__Pour out the pints of London Pride...__ __[Amazon](https://robinhood.com/stocks/AMZN)__ is footing the pub tab, as long as you're guzzling London *Prime*. Amazon will air four Premier League soccer matches on Prime Video and Twitch for free in the UK (even for non-Prime members). It's Amazon's competition-crushing way of getting more of Europe on its platforms:

- __Last year,__ Amazon streamed Premier League matches for the first time. It [reportedly](https://www.cnbc.com/2020/06/18/amazon-premier-league.html) dropped $112M for the right to broadcast 60 matches over three years (pennies for the 'Zon). 
- __For the first time,__ Amazon is offering Premier League on Twitch, the live gaming streamer it bought in 2014 for almost $1B. The matches will be played in empty stadiums, so Amazon's adding optional synthetic cheering noises from EA Sports. And since it's Twitch, you can blast emojis through the match via live chat. 

__Encroaching on cable's sacred turf...__ Live sports are a big reason many still haven't cut the cable cord. Now, those soccer and football-driven cable bucks are being threatened by streamers. Particularly, big tech companies that also happen to have streaming (and billions lying around to spend on it): 

- __[Apple](https://robinhood.com/stocks/AAPL)__ just [hired](https://9to5mac.com/2020/06/03/apple-hires-amazon-video-executive-james-delorenzo-to-lead-sports-division-on-apple-tv/) a former Amazon sports exec to lead its Apple TV+ sports division. It's reportedly looking to invest in live sports, including college football. 
- __Amazon__ recently signed a deal with the NFL for the right to stream 11 Thursday Night Football games a year on Prime and Twitch. The 'Zon first acquired TNF rights in 2017, but this deal is the biggest (reportedly worth over [$200M](https://www.cbssports.com/nfl/news/nfl-gives-amazon-rare-standalone-game-in-renewed-tnf-streaming-deal-reportedly-worth-more-than-200-million/)). 


_Coming to a Twitch stream near you_

Stream

__Big Tech can afford to give away things that should be expensive...__ Companies like Amazon, Apple, and __[Google](https://robinhood.com/stocks/GOOGL)__ rake in so much from their main hustles that they can afford to throw billions at growth in side gigs (like video streaming). That can significantly undercut existing players, like cable providers, who can't afford to give away their main product for free. Legacy cable is bound to lose in a price war with tech's video streaming loss leaders. 

Amazon offers free Premier League streaming as Big Tech dabbles in live sports

- __Battle Royale > Casino Royale...__ Fortnite-maker __Epic Games__ is [reportedly](https://www.bloomberg.com/news/articles/2020-06-15/fortnite-maker-epic-is-said-to-near-funding-at-17-billion-value) close to raising $750M from private investors (Epic hasn't IPO'd yet). That would level it up to a $17B valuation, up from $15B in 2018. People have flocked to video games for thrills + human interaction in the corona-conomy. Investors think the trend will stick post-lockdown. Epic has over 250M users gaming/chatting via Fortnite. It also owns video chat app Houseparty, which gained 50M users *in April alone*.


- __Kim K and Batman walk into a pod...__ __[Spotify](https://robinhood.com/stocks/SPOT)__ shares [hit](https://snacks.robinhood.com/newsletters/5A4ZEajsQw0bmhsFuBK1AS/articles/69vDqt7GRc2nQ9TTXjmWSH/) an all-time high after it snagged exclusive podcast deals with Warner Bros' DC Comics and Kim Kardashian. Expect original pods featuring Superman and Wonder Woman... and a Kim K pod on criminal justice. Last month, Spotify dropped $100M to make Joe Rogan Spotify-exclusive. Since its 1st pod-cquisition in 2019, Spotify's market value has gained $25B and its pod audience more than doubled.



Highs

Who's up...

- __Ship out of luck...__ __[Carnival](https://robinhood.com/stocks/CCL)__ stock plunged 8% Friday after cruise lines [suspended](https://www.cnbc.com/2020/06/19/cruise-lines-voluntarily-suspend-all-trips-out-of-us-ports-until-sept-15-trade-group-says.html) all trips out of US ports until September 15th — Carnival had 8 set for August 1st (now canceled). Earlier in the week, Carnival [reported](https://snacks.robinhood.com/newsletters/5A4ZEajsQw0bmhsFuBK1AS/articles/2Y6SMuWwMgo4YaEpGG3FuK) a record $4.4B quarterly loss and said it would burn $650M per month for the rest of 2020. The stock actually *jumped* after that because investors focused on early bookings for 2021, which hit pre-COVID levels.


- __Truth hertz, needed something...__ less bankrupt. A month ago, __[Hertz](https://robinhood.com/stocks/HTZ)__ filed for bankruptcy with $19B in debt. Over the next two weeks, Hertz stock confoundingly [soared](https://snacks.robinhood.com/newsletters/1dxqpvdRnz5eITeoT8vbeN/articles/2GNeJtx802czcgsdR8Yfea/) 887% as investors piled into shares of the rental car company. So Hertz announced plans to sell $500M in new shares, which it warned are most likely worthless (but would help it raise cash to pay off creditors). Then the SEC (aka the US' chief stock market regulator) questioned the bizarre move. That SEC side-eye led Hertz to [cancel](https://www.cnn.com/2020/06/18/investing/hertz-drops-stock-sale/index.html) the controversial sale. 




Lows

...and who's down

Dow Jones

S&P 500

Nasdaq

Bitcoin

10-Yr US Treasury

⚽️ Amazon and Apple chase live sports

__Fire up the nautical puns...__ After at least 3 ships faced on-board COVID-19 crises, a wave of cancellations, and a straight up ban on cruises, we weren't expecting much from __[Carnival](https://robinhood.com/stocks/CCL)__. But the cruise operator managed to sink below even the worst expectations. 

- __Biggest quarterly loss (ever):__ Carnival lost [$4.4B](https://www.wsj.com/articles/carnival-to-post-largest-quarterly-loss-in-at-least-25-years-11592501039) — nearly 2X more than what Wall Street expected. In the same quarter last year, it turned a $430M profit. 
- __Sales plunge:__ Sales took an 85% scuba dive, coming in at only $700M. Blame corona-related travel concerns, followed by a strict No Sail Order.
- __Cash burn:__ Carnival expects to burn $650M *per month* for the 2nd half of 2020. Its massive $700M+ cruise ships are just chilling on water, burning cash by the minute.


__IDGAF'ing...__ Carnival investors. The stock actually *jumped* 5% after the Titanic-style earnings. Investors are focused on the rising tide:

- __August 1st:__ The day Carnival plans to sail again. That's only a week after the CDC's No Sail Order is expected to end. Carnival says the plan is "premature," but hasn't cancelled the 8 scheduled cruises. 
- __2021 bookings:__ As of May 31, advanced bookings for 2021 cruises were surprisingly near pre-COVID levels (though selling at lower prices).
- __Liquidity:__ Carnival's $7.6B in available cash will help it survive until it can sail. It's also planning to sell six ships over the next three months. 

