🍋 ByteDance makes Lemon8

…and leaders of AI like Elon Musk want to rein it in [Disclosures](   Juicing those downloads (Jakub Porzycki/Getty Images)   Last Week’s Market Moves   Dow Jones 33,274 (+3.22%) S&P 500 4,109 (+3.48%) Nasdaq 12,222 (+3.37%) Bitcoin $28,394 (+4.54%) Dow Jones 33,274 (+3.22%) S&P 500 4,109 (+3.48%) Nasdaq 12,222 (+3.37%) Bitcoin $28,394 (+4.54%) Hey Snackers, April Fool’s Day may be over, but the pranks never end on Twitter. An AI-generated [image]( of the pope in a white Balenciaga puffer jacket managed to fool a lot of people. US stocks ended the week with big gains after cooler-than-expected inflation data eased Fed rate-hike worries. On Friday traders anticipated a 50% chance that the central bank won’t raise rates at its next meeting in May. The major indexes ended the first quarter in the green, led by the techy Nasdaq, which gained 18% through March. Btw... Do you want to start getting Snacks daily? Or prefer to unsubscribe? Manage your subscription preferences [here](. SQUEEZED ByteDance pushes an Instagram-like app as DC battles over banning TikTok When Congress gives you lemons… make Lemon8. ByteDance has been busy, and not just defending its social superstar, TikTok, from US lawmakers, who are [considering]( a ban. The Chinese tech titan has another social app, dubbed Lemon8, which hit US App Store top charts this week. Described as a cross between Meta's Instagram and Pinterest (picture: style pics, shopping recs), Lemon8 is said to use the same recommendation algo powering TikTok's addictive feed. - Slow squeeze: After introducing the app in 2020, in Japan, ByteDance grew Lemon8 to 5M monthly users last year by rolling it out in countries including the UK and Indonesia. - Cre8tors: ByteDance paid US creators to juice up Lemon8 with #sponsored content, and some social stars are posting about Lemon8 on TikTok. ByteDance is reportedly [gearing up]( to (officially) promote Lemon8 globally next month. - Another slice: ByteDance also owns CapCut, a Tok-friendly video-editing app with 400M+ global downloads last year. Lemon8 and left some crumbs… Lemon8's low-key launch contrasts with ByteDance's high-key TikTok tangle. A bipartisan group of lawmakers are pushing legislation that would give President Biden the power to ban (or force a sale of) TikTok — plus other apps seen as posing national-security concerns. Think: platforms that might share data with China or other sanctioned countries. POTUS urged Congress to pass the bill, but not everyone's on the ban-wagon: Sen. Rand Paul and Rep. AOC recently opposed a ban on free-speech grounds. TikTok users have also been posting fan content supporting the app’s CEO, who was grilled by Congress last month. THE TAKEAWAY Whac-A-Mole never ends… Even if the US gov’t squashes TikTok, lawmakers might sour on TikTok-adjacent apps, leaving them forever chasing viral hits. Meanwhile, federal privacy legislation — which could address the root of many app-privacy concerns — has been stalled in Congress for years. As officials keep whacking moles, apps like Insta, Snap, and Google’s YouTube stand to benefit if their competition gets smashed. Zoom Out Stories we’re watching Your creation takes on a life of its own… We’re not talking Frankenstein. Last week, 1.4K+ tech leaders and AI researchers (including Elon Musk and Apple cofounder Steve Wozniak) signed an open letter calling for a six-month pause in the race to train AI tools. They warned that ignoring caution could lead to “loss of control of our civilization” and said a pause would give the industry “breathing room” to set safety standards and understand threats. It could be hard to put the genie back in the bottle, though: Microsoft and others have already started integrating AI. Curfew incoming… Scrutiny’s rising over the effects of social media on kids. Last week Arkansas sued Meta and TikTok, saying their apps harm mental health. Last month Utah passed strict laws aimed at protecting minors: social platforms must give parents access to teens' accounts and enforce a 10:30 p.m. curfew. Congress is eyeing legislation to protect kids on social, while some school districts are also suing social apps. Since half of US teens said they’re online “almost constantly,” the most susceptible group may also be the most bankable. Events Coming up this week Must add curly fries… Lamb Weston has been cooking up success as Americans feast on french fries, no matter the economic weather. Last quarter the potato powerhouse hit a record $1.3B in sales and raised its annual forecast as fry demand sizzled. FYI: LW makes $$ both from grocery-store frozen aisles and from restaurants (think: corporate customers like McDonald’s and KFC parent Yum Brands). But even as dining out declines, LW says its “fry-attachment rate” is still above prepandemic levels as people keep adding fries to their orders. Eggstra-pricey Easter… Big Egg’s big holiday is upon us, but you might wanna stick to chocolate. Cal-Maine, America’s largest egg producer, reported an 8X quarterly profit jump as prices yolked up. The average price of a dozen was $4 in February (up from $2 a year earlier), adding merit to those “eggs as a symbol of wealth” [memes](. Supply is at a three-year low as the industry deals with the avian flu (though Cal-Maine said its chickens weren’t affected). Americans are expected to spend a record $24B on Easter this year, including $7.3B on food. ICYMI Last week's highlights - [Split]( Alibaba (aka the Amazon of China) is splitting its biz into six independent companies. Keeping units separate could help execs focus on industry-specific growth — and avoid more regulatory scrutiny. - [RT]( Starting April 15, only paying blue-check Twitter subscribers will have their posts recommended to non-followers and be allowed to vote in polls. Since Tweeters are used to having that free, it could backfire and alienate users. - [Disno]( Disney laid off its 50-person metaverse team as IRL macro conditions lead companies to ditch their pricey meta-ambitions. Last month Microsoft and Tencent shuttered meta projects to cut costs. What else we're Snackin' - [Score]( As inflation strains wallets, travelers are using online "giveaway groups" to leave unused treats for strangers (think: extra diapers, hotel snacks). The posts help reduce waste and ease vacay costs. - [Denim]( Thrifting isn’t thrifty anymore. Shoppers say secondhand stores are getting too pricey as Gen Zers take to shops like Goodwill to #thrifthaul vintage fits. Budget retailers are starting to hike prices. - [Spill]( The Department of Justice is suing Norfolk Southern Railway, alleging it illegally polluted waterways after a major train derailment in February. So far, Norfolk has agreed only to cover the cleanup costs. Want your Snacks daily? The Daily Newsletter Get fresh takes on financial news every week day. Try a sample: ✈️ [JetBlue’s NYC blues]( • Mar 31, 2023 🗳️ [Twitter’s Blue backlash]( • Mar 30, 2023 🛍️ [Alibaba’s big breakup]( • Mar 29, 2023 [Subscribe to the Daily]( Snack Fact Of the Day Texas was home to 6 of the top 10 largest-growing US counties last year [Read more]( This Week - Monday: NCAA March Madness finals - Tuesday: Earnings expected from Acuity Brands - Wednesday: Passover begins. Earnings expected from Conagra and Lamb Weston - Thursday: Initial jobless claims. The Masters begins. Earnings expected from Constellation Brands and Levi - Friday: Markets closed for Good Friday. March job numbers Authors of this Snacks own shares: of Apple, Amazon, Disney, Google, Microsoft, Snap, and Yum Brands ID: 2825169 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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