__Get the jury some takeout...__ After a whopping *50 hours* of deliberations, jurors found __Theranos__ founder Elizabeth Holmes guilty on 4 of 11 charges in her criminal trial. The 37-year-old was convicted of three fraud counts against investors in her disgraced blood-testing startup, and one count of conspiracy to commit fraud.

- __Investor-focused verdict:__ Holmes was acquitted on four separate counts that alleged she defrauded patients who paid for Theranos' misleading tests.
- __Holmes faces up to 20 years in prison__ for *each* count when sentenced, though it's unlikely she'll get the max sentence of 80 years. Still, it’s unusual for a Silicon Valley exec to actually go to prison.

__Bad blood money...__ Theranos claimed that with just a few finger pricks of blood its tests could detect health conditions from cancer to high cholesterol. Holmes raised $900M+ from investors, growing the company to a $9B valuation and becoming the youngest female self-made billionaire on paper. Holmes was convicted for lying to investors about the accuracy of Theranos' machines. And still…

- __Biotech funding = undented.__ Despite the cautionary tale, funding for private US biotech companies has nearly 3X'd since 2015 to $27.2B (and boomed since Covid).
- __The regulatory gap__ that allowed Theranos to sell its tests hasn’t been closed, and other companies have used it to roll out unapproved diagnostic tests to patients.

Blood

__Industry investors are mostly unfazed...__ Theranos doesn’t seem to have dramatically changed how investors select companies to fund, or how openly startups share information. Notably, Theranos’ funding wasn’t typical of the traditional Silicon Valley model — it was largely backed by prominent individuals (like __[Walmart's](https://robinhood.com/stocks/WMT)__ Walton family and Rupert Murdoch). Also notable: Theranos’ board was light on medical experts, while including distinguished former national-security leaders (James Mattis, Henry Kissinger). Still, the Theranos saga shows the importance of rigor and transparency when it comes to due diligence. 

Theranos’ Holmes is criminally convicted, a rare fate for a tech exec, while biotech heats up

__The MVP of sports merch…__ is now *also* the MVP of sports cards. This week, sports merch business __Fanatics__ [bought](https://www.cnbc.com/2022/01/04/fanatics-acquires-topps-trading-cards.html) 70-year-old sports-card icon __Topps__ for a reported $500M. Now, Fanatics owns the rights to sell trading cards of players in the MLB, NBA, and NFL. (BTW: Topps also owns Ring Pops and Bazooka gum, but its nostalgic candy biz wasn’t part of the deal.)

- __Partner powerhouse:__ Fanatics pays 300+ teams and brands — like the NFL, Manchester United, and Nascar — to sell their merch as an official partner. 
- __Versatile player:__ Fanatics’ valuation nearly tripled to $18B last year, and it split into four companies: merch, trading cards, gaming, and NFTs.
- __MVP:__ Fanatics’ own cards biz is already worth $10B *itself*. Fanatics owns 80% of it, and players and investors own 20%. 

The __[Tesla](https://robinhood.com/stocks/TSLA)__ of trading cards… Trading cards have boomed during the pandemic, fueled by growing interest in digital collectibles like NFTs. To cash in on the collecti-craze, Fanatics first teamed up with the NFL and NBA. Now, by buying Topps and partnering with the MLB, Fanatics can *also* sell baseball cards, both physical *and* digital. Last year, Topps reportedly sold $560M of physical *and* digital cards in 100 countries.

“I have the same jersey as an NFT” [RgStudio/E+ via Getty Images]

Swap

__The Disney-fication of sports could be digital…__ Just as __[Disney](https://robinhood.com/stocks/DIS)__ turned its popular characters into park rides, video games, and stuffed animals, Fanatics hopes to milk its sports rights for all they’re worth. As Fanatics buys the rights to fan-favorite sports licenses, official Yankees NFTs and digital Tom Brady jerseys could be coming soon. Startup __Top Shot__ has sold over $800M worth of NBA NFTs since launching in 2020, including a nearly $400K LeBron NFT. The NFT market is expected to expand more than 5X by 2025, with much of its growth driven by sports collectibles.

Merch master Fanatics buys Topps for a reported $500M to bring trading cards into the future

Theranos’ bitter end, baseball’s Topps card swap, and more of today’s top Snacks stories

Dow Jones

S&P 500

Nasdaq

Bitcoin

The S&P 500 notched 70 closing highs last year, the most recorded in a single year since 1995

🩸 Theranos’ bitter end

__Technoking delivers…__ __[Tesla](https://robinhood.com/stocks/TSLA)__ stock jumped more than 13% yesterday after the EV-maker announced it [broke](https://www.nytimes.com/2022/01/02/business/tesla-sales.html) quarterly *and* annual sales records. It delivered an expectation-beating 936K cars last year — nearly *double* its 2020 deliveries. Elon can thank rising demand for Tesla’s more affordable Model 3 sedans and sensible but stylish Model Y hatchbacks. 

- __Chip shortages__ cut into production for most carmakers in 2021, but Tesla dodged some supply damage by removing radars and other parts from certain models.
- __Tesla’s production is tiny__ compared to that of legacy carmakers like __[Toyota](https://robinhood.com/stocks/TM)__ and __[Volkswagen](https://robinhood.com/stocks/VWAGY)__, which each produced about 10M cars last year, but larger than that of rivals like __[Nio](https://robinhood.com/stocks/NIO)__ and __[Rivian](https://robinhood.com/stocks/RIVN)__, which delivered fewer than 100K EVs *combined*. 
- Still, Tesla is worth more than the next 10 most-valuable automakers *combined*.

__Giga growth…__ Tesla is expected to deliver nearly 1.5M vehicles this year, including the highly anticipated Cybertruck. But to hit Elon’s goal of selling *20M* Teslas annually over the next nine years, Tesla needs to majorly expand its production footprint beyond its existing Giga-factories in California, Nevada, and China. Cue: This year Tesla plans to crank out EVs at new Giga plants in Austin and Germany.

