Return-Path: Delivered-To: info@sterlingcal.com Received: from reseller401.webserversystems.com by reseller401.webserversystems.com with LMTP id aID6IQN3pmU14QcAchKAPA (envelope-from ) for ; Tue, 16 Jan 2024 06:30:59 -0600 Return-path: Envelope-to: info@sterlingcal.com Delivery-date: Tue, 16 Jan 2024 06:30:59 -0600 Received: from mail-wr1-f54.google.com ([209.85.221.54]:55322) by reseller401.webserversystems.com with esmtps (TLS1.2) tls TLS_ECDHE_RSA_WITH_AES_128_GCM_SHA256 (Exim 4.96.2) (envelope-from ) id 1rPiao-002ANW-2W for info@sterlingcal.com; Tue, 16 Jan 2024 06:30:59 -0600 Received: by mail-wr1-f54.google.com with SMTP id ffacd0b85a97d-336c9acec03so8113811f8f.2 for ; Tue, 16 Jan 2024 04:30:53 -0800 (PST) X-Google-DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=1e100.net; s=20230601; t=1705408247; x=1706013047; h=to:subject:message-id:mime-version:from:date:dkim-signature :dkim-signature:delivered-to:x-forwarded-for:x-forwarded-to :x-gm-message-state:from:to:cc:subject:date:message-id:reply-to; bh=pSGSzzGY9Pp8GDl0LkKvPWuLiHc9Fy6Q4YabLYK4qww=; b=HwcDhXMqUg6YeupkvtCnBmyRndtmixm5uenQsE/OvCw4CFVk2Xf4xq4jeRV1ERbOZZ rEDE7Jw6I20d68/If0foPHAvF53MbHhy5mRITp5S8L6TEcJX1wGMM5Aj6ks/bTzAW1vh aWC7jddmmYcDIZctYu/rViOHEbmrt18SEfMsi39X+WoKmYmq5O9sRVG6sK0xItAm8Rcm TR+mw0iI2J0yTrtFfeo5y1SASZc7dwNB/E+TYxJzR0RruvokwHvSLefTmepJj5mFgbGO 36ElJs1t4hYbJgurjh6C7KSAy0j8AKmztKkHj7d/zNJwNIbUcQB4xNMB3eP/rbsuwtl+ ihtw== X-Gm-Message-State: AOJu0YxeiVNhz7NBvB2UI1iuEYIyI0anr40uE8x1otkaOmrvHlSZRWi4 +6WaRI9H2h7rFbh+KgV9JSxelig6XTKSNbeOx6VADyhiQL2+TJsGzw== X-Received: by 2002:a5d:4590:0:b0:337:54d8:e292 with SMTP id p16-20020a5d4590000000b0033754d8e292mr3482261wrq.58.1705408246416; Tue, 16 Jan 2024 04:30:46 -0800 (PST) X-Forwarded-To: info@sterlingcal.com X-Forwarded-For: sterlingwhg@gmail.com info@sterlingcal.com Delivered-To: sterlingwhg@gmail.com Received: by 2002:adf:ca93:0:b0:337:afd6:7f45 with SMTP id r19csp478344wrh; Tue, 16 Jan 2024 04:30:44 -0800 (PST) X-Google-Smtp-Source: AGHT+IHiOuuNZvsvyfDLrPQpGVFnCDX2KNpNSJtFaVmac+kT93WswTYDhtvXS+4IQQ3ywF6IYbSQ X-Received: by 2002:a05:620a:618c:b0:783:68f5:1c30 with SMTP id or12-20020a05620a618c00b0078368f51c30mr1182940qkn.75.1705408244022; Tue, 16 Jan 2024 04:30:44 -0800 (PST) ARC-Seal: i=1; a=rsa-sha256; t=1705408244; cv=none; d=google.com; s=arc-20160816; b=A4RhQ66RT6eL605PU1mUrN0M9EJBJUOyAQJaN/pdRHYV2KKtbAZBA/qPNkUbKvI9Ln KgaXOChFAoGzci4mG4NSNvJYNsRmOMv1a7TO0ON6QbEeSBDdYqXeeLx6pLRLzeU+E7di 5Pzg0y9SZyaDH+lS7Zk4Qito4sNMrZIZjC2UnsYnIWzYXuzQws0SizO7kK8d5zeRscrc g4rNm3rg7OxOP0XvxnrEbaQTBtfgSm1smBGrJf8MI04fN4QYexyWFvhGLuWT4/ouBYe5 BLXBryQ6mqCQgvZ4uWeL4lZ70YzDZWvqofxIQFymvDF+oS9sdj0DE6GmLsjSgdh2Do4P nRow== ARC-Message-Signature: i=1; a=rsa-sha256; c=relaxed/relaxed; d=google.com; s=arc-20160816; h=to:subject:message-id:mime-version:from:date:dkim-signature :dkim-signature; bh=pSGSzzGY9Pp8GDl0LkKvPWuLiHc9Fy6Q4YabLYK4qww=; fh=8UYCoDTSPITTsMXAEjF6f0Ce+R5+Pgj4Ub+HJhE1UC4=; b=fap0xaw9GFqJt9N7Qk0pBS8aKolnqWjGpEtw3A7sBf/vQm8qbhptRyAyTGmwM1EQKd