__Call her ZaaSy...__ __[Zoom](https://robinhood.com/stocks/ZM)__ has become a verb, a meme, and a lifestyle. Despite that powerful brand clout, Zoom's latest service involves *un*-branding itself. Zoom will [license](https://www.wsj.com/articles/zoom-wants-you-to-zoom-even-when-using-other-companies-apps-11616419800?mod=tech_lead_pos3) its video conferencing tech to *other* apps. We're calling it Zoom-as-a-service. 

- __ZaaS:__ Companies will be able to weave an unbranded version of Zoom into their products. Think: dating apps, telehealth providers, and social media. 
- __AaaS:__ __[Amazon](https://robinhood.com/stocks/AMZN)__ is sneakily offering something similar with its own  video conferencing tools. Those __[Slack](https://robinhood.com/stocks/WORK)__ video calls? They happen through Amazon (Bezos is everywhere). 

__A (pre) post-pandemic crisis...__ This past year, Zoom has been a coronaconomy star. In 2020, its sales quadrupled to a record $2.7B. In October, it notched a stunning $170B valuation as its stock soared. *Since* then, three vaccines have started rolling out — and Zoom shares have fallen ~40%. Now, Zoom's looking at other ways to grow. 

- __One product, many applications:__ Instead of launching new products, Zoom is expanding use cases for its *existing* product (basically, just video).
- __Last year,__ Zoom announced OnZoom, which lets people charge for events they host (think: pilates class). With Zaas, Zoom is becoming more than just a standalone app — it'll be invisibly integrated into apps you use each day.


ZaaS

__Don't let brand drive ego...__ Sometimes, brands can do more for themselves by *un*branding. Just look at __Stripe__: its brand is "invisible," but it just [became](https://snacks.robinhood.com/newsletters/537dMBHls4pXZImAT8l4a5/articles/5D5Pjg6Pr7IAFPhc6VHxLR/) America's most valuable startup. Brand recognition is key to consumer-facing businesses like Zoom. But companies can't let their ego get in the way of good opportunities. If Amazon forced Slack to stick "powered by Amazon" on its video calls, Slack might've passed. By setting aside its ego with Zaas, Zoom is giving itself a new post-pandemic growth opportunity. 


Zoom's having a (pre) post-pandemic crisis, so it's launching Zoom-as-a-Service

__Forget SpaceX shuttles...__ The hottest transportation story on Wall Street yesterday was a railroad merger. __[Canadian Pacific Railway](https://robinhood.com/stocks/CP)__ has agreed to buy __[Kansas City Southern](https://robinhood.com/stocks/KSU)__ in a $25B cash-and-stock deal. It's the biggest merger announcement of the year so far. If approved, it would create the first railroad network connecting the US, Mexico, and Canada. 

- __~20K miles:__ The distance the new company would operate, generating [~$8.7B](https://www.nytimes.com/2021/03/21/business/railroad-merger-us-mexico-canada.html) in sales per year. Start planning your Toronto-Vegas-Cabo trip (if you're a car part or grain product).
- __Kansas City Southern__ shares jumped 11% to a record high yesterday, and have more than doubled in value over the past year. 

__It's fun to stay at the USMCA...__ USMCA = US-Mexico-Canada Agreement. Trump [signed](https://snacks.robinhood.com/newsletters/6o51B328c2PZ6b2emhs3sT/articles/75iLASu5grXTHB5dBEX2ez/) the major trade treaty into law last year to replace NAFTA. This railroad deal is an effort to capitalize on an anticipated post-pandemic increase in North American trade. 

- __"Build Back Better"__: President Biden has pledged to spend trillions on infrastructure (think: roads and bridges). That could benefit railway companies like Kansas City that are [transporting](https://www.kcsouthern.com/en-us/why-choose-kcs/work-with-us/what-we-ship) gravel, metal, machinery, and other building materials cross-country.
- __"Clean energy future:"__ Another focus of Biden's BBB plan. Rail is 4X more fuel efficient than trucking. One train can keep 300+ trucks off public roads and produce 75% less greenhouse gas emissions.

Rail

__It's possible to invest in public policy...__ Cannabis stocks can be an investment in the possibility of federal marijuana legalization. Electric vehicle stocks can be an investment in environmental regulation and government-sponsored EV subsidies. By buying Kansas City, Canadian Pacific is investing in North American trade policies and a potential spending boost from Biden's infrastructure proposal. 


The biggest merger of the year so far: we're talking railroads, Biden, and the USMCA

Dow Jones

S&P 500

Nasdaq

Bitcoin

_On the (rail)road again..._

🎥  Zoom-as-a-Service

__Can't funge this...__ What do Jack Dorsey's first tweet, Nyan Cat meme, and a viral skateboarding [TikTok](https://www.entrepreneur.com/article/367518) have in common? They're all NFTs, aka: non-fungible tokens. NFTs are like one-of-a-kind trading cards (but digital) — instead of living in a glass case, they live on a crypto blockchain. But unlike bitcoin and other currencies, they can't be exchanged like-for-like. Hence, "non-fungible."  You can trade $1 for $1, but you can't trade Dorsey's first tweet for Dorsey's first tweet (you *can* [sell](https://www.cnbc.com/2021/03/09/jack-dorseys-first-tweet-on-track-to-sell-for-2point5-million-and-hell-donate-the-money.html) it for $2.5M, though). 

__Nyan Cat is a crypto star...__ so are Logan Paul Pokémon cards ([really](https://www.tubefilter.com/2021/03/01/logan-paul-unboxes-pokemon-cards-accompanying-nfts/)). NFTs can be tied to any digital asset, from songs to video clips. And they’ve been tied to physical objects, too ([see](https://thenextweb.com/hardfork/2019/12/10/nike-blockchain-sneakers-cryptokick-patent/): Nike CryptoKicks). While they've been around for years, NFTs have blown up recently — especially in the art world. 

- __$69.3M:__ How much an NFT jpeg by Beeple [sold](https://qz.com/1982872/an-nft-backed-jpeg-sold-for-69-3-million-at-a-christies-auction/) for at a Christie's auction earlier this month. Now he's one of the three most valuable living artists.
- __$6M:__ How much musician Grimes [got](https://www.theverge.com/2021/3/1/22308075/grimes-nft-6-million-sales-nifty-gateway-warnymph) for 10 NFTs of digital art.