- __EV-eryone’s doing it:__ Tesla is expected to lose market share as EV-makers like VW, __[Ford](https://robinhood.com/stocks/F)__, __[GM](https://robinhood.com/stocks/GM)__, and __[Lucid](https://robinhood.com/stocks/LCID)__ invest $20B+ in US plants in the coming years. Chinese EV rivals Nio and __[XPeng](https://robinhood.com/stocks/XPEV)__ plan to open factories in 2022. 

Giga

__Life in the fast lane comes with challenges…__ Tesla hit a $1T market cap by pioneering sleek EVs and innovative self-driving software. Musk’s next challenge will be managing Tesla’s growing network of global Giga factories, plus navigating increasing regulation in Europe and the key market of China. But scale comes with scrutiny. Last month Tesla was forced to recall 500K cars because of rear-view malfunctions. It also ditched a new video-game feature over safety concerns.

Tesla delivered nearly 1M cars last year — but to join the OG auto leagues, it needs more factories

__Guacamole Greens go public...__ __[Sweetgreen](https://robinhood.com/stocks/SG)__ became the first publicly traded lettuce stock in mid-November. For some the salad chain is a staple in cities like LA, NYC, and Austin, where Super Green Goddess salad is a lifestyle. SG was [launched](https://www.sec.gov/Archives/edgar/data/0001477815/000119312521306603/d104360ds1.htm) in 2007 by three college students in DC — now it has 140 locations in 13 states and plans to *double* that in the next five years. But SG [lost](https://www.cnbc.com/2021/12/31/sweetgreen-stock-is-one-to-watch-in-2022-after-this-years-ipo.html) $87M from January to September 2021, and the stock is down 36% from its IPO day high. Now...

- __Sweetgreen is testing a subscription__ called [Sweetpass](https://shop.sweetgreen.com/products/sweetpass) to aid your New Year's resolutions with "30 days of green routines."
- __For $10/month__ you get a daily $3 credit. The pilot expires on February 15 and is exclusive to orders made through Sweetgreen's app or website.

__Click for Shroomami bowl...__ Sweetgreen *really* wants you to order online, and has been tech-ifying stores for that purpose (it even [bought](https://www.cnbc.com/2021/08/24/salad-chain-sweetgreen-acquires-spyce-and-its-robotic-kitchen-tech.html) a salad-making robot company). It also offers promo prices and special menu items solely for digital customers. Here's why:
- __Sweet greens are made of this:__ Digital orders make up more than two-thirds of Sweetgreen's sales. 
- Digital users make [46%](https://www.cnbc.com/2022/01/03/sweetgreen-rolls-out-sweetpass-subscription-program-eyeing-new-years.html) more visits than other customers — and spend *21%* more per order.
- Optimizing operations and boosting stores’ sales volume through pickup and delivery could help SG notch up profits.


30th Green Goddess bowl of the month [aldomurillo/E+ via Getty Images]

Shroomami

__Resolutions require stickiness...__ Healthier eating is Americans’ [#1](https://www.talon.one/blog/using-promotions-to-push-new-years-resolutions) New Year's resolution, followed by exercising more. That could be a boon for “Resolution Risers” like Sweetgreen and __[Peloton](https://robinhood.com/stocks/PTON)__ in the coming months, but they'll need "stickiness" after you wilt from eating kale every day. Digital reward subscriptions could be the perfect recipe for loyalty: Panera said its $9/month coffee sub pilot boosted visits by [70%](https://www.restaurantdive.com/news/paneras-new-coffee-subscription-leverages-loyalty-to-fight-breakfast-battl/573098/), and Taco Bell [said](https://www.pymnts.com/restaurant-innovation/2022/sweetgreen-launches-sweetpass-as-restaurants-leverage-subscriptions-to-build-loyalty/) it’s thrilled with the reception of its Taco Lover’s Pass. 

Sweetgreen’s new salad subscription aims to make your resolutions digitally sticky

Tesla’s Giga game plan, Sweetgreen’s salad subscription, and more of today’s top Snacks stories

Corporate-board diversity jumped 25% last year, with directors from underrepresented groups now holding 17% of seats

🏭 Tesla’s Giga game plan

- __The digi asset boom…__ You just splurged $100 on __[Nikes](https://robinhood.com/stocks/NKE)__ and concert tickets — *and you’ll never see any of those IRL*. In 2022, digital asset shopping could become as mainstream as __[Etsy](https://robinhood.com/stocks/ETSY)__ orders. Digital asset sales have boomed this year, from NFT art to virtual apparel and real estate. NFT sales hit [$23B](https://www.livemint.com/technology/where-is-2021-s-nft-boom-headed-in-new-year-11639989081157.html) in 2021, surging 7X from 2020. Art auction sales alone hit a record $6.5B, largely thanks to NFTs. E-pparel is booming, so Nike filed [trademarks](https://www.bloomberg.com/news/articles/2021-11-02/nike-files-for-virtual-goods-trademarks-in-footwear-apparel?sref=q3KSFp38) for virtual shoes and merch. As people prepare for an immersive internet future, more treasures could live on the blockchain.

