__That viral recipe for baked feta pasta…__ is headed straight from __TikTok__ to your __Instacart__. This week, Instacart [launched](https://www.instacart.com/company/pressreleases/shoppable-recipes-press-release/) a “shoppable recipes” feature that lets TikTok stars like Jason Derulo tack on shopping lists to food videos, so that fans can buy the ingredients for his giant doughnut burgers. Here’s how it works:

- __Social shopping:__ You can now add recipe ingredients to your Instacart by clicking a button in a TikTok. It’s already open to some creators, and a wider rollout is coming.
- __Several ways to shop:__ Instacart’s also teaming up with __[BuzzFeed’s](https://robinhood.com/stocks/BZFD)__ Tasty and Delish owner __Hearst__ to add shopping buttons to recipes on their cooking sites.  

__Content is all about consuming…__ and Instacart wants to translate video consumption into food consumption. By making it easier for shoppers to add ingredients to their carts while browsing social media, Instacart hopes to differentiate itself from grocery deliverers like __[Blue Apron](https://robinhood.com/stocks/APRN)__, __Shipt__, and __FreshDirect__, as well as bigger rivals like __[Amazon](https://robinhood.com/stocks/AMZN)__ and __[Walmart](https://robinhood.com/stocks/WMT)__. 

- Crowded field: Instacart’s the second-largest online grocery deliverer after Walmart, but is expected to lose market share to __[Uber](https://robinhood.com/stocks/UBER)__ and [DoorDash](https://robinhood.com/stocks/DASH) as they get deeper into the grocery game. 
- __Imminent IPO:__ Instacart is expected to go public this year, after delaying earlier plans to focus on building out its ad platform.

An Instacart shopper during the early days of the pandemic, when the grocery-delivery app saw a surge in demand [Michael Loccisano/Getty Images]

Hangry

__Grocery shopping can be a chore…__ and apps like Instacart exist to make it easier. But it’s going further, using TikTok and Tasty to try to make food shopping *entertaining*. If Instacart can inspire TikTok scrollers to cook up viral recipes instead of ordering takeout, it could attract last-minute impulse buyers, on top of its usual meal preppers.

Instacart zeroes in on TikTok to make viral recipes shoppable and win over swipe-happy home cooks

__Run the numbers…__ This Tuesday marked Women’s Equal Pay Day — the date women’s earnings finally catch up to what men earned *last year*. That's nearly 15 months to make what men made in 12. Put another way, in a 9-to-5 job, women start working for free at 2:40 p.m.  

- __The gap starts early:__ A 20% pay gap is [apparent](https://www.cnbc.com/2022/01/20/gender-pay-gap-for-class-of-2020-starting-salaries-shown-in-new-report.html) in starting salaries for recent college grads, even before motherhood and other factors come into play.  
- __Women’s work:__ The gender pay gap is often dismissed as a consequence of women working more jobs in [lower-paying fields](https://www.epi.org/publication/womens-work-and-the-gender-pay-gap-how-discrimination-societal-norms-and-other-forces-affect-womens-occupational-choices-and-their-pay/) like teaching. But there’s research to suggest that when women enter higher-paying industries dominated by men, [the pay drops](https://www.nytimes.com/2016/03/20/upshot/as-women-take-over-a-male-dominated-field-the-pay-drops.html) for everyone. 
- __Pandemic accelerant:__ Globally, [64M+ women](https://snacks.robinhood.com/newsletters/1vyj6JcFa6X4qlpX8UnGzW/articles/YxobtPSBOs1XAr71CEDda/) lost their jobs in 2020, which resulted in $800B in lost income. There are now about [2M](https://www.shrm.org/resourcesandtools/hr-topics/behavioral-competencies/global-and-cultural-effectiveness/pages/over-1-million-fewer-women-in-labor-force.aspx) fewer women in the workforce than pre-pandemic (cue: [she-cession](https://snacks.robinhood.com/newsletters/4FiPxYkU4FGEKs36P1LNJJ/articles/4kp1BqJkQIJqk2dJ3iMTuU/)).

__Mind the gap…__ Women have [made some gains](https://www.cnbc.com/2019/10/04/women-are-pursuing-more-high-paying-degrees-but-the-pay-gap-remains.html) in pay equity. Pew estimates that the average pay gap for young workers shrank by [half](https://www.pewresearch.org/fact-tank/2021/05/25/gender-pay-gap-facts/#:~:text=Women%20ages%2025%20to%2034,from%2036%20cents%20in%201980.) from 1980 to 2020. But when race is taken into account, the gap still looks more like a chasm. Black women will have to work until [September 22](https://www.aauw.org/resources/article/equal-pay-day-calendar/) to catch up to what men made last year.

__One potential solution: building more protections into the hiring process…__ President Biden just signed an executive order [recommending](https://www.nbcwashington.com/news/politics/equal-pay-day-2022-biden-taking-steps-narrow-gap-federal-workers/2999480/) that federal contractors stop asking about job applicants' salary history in hopes of stopping the pay-gap cycle for gov jobs. On a local level, NYC is about to enact a law requiring employers to publish pay ranges for job postings to improve transparency. A handful of states including Colorado, Maryland, and Connecticut are taking up similar laws.

Women still earn 82 cents on the dollar compared to men — safeguards in the hiring process could help

Instacart makes TikTok recipes shoppable in a bid to win over swipe-happy home cooks

Dow Jones

S&P 500

Nasdaq

Bitcoin

Burkina Faso-born architect Diébédo Francis Kéré just became the first African to win the Pritzker Prize, aka the Nobel Prize for architecture

🛒 Instacart hearts TikTok

__Bipartisanship lives…__ Hold your clocks: This week, senators made a unanimous vote: to make daylight-saving time permanent (starting next year). Now the bill heads to the House, where its fate is uncertain. President Biden hasn’t weighed in over whether he’ll sign it.

- __Oven clock, still wrong:__ Nearly half of US states already [passed](https://www.ncsl.org/research/transportation/daylight-savings-time-state-legislation.aspx) laws to make DST (the “spring forward” period we’re in now) permanent if Congress allows it. (FYI: Arizona and Hawaii are the only states that don’t observe DST.)
- __Ripples:__ The outcome has implications on everything from productivity and mental health to retail revenue.

__Walking on sunshine…__ In the 1900s, a British architect first [floated](https://99percentinvisible.org/episode/matters-of-time/4/) the idea of shifting clocks so that summer days could be longer. But it wasn't until WWI that it caught on: Germany was the first to adopt DST, touting its "energy-saving" benefits. The UK, France, and the US followed. But messing with the clocks has consequences:

- __Closing time:__ For retailers, when the clocks turn back so do profits. Some studies have found that shoppers spend nearly 4% less in the month following DST.
- __In the spring:__ By one account, losing an hour of sleep adds up to nearly half a billion dollars in lost productivity. 
- __In the fall:__ Studies also found that SAT [scores](https://qz.com/2085899/five-economic-effects-of-daylight-saving-time/#:~:text=Lost%20productivity&text=That%20gained%20hour%20of%20sleep,episodes%2C%20which%20also%20decreases%20productivity.) dropped 2% when taken after the time change — and the extra hour of darkness can increase depression by more than 10%.

