☕️ The next big thing

Apple prepares its sequel to the iPhone... June 06, 2022 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( TOGETHER WITH [The Ridge]( Good morning. Some dates that you learn in history class just stick with you, and today—June 6—is one. It’s the 78th anniversary of D-Day, when Allied forces landed in Normandy to begin their liberation of France from Nazi occupation. It remains the largest amphibious military invasion in history. If you’re ever feeling stressed out, consider the pressure on Dwight D. Eisenhower, who was overseeing the operation: He smoked four packs of Camel cigarettes per day in the lead-up to D-Day. (The future president later quit by filling his pockets with cigarettes and handing them out to other smokers, which gave him a feeling of accomplishment.) —Neal Freyman MARKETS: YEAR-TO-DATE Nasdaq 12,012.73 -23.22% S&P 4,108.54 -13.80% Dow 32,899.70 -9.46% 10-Year 2.940% +142.6 bps Bitcoin $29,980.65 -35.26% Ark Innovation $43.16 -54.37% *Stock data as of market close, cryptocurrency data as of 7:00pm ET. [Here's what these numbers mean.]( - Markets: Last week, stocks hit the brakes on a post-Memorial Day rally. But one [bright spot]( is investor Cathie Wood’s closely watched ARK Innovation fund, which is composed of a bunch of high-growth tech stocks. It’s up 17% since hitting rock bottom on May 11, compared to the S&P’s 4.4% gain over the same period. - Economy: US Commerce Secretary Gina Raimondo said on CNN yesterday the US might consider [lifting tariffs]( on some goods in a bid to curb inflation. More than $300 billion worth of imports from China still have tariffs dating back to former President Trump’s trade war. TECH [Apple prepares for a world after smartphones]( [Tim Cook waving and saying thank you ](Apple via Giphy Since Apple unveiled the iPhone in 2007, its tech updates have mostly elicited a reaction along the lines of, “I guess my Memoji needs more outfit choices.” The company’s annual developer conference, WWDC, kicks off today—and it could mark the [final chapter]( of the smartphone era. Because waiting in the wings is an AR/VR headset that’s expected to ship next year, and when it does it could herald a paradigm shift in computing we haven’t seen since Apple released that world-changing device 15 years ago. What we know about Apple’s AR and VR play Zuck’s obsession with the metaverse gets all the headlines, but Apple CEO Tim Cook has been [hyping up]( mixed reality—the mashup of physical and virtual words—for at least six years. In a Bloomberg interview in 2017, he said of augmented reality, “I am so excited about it, I just want to yell out and scream.” So far, Apple’s mixed reality push has been more of a whisper. It released an augmented reality toolbox for developers in 2017 called ARKit, but a survey has revealed that about 70% of Apple developers didn’t use it. And the launch of the headset has been reportedly delayed by battery power issues and weak computing power. Recently, though, Apple’s headset has moved from the backburner to the serving platter. Apple reportedly [showed off]( the device to its board a few weeks ago. And in December, a shell company that appears to be linked to Apple filed a trademark for realityOS, its rumored headset operating system, according to Bloomberg. And that underlying computing platform is really what Apple wants to get right before its headset launch. Just like you’re not going to buy a TV if it’s laggy and can only show three channels, you’re not going to buy an augmented reality headset if there are no good tools or content built for it. To help ensure its hardware is matched by elite software, Apple is enlisting Hollywood’s best and brightest—such as director Jon Favreau—to [develop video content]( for the headset, the NYT writes. It’s also reportedly working on mixed reality versions of its own apps, such as a VR version of FaceTime that can replicate a person’s movements as a Memoji. Bottom line: While Microsoft, Google, and Apple probably won’t change their names to reflect their mixed reality ambitions, you can bet they’re all going after the same metaverse prize as Meta. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Apple%20prepares%20for%20a%20world%20after%20smartphones%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2022%2F06%2F05%2Fapple-prepares-for-a-world-after-smartphones%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A TOGETHER WITH THE RIDGE [Not another tie or mug]( [The Ridge]( Tired of getting Dad the same old thing for Father’s Day? (Ties and mugs, we’re looking at you). Get Dad something new. Get him [The Ridge Wallet]( (or The Ridge KeyCase). The ultra-slim, RFID-blocking Ridge Wallet has been called “the closest to perfection wallets are ever going to get” by HiConsumption—basically, [the *exact* wallet Dad deserves](. And The Ridge KeyCase takes the wallet’s best design qualities and applies them to the next-most-used everyday items: keys. Get Dad the perfect thing this year—plus [15% off sitewide (and up to 30% off select products) here](. WORLD [Tour de headlines](#) [Abbott Nutrition facility in Michigan]Jeff Kowalsky/Getty Images Baby formula incoming: Abbott Nutrition said it [restarted]( formula production at its Michigan facility this weekend after getting the go-ahead from the FDA. The plant had been closed since February over potential contamination, which contributed to the severe formula shortage that’s left 74% of formula product in the US out-of-stock as of May 28. Abbott expects to initially release its specialty EleCare formula on June 20. More mass shootings in the US: At least three people were [killed]( and 11 wounded in Philadelphia on Saturday night when multiple people started shooting at a crowd on South Street, an area popular for restaurants and nightlife. Three people were also killed in a shooting in Chattanooga, TN (two from gunshot wounds and another after being struck by a vehicle). In all, 11 people were killed and 54 injured in mass shootings this weekend. Historic cancer study: Rectal cancer [vanished]( in all 18 patients who took the same drug, according to a study published yesterday in the New England Journal of Medicine. Experts told the NYT they believe it’s the first time in history that a treatment had thwarted cancer in every single patient. While astonishing, the study was extremely small, and it needs to be verified through replication. CRYPTO [New York’s bitcoin mining crackdown]( [A balloon with the bitcoin symbol pops ](Getty Images Upstate New York offers a wonderful range of activities, from hiking in the Adirondacks to inhaling a garbage plate in Rochester. But soon, setting up a crypto mining shop might not be on the list. New York’s state Senate passed a bill on Friday that would [ban new permits]( across the state for bitcoin mining facilities that use carbon-based power. Supporters say there’s a need to pause and review the environmental impacts of the energy-intensive process, but the crypto sector warns a ban could put a freeze on what’s become an [economic lifeline]( for the lagging region. The backstory: After China cracked down on bitcoin mining (the mechanism for creating new bitcoin) last year, the US laid out the red carpet and now accounts for 38% of the world’s miners, up from 16.8% in April 2021. Upstate New York in particular—with its plentiful hydroelectric power and numerous vacant industrial facilities—has been a popular destination. But miners are increasingly decamping to more crypto-friendly states, like Georgia and Texas, as New York bears down. NY lawmakers are worried that revving up dormant fossil fuel plants could put the state off track to meet its target of reducing greenhouse gas emissions by 85% by 2050. Bottom line: This law would mark the first time any US state has restricted blockchain infrastructure. Now, Gov. Kathy Hochul must decide whether to sign it. She has a week. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=New%20York%E2%80%99s%20bitcoin%20mining%20crackdown%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2022%2F06%2F05%2Fnew-york-moratorium-bitcoin-mining%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A CALENDAR [The week ahead](#) [Protestors storming the Capitol ]Samuel Corum/Getty Images January 6 comes to prime time. The House select committee investigating the attack on the Capitol last January will hold [televised hearings]( in the evenings this week, featuring live witness accounts, never-before-seen video footage, and pre-taped interviews with Trump family members about the insurrection. It’s crunchtime at the Supreme Court. The court’s 2021–22 term ends in the next month, but it still has [33 opinions]( (or 53% of its expected output) to issue. We’re all waiting on one in particular: a ruling on an abortion case that could mean the end of Roe v. Wade. Big inflation report: Friday’s consumer price index (CPI) could show that inflation is [past its peak](. Economists are projecting consumer prices grew 8.2% last month, compared to 8.3% in April. Everything else: - Seven states will hold primaries on Tuesday in the busiest Election Day until November. - Attn theater kids: The Tony Awards are on Sunday. - Jurassic World Dominion, the sixth installment in the franchise, arrives in theaters on Friday. SPORTS [The inglorious return of cheese rolling]( [Chris Anderson (centre) wins the first race during the annual unofficial cheese rolling at Cooper's Hill in Brockworth, Gloucestershire,](Ben Birchall/PA