- __The “free work” revolution…__ First you’re in the office two days a week, then you’re __[Zooming](https://robinhood.com/stocks/ZM)__ in from an __[Airbnb](https://robinhood.com/stocks/ABNB)__ boathouse in Guam. The pandemic changed priorities, while showing us that remote work *works*. US job openings soared to records as workers eyed better options. A key factor = *flexibility*. Nearly [75%](https://resources.owllabs.com/hubfs/SORW/SORW_2021/owl-labs_state-of-remote-work-2021_report-final.pdf?utm_campaign=State%20of%20Remote%20Work%202021&utm_medium=email&_hsmi=180908804&_hsenc=p2ANqtz--zBhl3iunzvSYKWlbRLBibGaIjtSMv0yrlyoGkRFaHkNXRZjfzCG6oeC-sD47tA4GJfN58mGYZP-oCsfVdCECVkmWR8qX48eZVHxzfUSAPoGE1194&utm_content=180908804&utm_source=hs_automation) of employees want to continue hybrid or remote work, and 1 in 4 say they’d quit if they had to return full-time. There’s still plenty of uncertainty with Omicron cases surging. Since less than 40% of employers plan to require full-time presence post-pandemic, “free work” could be here to stay.

Next year

The future is now…

- __Space becomes a destination…__ Instead of a European getaway, you could be hopping on a space shuttle to eat at a restaurant on the International Space Station (try the spaghetti Apollo-gnese). NASA is [leaning on](https://snacks.robinhood.com/newsletters/vymgYP0sg9ysn1La2XBDb/articles/7m69EMi9zmJy0jokpfrt6o/) private sector companies to help it commercialize space. In 2021, high-profile suborbital flights from Elon’s __SpaceX__, __Blue Origin__, and Branson’s __[Virgin Galactic](https://robinhood.com/stocks/SPCE)__ created unprecedented momentum for space tourism. Virgin [aims](https://snacks.robinhood.com/newsletters/5FWjUZF34wCrp57CR8ykmX/articles/4nclQE3efo2kF2GIohnPxn/) to start flying tourists for $250K/seat in early 2022. By the 2030s, the price of a space ticket could [fall](https://www.traveldailynews.com/post/affordable-space-tourism-soon-to-reach-lift-off) to the cost of a business class ticket to Europe today.

- __AR eats the world…__ AR went mainstream thanks to __[Snap](https://robinhood.com/stocks/SNAP)__ filters and Pokémon Go. But in five years, you could be navigating cities and calculating tips all through augmented reality *glasses*. Every effort at smart glasses from __[Google](https://robinhood.com/stocks/GOOGL)__ Glass to Snap Spectacles has flopped, but AR shades could gain traction as they become more useful and #stylish: __[Facebook](https://robinhood.com/stocks/FB)__ plans to infuse AR into its new smart Ray-Bans, and __[Apple](https://robinhood.com/stocks/AAPL)__ [could](https://www.wsj.com/articles/apples-iphone-successor-comes-into-focus-11638594004) launch AR headsets by late 2022. __[Nio](https://robinhood.com/stocks/NIO)__ just debuted an EV sedan with an AR glasses-powered dash. AR glasses sales could reach [22.8M](https://techjury.net/blog/augmented-reality-stats/) this year. And some companies are [working](https://www.digitaltrends.com/features/augmented-reality-contact-lenses-vision/) on AR *contacts*. 

“And here’s where we’ll put the infinity pool” [inhauscreative/E+ via GettyImages]

In five years

Around the corner…

- __The Avatar-aissance…__ Instead of going online with a million different logins, you could be living *inside* the internet with an avatar that moves seamlessly from virtual hangouts to digital malls. __[Meta](https://robinhood.com/stocks/FB)__ (fka: Facebook), __[Roblox](https://robinhood.com/stocks/RBLX)__, and __[Microsoft](https://robinhood.com/stocks/MSFT)__ are [racing](https://snacks.robinhood.com/newsletters/50Ix1rGlpco3wRgUpRaFuk/articles/3oJSOaxjcuwQzPdrwZfpEk/) to build the metaverse, a vision for an immersive internet. Think: avatar-filled VR games, concerts, and offices. Meta CEO Mark Zuckerberg [hopes](https://www.cnbc.com/2021/12/09/facebook-opens-horizon-worlds-vr-metaverse-app-.html) the metaverse will reach 1B people by 2030. The market could hit [$800B](https://www.bloomberg.com/professional/blog/metaverse-may-be-800-billion-market-next-tech-platform/) by 2024. 

- __DNA-personalized healthcare…__ Imagine getting a customized health plan from your doc based on your genes. Think: which drugs are best suited to you, and how to prevent diseases you’re predisposed to. 70% of providers think genetic tests will improve clinical outcomes. DNA-testing company __[23andMe](https://robinhood.com/stocks/ME)__ is [buying](https://snacks.robinhood.com/newsletters/6fvWNlLj06lmuzw6LGoQJT/articles/3cQ8Mt9yqoeR2sTGjwPs5l/) __Lemonaid Health__ to help doctors tailor treatments to genetic data. Rivals like __Color__ and __Helix__ are positioning genetics as the future. Gene modification could also play a role in curbing diseases.

- __Clean energy rules…__ Countries [must hit](https://www.voanews.com/a/radical-action-needed-to-prevent-irreversible-climate-change-scientists-say-/6231156.html#:~:text=In%20a%20forward%20to%20the,to%20prevent%20further%20irreversible%20damage.) net-zero emissions by 2050 to prevent irreversible climate damage.  Many government and corporate 2030 climate targets are coming up. Those could be reached through green innovations in [nuclear reactors](https://time.com/6117041/nuclear-energy-reactors-green/), batteries, solar grids, and [geothermal energy](https://justenergy.com/blog/renewable-energy-sources-energy-trends-future/) (think: volcanoes). In the next few decades, renewables will likely be the [fastest-growing](https://justenergy.com/blog/a-promising-future-for-clean-energy-innovations-in-alternative-power-sources/) energy source and could beat fossil fuels (gas, coal) on cost. By 2050, alternative energy could power up to 80% of the US, from 30% today.

