🍸 Soho’s packed house

…and Macy’s $5.8B buyout-day parade   Only time the pool ain’t packed (Jeff Schear/Getty Images)   [Sponsored by]( Yesterday’s Market Moves   Dow Jones 36,405 (+0.43%) S&P 500 4,622 (+0.39%) Nasdaq 14,432 (+0.20%) Bitcoin $41,269 (-5.77%) Dow Jones 36,405 (+0.43%) S&P 500 4,622 (+0.39%) Nasdaq 14,432 (+0.20%) Bitcoin $41,269 (-5.77%) Hey Snackers, “Dating Wrapped” videos are going viral with people [sharing]( slide decks of their love-life stats, including which swiping platform got them the most meetups, % of first dates that turned into several, $$ spent on dinner/drinks, and # of ghostings. Big dating data. The S&P 500 inched up to a 52-week high yesterday. Americans’ near-term inflation expectations fell to the lowest level in over two years. Today the November consumer prices report should shed more light on inflation’s path. MembersOnly Soho House stops accepting new members in 3 major cities as luxury gets overcrowded “Meet me at Soho”… or not. Upscale social club [Soho House]( said it plans to [stop accepting]( new members in LA, NYC, and London. The spots have gotten so popular that members are complaining about overcrowding and disappointing customer service. Soho House, which went public in 2021, says it has 185K members and a record 98K people on its waitlist. Last quarter, memberships jumped 21% from a year ago, and this year the stock’s up 35%. - Soho story: Since launching in London, in 1995, Soho has expanded to 40 clubs worldwide — about half of which are in LA, NY, and London. - Pricey: An “all houses” membership costs ~$5K/year, with access to restaurants, bars, rooftop pools, hotels, and gyms. Next-gen country clubs… Soho isn’t the only exclusive spot coping with overcrowding: Delta and American Express tightened requirements for entry to their airport lounges after lines grew longer than layovers. To meet demand, rival Chase has started opening Sapphire lounges, including in Boston and Hong Kong. Beyond the airport, Zero Bond announced a second location in Vegas after its club in the Big Apple attracted celebs like Swift and DiCaprio. Meanwhile, Heimat and NeueHouse take an LA approach to club life by focusing on wellness (Pilates, sauna) and creative work (pod-recording studio), respectively. THE TAKEAWAY Luxury has a saturation point… It’s a balancing act keeping members happy while accepting new ones to grow. Overcrowding and stretched-thin service can dent the feeling of exclusivity that people are willing to pay thousands for. The answer: creating more clubs or raising the bar for entry. Despite closing to new members in some cities, Soho said it plans to grow its membership 14% next year thanks to new spots in hubs like São Paulo and Mexico City. Sponsored by Autonomix Woah: A GPS for the Nervous System? Few can imagine traveling with a paper map anymore. Well, that’s the equivalent of today’s tech when it comes to treating the nervous system – but this estimated [$100B industry]( may be about to get its “GPS” moment. Intended Nasdaq Listing: [Autonomix]( is preparing a public listing as they develop technology to detect and treat a range of disorders like never before. And they’re inviting early investors to get in now. Potential Industry Disruption: While today’s solutions are similar in size to a suitcase, Autonomix has achieved [3,000X more sensitive detection]( the same microelectronics found in the Apple Watch. Past Success Stories: Their team has a successful track record, with almost [$600M in previous MedTech exits](. And now, they see a potentially untapped $100B market opportunity. [Invest in Autonomix before their planned Nasdaq listing.]( WindowShop Macy’s shares shine on reports of a $5.8B buyout offer, as department stores struggle Toppin’ the Christmas list… [Macy’s]( shares jumped 20% yesterday after [reports]( that the OG department store got a $5.8B buyout offer. It’s TBD if it’ll entertain it (Macy’s turned down a buyout bid in 2017). The chain has nearly 500 locations in the US, including 30 Bloomingdale's stores and 150+ Bluemercury outlets. But its earnings haven’t been as dazzling as its holiday displays: sales fell 7% at Macy’s last quarter and dipped at Bloomingdale’s too. - Fit for a strip mall: To lure customers, Macy’s plans to open 30 more of its smaller-format stores like Bloomie’s. Its small-format skincare and cosmetics chain, Bluemercury, has notched 11 straight quarters of growth. Retail reshuffle… While IRL shopping has made a comeback since Covid, US department stores have struggled as shopping habits continue to shift online. In 2020, JCPenney, Neiman Marcus, and Lord & Taylor all filed for bankruptcy. Meanwhile, more curated smaller-format chains like Abercrombie & Fitch, American Eagle, and Urban Outfitters posted record sales last quarter. To compete, department chains have closed hundreds of underperforming stores and opened smaller shops. THE TAKEAWAY Legacy doesn’t equal longevity… 165-year-old Macy's has been a bellwether of US retail, capturing the attention of millions with its Thanksgiving Day parades and festive storefronts. But department-store market share has been down about 4% each year, on average, since 2018, and is expected to keep dipping. Now Macy’s has to adapt to the changing retail landscape to survive. DEFI(NE) Heard on the Block: “crypto coin trusts” 🪙 The business of HODL’ing… [Google]( said that starting next month it’ll allow ads for “[crypto coin trusts]( — financial products that let investors trade in cryptocurrency holding trusts (picture: an actively managed basket of coins). It’s an update to the tech titan’s rules, which prohibit advertising products like initial coin offerings. The change could clear the way for [spot bitcoin ETF]( ads on Google just as industry insiders expect US regulators to approve a batch of the funds as soon as next month. What else we're Snackin' - [EpicWin]( Last night Google lost its three-year antitrust court battle against Fortnite maker Epic Games (recall: the beef over Play app-store fees). The verdict is a win for thousands of Android developers. - [Gassy]( Occidental Petroleum said it’s buying shale producer CrownRock in a $12B deal. It’s the latest in a string of major gas-quisition plays as oil giants like Exxon and Chevron bet $100B+ on the future of fossil fuels. - [ChatUnion]( Microsoft teamed up with unions representing 12.5M workers to provide AI training and open a dialogue around the tech’s effects on labor. About a fifth of US workers are in jobs that are “more exposed” to AI. - [NVM]( Cigna has reportedly scrapped plans to buy Humana, which would’ve created a $140B healthcare behemoth. Investors boosted Cigna’s stock after it announced an investment in itself: a $10B share buyback. - [Alts]( Shein is said to have chatted with the London Stock Exchange about a public listing. The fast-fashion powerhouse reportedly also filed for a US listing, but could be eying backups as scrutiny from American lawmakers mounts. - [Unvest]( Congressional Dems intro’d a bill that would require hedge funds to sell each US single-family home they own within a decade. By increasing housing supply, the move could help rein in soaring home prices. 🍪 Thanks for Snacking with us! Want to share the Snacks? Invite your friends to sign up [here](. Snack Fact Of the Day Shohei Ohtani’s $700M Dodgers contract is the highest in MLB history — nearly $400M larger than the previous record [Read more]( Tuesday - November core consumer price index Authors of this Snacks own bitcoin and shares of: Alphabet, Delta, Exxon, and Microsoft *Advertiser’s disclosure: This is a paid advertisement for Autonomix’s Reg A public offering. Additional information concerning [risk factors]( related to the offering can be found in the Form 1-A [offering circular](. 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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