__Fungible flex factor...__  NFTs certify your ownership of the original asset... even though everyone can see and download the same Beeple jpeg for $0. Also: the artist can [retain](https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq) all usage rights to the work. While buyers don't get paid from views, they *do* get the knowledge that somewhere in the blockchain their name is written in permanent crypto Sharpie on an asset. And if the hype continues, they might be able to sell their NFT at a profit (but it could lose value, too). 


_Googling: "How to NFT art heist"_

Fung

__NFTs could revolutionize the creator economy...__ if they become more than a fad. There are already marketplaces that allow people to buy and sell NFTs, including __Nifty Gateway__ and __OpenSea__ (which just [raised](https://techcrunch.com/2021/03/18/nft-marketplace-opensea-raises-23-million-from-a16z/) $23M in funding). NFT creators can even enable a feature that gets them paid *each time* their work changes hands. Now, smaller artists are NFT-i-fying their work. And people are willing to shell out $$$ to claim ownership and support their fave creators: the NFT market quadrupled to [$250M](https://www.nytimes.com/2021/03/11/arts/design/what-is-an-nft.html) in 2020, and has soared this year. If they stick, NFTs could be a new avenue for creators to monetize their work.


Cryptic collectables:  NFTs are having a pre-mainstream, mainstream moment

__Take me to your lidar...__ __[Luminar](https://robinhood.com/stocks/LAZR)__ makes lidar tech that lets self-driving cars "see" their surroundings. By shining lasers at objects, Luminar's tech can prevent autonomous whips from hitting light poles. Luminar stock jumped 17% on Friday, after it [delivered](https://investorplace.com/hypergrowthinvesting/2021/03/luminars-strong-update-is-exactly-what-lazr-stock-needed-to-wake-up/) a reassuring business update — *and* notched a key partnership with one of China's largest carmakers: __SAIC Motor__ [plans](https://www.cnbc.com/2021/03/18/saic-motor-to-use-luminar-sensors-in-high-tech-line-of-vehicles.html) to use Luminar's lidar sensors in its new line of cars. Luminar also recently [sealed](https://www.reuters.com/article/luminar-technolo-volvo-idUSL1N2L9082) a deal to provide tech for __Volvo__'s self-driving subsidiary. 

__Wine valise FTW...__ __[Williams-Sonoma](https://robinhood.com/stocks/WSM)__ probably invented the wedding registry. But despite all the canceled 2020 ceremonies, the home goods legend [had](https://snacks.robinhood.com/newsletters/7uaQaREChnObFRSEbrmrod/articles/1128TqUxx67tTPKuHnt5R2/) its best year of sales *ever* — and the stock soared 29% for the week. *All* of WS' brands (Williams Sonoma, Pottery Barn, and West Elm) saw double-digit growth last year, and total sales climbed 26% from 2019. WS was a double coronaconomy winner, benefiting from the House Hype and a digital-first strategy: 70% of its sales were online.  


Highs

Who's up...

__Banking on it...__ Bank stocks including __[Chase](https://robinhood.com/stocks/JPM)__, __[Citi](https://robinhood.com/stocks/C)__, and __[Wells Fargo](https://robinhood.com/stocks/WFC)__ dipped on Friday after the Fed [declined](https://www.cnbc.com/2021/03/19/the-fed-will-not-extend-a-pandemic-crisis-rule-that-had-allowed-banks-to-relax-capital-levels.html) to extend a pandemic-era exemption that lowered their capital requirements.  This means banks could have to keep more $$$ in their coffers to meet requirements each night. That could lower the amount of cash banks have available to lend out. Generally, the less available something is, the pricier it becomes — so the cost of borrowing cash could rise (read: higher interest rates on loans). Banks had been lobbying for an extension.

__Black Cab vs. Uber Black...__ Last month, __[Uber](https://robinhood.com/stocks/UBER)__ lost a major labor battle in the UK (one of its largest markets). *Last week*, Uber made it official by [reclassifying](https://snacks.robinhood.com/newsletters/1pA68KIKChD9WMr3DJ2OMP/articles/2sYAJhcq3cv7kMzg2aLfHE/) its 70K UK drivers as "workers." The less gig-y new employment status includes vacation pay, pensions, and a minimum wage. These fresh benefits could be pricey for Uber, but they're not as expansive as they sound. Still, they set a precedent that could inspire more labor activists in other countries to push for change. That's  likely why Uber stock dipped 5% for the week.

Lows

...and who's down

🖼  NFTs = crypto Sharpie 

__*Hester has seen it all*...__ Hester Ford is the [oldest](https://gerontology.wikia.org/wiki/Hester_Ford) living person in America. A lot has changed during her 115 years of life, including how women are shaping society. When Hester was born in 1905, American women were 15 years away from getting the right to vote in elections. Now, women are also voting on the boards of all of America’s largest corporations. Since Katharine Graham became the first woman named CEO of a Fortune 500 company in 1972, corporate diversity has increased — but there’s still a long way to go to reach gender parity: 

- __All S&P 500 boards include at least one woman__. In January, women [gained](https://www.bloomberg.com/news/articles/2021-02-23/women-gained-22-seats-on-s-p-500-boards-in-january-surge?sref=q3KSFp38) 22 more S&P board seats, the biggest jump in nearly two years.
- __But men still make up more than 70%__ of all S&P board seats — and over *90%* of all S&P 500 CEOs. While the number of female Fortune 500 CEOs hit a record in November, women still make up only 40 (out of... 500). 

__Profits and performance...__ Diverse representation is key to achieving equal opportunity, but is also correlated to financial benefits. Many studies [indicate](https://www.cnbc.com/2019/10/14/female-leaders-may-boost-share-price-performance-credit-suisse-says.html) that companies with more gender diversity perform better. 

- __Profits:__ When women are well represented in leadership, companies are [25%](https://www.mckinsey.com/~/media/McKinsey/Featured%20Insights/Diversity%20and%20Inclusion/Diversity%20wins%20How%20inclusion%20matters/Diversity-wins-How-inclusion-matters-vF.pdf) more likely to outperform their peers on profitability. 
- __Stocks:__ Shares of companies with female CEOs [outperformed](https://www.cnbc.com/2019/10/18/firms-with-a-female-ceo-have-a-better-stock-price-performance-sp.html) those of companies led by men by an average of 20% over two years — and have outperformed them almost every year since 2010. 