In 10+ years

Down the road…

🔮 The futuristic edition: 7 big trends in the cards, and more of today’s top Snacks stories

AI adoption will kill an estimated 85M jobs by 2025, but create 97M new jobs — a net gain of 12M

🔮 The futuristic edition 

__Hold the party horns…__ This week NYC officials are [debating](https://www.cnbc.com/2021/12/22/nyc-weighs-new-restrictions-for-times-square-new-years-eve-celebration.html) new restrictions for its famous Times Square celebration as Omicron cases spike. At this writing, NYC’s NYE party will require vaccination but *not* masks or boosters. 

- __NYC’s vax rate__ is higher than the national average, but its Omicron cases also *doubled* last week. Mayor Bill de Blasio said new NYE restrictions, like mask mandates, will be announced by Xmas.
- __Big events__ across the city, from Broadway shows to holiday concerts and NBA games, were also canceled last week because of Omicron. 

__Bigger than the Big Apple…__ NYC planners aren’t the only ones considering last-minute changes to curb Omicron’s spread. Event organizers and travelers worldwide have debated whether to cancel plans: 

- __IRL work:__ Two-thirds of companies, including __[Apple](https://robinhood.com/stocks/AAPL)__, __[Ford](https://robinhood.com/stocks/F)__, and __[Google](https://robinhood.com/stocks/GOOGL)__, have postponed office returns. 
- __Holiday travel__ was split: Domestic travel appears to be mostly unaffected, while international travelers are canceling plans because of new restrictions in countries like France and the Netherlands, which has entered a full lockdown until mid-January.
- __Large events__ are also mixed: January’s World Economic Forum in Davos, Switzerland, has been postponed, though next month’s CES event in Vegas is still on.

Waiting for the New Year’s ball drop [Jason Dean via Getty Images]

Event-ual

__Next year’s calendar is up in the air…__ It’s too soon to tell whether 2022 will be the year IRL events make a comeback. The $100B conferences and events industry is closing the year in a wobbly spot, despite significant recovery from its darkest days of lockdown. Markets have risen since Omicron first appeared in the US, but analysts disagree over how much Omicron could affect business next year. Take airlines: __[Delta](https://robinhood.com/stocks/DAL)__ expects profits to rise as travel rebounds, but European airline __[Ryanair](https://robinhood.com/stocks/RYAAY)__ lowered forecasts on expectations that Omicron will limit travel.

As NYC considers downsizing New Year’s Eve, a year of IRL events hangs in the balance

NYC’s NYE debate, China’s NFTs, and more of today’s top Snacks stories

TikTok was reportedly the most trafficked website this year — yes, even ahead of Google. The Tok also overtook Facebook as the top social site.

🎉 NYC’s NYE debate

__Overnight shipping = unavailable…__ Yesterday President Biden announced [plans](https://www.cnbc.com/2021/12/21/omicron-us-to-deploy-troops-to-hospitals-purchase-500-million-covid-tests.html) to distribute 500M free at-home Covid tests — nearly two per American. People will be able to order the rapid tests online next month. Test makers including __[Abbott](https://robinhood.com/stocks/ABT)__ and __[Quest Diagnostics](https://robinhood.com/stocks/DGX)__ [could](https://www.medtechdive.com/news/biden-new-covid-plan-may-benefit-abbott-quest-quidel/606358/) benefit. Biden *also* plans to deploy 1K military troops to overwhelmed hospitals to prep for an Omicron wave. Hospitalizations in several states more than doubled over the past two weeks. 

- __The first US Omicron case__ was detected less than a month ago, but the variant already represents nearly [three-fourths](https://covid.cdc.gov/covid-data-tracker/#variant-proportions) of Covid cases in the country.
- __Omicron is believed to be less severe__ but more contagious than previous variants, based on early data. Mild cases may be easy to miss, so regular testing is key.
- __[Pfizer](https://robinhood.com/stocks/PFE)__ and __[Moderna](https://robinhood.com/stocks/MRNA)__ say their vaccines, coupled with boosters, seem to prevent Omicron infections. But research suggests __[J&J](https://robinhood.com/stocks/JNJ)__ and __[AstraZeneca](https://robinhood.com/stocks/AZN)__ aren’t successful — though they still appear to provide significant protection against serious illness.

__Cancel the fireworks…__ 3X more Americans plan to fly this holiday season compared to last, which could also increase transmission. Omicron’s spread isn’t expected to reduce holiday travel. But several governments and organizations have tightened IRL restrictions. Just a few: 

- __50+ countries__ (including the US) have upped Omicron-related travel restrictions, and many European cities have restarted outdoor-mask mandates. 
- __Schools__ across the US have temporarily returned to remote learning, and pro sports leagues — including the NBA, NFL, and NHL — rescheduled games.

Rapid

__Recovery is fickle…__ White House officials say another lockdown isn’t necessary, but they do expect Omicron to keep spreading. New restrictions and Covid fears could cause sales to slump in the short term. Longer term, inflation and supply shortages could persist if new strains continue disrupting less vaxxed parts of the world. While markets have rebounded faster from each new variant, volatility likely isn’t over.

Biden offers free Covid tests to avoid Omicron lockdowns, as recovery grows shaky

Free Covid tests, Nikola’s big fine, and more of today’s top Snacks stories

Baby Dino is ready for Christmas [Carol Yepes/Moment via Getty Images]

Just 0.01% of Bitcoin holders control 27% of the currency in circulation, a new study found

🧪 Free Covid tests

__Build Back Busted…__ the president’s nightmare before Christmas. Biden’s $1.7T Build Back Better bill has no path forward: In a surprise move over the weekend, Democratic Sen. Joe Manchin [withdrew](https://www.wsj.com/articles/manchin-says-he-won-t-vote-for-build-back-better-bill-11639924048?mod=hp_lead_pos7) his support for the bill, which featured big spending on social programs and climate-friendly perks, like universal pre-K, cheaper prescriptions, and EV tax credits. 