_Waiting for the "no sail" order to expire_

Cruise

__It's the cathartic earnings report...__ People were expecting terrible results from Carnival. That helped stabilize its stock when earnings tanked. Carnival shares are up 33% over the month as investors focus on economic reopenings. Carnival shareholders hope they just got over the worst hump. Meanwhile, some corona-conomy thrivers like __Slack__ have dropped after earnings, because their numbers weren't as jaw-dropping as expected. 

Carnival lands a record $4.4B loss — but investors are eyeing 2021 bookings

__What do Kim Kardashian and Batman have in common?...__ An exclusive __[Spotify](https://robinhood.com/stocks/SPOT)__ partnership. The Swedish streaming champ just [inked](https://www.cnbc.com/2020/06/18/spotify-lands-deal-for-scripted-podcasts-featuring-dc-comics-characters.html) a deal with Warner Bros' DC Comics and reality TV's Kim Kardashian West. Its stock surged 12% to a record high on the news. What Spotify splurged on:

- __The entire DC Comics universe:__ Spotify gets the exclusive rights to use the blockbuster intellectual property for original scripted podcasts. Superman, Wonder Woman, Batman, and the Joker... welcome to the playlist.
- __Kim K:__ Spotify gets an exclusive Kim K podcast, focused on criminal justice and prison reform (less *E! News*, more *Law & Order*). Kim has been hitting the law books, and will be co-producing/hosting the show. 
 
__Making it exclusive...__ Spotify is defining the relationship with big stars. The goal? Bring their huge followings (exclusively) to its platform. It's the "Gated Garden" strategy:

- __A month ago,__ Spotify snatched exclusive rights to *The Joe Rogan Experience* — aka, the biggest pod in America. It dropped over $100M to make Joe a 100% Spotify experience. 
- __Now,__ Spotify is hoping to woo some of Kim's 175M Insta followers to join its [286M](https://variety.com/2020/digital/news/spotify-warner-bros-dc-superheroes-podcasts-1234641401/) users. *And* lure DC Comics fans, which boasts some of the highest-grossing films of all time. 

_Spotify making its exclusive deal pitch_

Tune

__Pods have lived up to the splurge...__ Spotify has spent almost $1B snatching up pod content/companies over the past 1.5 years, [including](https://snacks.robinhood.com/newsletters/2NAQjqWOY8CUQ4E7cSgLSV/articles/ib1obLuM7DcHI0MDKjbms/) Gimlet Media and The Ringer. Those acquisitions were mainly focused on existing pods with existing audiences. With Kim and DC, Spotify wants more non-podding people to start podding. Since its 1st pod-cquisition in February '19, Spotify's market value has grown by $25B — and its pod audience [more](https://www.cnbc.com/2020/06/18/spotify-lands-deal-for-scripted-podcasts-featuring-dc-comics-characters.html) than doubled.

Spotify stock soars to all-time high after Kardashian and DC Comics pod deals

__Ronald thrives on minimalism...__ The one thing __[McDonald's](https://robinhood.com/stocks/MCD)__ is slimming down: its menu. When coronavirus hit, the Golden Arches streamlined operations by temporarily cutting menu options. Salads, yogurt parfaits, and bagels were among the 100 unfortunates that got booted. Now, they won't be returning to the menu any time soon.

__Less is more...__ That's what McDonald's realized after this corona-conomy experiment. Fewer menu items means less to source, stock, prepare and serve — and less waste. McD's is lovin' the results:

- __Speed:__ Drive-thru times [dropped](https://www.wsj.com/articles/mcdonalds-keeps-salads-bagels-off-menus-for-now-11592494697?mod=hp_lista_pos4) by an average of 25 seconds. Buuut — this extra speed could also be due to the lack of dine-in customers (who hold up the line).
- __Satisfaction:__ Customers reported that their food tasted better and their orders were more accurate — because chicken nuggies and fries are easier than Southwest Chicken salad with half dressing on the side. 

_When the salad purge is complete_

Grub

__Corona-conomy has been one giant business experiment...__ It accelerated the WFH trend, and now it's speeding up McDonald's menu-slimming. For years, McD's has been getting feedback that its menu is overwhelming. So it planned to potentially simplify it in 2023 with a menu review. But now that change has already happened... three years ahead of schedule.

McDonald's kicks salads, bagels, and 98 others off its menu (because less is more)

🛳 Carnival anchors a record loss

__Can I still get the AUX cord?...__ Not the type of question bus drivers like to get. __[Uber](https://robinhood.com/stocks/UBER)__ is selling its ride-tracking, route-mapping software to public transit agencies on a subscription basis. We're calling it UaaS: Uber as a Service. It's Uber's latest move to diversify beyond gig ride-hailing. And CA's Marin County Transit is the [first](https://www.masstransitmag.com/alt-mobility/shared-mobility/car-sharing/press-release/21142560/uber-technologies-inc-uber-marin-transit-announce-saas-partnership-to-facilitate-accessible-mobility-and-ondemand-transit) guinea pig:

- __Booking:__ When Marin riders open the Uber app, they'll see an option for Marin's public transport van. They can book it just like a regular Uber, but with no booking fee.
- __Paying:__ Riders pay a $4 per mile fare, but share it with other riders going the same direction. Fares are then passed directly to Marin Transit. 

__Tech-ifying public transit...__ Uber already [includes](https://www.uber.com/us/en/ride/transit/#:~:text=Transit%20in%20the%20Uber%20app,and%20real%2Dtime%20departure%20information.) public transit info in-app in some big cities. Like: what's the fastest subway line and how much will it cost. But now it's actually getting *paid* by a transit agency to include it as a booking option through its app. Right now, the Marin service only includes four six-seater vans. Uber thinks it could grow way beyond this:

- __Uber plans to partner__ with more transit agencies after testing the waters in Marin for $80K. Imagine what Uber could charge San Francisco or Mexico City?









_A 5-star Uber bus ride is born_

Ride

__Uber is worried about the future of gig...__ Uber always insisted that *it's just a tech company*. Now it's selling its techy platform as its most valuable asset — *not* its army of gig workers. Since CA no longer [classifies](https://www.businessinsider.com/uber-lyft-drivers-declared-employees-by-california-regulators-2020-6) gig workers as contractors, gig icons like Uber may have to start giving them benefits like full-time employees. This new anti-gig product adds a new revenue stream that could offset some gig-related losses. 