Bright

__Lighter later has pros and cons…__ 70% of Americans say they *hate* changing the clock. But we’ve been here before: during the energy crisis of [1973](https://americanhistory.si.edu/american-enterprise-exhibition/consumer-era/energy-crisis), the US made DST [permanent](http://washingtonian.com/2022/03/15/the-us-tried-permanent-daylight-saving-time-in-the-70s-people-hated-it/), hoping it would save energy (later sunset = less need for electricity). But after pre-sunrise car accidents increased and energy savings weren’t huge, Congress [nixed](https://www.nytimes.com/1974/10/01/archives/senate-votes-return-to-standard-time-for-four-months-and-sends-bill.html) it nine months later. Fifty years on, it’s popular to want a single time system — but there’s [disagreement](https://www.nytimes.com/2022/03/11/well/live/daylight-saving-time-standard-time-debate.html?action=click&pgtype=Article&state=default&module=styln-daylight-savings&variant=show&region=MAIN_CONTENT_1&block=storyline_top_links_recirc) over which one. 


Daylight-saving time could become permanent, but the economics are a mixed bag

__No room at the inn…__ Resorts have a new customer: their own employees. It’s so hard for mountain residents to find affordable housing that resorts are building their own apartments for workers. Publicly listed ski biz __[Vail Resorts](https://robinhood.com/stocks/MTN)__ [said](https://snowbrains.com/vail-resorts-new-direction-employees/) yesterday that it plans to “aggressively” build affordable housing for its lift operators and other employees. The ski biz is also bumping wages for hourly workers by 30%.

- __Ski bum-mer:__ Vail already had 7K corporate beds across its 37 mountains. But after rent prices in many ski towns [spiked](https://www.9news.com/article/money/markets/real-estate/mountain-living-more-expensive-part-timers-stay-longer/73-ceca7bf5-6e32-4464-b7c5-d2c663308faf) 20%+ during the pandemic, it needs more. Ultrawealthy Aspen, Colorado, has 3K affordable housing [units](https://www.skimag.com/news/did-the-pandemic-finally-end-the-modern-day-ski-bum/) in a town of 7.5K — including hundreds owned by __Aspen Ski Co.__
- __Not just the slopes:__ An auto-shop owner in Breckenridge [built](https://www.bloomberg.com/news/articles/2022-03-16/amid-housing-crisis-employers-become-landlords) apartments on top of his garage. Employers in FL, WI, and TN have also developed staff housing.

__Last resort…__ In the past two years, high-earning remote workers have ditched big cities for the mountains, beach towns, lakeside spots, and other desirable WFH destinations. The result: rental prices in attractive locales have soared, pricing out the lower-paid service workers who keep those economies humming.

- __From mountains to sea:__ Colorado ski town Crested Butte [declared](https://www.skimag.com/news/did-the-pandemic-finally-end-the-modern-day-ski-bum/) a housing emergency in June, and rents in warmer resort hotspots in Hilton Head, SC, and Orlando, FL, surged 24% in the past year.

A Tennessee town near Dollywood, which is building more housing for theme park employees [George Rose/Getty Images]

__Not all services work on Zoom…__ Many companies are [offering](https://snacks.robinhood.com/newsletters/6EL5TRTmp9geUpgsXeiK1l/articles/2vf0ghZ3cYccAbq8of8SuW/) remote options to keep workers through the Great Resignation. But hospitality businesses like Vail need IRL staff. So Vail’s becoming a landlord to hold on to talent, not to create a new revenue stream. It’s a throwback to the early 1900s, when big employers like __[Hershey](https://robinhood.com/stocks/HSY)__, __Steinway__, and __Kohler__ built entire “company towns” to house workers, though with [mixed results](https://socialwelfare.library.vcu.edu/programs/housing/company-towns-1890s-to-1935/).

Vail Resorts vows to build more worker housing as WFH hot spots become the new company towns

The Chicago River is dyed shamrock green for St. Patrick’s Day using a powder derived from vegetables. The exact recipe’s a tightly held secret 

🏘️ WFH hot spot → company town

__BYOM…__ Time to dust off that old college mug before your next coffee run. __[Starbucks](https://robinhood.com/stocks/SBUX)__ plans to phase out its signature paper and plastic cups over the next three years in a renewed effort to get customers to embrace reusables. Starbs goes through 7B disposable cups a year — which account for nearly a quarter of its global waste. Now the coffee giant is experimenting with ways to fix its garbage problem, while catering to eco-friendly investors: 

- __Borrow-a-cup:__ One option would have customers paying a deposit to use a Starbs reusable tumbler or mug (they’ll have to bring it back when they’re done). 
- __Bring-a-cup:__ Starbs is reviving the option for customers to use their personal mugs after a pandemic pause, and will expand it to drive-thru and mobile orders. Those now make up a combined 70% of US sales. 

__Frictionless frappuccinos…__ Starbucks has struggled to get people to change their daily rituals. In 2008, it [pledged](https://www.cnbc.com/2022/03/15/starbucks-unveils-new-plans-to-eliminate-single-use-cups-encourage-reusable-mugs.html) to have a quarter of customers drinking out of reusable cups by 2015 (didn’t happen). Now Starbs figures the best chance of success is a push that has minimal impact on people’s routines. For drive-thru, it could mean baristas pouring premade drinks at the window. Don’t like walking around with a mocha-stained tumbler? Cup-washing stations — like those bartenders use — are coming to some stores.

Single-use plastic cups at a garbage dump outside Jakarta, Indonesia [John van Hasselt/Corbis via Getty Images]

Drip

__Starbs is putting skin in the sustainability game…__ Nearly all corporate sustainability [initiatives](https://www.entrepreneur.com/article/371861) fail. But Starbucks is investing real capital to try to make reusable cups stick. How much it costs is TBD. Starbs shares [rose](https://robinhood.com/stocks/SBUX) on its cup-cutting announcement, and ahead of today’s shareholder meeting. But they’re still down 30% in the past year as the latte icon contends with supply snags, rising costs, and [labor](https://www.theverge.com/2022/2/24/22949417/outlook-crash-error-delay-starbucks-anti-union-lawyers-new-york-deadline) issues.

Starbucks is phasing out its ubiquitous cups, in a sustainability push that’ll test consumer habits

__Grab the popcorn…__ There’s a plot twist in __[AMC’s](https://robinhood.com/stocks/AMC)__ stock saga. The struggling theater chain has bought a 22% stake in a gold mine for $28M. FYI, the Nevada mine, __[Hycroft](https://robinhood.com/stocks/HYMC)__, went public through a SPAC in 2020 after financial trouble and bankruptcy. AMC stock rose 6%, and the Nevada mine, Hycroft, jumped 19% yesterday on news of the odd-coupling: 

- __Making its case:__ AMC’s CEO compared Hycroft to AMC last year, [saying](https://www.bloomberg.com/opinion/articles/2022-03-15/amc-bought-a-gold-mine) the deal would help Hycroft solve its “severe and immediate liquidity issue.” 
- __Staying viral:__ AMC’s “bold diversification move” (CEO’s words) could be a push to capture investor interest now that shares have nearly fallen to pre-2021 levels. 

__Roller coasters…__ Last year, AMC shares popped 12X and __[GameStop](https://robinhood.com/stocks/GME)__ shares spiked 7X thanks partly to an influx of retail investors. Both companies used their juiced-up market caps to raise cash. 

