👗 Shein’s IPO runway

…and the four-day workweek is trending [Disclosures](   Hit refresh for a Gen Z style overload (Jakub Porzycki//Getty Images)   Last Week’s Market Moves   Dow Jones 32,817 (-2.99%) S&P 500 3,970 (-2.67%) Nasdaq 11,395 (-3.33%) Bitcoin $23,173 (-5.55%) Dow Jones 32,817 (-2.99%) S&P 500 3,970 (-2.67%) Nasdaq 11,395 (-3.33%) Bitcoin $23,173 (-5.55%) Hey Snackers, Last week a hot new language model entered the AI villa. Meet [LLaMA]( (🦙), [Meta]( new large language model. LLaMA joins Sydney ([Microsoft]( ChatGPT-fueled Bing) and [Google]( Bard in the competition to win the public’s love on AI island. Stocks fell on Friday and tumbled for the week after news that one of the Fed’s key inflation gauges rose more than expected in January, stoking investors' (already hot) rate-hike worries. Btw... Do you want to start getting Snacks daily? Or prefer to unsubscribe? Manage your subscription preferences [here](. OOTD Shein is stitching up a blockbuster IPO, but a fast-fashion slowdown could unravel the plan Insta-worthy fit… for less than $10. After years of explosive growth, ultra-fast-fashion titan Shein is laying out lofty sales goals in preparation for a potential IPO this year. Shein became America’s largest fast-fashion brand thanks to its online offering of endless trendy clothes at super-low prices (think: 6K new styles listed each day). Now Shein could become the largest Chinese company ever to list in the US — its #1 market. - New fit: In an investor presentation last week, Shein said it was aiming to double its annual sales to nearly $60B by 2025. FYI: that’s more than H&M and Zara’s yearly sales combined. - Loose thread: Analysts say Shein’s goal could be a stretch, since it would need to get more repeat customers and sell pricier pieces (think: $30 blouse vs. $3 tank). From A to Gen Z… Shein became a go-to for young adults thanks to viral TikTok [hauls]( and influencer endorsements. During the pandemic, its valuation soared from $10B to $100B in two years (but recently dropped to $65B). The novelty of endless cheap clothing scrolling is starting to wear off. Shein’s sales have fallen for six out of the past seven months, and last year it posted its first annual loss since the pandemic. - Interest down: Online searches for Shein and other fast-fashion faves like Pretty Little Thing and Fashion Nova have tumbled since last fall. - Competition up: This month Shein’s China-owned rival, Temu, became the most downloaded app in the US (topping Walmart and Amazon) after its [Super Bowl ad](. THE TAKEAWAY Cheap is easy to sell, but easier to unravel… Gen Z is more open to embracing new brands than other generations, but keeping its attention is hard. Plus, young shoppers are increasingly concerned about the environmental effects of their purchases. That could be bad news for unsustainable fast-fashion brands like Shein, which has been in hot water for contributing to millions of tons of carbon emissions — and has received scrutiny for labor-law violations. Zoom out Stories we’re watching Thursday = the new Friday... The four-day workweek is #trending after positive [results]( from one of the largest trials ever conducted of the concept. The vast majority of companies in the six-month UK study said they’d stick with four-day weeks after seeing major reductions in turnover, happier employees, and mostly steady productivity. Employers in the US, Canada, Australia, Brazil, and other countries are also testing it out. Most companies that have experimented with short weeks are small, but four-day work could become a hot new perk. SCOTUS on YouTube… The Supreme Court heard arguments in a case against Google that could decide if tech companies should be liable for content their algos promote. The plaintiffs are the family of Nohemi Gonzalez, an American college student who was killed in a 2015 ISIS attack in Paris. They say YouTube’s recommendations violated anti-terrorism law by helping radicalize viewers. Social giants are protected from being liable for users' posts thanks to Section 230. But now the question of content promotion could put some protections in jeopardy. Events Coming up this week Missed the bull’s-eye?… Target is expected to report lower sales and profits tomorrow. Walmart unboxed a strong holiday quarter last week as discount seekers flocked to its aisles for essentials like food (groceries = over half of Walmart’s sales). But America’s largest retailer warned that customers are cutting back on higher-margin discretionary items (think: clothes, decor, TVs). That’s even worse news for Target, since discretionary goods make up 60% of its sales. Analysts expect Target’s profit will have dropped by more than half. The doctor will FaceTime you now… Telemedicine companies like Teledoc, which reported last week, rode the lockdown wave to ballooning growth. But now many IRL doc offices are open and the US government’s Covid emergency declaration is on track to end in May (think: a possible end to video-call Adderall prescriptions). And the shine may be coming off telemedicine's apple. If Teledoc's disappointing forecast is any indication, Hims & Hers Health and GoodRx, which report this week, may have reason to call in sick. ICYMI Last week's highlights - [COD]( Xbox-maker Microsoft struck deals to share some of its top games with rivals Nintendo and Nvidia to win support for its $69B acquisition of Activision Blizzard. - [Checkmeta]( Meta’s following Twitter with a blue-check subscription as social giants scramble for non-ad revenue. “Meta Verified,” which launched last week, offers Insta and FB app users blue badges for $15/month. - [Scooted]( Electric-scooter startups like Bird and Helbiz have been deeply unprofitable, but Lime said it just became the first micro-mobility company to notch a profitable year thanks to its DIY approach. What else we're Snackin' - [Vows]( The post-lockdown wedding boom is cooling after couples played pandemic catch-up, but it’s still getting pricier to seal the “I do” deal. The average cost of a wedding this year is expected to be $29K. - [Cracked]( There’s a reason why egg prices are exorbitant, and it’s not just plain old inflation: over the past year, the avian flu has killed tens of millions of US chickens in the deadliest outbreak on record. - [Right]( The US Copyright Office canceled copyright protections for AI-generated images used in a graphic novel. It’s one of the first US agencies to take an IP stance on AI content, and could set a precedent. Want your Snacks daily? The Daily Newsletter Get fresh takes on financial news every week day. 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Michelle Bowman speaks Authors of this Snacks own shares: of AB InBev, Amazon, Google, Microsoft, Nvidia, and Walmart ID: 2759375 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. 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. 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