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TOGETHER WITH
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Good morning. Horrible news late last night: Chadwick Boseman, the beloved actor who starred in films including Black Panther, Da 5 Bloods, and 42, died after a four-year fight with colon cancer. He was 43.
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NASDAQ
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11,695.63
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+ 0.60%
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S&P
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3,507.94
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+ 0.67%
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DJIA
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28,653.32
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+ 0.57%
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GOLD
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1,971.90
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+ 2.03%
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10-YR
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0.738%
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- 1.60 bps
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OIL
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42.99
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*As of market close
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Nation: Thousands marched in Washington D.C. to demand criminal justice reform and racial equality
for Black Americans. Called the "Get Your Knee Off Our Necks" march, it
was held on the 57th anniversary of the Rev. Martin Luther King Jr.'s
"I Have A Dream" speech.
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Economy: U.S. consumer spending increased 1.9%
in July, the third straight month it’s rebounded. Analysts say new
relief measures are needed from Congress to keep Americans doing what
they do best—shop.
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Screenshot from presentation
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Elon Musk continued his assault on the impossible last night, delivering a rare update on the status of Neuralink, his neuroscience company with the long-term goal of facilitating symbiosis between humans and AI.
Wait, Elon has a neuroscience company?
Of course he does. Musk founded Neuralink four years ago, distilling the company's vision in a 2017 blog post:
“We are aiming to bring something to market that helps with certain
severe brain injuries (stroke, cancer lesion, congenital) in about four
years.”
- The device it's
developing utilizes tiny “threads,” about a third of the size of thin
human hair, that are stitched into the brain by a “sewing machine-like”
robot.
- In the picture above,
you can see what Neuralink has been up to the last year, reducing the
length of the threads to just a few centimeters. Elon described it last night as a “Fitbit in your skull with tiny wires.”
As is usually the case with Elon,
it’s not as far fetched as it sounds. Matt Nagle, a person with spinal
cord paralysis, received a brain implant in 2006 that allowed him to play Pong
using just his mind. Since then, researchers have continued to explore
ways computers could improve brain function. “Neuralink didn’t come out
of nowhere, there’s a long history of academic research here,” Neuralink
president Max Hodak said in 2019.
Like last year's event, Elon emphasized that the purpose of this presentation was to recruit people
to work at Neuralink (no neuroscience experience required). But that
didn’t stop him from speculating on what the device could eventually
achieve. Musk touched on everything from quadriplegics playing video
games to opening a Tesla with your mind (he said there’s a 100% chance
this happens). But the first uses are still medical in nature. "I'm confident in the long term it'll be possible to restore somebody's full body motion," he said.
Bottom line: Some
analysts expected a human trial last night, but got pig demonstrations
instead. People's brains are on the horizon, though—Musk announced that
the FDA granted Neuralink "breakthrough device" designation, allowing
the company to proceed on an accelerated timeline toward human trials.
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Toby Howell
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The S&P 500 had its best August since 1986, even while we had our worst August since DC's Suicide Squad came out.
What happened?
Big Tech happened. The de facto rulers of our world—Apple, Amazon,
Facebook, Google, and Microsoft—account for almost a quarter of the
S&P 500. And their share prices have skyrocketed (especially Apple)
this summer while the pandemic pushed our lives further into the digital
realm.
Let this sink in: The market capitalization of U.S. tech stocks is now greater than the value of the entire European stock market, according to Bank of America.
- On Thursday, tech stocks hit $9.1 trillion in value; European stocks are worth $8.9 trillion.
Life does
exist outside of tech, though, and “reopening” stocks like Delta and
cruise lines also jumped this month. The Dow, not known for its tech
prowess, erased its losses for the year yesterday.
Bottom line: The
economy was humming before the pandemic hit. Investors are betting
that, with the Fed’s emergency measures and a vaccine in the works,
we’ll eventually pick up where we left off.
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Mike Ehrmann/Getty Images
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The NBA playoffs will resume this afternoon after
the players association and the league came to an agreement on issues
concerning social justice and racial inequality yesterday.