Uber will sell its software to transit agencies to Uber-ify public transport

__Summer BBQ just got plant-ier...__ Plant-based meat icon __[Beyond Meat](https://robinhood.com/stocks/BYND)__ is expanding beyond the four-pack. The corona-crisis and a national meat shortage has won the alt-meat gang some bandwagon fans: Last week, sales of meat alternatives nearly [tripled](https://www.cnbc.com/2020/06/17/beyond-meat-to-sell-cheaper-value-packs-of-its-meatless-burgers.html) compared to the year before. And Beyond wants more in on the stay-at-home, food hoarding action:

- __Meat the "Cookout Classic":__ That's the value pack of 10 meatless patties that Beyond just unveiled for $15.99. It's 8 patties stronger than its traditional, unhoardable 2-pack.

__This is more than just Grill Season marketing...__ It's a pricing war with (literal) beef. The new value packs lower the price of Beyond meat *per pound*, narrowing the price gap with traditional (cheaper) beef patties:

- __$12/pound:__ That's what's a 2-pack of Beyond patties sells for at Target. AKA "Beyond Budget."
- __$5.26/pound:__ That's the price of [real beef](https://www.cnbc.com/2020/06/17/beyond-meat-to-sell-cheaper-value-packs-of-its-meatless-burgers.html) according to the Dep't of Agriculture.
- __$6.40/pound:__ That's the plant-based poundage of Beyond's new value pack — aggressively narrowing the gap with beef. 
- __Beyond's goal:__ "Making plant based meat accessible to all." For a limited time only, of course — the value pack will only be available through summer. 

"_Your plant-based preference is welcome here_"

Package

__Early adopters are not enough...__ Once your product gets its early fan base, you have to knock down barriers to go mainstream. Beyond is focused on the first one: price. It [managed](https://snacks.robinhood.com/newsletters/7kUCvPmXZ2AB4lOFC3m77C/articles/m0pxhSxi4BkLW9jyf1Pkw) to turn a profit last quarter because its patties are so pricey. Now it's chasing growth by competing on price with beef and cheaper meat-substitutes like Morningstar. It may want to extend this beyond "limited time."

Beyond Meat wants to make plant-based accessible to all with its new value pack

🚌 Uber does public transit 

__"You are the Apple of my eye"...__ __[Apple](https://robinhood.com/stocks/AAPL)__ to its own apps. Apple's App Store is a massive marketplace for the world's scrolly-tappy desires. But in addition to owning that marketplace, Apple also competes in it with its own apps: Apple Maps, Books, Podcasts, *etc.* 

- __iControl:__ In addition to pre-downloading some apps on your iPhone, Apple often displays them higher than arguably more-worthy competitors on its App Store. For instance Apple Music is currently #1 and Spotify comes up #5 for a "music" search.
- __iMoney:__ Apple also takes a [15%-30%](https://www.apple.com/ios/app-store/principles-practices/) cut of paid downloads, in-app purchases, and subscriptions in non-Apple apps.
- __iAngry:__ That rubs some the wrong way — *especially* the EU, which has [launched](https://www.wsj.com/articles/apple-faces-two-eu-antitrust-probes-over-apps-11592302148) 2 antitrust probes to determine whether Apple violated competition laws. 

__Silicon Valley dominates Europe's scrolly-tappy ways...__ The EU hates that Apple, __[Facebook](https://robinhood.com/stocks/FB)__, __[Google](https://robinhood.com/stocks/GOOGL)__, and __[Amazon](https://robinhood.com/stocks/AMZN)__ are making bank off hundreds of millions of European users — without really paying any European taxes. And it *hates* the home-court advantage:

- __The EU is investigating Apple__ for rival-squashing with its App Store and Apple Pay policies. If Apple is found guilty, Europe could fine it for a 10% cut of its annual sales.
- __Preemptive defense:__ On Monday, Apple announced that the App Store generated [$519B](https://www.apple.com/newsroom/2020/06/apples-app-store-ecosystem-facilitated-over-half-a-trillion-dollars-in-commerce-in-2019/) in 2019 revenues for global developers. 
- __In press release speak__: "The results encapsulate...the dynamic, competitive, and flourishing app economy, which has unleashed a torrent of innovation across 175 countries." Key word: *competitive*.


_When the ref is your dad_

Download

__This is a wider "platform-player" issue...__ The EU is investigating other American tech giants too, saying they're abusing home court advantage on their own platforms. BTW — the US government is also running its own antitrust investigations. Platforms like the App Store have created an explosion of opportunity and wealth, but they seem to be playing favorites.

Europe wants to  punish Apple for playing favorites with its apps

__Everybody hertz...__ But __[Hertz](https://robinhood.com/stocks/HTZ)__ didn't cry when its stock inexplicably soared after its bankruptcy announcement. The airport rental car classic was hurting pre-corona, thanks to competition from peers like __Enterprise__ and ride-hailers. Then came this head-scratching timeline:

- __May 22:__ Hertz files for bankruptcy, sitting on $19B in debt and 700K cars — most of which haven't felt human touch on their steering wheels since March. 
- __May 26:__ Hertz stock is trading at a low of $0.56, after filing with no deal in place from the creditors it owes. 
- __June 8:__ Hertz shares have soared 887% to $5.53, as investors inexplicably pile into the stock.
- __June 15:__ Hertz announces plans to sell up to $500M in new shares, which it would issue to capitalize on its stock price. 

__Lenders get paid first...__ The "absolute priority" rule in bankruptcy means that creditors (whom Hertz is indebted to) must get back the money they lent before shareholders get a penny. That's why Hertz had to [warn](https://www.cnbc.com/2020/06/15/hertz-says-it-expects-stockholders-to-lose-all-their-money-in-filing-for-selling-more-stock.html) potential buyers of its new stock that they will likely lose all their money.

- __"Worthless":__ Mentioned 5 times in Hertz's [filing](http://ir.hertz.com/sec-filings), in reference to what its stock could become. 
- __"Risk":__ Mentioned *49 times*, in reference to what investors are involving themselves in. 
- __Translation:__ *We hope you'll buy these brand new shares for X dollars... but they might actually be worth $0* — Hertz.


"_What is happening to us?_"

Sell

__Investors aren't always rational...__ So stocks don't always move in sensical ways. People traditionally buy because they believe a company will generate greater cash flows in the future (and so, they believe, share prices will rise). But stocks also rise for reasons unrelated to actual/future value: if there are more buyers than sellers, a stock's price rises. The "buying reason" — whether that's thoughtful investment analysis or straight up speculation — still affects the stock's movement either way.

