😽 Meta’s copycat ad-vantage

…and big banks kick off #EarningsSzn   Notification: you just got Zucked (Thilina Kaluthotage/Getty Images)   [Sponsored by]( Last Week’s Market Moves   Dow Jones 34,509 (+2.29%) S&P 500 4,505 (+2.42%) Nasdaq 14,114 (+3.32%) Bitcoin $30,212 (-0.02%) Dow Jones 34,509 (+2.29%) S&P 500 4,505 (+2.42%) Nasdaq 14,114 (+3.32%) Bitcoin $30,212 (-0.02%) Hey Snackers, David Bowie [asked]( if there was life on Mars. Now we at least know there’s “organic matter” on Mars. NASA’s Perseverance Rover made the big [discovery]( last week. Somehow, “organic matter” just isn’t as catchy. US stock indexes rallied last week, led by the techy Nasdaq, which gained over 3%. The Dow had its best week since March after news of cooling inflation and strong bank earnings. Traders gained hope that the Fed’s expected rate hike in July could be its last of the year. Btw... Do you want to start getting Snacks daily? Or prefer to unsubscribe? Manage your subscription preferences [here](. Re-thread The success of Meta’s Twitter dupe hinges on one-upping the original (Zuck style) Rethread = the new retweet?… [Meta]( “Twitter killer,” Threads, became the fastest-growing social app ever last week, hitting 100M users within five days of launch. FYI: Twitter had 240M daily scrollers a year ago (the last time it shared #s before Elon Musk bought it). Twitter responded to Threads by saying it would sue Meta, while Musk asked Mark Zuckerberg to [up the ante]( from a cage fight to (ahem) an anatomical-measuring contest. - Nepo baby: Over 3B (yes, billion) users already use Meta’s “family of apps,” and Threads was launched with close links to popular older sibling Instagram. - Locked in: Not only do users need an Insta account to sign up, but the only way to delete Threads is to… also delete IG. Anything you can do… Meta thinks it can do better — by using its “copy, acquire, kill” strategy. It snapped up WhatsApp and Insta early, and after failing to buy Snapchat and TikTok (then called Musical.ly), Meta added copycat features like Stories and Reels. But Threads takes mimicry to another level as a standalone app (Zuck even tweeted the “Spider-Man Pointing at Spider-Man” meme last week — his first tweet in over a decade). - More cats, less controversy: While Twitter has lost ad $$ over controversial content, an advertiser-friendly approach could clear Threads’ path to $8B in revenue by 2025. IG head Adam Mosseri said Threads won’t encourage news and politics. THE TAKEAWAY Imitation works only when it’s done better… Lookalike features have been a win for Meta as users opt for the convenience of its all-in-one social ecosystem. This year, Zuck said Insta usage had grown 24% since adding Reels. Still, it hasn't killed rivals like TikTok and Snap. Plus, some folks are concerned about giving all their social-networking time (and data) to one mega corp. As Threads adds new features, it’s too early to call whether it’ll go the way of Insta or the way of defunct Google+ (which was called a “Facebook killer”). Sponsored by Masterworks Billionaires wanted it, but 54,578 everyday investors got it first… When incredibly rare and valuable assets come up for sale, it's typically the wealthiest people that end up taking home an amazing investment. But not always… One platform is taking on the billionaires at their own game, buying up and securitizing some of history’s most prized blue-chip artworks for its investors. Now you can build a portfolio of iconic art, curated by industry-leading research and acquisition teams – without having to fork over tens of millions to get in the game. It's called Masterworks. Their nearly $1 billion collection includes works by greats like Banksy, Picasso, and Basquiat, all of which are collectively owned by everyday investors. When Masterworks sells a painting – like the 14 it's already sold – investors reap their portion of the net proceeds. It's easy to get started but offerings can sell out in minutes. However, as a trusted partner, Snacks readers can skip the waitlist to [join with this exclusive link]( Events Coming up this week What banking crisis?