- __Step 1: Go to the market.__ AMC and GameStop each raised $1.6B+ via at-the-market (ATM) offerings last year. ATM offerings have become popular with some companies like __[Tesla](https://robinhood.com/stocks/TSLA)__ and __[Hertz](https://robinhood.com/stocks/HTZ)__ because they let them issue shares at (high) market prices, not (potentially lower) prices negotiated by institutional investors. 
- __Step 2: Go shopping.__ AMC and GameStop have used that $$ to pay debts, invest in new crypto products, and — now — buy a gold mine.

Metal

__AMC’s already converted some buzz into cash…__ Now it’s using that cash in even more experimental ways — e.g., acting *kind* of like a holding company. But it’s a long way from AMC’s core biz: movies, getting people to buy popcorn, and see them again. As for Hycroft, the mine’s looking to raise $500M through an ATM offering. TBD if that’ll work.

AMC just bought a stake in a gold mine in a meme-ified push to diversify beyond movie theaters

Starbucks ditches disposable cups to drive sustainable habits — and cater to eco-friendly investors

During last year’s NCAA tourney, UConn women's star Paige Bueckers had nearly 1M Instagram followers — more than the starters on the final four men's teams combined

🥤 Starbucks’ reusable push

__Déjà vu…__ As many countries look toward a post-Covid life, China’s experiencing a surge in cases. The spike’s triggered the harshest restrictions since the virus was first discovered in Wuhan nearly two and a half years ago. On Sunday, China quickly acted to curb its 1K+ new Covid cases (a fraction of US caseloads) by closing schools, suspending public transport, and halting non-essential biz in Shenzhen, aka “China’s Silicon Valley.” Now, its 17.5M residents are on a weeklong lockdown. 

- __Phone problems:__ __Foxconn__, which assembles most of the planet’s iPhones, has [paused](https://www.wsj.com/articles/covid-19-outbreak-shuts-down-some-china-factories-including-apple-supplier-11647246503?mod=business_lead_pos5) production at its two Shenzhen factories. __[Apple](https://robinhood.com/stocks/AAPL)__ shares [fell](https://robinhood.com/stocks/AAPL) nearly 3% yesterday. 
- __Car trouble:__ China also locked down all of Jilin province (population: 24M), home to auto plants operated by __[Volkswagen](https://robinhood.com/stocks/VWAGY)__ and __[Toyota](https://robinhood.com/stocks/TM)__.

__Check your pockets…__ You’re probably carrying a gadget made in Shenzhen. Thanks to its status as China’s first “special economic zone” (think: big tax breaks for foreign companies), Shenzhen grew from a [fishing](https://www.inc.com/will-yakowicz/shenzhen-city-of-electronics.html) village to a global tech powerhouse over the past four decades. It’s home to Chinese tech giants like __Huawei__ and __[Tencent](https://robinhood.com/stocks/TCEHY)__, and the world’s fourth-largest port, where China ships off 90% of its electronic exports.

A temporary isolation facility to house Covid-19 patients near a bridge linking Shenzhen and Hong Kong [Anthony Kwan/Getty Images]

Spike

__The world’s things are still largely Made in China…__ The US imported [$540B](https://tradingeconomics.com/united-states/imports/china) worth of goods from China last year. While many countries are trying to move on to an “endemic” phase of Covid, the world’s second-biggest economy has taken a zero-tolerance approach to any new infection spikes. That’s going to disrupt the global supply chain, already strained from pandemic shortages and, now, a war in Europe. US policymakers are trying to reduce China dependence: the House just passed a $52B bill to boost domestic chip manufacturing, which has been a priority for Biden’s admin.

China's “zero Covid” policy is put to the test as new lockdowns threaten to snarl the global supply chain — again

__Marky Mark’s back…__ with a back workout. __[F45 Training](https://robinhood.com/stocks/FXLV)__, a Mark Wahlberg-backed chain of __HIIT studios__, just flexed its first earnings as a public company. As you ditched at-home YouTube exercises, F45’s sales more than [tripled](https://ir.f45training.com/news/news-details/2022/F45-Reports-Record-Fourth-Quarter-and-Full-Year-Fiscal-2021-Results/default.aspx) to a quarterly record. It seems that people missed group sweat sessions:

- __Team training:__ F45 only offers group fitness classes and it’s known for its signature 45-minute high-intensity workouts. Think: __CrossFit__ meets __SoulCycle__. 
- __Big gaining:__ F45 opened 300 locations last year and expects to open 1K this year (#gainz). It’s reportedly the [fastest](https://www.entrepreneur.com/franchises/fastestgrowing)-growing fitness franchise in the world. 

__Franchises aren’t just for fast food…__ Part of the reason F45 is expanding faster than Wahlberg’s biceps: its franchise model. F45 doesn’t need tons of cash to open new locations, because it passes most costs to franchise owners. And those owners are lining up to open gyms: franchisees have already opened 1.7K F45 gyms and bought the rights to open another 1.6K.

- __More reps:__ Some of the biggest gym chains use franchise models: __[Planet Fitness](https://robinhood.com/stocks/PLNT)__ and __Anytime Fitness__ have well over 2K franchises each and charge less than $50 for monthly membership.
- __Heavier weight:__ Premium gyms like __Equinox__ own their eucalyptus-scented locations, which helps control branding but limits growth: Equinox has only 106 gyms but charges $170+/month.

Lift

__Survival of the fittest demands strength + flexibility…__ Nearly a third of US gyms went out of business during the pandemic. And while the US gym industry is recovering, it still hasn’t rebounded. That’s the opening for a biz like F45, which just had a record quarter combining two key strategies: franchising and premium-ifying. Its $150 monthly fee and high-end classes give it an Equinox-like appeal, while its franchise model gives it flexibility to grow without requiring much cash on hand.

Mark Wahlberg’s F45 gym franchise is booming thanks to its premium-meets-flexible strategy

China's zero-Covid policy could snarl supply chains further, as Shenzhen enters lockdown

Today is Equal Pay Day, the date that signifies how far into the year women have to work, on average, to be paid what men were paid the previous year

📱 China’s supply-chain shock

__WFH Fridays...__ a distant term from a distant time, when __[Zoom](https://robinhood.com/stocks/ZM)__ wasn't a verb and doing spreadsheets in your bedsheets was *special*. Pre-pandemic, just [4%](https://www.nytimes.com/2022/03/10/business/remote-work-office-life.html) of employed Americans worked fully remote. By May 2020 it was nearly *half*. But as the number of Covid cases wanes across the US, employees are returning to fluorescent cubicles.

- __Conference-room donuts:__ Office occupancy reached a pandemic peak of 40% in December, then dipped on Omicron. Now it's rising again, hitting 38% this month.
- __Couch cupcakes:__ Last year [90%](https://news.gallup.com/poll/355907/remote-work-persisting-trending-permanent.aspx) of remote workers said they wanted to stay at least partly remote. And 75% said their employer would allow at least some remote work post-pandemic.
- __FYI:__ [50M](https://www.brookings.edu/research/to-protect-frontline-workers-during-and-after-covid-19-we-must-define-who-they-are/) Americans are frontline workers (think: nurses, grocery workers), most of whom couldn’t work from home.