__Pushing for change...__ from the top down. Governments and corporations are making moves to improve corporate gender diversity. California requires all public companies to have at least one female board director. Companies like __[Starbucks](https://robinhood.com/stocks/SBUX)__, __[Chipotle](https://robinhood.com/stocks/CMG)__, and __[McDonald's](https://robinhood.com/stocks/MCD)__ have tied exec pay to diversity goals. The __[Nasdaq](https://learn.robinhood.com/articles/1GXPrecRfkSNp0aBblBSsL/what-is-the-nasdaq/)__ is pushing for SEC approval to implement a board diversity rule for the ~3K companies listed on its exchange. 


_Peep those numbers_

__Top-down policies aren’t enough...__ if there’s a “broken rung” problem. Executive diversity targets don't solve the full equation — women also need equal opportunities on their way to the C-suite. Women are underrepresented at every level of the corporate ladder, from entry roles to exec positions. For every 100 men newly promoted to manager in 2020, only [~85](https://www.mckinsey.com/~/media/McKinsey/Featured%20Insights/Diversity%20and%20Inclusion/Diversity%20wins%20How%20inclusion%20matters/Diversity-wins-How-inclusion-matters-vF.pdf) women were promoted — and this number is even lower for women of color. What’s more, women’s representation drops as seniority rises. For women to be equally represented, change needs to happen from the bottom-up, too.

More women are leading corporate America — and their companies are performing better

__Dude, where's my wine valise?...__ __[Williams-Sonoma](https://robinhood.com/stocks/WSM)__ is the furniture and kitchenware retailer that probably invented wedding registries. It calls itself “the world’s largest digital-first, design-led, and sustainable home retailer” (with that many descriptors, it’s hard not to be first). WS just had its best year of sales growth *ever*, thanks to the House Hype. 

- __Growing together:__ All of WS' brands — William Sonoma, Pottery Barn, and West Elm — saw double-digit growth for the quarter and the full year.
-  __Growing faster:__ Total sales jumped 26% last quarter from 2019, accelerating from previous quarters.
- __Growing post-pandemic:__ WS isn't worried, saying people will decorate homes to entertain guests. It also has a “substantial luggage business” to complement travel. See: [wine valise](https://www.williams-sonoma.com/products/vineguarde-valise-grande-12-bottle-wine-suitcase/).

__More than hype...__  It's no surprise that WS thrived in the coronaconomy — its mission is [literally](https://s24.q4cdn.com/161876561/files/doc_presentations/2020/11/IRDeck10-20_v7.pdf) to “enhance the quality of people’s lives at home” (womp). But it *also* benefited from something that's rare in the home goods industry: a digital-first strategy. WS launched ecommerce waaay back in 1998 — now, online-first is one of its key differentiators.

- __80%__ of all US home goods sales come from stores. But 70% of William Sonoma's sales happen online.
-  __That online expertise__ prepped WS to thrive in 2020 and reach Millennials, who have driven its recent growth. But it has another differentiator, too...

_When TSA confiscates your wine valise_

Valise

__WS has a full "Milestone Brands Suite"...__  It's winning on the cradle-to-retirement strategy, with brands catered to every life stage. Just had a baby? Go to Pottery Barn Kids. Tween wants their own room? Head to Pottery Barn Teen. Tying the knot? Hit William Sonoma for the wedding registry. Moving into your first home? Try West Elm. Just retired? Upgrade to Williams Sonoma. These milestone brands create lifetime loyalty and recurring sales — and an edge over Millennial-focused __[Wayfair](https://robinhood.com/stocks/W)__ and luxury-focused __[Restoration Hardware](https://robinhood.com/stocks/RH)__.

Williams-Sonoma has its best year ever with its Milestone Brands (they're with you for life)

 🛋  Williams-Sonoma has you for life

__Don't know what a Nissan Sentra looks like...__ Didn't see it coming: __[Uber](https://robinhood.com/stocks/UBER)__ lost a major labor battle last month, when the UK's Supreme Court [ruled](https://www.wsj.com/articles/uber-faces-setback-as-u-k-court-rules-drivers-are-entitled-to-worker-rights-11613729882?mod=article_inline) that its drivers are entitled to a minimum wage and other worker benefits. *This week*, Uber [made](https://www.wsj.com/articles/uber-faces-setback-as-u-k-court-rules-drivers-are-entitled-to-worker-rights-11613729882?mod=article_inline) the worker reclassification official. 

- __Fresh status:__ Uber granted its 70K UK drivers a new (less gig-y) employment status that includes vacation pay, pensions, and a minimum wage. 
- __Fresh costs:__ The UK is one of Uber's largest markets, making up ~6% of gross ride bookings at the end of 2020. So the shift could be pricey...

__But not as pricey as you'd think...__ Uber usually doesn't pay its drivers wages — it just connects them to riders, then keeps ~25% of the fare. While the new UK benefits sound costly, they're not as expansive as they sound. 

- __What disappointed labor activists:__ Drivers are guaranteed minimum wage only *after* they've accepted a trip (not if they’re just in the app looking for work). Also: Uber Eats delivery drivers aren't included in the change.
- __Uber says__ the average driver already makes more than the UK minimum wage of ~$12/hour. And that it would be illogical to pay them while they're potentially working on another app (like Lyft) at the same time. 


__The real story isn’t the details...__ *It's the precedent.* In November, Uber [scored](https://snacks.robinhood.com/newsletters/7jMUu1TK8PviqbKCFjQhjC/articles/f06IOakKwXbXOcwTVNbjX/) a major victory when CA voters said "Yes" to Prop 22. Uber had threatened to *leave* CA if it was forced to reclassify gig drivers as employees. But now that Uber has given UK drivers a new status, it could inspire more labor activists to push for change globally (and more lawsuits). That precedent is likely why Uber stock sank 4% yesterday.


Uber reclassifies UK gig drivers as "workers" — now it could have a precedent problem

__This video is sponsored by...__ __Squarespace__ has helped millions of non-coders build their own websites. It just [raised](https://techcrunch.com/2021/01/27/squarespace-files-privately-to-go-public/) $300M at an impressive $10B valuation — and though it was founded in 2003, its valuation has 5X’d in just the past three years. That's probably how it paid for its Dolly Parton Super Bowl [commercial](https://www.youtube.com/watch?v=y8jF96hoF9M&t=78s). In addition to hosting your sizzle reel website, Squarespace has also expanded to hosting online stores (great timing).