Hertz is selling $500M in new shares, fresh after declaring bankruptcy

🚗 Hertz's stock conundrum 

__The Rebel Alliance...__ __[Shopify](https://robinhood.com/stocks/SHOP)__'s corona-conomy MO: *keep your friends close, and your would-be enemies closer*. The out-of-the-box ecommerce platform [partnered](https://snacks.robinhood.com/newsletters/7Fl0kcKPHzNEVEVwnee0Zp/articles/7GbosmnxcsEDfjk2yPdKh6) with __[Facebook](https://robinhood.com/stocks/FB)__ in May to power Instagram "Shops." Now Shopify is teaming up with __[Walmart](https://robinhood.com/stocks/WMT)__ to integrate with its 3rd-party seller platform, Walmart Marketplace. 

-  __Quid pro quo:__ Shopify's approved small business sellers get access to Walmart's [120M](https://techcrunch.com/2020/06/15/walmart-partners-with-shopify-to-expand-its-online-marketplace/) monthly customers. Walmart gets a cut of sales and a more diverse/robust product offering without the product grunt work.
- __The ultimate goal?:__ Take on the __[Amazon](https://robinhood.com/stocks/amzn)__ Empire, which controls legions of sellers (and 300M global customers). 

__Own the market, not the booth...__ Amazon and Walmart provide sellers a platform to hawk goods on — but they don't actually have to source/provide all the goods you see on their websites. It's like owning a Farmers Market lot, then taking a cut of each booth's food/bev sales: 

- __Marketplace is a “strategic priority”__ for Walmart. Businesses are moving online faster than ever. Even OG __[eBay's](https://robinhood.com/stocks/EBAY)__ stock recently hit an all-time high. 
- __Walmart's ecommerce biz grew 74%__ last quarter. Marketplace sales grew *faster* than sales of Walmart's very own products. 


_Darth Bezos intensifies_

Compete

__"The enemy of my enemy is my friend"...__ It's *The Art of War*, applied to business. Ecommerce platforms that *aren't* Amazon are teaming up with one goal in mind: fight Amazon together. Standing up against the forces of Darth Bezos might lead to more surprising partnerships.

Shopify and Walmart team up to take on Amazon: the 3rd-Party Seller Wars

__Shine a light...__ on racial bias. Like many other platforms, __Airbnb__ has not been free from implicit (and explicit) discrimination. The rental booking platform connects guests and hosts. Unfortunately, some users get turned down for no other reason than their name and the color of their skin. 

- __Since 2016,__ Airbnb has removed [1.3M](https://www.airbnb.com/against-discrimination) users for "declining to treat others without bias." It also added an objective Instant Booking feature and profile pic protections (your photo isn't shown until a host confirms the booking).
- __Enter "Project Lighthouse":__ Now, Airbnb is collecting data on user behaviors to measure discrimination. The project is in partnership with Color of Change, America's largest online racial justice org.

__Airbnb's problem is harder to solve...__ Hotels are required to accept any paying customer if there's a vacancy. Hospitality platforms like Airbnb can't force hosts to accept a person into their house. 

- __That's why data is key__ — the info Airbnb collects will help it measure bias, so that it can then tweak its products/features to fight it. 
- __Think:__ Emphasizing guests' ratings over pictures or informing users of selection patterns that could potentially be discriminatory.
- __Privacy:__ Airbnb is working with privacy experts to help ensure that the data collected isn't associated with individual accounts.






Book

__If Airbnb can help solve this, other gig companies could too...__ Bias is also a problem for other gig-like platforms (where users can accept/reject a person for no reason). Airbnb has pledged to publish the data and policies that come out of Project Lighthouse. We're thinking this could help Airbnb's buddies like __Uber__, __Wag__, and __TaskRabbit__ reduce discrimination, too. 

Airbnb will try to measure (then tackle) racial discrimination on its platform 

__Not the Will Smith movie...__ __[iRobot](https://robinhood.com/stocks/IRBT)__ is a rare publicly-traded, consumer-facing robot company. It's famous for birthing the Roomba (aka, the world's 1st self-driving vacuum). And it just rolled its way across the floor to give us a casual [update](https://investor.irobot.com/news-releases/news-release-details/irobot-provides-business-update-0):

- __"Substantially stronger than expected":__ iRobot's quarterly sales. They're now expected tp be around $265M, up from the previous forecast of less than $193M. 
- __"True partners":__ In grime-fighting. People are staying home more, so floors are getting dirtier. Throw in a global pandemic, and you've got a cleaning-obsessed market. 

__Time is more valuable than money...__ That's the philosophical conclusion we extrapolated from Roomba sales. The premium $900 Roomba Series is selling better than the $250 basic version. People are working from home, caring for kids, and cooking 10 meals a day — that's a reason to splurge on the most efficient automated vacuum option. The one task you *can* delegate.   

_Initiating 'Desert Clean' setting on Roomba 9000_

Automate

__*Hot* takeaway — iRobot should get itself acquired...__ Its $2.3B market value is 1/4 of a Lyft. While the stock is up 70% for the year, it's still down 35% from its all-time iRobotic high. iRobot's business revolves around a single, popular product line that could be easily tossed into a corporate shopping cart. An __Amazon__-owned iRobot could throw in some Alexa to entertain you while it cleans.

iRobot sweeps up strong Roomba sales — it could be Big Tech's partner in grime (fighting)

🛍 Shopify & Walmart come for Darth Bezos

__Felt cute, won't delete later...__ __Instacart__ and __Doordash__ have never looked more attractive. In the corona-conomy, food essentials are everything and delivery is key. As the #1 market leaders in grocery and restaurant delivery, Instacart and Doordash take the essential delivery cake. 

- __Coming in hot:__ And impeccably-timed. They're leveraging their moment of sexiness to raise big money. Investors think lockdown-life habits will stick, even as the economy reopens. 
- __Instacart__ just raised $225M, delivering itself a $13.7B valuation — big bump from its last one ($7.6B in 2018). 
- __DoorDash__ is [close](https://www.wsj.com/articles/doordash-nears-deal-to-secure-funding-from-t-rowe-price-fidelity-others-11591913622) to sealing fresh funding that would value it at $15B (up from $13B in 2019).

__Can I get a slice of that pie?...__ Negative. Over seven years ago, Instacart and Doordash started raising money from private investors for their *adorable* little startups. In 2020, they're still private and still fundraising, but their businesses have exploded:

- __[57%](https://www.theinformation.com/articles/instacart-blows-past-walmart-in-online-grocery-business):__ Instacart's share of the US online grocery market in April. That eclipses __[Walmart](https://robinhood.com/stocks/WMT)__, which plunged to around a 25% thanks to Instacart's rise.
- __[45%](https://www.businessinsider.com/doordash-prepares-to-raise-new-funding-at-15-billion-valuation-2020-6)__: DoorDash's share of the food delivery market in April, up from 35% in November. That #1 status is even more solid after Grubhub decided [not](https://snacks.robinhood.com/newsletters/1Nve3vhlByq10W74UeVgUP/) to combine with Uber Eats.  

