✈️ Pelosi-China shivers

…and Uber’s ride biz fuels record revenue [Disclosures](   USA in Taipei (Taiwanese Foreign Ministry/Anadolu Agency/Getty Images)   Yesterday’s Market Moves   Dow Jones 32,396 (-1.23%) S&P 500 4,091 (-0.67%) Nasdaq 12,349 (-0.16%) Bitcoin $23,099 (-0.75%) Dow Jones 32,396 (-1.23%) S&P 500 4,091 (-0.67%) Nasdaq 12,349 (-0.16%) Bitcoin $23,099 (-0.75%) Hey Snackers, Some consumers see the can half full, while others see it fully empty: Tito’s Vodka is [selling]( $20 DIY “canned cocktails” — in completely empty cans. As inflation dries up savings, US household debt [surpassed]( $16T for the first time last quarter (think: credit-card IOUs). Meanwhile, demand for US workers [hit]( its lowest level in nine months in June — but total job openings still far outnumber available workers. Visit Nancy Pelosi’s historic visit to Taiwan draws China’s wrath, sending shivers across global markets The plot thickens... House Speaker Nancy Pelosi landed in Taiwan yesterday, [becoming]( the highest-ranking US official to visit the self-ruling island in 25 years. The visit, part of a broader Asia tour, is causing global drama. China has long claimed Taiwan and its population of 23M to be part of its territory, [saying]( that reunification is its "historical task." Chinese President Xi Jinping has vowed to eventually take Taiwan back by any means. Pelosi wants to show support for the small democracy, and is set to meet with the Taiwanese president today. - China's response: Beijing staunchly opposed the trip, threatening consequences for the US. American officials [said]( that China has been staging military drills, sending missiles near Taiwan, and boosting its military presence closer to the island. - America's response: President Biden can't really dictate where a member of Congress can travel (#SeparationOfPowers). But he did [say]( "I think that the military thinks it’s not a good idea right now.” Interesting timing… US-China relations are at a precarious low, exacerbated by economic and military competition. Meanwhile, Russia’s invasion of Ukraine is far from over. China hasn’t overtly intervened on Russia’s behalf, but the two superpowers have their interests allied against the US. At the same time, China is a key trade partner: the US imports [more]( from China than from any other country, and China is critical for US exports. Taiwan’s [TSMC]( makes [half]( of the world’s computer chips (including [Apple’s](. THE TAKEAWAY Geopolitical tension is market kryptonite… Investors hate uncertainty, and the world is rife with it. China’s economy is tied to the world by a thread right now, and some fear Pelosi’s visit could be a pair of scissors. Escalating tensions with both Russia and China have investors on edge: global markets [tumbled]( yesterday, from Hong Kong to New York. Surge Uber posts record revenue as the summer travel surge and gas avoidance rev up ride-hailing demand Rise of WFU… work from [Uber](. Summer getaways and high gas prices have gifted Uber a five-star quarter. Uber shares surged 19% yesterday after the ride-hailer more than doubled its revenue to a record $8B last quarter, [crushing]( expectations. - Backseat bliss: A record 122M riders and drivers used the app each month, fueling Uber’s first cash-flow-positive quarter. - Cold cuts: Uber’s delivery biz (mainly UberEats) grew 12%, but growth slowed from the year before as people ditched doorstep deliveries for boozy brunches. - Billion-dollar binge: Uber lost $2.6B on startup investments like Zomato and [Grab]( but execs say the overall biz is in its strongest position in years. Looking for your UberX… in a sea of Camrys. From festival szn to IRL work happy hours, more consumers are turning to ride-hailing as outings return. Uber introduced a fuel surcharge in March to combat high pump prices, but it didn’t stop riders from splurging on private drivers. In May, Uber made an average of $87/per customer each month, a 60% jump from 2020. THE TAKEAWAY Don't lose sight of your core biz… even when it falls through. While Eats was Uber’s MVP during the pandemic, its hailing biz has finally caught up. Uber’s ride segment finally surpassed Eats revenue in the first quarter and continued the trend in Q2. Now Uber’s recruiting new drivers ahead of a busy fall season by adding highly requested driver features like the ability to see fares up front. We’ll see whether the ride rebound is as strong for [Lyft]( when it reports Thursday. What else we're Snackin' - [Inspo]( Two #moods: [Pinterest]( reported its smallest sales growth in years as digital ad spending slows. But shares rose 12% after activist investor Elliott confirmed a 9% stake in the wholesome app. - [Lost]( Game over: sales and earnings fell last quarter at [Activision Blizzard]( which is on track to sell to [Microsoft]( for $75B. Global game sales are expected to shrink this year as inflation cuts into spending. - [Luxe]( [WeWork]( for the 1%: a chic coworking club called Colette that offers full-time office staff, temp-controlled offices, and omakase dining is heading to NYC. The cost of a first-year membership: $161K. - [Blues]( More turbulence: yesterday [JetBlue]( reported unexpectedly huge losses as fuel costs kept rising. Last week it struck a deal to buy budget rival [Spirit]( for the not-so-budget price of $3.8B. - [Frenzy]( Potentially hundreds of people exploited a software vulnerability to steal $190M in crypto from cross-chain bridge Nomad. Bridges are vital decentralized-finance infrastructure but are increasingly its weak link. 🍪 Thanks for Snacking with us! Want to share the Snacks? Invite your friends to sign up [here](. Snack Fact Of the Day Tiger Woods reportedly turned down a $700M+ offer to play in the Saudi-funded LIV Golf series [Read more]( Wednesday - Earnings expected from Match Group, Toyota, CVS, Regeneron, Moderna, Yum! Brands, Occidental Petroleum, Clorox, MGM Resorts, GoDaddy, The New York Times, Scotts Miracle-Gro, Hostess, and Lucid Authors of this Snacks own: shares of Microsoft, Uber, CVS, The New York Times, Spirit, Match, Moderna, and Apple ID: 2334908 Robinhood Snacks newsletters 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. 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