__Double SUMO...__ Squarespace is still private, so regular investors are straight up missing out on its growth (it's a SUMO stock). But investors are SUMO'ing on its financials, too: Squarespace filed *confidentially* to go public in January, staying secretive with its numbers. Case in point: a one-paragraph [post](https://newsroom.squarespace.com/blog/squarespace-raises-300-million-investment-round-at-10-billion-valuation) was all we got about the latest fundraise. While we barely know anything about Squarespace’s $$$, we *do* know about its publicly-traded rival __[Wix](https://robinhood.com/stocks/WIX)__ (also a website builder with ecommerce hosting): 

- __$17B:__ Wix's market value. The stock has more than 3X’d in the past year as the world economy moved further online.
- __+30%:__ Wix's sales growth accelerated from 2019 to 2020, and it expects that momentum will carry through this year. 
- __+107%:__ Wix's subscribers (who pay for monthly hosting) more than doubled from the end of 2019 to the end of 2020. But its yearly loss also doubled.


__Lookout for the comp...__ to understand the private. With public companies, the market decides value. With private companies, it's a comparison game. To determine private company valuations, investors look at their publicly-traded *competitors*. They find similar companies in the same industry to gauge the private company's growth potential and value. As businesses moved online and people took on more side-gigs during the pandemic, Wix had its "most successful year in history." This gives us a hint as to what Squarespace might've experienced (despite its invisible numbers).

Website builder Squarespace hits a $10B valuation (but we need to look at Wix)

_Eyes on the competition_

🇬🇧 Uber's big gig loss 

__Flashback to 2015...__ That's when the EPA outed __[Volkswagen](https://robinhood.com/stocks/VWAGY)__ for programming its cars to pass diesel emissions tests — while they were *actually* emitting up to 40X more (outside of the tests). After the Dieselgate scandal, VW earned a rep for being the *opposite* of green. Flashforward to 2021...

- __Volkswagen is tying its fate to electric cars__ and taking on __[Tesla](https://robinhood.com/stocks/TSLA)__. According to its CEO, VW [wants](https://www.cnbc.com/2021/03/16/volkswagen-ceo-says-he-wants-to-get-close-and-then-overtake-tesla.html) to "get close" to "*and then overtake*" Tesla. Your move, Technoking.

__"Power Day"...__ VW's not-so-subtly titled event to [show](https://www.nytimes.com/2021/03/15/business/volkswagen-electric-cars-tesla.html) how it will overtake Tesla with its new electric tech (sorry, Battery Day). Some highlights:   

- __Cost-slashing:__ VW said it'll slash the cost of batteries (the priciest part of EVs) by up to 50% by 2030 — making its EVs cheaper than gas cars.
- __Convenience-boosting:__ By 2030, it'll slash battery charging time to 12 minutes — on par with how long it takes you to figure out which side of the car your fuel filler is on (*every time*).
- __Range-soothing:__ VW says it'll have 18K fast-charging stations across Europe by 2025, to soothe nagging range anxiety (the fear of running out of e-juice in a gassy world).
- __Battery-building:__ VW is building six battery factories in Europe. 


Electrify

__VW is giving a masterclass in delegation...__ While Tesla tries to do everything *itself*, VW is going with a partnership strategy. Those battery factories? They're being built alongside suppliers like Sweden's __Northvolt__. Those 18K charging stations? __[BP](https://robinhood.com/stocks/BP)__ and other companies are providing the electric juice. Volkswagen's EV platform (motor, chassis, etc)? It's sharing with __[Ford](https://robinhood.com/stocks/F)__, who plans to use it to build some of its own EVs. In the race to go green, collaboration could be key to scaling faster... and cheaper. 

Volkswagen gears up to challenge Tesla's dominance (with help from its friends)

__Recheck the checking account...__ Last week, President Biden's $1.9T stimulus bill [passed](https://snacks.robinhood.com/newsletters/VcXib5c8iwx7WvC2RdU9C/articles/5BY7nmhrMARFVO8RCsWEZi/), and $1.4K checks started rolling out. Now, Biden is [turning](https://www.cnn.com/2021/03/15/politics/biden-taxes-white-house-plans/index.html) his attention from distributing trillions to raising taxes... on corporations and the wealthy. This would be the first major tax hike in nearly *30 years*. Some of the proposals [reportedly](https://www.bloomberg.com/news/articles/2021-03-15/biden-eyes-first-major-tax-hike-since-1993-in-next-economic-plan?sref=q3KSFp38) being considered: 

- __Raising the corporate tax rate to 28%__ from 21%. Trump slashed it to 21% from 35% in 2017. 
- __Raising the income tax rate on people__ making $400K+ per year (less than 10% of total tax payers).
- __Raising the capital-gains tax rate__ (what you pay when you sell investments at a profit) for people earning at least $1M/year. 

__Hut, hut, hike...__ Some of the proposed hikes could hurt US GDP and wages long-term, [according](https://taxfoundation.org/biden-corporate-income-tax-rate) to the Tax Foundation (an independent think tank). Theoretically, the more $$$ companies spend on taxes, the less they have for growth and investments. But thanks to tax breaks and loopholes, America’s largest corporations paid an average tax rate of just [~11%](https://www.washingtonpost.com/business/2019/12/16/corporations-paid-percent-tax-rate-last-year-steep-drop-under-president-trumps-law/) on 2018 profits. Tax hike proposals are likely to get serious pushback. So why is Biden doing it?

- __Pay for "Build Back Better":__ Biden [pledged](https://snacks.robinhood.com/newsletters/44rp3bUdom0Q5pREmL0SR1/articles/6FAZxow6cfIKFXsmBw8RJ2/) $2T to clean energy innovation, and trillions more to building a modern infrastructure (think: roads, bridges). That could cost ~$7T.
- __Curb the debt:__ While the $1.9T stimulus was financed entirely by US government IOUs (aka: debt), the BBB plan likely *won't* be. Higher taxes could help pay for BBB, without adding to the US’ $28T debt. 
- __Deliver:__ Dems have been calling for higher taxes on the rich and corporations. Biden could fulfill his campaign promise of doing that.


Hike

__Staying competitive is key...__ For decades, countries have been competing with each other to attract corporate investment for economic growth. The main way to do that: *lower taxes for companies*. In 2000, more than [55](https://www.washingtonpost.com/us-policy/2021/03/15/yellen-pushes-global-minimum-tax-white-house-eyes-new-spending-plan/) countries had corporate tax rates above 30% — now, less than 20 do. The global average was 24% in 2018. By raising the rate to 28%, the US could lose corporate activity to other countries. That's why Treasury Secretary Janet Yellen is [trying](https://www.washingtonpost.com/us-policy/2021/03/15/yellen-pushes-global-minimum-tax-white-house-eyes-new-spending-plan/) to forge an agreement with other countries for a *global* minimum corporate tax. 