_Trying to get a slice of the private delivery pie_

Deliver

__Companies stay private longer. Public investors miss out...__ Investors get FOMO when public stocks soar, but with private stocks it's just SUMO (Straight Up Missing Out). Companies have stayed private for longer, so public investors can't access early growth (and soaring valuations). Back in the '90s, __[Amazon](https://robinhood.com/stocks/AMZN)__ went public just 3 years after its founding. Today, __[Uber](https://robinhood.com/stocks/UBER)__ took a decade to IPO, and the stock has fallen since. After 12 years, __Airbnb__ still isn't public.

Instacart and Doordash deliver multi-billion dollar valuations (and we miss out)

- __To infinity, and Elon'd(er)...__ __[Tesla](https://robinhood.com/stocks/TSLA)__ investors felt rocketship vibes as the stock hit an all-time high — [production](https://www.reuters.com/article/us-tesla-truck/tesla-shares-surge-past-1000-as-musk-revs-up-the-semi-idUSKBN23H1PE) of Elon's Semi truck is ramping up. Shares surged past $1K for the first time ever, making the e-car icon the world's 2nd most valuable carmaker (*juuust* shy of Toyota). For reference: Tesla sold 368K vehicles last fiscal year. Toyota sold *8.96M*. Shares have now dropped 9% since last week's peak.

- __Cannabis side-hustle...__ __[Scotts Miracle Gro](https://robinhood.com/stocks/SMG)__'s sales surged as WFH'ers stocked up on its gardening and lawn care products. But Scotts' cannabis-growing side hustle was the real [winner](https://snacks.robinhood.com/newsletters/1Nve3vhlByq10W74UeVgUP/articles/4JcQJ4tCYguADod0qMrCC1/): the hydroponics-focused Hawthorne division helps producers grow weed with water (no soil needed). Hawthorne's sales nearly 2X'd in 2019, jumped 51% last quarter, and are expected to grow another 45%-50% for the full year 2020.

- __Downward dog on the earnings...__ __[Lululemon](https://robinhood.com/stocks/LULU)__ fell 8% after the athleisure darling reported a 17% quarterly sales plunge. Lulu's [flexible](https://snacks.robinhood.com/newsletters/5f9CgQ6e0OASVb4XOS2NoL/articles/75PhTygJY5kWlZIfo4Mafu) ecommerce biz wasn't enough to swallow the hit from corona-closed stores. As of June 10th, [60%](https://www.cnbc.com/2020/06/11/lululemon-lulu-reports-fiscal-q1-2020-earnings.html) of Lulu's 489 global stores have reopened. All are expected to open by the end of June — but Lulu's not expecting a return to yearly sales growth until the end of 2020.


- __When the suave British accent swoops your crush...__ __[Uber](https://robinhood.com/stocks/UBER)__'s potential marriage with __[Grubhub](https://robinhood.com/stocks/GRUB)__ is off after a European delivery giant [swooped](https://snacks.robinhood.com/newsletters/1Nve3vhlByq10W74UeVgUP/articles/4pdmA56EqHRt47CYsEk4tx) in. Anglo-Dutch __Just Eat Takeaway__ is acquiring Grubhub for $7.3B. Uber shares dropped 8% when its food delivery consolidating dream evaporated. An Uber Eats/Grubhub merger would've made it the delivery leader with half the US market — progressive politicians weren't thrilled about the idea, which reportedly doomed the merger's chances. Now __Postmates__ could be Uber's [consolation](https://www.wsj.com/articles/uber-says-thank-you-next-11591956000) prize.

🥯 DoorDash + Instacart = (private) billions 

__Applied the wrong filter...__ __[Zoom](https://robinhood.com/stocks/ZM)__. An American human rights org hosted a Zoom conference to commemorate the lives lost in Tiananmen Square 31 years ago. Then Zoom [shut](https://www.axios.com/zoom-closes-chinese-user-account-tiananmen-square-f218fed1-69af-4bdd-aac4-7eaf67f34084.html) the account down. Zooming out...

- __Tiananmen Square Massacre:__ In 1989, a million pro-democracy protesters hit the streets of Beijing against repressive Communist leaders/policies. The Chinese government cracked down hard, killing hundreds, thousands, or "[at least 10K](https://www.bbc.com/news/world-asia-china-42465516)" people (exact number is unknown).
- __Censored:__ In China, it's illegal to discuss what happened in Tiananmen Square. So since Chinese citizens joined the conference, Zoom decided to shut down the US-based account "to comply with local law."
- __Zoom's response:__ "It is not in Zoom’s power to change the laws of governments opposed to free speech.” So what *is* in companies' power?

__What this company did...__ __Pocket Casts__, a popular podcast app, just [said](https://www.theverge.com/2020/6/11/21287436/pocket-casts-castro-china-apple-government-pressure) it won't censor content based on China's requests: “We believe podcasting is and should remain free of government censorship.” That principled move resulted in Pocket Casts getting removed from the App Store in China yesterday. 

- __"All-or-nothing" approach:__ Tech companies aren't thrilled to get blocked off from billions of potential users in China. But Pocket Casts went "all-or-nothing."
- __"Censored" approach:__ What Zoom just chose. Also, what __LinkedIn__ does by offering a censored version of itself in China. In 2018, __[Google](https://robinhood.com/stocks/GOOGL)__ worked on a censored search engine for Chinese users, but backed down after US public outcry.


_When Zoom locks you out of your own account_

Censor

__The world has two internets...__ What else is blocked in China? Facebook, Google, Twitter, Wikipedia, Reddit, Slack, and pretty much every other platform that freely spews people's every thought. Tech companies have to decide if they'll go "all-or-nothing" or "censored" with China. Either way, China has had no problem creating its own gov-censored social copycats (like __WeChat__ for WhatsApp and __Weibo__ for Twitter).

Zoom shuts down a human rights account to comply with Chinese law

__Fur ballin' out...__ The cutest trend to accelerate in the corona-conomy: puppy love. Pet adoption soared 60% in March and April as homebound Americans took in pandemic pups and kittens to keep them company (and spice up their social lives). Online pet supply deliverer __[Chewy](https://robinhood.com/stocks/CHWY)__ thrived on the furry frenzy:

- __+46%:__ How much Chewy's sales [soared](https://www.thestreet.com/investing/chewy-beats-sales-earnings-estimates#:~:text=For%20the%20quarter%2C%20Chewy%20reported,18%20cent%20expected%20by%20analysts.) last quarter. Pet parents stocked up on chewy bones, peanut butter treats, and adorable toys to pamper WFH companions.
- __$3.4M:__ Chewy's profit, unlike the previous quarter (where it actually *lost* money). Chewy wasn't expected to dig up a quarterly profit until 2021.
- __2.5M:__ The number of new customers who made Chewy pet profiles last quarter — 25% of those profiles were for new pets. 