The backstory:
The Milwaukee Bucks decided not to play in their playoff game on
Wednesday to protest the police shooting of Jacob Blake, a Black man, in
Kenosha, WI. Many teams in other sports leagues joined in, culminating in a historic week of athlete activism.
The nowstory: In a joint statement, the league and the players outlined three main initiatives:
- Establish a social justice coalition made up of players, coaches, and team officials
- Work with local governments to convert NBA arenas into safe voting locations for the 2020 election
- Reserve ad spots during each playoff game to promote voter participation and education
Bottom line: NBA
players stopped the playoffs because they thought basketball was
distracting the country from focusing on larger issues. With concrete
reforms in hand, they're betting that resuming play will allow them to
keep social justice issues top of mind as we head into the election.
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Nothing gets
us more pumped than open enrollment and benefits administration
season—and we know we’re not alone here. Right?! ...right?
Fine, maybe we’re flying solo on that one. But Paycom is here to make sure the whole thing is simple and easy for you, your business, and your HR department.
Paycom is the ultimate antidote to your open enrollment headaches. Their simple, yet comprehensive HR tech allows employees to easily choose annual benefits right on their phone, tablet, or desktop whenever it's convenient for them.
This not
only cuts down on data-entry mistakes, it frees up time for everyone to
focus on more important things for the business—like pointing at sales
charts, fake-laughing at Greg’s jokes, and listening to Sue go on about
KPIs.
Make open enrollment season a thing worth celebrating.
Try Paycom today.
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Giphy
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They don’t work without a freezer.
The backstory: As coronavirus vaccines enter late-stage clinical trials, logistics providers are scrambling
to build supply chains that effectively transport those vaccines, once
they’re ready, from manufacturing facilities to your doctor’s office.
But these vaccines are the worst kind of passenger—they need to be kept at very specific (and very cold) temperatures along their route, plus they’re always FaceTiming with someone.
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One example: The vaccine being
developed by Pfizer and BioNTech needs to be stored at -94° Fahrenheit.
At standard refrigerated temps it would go bad in 24 hours (Pfizer
claims it’s two days).
This demand
for cold storage has led to the Great Freezer Building Project of 2020,
with companies like UPS and Lufthansa spawning huge “freezer farms” near airports so they can store vaccines properly, the WSJ reports.
Zoom out: Even
before the pandemic, cold storage was booming along with the growing
needs of the pharmaceutical industry. Now, it has a higher calling.
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Scott Olson/Getty Images
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Since
clubbing is out of the picture...maybe a game of bridge? To celebrate
the Oracle of Omaha’s 90th birthday tomorrow, we're running down a few
of Buffett's greatest hits over the years.
1942: At
the age of 11, Buffett purchases his first stock: three shares of
Cities Service preferred. Trust us, it was a lot harder without
Robinhood.
1956: Instead
of having a quarter-life crisis, the then-25-year-old forms a
partnership with seven investors, putting down $100 of his own money.
1959: Buffett pens his first letter to partners.
1983: A single share of Berkshire Hathaway stock passes $1,000.
1991: Warren
Buffett, then 60, meets Bill Gates, then 35. Much later, Buffett
partners with the Gates Foundation to give away most of his wealth.
2006: A single share of Berkshire Hathaway stock hits $100,000.
2018: On cryptocurrency, Buffett warns, “Generally, I can say with almost certainty that they will come to a bad ending.”
2020:
In his annual letter to shareholders, Buffett says, “Berkshire
shareholders need not worry: Your company is 100% prepared for our
departure.” Berkshire executives Ajit Jain and Greg Abel are most likely to succeed him.
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Apple removed Epic Games from the App Store, the latest escalation in the legal fight between the two tech companies.
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The U.S. IPO market had its busiest filing period in years this week. Big names registering to go public include Palantir, Snowflake, and Unity.
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MGM Resorts will lay off 18,000 workers who had previously been furloughed.
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Herbalife, the nutritional supplement maker, agreed to pay $123 million to settle charges it conducted a bribery scheme in China.