Higher taxes could be coming for America's wealthy — and companies everywhere

_Get close to, then overtake_

🚗 Operation Overtake Tesla

__Move over, Technoking...__ __Stripe__ has officially surpassed Elon's __SpaceX__ to become the most valuable private startup (ironically, Elon is a Stripe investor... so *he wins anyway*). The digital payments unicorn now has 95 horns, after raising $600M in fresh funding at a chunky [$95B](https://www.cnbc.com/2021/03/14/stripe-valued-at-95-billion-in-600-million-funding-round.html) valuation. That's nearly 3X its last reported valuation from April 2020. For reference: __[Facebook](https://robinhood.com/stocks/FB)__'s last valuation before going public was ~$83B.

__95 (invisible) horns...__ You don't *see* Stripe, but you've probably used it while paying for something online. Stripe allows companies to quickly transfer credit card payments directly into their biz bank accounts. 

- __Millions of companies__ of all sizes use Stripe's software to accept payments and manage their financials. Stripe makes money by charging fees for each transaction. Competitors include: __Adyen__, __[PayPal](https://robinhood.com/stocks/PYPL)__, and __[Square](https://robinhood.com/stocks/SQ)__. 
- __89%:__ The [probability](https://stripe.com/payments/features) that your credit card has been used on Stripe's network. Amazon, DoorDash, Uber, Spotify, Zoom, and Glossier are all Stripe customers.
- __Stripe's mission__ is "to increase the GDP of the internet" (read: get more people to pay for stuff online). It wants to be the backbone of ecommerce growth.


_When Stripe takes off the invisibility cloak_

95icorn

__Stripe is a "stoxygen" company...__ Stoxygen factor = how necessary a company is to other companies, and how *invisible* it is to customers. Like oxygen, Stripe's payments software is crucial and invisible — and it's everywhere in the online economy. Other business-to-business stoxygen companies: __[Amazon](https://robinhood.com/stocks/AMZN)__'s AWS (cloud computing), __[Shopify](https://robinhood.com/stocks/SHOP)__ (ecommerce payments), and __[Salesforce](https://robinhood.com/stocks/CRM)__ (customer support). The wild thing: *all those "invisible" companies use Stripe's stoxygen, too*. As the online economy continues to grow, Stripe is poised to grow with it.


Stripe becomes America's most valuable startup thanks to its high "stoxygen" factor

__Best feeling in Economy...__ When they give you water *and* a soda from the cart. Millions were feeling the carbonated love this weekend, as US air travel hit a pandemic high: TSA [screened](https://www.cnbc.com/2021/03/15/air-travel-recovers-as-vaccinations-spur-bookings.html) 1M+ passengers each day from Thursday to Sunday, the best streak in a year (they were prob all going to Miami). 

- __On April 15 last year__, just *90K* people passed through TSA  — [96%](https://snacks.robinhood.com/newsletters/3TPLYshPco821e473TlZwS/articles/3p6USob2wC2gywbQv0Wsm4/) fewer passengers than in April 2019. In August, we hit a daily high of 863K passengers (still ~70% fewer than in 2019).
- __On Sunday,__ more than 1.3M people handed their IDs to TSA. That’s still [41%](https://www.tsa.gov/coronavirus/passenger-throughput) below 2019 levels... but it’s a serious improvement. 

__Return of the Biscoff cookies...__ Airline shares surged yesterday. __[United](https://robinhood.com/stocks/UAL)__ stock popped 8% after the company said it expects to stop burning cash in March (earlier than projected). Driving the travel record: rising vaccine optimism, and falling Covid cases. [15%](https://covid.cdc.gov/covid-data-tracker/#vaccinations) of American adults have been fully vaxed so far. Airlines aren't the only ones showing signs of recovery...

- __[Urban Outfitters](https://robinhood.com/stocks/URBN)__ is seeing fresh interest in "going-out" clothes. In the last week of February, seven of Anthropologie’s top 10 selling items online were dresses (up from zero mid-pandemic).
- __[Carnival](https://robinhood.com/stocks/CCL)__ already has more cruise bookings for 2022 than it had in 2019, and __[Royal Caribbean](https://robinhood.com/stocks/RCL)__ saw a [30%](https://www.miamiherald.com/news/business/tourism-cruises/article249427065.html) increase in future bookings since the start of the year (compared to Nov/Dec).
- __[Ulta](https://robinhood.com/stocks/ULTA)__'s makeup sales increased from January to February, while skincare declined as a percentage of sales.


Book

__The “Revenge Economy" could be next...__ For a year, sweats have replaced shopping sprees and screens have replaced travel — and Americans have socked away [$1.5T](https://www.axios.com/economy-savings-americans-money-wealthy-efd12c61-c587-4669-b7e7-32ce38ef74f4.html) in excess savings. After Stimulus #1, Americans saved a record 33% of their disposable income in April 2020. While the pandemic is still inflicting pain, things are looking up. Now that people feel more secure in their savings, we're seeing leading indicators of the revenge spending economy. With a fresh round of $1.4K checks going out, we can expect more revenge spending in April. 

The “Revenge Economy" begins, and pandemic travel hits a record high

🦄  America's most valuable unicorn 

__Third time's the charm...__ After a months-long back and forth in Congress, Stimulus Round #3 is (officially) here. The $1.9T bill landed on President Biden's desk on Thursday, when it was [signed](https://www.cnbc.com/2021/03/11/biden-1point9-trillion-covid-relief-package-thursday-afternoon.html) into law.  It’s nearly as big as the *first* stimulus we got when Covid hit last March — and more than 2X as big as the 2009 financial crisis package. Some highlights:

- __$1.4K direct payments__ to Americans [making](https://www.cnbc.com/2021/03/08/1400-stimulus-checks-who-is-eligible-how-soon-they-could-arrive.html) up to $75K/year (and $150K for married couples). If you make over $75K but less than $80K, you'll get a smaller check. Deposits started hitting bank accounts this weekend. 
- __$300 per week__ in extra unemployment benefits, extended through September 6. Also: boosted child tax credits of $3K/kid. 
-  __$360B__ in state and local government aid, [$130B](https://www.wsj.com/articles/whats-new-in-the-third-covid-19-stimulus-bill-11615285802?mod=article_inline) to help schools safely reopen, $120B+ for Covid-related aid, and $59B to small businesses.  
- __Not included:__ A federal minimum wage increase.

