🤖 Back to the meta-future

…and crypto meets Congress [Disclosures](   Addressing the meta-elephant in the room [John M Lund/Stone via Getty Images]   Last Week’s Market Moves   Dow Jones 35,971 (+4.02%) S&P 500 4,712 (+3.82%) Nasdaq 15,631 (+3.61%) Bitcoin $47,550 (-11.41%) Dow Jones 35,971 (+4.02%) S&P 500 4,712 (+3.82%) Nasdaq 15,631 (+3.61%) Bitcoin $47,550 (-11.41%) Hey Snackers, Based on the [most mispronounced words]( of the year, this could be the most mispronounced sentence: “It isn’t cheugy to listen to Billie Eilish while wearing Shein at Chipotle.” Stocks rallied for the week, despite inflation [hitting]( a 39-year high. The [S&P 500]( notched a fresh record despite surging Omicron cases. Investors were heartened by news that [most]( US Omicron cases have been mild so far, and by [Pfizer’s]( announcement that its booster neutralized the variant in tests. Want to start getting Snacks daily? Or prefer to unsubscribe? Manage your subscription preferences [here](. Legless The future of the consumer metaverse — and how tech titans could shape it Smokin' meats with Zuck's avatar... [Meta]( (fka Facebook) has been positioning its "Horizon Worlds" as a building block in the metaverse since 2019. The metaverse = a vision for an internet you can be inside of — from VR learning to meditating under (virtual) Mount Everest. Last week, Meta finally [opened]( its virtual world to every adult in the US. You no longer need an invitation to enter, but you do need a $300 Oculus headset. - In Horizon Worlds, customizable (but legless) avatars play games and socialize in VR. Meta said users have built thousands of worlds in the app since its beta launch last year. - Not-quite-metaverse: Still, Horizon Worlds’ launch represents a giant step that Meta’s taken to expand VR, which is key to the meta-future. Back to the future... Instead of an ’80s sports car, you're traveling in a virtual yacht. While the fully fledged metaverse hasn’t arrived, here's how consumers are most likely to engage with it — and how they already are: - Gaming: The most common meta use case right now. Gaming leaders like [Roblox]( and Fortnite creator Epic see their 2D and 3D digital worlds as constantly evolving meta hubs. - Working: From Meta's "Horizon Workrooms" to [Nvidia's]( "Omniverse Enterprise" and [Microsoft's]( "Mesh," tech giants are trying to let you work at the office from home (#AvatarColleague). - Socializing: Apps like AltspaceVR let you hang in VR locales, from comedy clubs to bars. A Marshmello concert in Fortnite [attracted]( 10M people. - Shopping: From e-Jordans for your avatar to $650K digital yachts and NFT art for your meta-mansion. Some developers have already built meta-malls where you could shop in VR stores. THE TAKEAWAY Meta-reality is coming… The metaverse market could hit [$800B]( by 2024, as tech powerhouses invest in building it. Meta says it'll hire 10K people and spend $10B over the next year on its meta-ambitions. CEO Mark Zuckerberg [hopes]( that by 2030 the metaverse will reach 1B people, facilitate hundreds of billions of $$$ of commerce, and support millions of jobs. But even once the tech is mastered, the metaverse faces hurdles to going mainstream. Expensive headsets = barrier. Also, the [mental-health toll]( of spending time in the metaverse is still unknown. So are the myriad effects of wearing headsets for big chunks of your day. Zoom Out Stories we’re watching... Crypto goes to Washington… Last week, execs from crypto juggernauts like [Coinbase]( and Circle [defended]( the industry to Congress. Lawmakers — and SEC Chair Gary Gensler — have called for stricter rules in the booming $2T+ crypto market, saying investors and markets are at risk. But the execs highlighted their belief that crypto improves markets by making transactions faster, cheaper, and more accessible. They also said crypto should be governed by crypto-specific regulations, not existing ones used for stocks or other securities. Because lawmakers increasingly disagree over crypto’s future along partisan lines, experts don’t expect big changes soon. “Financial uncoupling”... This month, the White House announced the US would stage a diplomatic boycott of the Winter Olympics in Beijing over China’s human-rights abuses. But US-China tension is rising in the financial arena too. [DiDi]( (the “[Uber]( of China”) began [delisting]( from the NYSE two weeks ago under pressure from Chinese regulators. Meanwhile, US