__Chewed too hard...__ Chewy stock, which is up 66% for the year, actually dipped on the earnings. Investors were expecting even more pawesome results, given the whole pet adoption hype. But Chewy believes it has something more lasting and more valuable than a pandemic surge....

_Waiting for the Chewy delivery_

__Customer service is Chewy's real profit puppy...__ Chewy retains customers long-term thanks to its focus on customer service. That came in clutch when the demand surge caused shipping delays in March/April. Chewy promises a human will pick up its 24/7 customer hotline within *6 seconds* (we tried it — it's legit). It's even sent customers [oil paintings](https://www.distractify.com/p/chewy-dog-food-refund) of their pets. Who can stay mad with a Picasso-style bulldog? 

Chewy thrives on puppy-palooza (but investors expected a bigger treat)

__Clear the confetti from the NYSE floor...__ After an impressive three-month rally when the S&P 500 gained 45%, stocks just plunged. Investors bit their nails over health [stats](https://www.cnbc.com/2020/06/10/texas-reports-a-third-straight-day-of-record-coronavirus-hospitalizations.html) flowing out of newly reopened states:

- __Texas__ reported its [3rd](https://www.cnbc.com/2020/06/10/texas-reports-a-third-straight-day-of-record-coronavirus-hospitalizations.html) straight day of record COVID-19 hospitalizations (2,153 on Wednesday) — it was one of the first states to reopen.
- __Florida__ had the biggest jump in cases since March, and South Carolina hit a record high. California said nine counties saw a spike in new cases and hospitalizations.

__No parties at the Fed, either...__ On Wednesday, the Fed projected that it would keep interest rates close to zero through *at least* 2022. The Fed [wants](https://snacks.robinhood.com/newsletters/6zAABrs8yPYr7bhE4fZ3pd/articles/6uylQQIpW8xRU8cpJAiDKp/) us to spend our $$$ on stocks/stuff and take out low-interest loans (instead of hoarding it in a savings account). 

- __Problem?__ That 2-year economic stimulation effort suggests the Fed's outlook is grim. The near-zero rates are aggressive, but the Fed thinks they're necessary to stay afloat.
- Even though unemployment filings last week were the lowest in 11 weeks, __21M Americans__ are still collecting unemployment benefits.  
- Treasury Secretary Steven Mnuchin [said](https://www.cnbc.com/2020/06/11/treasury-secretary-mnuchin-says-we-cant-shut-down-the-economy-again.html) that shutting down the economy again to slow the spread __isn’t a viable option__. Investors think it's possible (and panic-inducing).

_Investors waking up on Thursday_

Drop

__Investors were ignoring the inevitable...__  Public health experts have said that when states re-open, infections will likely spike. Economists have said it'll take years, not months, to recover from the financial damage coronavirus wreaked. Buuut: falling cases, a wave of reopenings, and a surprisingly [positive](https://snacks.robinhood.com/newsletters/4uDJgIDwf0SsVfEGLojAI5/articles/7rW4ozXTrGfVlyThVMCo1C) May job report kept investors optimistic. Markets were down just 5% from their record highs — until yesterday.


Stocks have their worst day since March on investors' worst fear: A 2nd outbreak

💻 Zoom's China flop

__Speak now or forever hold your pizza...__ Back in May, __[Uber](https://robinhood.com/stocks/UBER)__ was [courting](https://snacks.robinhood.com/newsletters/3zyhoJMmhQdMulq2nhX3S/articles/7uGwKzgedJAjF1GbyMgs73/) __[Grubhub](https://robinhood.com/stocks/GRUB)__ for an engagement that would marry the two food delivery giants into a market leader (surpassing __DoorDash__) — now a European stud has [swooped](https://www.wsj.com/articles/just-eat-takeaway-com-nears-all-stock-deal-for-grubhub-11591797653?mod=djemalertNEWS) in to steal Uber's thunder.  

- __Intercontinental:__ American Grubhub is [merging](https://techcrunch.com/2020/06/10/just-eat-takeaway-confirms-its-gobbling-up-grubhub-in-a-7-3b-deal/) with European delivery giant __Just Eat Takeaway.com__ — if you think that's a mouthful, that's because the European company was *itself* formed out of a merger.
- __Confirmed threesome:__ In January, British food deliverer Just Eat merged with Dutch rival Takeaway.com in an $7.6B deal — now, the merged company is eating up Grubhub for $7.3B. Combined, they'll have 70M global active customers.

__Parents prefer this marriage...__ US regulators aren't so thrilled about the consolidations coming out of the hyper-competitive  delivery wars (where the best promo code wins). 

- __Uber pulled out of the deal talks__ because of antitrust concerns — Uber and Grubhub [reportedly](https://www.wsj.com/articles/just-eat-takeaway-com-nears-all-stock-deal-for-grubhub-11591797653) couldn't agree on who would shoulder most of the risk in the likely scenario that regulators got involved.
- __A marriage with Just Eat solves this problem.__ Since the company doesn't have a US presence, the antitrust risk is much lower. JustEat and Grubhub aren't currently competing in the same market, so their merger doesn't hurt competition.
- __BTW__ — Just Eat’s market value is over 3X that of Grubhub’s ($16B to $5.4B).

_JustEat swooping in for Grubhub_

__This defeats the purpose of the consolidation plan...__ Grubhub and Uber hoped to merge to reduce aggressive price competition (and "[promiscuous](https://snacks.robinhood.com/newsletters/3o0KQAYYbRpqhqULwfOWaD/articles/7m8VoFteAIgGsRXEzlIssk)" customers). But the Just Eat/Grubhub merger combines two leaders in *separate* markets — domestic competition stays the same. No delivery fee-jacking is expected as a result of this deal. This merger is more about cost synergies (lowering duplicate costs) than revenue ones (being able to increase prices).



Uber-Grubhub marriage is off the table after a European swoops in with $7.3B

__When the weed killer is also the weed grower...__ The green thumb takes on a new meaning. __[Scotts Miracle Gro](https://robinhood.com/stocks/SMG)__ stock is up 84% since mid-March, when the lockdown-driven home makeover frenzy took hold. Since decking out the house extends to the yard, Scotts' lawn/garden care sales have surged (pesticides are the rosé of summer gardening):

- __Scotts' Miracle-Gro announced that plant soil/food sales surged__ almost [40%](https://www.globenewswire.com/news-release/2020/06/08/2045201/0/en/ScottsMiracle-Gro-Revises-Fiscal-2020-Guidance-Strong-Demand-Continues-in-both-U-S-Consumer-and-Hawthorne-Segments.html) in May on pimp-yo-lawn love.
- __Then it boosted its 2020 US sales forecast__ from 7% pre-coronavirus to 16%-18% after. *That's largely thanks to its interesting side hustle...*

__Side hustle smokes the main hustle...__ A few years ago, Scotts [decided](https://www.fool.com/investing/2019/09/14/scotts-miracle-gro-might-have-the-best-marijuana-s.aspx) it wanted a piece of the cannabis market (minus the cannabis). Enter...