e+uXGDmAnMSWE1d2oSxV8mg7Hs8TW+LaBF9kvY0nVXSn+9ubk+jWtoW6FnQjgMiFJbPx OrIMU2FTFhNBjPnIDprQ6Qw+LET++xMI4tfIM1gQGKxrVr8v71usXCfCyEGNBFwVU3RF Bz2QBMwrtZr6hIxygj0jU5f360keN4oi47X/IT1ScVbKU6JI5gpzl8X9igJ+zlMXY4v5 Wtu3ICDjiWy1mzj+AWQtEgoOLskdT1R3Wu/9sNZ2Oq5KQMveiDw09P1uLC+52EskLaXH /ZAw== ARC-Authentication-Results: i=1; mx.google.com; dkim=pass header.i=@robinhood.com header.s=s1 header.b=PX3bjhYX; dkim=pass header.i=@sendgrid.info header.s=smtpapi header.b="Sd/+NK2c"; spf=pass (google.com: domain of bounces+6630771-530e-sterlingwhg=gmail.com@sg-email.robinhood.com designates 149.72.41.26 as permitted sender) smtp.mailfrom="bounces+6630771-530e-sterlingwhg=gmail.com@sg-email.robinhood.com"; dmarc=pass (p=QUARANTINE sp=QUARANTINE dis=NONE) header.from=robinhood.com Received: from o18.email.robinhood.com (o18.email.robinhood.com. [149.72.41.26]) by mx.google.com with ESMTPS id m18-20020a05620a24d200b00783100ada16si10436057qkn.259.2024.01.16.04.30.43 for (version=TLS1_3 cipher=TLS_AES_128_GCM_SHA256 bits=128/128); Tue, 16 Jan 2024 04:30:44 -0800 (PST) Received-SPF: pass (google.com: domain of bounces+6630771-530e-sterlingwhg=gmail.com@sg-email.robinhood.com designates 149.72.41.26 as permitted sender) client-ip=149.72.41.26; Authentication-Results: mx.google.com; dkim=pass header.i=@robinhood.com header.s=s1 header.b=PX3bjhYX; dkim=pass header.i=@sendgrid.info header.s=smtpapi header.b="Sd/+NK2c"; spf=pass (google.com: domain of bounces+6630771-530e-sterlingwhg=gmail.com@sg-email.robinhood.com designates 149.72.41.26 as permitted sender) smtp.mailfrom="bounces+6630771-530e-sterlingwhg=gmail.com@sg-email.robinhood.com"; dmarc=pass (p=QUARANTINE sp=QUARANTINE dis=NONE) header.from=robinhood.com DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=robinhood.com; h=content-type:from:mime-version:subject:x-feedback-id:to:cc: content-type:from:subject:to; s=s1; bh=pSGSzzGY9Pp8GDl0LkKvPWuLiHc9Fy6Q4YabLYK4qww=; b=PX3bjhYXuz7tghGeAPXWlug5BIfWuAvj7ILH9ULVafkVy2PvvV2RLWmPnmtd88cExHo7 ETF6jqXMXpRkwGIGYnHRhga9vP6HzcpapU2VlmrAFrA/gMe0j8Eur58yx0ziV1In4umcP8 1qOorZoeDib5JGcyxGA8/mVS3PdgrbJcMiY+FtxDbiC/fW5NTSepsRSu6awCZfSZxDL5X1 zAA58/Ev2RYEBE5wIPuv5aIPqifVT6Lw3mJD5y2fuuj+A1qmd+h4RixQFhT8IKi9pMa3nD X2xs1Y8MlCF8qVAzqbK9DTJgWJw97Kk/7xdYU4y6U8nF0ueBIlJrEMP/RIMxsVCA== DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=sendgrid.info; h=content-type:from:mime-version:subject:x-feedback-id:to:cc: content-type:from:subject:to; s=smtpapi; bh=pSGSzzGY9Pp8GDl0LkKvPWuLiHc9Fy6Q4YabLYK4qww=; b=Sd/+NK2cQ4ueY2j3a+94C+CFABZxlcNSs0uDgPI7s1FGfPXUWxQ6WI6ExI3TWLXuZ6lS KDkXhvcufK4xDPObxHgvdbxD/tGLsS7K8IwY07/Nroyy+qbr5QtnYPQ08PkCv+s8lkVfhz FxrYC+HaFvb8jJ3qN4Y6RSkQQ3MnJPmxU= Received: by filterdrecv-67746b998-nkhb7 with SMTP id filterdrecv-67746b998-nkhb7-1-65A676F2-36 2024-01-16 12:30:42.326139442 +0000 UTC m=+7840123.388143736 Received: from NjYzMDc3MQ (unknown) by geopod-ismtpd-4 (SG) with HTTP id NeXsiu23QVCXB5qQo7AczA Tue, 16 Jan 2024 12:30:42.171 +0000 (UTC) Content-Type: multipart/alternative; boundary=3227fb47c259e84371f2d9bd0b21c78561c2aac0d99f599ea993ac1c00f0 Date: Tue, 16 Jan 2024 12:30:42 +0000 (UTC) From: Snacks Mime-Version: 1.0 Message-ID: Subject: =?UTF-8?B?8J+qmSBCaXRjb2lu4oCZcw==?