__Reviving rush-hour podcasts…__ Employers aren’t taking a one-size-fits-all approach. On one end, companies like __[Apple](https://robinhood.com/stocks/AAPL)__, __[Netflix](https://robinhood.com/stocks/NFLX)__, __[Citi](https://robinhood.com/stocks/CITI)__, and __[Goldman](https://robinhood.com/stocks/GS)__ have set deadlines for full office returns (many this spring). Then there are hybrids [like](https://hubblehq.com/blog/famous-companies-workplace-strategies) __[Meta](https://robinhood.com/stocks/META)__, __[Disney](https://robinhood.com/stocks/DIS)__, and __[Lyft](https://robinhood.com/stocks/LYFT)__, which are offering flexibility to retain talent. __[Google’s](https://robinhood.com/stocks/GOOGL)__ [spending](https://www.newyorker.com/news/our-local-correspondents/googles-new-manhattan-groundscraper-bets-on-the-future-of-the-office) billions on new offices to lure hybrid-ers back to kombucha taps. Finally, there’s remote-first companies like __[Shopify](https://robinhood.com/stocks/SHOP)__, __[Coinbase](https://robinhood.com/stocks/COIN)__, and __Slack__. Some pros and cons:

- Banks, law firms, and others bullish on RTO must’ve decided that remote life dampens productivity — or invested too much in pricey leases.
- Others are happy to save on rent and catered meals, and like the option of dipping into a wider talent pool (aka: nationwide).

Commuters at New York’s Grand Central Terminal three years ago this week [Timothy A. Clary/Getty Images]

__We can return to office, but not to normal…__ The conclusion of this remote experiment: it worked out better than most could’ve imagined. Many say their productivity and overall happiness [improved](https://finance.yahoo.com/news/workers-better-off-were-two-125100870.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAKKhN49omnqrMQkRDyE0epMF8KOuqug-_Q5su9-7Sc5lXlv2WLpTd8JIDknB0CiFMtuRW-AUDHtaDWGHsJOOhiVJ2JkLooK0TJD2QpvbsjfFyCslbPhtwgUIT4bBZv80Cp_tmg8usuroBglHO4e5VHE6-AL_fSg8YzrkUK_OjVdY). But reactions varied: Women and people of color are [more likely](https://www.nytimes.com/2022/03/10/business/remote-work-office-life.html) to view remote work positively than white males. And among those with children, women are [50%](https://www.adp.com/spark/articles/2021/09/the-hybrid-workplace-can-be-unfair-to-women-heres-how-you-can-help.aspx) more likely than men to prefer WFH. But they’re also less likely to get promoted while remote, which suggests IRL facetime can make a difference. That could become a point of tension in the new 9-to-5.

It’s “back-to-office March,” but the new 9-to-5 doesn’t affect all workers equally

__The human cost of war…__ Millions of Ukrainians are fleeing their country as death counts rise, and some are getting support from Western employers. In recent years, Ukraine has become a thriving tech hub: __[Microsoft](https://robinhood.com/stocks/MSFT)__, __[Cisco](https://robinhood.com/stocks/CSCO)__, and Google have teams there, as do an [estimated](https://www.cnbc.com/2022/03/08/how-a-san-francisco-tech-ceo-is-supporting-his-250-plus-workers-in-ukraine.html) 20% of Fortune 500 companies. As the crisis has escalated, tech companies have tried to [help](https://www.wsj.com/articles/inside-one-tech-companys-attempt-to-evacuate-employees-from-ukraine-11646660626?mod=business_lead_pos5) their workers: __[Wix](https://robinhood.com/stocks/WIX)__ chartered planes to evacuate the third of its workforce that’s in Ukraine. In a tragic case, a Silicon Valley tech worker, her children, and their friend [were killed](https://www.sfchronicle.com/california/article/Silicon-Valley-tech-worker-was-the-Ukrainian-mom-16990037.php) as they tried to flee the conflict.

__Going for (literal) gold…__ Gold prices [hit](https://www.marketwatch.com/story/gold-surges-above-2-000-and-extends-rally-toward-18-month-high-palladium-rises-to-a-record-11646742589?siteid=YAHOOB) $2K/ounce last week, approaching 2020’s all-time high. As prices soar, investors are shifting $$ from riskier assets like stocks to “safe haven” assets like gold, bonds, and cash. That’s been bullish for the two largest gold miners, __[Barrick Gold](https://robinhood.com/stocks/GOLD)__ and __[Newmont](https://robinhood.com/stocks/NEM)__: their shares are up around 30% this year while the market’s down 10%. Smaller __[Orla Mining’s](https://robinhood.com/stocks/ORLA)__ stock is up 21% this year.

Zoom Out

Stories we’re watching...

__Stimmy season’s officially over...__ The Fed is set to start raising interest rates this week — for the first time in three years. Typically, higher rates help curb sky-high inflation that drives up the cost of everything from groceries to gas. But Fed Chair Powell said the war in Ukraine could spook the US economy in unforeseen ways, partly why Goldman Sachs has cut its US growth forecast for the year. All the uncertainty is why Powell is signaling a quarter-point rate hike on Wednesday, instead of the half-point predicted just a month ago.

__It’s all in the delivery…__ There’s a race to deliver your latest __[Revolve](https://robinhood.com/stocks/RVLV)__ impulse buy. Despite labor and supply strains, sales boomed for __[FedEx](https://robinhood.com/stocks/FDX)__ and __[UPS](https://robinhood.com/stocks/UPS)__ last year as shoppers kept ordering online post-lockdown. UPS profits *tripled* last quarter thanks partly to its stable union workforce. Meanwhile, despite record holiday deliveries, FedEx’s profit fell as it [splurged](https://www.bloomberg.com/news/articles/2021-11-04/labor-shortage-ups-union-drivers-give-delivery-service-edge-over-fedex-fdx?sref=q3KSFp38) on hiring extra workers. Still, FedEx is buying $5B of its shares and underscored its “confidence” in its biz. We’ll see if it’s still optimistic when it reports Thursday.

Events

Coming up this week...

- __[Slice](https://snacks.robinhood.com/newsletters/PFFGKCT3sOunNoPNSZewb/articles/64ihwMyXAiLa7f4axGhOS1/):__ __[Amazon’s](https://robinhood.com/stocks/AMZN)__ splitting its shares 20 for 1, its first stock split in 20+ years. Thanks to fractional shares, splits are mostly for show now — but they’re also a sign the Zon thinks its $3K stock can keep rising.
- __[Canola](https://snacks.robinhood.com/newsletters/5vfIOlOV4U5lL9HBIaeiOu/articles/xduVS4tKoldDPPu0KAPLB/):__ US Big Foodies like __[McDonald’s](https://robinhood.com/stocks/MCD)__ and __[Coke](https://robinhood.com/stocks/KO)__ halted biz in Russia after peer pressure and __[Twitter](https://robinhood.com/stocks/TWTR)__ #boycotts. The fast-food exodus is symbolic: McD’s was one of the first US chains to open in Russia post-Soviet Union.
- __[Gassy](https://snacks.robinhood.com/newsletters/3G8DZH7eP3cykbzth81uso/articles/1hDlJUMUdFLZ8DTrJOp0fM/):__ Gas prices spiked even higher last week after the US banned Russian oil imports to punish Putin. Sanctions also sent grain and metal prices soaring, hurting __[Kellogg](https://robinhood.com/stocks/K)__, __[General Mills](https://robinhood.com/stocks/GIS)__, __[BMW](https://robinhood.com/stocks/BMWYY)__, and __[Boeing](https://robinhood.com/stocks/BA)__.