… Big banks kicked off Q2 earnings season on Friday, with JPMorgan Chase, Citi, and Wells Fargo beating estimates. It could be a taste of what Bank of America, Charles Schwab, and Morgan Stanley might report this week. Chase and WF saw profits soar by over 50% as they raked in more interest income on loans thanks to steeper rates (Citi also got a rate boost, but its profit fell). IOU defaults ticked up but are historically low. While “too big to fail” banks are looking solid, results might not be as sunny for smaller players. Rewatching “Wednesday”... while waiting for Netflix to report Wednesday. Now that Hollywood writers and actors are on strike, the US content-churning machine is on pause. But while Netflix’s Q1 subscriber growth underwhelmed, analysts expect more action from Q2. Netflix’s cheaper ad-based tier has seen 5M+ global sign-ups since November, and the password-mooching crackdown seems to be paying off: since Netflix restricted US account sharing in May, it reportedly notched its four biggest sign-up days on record (thanks, exes). Zoom out Stories we’re watching Captcha-ing fire… NYC recently began enforcing a first-of-its-kind AI law, centered on the use of AI in hiring. The law says that employers using the tech must inform candidates and submit to audits showing that their systems are unbiased. From résumé screening to initial chatbot interviews, automation has made its way into virtually every part of hiring, and four in five companies use the tech. AI hiring laws are in the works in several states, though experts say federal guidelines will likely be needed. Ripple effects… In what experts called a blow to the SEC’s crypto crackdown, a judge ruled that Ripple's XRP token was a security when sold to investors in 2013 but not a security when it was offered for sale to the public. (FYI: the SEC has said most cryptos are securities.) XRP’s market cap soared from $25B to $45B+ after the news last week, and crypto broadly rallied. Exchanges like Coinbase celebrated it as a win, but they risk getting ahead of themselves — the case was about Ripple, not all crypto, and the SEC may appeal. ICYMI Last week's highlights - [Youth]( “Longevity clinics” promising to lengthen lifespans of wealthy clients are attracting millions in venture investments. Some charge up to $100K/year to provide treatments like plasma transfusions. - [Sweat]( This year could be one of the Earth’s hottest ever as dangerous temps bake the Southwestern US. As demand for AC spikes, companies are searching for more energy-efficient cooling solutions. - [Copywrong]( Comedian Sarah Silverman sued Meta and OpenAI, saying her book was used in training their AI large language models. The copyright-infringement suit says thousands of other scribes could also be plaintiffs. What else we're Snackin' - [Therapy]( UnitedHealth said more Americans are seeking mental-health care for conditions like anxiety. The insurance giant said its costs are rising as people feel increasingly comfortable seeking help. - [Empty]( Pricey swivel chairs are being resold or junked as commercial real-estate vacancies soar (the US has ~1B square feet of empty office space). McKinsey found that only 37% of office workers commute daily. Want your Snacks daily? The Daily Newsletter Get fresh takes on financial news every week day. Try a sample: 🥵 [Extreme heat]( • Jul 14, 2023 🍕 [Domino’s Uber pivot]( • Jul 13, 2023 🧬 [Buying youth]( • Jul 12, 2023 [Subscribe to the Daily]( Snack Fact Of the Day The Olympics used to include an art competition [Read more]( This Week - Monday: Earnings expected from Equity LifeStyle Properties - Tuesday: US retail sales. Earnings expected from Bank of America, BNY Mellon, Charles Schwab, J.B. Hunt, Lockheed Martin, Morgan Stanley, Novartis, Omnicom, and Western Alliance Bank - Wednesday: Earnings expected from Alcoa, Discover, Equifax, First Horizon Bank, Goldman Sachs, IBM, Kinder Morgan, Las Vegas Sands, Nasdaq, Netflix, Tesla, United Airlines, US Bank, and Volvo - Thursday: Earnings expected from Abbott, American Airlines, Blackstone, Capital One, Johnson & Johnson, Kenvue, Nokia, and Philip Morris - Friday: Earnings expected from American Express and Comerica Authors of this Snacks own shares of Snap and Tesla *Advertiser Disclosure: See important disclosures at [masterworks.com/cd](. Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... 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