= fun(d) week X-Feedback-ID: 6630771:SG X-SG-EID: =?us-ascii?Q?PWip3AaQuEbR=2FL=2FQui0b20bWQSDvtKNlxJnl8x8wiOBmc4Ghp95M+acWYJjbNL?= =?us-ascii?Q?tzKCB2Ha6josgXKapAI1WitcfMI3GYpbWJxlasz?= =?us-ascii?Q?BIMULTtkDdd+7NvPLcCIpiYxRkABy2IhRVHlB85?= =?us-ascii?Q?VomKWYcO+z4hestRo7X3JxHy2jRLo+jGKfptu5r?= =?us-ascii?Q?7Y5myMyWIt9TT=2F=2FssnHZWPd0qQYIa8xvGiwstaE?= =?us-ascii?Q?6f3TTaaSUot81FJr4V94RqRo34L1FsiBX=2FhxLu?= X-SG-ID: =?us-ascii?Q?N2C25iY2uzGMFz6rgvQsbxmmPhhQxWSvjzrkTJVSyJfkvC5uzAZqd5yeCm4hzf?= =?us-ascii?Q?MWD0exn934vAqiAvpl8jCGEz9fF6c15V2mXc4d9?= =?us-ascii?Q?NAfkEnZXXCF9HwsZWofnrNFyB53k6dSRYwjRMP+?= =?us-ascii?Q?zC+Y2CqKhkZbxi6TBR=2Fvu3skh01B29MzNlUzGhF?= =?us-ascii?Q?j90FEBQigEVh4adpyLMczul9AkGWSXhYzzARtOs?= =?us-ascii?Q?4KLVDfKVcyNS6l8YAgXr+edHW7osZUdLl3H0bHu?= =?us-ascii?Q?Ti3orXxwJM7F4ZwRxbUqYaM3v=2FUcsZRRHrq6Gfv?= =?us-ascii?Q?TBJLkdVgvwX4rSHGzIBtkPsD7wsz7ESA=2F4oq0kF?= =?us-ascii?Q?UrGPc9uVyb+9CWsnQyEKY47NAf9991BJOeQ1WOM?= =?us-ascii?Q?jDaBnuW84xdTR7Mj9O+V0rjxtaWS77DHKjstGlk?= =?us-ascii?Q?9=2F40YeL6mEv3A19C45toMr=2FSZprv3tkRwFwJj5=2F?= =?us-ascii?Q?MsmxmAUis0uOkqIdjwoSipzL9wcoPxjDFJNVIwE?= =?us-ascii?Q?7MDHSdKRec7JzYCtkmTt0mAfqgdxgqE=2FaGgVBcc?= =?us-ascii?Q?NtaQ=3D=3D?= To: sterlingwhg@gmail.com X-Entity-ID: zye8UXqvUGcUF9ZcIbeLwg== --3227fb47c259e84371f2d9bd0b21c78561c2aac0d99f599ea993ac1c00f0 Content-Transfer-Encoding: quoted-printable Content-Type: text/plain; charset=utf-8 Mime-Version: 1.0 = = #outlook a { padding: 0; } body { margin: 0; padding: 0; -webkit-text-size-adjust: 100%; -ms-text-size-adjust: 100%; } table, td { border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; } img { border: 0; height: auto; line-height: 100%; outline: none; text-decoration: none; -ms-interpolation-mode: bicubic; } p { display: block; margin: 13px 0; }@import url(https://sg.robinhood.com/ls/click?upn=3D6f= ntGirSE5selsQKrSSUHhlVHSZUg2RjnmzAANAYlJWW-2BL3K615wI-2BBU-2B7gW0-2Bz3q2gwi= E9uIrXfSPoaV2quwVHfvpCxA7WPGpI-2BHgNIO-2F4S706C2B-2Fqj10VWlCwQsEUI_Oq_y6r4Y= -2Fjyz39fUgiIVZvxszI1-2BOksX762wK6L32M97xgJ-2FnBU-2Fpq1oGUBER66ULtn2tobIg3l= 6TQsIyZ09ULJZmMzbnWEmEsbJSm57WpQZoCIbDtuPES9wJCtU204VoYZ7I-2BxPcdMrVNkXYj0y= f3wdI80JPGk35J5Rdubou-2BHZvNwE4DKJ9BEOpH7rKEZXFpCu4Xqvx9Dg2BARbpe6TAMaqqsSi= ooTouvwL-2FskhSVNDTdPi0ZLFKqW9xRrHE5WJk9Wm1CEKGG2KohX7E-2BzVPqyjC9h91QzafS5= O9n-2FzCsfkwCIs3twVX8psUg2Rxlj7OT0-2FnzHG-2BqCYjDGWlU5i2sek2NQoxFmVTphmqdty= wHwVfMdhKR9rx31thBKzeThZJyUFQfeUmW1mj6WNjqiGY3daiR5fS4WnasePYVkA8S6UMWfFXXk= jBUwwad-2B7ovjET70Fm12HRIt-2FNeX-2FtR2JWAmmj8UKEmAUVTvV6ATLiwgjryoqKp4VNrvD= NetSF-2FI-2F4nijJHwD27ziDU8W0eKjweGNVImmw5dXEdzvwNA0mspyMiug2Uzyp3ak8VSXVFI= CXn8-2BZPsMzqvnfyxe2b9xMbIIE29CrpcQjwUtzpS4RvBTmgPP7h73Kgp88jZw-2B1GroH-2FW= b1aMvHIkg3IgTeGJZwVhmgwX5sDs2Wleut39X-2FTIiLYWR1y7ggjCfhFGkUHh6CoTdAqM6cQC-= 2FbsTEzxSyMcg-3D-3D
=E2=80=A6and layoff season is here<= /div>
<= !--[if mso | IE]>
<= /tr>
<= tbody>
=
 