ICYMI

Last week's highlights...

Spiders use Earth’s electric field to fly, and have been observed as high as 2.5 miles in the air

💼 Commuting like it’s 2019

__Go ahead, have another slice…__ In fact have 19. This week __[Amazon’s](https://robinhood.com/stocks/AMZN)__ board [approved](https://www.wsj.com/articles/amazon-board-approves-20-for-1-stock-split-10-billion-share-repurchase-11646863156) a 20-for-1 stock split. It means an investor with one Amazon share today will get that split into 20 shares on June 3. The Zon’s first split in 23 years comes after its stock had fallen 26% from its November record. 

- __Smaller slices, same Zon:__ The split doesn’t directly affect Amazon’s fundamentals or market cap: it’s more slices, but the same amount of corporate pizza.
- __Shares still jumped__ more than 5% yesterday, for Amazon’s second-best day of the year (*that* does affect its market cap). It could be because Amazon also announced a $10B share buyback, its biggest ever.
- __Convenient timing:__ Congress just [accused](https://www.nytimes.com/2022/03/09/business/amazon-antitrust-investigation.html?searchResultPosition=1) Amazon of “lying” in an antitrust investigation, and the split could offer a welcome distraction.

__Why so split-y?…__ Companies with soaring stocks sometimes slice them into smaller pieces to make shares cheaper for retail investors to buy. Amazon’s $3K+ share price might seem too big for some investors to swallow. __[Apple](https://robinhood.com/stocks/AAPL)__, __[Tesla](https://robinhood.com/stocks/TSLA)__, and __[Google](https://robinhood.com/stocks/GOOGL)__ also [split](https://snacks.robinhood.com/newsletters/6k1ba08JcBfFlUswPndvfC/) their stocks in the past two years, after huge pandemic gains. All four companies have cracked a $1T market cap, though Tesla has since fallen out of the four-comma club.

Smaller pieces, same pie [Andriy Onufriyenko/Getty Images]

Slice

__Stock splits are mostly cosmetic…__ but they do create buzz. Now that [fractional shares](https://learn.robinhood.com/articles/4EFqqbIXVM4mHEXqqlQAJe/what-is-a-fractional-share/) are becoming widely available at brokerages, stock splits aren’t as big a deal anymore. Fractional shares take affordability much further than splits, since you can set your dollar amount. Still: splits suggest that a company is confident about its stock's growth.

Amazon’s first stock split since the ’90s provides a distraction — and a bump

__Lulu’d out from head to toe...__ After hooking you on your favorite lockdown leggings, __[Lululemon](https://robinhood.com/stocks/LULU)__ is stepping into the shoe game. On Tuesday, the Canadian athleisure brand unveiled “Blissfeel,” a $150 women’s running shoe set to hit shelves this month. Back in 2019, Lulu execs said footwear [was](https://www.cnbc.com/2019/04/24/lululemon-is-going-to-start-making-shoes-rivaling-nike.html) a natural next step. And since then the brand has only grown stronger. Last fiscal year’s sales are [expected](https://www.nytimes.com/2022/03/08/business/lululemon-shoes.html) to come in at $6.3B, up from $4.4B in 2020.

- __Staying true to functional fashion:__ Lulu’s core brand. The stretchy-mesh sneaks will be available in 10 pastel colors. 
- __First steps:__ Lulu is rolling out three other shoe styles later this year, including post-workout slides and cross-training high-tops. (FYI: the men's collection won’t be ready until 2023.)

__Goodbye, kitten heels…__ Casual-shoe demand was supercharged during the pandemic as we ditched leather soles for Crocs and foam kicks. 

- __But the [$70B](https://www.nbcnews.com/news/nbcblk/sneakers-generated-70b-last-year-black-retailers-saw-little-rcna3546) sneaker industry has historically underserved women,__ often simply [resizing](https://www.wral.com/lululemon-jumps-into-the-footwear-business/20176976/?version=amp) men’s shoes and calling it a day. That’s an opportunity Lulu sees ripe for disruption.
- __Female-vantage:__ Online shoe reseller __[StockX](https://fashionunited.uk/news/fashion/stockx-reveals-that-women-s-sneakers-driving-growth/2021021153527)__ says women’s sneaker sales have more than doubled in the past six years, and the number of women’s sneaker listings has jumped 1,500%.

Sole

__Fashion is key to the sole…__ Lulu's breakthrough was making leggings cool enough to rock in the yoga studio *and* at happy hour. Now it's using that brand cachet to break into an industry long guarded by OGs like __[Nike](https://robinhood.com/stocks/NKE)__ and __[Adidas](https://robinhood.com/stocks/ADDYY)__. Though they still dominate, their market share has started to erode as upstarts like __[Allbirds](https://robinhood.com/stocks/BIRDS)__ and __[On](https://robinhood.com/stocks/ONON)__ gain traction.

Lululemon challenges Nike by trying footwear on for size — to help keep pandemic-era growth alive

Amazon shares jump after it approves a stock split to give shareholders smaller slices

When McDonald’s first opened in Russia in 1990, a Big Mac cost 2 rubles ($3.40) — or 1% of the average monthly Soviet wage

🍕 Amazon slices the pie

__From crude oil to canola oil...__ A day after the US banned Russian oil imports, __[McDonald's](https://robinhood.com/stocks/MCD)__ banned its oily food from the country. The Golden Arches is temporarily [shutting](https://www.cnn.com/2022/03/08/business/mcdonalds-pepsi-coke-russia/index.html) its nearly 850 locations in Russia, which makes up a tenth of its sales (not nothing). Other Big Foodies followed: __[Starbucks](https://robinhood.com/stocks/SBUX)__ is shuttering its Russian coffee shops, __[Coke](https://robinhood.com/stocks/KO)__ is suspending its Russia biz, and __[PepsiCo](https://robinhood.com/stocks/PEP)__ is pulling some sodas out of the country (but will continue selling essentials like baby formula and milk).

- __Why they're pulling a Mosc-out:__ More than [300 companies](https://som.yale.edu/story/2022/over-300-companies-have-withdrawn-russia-some-remain) have withdrawn from Russia to condemn the invasion of Ukraine. McD’s and other giants that hadn’t exited were facing pressure and criticism (think: __[Twitter](https://robinhood.com/stocks/TWTR)__ #boycotts). 
- __Why it took so long:__ Fast-food operations are complex and provide livelihoods for thousands. McD’s will continue paying full salaries for its 62K Russian workers. Ditto Starbs. 
- __Another reason:__ Fast-food chains generally don’t own most of their locations — they sell the rights to franchisees. That’s why __[Yum Brands](https://robinhood.com/stocks/YUM)__ is closing only *company-owned* KFCs, and still hasn’t reached an agreement with franchisees to shut Pizza Huts. But while most global McD’s are franchised, 84% of its Russia locations are company-owned. 