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Shinzo Abe is stepping down as Japan’s prime minister over health reasons, but he leaves behind an important economic legacy.
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SPONSORED BY THE MOTLEY FOOL
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Festival season: It was weird this year. Check out some pictures from in-person festivals, then jam out to Outside Lands's virtual festival (called Inside Lands) this weekend.
Don't forget: Business Casual host Kinsey Grant's first column drops Sunday night. Make sure you get the first edition.
Weekend conversation starters:
- What's the better monetary policy jam: This one from the Bank of Jamaica or this WAP parody?
- Is Quibi still Quibi if it hosts a feature-length drive-in movie premiere?
- Overrated, underrated, or properly rated: Spam, The Office, ketchup on eggs.
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If Earth
news isn't weird enough for you, wait until you see what space is
serving up. Three of these zero-gravity headlines are 100% real, while
one is too out-of-this-world to be true. Can you spot the fake?
- "Oh, great: NASA says an asteroid is headed our way right before Election Day"
- "NASA finds active 'Star Wars' galaxy in deep space"
- "Tesla vehicle launched into space slated to reenter atmosphere within 50 miles of planned Austin gigafactory"
- "Submarine could explore seas of huge Saturn moon Titan"
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It only takes 3 referrals to earn access to Light Roast, our exclusive Sunday newsletter.
It’s the soothing, weighted blanket of newsletters that’ll fight off your scaries and prepare you for the week ahead.
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SATURDAY HEADLINES ANSWER
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A Tesla won't be falling on top of a gigafactory anytime soon, but if it did, we'd know the autopilot is working.
SATURDAY 8.29.2020
BREAKING NEWS
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| | GOOD QUESTION! Michigan Voter on Biden: ‘What Has He Done in 47 Years? Why Now?’ | | One MSNBC reporter received a revealing answer from a voter in Michigan this wee[...] | | | |
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| | | BIDEN BAFFLES: Joe Labels Trump Speech a ‘Super Spreader Event’ While Totally Ignoring Massive DC Protest | | Read More | | | | MIXED MESSAGE: CNN Rips Trump’s Acceptance Speech, Praises ‘March on Washington’ for Police Reform | | Read More | | | | TRUMP: ‘Since the National Guard Moved into Kenosha, No Further Violence! Listening Portland?’ | | Read More | | | | | |
New video, eye-witness accounts show self-defense in Kenosha shooter case; attorney issues statement
Alaska’s attorney general resigns over hundreds of texts to female employee
Michael Moore prepares Dems for another defeat: Enthusiasm among Trump voters ‘OFF THE CHARTS!’
Black Democrat appalled at BLM compared to MLK protesters: They’re ‘living up to worst of stereotypes’
Bongino shows video of him and wife harassed by ‘paid, organized mob of lunatics’ calling her ‘ho’ and ‘b**ch’
‘Hire her as campaign manager!’ Pro-Trump celebs can’t gush enough about Monique’s ‘he don’t need us’ message
Breaking News
| | | This Week in Leftist Violence and Intimidation | | Sat, 29 Aug 2020 11:12:22 +0000 | | PatriotsNews | | | |
Rioting and looting erupt in Minneapolis after black murder
WATCH: Trump goes OFF They’re anarchists, agitators, RIOTERS, and looters.
Pro-Biden super PAC funneling cash to chairman’s unlicensed firm
Rep. Collins: Time for Pelosi to ‘Move On’
| No More Mister Nice Guy: Head Of NY Police Union Gives de Blasio Until ‘Sundown’ To Resign |
| De Blasio’s remarks undoubtedly stem from his insecurities of how poorly he has done at keeping New York City held toget [...] |
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| 'X-Files' Animated Comedy Headed to Fox The “X-Files” is coming back in two-dimensional form; Fox is developing an animated spin-off of the classic sci-fi drama that will boast a more comedic ... |
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| Little Big Town Buy Little Big Town - Nightfall tickets at the Fox Theater - Oakland in Oakland, CA at Ticketmaster. |
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