- __The plan passed the House last month__ but needs the support of every Senate Democrat (including Manchin) to become law. 
- __Dems trimmed their original $3.5T plan__ down for months to appease Manchin and other cost-conscious moderates, but it wasn’t enough.
- __The Senate still plans to vote__ on the plan in the new year. The latest iteration has almost no shot, though a slimmed-down version might pass.

__Dinner is *not* served…__ The $1T infrastructure bill that the Senate [passed](https://snacks.robinhood.com/newsletters/535eiAczcIj1qvPlNpbVcf/articles/3oxNV4QbHcdtoFaZVgY1sz/) in August is still happening. It includes hundreds of billions to modernize roads, bridges, and transit — but Dems saw it as an *appetizer* to this larger plan. BBB included $500B+ in climate spending, which would’ve been the US’s largest green investment ever. 

- __Pros:__ The plan could’ve boosted consumer spending and access to opportunity through programs like subsidized childcare and universal pre-K. It might’ve brought the US much closer to its climate goals. 
- __Cons:__ The $1.7B plan would’ve added an estimated $367B to the US deficit over a decade, adding to the ginormous debt and possibly spurring inflation. It could’ve also dampened investment and entrepreneurship by hiking taxes on corporations and the ultrawealthy. 

The main course disappoints [Jacobs Stock Photography/Digital Vision via Getty Images]

__Biden’s main course could be toast…__ A key part of his domestic agenda and economic plan rested on BBB, and now it might be scrapped — while the president’s approval rating has sunk to 41% (its lowest point to date). Meanwhile, analysts lowered the US economy’s growth forecasts on the BBB news. Some clean-energy companies and EV makers might also dim their expectations. 

Biden’s $1.7B Build Back Better plan is dead, but Dems might try to Build Back Smaller 

Build Back Busted, Omicron’s ripples, and more of today’s top Snacks stories

“Spider-Man: No Way Home,” the ninth movie in the Spidey franchise, had the third-best box-office opening in film history ($253M)

🥗 Build Back Busted

1. __The stimulus effect…__ Since the [third stimmy](https://snacks.robinhood.com/newsletters/VcXib5c8iwx7WvC2RdU9C/articles/5BY7nmhrMARFVO8RCsWEZi/) landed in March (another $1.9T), the US economy has rebounded *hard*. Spending boomed thanks to extra $$$ for consumers, stocks rallied to new highs, and unemployment has fallen to near pre-pandemic levels. But as the economy revved up, supply issues abounded (#EverythingShortage) and prices soared. 2021 was all about stimulating spending; 2022 could be about *cooling*. The Fed plans to hike interest rates three times in the new year to tamp down inflation, which hit a 39-year high last month. Meanwhile, __[JP Morgan Chase](https://robinhood.com/stocks/JPM)__ [believes](https://snacks.robinhood.com/newsletters/2YqcBYxzohfktpoVUVl5xf/articles/6Tpy9ekP6zrJzSf2cgGqE9/) ’22 will bring a full global recovery. 

2. __Meme mania…__ Investing gained unprecedented cultural relevance this year as Americans sat at home with extra cash and more ways than ever to participate in markets. In January, social-driven buying campaigns helped lead to rising prices of “meme stocks” like __[GameStop](https://robinhood.com/stocks/GME)__, __[AMC](https://robinhood.com/stocks/AMC)__, and __[Nokia](https://robinhood.com/stocks/NOK)__ — and later meme-related cryptos like __[Dogecoin](https://robinhood.com/crypto/DOGE)__, __Shiba__, and [short-lived](https://snacks.robinhood.com/newsletters/6tLuNcjhXyEBeNkwvMiSsY/articles/35hA5ZwBVksopzvcj3xqCK/) __Squid coin__, which turned out to be a scam. But meme mania is just one chapter in the rise of the retail investor: Retail investors accounted for an estimated [23%](https://www.ft.com/content/7a91e3ea-b9ec-4611-9a03-a8dd3b8bddb5) of all US equity trading this year, up *double* from 2019.

3. __Vaccination nation…__ December 2020: The US Covid vaccine rollout begins, starting with essential workers and high-risk groups. Since then, vax access has majorly expanded (even to kids). The first half of the rollout was all about “carrots” — think: free __[Krispy Kreme](https://robinhood.com/stocks/DNUT)__ incentives. The second was “sticks”: Corporations like __[CVS](https://robinhood.com/stocks/CVS)__, __[McDonald’s](https://robinhood.com/stocks/MCD)__, and __[Walmart](https://robinhood.com/stocks/WMT)__ mandated shots for some employees, while others required unvaccinated employees to pay more for health insurance. In November, President Biden announced vax mandates for all employers with 100 or more workers. Now [60%](https://covid.cdc.gov/covid-data-tracker/#vaccinations_vacc-people-onedose-pop-5yr) of Americans are fully vaxxed, and nearly a third have gotten a booster. But global Covid deaths this year [surpassed](https://snacks.robinhood.com/newsletters/2YqcBYxzohfktpoVUVl5xf/) 2020's total toll by June, and now Omicron is spreading fast. 

4. __Race to the metaverse…__ “That’s so meta” took on new meaning. In October, __[Facebook](https://robinhood.com/stocks/FB)__ became “Meta” to double down on its vision for an internet you can *be inside of* — from VR gaming worlds to virtual offices and meta-malls. Tech titans like __[Microsoft](https://robinhood.com/stocks/MSFT)__, __[Roblox](https://robinhood.com/stocks/RBLX)__, and __[Nvidia](https://robinhood.com/stocks/NVDA)__ are also racing to claim their stake in the ’Verse, which could be the future of work, entertainment, and commerce. Mark Zuckerberg [hopes](https://www.cnbc.com/2021/12/09/facebook-opens-horizon-worlds-vr-metaverse-app-.html) that by 2030 his metaverse will reach 1B people. But it faces many hurdles to becoming (meta) reality. 