=
<= /tbody>
= =

There=E2=80= =99s change at the exchange (Jonathan Raa/Getty Images)

 
La= st Week=E2=80=99s Market Moves
R= 02;
Dow Jones
37,593 (+0.34%)		S&P 500
4,784 Nasdaq
14,973 (+3.= 09%)		Bitcoin
$42,461 (-3.84%= )
Dow Jones=
37,593 (+0.34%)		S&P 500
<= span style=3D"font-family: 'General Grotesque Bold', Arial; font-weight: 70= 0;">4,784 (+1.84%)
Nasdaq14,973 (+3.09%)<= /span>Bitcoin
$42,461 (-3.84%)
=
<= /table>

Hey Snackers,

The Peregrine lun= ar lander that blasted off last week was carrying a single bitcoin in a phy= sical BTC wallet. After a fuel leak, the lander and its bitcoin cargo have = been floating around space with =E2=80=9Cno chance=E2=80=9D of ma= king it to the moon. Ironic.

Banks kicked off Q4 earnings szn and sto= cks had a strong week, with the Nasdaq up 3%. The December jobs report came= in surprisingly strong, and consumer inflation was hotter than forecast = =F0=9F=A5=B5. Still, traders upped bets on March interest rate cuts after a= n unexpected dip in wholesale prices.

Btw... Do you= want to start getting Snacks daily? Or prefer to unsubscribe? Manage your = subscription preferences here.

ETFUN
<= /div>
=
<= /table>

Crypto faithfuls cheer bitcoin= ETF approvals =E2=80=94 and investing titans tussle for market share

Bitcoin=E2=80=99s debutante ball=E2=80=A6 The SEC approved 11 s= pot bitcoin exchange traded funds= , which finally began trading last week after a decade-long push from the c= rypto industry (and a wild hack of the SEC=E2=80=99s X account). The funds let investors get expos= ure to BTC=E2=80=99s price without having to, you know, own crypto. = It means less stressin=E2=80=99 over hacks and lost keys. Also, since bitco= in ETFs can live at SIPC-insured registered broker-dealers, there=E2=80=99s= less potential loss if your exchange goes bankrupt (cough: FTX). As= ETFs debuted on US stock exchanges, industry insiders predicted an influx = of crypto-vestment.

Do= n=E2=80=99t want to market-share=E2=80=A6 The companies that had their = BTC ETFs approved are a mix of legacy investment managers and crypto-focuse= d players, and they=E2=80=99ve already started shoving elbows. BlackRock and Fidelity have slashed their ET= F management fees to compete in what could be a winner-take-all business. M= eanwhile, Bitwise, Ark Invest, and 21Shares =E2=80=94 = which also had spot bitcoin ETFs approved =E2=80=94 are offering temporary = promo fees of 0%. If crypto ETFs start getting included in retirement accou= nts, traditional finance heavyweights might want a bigger slice of crypto c= ake.

THE TAKEAWAY

Boring=E2=80=99s= good for business=E2=80=A6 but risks complacency. The SEC=E2=80=99s ap= proval suggests that finance=E2=80=99s old guard is starting to embrace cry= pto as another cog in its machine, which might fuel more investment. It cou= ld be just the start, with traders already murmuring about a spot ethereum ETF. Still, seeking the approval= of what many crypto heads derisively refer to as =E2=80=9CTradFi=E2=80=9D = (traditional finance) is a far cry from crypto=E2=80=99s rebellious roots t= hat got so many excited in the first place.

<= /tr>
<= /tbody>
<= div style=3D"font-family: 'General Grotesque Bold', Arial; font-weight: 700= ; letter-spacing: 0.03em; text-transform: uppercase; color: #1C1C1C; paddin= g: 6px 19px; border-radius: 30px; border: 0; background-color:#62E5DA; disp= lay: inline-block;">Events
<= /table>

Coming up th= is week

Apr=C3=A8s-ski economics=E2=80=A6 World and biz le= aders are meeting in the Swiss resort town of Davos this week =E2=80=94 not= to hit the slopes but to attend the 54th World Economic Forum. But what ha= ppens in Davos doesn=E2=80=99t stay in Davos: decision-makers hobnobbing ov= er Dom P=C3=A9rignon can influence global policy. About 2.5K people show up= , flying in on ~1K private jets. On this year=E2=80=99s guest list: Argenti= na=E2=80=99s new president, Milei, France=E2=80=99s Macron, OpenAI C= EO Altman, and Pfiz= er CEO Bourla. High on the agenda: AI, the climate crisis, and wars= in the Middle East and Ukraine.

PAC it up=E2=80=A6Yesterday= =E2=80=99s Iowa caucuses kickstarted voting in the GOP presidential primari= es (FYI: Dems vote by mail, with results coming in March). Being up first, = Iowa has outsized influence on the race, which is reflected in ad budgets: = $110M+ has been spent carpeting Iowa with GOP commercials =E2=80=94=C2=A0th= at=E2=80=99s 40% of total $$ spent on all GOP TV ads so far. Former = Pres Trump is up in polls, while Nikki Haley=E2=80=99s up in marketing: the= ex-gov has spent a race-leading $50M+ on TV ads. Buckle up: this election= =E2=80=99s expected to be the costliest ever, with $10B+ in ad spend.

<= div style=3D"font-family: 'General Grotesque Bold', Arial; font-weight: 700= ; letter-spacing: 0.03em; text-transform: uppercase; color: #1C1C1C; paddin= g: 6px 19px; border-radius: 30px; border: 0; background-color:#62E5DA; disp= lay: inline-block;">Zoom Out
<= /table>