- __Hydroponic systems:__ Tools for growing plants with nutrient-infused water instead of soil. Hydroponics are used by cannabis-growers to control pot production/quality — so Scotts went ham and acquired 50 hydroponics-related brands. Now...
- __Scotts hydroponics-focused Hawthorne division__ is a market leader and drives growth for all of Scotts.
-  __Sales high:__ Hawthorne's sales nearly doubled in 2019, jumped 51% in just the last quarter, and are expected to grow another 45%-50% in 2020.



"_What do you mean we're out of Scotts Miracle-Gro?_"

Grow

__In the cannabis gold rush, you can be a miner or a shovel-maker...__ Cannabis producers are the "miners" who take the biggest risk: their success depends on striking gold (cannabis sales). Scotts makes the "shovels". They get a smaller upside with less risk, but enjoy more consistent success along the way — as long as there's still a rush. 

Scotts Miracle-Gro helps cannabis producers miracle grow pot: a tale of two hustles

🍕 Uber-Grubhub courtship gets Euro-crashed

__Missing *Hey Arnold* and *Dexter's Laboratory*...__ Instead of counting sheep to fall asleep, kids are counting __TikTok__ dance moves. Digital safety company __Qustodio__ collected data from 60K families with kids ages 4-15 in the US, UK, and Spain. Qustodio [found](https://techcrunch.com/2020/06/04/kids-now-spend-nearly-as-much-time-watching-tiktok-as-youtube-in-u-s-u-k-and-spain/) that kids spend:

- __85 minutes/day watching YouTube:__ The video OG boasts 69% of US kids, 74% of UK kids, and 88% of Spanish kids as users — they're watching 2X as many YouTube vids/day as they did in 2016.
- __80 minutes/day watching TikTok:__ The Chinese short video app that exploded in popularity had 16.5% of US kids hooked in February. And engagement is *intense*: TikTok doubled kids’ social app use in 2019 and doubled their screen time in 2020. 
- __Lockdown jump:__ Closed schools and no playdates led to a surge — in mid-April, kids watched 97 minutes/day of YouTube *and* 95 minutes/day of TikTok (and parents had 192 minutes of peace).

__Winning the tech trifecta...__ That's growth, engagement, and profits. While YouTube is winning on sheer numbers of kids, TikTok's almost got it beat on engagement — and it's growing *fast*, with the most quarterly downloads of any app ever. Plus, its parent __ByteDance__ [reportedly](https://pitchbook.com/newsletter/tiktok-parent-posted-3b-net-profit-last-year) turned a $3B profit last year. 




"_Hey Patrick! Wanna start a TikTok channel?_"

Watch

__It's the battle of the attention spans...__ Kids are watching waaayy more videos in 80 minutes on TikTok than in 85 on YouTube. While both platforms are mostly user-generated, YouTube has a tough challenge in the battle for Gen Z's attention:

- __Millennials (24-39):__ Grew up with Nickelodeon, Cartoon Network and Disney TV shows (episodes around 20 minutes long). 
- __1st Wave Gen Z (16-23):__ Grew up with more YouTube videos (around 12 minutes long, on average).
- __2nd Wave Gen Z (1-15) — We're calling them "Gen T" now for TikTok:__ Growing up with short-form mobile content embodied by TikTok, whose videos are just *16 seconds long* on average.

Kids spend almost as much time on TikTok as YouTube: the Battle for Gen Z's Attention

__When you can't afford the WeWork...__ Cruise out the day on a Chamberlain Velvet Sofa in an __[RH](https://robinhood.com/stocks/RH)__ store, where the rustic yet sleekly modern decor will inspire your every PowerPoint. While the whole economy seems to move online, the upscale home-furnishing company (formerly known as Restoration Hardware) is doubling down aggressively on its brick-and-mortar game:

- __Hotels:__ RH Guesthouses will be the company's first foray into the hotel industry (suite comes with RH chaise).
- __Residences:__ Pre-furnished homes and condos will be RH's first experiment in the North American housing market.
- __Yachts:__ RH will also be offering a yacht named "RH3" to charter for well-furnished Caribbean and Mediterranean getaways (casual).


__All about the "lifestyle branding"...__ RH CEO Gary Friedman [believes](https://www.forbes.com/sites/pamdanziger/2020/06/07/gary-friedman-presents-a-new-expansive-luxury-vision-for-rh-but-can-it-be-realized/#4b79afad4484) it can "make the climb" to the top of the luxury mountain by embodying a luxe lifestyle through aggressively physical experiences: 

- __RH already has its Galleries,__ impressive palaces in metropolitan hubs like LA and NYC that provide more of a wow-factor than a shopping trip.
- __The new brick-and-mortar expansions__ are all part of Friedman's plan to create "an ecosystem of products, places, services and spaces that elevate the RH brand."

Furnish

__Bold CEOs make contrarian bets...__ With shopping already heading online 2 years ago, RH put its faith (and $$$) behind offline experiences — it dropped $50M on a huge NYC flagship store complete with a rooftop bar. And now while the corona-conomy accelerates the online push, RH is going harder than ever on physical locations. TBD whether it'll compete in the new market of stays and experiences. RH's CEO: "*This is a time to be defined by our vision, not by a virus.*”



Restoration Hardware triples down on the brick-and-mortar experience (picture hotels and yachts)

__When Facebook knows everyone in the pic...__ (without you even tagging them). Facial recognition is a relatively hot field with potentially big profits to be made by the companies who develop, sell, and use it in their products. But one major player just [ditched](https://www.theverge.com/2020/6/8/21284683/ibm-no-longer-general-purpose-facial-recognition-analysis-software) the tech on moral grounds:

- __[IBM](https://robinhood.com/stocks/IBM) is dropping its facial recognition business__ — it'll stop selling, developing, and researching the creepy/sophisticated tech, because it thinks it could be used as a weapon for mass surveillance and racial profiling. 
- __In a letter to Congress,__ IBM CEO Arvind Krishna said we should reevaluate how facial recognition tech is used by law enforcement agencies (and if it should be used at all).
- __[Amazon](https://robinhood.com/stocks/AMZN) is one major tech company__ that sells facial recognition software to law enforcement through its product, "Rekognition" (creative). 

