MARKET MOVERS
- Gen Z leads comeback to big cities. Its members’ renting activity is double that of other age groups, according to RentCafe. They now comprise more than a quarter of apartment seekers nationwide. As they hunt for job opportunities and vibrant social scenes, they’re leading a comeback to places like San Francisco as well as financial centers along the East Coast such as Jersey City, N.J., and Manhattan.
- Apple's M1 Ultra may be the fastest chip in the market. Its GPU performance exceeds that of NVIDIA’s GeForce RTX 3090, which at the moment is the single fastest video card on the market. And furthermore, they’re able to do so while consuming a bit over 100 Watts, or 200 Watts less than the RTX 3090. Apple’s claims look reasonable, assuming their multi-GPU technology works as advertised. Read more here.
- Adding live sports to Apple TV+ is bad for Netflix. Apple’s streaming deal with Major League Baseball should make Netflix nervous. The tech company on Tuesday announced it will air two exclusive MLB games on Friday nights, its first foray into live sports. The key to winning in the streaming war is to entertain consumers. Streaming services must air sports, news, reality TV, competition shows, etc.
- Affluent households gained a 71% increase in housing wealth. Overall, the total value of owner-occupied homes in the U.S. rose $8.2 trillion over the decade to $24.1 trillion, NAR said. Those wealth gains have continued in the past two years, as housing prices have surged because of robust demand and limited supply. Meanwhile, the share of housing wealth held by middle-income households declined to 37.5% in 2020. Read more here.
- F&B companies are leaving Russia. Starbucks, Pepsi, Coca-Cola, all said they were suspending activity in Russia. So did McDonald’s. They will temporarily close all 850 of its restaurants. McDonald’s CEO Chris Kempczinski cited supply chain disruptions as well as the humanitarian crisis in Ukraine. McDonald’s has 62,000 employees in Russia. The company said it will continue to pay them. Source(9:18)
- The Ukraine conflict is accelerating the green energy transition. Europe has seen in particular a huge surge of focus, money, attention on boosting clean energy as a way to reduce reliance on Russian energy imports. There’s a feeling across Europe that this is the moment to boost renewables to reduce Putin’s control over the continent. Source(6:30)
WHAT TO WATCH
- Volkswagen unveils new EV microbus. VW is resurrecting its iconic microbus as an all-electric van called the ID. Buzz. The German automaker on Wednesday finally unveiled the electric vehicle as a 21st-century descendent of its T1 Microbus. A five-passenger version is expected to go on sale in Europe later this year, followed by a larger six- or seven-seat version that’s slated to arrive in the U.S. in 2024.
- Citigroup and Marqeta are teaming up on corporate credit cards. They are aiming to make corporate credit cards available in digital wallets. Citi will use Marqueta’s tokenization technology so companies can provide employees with company plastic cards and virtual cards in mobile wallets. This offering will give corporate clients a convenient way to instantly pay seamlessly and securely on the go.
- GM plans to launch a new car brand in China. The automaker is planning to create a new, independently owned premium brand in China that will sell "halo cars." These cars are probably not any of the upcoming mass-market electric cars GM has already announced in the U.S. The new brand, yet to be named, will be wholly owned by General Motors.
- Biden to push for spending on chip manufacturing. He met with CEOs of Micron, HP, Medtronic in a push for spending on chip manufacturing, as he continues his push to secure billions of dollars in taxpayer money for semiconductor manufacturing. Biden and other administration officials will focus in particular on why passing competitiveness legislation is critical for lowering prices for working families by addressing bottlenecks. Read more here.