5. __Trillion-dollar milestones…__ Tech giants got even *giant-er* as pandemic scrolly-tappy habits stuck. __[Apple](https://robinhood.com/stocks/AAPL)__ is close to becoming earth’s first $3T company, only 16 months after hitting $2T. Microsoft passed $2T in June as the cloud boom continued, and in November __[Google](https://robinhood.com/stocks/GOOGL)__ briefly surpassed the double-trillion mark (thanks, YouTube bingeing). Even __[Tesla](https://robinhood.com/stocks/TSLA)__ momentarily joined the four-comma club. The uberwealthy also had a banner year: Billionaires grew $1.6T richer. In 2022, interest-rate hikes plus Biden-led tax increases could cut into gains for tech powerhouses and the deep-pocketed.

6. __Labor gains leverage...__ from strikes to $15 minimum wages. Power shifted to workers as companies scrambled to hire during the labor shortage. Covid fears, childcare needs, and extra unemployment benefits kept many home, while the pandemic changed priorities. Job openings soared as workers looked for better options. Corporate behemoths like __[Target](https://robinhood.com/stocks/TGT)__ and Walmart engaged in a battle of benefits, hiking wages and dangling perks such as free college tuition. As workers demanded better conditions, union popularity hit a 56-year high (even __[Starbs](https://robinhood.com/stocks/SBUX)__ has one now). With a record 11M job openings on one side and a low 4.2% unemployment rate on the other, emboldened workers have negotiated [4.8%](https://www.bls.gov/news.release/pdf/empsit.pdf) higher wages this year, on average. 


Looking back, looking forward [Yifei Fang/Moment via Getty Images]

Stories

The Snacks Six: stories that defined 2021

- __51__ = # of commercial space launches this year, including __[Virgin Galactic](https://robinhood.com/stocks/SPCE)__, __SpaceX__, and __Blue Origin__ space-tourism missions (feat. “Star Trek” icon William Shatner and former footballer [Michael Strahan](https://www.space.com/blue-origin-michael-strahan-spaceflight-cabin-video)).

- __3,091__ = # of times the word “journey” was mentioned on earnings calls, as corporate execs grappled with a mixed bag of financial recovery + major global issues. 

- __$69M__ = the record-smashing price that an NFT sold for at a __Christie’s__ auction, as the value of digital assets soars. You could buy *many* [metaverse yachts](https://www.entrepreneur.com/article/400173) with that money. 

- __+58%__ = rise in US gas prices from last year. The [pump anxiety](https://snacks.robinhood.com/newsletters/1MdLG0nkEkV0IKJgkZKKXm/articles/1dxdtBVIgO4dlpYglNxhzi/) is real, and could make it way pricier to heat and electrify homes this winter. 

- __313M+__ = total “Squid Game” views, including 142M+ views of the actual __[Netflix](https://robinhood.com/stocks/NFLX)__ series and 171M views of Mr. Beast’s YouTube re-creation.

- __$2.8B__ = __[Alibaba’s](https://robinhood.com/stocks/BABA)__ historic antitrust fine. As Chinese regulators crack down on tech titans, the value of US-listed Chinese companies has plunged.

Numbers

Six big numbers of 2021…

The Snacks Six: stories and numbers that defined 2021

Art auction sales hit a record $6.5B in 2021 thanks to booming sales of NFTs, which were in the fastest-growing category

🎁 The Snacks Six for 2021

__Born to run…__ to the bank. Bruce “The Boss” Springsteen [sold](https://www.nytimes.com/2021/12/15/arts/music/bruce-springsteen-sells-music-catalog.html) the rights to all his music to __[Sony](https://robinhood.com/stocks/SONY)__ for a reported $500M+, the largest music-rights deal *ever*. Sony will profit from your streams of classics like “Born in the U.S.A.” on platforms such as __[Spotify](https://robinhood.com/stocks/SPOT)__, YouTube, and __TikTok__. 

- __Music mega-deals have boomed__ this year: Sony spent $1.4B on music in just the first *six months* of 2021.
- __Bob Dylan sold his catalog__ to __Universal Music__ for an estimated $300M last December, and the Red Hot Chili Peppers and Paul Simon sold their catalogs for $140M+ this year.

__#Flated tunes…__ The value of popular music catalogs soared this year as demand grew across social platforms (TikTok today, the metaverse tomorrow). Many musicians chose to cash out on the premium prices. And they weren’t the only ones: 

- __Stocks:__ Corporate execs sold a record number of shares this year. Elon Musk recently sold nearly $13B worth of __[Tesla](https://robinhood.com/stocks/TSLA)__ stock, and last month [Microsoft](https://robinhood.com/stocks/MSFT) CEO Satya Nadella offloaded half his MSFT shares.
- __Entertainment:__ Roald Dahl’s estate sold the rights to his beloved kids’ books to [Netflix](https://robinhood.com/stocks/NFLX) for $700M, and [MGM](https://robinhood.com/stocks/MGM) is selling its films (and itself) to [Amazon](https://robinhood.com/stocks/AMZN) for $8.5B.
- __Real estate:__ Home prices soared to fresh records in 2021, spurring the most home sales in 15 years.

Boss

__This year was the Great Cash-Out...__ because *next* year is the great unknown. 2021 was a seller’s market because of high prices (thanks, inflation) and easy borrowing (thanks, low interest rates). 2022 may be different: The Fed is expected to raise interest rates three times to curb soaring prices. President Biden and Dem lawmakers plan to increase taxes on the wealthy, which could reduce gains from cashing out. Meanwhile, the fast-spreading Omicron variant is creating greater economic uncertainty. 