__Troubling data...__ Research suggests that many commercial facial recognition systems (IBM's included) have demonstrated bias across lines of age, race, and ethnicity. Then there's also the issue of privacy violations — but many don't think of those issues when unlocking their phones with their faces or tagging friends on FB.



Stop

__Weapons deals are controversial — so are big tech deals now...__ Just like the knife you slice your avocado with could cut your finger, facial recognition tech could be (and is) used for a lot more than just unlocking iPhones: On a large scale, China’s [170M](https://www.independent.co.uk/life-style/gadgets-and-tech/news/china-surveillance-camera-facial-recognition-privacy-a9131871.html)+ surveillance cameras use facial recognition to ID citizens out of crowds. Tech companies are increasingly dealing with the moral implications of their creations.


IBM drops its facial recognition program — it thinks it's a weapon, not a tool

🎵 TikTok comes for YouTube's kids 

__I like million dollar deals, where's my pen?...__ Trick, I'm (Docu)signing. The latest trend accelerating in the corona-conomy: e-sigs (not the fruit vapor kind). Electronic signature icon __[DocuSign](https://robinhood.com/stocks/DOCU)__ topped earnings expectations for the quarter, as the WFH/lockdown life triggered a digital shift for businesses: 

- __DocuSign's sales grew 39%__ and it added 68K new customers, for a global total of 661K paying customers. 
- __The demand surge__ was driven by an increased need for eSignatures as you execute contracts from your parents' basement.
- __DocuSign CEO:__ "*We don’t anticipate customers returning to paper or manual-based processes*" — even when the corona-crisis is over. 

__It pays to be known...__ As the largest player in the e-signature world — with [70%](https://www.forbes.com/sites/robertdefrancesco/2019/05/19/docusign-aims-to-build-upon-its-25-billion-e-signature-opportunity/#5f6756eb4082) of the market — DocuSign was the first company many thought of when needing to remotely execute a contract. 

- __In 2018,__ it was [estimated](http://www.prweb.com/releases/2018/01/prweb15068518.htm) that less than 30% of all business paperwork processes are fully digital. Now, many are sending their John Hancocks over the ether. 
- __Google searches for DocuSign__ jumped 50% from February to March, when mandatory WFH policies started hitting.


_When you run out of free e-signatures on DocuSign_

Sign

__DocuSign is a shining example of the top-of-funnel strategy...__ Businesses flock to DocuSign for its free trial e-signatures — then DocuSign tries to sell them unlimited plans or its "Agreement Cloud," which includes a wider array of contract-management functions. The free e-sigs bring DocuSign traffic, attention, and gratitude — but [94%](https://seekingalpha.com/article/4352495-docusign-new-reality-fortune-maker) of its sales actually come from paid subscription services like unlimited plans and Agreement Cloud. 


DocuSign suggests e-signatures are here to stay, along with its "free sample" strategy

__Getting wahed of the curve...__ __Wahed Invest__ just [raised](https://news.crunchbase.com/news/new-york-based-wahed-raises-25m-for-islamic-investment-platform/) $25M for its Islamic investment platform, in a round led by __Saudi Aramaco__'s venture capital arm. The NY-based fintech calls itself the world’s first halal robo adviser. *Halal:* permitted under the laws of the Quran, the religious text of Islam.

- __Wahed identified a problem with the typical robo-adviser:__ Most investment firms will put money into large, market-tracking funds such as the S&P 500. Problem?
- __Many companies are at odds with Sharia law__ because of the products they sell — for [example](https://wahedinvest.com/ethical-investing/): companies that sell alcohol, pork, tobacco, or gambling products. 
- __Since Sharia extends to all aspects of life,__ including money and finance, Wahed solves the barrier for Muslims by screening investments for [Sharia-compliance](https://support.wahedinvest.com/hc/en-us/categories/115000852989-Shari-ah-Compliance).
- __Interest too:__ Companies with excess debt are also excluded, since Shariah forbids Muslims from earning or paying interest.

__Include Islamic finance in the wide world of Fintech...__ In its last financing round in 2018, Wahed was valued at $100M after raising $8M in seed funding. Since May 2019, Wahed has expanded from the US & UK to service over 100K clients across 130 countries. Last October it launched in Malaysia, a country governed by Sharia law.  

Raise

__This could be a big customized market opportunity...__ And Wahed [isn't](https://sifted.eu/articles/islamic-fintechs-europe-survive/) the only Islamic fintech trying to cater to the world's 2B Muslims. In an industry in which customizing to consumer needs is key, these companies could expand quick — especially in Sharia-governed countries like Saudi Arabia. But they'll still face massive competition from traditional banks.


Wahed raises $25M for its Sharia-compliant investment platform 

__Throw on the "Cross-Country" playlist...__ __[Thor Industries](https://robinhood.com/stocks/THO)__ is the impressively named owner of big RV manufacturers like Airstream and Heartland. Thor's slogan: "Go Anywhere. Stay Anywhere." — doesn't seem very feasible in the corona-conomy. But Thor stock is up 43% over the month because investors think RVs can make it possible:

- __Thor's sales fell 33%__ for the quarter ending in April — but, many RV dealers have reopened since then, and Thor restarted production at its North American plants.
- __Thor's CEO [says](https://www.wsj.com/articles/rv-maker-thor-lifted-by-first-time-buyers-amid-pandemic-11591629115?mod=lead_feature_below_a_pos1) sales picked up significantly in May__ after he took the time to actually call a bunch of dealerships.

__An aluminum box on wheels sounds appealing...__ when your Caribbean cruise was cancelled and you're terrified to get on a plane. Thor is seeing a growing number of first-time buyers and renters in 3 categories:

- __Vacationers:__ Rampant unemployment and virus fears have boosted RVs' appeal as cheap, sanitary travel options — pile the whole family in for a trip to Tahoe (mask optional). 
- __Mobile workers:__ A step up from the "work-from-car" trend — people are using RVs as mobile offices while they work remote 9-to-5.
- __1st time “home” buyers:__ Some are ending their leases and financing RVs instead (RV with ocean view is cheaper than house with ocean view).

_Summer 2020: the Caribbean cruise is cancelled_

Vacation

__Vacation demand is actually increasing...__ All the stay-at-home-ing has recently been unleashed in a pent up demand for travel. People aren’t waiting for a COVID-19 vaccine to go on vacation — we're seeing more road trips, and also more staycations at rentals: __Airbnb__ had [more](https://www.bostonglobe.com/business/2020/06/08/airbnb-joins-vacation-rental-sites-seeing-surge-demand/Y7Qax3drupdebsrWzMn0HK/story.html) US bookings from May 17 to June 3rd than it did for the same period last year. *More than the same period last year.*