__The Silicon Curtain...__ Big Tech companies were some of the first to exit Russia, partly because it’s easier to shut down servers than restaurants. A few examples: __[Netflix](https://robinhood.com/stocks/NFLX)__, __TikTok__, and __[PayPal](https://robinhood.com/stocks/PYPL)__ have suspended their services, and __[Apple](https://robinhood.com/stocks/AAPL)__ and __[Microsoft](https://robinhood.com/stocks/MSFT)__ halted sales.

Crowds line up for the opening of Russia’s first McDonald’s in 1990 [Peter Turnley/Getty Images]

Canola

__The Calorie Curtain is symbolic…__ of the West-East decoupling. McDonald’s was one of the first American corporations to open its doors in Russia during the fall of the Soviet Union. Nearly [40K](https://www.voanews.com/a/europe_mcdonalds-marks-30-years-russia/6183551.html) people lined up at McDonald’s in Moscow’s Pushkin Square on opening day, a symbol of capitalism’s triumph over communism. Thomas Friedman famously [said:](https://www.nytimes.com/1996/12/08/opinion/foreign-affairs-big-mac-i.html) No two countries that both have McDonald's have ever waged war against each other. Economic ties and trade relations can foster peace, but the era of “[food diplomacy](https://www.nytimes.com/2022/03/08/business/mcdonalds-russia-starbucks-pepsi-coca-cola.html)” is over.

McDonald’s and Coke pull out of Russia, as the “Calorie Curtain” falls on an already isolated country

__Uncle Sam is crypto-curious...__ and crypto CEOs are eager to answer his questions. Yesterday President Biden issued an [executive order](https://www.whitehouse.gov/briefing-room/statements-releases/2022/03/09/fact-sheet-president-biden-to-sign-executive-order-on-ensuring-responsible-innovation-in-digital-assets/) calling for crypto regulation, signaling the federal government plans to take a more active role in regulating digital assets. Crypto-preneurs [applauded](https://twitter.com/cameron/status/1501395269648146432?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1501395269648146432%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.cnbc.com%2F2022%2F03%2F09%2Fbitcoin-btc-jumps-after-treasury-statement-on-crypto-executive-order.html) the news, and __[Bitcoin](https://robinhood.com/crypto/BTC)__ prices jumped more than 8%. The order, unpacked:

- __Biden laid out six crypto goals:__ 1. protect investors; 2. keep markets stable; 3. curb crime; 4. stay globally competitive; 5. boost inclusion; and 6. innovate responsibly. 
- __The #DigitalDollar isn’t dead:__ Biden also pushed regulators to explore a central bank digital currency. The Fed had already [outlined](https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf) pros and cons of a digital dollar earlier this year. 
- __Next up…__ homework. Biden asked the Fed, Treasury Department, and other agencies to study and report on their crypto plans by year’s end.

__The [ethereum](https://robinhood.com/crypto/ETH) in the room…__ Crypto has gotten too big to ignore. 40M Americans — about 12% of the population — have invested in crypto, the White House says (more than half of Americans are invested in stocks). Russia’s war on Ukraine has also raised concerns that Russia could use crypto to avoid sanctions, highlighting crypto’s growing geopolitical importance. Russia and China are among the 100+ countries developing their own digital currencies. 

Curious

__Crypto has a “patchwork problem”...__ and federal oversight could solve it. It’s easier to have set rules coming from one direction than contradictory rules coming from 50 directions. Just ask the cannabis industry: a lack of federal regulation has prevented regional weed businesses from blooming into national brands. Specific crypto rules may not come into focus for months, but crypto companies are still stoked about Biden’s order because full federal regulation could eventually provide a clearer picture for how to do business.

Biden takes the first real step toward crypto regulation — and it’s boosting Bitcoin

McDonald's, Coke, and Starbucks pull out of Russia, dropping a symbolic "Calorie Curtain"

Because of spiking metal prices, the value of the nickel in a US nickel is now worth more than a dime (#coinception)

🍟 McDonald’s “Calorie Curtain”

__Sanctioning where it hurts…__ in the barrel. President Biden [announced](https://www.cnbc.com/2022/03/08/us-expected-to-announce-ban-on-russian-oil-as-soon-as-today-nbc-news-reports.html) a halt on Russian oil imports in response to Putin’s escalation in Ukraine. FYI: oil makes up a third of Russia’s economy. Even worse for Putin: the EU said it would [cut](https://www.cnbc.com/2022/03/08/eu-pledges-to-cut-russian-gas-imports-by-two-thirds-before-next-winter.html) Russian gas imports by two-thirds by the end of this year, even though it’s much more reliant on Russian energy than the US. Europe depends on Russia for [nearly half](https://www.cnbc.com/2022/02/24/why-europe-depends-on-russia-for-natural-gas.html) of its gas supply and a quarter of its oil. The US gets only [7%](https://www.eia.gov/energyexplained/oil-and-petroleum-products/imports-and-exports.php) of its oil from Russia. 

__Pump anxiety…__ Reduced supply from Russia is causing gas prices to spike even higher. The average price of a gallon in the US hit a high of $4.10 yesterday, topping $7 in some places. And it’s not just crude that’s gone haywire. Russia and Ukraine are big exporters of other key commodities, which are also surging on fears of reduced supply: 

- __Costly Corn Flakes…__ Wheat and corn prices have [spiked](https://www.axios.com/wheat-prices-surge-russia-ukraine-middle-east-80b49d7d-9227-4786-946d-5012b8d8f373.html) as the war strains supplies of global grains: cereal giants __[Kellogg](https://robinhood.com/stocks/K)__ and __[General Mills](https://robinhood.com/stocks/GIS)__ were already hiking prices before the war.
- __Expensive-er EVs…__ The prices of precious metals like titanium, palladium, and nickel — critical for everything from EV batteries to airplane bodies — have [soared](https://www.reuters.com/business/autos-transportation/carmakers-face-soaring-metal-costs-with-russian-supplies-risk-2022-03-08/), hurting companies from __[BMW](https://robinhood.com/stocks/BMWYY)__ to __[Boeing](https://robinhood.com/stocks/BA)__. 

The ban on Russian oil means even higher prices at the pump [Will Lester/MediaNews Group/Inland Valley Daily Bulletin/Getty Images]

Embargo

__Replacing Russian oil is the easy part…__ at least for the US (aka: the world’s #1 oil producer). Oil giants could drill more domestically, and Biden could boost imports from allies like Canada and Mexico. But taming global commodity prices is a different ballgame. Supplies of gas, grains, and metals are subject to geopolitical changes beyond any one country’s control — and that affects prices for everyone.

The US bans Russian oil imports in one of the harshest punishments for Putin yet

__Touch ID is back…__ just as the masks come off. __[Apple’s](https://robinhood.com/stocks/AAPL)__ first product event of the year didn’t have as many jaw-dropping debuts as its typical fall bonanza, but there were some goodies: 

- __Entry level:__ Apple’s new iPhone SE is a throwback to the OG iPhone (think: one camera, fits in one palm) but with high-speed 5G. Price tag: $430, or $30 more than the previous SE model. 
- __Expert level:__ The new Mac Studio is a two-piece desktop aimed at high-tech creators (think: sound engineers, app developers). It’s also equipped with Apple's new M1 Ultra chip making it 3X faster than its next-best computer. Fully specced-out price tag: [$8,000](https://www.theverge.com/2022/3/8/22967608/mac-studio-top-specs-price-cpu-gpu-m1-ultra-expensive).
- __Pro level:__ Apple TV+ will stream two MLB games on Friday nights (assuming there’s a season to watch).