Bruce Springsteen sells his tunes for a record $500M as the Great Cash-Out continues

__Jumbo slide in aisle six…__ not your regular toy store. Childhood legend __Toys R Us__ is staging a major US rebirth. In 2017, the chain was sitting on $5B in debt as the “buy now” button on Amazon replaced shelf-browsing for the latest superhero figure. Toys R Us filed for bankruptcy and closed all US locations, leaving 900 international stores running. Until now:

- __Toys R Us just opened__ its first standalone US flagship store featuring a two-story slide, an ice-cream parlor, and a Geoffrey the Giraffe café. 
- __Over the next year,__ [Macy's](https://robinhood.com/stocks/M) also plans to open 400 Toys R Us shop-within-shops in its US department stores (#InceptionRetail).

__Department store après-ski…__ Toys R Us isn’t the only one __[Disney-ifying](https://robinhood.com/stocks/DIS)__ its shopping experience. Its new store is nestled right outside the American Dream mall in New Jersey. And it’s *wild*: 

- __The mall features an indoor ski park,__ a water park, mini-golf courses, a Nickelodeon Universe, and even an aquarium. Oh, and hundreds of stores and restaurants.
- __It’s the most expensive mall ever built__ in the US, and the second largest. The magical megamall is $3B in debt, and made only $139M in sales in the first half of this year.

Slopes next to the Saks store [bojanstory/E+ via Getty Images]

Slide

__To nail the mall, you must nail the anchor…__ The e-commerce-driven mall-pocalypse has turned many malls into tenant-less ghost towns. That’s why malls can’t just be malls anymore. They need an anchor to survive — whether that’s outdoor dining, a grocery store, or a full-on ski resort. Surprise: Landlords [filled](https://www.wsj.com/articles/open-air-shopping-centers-are-leading-retail-recovery-11639486803) about 50% more real-estate space in open-air shopping centers last quarter than they did *pre*-pandemic. Anchors like grocery stores, fitness studios, and pharmacies led the mall revival. *Food first, shopping second.*

Toys R Us makes a mega US comeback, as malls take the “anchor” approach

Springsteen’s cash-out, Toys R Us’s American dream, and more of today’s top Snacks stories

“Impossible cheeseburger” was Grubhub’s top order of the year, with the plant-based meal more than 5X’ing from last year

🇺🇸 Springsteen and the Great Cash-Out

__Christmas card from Jerome…__ minus the XOXO. During the Fed’s final meeting of 2021, chief Jerome Powell [said](https://www.cnbc.com/2021/12/15/fed-will-aggressively-dial-back-its-monthly-bond-buying-sees-three-rate-hikes-next-year.html) the US’s central bank plans to slash its economy-boosting bond purchases *twice as fast* as [previously planned](https://snacks.robinhood.com/newsletters/7q898Mvlp8z02ASmtrNovs/articles/5NKvyaaxjNrCnU33TEsGat/). That puts the Fed on track to end bond splurges in March, *not* June — meaning interest rates could rise as early as spring. In March, the Fed wasn’t expected to hike rates until 2024. Now it expects to hike them *three times* next year.

- __The reason:__ Powell called inflation transitory until this month, when he officially “retired” the term. Prices are soaring faster than expected, with inflation at a 39-year high. 
- __The solution:__ Higher interest rates make borrowing more expensive. Extra IOU payments discourage spending and encourage saving, which can help lower prices. 
- __The reaction:__ Stocks jumped yesterday after Powell announced his #FlationControl plan, which reduced uncertainty for investors and relaxed price fears. 

__Take a (interest rate) hike…__ or *three*. This year was all about boosting spending to support the economy. But because Powell says high prices may persist “well into next year,” 2022 could be all about *cooling* the overheated economy. Unemployment has fallen to 4.2%, and the average American’s bank account is about 50% higher than pre-pandemic.

Pivot

__The easy-money party is over…__ and rate hikes may be the cure for an overspending hangover. The Fed’s easy-money policies helped the economy rebound by encouraging bank loans and consumer spending. But as prices soar, those policies could make it harder for people to pay for essentials like food, housing, and heat — and that might end up seriously *hurting* the economy. US retail sales majorly [slowed](https://www.wsj.com/articles/us-economy-november-2021-retail-sales-11639498894) in November from October, signaling that rising prices are starting to mess with spending.

Powell’s inflation plan: The Fed’s “easy money” party is ending earlier than expected

__Tracking your avo delivery…__ and your semi. The Internet of Things (IoT) is a connected system that distributes real-time data across devices. Think: __[Apple Watch](https://robinhood.com/stocks/AAPL)__ sending your heart rate to an iPhone app, or Alexa ordering you groceries. Less consumer-y, but very IoT: __[Samsara](https://robinhood.com/stocks/IOT)__ sells dash cams and GPS trackers that companies stick on trucks, containers, and manufacturing equipment to give them an all-in-one view of their supply chain. Yesterday:

- __Samsara__ went public on the NYSE under ticker “IOT.” Shares jumped 7% from its IPO price, giving Samsara a $11B+ market cap — more than double its valuation last year.
- __By targeting less tech-savvy industries__ (think: farming), Samsara tripled its revenue from 2020 to $114M last quarter. Buuut: It *lost* $100M+ in the first nine months of 2021.

__54-day LA port backup…__ Supply delays and shortages have disrupted the global economy. Manufacturing, transportation, and farming are the backbone of global supply chains, but many companies in those industries have yet to “tech-ify” operations. Now IoT companies like Samsara are helping them streamline to take advantage of a growing opportunity:

- __40% =__ The amount of global GDP generated last year by key industries like transportation, construction, and manufacturing.
- __By [2024](https://www.sec.gov/Archives/edgar/data/1642896/000119312521334578/d261594ds1.htm),__ the number of connected IoT assets (like: machinery, vehicles, warehouses, and factories) is expected to reach 39B.