Stories we= =E2=80=99re watching

Layoff season=E2=80=A6 again. = Job cuts tend to spike in January as corporate preps for the coming year. W= e hardly need more confirmation: in just the first two weeks of this year, = companies including Amazo= n, Google, BlackRock, Citi, Discord, and NBC have cumulatively announced t= housands of cuts. 38% of biz leaders said layoffs are likely at their compa= nies this year, one survey said. =E2=80=9CRecession concerns=E2=80=9D are o= ft-cited. Newer thing: Google, Meta, and Dropbox have pointed to AI as a factor in their layoffs. <= a href=3D"https://sg.robinhood.com/ls/click?upn=3D6fntGirSE5selsQKrSSUHk6R8= tCrM-2FUICq73HMQolwWH1v9rltWOrvOReLRCZo7jWrPllnbI8qPhUfc1lIDdUw-3D-3DReS0_y= 6r4Y-2Fjyz39fUgiIVZvxszI1-2BOksX762wK6L32M97xgJ-2FnBU-2Fpq1oGUBER66ULtn2tob= Ig3l6TQsIyZ09ULJZmMzbnWEmEsbJSm57WpQZoCIbDtuPES9wJCtU204VoYZ7I-2BxPcdMrVNkX= Yj0yf3wdI80JPGk35J5Rdubou-2BHZvNwE4DKJ9BEOpH7rKEZXFpCu4Xqvx9Dg2BARbpe6TAMaq= qsSiooTouvwL-2FskhSVNDTdPi0ZLFKqW9xRrHE5WJk9Wm1CEKGG2KohX7E-2BzVPqyjC9h91Qz= afS5O9n-2FzCsfkwCIs3twVX8psUg2Rxlj7OT0-2FnzHG-2BqCYjDGWlU5i2sek2NQoxFmVTphm= qdtywHwVfMdhKR9rx31thBKzeThZJyUFQfeUmW1mj6WNjqiGY3daiR5fS4WnasePYVkA8S6UMWf= FXXkjBUwwad-2B7ovjET7ok-2FI3l6EY9R7AAHTDiwX5sfGjT8RXDaTQPVvQ3MHn2GBgE1atyM1= 48Jpb4XgZDW1wL6XM-2Fa4vE5DgN5SrdsSKRTNm2Fr0pLIxtbyEnwNgY37oAqE6WJAl25CSWJ5L= mMoTWDfxee1Yr2fLJJ0dSiCTHURjmtY1xUyp8xzEm5mL1glE2zYEkxETWrdXt8A1AT1evmmZ36-= 2FzkoV0JzOK5LLKbIRl9QZiY-2FVcHzWLnte-2FtUhmqKIMLTMgKCzWbnSrxqZxp3gkKnZGVS0V= 0PEPUQXGg-3D-3D rel=3D"noopener" style=3D"color:#26A19B;font-weight:bold;te= xt-decoration:underline;text-decoration-thickness:2px;text-underline-offset= :1px" target=3D"_blank" class=3D"css-0">Duolingo cut 10% of its = staff as it uses ChatGPT to create language-learning content.

Drop= pin=E2=80=99 digi-coins=E2=80=A6 for your fave TikTok streamer (= =E2=80=9Cice cream so good=E2=80=9D). Social apps are earning big bucks as = mobile-game spending cools. Last year, TikTok and Disney+ helped fuel an 11% jump in global = in-app sales, which hit a record $64B. But gaming slipped as users spent le= ss on extra lives and avatar fits. While ads make up the bulk of mobile sal= es, people are splurging more on digital goodies like creator tips and Hing= e roses. Consumer spending on in-app purchases in social apps is expected t= o hit a record $1.3B this year.

=

<= /table>
What else we're Snackin'

  • Lottab= ots: OpenAI=E2=80=99s new GPT Store lets paid subscriber= s use 3M+ customized versions of ChatGPT for things like book recs and hous= eplant help. OpenAI=E2=80=99s been doubling down on monetization to offset = big computing costs.

  • Chill: The Stanley cup, TikTok=E2=80=99s fave = tumbler, helped its 100-year-old+ parent co earn $750M in sales last year (= shoutout: #watertok). Stanley stans say the pricey bottles keep drinks cold= for hours (and survive car fires?).

  • OnHold: The IRS is struggling to fight = identity theft and process returns, but it answered just 29% of calls in fi= scal 2023, an agency watchdog said. An $80B investment to modernize the tax= agency could be scaled back.

Want your Snacks daily?
<= /td>
Get fresh takes on financial news every week day. Try a sample:
=
The Daily Newsletter

=F0=9F=9B=8D=EF=B8=8F <= a href=3D"https://sg.robinhood.com/ls/click?upn=3D6fntGirSE5selsQKrSSUHo4M5= CWQLl79mpAMYeeqPjey9j33nDfO39eA-2B-2FrKiSH2fGBu0hf7iSDnsXNa0Avbs7JmJOucLpbh= QBZ7kF0MbYU-3DxeIM_y6r4Y-2Fjyz39fUgiIVZvxszI1-2BOksX762wK6L32M97xgJ-2FnBU-2= Fpq1oGUBER66ULtn2tobIg3l6TQsIyZ09ULJZmMzbnWEmEsbJSm57WpQZoCIbDtuPES9wJCtU20= 4VoYZ7I-2BxPcdMrVNkXYj0yf3wdI80JPGk35J5Rdubou-2BHZvNwE4DKJ9BEOpH7rKEZXFpCu4= Xqvx9Dg2BARbpe6TAMaqqsSiooTouvwL-2FskhSVNDTdPi0ZLFKqW9xRrHE5WJk9Wm1CEKGG2Ko= hX7E-2BzVPqyjC9h91QzafS5O9n-2FzCsfkwCIs3twVX8psUg2Rxlj7OT0-2FnzHG-2BqCYjDGW= lU5i2sek2NQoxFmVTphmqdtywHwVfMdhKR9rx31thBKzeThZJyUFQfeUmW1mj6WNjqiGY3daiR5= fS4WnasePYVkA8S6UMWfFXXkjBUwwad-2B7ovjET7pdAVPkEVBEfcsD7BKdEAcK-2BVDN6QrSbV= tK9LiRVCxOOcs-2F6-2BznCe8ZevBuqG9twe-2F6vLoeoJInBXIs4XqO2rDy7YkWijKMtNQIePc= mVDIaylm5ZvX4dhc77JxyX8ilGN3qxH5OuduJulInmH6bpQ6XuQ8gCcehjiol8xRHWUiGL8Vh37= m3D8NxeYPhNyEIxFtHTPzY-2Fsqwk0Qweyu-2FsKo87sgeWoGZLfc9n1Ygy7sZR8DY6iZuU46-2= F88WmN-2F8S1lHxSkQyaHKDPNNa5BplaCvw-3D-3D style=3D"color: #26A19B; text-dec= oration: underline; font-weight: bold; text-decoration-thickness: 2px; text= -underline-offset: 1px;" target=3D"_blank" rel=3D"noopener">An AI app store= =E2=80=A2 Jan 12, 2024
=F0=9F=9A=A7 Labor=E2=80=99s new rule =E2=80= =A2 Jan 11, 2024
=F0=9F=8E=93 Loan repayments get an F =E2=80=A2 Jan 10,= 2024