__Welcome to Club Apple…__ It might be hard to get in, but it’s even harder to leave. Apple is trying to be like a social club with different levels of membership. It’s positioning the iPhone SE line for junior members: it has a low price point and limited features but still comes with the Club Apple bragging rights. Meanwhile, VIP members are blinged out with the iPhone 13 and Mac Pros — and going on their third pair of AirPods.

Retro

__It’s all about the ecosystem…__ To maintain its premium reputation, Apple used to avoid making cheaper iPhones. Now analysts say the budget iPhone SE could make up one-tenth of Apple’s [sales](https://www.reuters.com/technology/apple-expected-launch-new-low-cost-5g-iphone-2022-03-07/) after it hits stores next week. By offering more affordable iPhones, Apple can court the 80% of the world’s smartphone users who don’t have one. Apple is hoping that its cheaper phones will be the junior membership card that hooks you into Club Apple’s ecosystem.

Apple’s newest budget iPhone brings back old-school design to capture thriftier customers 

The US bans Russian oil imports in a blow to Putin, as commodity prices soar

Nearly half of Americans lost between $500 and $1.5K last year because of canceled trips

⛽ Commodities gone crazy

__A plush bed for Poochie...__ Shares of __[Bed Bath & Beyond](https://robinhood.com/stocks/BBBY)__ soared as much as 86% yesterday after __[Chewy](https://robinhood.com/stocks/CHWY)__ founder Ryan Cohen [disclosed](https://www.wsj.com/articles/bed-bath-beyond-goes-to-the-moon-11646670877) a nearly 10% stake in the battered housewares chain. Cohen’s an activist investor who made his first fortune selling his pet-food biz Chewy to __PetSmart__ for a reported $3.4B. He later became chair of __[GameStop’s](https://robinhood.com/stocks/GME)__ board, promising an ecommerce turnaround. Now he’s eying BB&B:

- __Just don’t touch the coupons:__ In a [letter](https://s.wsj.net/public/resources/documents/bbbletter030622.pdf), Cohen told BB&B’s board to hone its focus, pay execs in stock to spur growth, think about spinning off its fast-growing Buy Buy Baby biz, and consider selling to a private-equity buyer.
- __Hanging on by a Wamsutta thread:__ Despite a pandemic bump, BB&B’s stock is down 70% over the past decade as it’s faced steep competition from __[Amazon](https://robinhood.com/stocks/AMZN)__, __[Walmart](https://robinhood.com/stocks/WMT)__, and __[Target](https://robinhood.com/stocks/TGT)__ (while the average US stock has more than doubled).

__If this all sounds familiar…__ Cohen sent GameStop’s board a similar letter in November 2020, prompting its stock to skyrocket 27X in a __Reddit__-powered investment blitz two months later. When Cohen grabbed the reins shortly after, he promised to quickly expand into ecommerce. But that hasn’t happened.

 [Noam Galai/Getty Images]

Towels

__It’s a big test for the meme-funding model…__ By pressuring BB&B to reorganize, Cohen’s jumped into a second turnaround project before completing his first: GameStop’s revenue and profit have remained nearly flat under his command. But since GS shares are still up 8X since Cohen’s original letter, the company’s raised $1.6B by selling new shares to pay off all its debts. And if Cohen succeeds in revamping GameStop’s sales, duvet covers could be next.

Bed Bath & Beyond shares soar on word that GameStop’s Ryan Cohen has a big stake — and bigger demands

__Waiting 10 seconds to skip…__ as your kid rewatches “Encanto” for the third time. __[Disney’s](https://robinhood.com/stocks/DIS)__ aiming for a cheaper subscription plan for its Disney+ streaming service (to debut later this year). The pricing is TBD, but it’ll be less than its standard $8/[month](https://www.businessinsider.com/guides/tech/disney-plus-price) (or $80 a year) option. There’s just one catch: commercials. Disney already has ad-supported versions for its Hulu and ESPN+ plans, but hasn’t added commercials to its namesake streamer. Here’s why it’s doing it now:

- __Growth:__ Disney execs hope that a cheaper streaming option will help it reach 230M D+ [subscribers](https://www.cnbc.com/2022/02/09/disney-dis-fiscal-q1-2022-earnings.html) by 2024. Since its launch, in 2019, Disney+ has added 130M subscribers (FYI: __[Netflix](https://robinhood.com/stocks/NFLX)__ has 220M). 
- __Profits:__ Disney+ still isn’t profitable as a stand-alone segment, probably because it’s splurging so much on original content and keeping prices low to drive subs. The Mouse House is boosting [spending](https://variety.com/2022/biz/news/disney-plus-subscribers-2021-earnings-1235175715/) by up to $1B on new programming *this quarter* alone.

__If you can stream it, you can do it…__ Ad-supported services use a model that's helped make the TV biz profitable since forever. That’s why streaming rivals like __[Comcast’s](https://robinhood.com/stocks/CMCSA)__ Peacock and __WarnerMedia’s__ HBO Max also offer cheaper commercials-based plans. Unlike streaming pure play Netflix, OG media conglomerates have to justify spending extra $$ on streaming costs as they balance more profitable parts of their biz (think: amusement parks and internet service).

Skip

__Streaming is starting to look a lot like cable…__ bundles, ads, and all. The streaming market is saturated, and it’s a fight for every new sub. (Last year, the average number of subs per user fell for the first time.) Streamers are trying to sweeten their value props by offering cheaper ad-filled tiers and bundles (think: Disney+, Hulu, ESPN+) but risk resurrecting a long-hated biz model along the way.

Disney+ is rolling out an ad-supported tier as streamers start adopting cable-y habits

Chewy founder Ryan Cohen sets his sights on Bed Bath & Beyond, but isn’t done with GameStop

Closing the gender gap for investments in women-led businesses could boost global GDP by $2T

🛁 Bed Bath & waaaay Beyond

__Low energy, high stakes...__ Western countries have [piled on](https://snacks.robinhood.com/newsletters/5Nw8NTMF1A8EDOwQ12Yygy/articles/4CkWRZ80CoBHeTuvsDWgxr/) financial sanctions to punish Russia. One thing they haven’t touched: *energy exports*. Oil makes up a third of Russia’s economy, and the West is still buying its oil and gas. Here’s why:

- __Europe__ depends on Russia for [41%](https://www.cnbc.com/2022/02/24/why-europe-depends-on-russia-for-natural-gas.html) of its gas supply. The EU has focused on transitioning to renewables like hydro, wind, and solar — but those cover less than a fifth of its energy needs.
- __The US__ is the world's top oil producer ([one-fifth](https://www.eia.gov/tools/faqs/faq.php?id=709&t=6) of global supply), and [doesn't](https://www.eia.gov/energyexplained/oil-and-petroleum-products/imports-and-exports.php) get much from Russia. But it’s also the [largest](https://www.eia.gov/tools/faqs/faq.php?id=709&t=6) *oil consumer*, using up even more than it produces (think: long drives, big trucks, blasting A/C).

