🪙 China’s Olympic digi-currency

…and all eyes are on this week’s Big Tech earnings [Disclosures](   Racing for Olympic digi-gold [Aksonov/E+ via GettyImages]   Last Week’s Market Moves   Dow Jones 34,725 (+1.34%) S&P 500 4,432 (+0.77%) Nasdaq 13,771 (+0.01%) Bitcoin $37,675 (+3.34%) Dow Jones 34,725 (+1.34%) S&P 500 4,432 (+0.77%) Nasdaq 13,771 (+0.01%) Bitcoin $37,675 (+3.34%) Hey Snackers, [Tesla]( couldn’t ship the Cybertruck in time (new ETA: 2023), but it did launch an equally crucial product: an in-car [karaoke mic](. Tesla says the $188 TeslaMic lets you “wander the sea of music.” It [sold out]( in China in one day. Stocks rose to end a volatile week, [recovering]( losses from the previous week’s tech-driven plunge. Strong earnings from [Apple]( and [Microsoft]( helped the S&P 500 break its three-week losing streak, but the techy Nasdaq index is still down 14% from its November record. Meanwhile, a second type of Omicron variant has been [detected]( in at least 40 countries. Want to start getting Snacks daily? Or prefer to unsubscribe? Manage your subscription preferences [here](. Ice China champions digi-yuan at the Beijing Olympics as countries race to launch digital currencies On your mark, get set… Go digital. China will [promote]( its state-run digital currency at the Winter Olympics, which kick off on Friday in Beijing. The digital yuan (#digi-yuan) is Earth’s first major central bank-backed digital currency. China started rolling it out in 2019, and even tested expiration dates to fuel spending. This month, China opened it up to all citizens and launched a digi-wallet app (it already has 261M users). - Digi-yuan is real Chinese currency, but code instead of paper. Unlike crypto and cash, there's no anonymity with digi-yuan (China traces spending). - Digi-snow cone: International athletes and visitors can use it to pay for transit, food, and even Great Wall tours. But US lawmakers told Olympic athletes not to use it on privacy concerns. - Digi-Big Mac: China is pushing US companies like [Nike]( and [Visa]( to accept digi-yuans, and [McDonald’s]( and Subway locations in Shanghai already do. - Digi-competition: China says its digi wallet won’t replace popular payment apps like [Alibaba]( Alipay and [Tencent’s]( WeChat Pay, which support digi-yuan. But those providers aren’t available at the Olympic Village, while China’s digi-wallet is (awk). Watch the throne… Digi-yuan could [threaten]( the US dollar’s global trade dominance and soften the effect of US sanctions, especially on China. The USD’s reliable rep has made it the world's "reserve currency" for international purchases (think: Canada buys oil from Mexico... in USD), making US sanctions a nightmare for impacted countries. Also: USD is used in 88% of foreign exchange trades. But the dollar’s share of global payments is falling as euros, yuans, and cryptos gain. And now, China is positioning the digi-yuan for international use. THE TAKEAWAY The race to digi-dominance is on… 87 countries are developing digital currencies, which settle instantly, are less expensive to create, and are more accessible for people without bank accounts. Of the five biggest banking systems, the US is furthest from going digital – though it’s [exploring]( a digital dollar. But there are concerns with digi-currencies: surveillance states like China could use them to automatically fine citizens for things like jaywalking (it’s [already using]( facial recognition cameras to send fine notifications via text). Zoom Out Stories we’re watching... Spoti-fiasco... [Spotify’s]( getting heat for "The Joe Rogan Experience," aka: the world's largest pod. In December, Rogan interviewed Covid vaccine critic Dr. Robert Malone. Cue: 270 medical experts called on Spotify to curb misinfo on its platform. Then, Neil Young demanded that Spotify remove his tunes or remove Rogan — Spotify [nixed]( Young. The streamer reportedly paid $100M to make JRE Spotify-exclusive, as pods play a growing role in its growth (FYI: it reports on Wednesday). As its pod biz booms, Spotify could face more pressure to define its moderation policies. Yellow Cab meets Jetsons... Electric flying