<= tbody>
Subscribe to the Daily
<= /table>
=
Snack Fact O= f the Day

Just 43% of boomers have enough saved f= or retirement

=

<= /table>
This Week

  • Tuesday: Earnings expe= cted from Goldman Sachs, Interactive Brokers, Morgan Stanley,= and PNC

  • Wednesday: <= /b>Retail sales. Earnings expected from Alcoa, Charles Schwab= , Discover Financial, and US Bank

  • Thursday: Initial jobless claims and housing starts= . Earnings expected from Birkenstock, J.B. Hunt, KeyBank, and Tai= wan Semiconductor

  • Friday= : Consumer sentiment and existing-home sales. Earnings expected from Ally Financial, Fifth Third Bank, Huntington Bank, and State Street=

Authors of this Snacks own bitcoin and ethereum and sh= ares of: Alphabet, Amazon, Comcast, and Disney

<= div class=3D"mj-column-per-50 mj-outlook-group-fix" style=3D"font-size:0px;= text-align:left;direction:ltr;display:inline-block;vertical-align:top;width= :50%;">
Sherwood Media, LLC produc= es fresh and unique perspectives on topical financial news and is a fully o= wned subsidiary of Robinhood Markets, Inc., and any views expressed here do= not necessarily reflect the views of any other Robinhood affiliate... See more
=
--3227fb47c259e84371f2d9bd0b21c78561c2aac0d99f599ea993ac1c00f0 Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset=utf-8 Mime-Version: 1.0 @media only screen and (min-width:480px) { .mj-column-per-100 { width: 100% !important; max-width: 100%; } .mj-column-per-50 { width: 50% !important; max-width: 50%; } }
=E2=80=A6and layoff season is here<= /div>
<= !--[if mso | IE]>
<= tbody>
=
<= /div>
=
 
<= div style=3D"background:rgb(255, 255, 255);background-color:rgb(255, 255, 2= 55);margin:0px auto;max-width:600px;">

There=E2=80=99s change at the exc= hange (Jonathan Raa/Getty Images)

 
<= !--[if mso | IE]>
<= td style=3D"vertical-align:top;padding:0;">
Last Week=E2=80=99s Marke= t Moves
=
 
Dow Jo= nes
37,593 (+0.34%)		S&P 5004,784 (+1.84%)<= /span>Nasdaq
= 14,973 (+3.09%)= 		Bitcoin
$42,4= 61 (-3.84%)
Dow Jones
37,593 (+0.34%)		S&P 500
4,784 (+1.84%)
Nasdaq
14,973 (+3.09%)		Bitcoin
$42,461 (-3.84%)
<= /table>

Hey Snackers,

The Peregrine lunar lander that blasted = off last week was carrying a single bitcoin in a physical BTC wallet. After= a fuel leak, the lander and its bitcoin cargo have been floating around sp= ace with =E2=80=9Cno chance=E2=80=9D of making it to the moon= . Ironic.

Banks kicked off Q4 earnings szn and stocks had a strong we= ek, with the Nasdaq up 3%. The December jobs report came in surprisingly st= rong, and consumer inflation was hotter than forecast =F0=9F=A5=B5. Still, = traders upped bets on March interest rate cuts after an unexpected dip in w= holesale prices.

Btw... Do you want to start gettin= g Snacks daily? Or prefer to unsubscribe? Manage your subscription preferen= ces here.<= /div>

3D""
ETFUN
<= /table>

Cryp= to faithfuls cheer bitcoin ETF approvals =E2=80=94 and investing titans tus= sle for market share

Bitcoin=E2=80=99s debutante ball=E2=80=A6= The SEC approved 11 spot bitcoin<= /a> exchange traded funds, which finally began trading last week aft= er a decade-long push from the crypto industry (and a wild hack of the SEC=E2=80=99s X accoun= t). The funds let investors get exposure to BTC=E2=80=99s price without hav= ing to, you know, own crypto. It means less stressin=E2=80=99 over h= acks and lost keys. Also, since bitcoin ETFs can live at SIPC-insured regis= tered broker-dealers, there=E2=80=99s less potential loss if your exchange = goes bankrupt (cough: FTX). As ETFs debuted on US stock exchanges, i= ndustry insiders predicted an influx of crypto-vestment.

  • More than a bit: $4.6B worth of bitcoin ETF shares changed hands on Thursday, with Graysca= le=E2=80=99s setting a record for the highest trading volume ever for an ET= F=E2=80=99s first day.

  • Short= Pop: Bitcoin blipped past $49K on Thursday, a two-year high. But the SE= C=E2=80=99s approval had been anticipated, and BTC=E2=80=99s price fell to = $43K on Friday.

