☕ Getting chippy

What are we even yelling about? July 19, 2022 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( TOGETHER WITH [Droplette]( Good morning. Cross your fingers for a tie score after nine innings of the All-Star Game tonight. Because if that’s the case, then for the first time ever the game will be decided by a Home Run Derby, MLB announced yesterday. Three players from each league will get three swings apiece, and the team with the most home runs will win the game. We don’t ask for much, but…please let this happen. —Neal Freyman, Max Knoblauch, Matty Merritt, Joe Abrams MARKETS Nasdaq 11,360.05 -0.81% S&P 3,830.85 -0.84% Dow 31,072.61 -0.69% 10-Year 2.986% +6.8 bps Bitcoin $21,678.27 +3.14% Apple $147.07 -2.06% *Stock data as of market close, cryptocurrency data as of 7:00pm ET. [Here's what these numbers mean.]( Markets: Like the skies above NYC, stocks turned [dark and stormy]( yesterday to close lower. An initial jolt of optimism from Goldman Sachs earnings vanished after Bloomberg reported in the afternoon that Apple, the largest public company in the US, is slowing hiring and spending growth next year in some divisions. Markets Sponsored by The Motley Fool While the markets aren’t exactly thriving these days, your portfolio still has a chance thanks to these 5 stock picks from the Motley Fool Stock Advisor. [Get your free recs here](. TECH [How the debate over chip subsidies is going]( [Brick yelling in Anchorman](Anchorman/DreamWorks Pictures US lawmakers are sprinting to pass legislation that would bolster the American semiconductor industry, a sector that’s critical to maintaining national security and countering the rising economic threat of China. Today, Senate Majority Leader Chuck Schumer is expected to get the ball rolling with a [procedural vote]( on a bill that would provide $52 billion in grants for semiconductor manufacturing, plus other tax credits for the industry. But for a broadly popular policy goal (boosting American chipmaking capacity), the process has been extremely slow and sidetracked by political squabbles. Not since the Star Wars prequels have people agreed that something needs to be done, but disagreed so much on the right approach. For instance: - Senate Minority Leader Mitch McConnell has threatened to torpedo the bill if Democrats continue to pursue an unrelated spending package regarding climate, tax hikes, and prescription drugs. - On the other side of the aisle, Democratic Sen. Bernie Sanders said that while he supports expanding US chip production, this bill, in his mind, amounts to “corporate welfare with no strings attached to the highly profitable micro-chip industry.” Even the companies this bill is supposed to help are not ~aligned~ On the one hand, chip companies say that the government subsidies offered in the bill are [necessary]( for them to move forward with planned investments in the US. Intel, which made waves back in January when it announced a new $20 billion plant in Ohio, recently postponed the groundbreaking ceremony on that facility due to the holdup in DC. On the other hand, some chip firms have reservations about the bill. Companies not named Intel think that it disproportionately helps companies named Intel, giving a leg up to a competitor. And Intel itself is concerned that the bill contains too many restrictions on its business in China, the world’s second-largest economy. Zoom out: The Covid-era chip shortage, which cramped production in numerous vital sectors, served as a wake-up call around the (deteriorating) ability of the US to make chips on American soil. The US only produces 12% of the world’s chips, down from 37% in 1990. At the same time, China, the US’ top geopolitical foe, has ramped up its chipmaking capabilities and now accounts for almost 10% of global sales.