☕️ Sipping pretty

Meta’s big bet on eyewear… July 19, 2024 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [Jarrow Formulas]( Good morning. If you’re just waking up, a lot happened while you were sleeping, and we’re not just talking about your dream of quitting your job and moving to New Zealand. A massive IT outage disrupted businesses, banks, airlines, media outlets, and emergency services across the world. The problem appeared to be caused by a CrowdStrike update that affected Microsoft Windows devices, per the WSJ. Microsoft 365 said it was working on a fix and was “observing a positive trend in service availability.” But chaos still reigns. This is a developing story—[here’s the latest](. Happy Friday? —Matty Merritt, Cassandra Cassidy, Molly Liebergall, Adam Epstein, Neal Freyman MARKETS Nasdaq 17,871.22 -0.70% S&P 5,544.59 -0.78% Dow 40,665.02 -1.29% 10-Year 4.189% +4.0 bps Bitcoin $63,668.99 -1.44% Beyond Meat $6.43 -10.32% Data is provided by *Stock data as of market close, cryptocurrency data as of 5:00pm ET. [Here's what these numbers mean.]( - Markets: Stocks [slid]( again yesterday as geopolitical unease continued to pull tech stocks down—and the rest of the market with them. One of the biggest losers was Beyond Meat, which fell after it announced it was initiating discussions to restructure as its revenue declines and it loses liquidity.  TECH [Meta wants to put on a spectacle]( [Ray-Ban Meta smart glasses on display]( Images Mark Zuckerberg is wagering that people want to take pictures with their sunglasses whether they admit it or not. Meta is [exploring]( buying a 3% to 5% stake in eyewear leader EssilorLuxottica, the parent company of Ray-Ban. The roughly $5 billion investment would be pretty small potatoes for Meta, which has a market value near $1.2 trillion. But the deal would offer a peek into Meta’s wearable tech roadmap, which has historically been dominated by the success of its Oculus Quest 2 and, more recently, Meta Quest 3 VR headsets. Tech giant Eye giant The two companies have had a close partnership since their first collab, releasing smart glasses in 2021. Reactions to the first version ranged from bad to meh, but in October 2023, the next generation Ray-Ban Meta Smart Glasses hit the market, and consumers (plus Meta execs) were pleasantly surprised. The new version sold more pairs in a few months than the original ones did in two years, according to EssilorLuxottica’s CEO. - The glasses allow wearers to livestream what they’re seeing directly to Instagram and Facebook. - They also feature AI that can answer user questions like, “What kind of flower am I looking at?” What’s in a name? In 2017, against antitrust officials’ warnings, Essilor and its proprietary lens tech and Luxottica, with its big-name brands like Prada, Vogue Eyewear, Lenscrafters, and Sunglass Hut, became one: EssilorLuxottica. The conglomerate has since snapped up medtech companies and younger brands [like Supreme]( to expand its eyewear empire. EssilorLuxottica will handle the “cool.” Even a minority stake in the eyewear company could give Meta a leg up on competitors like [Apple]( and Snap in making wearable tech that doesn’t look horrendous. The deal is not yet official, but Meta has already received [approval]( from US antitrust officials, according to Bloomberg.—MM PRESENTED BY JARROW FORMULAS [Feed your mind]( [Jarrow Formulas]( Ever feel like your brain needs a nice li’l boost? We know, we know—you’re already exercising daily and getting your standard eight hours of sleep. Here’s one last thing to help you [support your brain health*]( MagMindⓇ by Jarrow FormulasⓇ, a supplement designed specifically for the brain. MagMindⓇ is clinically studied to: - Promote mental alertness.* - Support a positive mood.* - Help with increasing REM sleep.* With patented MagteinⓇ magnesium l-threonate for [higher brain absorption]( MagMindⓇ uses superior science and quality ingredients to make smarter formulas. Raise the bar on brain health, function, and memory.