Don=E2=80=99t want to market-share=E2=80= =A6 The companies that had their BTC ETFs approved are a mix of legacy = investment managers and crypto-focused players, and they=E2=80=99ve already= started shoving elbows. BlackRock and Fidel= ity have slashed their ETF management fees to compete in what could= be a winner-take-all business. Meanwhile, Bitwise, Ark Invest, and 21Shares =E2=80=94 which also had spot bitcoin ETFs approved = =E2=80=94 are offering temporary promo fees of 0%. If crypto ETFs start get= ting included in retirement accounts, traditional finance heavyweights migh= t want a bigger slice of crypto cake.

= THE TAKEAWAY

Boring=E2=80=99s good for b= usiness=E2=80=A6 but risks complacency. The SEC=E2=80=99s approval sugg= ests that finance=E2=80=99s old guard is starting to embrace crypto as anot= her cog in its machine, which might fuel more investment. It could be just = the start, with traders already murmuring about a spot e= thereum ETF. Still, seeking the approval of what many crypto= heads derisively refer to as =E2=80=9CTradFi=E2=80=9D (traditional finance= ) is a far cry from crypto=E2=80=99s rebellious roots that got so many exci= ted in the first place.

<= /tr>
<= /tbody>
<= div style=3D"font-family: 'General Grotesque Bold', Arial; font-weight: 700= ; letter-spacing: 0.03em; text-transform: uppercase; color: #1C1C1C; paddin= g: 6px 19px; border-radius: 30px; border: 0; background-color:#62E5DA; disp= lay: inline-block;">Events
<= /table>

Coming up th= is week

=

Apr=C3=A8s-ski economics=E2=80=A6 World and biz le= aders are meeting in the Swiss resort town of Davos this week =E2=80=94 not= to hit the slopes but to attend the 54th World Economic Forum. But what ha= ppens in Davos doesn=E2=80=99t stay in Davos: decision-makers hobnobbing ov= er Dom P=C3=A9rignon can influence global policy. About 2.5K people show up= , flying in on ~1K private jets. On this year=E2=80=99s guest list: Argenti= na=E2=80=99s new president, Milei, France=E2=80=99s Macron, OpenAI C= EO Altman, and Pfizer<= /a> CEO Bourla. High on the agenda: AI, the climate crisis, and wars in the= Middle East and Ukraine.

PAC it up=E2=80=A6Yesterday=E2=80=99= s Iowa caucuses kickstarted voting in the GOP presidential primaries (FYI: = Dems vote by mail, with results coming in March). Being up first, Iowa has = outsized influence on the race, which is reflected in ad budgets: $110M+ ha= s been spent carpeting Iowa with GOP commercials =E2=80=94=C2=A0that=E2=80= =99s 40% of total $$ spent on all GOP TV ads so far. Former Pres Tru= mp is up in polls, while Nikki Haley=E2=80=99s up in marketing: the ex-gov = has spent a race-leading $50M+ on TV ads. Buckle up: this election=E2=80=99= s expected to be the costliest ever, with $10B+ in ad spend.

<= div style=3D"font-family: 'General Grotesque Bold', Arial; font-weight: 700= ; letter-spacing: 0.03em; text-transform: uppercase; color: #1C1C1C; paddin= g: 6px 19px; border-radius: 30px; border: 0; background-color:#62E5DA; disp= lay: inline-block;">Zoom Out
<= /table>

Stories we= =E2=80=99re watching

Layoff season=E2=80=A6 again. = Job cuts tend to spike in January as corporate preps for the coming year. W= e hardly need more confirmation: in just the first two weeks of this year, = companies including Amaz= on, Google, BlackRock, Ci= ti, Discord, and NBC have cumulatively announced thousands of cuts= . 38% of biz leaders said layoffs are likely at their companies this year, = one survey said. =E2=80=9CRecession concerns=E2=80=9D are oft-cited. Newer = thing: Google, Meta, and Dropbox have pointed to AI as a factor in their la= yoffs. Duo= lingo cut 10% of its staff as it uses ChatGPT to create language-le= arning content.

Droppin=E2=80=99 digi-coins=E2=80=A6 for your = fave TikTok streamer (=E2=80=9Cice cream so good=E2=80=9D). Social a= pps are earning big bucks as mobile-game spending cools. Last year, TikTok = and Disney+ helped f= uel an 11% jump in global in-app sales, which hit a record $64B. But gaming= slipped as users spent less on extra lives and avatar fits. While ads make= up the bulk of mobile sales, people are splurging more on digital goodies = like creator tips and Hinge roses. Consumer spending on in-app purchases in= social apps is expected to hit a record $1.3B this year.

What else we're Snackin'

  • Lottabots: OpenAI=E2=80=99s new GPT Store lets paid subscribers use= 3M+ customized versions of ChatGPT for things like book recs and houseplan= t help. OpenAI=E2=80=99s been doubling down on monetization to offset big c= omputing costs.

  • Chill: The Stanley cup, TikTok=E2=80=99s fave tumbler, = helped its 100-year-old+ parent co earn $750M in sales last year (shoutout:= #watertok). Stanley stans say the pricey bottles keep drinks cold for hour= s (and survive car fires?).

  • OnHold: The IRS is struggling to fig= ht identity theft and process returns, but it answered just 29% of calls in= fiscal 2023, an agency watchdog said. An $80B investment to modernize the = tax agency could be scaled back.