Spotted by IoT: Why’s Bill stopping at Popeyes? [shotbydave/E+ via Getty Images]

__If cloud is oil, IoT is the refinery…__ Cloud computing is the oil that greases the digital economy, and IoT could be the refinery that turns it into premium fuel — by translating *physical* objects into *digital* data. Big retailers like __[Walmart](https://robinhood.com/stocks/WMT)__ already [use](https://corporate.walmart.com/newsroom/2021/01/14/how-walmart-leverages-iot-to-keep-your-ice-cream-frozen) IoT to monitor freezer aisles and troubleshoot mechanical issues before they start. Samsara's tracking tech has helped companies avoid driving accidents, and even reduce carbon emissions.

Samsara goes public at $11B to expand the “Internet of Things”

The IPO of Things, Fed interest-rate hikes, and more of today’s top Snacks stories

The most popular term on Investopedia this year was “capital gains tax”

🔈The IPO of Things

__Tim Cook-ing up a triple trillion…__ It took __[Apple](https://robinhood.com/stocks/AAPL)__ over 40 years to reach a $1T valuation (in 2018). It took two more years to add another trillion. Just 16 months after that, it's now on the brink of a $3T valuation: Apple [could](https://www.reuters.com/markets/europe/apple-set-amass-3-trillion-market-capitalization-2021-12-13/) reach that mark this week with its shares already up 35% for the year. Trailing: __[Microsoft](https://robinhood.com/stocks/MSFT)__ is worth $2.5T, __[Google](https://robinhood.com/stocks/GOOGL)__ is hovering under $2T, and __[Amazon](https://robinhood.com/stocks/AMZN)__ hasn't hit $2T yet. Driving the Fruit’s stock surge:

- __Big growth:__ Apple is enjoying record sales and double-digit growth across categories, which helped profit soar 64% profit boost in the past year to a stunning $94B. 
- __iPhone sales__, which make up over half of Apple's total, surged in 2021 as the 5G iPhone 12 and 13 fueled upgrades.
- __Services__ (think: App Store, Apple TV+) notched record revenue last quarter as the pandemic continued to boost our scrolly-tappy ways.

__Fruit Ninja on my Apple glasses...__ Apple's present is bright, but many analysts [think](https://finance.yahoo.com/news/apple-price-targets-keep-rising-110004668.html) its future could be *brighter*. Alongside continued growth from existing products, many analysts are upgrading Apple thanks to potential growth from products that *may not even exist yet*:

- __iGlasses:__ Some analysts [expect](https://www.wsj.com/articles/apples-iphone-successor-comes-into-focus-11638594004) that Apple will launch AR headsets by late 2022. Think: sleek smart glasses that layer apps and info over IRL views. 
- __iCar:__ Apple's long-rumored self-driving-car project has hit many roadblocks, but it's reportedly finally on track to arrive by 2025.

Riding the $3T iWave [Colin Anderson/Digital Vision via Getty Images]

Triple

__Apple holds a key to the future…__ even though its success is far from guaranteed. Apple hooked us on its connected ecosystem of hardware and services. If AR and VR are the future of the internet, Apple’s tech prowess and fan base could be a gateway to get consumers in. But that’s a big *if* — Apple hasn't even revealed plans for an AR device. Plus, every effort at smart glasses (from Google Glass to Snap Spectacles) has flopped so far. And of course, there's always the risk that Apple could tank for various reasons. Think: getting on China's bad side or losing control of its App Store on regulatory pressure. 

Apple is close to becoming earth’s first $3T company, as investors eye VR and iCars

__Tony the Tiger turns a frosty shoulder…__ Earlier this week, __[Kellogg](https://robinhood.com/stocks/K)__ [said](https://www.wsj.com/articles/kellogg-raises-sales-outlook-despite-labor-strike-supply-challenges-11636034114) it would replace 1.4K striking union workers at four US cereal factories after failing to reach a contract agreement. Workers have been striking since early October, demanding stronger benefits and higher pay after Kellogg’s business boomed on your pandemic snacking. 

- __For nine weeks,__ Kellogg has employed temp workers and imported cereal from as far away as Australia to keep Froot Loops on US shelves.
- __Last week,__ Kellogg’s workers rejected a final offer that gave veteran workers a 3% pay bump and new workers a path to higher pay — but offered no new health benefits. 

__We’re (still) hiring…__ Job openings hit record highs this year as workers delayed returns and looked for better options. So corporate giants like __[Walmart](https://robinhood.com/stocks/WMT)__, Amazon, and __[McDonald’s](https://robinhood.com/stocks/MCD)__ are pumping up wages and benefits to get you in their uniforms. This summer, wages jumped by the most in 20 years, though rising inflation is eating away at some of those paycheck gains. Worker strikes are yielding results:

- __10K striking [Deere](https://robinhood.com/stocks/DE) workers__ rejected two offers in October before accepting a contract that gave instant 10% raises and $8.5K bonuses. __Frito-Lay__ and __Kaiser-Permanente__ also struck deals with strikers.
- __Kellogg is the first major example this year of big biz *fighting* back__ by replacing workers. It’s confident it can make Pop-Tarts without union labor, and last week it even raised its yearly sales forecast.

Flaked

__Workers have the upper hand…__ but employers don’t have to shake it. Labor is expected to stay tight in 2022, so worker strikes could continue — and employers might *strike back*. But there’ll likely be consequences for employers who do. President Biden and other Democrats want to make it illegal to replace strikers. And we’ve never seen this before: Pro-union __TikTok__ and __Reddit__ users have moved to sabotage Kellogg’s effort to hire replacement workers by clogging its hiring portal with bogus applications.

Kellogg replaces striking workers, even as labor gains leverage

Apple’s triple trillion, Kellogg’s worker battle, and more of today’s top Snacks stories

The most common bird species in the world is the chicken