__Charge it to the room...__ The US govt has passed a ginormous $5.3T worth of stimulus during the pandemic — that's [$43K](https://www.axios.com/newsletters/axios-capital-96c36759-5d70-4155-9384-eb2664f14a71.html?chunk=0&utm_term=twsocialshare#story0%20#axioscapita) per household. And that $$$ isn't coming out of taxes. It's adding to the [$28T](https://www.usdebtclock.org/) national debt, which is now larger than the entire US economy. Some [fear](https://snacks.robinhood.com/newsletters/TkemicSGU43NTUB9d1ASr/articles/2mJPn77i6fUo7xq3qNVfjA/) that the huge cash infusion could lead to higher interest rates and soaring prices. But the Fed says it won't raise rates any time soon. And inflation has stayed (relatively) low for a decade. 


Stim

__This could turn a "Nike recovery" into a V-shaped recovery...__ Even without this stimulus, the economy has been healing. ~13M jobs have returned since April 2020 — but the *pace* of recovery has slowed. Last year, many expected recovery would take the shape of a Nike swoosh: sharp drop, slow rise. *Now*, economists predict a much faster recovery: this year, the US economy is [expected](https://www.wsj.com/articles/latest-stimulus-package-could-jolt-u-s-growth-revive-inflation-in-2021-11615372201) to grow 6%, the fastest annual growth since 1983 — and 3M jobs are expected to be added. The US could finish 2021 with even higher growth than was projected *pre*-pandemic, thanks to Stimulus #3.


Stimulus Round #3: what it means for the shape of recovery (and your wallet)

__Call your 10-year-old cousin...__ If you haven't heard of __[Roblox](https://robinhood.com/stocks/RBLX)__, you're probably old enough to drive. ~75% of Americans ages nine through 12 use the online gaming platform to play with friends. Roblox stock soared Wednesday after it direct-listed its shares on the NYSE (sorry, IPO). The tween favorite notched a $38B market cap, up from the $29.5B valuation it [snagged](https://snacks.robinhood.com/newsletters/3LgF2GHrBcJKBJ4WJf1iwx/articles/4u21ASwI5RIrm3qNaYuBVB/) in January. Roblox makes robucks by taking a cut of the money that players spend on user-generated game upgrades. It's growing fast, but hasn't turned a profit.

__*Let your Seoul glow*...__ __[Coupang](https://robinhood.com/stocks/CPNG)__ (aka: the Amazon of South Korea) raised $4.6B in the biggest US IPO of the year. Coupang shares soared 40% on Thursday after dropping on the NYSE. The ecommerce bigshot finished the week with an $83B market value (5% of an Amazon). But it's one-upping Prime with *guaranteed* same-day or next-day delivery. That's not surprising, when [70%](https://www.sec.gov/Archives/edgar/data/1834584/000162828021001984/coupang-sx1.htm) of South Koreans live within seven miles of a Coupang warehouse. Sales nearly doubled last year from 2019, and Coupang's loss shrank to $475M (still huge).


__Bad poshture...__ __[Poshmark](https://robinhood.com/stocks/POSH)__ shares sank 20% on Friday, after the app-based marketplace unboxed its first earnings as a public company. Like __[Etsy](https://robinhood.com/stocks/ETSY)__, Posh has been riding the pandemic e-thrifting surge: it sells everything from $8 Aerie tanks to $500 Coach bags (and takes a cut). Future-focused investors [weren't](https://www.cnbc.com/2021/03/11/poshmark-posh-q4-2020-earnings.html) feeling Posh's weak forecast for *this* quarter. Tighter Covid restrictions are still in place in some states, which could limit Posh's sales (outdoor dining = one jacket).

__Blend it out...__ On Thursday, __[Ulta](https://robinhood.com/stocks/ULTA)__  reported earnings and announced the exit of its CEO Mary Dillon — then the stock dropped 8%. As Zoom face replaced face-to-face, makeup sales plunged. Ulta's 2020 sales shrank 17%, slightly [less](https://www.wsj.com/articles/ulta-beautys-correction-is-overdue-11615513807) than the overall US beauty industry.  The makeup chain made up for *some* of those losses with skin care (moisturizer = the new highlighter). But one section of Ulta's earnings reflects the reopening economy: sales from makeup grew from January to February this year, while skincare made up less of total sales.


_The Eagle has landed_

🦅 The stimulus has landed 

__Shoot your shot...__ __[Johnson & Johnson](https://robinhood.com/stocks/JNJ)__ was the tortoise in the race for an FDA-authorized Covid vaccine, coming in 3rd after __[Pfizer](https://robinhood.com/stocks/PFE)__ (#1) and __[Moderna](https://robinhood.com/stocks/MRNA)__ (#2). So far, Pfizer's vax has been the most administered: 17.6M Americans have been fully vaxed with Pfizer, 15.6M have been fully vaxed with Moderna, and only 640K have been fully vaxed with J&J. Buuut...

- __J&J could catch up quick:__ It's one shot, unlike Pfizer's and Moderna's (two doses weeks apart). It can be stored at fridge temp, vs. sub-zero temperatures for the mRNA ones.
- __President Biden__ just [announced](https://www.cnn.com/2021/03/10/politics/biden-johnson--johnson-merck-vaccine/index.html) plans to purchase 100M more J&J vaccine doses. The (less high-maintenance) vax could [help](https://snacks.robinhood.com/newsletters/6jwYdiy4al8n5v0GOdIik/articles/7kSxhWesI8SzTyVJS53x2B/) speed up national vaccination.

__But J&J *won't* be profiting...__ The 1B doses that it's on track to produce this year would generate up to $10B in sales. But unlike Moderna and Pfizer, J&J has pledged to sell "at cost" for emergency pandemic use (read: no profit). While J&J *stock* hasn't received a big vaccine boost, its reputation likely has. 

- __Big Pharma = not popular:__ Pre-pandemic, the pharmaceutical sector was ranked as the least-liked industry in a US Gallup poll (womp). Only 27% of Americans rated it positively — an all-time low.
- __The profit-chasing bad rap__ comes from things like the opioid crisis and sky-high, rising drug prices (example: Mylan [6X'ing](https://www.usatoday.com/story/money/2016/09/21/mylan-ceo-heather-bresch-epipen-congress-house-testimony/90773250/) EpiPen prices by 2016).
- __The US spends more__ per person on healthcare than any other developed country — partly thanks to higher drug prices. That, plus public anger, gets lawmakers' attention. 