—NF �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=How%20the%20debate%20over%20chip%20subsidies%20is%20going%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2022%2F07%2F18%2Fbill-to-support-us-chip-industry-maybe-nears-the-finish-line%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 DROPLETTE [Spray hello to supple skin]( [Droplette]( Everyone’s epidermis thirsts for collagen, but did you know that collagen is actually *300x larger* than what your skin can actually absorb? The best way to get collagen into your skin is with [Droplette](, an advanced device that turns collagen into a micro-mist so that it can actually penetrate your skin (up to 20x deeper!). Now your skin can get that gorgeous, glowing, glistening look with collagen, all from the comfort of your own home. No needles, no pain, all gain. Brew readers get an extra day to shop their biggest sale of the summer + [save $100 with code PRIMETIMEBREW](. WORLD [Tour de headlines](#) [Backflipping off a bridge in the heat]Doing backflips off a bridge in England to beat the heat. Leon Neal/Getty Images The heat wave descends: Temperatures in Britain were among the highest ever recorded, Wales notched an all-time heat record, and wildfires raged in multiple countries as an unprecedented heatwave [broiled Europe](. Among other scenes straight out of Mad Max, flights were disrupted at London Luton Airport and an air force base when the heat damaged the runway. Pushing back on earlier media reports, a Royal Air Force spokesperson said “the runway has not melted,” but anytime you have to clarify that a runway has not melted is not a great sign. Also not great: Tomorrow could be even hotter. 🚙 Uber settles disability lawsuit: Uber will pay more than $2 million as part of a [settlement]( with the DOJ, which accused the company of charging a “wait time” fee to passengers with disabilities who may take more time to get into vehicles. Uber will pay $1.7 million to riders who lodged complaints and $500k to other impacted riders, and credit the more than 65,000 eligible passengers who were handed a fee with double the amount they were charged. Snapchat comes to desktop: As part of its quest to remind people over 18 that it still exists, Snap is expanding beyond the app for the first time ever. In the newly launched [Snapchat for Web](, you can snap pictures, send DMs, and video chat with friends on a desktop. (Some caveats: It’ll be only available to Snapchat+ subscribers initially, and won’t work on the Safari browser.) As of May, Snapchat was the sixth-most popular social media app in the US, right after TikTok. [Execs are all riled up about underperformers]( [Simpsons Gif of Mr. Burns excitedly firing employees](The Simpsons/20th Television Animation via Giphy Despite beating profit forecasts in the second quarter, Goldman Sachs said Monday that, in a bid to curb expenses, it would slow hiring and possibly reinstate its [annual performance review process]( (and, with it, year-end layoffs of those deemed to be underperformers). Goldman’s review process is likely a bit tougher than the average company’s, where you mostly just chat with your manager about how good The Bear was. Typically, the bank ditches about 5% of “underperforming” staff annually. Goldman halted the review process during the pandemic, opting instead to give out record bonuses and undertake a hiring spree in which it grew its workforce by 15% in the past year to 47,000. It’s not just Wall Street—framing potential workforce reductions as a matter of performance has been a bit of a trend lately. During an internal Q&A last month, Meta CEO Mark Zuckerberg told employees that there were “probably a bunch of people at the company who shouldn’t be here,” adding that if more aggressive goals made employees quit, that would be okay with him. Similarly, during a call with Twitter employees when he still wanted to buy the company a month ago (remember?), Elon Musk addressed potential layoffs with the ominous statement, “Anyone who is obviously, like, a significant contributor, should have nothing to worry about.”—MK �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Execs%20are%20all%20riled%20up%20about%20underperformers%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2Fgoldman-sachs-slow-hiring-may-cut-underperformers%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 ENTERTAINMENT [New Prime Video kinda looks like Netflix and that’s great]( [Screenshot of Amazon Prime Video's top 10 in the US list](Amazon The only thing more distraught than Chris Pratt’s character in his new vengeance-filled military show was you trying to navigate Prime Video to find it. But after nine long years of watching its users give up and switch over to Hulu, Amazon gave its streaming service a [makeover](. The platform’s new look isn’t groundbreaking (in fact, it looks a lot like Netflix), but it may fulfill Amazon’s goal of highlighting some of Prime Video’s most important features. Amazon launched its video platform in 2006. In 2012, it entered the original content race and won its first Primetime Emmy in 2015 for Transparent. Still, Prime Video’s clunky interface felt more like an afterthought and was [relentlessly roasted](. But that’s all about to change. New features include: a navigation sidebar, a top 10 chart, sleeker organization of Amazon originals, the ability to sort content by genre, and an emphasis on live TV—specifically sports offerings. That last one is key: Amazon, along with other streaming giants, has begun investing heavily in capturing a live sports audience. The company acquired the exclusive rights for NFL Thursday Night Football games last year and is in talks to strike a deal for the UEFA Champions League.