taxis (think: futuristic helicopters) are taking off. [Boeing]( startup Wisk just [sealed]( a deal with [Blade’s]( urban mobility network to fly autonomous taxis in the US. Earlier this month, [Toyota]( Joby said its prototype [completed]( a high-speed flight. ETA for passenger service: 2024. Houston, LA, and Orlando have [announced]( plans to establish air taxi “skyports.” But first, flying taxis need the FAA’s greenlight to fly commercially. And companies still face several hurdles — from air traffic control challenges, to public support. Events Coming up this week... Tech in the red... The tech-heavy Nasdaq index is still in a [correction]( (down 14% from its November record). Now, all eyes are on earnings coming up from [Amazon]( [Alphabet]( and [Meta](. Amazon’s hot holiday profits could get dinged by wage hikes, while Meta plans to finally break out results for its AR segment. Investors are curious to see if the tech biggies can keep up their streaks, after pandemic thrivers like [Netflix]( and [Peloton]( reported slowing growth. Still, Microsoft's big earnings beat and Apple’s [record]( quarterly sales are encouraging. Rattling some pills… The FDA halted distribution of [Regeneron’s]( and [Eli Lilly’s]( Covid treatments last week because the drugs haven’t been working against Omicron, which makes up 99% of US cases. Bad news for the drugmakers, since those antibody drugs drove nearly a third of their sales last quarter. Meanwhile, [Merck's]( pioneering Covid pill is showing promise in treating the variant, and is expected to generate $7B in sales this year. We might get updates on how pharma views [Omicron variant #2]( (it’s a thing) when they report this week. ICYMI Last week's highlights… - [Fruity]( [Apple]( had its biggest quarter of sales ever as people upgraded to new iPhone 13s and faster Macs. Despite supply hurdles, sales grew across every product line except iPads (womp). - [Elsa]( Barbie-maker [Mattel]( won back the rights to make Disney princess dolls, after losing them six years ago to rival toy giant [Hasbro](. [Disney’s]( licensing biz shows that intellectual property is queen. - [Elon]( [Tesla’s]( quarterly profit 9X’d from a year earlier, while annual car deliveries nearly doubled to a Musk-ular 926K. But its market share is plunging as OGs like [Ford]( [GM]( and [Volkswagen]( scale EV production. What else we're Snackin' - [Coins]( Cryptocurrencies have been on a wild ride as prices of some coins have seen percent changes in the hundreds or thousands in a day — but some crypto enthusiasts are doubling down. - [Fuego]( Spice legend [McCormick]( wants to make hot sauce the new ketchup with its purchase of cult-favorite brands like Frank’s RedHot and Cholula. Like [Campbell’s]( it’s tapping Millennial trends for fresh growth. - [Crisis]( The US and Germany warned Russia that if it invades Ukraine, they won’t move forward with an $11B pipeline project, Nord Stream 2, to deliver natural gas from Russia to Germany. 🍪 Want to start Snacking daily? Sign up [here]( for our daily market newsletter. The Snacks Daily Podcast Kim K’s shapewear company Skims just doubled its valuation to $3.2B. [Tune in]( to hear how partnerships with Fendi, Team USA, and Kim’s 283M followers turned a simple fashion concept into a triple unicorn. Snack Fact Of the Day [The Beijing Winter Olympics will be the first to use 100% artificial snow]( This Week - Monday: Earnings expected from: Heartland Financial - Tuesday: Earnings expected from: Alphabet, Alibaba, Exxon Mobil, UPS, Amgen, GM, Ferrari, EA, Match Group, Stanley Black & Decker, and Harley-Davidson - Wednesday: Earnings expected from: Meta, Paypal, Qualcomm, Sony, GlaxoSmithKline, MetLife, Spotify, Aflac, eBay, and Allstate - Thursday: Weekly jobless claims. Earnings expected from: Amazon, Merck, Shell, Ford, Cigna, Activision, Snap, Estee Lauder, Motorola, and Hershey - Friday: Earnings expected from: Bristol-Myers Squibb, Sanofi, and Regeneron Authors of this Snacks own: Bitcoin, and shares of Apple, Amazon, Microsoft, Ford, Snap, GM, Netflix, Tesla, Spotify, and Google ID: 2014975 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](