read: time to start typing like a grownup. ([Wall Street Journal]( NEWS [What else is brewing](#) - [A Powerball player]( in Oregon won the ~$1.3 billion jackpot on Saturday, the eighth-largest prize in US lottery history. - [Donald Trump’s campaign]( brought in more than $50 million in a fundraiser in Palm Beach, nearly twice as much as the $26 million Biden brought in at his Radio City Music Hall extravaganza last month. Biden still has a huge financial lead overall. - [Apple]( is allowing retro game emulators on the App Store in a concession to antitrust regulators. - [The comic book]( featuring Superman’s first-ever appearance became the most expensive comic edition ever, selling for $6 million. RECS [Monday to-do list image] Track: Follow the eclipse along its path of totality with [this map]( or [this map](. DIY glasses: If you’re scrambling to find eclipse glasses, make a [safe viewing portal]( yourself. Thought experiment: Will everyone in Japan have the [same last name]( by 2531? Productivity tip: 15 methods to [get control]( over your time. Live from NY: Join finance leaders at a CFO Brew event to discuss AI, strategy, and operations and ensure your financial strategy is future-proof. [Learn more here](. Gourmet every day: CookUnity is the [first-ever foodie marketplace]( that connects you to top-notch chefs around the country. Meals arrive crafted + ready to reheat. [Get an exclusive 50% off your first week]( *A message from our sponsor. GAMES [The puzzle section](#) Turntable: Today’s Turntable might generate some aftershocks (hint hint). [Play the word game here](. Eclipse trivia Every planet in the solar system experiences some kind of eclipse…except two. Can you name them? SHARE THE BREW [Share Morning Brew]( with your friends, acquire free Brew swag, and then acquire more friends as a result of your fresh Brew swag. We’re saying we’ll give you free stuff and more friends if you share a link. One link. Your referral count: 0 [Click to Share]( Or copy & paste your referral link to others: [morningbrew.com/daily/r/?kid=a905682a]( ANSWER Mercury and Venus, because they don’t have moons. Word of the Day Today’s Word of the Day is: syzygy, meaning “the nearly straight-line configuration of three celestial bodies (such as the sun, moon, and Earth during a solar or lunar eclipse).” Thanks to Avi from Ashburn, VA, and the dozens of others who knew the eclipse was happening and baited us into using this word. Submit another [Word of the Day here](. ✢ A Note From Masterworks The content is not intended to provide legal, tax, or investment advice. Past performance is not indicative of future performance. Investing involves risk. “Net Annualized Return” refers to the annualized internal rate of return, or IRR, net of all fees and costs, to holders of Class A shares from the primary offering, calculated from the final closing date of such offering to the date the sale is consummated. A more detailed breakdown of the Net Annualized Return calculation for each issuer can be found in the respective Form 1-U for each exit. The 3 median returns above represent the ones closest in percentage to the median of the 12 exits with holding periods over 1 year. See Important disclosures at [www.masterworks.com/cd]( Written by [Neal Freyman]( and Dave Lozo Was this email forwarded to you? Sign up [here](. Interested in podcasts? - Check out ours [here]( [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](. View our privacy policy [here](. Copyright © 2024 Morning Brew. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011