_I can feel your halo_

Halo

__J&J could get a big "halo effect"...__ from Congressional and public heat — while doing a good thing. Lawmakers have been trying to reign in pharma prices. Pre-pandemic, the House [passed](https://www.healthline.com/health-news/democrats-passed-a-bill-that-would-transform-the-cost-of-prescriptions-in-us) the "Lower Drug Costs Now Act" (self-explanatory). But it didn't get through the Senate. The pharma industry has spent billions on lobbying and campaign contributions to avoid profit-crushing regulation. But since the pandemic, 40% of Americans have a more positive view of the pharma industry. J&J could get the *biggest* "halo effect," thanks to its no-profit approach. 


Instead of profit, Johnson & Johnson gets a "halo effect" from its vaccine

__Onboarding must’ve been fun…__ Carol Tomé became CEO of the world’s largest package delivery company in June last year, right at the height of the delivery frenzy. Her new company was also gearing up to distribute vaccines around the globe to curb a deadly pandemic. Tomé is the first woman to run __[UPS](https://robinhood.com/stocks/UPS)__ in its 113-year history, and one of only 30 female CEOs of S&P 500 companies. She’s also the first “outsider” to serve as UPS’ chief executive. 

__Rising to the challenge…__ After 18 years as CFO at Home Depot, where she helped the retailer emerge from the financial crisis, Tomé [brought](https://www.wsj.com/articles/ups-boss-preaches-the-power-of-no-11614335402) her strategic leadership and number-crunching skills to UPS. Born in Jackson, Wyoming as the oldest of four, Tomé learned to hunt and fish as a child. That resourcefulness might’ve prepped her to wrangle the challenge of coronaconomy shipping:

- __+32%:__ Total US online retail spending soared to $792B last year.
- __24.7M:__ How many packages UPS delivered per day (yearly total: 6.3B).
- __$85B:__ UPS sales, up 14% from 2019. Amazon accounted for ~$11B of that.

__Focus on the bottom line…__ Companies can maximize profit in two ways: raising prices and cutting costs. Tome did both to protect the biz, as soaring demand strained UPS’ capacity and raised costs. As we were WFH’ing, business shipments plunged while consumer shipments soared (so much TP). Those extra home stops meant higher costs for UPS. Tomé’s approach: less is more.

- __UPS started focusing on more profitable deliveries__ (like heavy packages). It canceled some shipping contracts that were no longer as profitable, evaluating corporate customers on value — not volume. 
- __It placed stricter shipping limits__ than ever before to avoid overwhelming the network. And it increased prices on big retailers whose volumes spiked (think: surcharges of up to $4 per package). 


Profile

__Saying “no” can be good…__ especially during periods of upheaval. For years, UPS has chased package volume to fill its network. But Tomé’s pivot to a “less is more” approach seems to have paid off: last quarter, UPS posted the highest quarterly operating profit in its history, with record profit in each segment. And despite wild demand, UPS delivered ~97% of packages on time during the holiday season, compared with ~95% for FedEx,  and ~93% for USPS. Since Tomé took over on June 1, UPS stock is up ~70%. 

UPS CEO Carol Tomé conquers the delivery frenzy by doing less (better)

✨  The vaccine halo effect 

__The numbers tell a story...__ In February last year, the US unemployment rate was 3.5%, WFH was an ultra-rare luxury, and "stimulus" was an SAT vocab word we didn't recognize. The economy didn't know what was about to hit it. In numbers:

- __22M__ US jobs were [lost](https://snacks.robinhood.com/newsletters/zVG8BBoAxAmMC9XSil04c/articles/6oRNWLHX5ImjkATSKIBZu3/) from March to April, as unemployment hit 14.7%.
- __30__ major retailers declared bankruptcy, and [100K+](https://fortune.com/2020/09/28/covid-buisnesses-shut-down-closed/) small businesses permanently shut down.
- __$5T__: Stimulus spending from Congress, including the upcoming $1.9T bill.
-  __$28T:__ The massive US national [debt](https://www.usdebtclock.org/), which has been financing the stimulus(es).

__Things are looking up...__ The economy has gained ~12M jobs since March, the unemployment rate has fallen to 6.2%,  and GDP is growing again. Plus, there's a massive $1.9T stimulus package coming. If it’s anything like the first two, American wallets can expect some extra padding:

- __After Stimulus Round #1,__ Americans saved a record 33% of their disposable income in April 2020 (up from 8.2% in February). That was largely thanks to stimulus checks and boosted unemployment.
- __After Stimulus Round #2,__ personal income rose 10% in January, thanks to a fresh round of (smaller) checks. And consumer spending jumped more than 2%. 


_When you can't remember how to use "stimulus" in a sentence_

Economy

__The social safety net grew massively...__ and so did Americans’ savings. The upcoming stimulus, which includes $1.4K checks, could provide the final recovery boost that the economy needs. It’s expected to be passed on Friday, and checks [could](https://www.cnbc.com/2021/03/10/when-will-irs-send-1400-dollar-stimulus-check.html) go out as soon as next week. For ~10M unemployed Americans and millions more who are struggling, that could be a big help. But too much saving could actually hurt the economy.

Year in the Economy: the coronaconomy and American wallets

__The "bear" times...__ [Bear markets](https://learn.robinhood.com/articles/3i6hIwhY75uWjZUZiLFTFT/what-are-bull-and-bear-markets/) represent periods of decline, but they also represent our state of mind a year ago: "hoard and hibernate." We're revisiting the grizzly fall, the stunning rise, and where we might go from here.

- __February 19, 2020:__ We're still working from the office, our face masks are made of charcoal serum, and the __[S&P 500](https://learn.robinhood.com/articles/7kFFEUv46vmMCmMfLuNiRX/what-is-the-s-and-p-500/)__ is at a record high.
- __March 11:__ The WHO officially declares Covid-19 a pandemic, and the US [enters](https://snacks.robinhood.com/newsletters/2N4J8I3LVoH4TJ41Xmtvys/articles/3lDtbIu8ObEgNzjo0WqhvE/) a bear market. The Dow closes 20% below its most recent Feb. high.
- __March 23:__ *The lowest low*. For the year: the three major stock indexes (the S&P 500, the __[Dow](https://learn.robinhood.com/articles/13urVTf3GSQYdsr7Eq5fHL/what-is-the-dow/)__, and the __[Nasdaq](https://learn.robinhood.com/articles/1GXPrecRfkSNp0aBblBSsL/what-is-the-nasdaq/)__) are each down ~30%. The S&P and the Dow are lower than *2018* levels.