Images via Getty Images Millennials have done crazy things for a cheese board, but they’ve got nothing on the “athletes” who competed in this weekend’s [cheese rolling extreme sporting event]( in England. After a two-year pandemic pause, competitors from around the world once again hurled themselves down a hill for the glory of becoming the first to capture the Double Gloucester cheese wheel, which can roll at speeds up to 70 mph. This year the glory belonged to Chris Anderson, the Joey Chestnut of extreme cheese rolling. It was Anderson’s 23rd cheese title—but also his last. He’s retiring from the sport after having a daughter during the pandemic. The more you know: The centuries-old cheese rolling event is thought to have originated from a pagan festival celebrating the onset of spring. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=The%20inglorious%20return%20of%20cheese%20rolling%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2022%2F06%2F05%2Fthe-inglorious-return-of-cheese-rolling%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A GRAB BAG [Key performance indicators](#) [Old Town Scottsdale]Getty Images Stat: Anyone who’s friends have been getting married likely knows this already, but Scottsdale, AZ, has [skyrocketed in popularity]( as a bachelorette party destination. In the past several years the ritzy Phoenix suburb has jumped to the No. 2 spot, vaulting ahead of Miami, Vegas, and Palm Springs, according to the app Bach. Nashville remains the undisputed queen, with 30,000 bachelorette parties planned this year, compared to more than 11,600 for Scottsdale. Quote: “When y’all think they going to announce that we going into a recession?” Cardi B [wants to know](. But not everyone thinks a recession is inevitable—some economists say the Fed could “thread the needle” by delicately raising interest rates to cool inflation without sending the economy into a downturn. Read: The economics of stadium names. ([Axiom Alpha]() BREW'S BETS Dive back into the week: - Shallow dive: Humanity [regressing]( - Medium dive: Buncha [book recs]( - Deep dive: Reviewing [every No. 1 single]( in the history of the Billboard Hot 100 (here’s “[MMMBop](”) - Cannonball: The [history]( of Freedomland USA Feed your brain and check out [Free Learning List](, which features courses, YouTube channels, and subreddits to satiate your curiosity. 10 Things on Wall Street is Insider’s new daily finance newsletter. Finance correspondent Aaron Weinman will take you inside the biggest firms from Goldman Sachs to Blackstone, introduce you to the people moving markets, and unpack Wall Street’s hottest trends. [Sign up for free today](. Clock’s a tickin’: Miso’s robotic kitchen assistants are helping fast-food restaurants boost their margins up to 3X higher. If you wanna help them disrupt a $300B industry, act fast—[the last day to invest is 6/23](.* Feelin’ fit: Get one-on-one fitness coaching and custom training plans through the Future app. Coaches tailor workouts to your goals, needs, and time. [Brew readers get 50% off their first 3 months](.* *This is sponsored advertising content. WHAT ELSE IS BREWING - [Elon Musk]( appeared to backtrack on his email that Tesla would reduce its salaried workforce by 10%, tweeting that it would remain “fairly flat.” - [Russia]( fired rockets at Ukraine’s capital, Kyiv, for the first time in weeks. - [Rafael Nadal]( won his 14th French Open title and 22nd total major. And Iga Swiatek defeated Coco Gauff for her second women’s French Open championship. - [Tropical Storm Alex](, the first named storm of the Atlantic hurricane season, drenched South Florida this weekend. - [An appearance with Paddington Bear]( highlighted the Platinum Jubilee celebrations for Queen Elizabeth II. GAMES [The puzzle section](#) Turntable: After a week off for Memorial Day, Turntable is back. [Play the puzzle here]( now that it’s caught up on its emails. Rate the movie Today’s trivia stems from a debate I was having this weekend over whether Slumdog Millionaire was rated R or not (it is). I’ll give you a movie, and you have to guess its MPAA rating. - Finding Nemo - Taken - Pirates of the Caribbean (the OG from 2003) - Star Wars: Episode I - The Matrix FROM THE CREW [Tee up your Father’s Day gift now]( [Father's Day collection]( Celebrate Father’s Day with the Morning Brew family. Join us in spoiling your man of the hour with all things birdies and Brew. [Shop now on the Morning Brew Store](. ANSWER - G - PG-13 - PG-13 - PG - R Interesting note: The market share of rated R movies has [plunged]( recently, while PG-13 flicks have soared. � � � � � Written by [Neal Freyman]( Was this email forwarded to you? Sign up [here](. WANT MORE BREW? 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