__Declaration of (energy) independence...__ So far, sanctions haven't slowed Russia's attack. But if the West stopped buying Russian fuel, it could crush Russia’s economy. The problem: the West can't sanction Russian energy without *also* crushing Europe’s supply. Germany, which is most dependent on Russia, [said](https://capx.co/how-the-battle-for-energy-independence-was-lost/) its lights “will go out.” In the US, gas prices could soar even higher. Cue:

- __The West’s focus is shifting to energy independence__ — when a country produces enough fuel to meet its own needs and eliminates foreign reliance. 
- __The EU__ is [set to unveil](https://www.economist.com/business/2022/03/05/europe-reconsiders-its-energy-future) a proposal to become energy independent (read: no Putin necessary). Long term, it could mean dramatically expanding renewables and zero-emission sources like nuclear and hydrogen. 
- __The US__ can produce more, but President Biden’s climate policies and oil giants’ [reluctance](https://www.cnn.com/2022/03/02/energy/us-oil-production/index.html) to boost supply have pushed oil production [below](https://www.cnn.com/2022/03/02/energy/us-oil-production/index.html) 2019 levels. GOP leaders are [urging](https://abcnews.go.com/Politics/wireStory/gop-end-russian-oil-imports-us-boost-production-83207789) Biden to drill, but nuclear and renewables are more sustainable.

The Three Mile Island nuclear plant, which closed in 2019 (Andrew Caballero-Reynolds/AFP via Getty Images)

Fuel

__Crisis moments accelerate change…__ as we saw during the pandemic. We’re still in the thick of this crisis, but one thing’s becoming clear: it could speed an energy revolution. Russia’s aggression is turning energy independence into a national-security imperative. Boosting renewable and nuclear energy can help get us there, but will take years of investment: fossil fuels still power [60%](https://www.eia.gov/tools/faqs/faq.php?id=427&t=3) of the US’s electricity.

Western leaders underscore the urgency of energy independence as Russia’s war escalates

__Grounded...__ The West is squeezing Russia's [$19B](https://www.iata.org/en/iata-repository/publications/economic-reports/russian-federation--value-of-aviation/) airline industry as sanctions jolt the economy. Last week, European __[Airbus](https://robinhood.com/stocks/EADSY)__ and American __[Boeing](https://robinhood.com/stocks/BA)__ [stopped](https://www.theguardian.com/business/2022/mar/02/airbus-and-boeing-to-halt-supply-of-aircraft-parts-to-russian-airlines) supplying parts to Russian planes. Meanwhile, global ticket-booking firm __Sabre__ [cut off](https://www.cnn.com/travel/article/russian-airline-aeroflot-sabre-reservations/index.html) __Aeroflot__ — Russia's national airline — crippling its ability to sell seats. Biden has [banned](https://www.axios.com/russian-flights-ban-us-airspace-86138fcb-c658-4e13-af12-2facbfe6adb3.html) Russian flights from entering US airspace, and US airlines are rerouting around Russia’s massive airspace. But travelers could pay the price: dodging Russia on long-haul flights (think: NYC to Seoul) eats up more jet fuel and could [hike](https://www.usatoday.com/story/travel/airline-news/2022/03/01/how-russia-ukraine-conflict-impacts-air-travel/6978208001/) ticket prices.

__The Great Wait is over…__ and your boss wants you to try the new office snacks. __[Meta](https://robinhood.com/stocks/META)__, __[Wells Fargo](https://robinhood.com/stocks/WFC)__, and __[Cisco](https://robinhood.com/stocks/CSCO)__ are [reopening](https://www.wsj.com/articles/companies-see-an-opening-for-office-reopening-11646130602) offices this month after Delta and Omicron delays. Service workers never got the WFH experience, but most white-collar workers who did have [little](https://www.cnn.com/2022/02/16/success/pew-survey-covid-affect-on-work-from-home/index.html) desire to go back to IRL offices: so companies are dangling revamped spaces to lure them. __[Dropbox](https://robinhood.com/stocks/DBX)__ ditched “offices” for open-concept “[studios](https://www.wsj.com/articles/tech-companies-reopen-their-offices-facebook-google-11646365155).” Another tactic: __[Google’s](https://robinhood.com/stocks/GOOGL)__ asking staff to come in three days a week, after giving everyone a $1.6K bonus. Companies [expect](https://www.wsj.com/articles/boss-get-remote-workers-back-office-11635531138) most of their employees to be (partly) in offices by summer. 

Stories we’re watching

__March Madness gets influencer-ized…__ Competition on the b-ball court is dribbling into competition in your Insta feed. Thanks to last year’s Supreme Court [ruling](https://www.si.com/nfl/2021/06/29/business-of-football-supreme-court-unanimous-ruling), players can now earn $$ from sponsored posts during this month’s NCAA tourney. Some have already scored $2M sponsor deals. By “Selection Sunday,” you’ll see hundreds of college-hoop stars doing #sponcon for brands like __Dunkin__ and __Gatorade__. It’s a slam dunk for female players, who typically have larger social followings: female NCAA players have raked in more sponsor [cash](https://opendorse.com/nil-insights/?mc_cid=14396ad8fa&mc_eid=4bf9b1df67) than men.

__Short circuit...__ Investors are looking for the next EV maker to take on __[Tesla](https://robinhood.com/stocks/TSLA)__, but production snafus and chip shortages are making it tough. China's EV leader, __[Nio](https://robinhood.com/stocks/NIO)__, shipped 6K of its sleek Tron-esque cars last month, up [10%](https://ir.nio.com/news-events/news-releases/news-release-details/nio-inc-provides-february-2022-delivery-update) from a year ago, but behind its January deliveries. US-based __[Rivian](https://robinhood.com/stocks/RIVN)__, which went public in November, blamed #flation for jacking up the price of its preordered e-pickups by $20K ([update](https://www.cnbc.com/2022/03/03/rivian-rolls-back-big-price-increases-on-pre-orders-after-customer-backlash.html): the company reversed it). We’ll see how the customer backlash and supply-chain snarls could hit the Tesla rivals when they report this week.

Coming up this week

- __[Coin-flict](https://snacks.robinhood.com/newsletters/5Vn4JIrzX3BghXzZtuksAR/articles/3BQ4iVOWQlAmZ3YWvjH8AB/):__ The war in Ukraine has boosted crypto demand across the board, causing [bitcoin](https://robinhood.com/crypto/BTC) price swings and renewing calls for more crypto rules. Ukraine has raised over $35M in crypto aid from a wide array of donors.
- __[Yacht-](https://snacks.robinhood.com/newsletters/1vyj6JcFa6X4qlpX8UnGzW/articles/7pSylIPgsKJnndV6dB1bNt/)onomics:__ To crank up pressure on Putin, the US and allies are targeting Russian oligarchs by going after their superyachts. So far, the politically connected oligarchs have lost at least $83B because of sanctions.
- __[She-cession](https://snacks.robinhood.com/newsletters/1vyj6JcFa6X4qlpX8UnGzW/articles/YxobtPSBOs1XAr71CEDda/):__ More women stopped working during Covid than men, even though recessions usually hit men harder. Unemployment has fallen below 4%, from a 15% peak in 2020, but women’s jobs are recovering more slowly.

Last week's highlights

The last day that all of us were on Earth together was October 31, 2000. At least one person has been aboard the International Space Station ever since 