—MM �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=New%20Prime%20Video%20kinda%20looks%20like%20Netflix%20and%20that%E2%80%99s%20great%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2Famazon-prime-video-makeover%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](#) [weather map of US]NWS Storm Prediction Center Stat: OK, it’s not technically a “stat,” but we had to show you [this map]( from the National Weather Service Storm Prediction Center that looks exactly like a Teenage Mutant Ninja Turtle. Quote: “Sometime between now and then, I will step down from my current position and pursue other directions in my professional career.” Dr. Anthony Fauci, the nation’s top infectious disease expert, said that he will likely [retire]( by the end of Biden’s current term. Fauci has been the director of the National Institute of Allergy and Infectious Diseases (NIAID) for 38 years and has served under seven presidents. Read: The have and the have-yachts. ([New Yorker]() TOGETHER WITH ELECTRIC [Electric]( Cut IT costs and chill out (with a free YETI cooler!). When you upgrade your IT strategy with Electric, you get lightning-fast support, security standardization, and streamlined processes that reduce IT costs by more than 50% on average. Bonus: Score a free YETI Hopper Flip 8 Soft Cooler when you [book a qualified meeting with Electric](. WHAT ELSE IS BREWING - [Delta]( agreed to buy 100 Boeing 737 Max 10 planes in its first major order from Boeing in more than 10 years. - [People who aren’t US citizens]( accounted for $59 billion worth of home purchases in the year leading up to March, per the National Association of Realtors. That’s a 9% jump from the year before and the first increase in three years. - [Lt. Amanda Lee]( will become the first woman to fly as part of the Navy’s Blue Angels aerial demonstration team. - [Elon Musk]( got hosed down by media mogul Ari Emanuel while on vacation in Mykonos. Thought you’d like to know. - [KFC]( is rolling out a limited test of chicken nuggets. BREW'S BETS Tick tock: This [interactive article]( shows how a mechanical watch works. Don’t try this at home. This [video]( will make you pessimistic about humans as a species. Houseplant bible: Here’s a [collection of stories]( offering tips on how to keep your houseplants alive—and maybe even upgrade to more interesting indoor plants. James Webb vs. Hubble: This [website]( shows images from both telescopes side by side. GAMES [The puzzle section](#) Brew Mini: Today’s Mini might appear diminutive, but its clues span everything from Central American languages to the cast of Friends. [Play it here](. Baseball trivia Kinda have to on the day of the All-Star Game, right? Anyway, here’s your question: On Sunday night, the Baltimore Orioles selected Jackson Holliday as the No. 1 pick in the 2022 MLB Draft. Holliday, the son of former MLB player Matt Holliday, became just the second son of a former baseball pro to be selected No. 1 overall. Who was the first? Hint: It was in 1987. [The economic impact of overturning Roe v. Wade]( [The economic impact of overturning Roe v. Wade]( We dive into the profound economic implications of the Supreme Court’s recent decision in a new YouTube video. [Watch now](. For more from The Brew: On the latest Business Casual episode, Nora chats with bestselling author [Susan Cain]( about creativity and feeling more human at work. [Listen]( or [watch]( here. Starting your investment journey can be overwhelming, which is why Money with Katie is breaking it down in her free Investing 101 email series. [Check it out.]( 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 Ken Griffey Jr. � � � � � Written by [Neal Freyman](, [Matty Merritt](, [Max Knoblauch](, and Joseph Abrams Was this email forwarded to you? 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