=
<= td align=3D"left" class=3D"mobile-snacks-title-spacing" style=3D"font-size:= 0px;padding:0;padding-bottom:16px;word-break:break-word;">
Want your Snacks daily?
= =
The Daily Newsletter
Get fresh takes on financial news every week day. T= ry a sample:

= =F0=9F=9B=8D=EF=B8=8F An AI app store =E2=80=A2 Jan 12, 2024
=F0=9F=9A=A7 Labor=E2=80=99s= new rule =E2=80=A2 Jan 11, 2024
=F0=9F=8E=93 Loan repayments get an = F =E2=80=A2 Jan 10, 2024

Subscribe to = the Daily
<= /table>
=
Snack Fact Of the Day

Just 43% of = boomers have enough saved for retirement

<= /table>
This Week

  • Tuesday: Earnings expe= cted from Goldman Sachs, Interactive Brokers, Morgan Stanley,= and PNC

  • Wednesday: <= /b>Retail sales. Earnings expected from Alcoa, Charles Schwab= , Discover Financial, and US Bank

  • Thursday: Initial jobless claims and housing starts= . Earnings expected from Birkenstock, J.B. Hunt, KeyBank, and Tai= wan Semiconductor

  • Friday= : Consumer sentiment and existing-home sales. Earnings expected from Ally Financial, Fifth Third Bank, Huntington Bank, and State Street=

Authors of this Snacks own bitcoin and ethereum and sh= ares of: Alphabet, Amazon, Comcast, and Disney

<= /div>
<= /tbody>
Sherwood Media, LLC produces fresh and unique perspectives o= n topical financial news and is a fully owned subsidiary of Robinhood Marke= ts, Inc., and any views expressed here do not necessarily reflect the views= of any other Robinhood affiliate... See more
<= a href=3D"https://sg.robinhood.com/ls/click?upn=3D6fntGirSE5selsQKrSSUHhlVH= SZUg2RjnmzAANAYlJXYYgyWQ1sztkfLzoo9man-2BzwdxYNvahXTwy6qYRP0NJwUIuzFph-2Fsh= hNhW8ZbJVxVXIs-2FOEzs23NnC6Z-2FRLBm-2Be1jCutY2WGHxMyMJbVffSw-3D-3DaWO8_y6r4= Y-2Fjyz39fUgiIVZvxszI1-2BOksX762wK6L32M97xgJ-2FnBU-2Fpq1oGUBER66ULtn2tobIg3= l6TQsIyZ09ULJZmMzbnWEmEsbJSm57WpQZoCIbDtuPES9wJCtU204VoYZ7I-2BxPcdMrVNkXYj0= yf3wdI80JPGk35J5Rdubou-2BHZvNwE4DKJ9BEOpH7rKEZXFpCu4Xqvx9Dg2BARbpe6TAMaqqsS= iooTouvwL-2FskhSVNDTdPi0ZLFKqW9xRrHE5WJk9Wm1CEKGG2KohX7E-2BzVPqyjC9h91QzafS= 5O9n-2FzCsfkwCIs3twVX8psUg2Rxlj7OT0-2FnzHG-2BqCYjDGWlU5i2sek2NQoxFmVTphmqdt= ywHwVfMdhKR9rx31thBKzeThZJyUFQfeUmW1mj6WNjqiGY3daiR5fS4WnasePYVkA8S6UO-2Fdy= nnV3sU4APlUmwJxNvA3jH-2B0IDoNKpZkhhsL3sJu-2F56rp9BPWvHNwwg5kXljv12l-2Bk9aR5= Hj0orD53IVhhhco7i6F13sWzznzEGtp7kLgb5aYup9zMtmwdbEF2zdjs2AYhICwCUzXU7r0Tkfh= fRHBvi1vD4OHwFnSNJR-2Bzes8hjRW7ltebpLGkCh9QvtMwlJpuKjs61FQPbx4E0rERvXXtTAlI= iDWewMtsCQN0O8OF6OHEVf95UE6ws2pzjVgitU0KsxZIVVmyJj6hrN-2BhpK7ChoI25iD3AFJY8= S8EPGg-3D-3D" style=3D"color: #26A19B; text-decoration: none; font-weight: = bold;" target=3D"_blank" rel=3D"noopener" class=3D"disclosureLinksFirst">Sh= erwood Terms and Conditions =E2=80=A2 Our Editorial Principles =E2=80= =A2 Contact Us =E2=80=A2 Privacy P= olicy =E2=80=A2 Advertise with us
@media (prefers-color-scheme: dark) { #_t::before { content: url('https://i0nlo1xq.emltrk.com/v2/i0nlo1xq?rd&i=3D[CON= TACT-ID]'); } } @media (prefers-color-scheme: light) { #_t::before { content: url('https://i0nlo1xq.emltrk.com/v2/i0nlo1xq?rl&i=3D[CON= TACT-ID]'); } } @media print { #_t { background-image: url('https://i0nlo1xq.emltrk.com/v2/i0nlo1xq?p&= i=3D[CONTACT-ID]'); } } div.OutlookMessageHeader { background-image: url('https://i0nlo1xq.emltrk.com/v2/i0nlo1xq?f&i= =3D[CONTACT-ID]') } table.moz-email-headers-table { background-image: url('https://i0nlo1xq.emltrk.com/v2/i0nlo1xq?f&i= =3D[CONTACT-ID]') } blockquote #_t { background-image: url('https://i0nlo1xq.emltrk.com/v2/i0nlo1xq?f&i= =3D[CONTACT-ID]') } #MailContainerBody #_t { background-image: url('https://i0nlo1xq.emltrk.com/v2/i0nlo1xq?f&i= =3D[CONTACT-ID]') }
--3227fb47c259e84371f2d9bd0b21c78561c2aac0d99f599ea993ac1c00f0--