__The "bull" times...__ It's always darkest before the dawn — for markets, dawn started at the end of March. Congress unleashed trillions of $$$ worth of stimulus spending and the Fed gave us near-zero interest rates, making stocks more attractive. And people realized that Big Tech had a *big* pandemic advantage. By mid-May, the Nasdaq had recovered all of its 2020 losses. By August, stocks were back at all-time highs, with Big Tech shares leading the surge.

- __The present:__ This month, tech stocks fell into "[correction](https://snacks.robinhood.com/newsletters/2KcYlm7Cjo4LfUQhj5AhuJ/articles/BgTaOW8XL9F9kIz5x26Wi/)" territory thanks to rising interest rates and inflation [fears](https://snacks.robinhood.com/newsletters/TkemicSGU43NTUB9d1ASr/articles/2mJPn77i6fUo7xq3qNVfjA/) — bringing the market down with them. But the S&P 500 is still up more than 40% over the past year. The Nasdaq is up a whopping 64%.

Markets

__Two roads diverged in a non-mellow market...__ and we don't know which one investors will choose to travel by. The bear case (bad for stocks): interest rates have risen, the new $1.9T stimulus is raising inflation fears, and Big Tech is losing its pandemic edge as the economy reopens. The bull case (good for stocks): the Fed says it won't raise rates any time soon, the upcoming stimulus package could bring economic healing, and the vaccine rollout is well underway. After the '08 financial crisis, inflation fears were high — but it never came.


Year in the Markets: it's been a wild ride for stocks

🕰 A year ago today

__The labor force awakens...__ and Bezos has a problem. __[Amazon](https://robinhood.com/stocks/AMZN)__ workers in Alabama are pushing to unionize their warehouse, which would create the first Amazon union in the US. They want job security and better working conditions. Amazon [wants](https://www.washingtonpost.com/technology/2021/03/09/amazon-union-bessemer-history/) them to stop. 

- __The status:__ Ballots were sent out to the warehouse's 5.8K workers last month. They have until March 29th to vote. 
- __The  fallout:__ If they say "yes" to the union, Amazon  will be legally required to bargain with the retail union (aka: its nightmare). That could also inspire *other* Amazonians to unionize. 
- __The response:__ The 'Zon is fighting back *hard*. Think: anti-union banners, emails, and even flyers in the warehouse bathrooms.

__Power in numbers...__ By uniting workers, labor unions have leverage to improve working conditions for groups they represent. Think: negotiating contracts with employers on wages, benefits, and hours. While they're still common in Europe, they've fallen out of favor in the US: the unionization rate went from [35%](https://www.nytimes.com/2011/01/22/business/22union.html) in the mid-1950s, to [11%](https://www.bls.gov/news.release/pdf/union2.pdf) in 2020. 

- __Why Amazon is anti-union:__ Union rules could limit its freedom to quickly hire (or cut) workers, and its ability to automate (aka: hire more robots). Plus, Amazon says it already offers better pay and benefits than its peers.
- __BTW:__ Amazon has been [accused](https://www.vox.com/2019/3/22/18277322/amazon-fired-warehouse-worker-staten-island-union) of retaliating against pro-union workers. Last month, President Biden tweeted a [video](https://www.cbsnews.com/news/joe-biden-amazon-warehouse-workers-alabama-union-video/) saying workers should be able to vote without pressure from corporate. 


Unite

__The Union Awakening transcends collar colors....__ Unions are typically associated with blue-collar jobs (like car manufacturing). In recent years, we've seen white-collar unions emerge. On the media side, __BuzzFeed__ employees formed a union in 2019. On the tech side, hundreds of __[Google](https://robinhood.com/stocks/GOOGL)__ employees [formed](https://www.nytimes.com/2021/01/04/technology/google-employees-union.html) a rare Silicon Valley union this year. Since Googlers' median pay is ~$200K/year, their union is focused on social issues and HR policies. For Amazon warehouse workers, it's all about job security and working conditions.

Amazon's historic labor showdown: why the 'Zon is fighting the union push

__The race to zero...__ In recent years, companies have pledged billions to reduce their carbon emissions: from __[Amazon](https://robinhood.com/stocks/AMZN)__ pledging to become carbon-neutral by 2040, to __[Microsoft](https://robinhood.com/stocks/MSFT)__ pledging to become carbon-*negative* by 2030. To cut emissions, companies generally invest in renewable energy (like: wind and solar) and carbon offsets (like: paying for tree plantings). But a less common way is gaining traction...

- __Carbon capture:__ It's kind of like vacuum cleaning, for CO2. Carbon dioxide is captured from the air, then moved to a storage site deep underground. Generally, CO2 gets injected into rock formations (#NoEscape).

__Counterintuitive...__ The most common commercial use for captured carbon has been... using it to squeeze oil and gas out of the ground. But now, companies are making moves to sell carbon capture for green purposes. 

- __Shopify__ will be the first customer of __Carbon Engineering__'s  capturing solution. The Canadian startup will remove CO2 on Shopify's behalf. 
- __[Occidental Petroleum](https://robinhood.com/stocks/OXY) and BHP__ have also [invested](https://www.nytimes.com/2019/04/07/business/energy-environment/climate-change-carbon-engineering.html) in Carbon Engineering, and __[Chevron](https://robinhood.com/stocks/CVX)__ invested in carbon capture startup __Blue Planet__.
- __[Exxon](https://robinhood.com/stocks/XOM)__, once a skeptic, just [created](https://www.wsj.com/articles/exxon-once-a-skeptic-sees-profit-in-capturing-carbon-emissions-11614787892?mod=business_lead_pos4) a new biz unit to commercialize carbon capture  — and sees it as a potential profit puppy.


Vacuum

__There's never been a greener time...__ to sell carbon-removal solutions. President Biden has [pledged](https://snacks.robinhood.com/newsletters/44rp3bUdom0Q5pREmL0SR1/articles/6FAZxow6cfIKFXsmBw8RJ2/) $2T to clean energy innovation, partly through subsidies for green tech (and his admin has supported carbon capturing). Oil giants are blamed for climate change, and Big Tech companies are also carbon-spewers. Their desire to change, combined with government incentives, could make carbon capture a big biz: Exxon says it'll be a $2T market by 2040, and that it's the cheapest way to address emissions.

🎥 Zoom-as-a-Service

🖼 NFTs = crypto Sharpie

🛋 Williams-Sonoma has you for life

🇬🇧 Uber's big gig loss

🚗 Operation Overtake Tesla

🦄 America's most valuable unicorn

🦅 The stimulus has landed

✨ The vaccine halo effect

🕰 A year ago today

📝 Amazon's union nightmare