regulators [finalized]( rules to forcibly delist foreign companies that don't follow auditing rules. We could see a wave of Chinese companies leaving US markets — which could hurt both American and Chinese investors. Events Coming up this week... Christmas gifts on New Year's… This holiday season is poised to be another [record]( year of gift-giving, but it hasn’t been so merry for [FedEx]( which reports Thursday. Last quarter, FedEx’s profits cooled as wage hikes (see: labor shortage) and higher transportation costs added $450M in expenses. Plus, competition is hot: [Amazon’s]( on pace to become the largest US delivery service by early next year. FedEx has already cut its earnings outlook for the year, and it's still TBD how Omicron could affect the rest of the holiday shopping season. Unlimited breadsticks are back… Olive Garden owner [Darden Restaurants]( has majorly rebounded from its pandemic plunge, as hangry Eggplant Parm-pounders hit dining rooms. Carbo-loaded quarterly sales jumped 51% from last year, even topping pre-pandemic levels. Darden’s profit more than 6X’d, as it cut back on marketing and kept its menu simple (no 146-ingredient linguini). Despite a national labor shortage, Darden added 34 new restaurants and is almost back to its pre-Covid staffing levels. Next, Darden serves up earnings on Friday. ICYMI Last week's highlights... - [Venti]( [Starbucks]( workers in New York voted to form the company’s first-ever union as a national labor movement continues to pick up steam. - [Probe]( The SPAC merging with former President Donald Trump's media company is being investigated by federal regulators, as scrutiny over IPO alternatives intensifies. - [Juicy]( Over 50 electric power companies plan to build a coast-to-coast network of fast-charging EV stations, which could be the magic pill to cure "range anxiety." What else we're Snackin' - [Rebound]( The stock market tends to fall on news of new Covid variants, but rebounds are happening quicker. The S&P 500 climbed back from Delta in seven weeks, and it took less than three to recover from Omicron. - [Billions]( Just 12% of billionaires are women, but founders like [Bumble’s]( Whitney Wolfe Herd, [23andMe’s]( Anne Wojcicki, and Spanx’s Sara Blakely are diversifying the ranks of the billionaires’ club. - [Backup]( How one ship delayed the arrival of inventory for more than 100 companies — from tiny shops to [Amazon]( — after getting stuck outside the port of Los Angeles for 54 days. 🍪 Want to start Snacking daily? Sign up [here]( for our daily market newsletter. The Snacks Daily Podcast Peloton stock dropped to its lowest point in 18 months, as a Peloton bike made an unflattering cameo on “Sex and the City.” [Tune in]( to hear why brands pay a big price when they lose control of their storytelling (just ask Carrie). Snack Fact Of the Day [Amazon is the most trusted institution in America — after the US military]( This Week - Monday: Earnings expected from: Backblaze - Tuesday: Earnings expected from: BHP Group - Wednesday: Jerome Powell press conference. November retail sales. Earnings expected from: Toro - Thursday: Weekly jobless claims. Earnings expected from: Adobe, Accenture, FedEx, General Mills, BlackBerry, and Rite Aid - Friday: Earnings expected from: Darden Restaurants and Winnebago Authors of this Snacks own shares of: Starbucks, Amazon, Pfizer, Uber, and Microsoft ID: 1955454 Robinhood Snacks newsletters and podcasts reflect the opinions of only the authors who are associated persons of Robinhood Financial LLC (Member [SIPC]( and do not reflect the views of Robinhood Markets, Inc. or any of its subsidiaries or affiliates. They are for informational purposes only, and are not a recommendation of an investment strategy or to buy or sell any security, digital asset (cryptocurrency, etc) in any account. They are also not research reports and are not intended to serve as the basis for any investment decision. Any third-party information provided therein does not reflect the views of Robinhood Markets, Inc., Robinhood Financial LLC, or any of their subsidiaries or affiliates. All investments involve risk including the loss of principal and past performance does not guarantee future results. [Robinhood Terms and Conditions]( • [Disclosure Library]( • [Our Editorial Principles]( • [Contact Us]( • [FAQ]( [Manage Your Subscription Preferences]( To unsubscribe from all commercial emails, click [here](