*^ Get MagMindⓇ at your local Whole Foods or on [Amazon.com](. WORLD [Tour de headlines](#) [Donald Trump at the 2024 Republican National Convention]Jacek Boczarski/Anadolu via Getty Images Trump recounts assassination attempt, attacks Dems in RNC speech. Former President Trump [closed out]( the Republican National Convention with a speech describing in vivid terms his near-death experience at a rally last Saturday. But after beginning with a message of unity, Trump returned to familiar attacks and insults of his political opponents over the course of the speech, which lasted more than 90 minutes. Meanwhile, President Biden faces mounting pressure to drop out of the presidential race as he recovers from a bout with Covid. Former President Barack Obama is the latest major Democratic figure to reportedly [tell allies]( that Biden should reconsider his candidacy, per the Washington Post. Netflix keeps humming. The streaming leader delivered [another huge quarter]( adding ~8 million global subscribers—almost double what Wall Street predicted. The company also said memberships to its new ad-supported tier grew 34% from Q1, and it’s now planning to build an in-house ad-tech platform to launch in 2025. While the news was good, shares were down in after-hours trading, likely for one reason: Netflix expects subscriber growth to eventually slow down, and it plans to stop divulging the metric next year as it focuses more on revenue and profit. OpenAI released a cheaper version of its flagship model. In an effort to appeal to a wider range of customers, the ChatGPT-maker [announced GPT-4o mini]( a slimmer, more cost-effective AI that can generate text and images. The lite model positions OpenAI to compete with Anthropic and Google, which have each already released low-cost versions of their advanced AI models. The company also said GPT-4o mini is the first to introduce a safety feature called “instruction hierarchy,” which makes it harder for users to trick the model into doing things it wasn’t designed to do. FOOD & BEV [Michelob Ultra is sipping pretty while Bud Light falls]( [Podium with Modelo in 1st, Michelob Ultra in 2nd, and Bud Light in 3rd]( Anna Kim, Photo: Getty Images Michelob Ultra and Bud Light are experiencing a Freaky Friday switch, but this one probably can’t be stopped with a magic fortune cookie. New consumer data shows that Bud Light has fallen to the third-best-selling beer in America, while Michelob Ultra has [pushed]( ahead to take second place behind the top dog, Modelo. The shake-up comes after a crucial period for beverage brands—between Memorial Day and July Fourth—that cements industry winners and losers for the year. For the four-week period ending on July 6, Bud Light accounted for 6.5% of beer retail sales while Michelob Ultra took 7.3% and Modelo 9.7%, according to NielsenIQ data. That’s not necessarily bad news for Bud Light’s parent company, Anheuser-Busch InBev, since it also brews Michelob and has upped the brand’s marketing spend. (In the US, Modelo belongs to rival Constellation Brands.) Imbibe vibes are changing: Modelo overtook Bud Light as the top-selling beer last year, following a boycott spurred by a collaboration with a transgender influencer. Now, Bud Light is also facing low-carb Michelob Ultra’s [ascendance]( With only 95 calories each, Ultras are surging among increasingly health-conscious drinkers. Except to see more of No. 2 soon…fresh off being the exclusive beer sponsor of Copa América, Michelob Ultra holds the same distinction for Team USA at the Olympics.—CC TOGETHER WITH FINANCEBUZZ [FinanceBuzz]( If you have outstanding credit card debt, getting a new 0% intro APR credit card could help ease the pressure while you pay down your balances. On top of all that, [this top credit card]( offers up to 5% cash back, which gets matched after your first year. That's up to 10% back on qualifying purchases in your first year! Click through to see what all the hype is about. Take advantage of this offer—[learn how to apply now](. GAMING [Gamers got college football back before GTA 6]( [Gameplay from EA Sports College Football 25]( Arts It’s a dream come true for gamers’ 2013 selves: More than a decade after EA Sports shelved its NCAA football series for legal reasons, today’s worldwide release of College Football 25 (CFB25) marks a [revival]( for the category—and EA’s biz. It’s already crushing among pre-orderers. Fans who paid extra for an early bundle (the standard edition costs $69.99) or signed up for a free 10-hour trial have been able to play CFB25 since Monday. - More than 713,000 people were reportedly [playing concurrently]( at one point this week. That would’ve made CFB25 the second-most-popular game on the platform Steam in a 48-hour period, Kotaku [reported](. - Reviews have been glowing, hailing everything from gameplay to attention to authentic college stadium [details](. Users overwhelmed the servers, leading to connection issues. Hooray for EA. The video game publisher’s stock has rallied nearly 15% since releasing the game’s trailer two months ago. A TD Cowen analyst [noted]( that demand is tracking ahead of what’s typically seen for the company’s popular Madden pro football games. Other winners include…Sony and Microsoft, since only the new PlayStation, Xbox S Series, and Xbox X Series run CFB25 (anecdotally, console sales are [up]( at Walmart), as well as the 11,000+ NCAA players who got at least $600 each (and a copy of the game) for their name, image, and likeness. EA was able to revamp its college football gaming after compensation for college athletes was legalized in 2021.—ML STAT [Prime number](#) [Graphic of the Costco doomsday food bucket]Illustration: Anna Kim, Photo: Adobe Stock Those crackers you bought in 2015 that you find in the back of your pantry one day are always a nice surprise, but those won’t get you through the apocalypse. What might, however, is Costco’s new [doomsday bucket](. For $80, the big-box store sells an “Emergency Food Bucket” of 150 freeze-dried meals, including rice, pudding, pasta, and, for some reason, potato pot pie. “Sounds like a standard trip to the grocery store,” you say. Well, here’s the kicker: The Armageddon meals last up to 25 years. Let’s see the spinach and kale Greek yogurt dip from Trader Joe’s do that. QUIZ [Summertime and the quizzing is easy]( [New Friday quiz image]( The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to finally biting a popsicle after valiantly holding off for five licks. It’s that satisfying. [Ace the quiz](. NEWS [What else is brewing](#) - [Bob Newhart]( the legendary comedian and star of the eponymous 1970s sitcom, died at 94. - [The SEC]( sued Patrick Orlando, the former CEO of the shell company that merged with Trump Media, for alleged fraud. - [Warner Bros. Discovery]( is reportedly considering splitting the company in two to boost its share price. Our suggestion: “Warner Bros.” and “Discovery.” - [John Deere]( announced it is slashing diversity and inclusion initiatives after weeks of conservative backlash. - [Grok]( Elon Musk’s “anti-woke” AI chatbot, has gone woke, Wired reported. RECS [Friday to-do list] Debate: The [100 best album covers]( of all time, according to Rolling Stone. Play: Test your geometry senses with this [addicting “eyeballing” game](. Watch: The gorgeous trailer for the upcoming [papal thriller]( (yes, you read that right), Conclave. Flavor: [When to salt]( meat, eggs, and vegetables to level up your cooking. Just one buck: Try Dollar Flight Club for [$1]( to enjoy flight deals up to 90% off like Paris from $285 roundtrip. Sign up before this [offer ends in 12 hours]( *A message from our sponsor. GAMES [The puzzle section](#) Jigsaw: The Tour de France might be a leg muscle’s nightmare, but it’s a photographer’s heaven. Check out a scenic pic from the race [in today’s Jigsaw](. Friday puzzle Given the letters I, E, N, V, O, D, and C, what is the longest word you can make from them? You can use each letter as many times as you want. 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=4904f90a]( ANSWER The longest word we could find is “inconvenienced,” which is 14 letters long. [Source]( Word of the Day Today’s Word of the Day is: eponymous, meaning “named after a specific person, place, or thing.” Thanks to Steve from Michigan for the suggestion. Submit another [Word of the Day here](. ✢ A Note From Jarrow Formulas ^in healthy adults *These statements have not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure or prevent any disease. Written by [Adam Epstein]( [Matty Merritt]( [Cassandra Cassidy]( [Molly Liebergall]( and [Neal Freyman]( 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